Malcolm X Essay - 855 Words

Malcolm X was one of the most prominent and controversial leaders during the civil rights era of the 1950’s and 1960’s. By the early 1960’s he had grown frustrated with the non violent, integrated struggle for civil rights and worried that blacks would ultimately lose control of their own movement. Malcolm X was a key spokesman for the nation of Islam, epitomized the â€Å"Black Power† philosophy. Malcolm became an influential leader of the nation of islam, which combined Islam with black nationalism and sought to encourage and enfranchise disadvantaged young blacks searching for confidence in segregated america. He was born May 19,1925 in Omaha, NE. His family was frequently harassed by the Ku Klux Klan before he was even born. In his early†¦show more content†¦Dr. King once said â€Å" I feel that Malcolm X has done himself and our people a great disservice†. Philosophical differences with Dr. King were one thin; a breach with Elijah Muh ammad proved much more traumatic. In 1963, Malcolm became disillusioned when he learned his hero and mentor had violated many of his own teachings. He had multiple affairs and in fact, fathered several children in wedlock. Malcolm feeling of being betrayed led him to leave the Nation of Islam in 1964. That same year he went traveling in Africa and Middle East. The trip proved to be a turning point in his life. He learned to place the American Civil Rights Movement within the context of a global anti-colonial struggle and embracing Socialism. Malcolm X returned to the United States less angry and more optimistic about the prospects for peaceful resolution to Americas race problem. He said â€Å"The true brotherhood i had seen had influenced me to recognize that anger can blind human vision†. As soon as Malcolm X appeared to be embarking on an ideological transformation with the potential to get on the right path of the Civil rights Movement, he was assassinated. On the even ing of February 21,1965, at the Audobon Ballroom in Manhattan,where Malcolm X was about to deliver a speech, three gunmen rushed the stage and shot him fifteen times in black range. Malcolm was pronounced dead on arrival at Columbia Presbyterian Hospital shortly thereafter. The three men who wereShow MoreRelatedEssay on Malcolm X1346 Words   |  6 Pagesamong all of these leaders though, Malcolm X. Although fighting for the same thing as his colleagues in the civil rights movements, he was considered by many to represent the more extreme side of the battle for equality in the United States. It is his standout views and beliefs that make Malcolm X one of the most prominent and fascinating African-American leaders in the 1950s and 60s. Malcolm X was born May 19, 1925 in Omaha, Nebraska by the name of Malcolm Little. His childhood was plaguedRead More Malcolm X Essay746 Words   |  3 Pages nbsp;nbsp;nbsp;nbsp;nbsp;Malcom X was a man known widely for his strong beliefs. His willingness to accept the preaching of Elijah Muhammad and serve him loyaly, was due to his past experiences with the white man. Starting off as a boy in Lansing, next moving to Boston, then living in Harlem, his experinces with various white people shaped his belief system. Towards the end of his life, his interaction with group of very different white people on his pilgrimage brought about a change in hisRead MoreEssay on Malcolm X962 Words   |  4 PagesMalcolm X On May 19, 1925 Malcolm Little was born to Louise and Earl Little. He was born in Omaha, Nebraska. Malcolm was the seventh of eleven children. Malcolms father, Earl, was a Baptist minister from Reynolds, Georgia. His mother was raised in Grenada in the British West Indies. His father was also became an organizer for Marcus Garveys Universal Negro Improvement Association. Marcus Garvey and his followers fought for racial separation and more power for blacks. Growing up, MalcolmsRead More Malcolm X Essay1409 Words   |  6 PagesMalcolm X Malcolm X, a civil rights leader in the 1960s believed that blacks and whites should be segregated. He also believed that white man was evil and were trying to brainwash all blacks and that Martin Luther Kings non-violent protests werent working and that violence was needed for change. Malcolm Xs life was a life with a lot of conflict and violence in it. Malcolm X was born under the name of Malcolm Little in Omaha, Nebraska in 1925. His father was a baptist minister and anRead MoreEssay on Malcolm X1699 Words   |  7 Pages The Autobiography of Malcolm X by Alex Haley was published in 1965. It is national best seller about the life and times of Malcolm X. On May 19, 1925 Malcolm Little was born in Omaha, Nebraska. His father was a preacher who spoke out about the unity of black people. This caused several white racists to strike out against Malcolm’s father and his family violently. His family moved to Lansing, Michigan where Malcolm, his parents, brothers, and sisters were shot at, burned out of their home, harassedRead More malcolm x Essays1283 Words   |  6 Pages Malcolm X was a very interesting and complicated person. Throughout his life, Malcolm had exposure to practically every type of person the world had to offer. In his younger years, he excel led in his community predominately surrounded by whites. He then got into the hustling business within the black community which supplied for all types of people. After that, he joined the Nation of Islam, joining himself with many Muslims. Lastly, Malcolm went on a Hajj to Africa, where his communication withRead MoreEssay on Malcolm X1238 Words   |  5 Pagesis living every night in fear, the burning down of your home by the Ku Klux Klan and the â€Å"accidental† death of your father who’s head was detached from his own body? This is the only memory that comes to Malcolm Little from his childhood. Malcolm Little who is famously recognized as Malcolm X was born into a world of hatred on May 19, 1925 in Omaha Nebraska. His father was a freelance Baptist Preacher who incorporated the teaching of Black Nationalist leader Marcus Gravey. With continuous threatsRead MoreEssay on Malcolm X1889 Words   |  8 PagesMalcolm X Outline A man who stands for nothing will fall for anything. Thesis Statement: Malcolm  X was a courageous advocate for the rights of African Americans, a man who indicted white America in the harshest terms for its crimes against black Americans. Detractors accused him of preaching racism, black supremacy, anti-Semitism, and violence. Introduction I. Malcolm X opposed the mainstream civil rights movement, publicly calling for black separatism and rejecting nonviolence and integrationRead MoreEssay on Malcolm X2023 Words   |  9 PagesMalcolm X   Ã‚  Ã‚  Ã‚  Ã‚   Malcolm X was a man of strong words and beliefs. Some say that he was a man of hate and violence. Some also say that he was a smart man of hope and peace. Malcolm X‘s influence on people was felt more than it was alive rather than dead. Malcolm X was a major contributor to the black societies across the world. He fought for what he believed in and educated the young. Though his early life was full of up’s and downs he managed to, what some would say, â€Å"turn his life around†.Read MoreMalcolm X Essay1795 Words   |  8 Pageswas this man? Malcolm X, an 8th grade drop with a dead dad and a mentally unstable mom who started with a life of crime, but after learning about Islam, had a new outlook on things. An Ironic quote from Malcolm X is [If youre not ready to die for it, take the word freedom out of your vocabulary]. Malcolm X, a devout Muslim, who saw the injustices in the Muslim African American community, used his voice to fight for equality and freedom. Malcolm X or at the time was known as â€Å"Malcolm Little† was

What Is the Moral of the Scarlet Letter Essay - 952 Words

Nathaniel Hawthorne is famous for his long fictional work the scarlet letter in 1850, which is still considered as the most important work of him. The scarlet letter involves the presence of facts and figures to support the text and also includes the fictional work in the text. Hawthorne was actually inspired from the manuscripts he got in the custom house in Salem while he was working as an executive officer or the surveyor in custom house where the taxes are paid, their he found the documents and a manuscripts with the piece of cloth, a badge letter A. Hawthorne started to read the manuscripts and thought of writing the scarlet letter which was about a women called Hester Prynne. The scarlet letter is written in a way†¦show more content†¦During puritan age people were guided and molded by norms and values of god. When Hester Prynne lived in puritan society she was treated badly by all the people around her. For hester puritan society was evil she compared it as a hell for living. Puritan society followed strict laws and everyone was suppressed by the law, so that everyone will not commit sin or crime. For hester it was her worst nightmare being around the town and to wear the letter A to remind her of sin and guilt she should have. She committed sin without knowing the circumstances for her and her child and knowing the fact that puritans will punish her, humiliate her child and she will have to bear the public voices. There is no solution to escape from her sin as the society will not let her go. The society has the power and she should obey the punishment as the puritans have rights to prison her, so the strict puritan society is an important moral in the scarlet letter. Another important moral in the scarlet letter is the sin and the guilt of the Hester Prynne. Hester commits a crime which is great and she should be ready to face it. Hester being in love affairs has cost her life in prison. Being in affair with Dimmesdale a men whom she loved and got pregnant was not a small matter but what counts the most was that she was already married so these matter was big and no way for society to except her faults and she isShow MoreRelatedWhat Is the Moral of the Scarlet Letter Essay1116 Words   |  5 Pages The scarlet letter is a text written by Nathaniel Hawthorne in 1850 a fictional work which tells about the history of England during the puritan age and the story of women named Hester Prynne. The author feels this text as a romantic work because the text includes about love and the adulteress. The text involves facts and fiction of the author such as the â€Å"Custom-House is a fact and real, while the author was working as a surveyor in the Salem custom house inRead MoreSummary Of The Scarlet Letter 1329 Words   |  6 PagesJanuary 2016 Morality in The Scarlet Letter In The Scarlet Letter, Hawthorne describes many defining instances of different characters’ morality. Some of the characters’ opinions are very different, but the people of the town have a general morality that leads Hester Prynne and Arthur Dimmesdale to deal with their sins differently in public, than in private. First, Hester’s morality, is not very defined at the beginning. She seems as though she does not care what other people think of her. SheRead MoreSymbolism, Use Of Color, And Themes Of Nathaniel Hawthorne s The Scarlet Letter1657 Words   |  7 Pagesand Themes in The Scarlet Letter The Scarlet Letter is regarded as the first symbolic novel in American Literature for Nathaniel Hawthorne s skillful use of symbolism and allegory. The novel is also said to be the greatest accomplishment of American short story and is viewed as the first American psychological novel, which makes Hawthorne win an incomparable position in American Literature. Hawthorne’s â€Å"unique gift† for using this kind of skills taps into the roots of man s moral nature and givesRead MoreStereotypes in the Scarlet Letter1441 Words   |  6 Pagesnovel The Scarlet Letter that some dogmatic attempts by society to label a person by his or her actions in the past will fail. Subjectivity across the community and throughout time changes the meaning of a symbol society implements to control an idea. The scarlet letter â€Å"A† Hester Prynne wears exemplifies this. The town wants the object to arouse feelings of ignominy towards Hester; however, not everyone who meets Hester inter prets it the same way. The town originally regards the letters as a significationRead MoreEssay Sin, Guilt, and the Mind of Nathaniel Hawthorne1490 Words   |  6 PagesSin, Guilt, and the Mind of Nathaniel Hawthorne      Ã‚   Nathaniel Hawthornes works are notable for their treatment of guilt and the complexities of moral choices. Moral and religious concerns, in short, are almost always present in Hawthornes work(Foster, 56). Given Hawthornes background, it is not a stretch of the imagination to say that his novels are critiques of Puritanism. Hawthorne lived in the deeply scarred New England area, separated from Puritanism by only one generation. His grandfatherRead MoreSymbolism From The Scarlet Letter867 Words   |  4 PagesEmalee McCracken Mrs. Voshell Honors English 10 21 December 2016 Symbolism in The Scarlet Letter There are many forms of symbolism found in The Scarlet Letter. Hawthorne, the author uses his many forms of symbolism to project a lesson or moral created throughout the story. Even each of the main characters has a different moral representation. Guilt, repentance, purity, and strength each are shown through the eyes of a different character. Pear, Hester Prynne, Chillingworth, and Reverend DimmesdaleRead MoreSpheres in Scarlet Letter Essay1627 Words   |  7 Pagesare. Nathaniel Hawthorne also criticizes the Utopian ideals that societies often hold in his novel, The Scarlet Letter. The main character, Hester goes astray from the rules of her Puritan town and must wear a scarlet letter on her chest to declare her sin. The scarlet letter isolates Hester from the pressures to conform to society, giving her the opportunity to find her individualistic moral perspective in life and she shares this revelation with Dimmesdale. Hawthorne conveys this concept of individualismRead MoreBeing Earnest By Oscar Wilde1332 Words   |  6 Pagesindirectly connected to the idea of moral ambiguity that The Scarlet Letter portrays. Nathaniel Hawthorne’s classic novel The Scarlet Letter depicts the actuality of romance, sin, and revenge rooted in the 17th century American society. Strong Puritan beliefs of the characters in The Scarlet Letter created many different forms of moral ambiguity that can be described as illustrating both good and evil. Among the characters in the Scarlet letter with such moral struggle, Dimmesdale is presented toRead MoreIs the Scarlet Letter a Proto Feminist Novel1510 Words   |  7 Pages21, 2012 Is The Scarlet Letter a Proto Feminist Novel? â€Å"Is The Scarlet Letter a Proto Feminist Novel?† The Scarlet Letter is a very well-known novel, between the scandals and lies. It starts off with a woman named Hester Prynne. Hester decides to leave her husband behind to migrate to Boston. A couple years later, Hester gives birth to a baby girl named Pearl in prison. Hester refused to reveal the father of Pearl. The town then forces Hester to wear a scarlet letter A upon her dressRead MoreSymbolism Of The Scarlet Letter By Nathaniel Hawthorne923 Words   |  4 Pagesits exact connotation. In literature, the symbol can be a person, item, circumstance, or action that has a more profound significance in the writing. In The Scarlet Letter, by Nathaniel Hawthorne there are four main symbols that the reader would notice. The symbols include, the colors red and black, the meteor, Pearl, and the scarlet letter itself. Hawthorne uses symbolism in the novel to communicate his message. In this Puritan society a group of men and women gather around a door that is heavily

Priceline Business Model Free Essays

Priceline Business Model The core components of Priceline’s business model are based around their pioneered and patented reverse auction pricing model which is a unique offering within the travel market place. This innovative model allows consumers to purchase travel services at a discounted prices by trading off brand and features. Priceline uses a business model known as brokerage model where a business creates their own market by bringing buyers and sellers together. We will write a custom essay sample on Priceline Business Model or any similar topic only for you Order Now Priceline operate as the middle man or broker bringing the two parties together in a seamless and friendly manner. Revenue is earned based on the difference between the â€Å"Name your own price† amount entered by the customer and the amount charged by the service provider such as the airline. A more traditional travel agency model is also used by them offering a list of prices the customer can choose from and in this case Priceline receives a commission/agents fee. Is the Priceline Model a sustainable one? ?During Priceline’s early start up days they experimented with variations of its business model by offering groceries and gasoline, which initially had negative impacts on profitability. However Priceline’s management was able to adapt and focus their model so that it started producing significant returns. ?Priceline improved from a $1 billion loss to a profit of over $10 million between the years of 1999 to 2003. Since 2003 Priceline has continued to be profitable and grow, increasing its stock price over 27 times from its lowest to slightly under $200 USD in 2010 and is now sporting a market valuation of $8. 8 billion. ? Additionally Priceline announced a ground breaking hotel price guarantee that pays customers a nominal reward if they find a lower price than the one offered by Priceline. ?As part of their expansion and growth they recently acquired the multinational car hire reservation service TravelJigsaw to provide more their value added services to their customers. Although the travel industry is saturated and has ever increasing competition, the population of the internet and those willing to buy goods and services over the web also continues to grow. Priceline Model- Changes Priceline has changed its business model since 2007 focusing more on traditional online reservation services. Customers have the flexibility to select from brand and features rather than their more restrictive an d discount â€Å"Name your own price† model. The Priceline website is now organized much like those of its competitors. Customers can still choose to bid, but this is no longer the only option. Value for money remains high, strengthened by elimination of booking fees, while service quality has improved. Priceline also continues to strive towards providing customers with a superior user-friendly service such as the launch in Jan 2009 of a The Travel Ekspert blog providing advice to consumers and also offering over 2. 5 million hotel reviews (PhoCusWright) How to cite Priceline Business Model, Papers

Corporate Governance for Managers Stakeholders Company

Question: Describe about the Corporate Governance for Managers for Stakeholders Company. Answer: Part 1 Executive Summary Corporate governance is the manner in which the organization is control and directed and contains a system of rules, processes and practices. And it is mainly concerned with balancing the interests of the stakeholders of the company. The Anglo-American model of corporate governance is based on the interests of the shareholders. It is also known as the unitary system, as this model relies upon a single-tired Board of Directors, where the dominance is of the non-executive directors, who have been elected by the shareholders (Mallin, 2011). Introduction The Anglo-American model of corporate governance is shareholder oriented. In this model, there is a bias towards the shareholders of the company over the other stakeholders. Though, there is a justification for this bias, as in most cases such other stakeholders have recourses to protect their interests, for instance through contractual agreements, but in cases of shareholders, they remain unprotected as the activities and management decisions are unpredicted (Emerging Markets ESG, 2005). This model has been mostly adopted by the corporate governance systems in the US and the UK, and countries of Asia and Europe have mostly been inclined towards the stakeholder-oriented model (Singh, 2016). But with time, a trend of global convergence has emerged. In the following parts, the shareholder orientation of the Anglo-American model of corporate governance, for global application has been assessed. Further, some recommendations are also provided for the OECD regarding the best policies which can be adopted for the promotion of global convergence of the corporate governance practices. Shareholder orientation for global application In the present world of globalization, there is diversity in the political, legal, social and cultural systems across the nations. And it is a known fact that the countries are interdependent on each other. This is the reason why the Anglo-American model of corporate governance is gaining popularity (Singh, 2016). This model brings unity to the political, legal, social and cultural system of the world and provides a solution to the disparity of systems. In the era of the mid 90s, the discussion began on the matter that the corporate governance code were moving towards the adoption of this model, due to its peculiar characteristics of the shareholder value norms, the one tier boards, and the low ownership concentration (Singh, 2016). Even with the presence of stark level of differences in the corporate governance codes across the globe, the convergence was emerging, and the reasons given for this were globalization, advent of significant foreign investors, and the liberalization of the markets. The mechanism, as well as, the framework of the corporation governance is varied from country to country, and even from company to company (Singh, 2016). The objectives of the company, along with the political, social, legal, and economic situation of the country influence the mechanisms of governance of such companies. Due to the shareholder orientation of the Anglo-American model, more and more countries are adopting it. One of the reasons for the adoption of this method by different countries is because this method helps in solving some of the persisting problems. This model helps in monitoring by the market for regulation, as well as, for corporate control. Moreover, it also forces the managers to follow the interests of the shareholders. And since the civil laws of such nations are reliant upon the interests of the employees, creditors and shareholders, this model helps in a compliance of such norms (Palmer, 2011). Moreover, scholars believe that this model not only benefits the countries, but the companies as well. Due to the increase in globalization, there is diversity in the social, legal, political and cultural systems across the glove. This model provides uniformity in these systems and helps in increasing the competing ability of the companies across the globe. And so, a convergence in the global market would result in the increased interdependence of the financial markets across the globe (Singh, 2016). The proponents of convergence also believe that the Anglo-American model is the most efficient and preferred one, due to its orientation towards the shareholders. But there are people who oppose this model, as it leaves out the other stakeholders (Lee, 2009). And due to this, this model is still not adopted all over the world. Some opponents argue that such a convergence is not favorable due to the dependency it creates, of the nations over each other. The other point highlighted by the opponents of this model is the successful example of Germany and Japan, who have adopted corporate governance systems which are not shareholder-oriented (Clarke, 2016). Also, there is the example of the unsuccessful implementation of this model in India, where the model was converged on a formal level, but was never effectively implemented. So, the uniformity was never achieved in India (Afsharipour, 2009). Hence, the convergence can be limited and the transmission from one system to another, which is a highly complex one, and which requires institutional, political and social changes, can be difficult; and this is another limitation of the convergence of the Anglo-American model. It is crucial to note here that the failure of this model in India was due to the failure of implementation, and not of the model itself. Also, the German, as well as, Japanese governance systems are facing pressure to deliver the shareholder value, especially related to the overseas investment institutions, and are facing demands for an increase in transparency, as well as, disclosures from both the investors, and regulators (Clarke, 2016). This issue is not a problem in the Anglo-American model and hence, even after its criticism, is the best model for convergence. Conclusion From the above analysis, it is quite clear that the shareholder orientation of the Anglo American model has made it famous across the globe, and more and more countries are looking at adoption of this model in their governance systems. Even the criticism and opposing points provided by its challengers prove meek. This model helps in uniting the diversity of the globally present systems and benefits the countries and the corporations, by being shareholder oriented. Recommendations It is recommended to the OCED that in order to promote, as well as, to advance the global convergence of the corporate governance practices, it should: Develop such valuation standards which are of high quality, and are internationally accepted. Such standards should be developed by an independent standard-setting board. Conducting peer reviews to promote the convergence in the competitive regimes. The adoption, as well as, the implementation of supporting activities. An active engagement of the member professional bodies, which are responsible for valuation, so as to promote the ethical standards, along with consistent competency. A member bodies compliance program (International Federation of Accountants, 2012). Apart from these, OCED should also work on improving the international competition ecosystem, so that the international trade agenda can be reinforced, and uniformity could be established. This can be done by raising the multi-dimensional awareness, by enhancing the coordination of the competition policy and its collaboration at the global level, and by working towards a regional or bilateral dispute resolution, and appeal mechanism. Lastly, OCED should harness its technical capabilities, along with its networking abilities, so as to develop and strengthen these recommendations, as well as, the best practices in this area (International Centre for Trade and Sustainable Development, 2016). Part 2 Executive Summary Venture capital is one of the ways, in which a new business or a business looking for growth attains funding. Such funds come from the venture capital firms, who are specialists in building the high risk financial portfolios. SMEs or the small and medium sized enterprises are such businesses, where the number of employees is less than a certain limit. As is in the case of any other company, to grow, an SME needs funds. And investments, especially in form of equity capital, are the best way to attain such funds. Introduction In the emerging markets, a marked increase has been seen in the number of companies, which are using the public equity markets for the very first time, by using the IPO or the Initial Public Offering. These growth companies have the capability to break away from the stagnant state of being a small or medium-sized enterprise. Nearly half of the equity capital, which has been raised across the world, by using the IPOs, since the 2008, has come from the emerging markets (OECD, 2015). Though, attaining such investments is not an easy task. The investors have to be sure about the company they invest in and this is where corporate governance plays a crucial role (OECD, 2015). In the following parts, the transition of the corporate governance practices of a SME to a company, which is ready for the IPO, has been discussed. Also, some recommendations have been made for the management committee of the venture capital fund, regarding the best corporate governance practices which should be introduced in all the entrepreneurial growth SME companies, where the venture capital fund is willing to invest. Transition of Corporate Governance Practices The large public companies are usually associated with the issues related to corporate governance. This is because the stakeholders interests are widespread in such companies, and they have different expectation, as well as objectives which have to be considered by the companies board of directors. But in the case of SMEs, the corporate governance practices are minimal or non-existent (Dzigba, 2015). This is mostly due to the lack of separation in the ownership and control of the SMEs, which is present in the case of large companies. But when it comes to a growing SME, which is in need of funds, and is interested in an IPO, it has to attract investments. Such investments are mostly brought by the venture capital funds. And an investor would invest in the company only if it follows a proper governance practice (OECD, 2015). And so the corporate governance issues for such an SME changes from that of a family business based SME. Such an SME would adopt the best practices of the corporate governance, especially the ones which are adopted by the larger public companies, during their phase of growth. The best governance practices, which can be utilized by such an SME, involve an adoption of the OCED issued Principles of Corporate Governance (OECD, 2015). Some of the other governance practices, which could help an SME in attracting more investors, have been summarized in the table below: Attributes of Governance Best Practices examples Transparency and Disclosure The information must be prepared, as well as, disclosed as per the high quality standards of financial and non financial disclosures, and accounting. The external auditors have to be accountable to the shareholders. They also owe a duty to exercise duel care to the company, while conducting the audit. The annual audit should be conducted by qualified, independent, as well as, competent auditor, as per the international standards on auditing (IFC Corporate Governance, 2016). An equal, cost efficient and timely access to the relevant information should be provided by the channels responsible for disseminating information. Ensuring high standards of governance and transparency in the listing process, by regularly monitoring and enforcement. Communication of the governance strategies in a clear and transparent manner to the potential investors, and regulators, both before and after the IPO. The risk management policy of the company should be disclosed to satisfy the investors regarding the clarity of the company in dealing with any risk (Hay Group Limited, 2015). Shareholder Rights Charter, by-laws, as well as governance codes of the company should provide a clear protection to the minority shareholders. Such code of conduct of the company should also set out clearly the process to report or deal with a non compliance, along with policies which attract shareholders attention, for instance the whistleblower policy (McInnes Cooper, 2016). Shared agenda, along with proper notice of the shareholders meeting should be provided. There should be a clarity regarding the rights of different classes of shares, for instance, the clarity regarding the class having the voting rights or economic rights. The ability of participating, as well as, voting at shareholders meeting in a meaningful manner. An equitable treatment should be given in the changes of control, for instance, the tag-along rights. A fair treatment is necessary for disclosure of information, for instance, the conflict of interest, material shareholder agreements (IFC Corporate Governance, 2016). Board of Directors The board should be composed of a proper mix of professional skills. For instance, one director can be an expert in marketing strategies, and two of the directors can have expertise in the international financial markets or expertise in audit committee requirements (Sandler and Hall, 2014). The independence component of the board has to be strong. The accountability of the board, along with the senior management as to be fixed (Yu and Rudge, 2014). The roles of CEO and the chairman should be separate. Peer review of the directors, along with periodic evaluation. Meetings should be held regularly, and agenda of such meetings should be properly circulated. Proper committees of board should be established to manage the key areas. For instance the audit committee, the nomination committee, or the remuneration committee. The board has the responsibility for risk, and so the nature and extent of any significant risk sound be dealt by formulating a sound internal control system and risk management policy (London Stock Exchange, 2012). The independence of such committees of the board also has to be ensured. Directors should be constantly educated and the new directors should also be educated, regarding the company. Having transparent, as well as, properly articulated succession plans for the major board positions. The role, responsibilities of all the board members, along with the committee members has to be chalked out in clear terms (EY, 2016). Conclusion As highlighted above, an SME does not generally follow the corporate governance norms when they are in their initial stages. But, when such an SME has to attract investors for IPO, it has to make the transition from nearly no corporate governance practices, to the adoption of best corporate governance practices. This is because an organization which complies with best practices of governance, builds a positive image in the minds of the potential investors, which includes a venture capital fund. Recommendations On the basis of above conclusion, it is recommended to the venture fund that it should introduce the tabulated practices in all of its growing SME companies, in which it is looking to invest. This would ensure that the company works in a transparent and accountable manner, and the investment would reap benefits. References Afsharipour, A. (2009) Corporate Governance Convergence: Lessons from the Indian Experience. Northwestern Journal of International Law Business, 29(3), pp. 335-402. Clarke, T. (2016) The continuing diversity of corporate governance: Theories of convergence and variety. Ephemera: Theory Politics In Organization, 16(1), pp. 19-52. Dzigba, D. (2015) Corporate Governance Practice among Small and Medium Scale Enterprises (SMEs) in Ghana; Impact on Access to Credit. [Online] Diva. Available from: https://www.diva-portal.org/smash/get/diva2:829172/FULLTEXT01.pdf [Accessed on: 02/11/16] Emerging Markets ESG. (2005) Three Models of Corporate Governance from Developed Capital Markets. [Online] Emerging Markets ESG. Available from: https://www.emergingmarketsesg.net/esg/wp-content/uploads/2011/01/Three-Models-of-Corporate-Governance-January-2009.pdf [Accessed on: 02/11/16] (2016) IPO corporate governance: Then and now. [Online] EY. Available from: https://www.ey.com/gl/en/issues/governance-and-reporting/ey-ipo-corporate-governance-then-and-now [Accessed on: 02/11/16] Hay Group Limited. (2015) 2015 Corporate Governance Best Practices Report. [Online] Hay Group Limited. Available from: https://www.haygroup.com/downloads/ca/2015%20Corporate%20Governance%20Best%20Practices%20Report.pdf [Accessed on: 02/11/16] IFC Corporate Governance. (2016) Getting Ready for an IPO. [Online] SME Toolkit. Available from: https://www.smetoolkit.org/smetoolkit/en/content/en/6755/Getting-Ready-for-an-IPO [Accessed on: 02/11/16] International Centre for Trade and Sustainable Development. (2016) Competition Policy and Trade in the Global Economy: Towards an Integrated Approach. [Online] International Centre for Trade and Sustainable Development. Available from: https://www3.weforum.org/docs/E15/WEF_Competitition_Policy_Trade_Global_Economy_Towards_Integrated_Approach_report_2015_1401.pdf [Accessed on: 02/11/16] International Federation of Accountants. (2012) Global Regulatory Convergence and the Accountancy Profession. [Online] International Centre for Trade and Sustainable Development. Available from: https://www.ifac.org/system/files/publications/files/PPP6-Global-Regulatory-Convergence_0.pdf [Accessed on: 02/11/16] Lee, S.H. (2009) Global Convergence of Corporate Governance and Its Limits. The Asian Business lawyer, 3(67), pp. 67-91. London Stock Exchange. (2012) Corporate Governance. [Online] PwC. Available from: https://www.pwc.com/gx/en/audit-services/corporate-reporting/assets/pwc-london-stock-exchange-corporate-governance-guide-pdf.pdf [Accessed on: 02/11/16] Mallin, C.A. (2011) Handbook on International Corporate Governance: Country Analyses. 2nd ed. MA, USA: Edward Elgar Publishing. McInnes Cooper. (2016) The Top 5 Corporate Governance Best Practices That Benefit Every Company. [Online] Hay Group Limited. Available from: https://www.mcinnescooper.com/publications/legal-update-the-top-5-corporate-governance-best-practices-that-benefit-every-company/ [Accessed on: 02/11/16] OECD. (2015) Growth Companies, Access to Capital Markets and Corporate Governance. [Online] OECD. Available from: https://www.oecd.org/g20/topics/framework-strong-sustainable-balanced-growth/OECD-Growth-Companies-Access-to-Capital-Markets-and-Corporate-Governance.pdf [Accessed on: 02/11/16] Palmer, C. (2011) Has The Worldwide Convergence On The Anglo-American Style Shareholder Model Of Corporate Law Yet Been. Opticon1826, 11. Available from: https://www.ucl.ac.uk/opticon1826/currentissue/articles/Palmer_Issue11_Opticon1826.pdf [Accessed on: 02/11/16] Sandler, R.J., and Hall, J.A. (2014) Corporate Governance Practices in IPOs. [Online] Davis Polk Wardwell LLP. Available from: https://www.davispolk.com/sites/default/files/sandler.hall_.%20Corp.Gov_.Advisor.article.aug14.PDF [Accessed on: 02/11/16] Singh, P. (2016) Convergence or Divergence in Codes of Corporate Governance: A Cross Border Analysis. [Online] Racolb Legal. Available from: https://racolblegal.com/convergence-or-divergence-in-codes-of-corporate-governance-a-cross-border-analysis/#_ftnref13 [Accessed on: 02/11/16] Yu, B., and Rudge, L. (2014) Hong Kong Corporate Governance: Hong Kong Corporate Governance: a practical guide a practical guide. [Online] White Page Ltd. Available from: https://www.hkcg2014.com/pdf/hong-kong-corporate-governance-a-practical-guide.pdf [Accessed on: 02/11/16]

Property, Plant, and Equipment free essay sample

Plant and Equipment Property, Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets, such as equipment, furniture, tools, machinery, buildings, and land. These fixed assets are long-term or relatively permanent assets. Also, they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are known under are plant assets or property, plant and equipment. Depending on the industry, the plant assets of a business can be a significant part of its total assets. That is why the accounting for these long-term assets has important implications for a company’s reported results. In this paper, we discuss the proper accounting for the acquisition, use, and disposition of property, plant, and equipment. Before going over a brief overview of the nature of accounting issues, we ought to take a deeper look at what plant assets really are. We will write a custom essay sample on Property, Plant, and Equipment or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The major characteristics of property, plant, and equipment are as follows: * They are acquired for use in operations and not for resale. Only assets used in normal business operations are classified as property, plant, and equipment. For example, an idle building is more appropriately classified separately as an investment. Also, land developers or sub dividers classify land as inventory. * They are long-term in nature and usually depreciated. Property, plant, and equipment yield services over a number of years. Companies allocate the cost of the investment in these assets to future periods through periodic depreciation charges. The exception is land, which is depreciated only if a material decrease in value occurs, such as a loss in fertility of agricultural land because of poor crop rotation, drought, or soil erosion. * They possess physical substance. Property, plant, and equipment are tangible assets characterized by physical existence or substance. This differentiates them from intangible assets, such as patents or goodwill. Unlike raw material, however, property, plant, and equipment do not hysically become part of a product held for resale. The content of this paper will be centered on the four main accounting issues we face when dealing with property, plant, and equipment. The first one is computing the costs of these plant or fixed assets; the following one is how to allocate the costs of those fixed assets–depreciation- (less any salvage amounts) against revenues for the cor responding periods; the third one is how to account for expenditures such as repairs, additions and improvements to these plant assets; and finally how to record their disposal. The following table provides a summary of these accounting issues: II- Historical Background of the Accounting Rules in the U. S and Internationally * IFRS Standards Background Information An important and considering factor for understanding the International Financial Reporting Standards is having a little history about it how it came to be. Before we go any further about property, plant, and equipment, we must first discuss the history and background of how the standards under IFRS originated and the importance of defining why it originated. In order to understand IFRS, we need to examine what the International Financial Reporting Standards are. With that in mind, we want to reference the authors of Understanding IFRS Fundamentals: International Financial Reporting Standards, â€Å"IFRS are a set of standards promulgated by the International Accounting Standards Board (IASB), an international standard-setting body based in London† (Ankarath 2). This quote tells us who makes IFRS and where IFRS originated from. The International Accounting Standards Board made it clear that when developing the standards, they wanted to make them clearly stated and based on principles instead of rules-based like U. S. GAAP. In other words, IFRS are rooted in â€Å"the approach [principles-based, that] focuses more on the business or the economic reality of transactions and the underlying rights and obligations instead of providing prescriptive rules† (Ankarath 2). This basically means that IFRS is not setting certain rules to be followed and are instead giving guidance in the form of principles. We now want to look into the International Accounting Standards Board and framework for the preparation and presentation of financial statements. The conceptual frameworks are split into five categories and are in the following order: the objective of financial statements; underlying assumptions; the qualitative characteristics that determine the usefulness of information in financial statements; the definition, recognition, and measurement of the elements from which financial statements are constructed; and the concepts of capital and capital maintenance (Ankarath 11). The standards under IFRS are beginning to become much more popular across the world for several different reasons. The International Financial Reporting Standards are currently being used by at the very least 100 countries and â€Å"[was] expected that by 2011, more than 150 countries [would] have adopted them† (Ankarath 1). We happen to find this important because it seems that a lot of countries are starting to adopt IFRS to report their financial statements. One of the reasons why many countries made the switch over to IFRS is because â€Å"the decision of the U. S. SEC to allow foreign private issuers to list their securities on U. S. stock exchanges using IFRS and without reconciling to U. S. GAAP has also made it incumbent upon accountants, finance professionals, analysts, and bankers to become proficient in IFRS† (Ankarath 1). Another significant factor when dealing with IFRS is the rise of globalization and businesses within countries wanting to have the flexibility and ability to compete worldwide. This made countries seek and adopt accounting standards to give investors, creditors, financial analysts, and the financial statements needed to be comparable and of high-quality. This became a difficult issue because companies ran into the problem of not being able to compare financial statements unless they were under a certain set of standards. With that being said, â€Å"International Financial Reporting Standards are increasingly becoming the set of globally accepted accounting standards that meet the needs of the world’s increasingly integrated global capital markets† (Ankarath 2). * U. S. GAAP Standards Background Information In order to fully understand the topic of plant, property, and equipment, we first must consider how the FASB has implemented its standards in the past. So before we go any further into the â€Å"nuts and bolts† and foundation of the accounting standards followed under U. S. GAAP, we first want to discuss what GAAP is, who created GAAP, how it was created, and the hierarchy of GAAP after codification. The answers to these questions will give us a better understanding of U. S. GAAP and the historical background needed to fully understand how U. S. GAAP works in practice with respect to fixed assets. According to Steven Bragg, author of Wiley GAAP 2011: Interpretation and Application of Generally Accepted Accounting Principles, â€Å"the phrase â€Å"generally accepted accounting principles† is a technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time† (Bragg 1). The main concerns under GAAP are the measurements of economic activity, as mentioned earlier, GAAP used a more rules-based approach and â€Å"thus GAAP is a reaction to and a product of the economic environment in which it develops† (Bragg 2). The creation of U. S. GAAP dates back to the stock market crash of the 1930’s. Its original goal was to try and help pick the economy back up. With the economy being in distraught, â€Å"the AICPA created a special committee to work with New York stock exchange toward the goal of establishing standards for accounting procedures† (Bragg 2). This committee did not get very far in achieving its goals because of limited resources and lack of research efforts. The APB (Accounting Principles Board) was then used in order to have better research and to report its findings to the division of the AICPA concerning accounting principles. However, the APB was not as successful as they hoped for and this made forth for the Financial Accounting Standards Board (FASB) to try and solve these problems of poorly written accounting procedures. The FASB was formed in 1972 and â€Å"is recognized as authoritative through Financial Reporting Release 1 of the SEC and through Rule 203 of the AICPA code of professional conduct† (Bragg 3). The FASB issues many types of pronouncements to help ensure that companies using U. S. GAAP are doing so by the book and â€Å"the FASB staff is empowered to issue implementation guides† to help companies report their financial statements to be comparable (Bragg 3). Another important creator of U. S. GAAP that we want to briefly explain is the Emerging Issues Task Force (EITF) that was formed by the FASB in 1984 in order to help assist current and future issues to be raised. We now want to shift our topic away from the creators of U. S. GAAP and discuss how the 5-level hierarchy got condensed into two categories and briefly explain the hierarchy of GAAP after codification. An important date in history is July 1, 2009, when the FASB Accounting Standards became the official source of authoritative, nongovernmental U. S. generally accepted accounting principles (Bragg 7). This codification or condensation in our opinion made the 5-level hierarchy split into two categories that reorganizes the large number of U. S. GAAP pronouncements into roughly 90 accounting topics and each has some sub-topics. The way the codification is arranged is simply by topic, subtopics, sections, and subsections to make it easier for accountants to follow the rules and it also makes it easy for accountants to look up. The four main areas of the codification for topics are as follows: presentation, financial statement accounts, broad transactions, and industries. An example we found as to how to read the codification is through â€Å"a hybrid classification developed by the FASB that follows the structure of XXX-YY-ZZ-PP, where XXX=topic, YY=subtopic, ZZ=section, and PP=paragraph† (Bragg 8). As you can see this makes it very easy for anyone to find the topic they are looking for because everything is broken down by code. We also must account for what happens when there are updates to the codification and the way the FASB handles this is through organizing the new standards using the same section heading as those used in the codification. Whenever there is a new standard they are â€Å"deemed to be non-authoritative in their own right; [and] instead, the new standards serve only to update the codification and provide the historical basis for conclusions of a new standard† (Bragg 9). Now that we have discussed some background information of U. S. GAAP, we are now ready to examine these standards with respect to property, plant, and equipment. III. Recognition and Measurement The International Accounting Standards, or IAS, and Generally Accepted Accounting Principles, or GAAP are both essential tools in helping accountants provide accurate financial information and reports to shareholders, external users and internal users. There are differences and similarities as well as advantages and disadvantages between the two sets of recognition and measurement rules when it comes to the requirements under the topic of Property, Plant, and Equipment. Even though under IFRS, the International Financial Reporting Standards, it is globally accepted amongst most countries, GAAP provides easier comparability, a more straight forward cost system and may be less costly in the long run. Before comparing the similarities and differences between the recognition and measurement rules of property, plant and equipment in IFRS and GAAP, it must first be clarified whether accountants within the United States are even allowed to apply IFRS guidelines in reporting. According to one of the well-renowned and respected accounting firms, McGladrey it has been a constant and ongoing debate within the Securities Exchange Commission or SEC for the final decision on determining which set of reporting standards to adopt. The recognition and measurement rules for property, plant and equipment is located in the International Accounting Standard (IAS) 16 under IFRS and in the Accounting Standards Codification (ASC) 360 of FASB. First, to determine what is recognized as Property, Plant and Equipment under IAS 16: it must be a tangible item, held for use in the production or supply of goods and services. Then, recognition under IFRS requires the entity to apply â€Å"the general asset recognition principle to all property, plant and equipment costs at the time they are incurred, including initial costs and subsequent expenditures† (IN6) meaning that they are all measured at cost at initial recognition, and after that the entity can choose either to apply the cost or revaluation model. Under GAAP, however, property, plant and equipment are still measured under the cost model: the carrying amount is equal to the initial cost minus accumulated depreciation minus accumulated impairment losses. Also, it is noted that during the construction period in preparing the asset to become ready for its final stage of intended use, certain interest costs are capitalized. Since the revaluation method is not allowed under U. S. GAAP, it can be argued that IFRS would be a more accurate model of reporting the costs of property, plant and equipment. Under valuation, IFRS uses the cost model, like in GAAP mentioned above or it can use the revaluation model in which it recognizes the carrying value of property, plant, and equipment assets at fair value at the date of revaluation minus accumulated depreciation since revaluation date minus accumulated impairment losses since revaluation date. According to IAS 16 if the carrying value is less than fair value at revaluation date, then the carrying value is increased to fair value and recognized in comprehensive income. On the other hand, if the carrying value is greater than fair value at revaluation date, then the carrying value is decreased to fair value, decreasing revaluation surplus which is then recognized in profit or loss. Measurement at recognition under IFRS standards also include a lot of the obligations in anticipating the disposal element of an asset, such as requiring entities to both include the costs of removal, restoration and dismantlement of an aspect of property, plant and equipment as well as measuring a property, plant and equipment asset at fair value if there is commercial substance in an exchange involving a non-monetary asset. For the issue of recognition and measurement of depreciation in an asset of property, plant or equipment IFRS and GAAP both allow the same depreciation methods including: straight line, accelerated, and units-of-production. They both allocate the cost of the asset over its useful life, and have the option of component depreciation; however, it is not often used in US GAAP, while component depreciation is required under IFRS if the useful lives of the component are different. GAAP requires the recognition of an impairment loss under certain events that change the book value of an asset, like a significant decrease in market price, a significant change in its physical condition or how it is being used to name a few. The measurement of depreciation is a two-step process involving two tests. First, applying the recoverability test, which is required only when the undiscounted sum of future cash flows is less than the book value and thus, the entity will record depreciation at cost basis, for example: debiting depreciation expense and crediting accumulated depreciation on the income statement. Second, is measuring an impairment loss of the revaluation, which is the fair value minus the book value. Then, to adjust the property, plant and equipment assets to fair value and record revaluation surplus, the entity will debit accumulated depreciation for its cost, and credit the asset and its revaluation surplus for the difference between fair value and book value. In analyzing the differences and similarities between the recognition and measurement guidelines that GAAP and IFRS provide, it can be seen that a convergence between the two reporting standards may be the best solution to a more uniform and easy to comprehend universal accounting principles. The cost method is used in GAAP for both the initial costs and thereafter, while both the cost method and revaluation method is used in IFRS allowing the cost basis to be raised to fair market value, this then allows for appreciation without creating a capital gain. Regarding the recognition and measurement of depreciation and impairment losses, there are also both similarities and differences between IFRS and GAAP and the conceptual framework. It has consistently been an ongoing issue in the convergence of the guidelines of recognition to using the fair value measurement and revaluation option for property, plant and equipment over the cost model of US GAAP, but only time can tell what is decided for the future of accounting reporting. IV- Presentation and Disclosure Rules There are presentation and disclosure rules that both IFRS and GAAP set forth in order to provide adherence and cooperation amongst many for the sake of a better understanding and communication of the financial statements for different entities. Presentation rules amongst IFRS and US GAAP are very similar but there are some differences. For presentation of financial statements under IAS 1, there are many requirements and guidelines set in order to provide a structure for financial statements that everyone could understand. There is an exact objective for providing presentation rules for financial statements and that is to be able to compare information with previous periods or with other financial information from other entities. â€Å"The objectives of IAS 1 are to ensure comparability of presentation of that information with the entity’s financial statements of previous periods and with the financial statements of other entities (Wiley IFRS). Usually, the presentations of financial statements include the Balance sheet, income statement, a cash flow statement, and a statement of changes in equity. Now with IAS 1 revised, the balance sheet is called the statement of financial position and there is a statement of comprehensive income included. With presentation rules under US GAAP, the presentation of comparative financial statements’ objective is to clearly bring out the nature of certain events and changes in an entity. According to U. S GAAP, financial statements for a period should also show the financial position at the end of the period, earnings and net income for the period, cash flows during the period, and investments by and distributions to owners during the period. Comprehensive income for the period is included in one statement, or two separate but consecutive statements, only if the reporting entity is required to report comprehensive income. The statement of financial position, the income statement, and the statement of changes in equity should be presented for one or more previous years and also for the present years. Just by looking at the presentation of the financial statements, it is recognized that there are many similarities between IFRS and US GAAP. Therefore it is not much of surprise to see there is an abundance of similarities under both IFRS and US GAAP with the subject of property, plant, and equipment disclosures but there are few differences that should be acknowledged. Under IFRS, IAS 16 provides disclosure requirements and a specific way of presentation for property, plant and equipment. The information that needs to be disclosed is the gross carrying amount, the accumulated depreciation, and the detailed reconciliation of the carrying amount at the beginning and end of the period. Other information includes the measurement bases used for determining the gross carrying amount and the depreciation methods and rates or useful lives. Restrictions and contractual commitments related to property, plant, and equipment and compensation for assets impaired, given up or lost must be disclosed as well (Friedrich, 2009). For example, with each class of long-lived asset the amount of impairment losses recognized in profit or loss for each period being reported upon must be stated under the comprehensive income statement. Or if any impairment losses were recognized in other comprehensive income and in revaluation surplus in shareholders’ equity it should be disclosed as well. If the items of property, plant, and equipment are stated at revalued amounts then there are certain requirements that the entity must disclose such as: * the effective date of the revaluation * whether an independent valuer was involved * the methods and significant assumptions applied in estimating the items’ fair values * the extent to which the items’ fair values were determined directly by reference to observable prices in an active market or recent market transactions on arm’s-length terms or were estimated using other valuation techniques * for each revalued class of property, lant, and equipment, the carrying amount that would have been recognized had the assets been carried under the cost model * the revaluation surplus, indicating the change for the period and any restrictions on the distribution of the balance to shareholders (Friedrich, 2009) Although US GAAP does not have a comprehensive standard that reports long-lived asset, its definition of prope rty, plant and equipment is very similar to IAS 16. For example, with impairments of long-lived assets to be held and used, a description of the events and circumstances of the impairment should be stated. The amount of the impairment loss should as well be stated, along with it recorded in the income statement. Another aspect that should be considered is the methods used to determine the fair value. This information must be disclosed as well. Items of property, plant and equipment cannot be revaluated because it is not permitted under U. S GAAP. Another important difference that can be discussed deals with investment property. Under U. S GAAP, investment property is considered and treated to be held for use or held for sale. This is not the case with IFRS. In fact, IFRS discusses investment property under IAS 40 instead of IAS 16 that was previously discussed. Determining the similarities and differences amongst IFRS and U. S GAAP provides a better and clearer distinguishing of presentation and disclosure rules with the subject of property, plant, and equipment. We found that there were many similarities in the presentation and disclosures of property, plant, and equipment but one difference that really stood out. Although IFRS and U. S GAAP both record their property, plant, and equipment cost as historical, IFRS allows revaluation of assets. Up to this point, we have assumed that companies use the historical cost principle to value long-lived tangible assets or fixed assets after acquisition. However, under IFRS companies have a choice: they may value these assets at cost or at fair value. * In testing for impairments of plant assets, GAAP uses a two-step model to test for impairments. As long as future undiscounted cash flows exceed the carrying amount of the asset, no impairment is recorded. The IFRS impairment test is stricter. However, unlike GAAP, reversals of impairment losses are permitted. The accounting for impairments is different under GAAP and IFRS. A fixed tangible asset is impaired when a company is not able to recover the asset’s carrying amount either through using it or by selling it. To determine whether an asset is impaired, on an annual basis, companies review the asset for indicators of impairments—that is, a decline in the asset’s cash-generating ability through use or sale. This review should consider internal sources (e. g. , adverse changes in performance) and external sources (e. g. , adverse changes in the business or regulatory environment) of information. If impairment indicators are present, then an impairment test must be conducted. This test compares the asset’s recoverable amount with its carrying amount. If the carrying amount is higher than the recoverable amount, the difference is an impairment loss. If the recoverable amount is greater than the carrying amount, no impairment is recorded. Recoverable amount is defined as the higher of fair value less costs to sell or value-in-use. Fair value less costs to sell means what the asset could be sold for after deducting costs of disposal. Value-in-use is the present value of cash flows expected from the future use and eventual sale of the asset at the end of its useful life. Future Developments: As a result of these divergences between U. S GAAP and IFRS with respect to accounting for property, plant and equipment; the two boards have in plan to examine the measurement bases used in accounting for fixed assets with respect to revaluations specifically. As part the conceptual framework project, fair value measurement might be recommended in the converged conceptual framework for property, plant and equipment. However, it will be a very difficult change to adopt due to conservatism proponents who still prefer the historical cost model. Works Cited: Ankarath, Nandakumar, et al. Understanding IFRS Fundamentals: International Financial Reporting Standards. Hoboken, New Jersey. John Wiley amp; Sons Inc. , 2010. Print. Bragg, Steven M. Wiley GAAP 2011: Interpretation and Application of Generally Accepted Accounting Principles. Hoboken, New Jersey. John Wiley amp; Sons Inc. , 2010. Print. FASB: Property, Plant and Equipment. FASB: Financial Accounting Standards Board. N. p. , n. d. Web. 26 Nov. 2012. lt;http://www. fasb. org/jsp/FASB/Page/SectionPagegt;. Kieso, Daniel E. , Jerry J. Weygandt, and Terry D. Warfield. Wiley: Intermediate Accounting, 14th Edition. Wiley: Intermediate Accounting, 14th Edition. N. p. , n. d. Web. 26 Nov. 2012. lt;http://www. wiley. com/WileyCDA/WileyTitle/productCd-EHEP001739. htmlgt;. Summary of IAS 16 Property, Plant and Equipment. IFRS. N. p. , n. d. Web. 26 Nov. 2012. lt;http://www. ifrs. com/blog/post/summary-of-ias-16-property-plant-and-equipmentgt;. Http://mcgladrey. com/pdf/us-gaap-vs-ifrs-property-plant-equiment. pdf. U. S GAAP vs IFRS: Property, Plant and Equipment. McGladrey, n. d. Web. 26 Nov. 2012.

Normality and Normalcy

Normality and Normalcy Normality and Normalcy Normality and Normalcy By Maeve Maddox Audrey Bennett asks: Can normalcy and normality be used interchangeably? Both nouns derive from the adjective normal. normal: conforming to a standard; usual, typical, or expected. The adverb is normally. According to some speakers, normalcy is an abominable neologism to be avoided at all costs. This attitude is illustrated by this comment praising a writer for preferring normality over normalcy: A Nobel in Literature to you for writing â€Å"return to normality† instead of the ugly neologism â€Å"normalcy,† first popularized by Warren G. Harding. Actually, according to the OED, this particular neologism was around as early as 1857, nearly half a century before Harding used it in his campaign in 1920 when he promised a return to normalcy. The following examples are all from U.S. publications: After Opener, Giants Hoping for Normalcy For a man doing time on the yard, sports offer a touch of normality and tangible contact with his life outside. Pasternack hoping to bring normalcy to New Orleans Seventeen years later, my quest for normality had taken me through a career in journalism†¦ AFTER THE STORM; South Florida Staggers to Normality Evacuees Worry and Hope for Return to Normalcy Normalcy is not interchangeable with normality in some contexts. For example, in comparing an untypical condition to a typical condition, one would want to pair abnormality with normality and not normalcy. Although the form abnormalcy is showing up on the web and even in some dictionaries, its not in the OED, and it is not standard in American speech. Bottom line: Normalcy is well established and acceptable in standard American speech, although it is not interchangeable with normality in some contexts. Normality, on the other hand, suits every context in which the sense the state or condition of being normal is intended. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Bare or Bear With Me?How to Pronounce MobileNominalized Verbs

Recession in the United Kingdom Essay Example | Topics and Well Written Essays - 2500 words

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THE VARIOUS TYPES OF SPREADSHEET PROGRAMS Essay

THE VARIOUS TYPES OF SPREADSHEET PROGRAMS - Essay Example The success or failure of a business institution depends solely on the way it handles accounting. Accounting systems are responsible for analyzing and monitoring the financial condition of companies, preparation of documents necessary for tax purposes, providing information support to many other organizational functions, and so on. The origin of spreadsheets is primarily in the context of accounting applications having major uses with cashflow analysis, budgeting and planning. Its origins began primarily in the context of accountancy applications, which to this day still represent one of the spreadsheets major uses with cashflow analysis, budgeting and planning typical of such applications. Indeed, despite its versatility and use across a range of academic disciplines, the spreadsheet is largely viewed as a business tool with applications covering general administration, sales and marketing, manpower analysis, resource allocation, operational analysis and strategic planning, to name a few [2]. The spreadsheets are used both by highly skilled specialists to generate complex business reports as well as by beginners for routine low-level applications who are unaware of the real potential of spreadsheets. Earlier research by Pemberton and Robson (1995) concluded that, while the spreadsheet has become a natural feature of the business landscape, extent of usage is only one, albeit limited, performance measure with which to illustrate spreadsheet proliferation in business. In many cases, claims of expertise revolve around only the simplest of features, often at the lower end of the skills hierarchy [3]. Evolution of spreadsheets: Spreadsheets came into market in 1979 with the introduction of VisiCalc, the software allowing personal computer users the flexibility to perform simple operations without recourse to a mainframe computer. However, the specific term â€Å"spreadsheet† dates back with its earliest

Unit 5 Case Study Assignment 1 Coursework Example | Topics and Well Written Essays - 250 words

Unit 5 Case Study Assignment 1 - Coursework Example Some of the key requirements by the president of Canyon College is that he can participate in several classes and be able to use a telephone while at a home office. This means, there is a need for WAN option that will support data, voice and video transfer over a network. To achieve this crucial requirement it is recommended that a WAN technology called, Asynchronous Transfer Mode (ATM) is put into use (Bagad and Dhotre, 2010). The ATM technology fits well in this case study mainly because it supports high bandwidth networking solutions for data, voice and videos. This will be very important in satisfying the predefined user requirements of the president (Bagad and Dhotre, 2010). It is also important to clarify that in case of any web connectivity problems at the school’s web server, there is always a quick way to make a check. It is recommended a ping test is done. The ping test will entail, opening the command prompt, enter ping and then the host website. For example, in the command window, type, Ping www.canyonuniversity.com and press enter (Bagad and Dhotre,

Engineering Management Skills

Engineering Management Skills An engineering manager has four main fields of responsibility, that is, supervising engineers or technicians, project management, interacting with clients, and offering suggestion and representative as a resourcefulness. An engineering manager should be a completely permit and specialized. All job seeker must finish a university undergraduate degree in engineering. Engineering management is the field involved with the application of engineering principles to the planning and manipulative management of manufacturing and industrial organizations. Engineering managers requires an integration of technical skills, soft skills, and conceptual skills as well. Technical skills are the elementary type of skills. Engineering manager is a leader of the team; normally consist of a group of engineers, technicians and workers. Engineering managers should have a unique skill in a specific area which can leading them to stand out among the public. Along with the proficient of technical skills, the engineering manager will able to understand the requirement and specification of the whole project. Beside that, engineering managers should have self-confidence while leading the group. Show the ability that can resolve the technical problem and hence the employees might convinced to him. As an engineering manager, the continuing study and upgrading the knowledge is required. This will help them in solving the specific problem. Admittedly, to develop employees effective, the soft skills are needful for engineering manager. Actually, for engineering manager, technical skills are generally less important, and their professional development focal point should be on skills that will assists a manager become a good leader at the organization. People who like to interact with others, are congenital leaders, and are capable engineers discover this type of position remunerative. There is a standard of direction or instruction as stage of this position that is a fresh skill for great majority of engineers. Interpersonal skills and communication skills are extremely importance in this responsibility. In addition, conceptual skills are needed for engineering managers. These essential skills are regard as a fundamental requirement for managers who located in highest level of management position. A successful engineering manager with specific skills normally has brilliant cognitive abilities to deliberate creativity. The conceptual skills involved thinking creativity, analysis and diagnosis, recognizes, psychological skills, planning intelligence, emotional intelligence and problem solving skills. Engineering managers who provided with conceptual skills are able to investigate complex problems, imagine details, and effective practice of behavior. Overall, management is an integrated new profession for engineers. Engineers who take on management position should emulate and study new set of specific skills. From beginning, engineering managers may often confront an intercession period that requires accepting a whole fresh skill and mentality. Engineering manager should change their natural instincts such as straightforward answers and seriousness. The important principles for engineering managers may and must be flexible. Always put effort on additional skills, will bring good results. CHAPTER 1 TECHNICAL SKILLS Technical skills are those skills, such as intellectual and mastery that managers use to complete their task in specialized areas such as engineering or information technology. Technical skills must be come out by entire standards of administrative. High level of management use technical skills to develop project plans and for making conceptual decisions, and to focus on the individual decision making process. Technical skills give lower-level managers the capability, intellectual and practiced in a designated field, not only to perform tasks, but also to regulate the tasks of employee in that area. Technical skill can define as the most fundamental type of skills that should have to achieve in our life. The technical skills required of life general as well as the particular technical skills required of specific job or task. The technical skill suggests an understanding in a specific kind of task. It involves specialized knowledge, analytical ability, and facilities in the use of the equipments of the specific branch of learning. Occupational practical training programmes mostly do a great job in developing this kind of skill. Engineers may evolution to transform into technical specialists or to monitor a team of technicians and engineers. Some may ultimately become engineering managers or to participate other managerial tasks. In business, an engineering intellectual will offers them to discuss a projects technical specification and helps in production planning, assembly, and utilize. Unique Skills Engineers who always succeed the greatest in their profession are engineers who have unique skills in a specific area leading them to stand out among the public. It might be the difference between banality and distinct. Upgrading the Knowledge People who able to take his skill levels in a specific area one level higher than his have now, and always taking up the effort in value adding process. This effort may even bring long term extra pay or reward from an unimaginable source. Technical skill building is an on-going, and it is a never-ending process. Constantly upgrade the skills, make continuous education, and always stay at a distinct advantage of changes and developments. For example: An engineering manager who hadnt had a consulting project of any considerable order in over half a year, and he realize that the relationship between his effort for improvement with his lifes better response to the effort. He tried to improve his knowledge by continuous learning some higher level skills. Within a short period, he was contacted by a company to produce a large consulting project. Mechanical and electronic engineering manager The technical skills are fundamental to the job. The computer skilful is very important. Most professionals task widely with computer drafting software and other specific programs to help them design a new product. Besides that, engineers always work on physically building prototypes, which need manual practised and particular knowledge of various types of tools and assemble techniques. Normally, it is require working rapidly and efficiently, without skipping any steps in the building procedure. After the prototypes has been completed, the engineer manager will passing the idea to the development teams member, and supervise them to complete the task according to the initial concept. Information Technology engineering manager The hardware support is the basic technical skill for information technology engineer, it depend on specialized training in hardware installation, software application, and computer networking. As an information technology engineer manager, the continuing study and upgrading the knowledge is required. Else, that will be difficult in certain kind of problem solving. The information technology is rapidly changing, the technology tends to evolve rather quickly, such as telecommunication, and there is an evolution from 3G to 4G, just taking a short period. The information technology manager should always review and estimate the current applications are satisfying the demands of the company. Besides that, the manager must be able to verify the new technologies to improve the objective of the company. Fully Integrated Skill As a skill gets carried out over and over again, it becomes nearly second. As the skill grows more integrated into out being, it transform from our conscious awareness of carry out the action involved in the skill fall into a subconscious stage where it is manipulate on an nearly automatic of implement. It is done without any effort and is done with a meaning of impassive. Technical Responsibilities Technical responsibilities can change greatly; it is depending on the scale and composition of the company. Identify Identify conclusive process scope that controls the reliability, quality and performance of the final product. Leading Lead the commercial grade design and progress a high volume manufacturing line in order to meet the requirement. Managing Manage the evolution of mechanical, electronic and electrical, and software systems for carry out, inspecting and controlling all field of the manufacturing process. Inspection Manage the design of electrical and mechanical measurement tools for received good monitoring, post-process inspection and final inspection. Evolution Evolution and refine the innovative product line to meet the requirement of client. Engineer manager will be working closely with the CEO, clients, contractors and manufacture groups. CHAPTER 2 SOFT SKILLS Soft skills also define as interpersonal skills. Engineering managers require interpersonal skills to be efficient. Without the capability to influences others, produce good decision making and control many preferential, the excellent of technical skills arent going to dedicate completely to the administrative of the team. As a engineering manager, who realize themselves badly off in interpersonal skill, must try to aspire training at any time to support up leadership skills, human skills, communications skills, management skills, presentation skills and so on. An administrative management must hold out such training. Engineering managers requires an integration of technical skills and interpersonal skills as well. For engineering manager, technical skills are generally less important, and their professional evolution focal point should be on skills that will assist a manager become a primary leader of the business. For those engineering managers who are not willing to spend those specialize into leadership path, may not be the greatest rightness for engineering management responsibilities. Human Skills Human skills include realizing how to interact nicely with people. Normally, nobody like to working for a manger that is impolite and inconsiderate. A manger lack in human skills can decrease both spirit and productivity of the team. However, engineering manager with effective human skills always has employees with a positive manner and a tough desire to boost up company productivity. It is important for engineering manager to work effectively with positional, subordinates, and supervisors. Always entertaining employees or workers with respectful and polite together with the ability to expressive a vision for the task are main element to a manager to archiving an interpersonal skills. Well communication skills and the intelligence to associate with people are the essential to become a successful engineering manager, or else, they will not be able to express their opinion for the business with the involved person. A successful engineering manager able to complete the task in all kind of responsibilities by cooperates with workers, technicians, managers and clients. Leadership Responsibilities Every organization requires certain people to take leadership responsibilities. Anyone can be a leader, as long as they are proficient in leadership skills. The organization will develop well if everyone expends their professional skills into proper leadership roles. A leader is someone who looks for works that havent been completed or pursue to improve the teams objectives to make it become more efficient. Leaders are responsible for employing, training, inspiring, counseling, and disciplining their employees. They always pursue to inspiring and utilize the energies and skills of employees to guarantee a productivity and efficient work. Besides that, they must always instill positive thinking or manners, to ensure that all the employees are working towards an achievement of same goal. Be a good example As usual, there are leaders and there are followers. Developing good leadership skills can bring about the excellence between the two. Some of the people claim that, a strong leader is born and not made. This is not to conclude that, the leadership skill does not be able to learn. As an engineering manager, try to developing yourself to stimulate become a good leader. People always follow a good leader due to he is stand for the beliefs of a team. This person is always well focused on a main objective and resolves the difficulties. In the same time, the employees will be happy to provide the support for the team in order to succeed in accomplishes their goals. Background Skills for a Manager In order to processing the effectively influencing of the teams activities, a leader should also need to influence their employees through some characters such as personal glamour, expertise, command of language, and the produce of mutual respect or polite. The engineering manager should also require to handling some background skills such as mentoring, decision making, group works, delegation and motivating others. Mentoring Become a trusted advisor and assistant with experience in a specific field. Actively sustaining and directing someone to develop their experience and knowledge in order to achieve career goals. A mentoring relationship could be formal or informal, but must include trust, respect, acceptance and commitment as both sides work together to accomplish a common goal. Group work Team work defines as any activity in which members work together. It also explains as an activity that has been specifically designed so that members can work in a team. An engineering manager should able to supervise the task for each member in the group. Help each other with their task given in order to achieve the common objective. Always corporately and working efficiently with other team members. Decision Making Evaluate proper evidence and balance up that evidence to make an option. As an engineering manager, should always taking responsibility for a decision and its consequence. Delegation An engineering manager should taking responsibilities for ensuring when to request someone else to carry out a decision for the task. In order to increasing the efficiency and productivity of the task, engineering manager should assigning responsibilities and power in a team by giving someone else the judgment to carry out the decision. Network Building As a leader, should always creating contacts with other people and keeping those contacts. For example, meeting and bring together with someone at a seminar with similar interests, and interchanging email addresses with them. Obtaining and keeping information about those who might be beneficial contacts for certain intention. Make use of a contact in an ethical way to help each other achieve particular goals. Motivating Others Engineer should always produce devotion and capability by being positively. Besides that, focusing on researching solutions and holding a positive manner even when thing are going bad. A good leader should always ask his employees about the ways to overcome the problem. Inspiring the team member to come out the solutions, and try to listening carefully to their opinion. Always prepared to support employees in taking agree with them, calculated risk, and not criticizing and blaming others when the thing is going wrong. Counseling Counseling defines as a personal talk with someone who need for helps in individual problem. Everyone has confronted with problems from time to time. As a good leader, employees will grow to respect him, and they will ready to come to him with problems. A leader always recognizes employees with problems, and he cannot let them suffer or just move them away. If the serious problem has been ignored, that will almost consequently become a group problem. Furthermore, counseling can also defines as listening. From the view of employees, when they get into trouble, they just need to talk it out about their worries and show the difficulties faced. After their worries and difficulties have been heard by leader gives the sufferer a feeling that his/her worries and difficulties are rational. Hence, by using this way, the self-confidence of employees might increase, handling the problem easily. Management Skills Engineering manager requires understanding many aspects of the business in running a task. The important skills related on special skill or knowledge in the area of organization, finance, marketing surveying, communication, and human resources. Based on the research, great majority of the projects fail because the management skills distribution of the project has not obtained enough notice. The human element has not been sufficiently concerned. For an organization or individual, the transform or change is stressful. It the manager is capability to develop this kind of change; he will accomplish his objective or goal easily. Planning Planning is an essential skill. It provides a common conceptual system to integrate a variety of related skills, involving problem solving skills, scheduling, to develop estimates of the time and resources needed to complete the project, negotiation with client, and conflict resolution. Planning is a sequential process, where a decision at certain stage helps transparent your choices in the next stage. As a manager, he can utilize the suggestion after each stage to help define the particulars for each task. The efficient utilize of planning will do more than any other technical skill to advance both obtaining the job done and managing the group together. Planning is advantage in team organization and individual. Managing Risk Engineering manager can also learned how to recognize problem of risk by establish a project permit that transparent the objectives, opportunity, limits, resources, and timing for the project. Manager require to know how to apply management skills to develop these ricks, Some of the organizations had provided certain kind of certification courses of training for this specific skills for new of future engineering managers. Budgeting An engineering manager should understand how to use the budget. It is another fundamental management skill, even though the organization has hired a team of profession accountants to manage the financial path. There are three important steps to a budgeting, first is preparing it, second is writing it, and final step is monitoring it. Although the finance department are responsible to charged with perform these matters for manager, but as a good engineering manager have the responsibility for the projects budget planning. Besides that, engineering manager also require to understand what have been told about the projects budget. To fully integrate into budgeting, engineering manager need to know about the logically challenge of project cost overrun. By develop this essential skill; engineering manager can be able to managing the budget efficiency. Team work The effective team work will assist an engineering manager to developing his/her project effectively. A good engineering manager also is a team leader as well. Always prepared to help and work with team member to accomplish the common goals. A good manager will able to set up a culture of teamwork into all direction of the task given. Furthermore, there will be a high self-respect within all of the team members, and it sense that they already feel personally included in the whole process of the project. Hence, the project will be success. Decision Making Decision making defines as an action of selecting between two or more type of option. Nevertheless, it might often be bear in mind that there may not always be a right decision making among the available choices. Sometimes there may have been a greater choice that had not been regarded at the suitable time. It is important for a manager to take notes of all decision and the reasons for each decision were made in order to make the improvement in the future time. Besides that, by using this way, we can easy to justify for any decision taken when problem is occurs. Time Management Engineering managers require the ability to organize themselves and others by implement of time management. Always require to examine precisely what had spending your time on and how significant are those task and distributions of time to the successful accomplish of the project give. For example, as an engineering manager, you could spend a lot of time per day just for reading the emails. Actually, this task can be distributed to your clerk or personal assistant. They might tell you what needs follow up with immediately and what can be keep until later or just ignore. By using this way, a manager could save a lot of time and concentrate in another part of the project like checking on progression or inspecting the quality and so on. The time management skills should be applies, and do take note that, it is not necessary to manage the entire task by yourself. The greatest way to improve the time management skills is to further up our self-control and hence can develop the task without terribly upset. Communication Communication is fundamental for effective operation in every stage of an organization. Even though finance, marketing, production, and technical department, may receive guidance from overall objectives and goals, the communication will connects them together and easier become organizational achievement. Communication is required to improves efficiency, quality, give satisfaction for customer, and hence create renovation products. Effective communication is very crucial for company success. That shouldnt only for manager, but also their employees and team members must be efficient in communication. The responsibilities of an engineering manager is to assist their employees improve their communication skills. The good manger must be able to established collaborative relationships through active listening. If all of the team members can communicate efficiently with each other, the performance of the team will be improved. Several ways to improve the relationship between manager and employees: Manager should Always identify employees training requires. Give feedback or suggestion on employees performance. Form a principle for staff decision is necessary, such as promotions, disciplinary actions, allowances, and salary increases. Offer the chance for company diagnosis and development. Demonstrate staff hiring techniques and human resource policies. Interact with client Beside that, interacting with the client also act as an important stage of the role of engineering manager. An engineering manager is usually involved in the beginning meeting, examining, designing of the product, and supervising of the team members. Frequently scheduled meetings with clients are normally planned by the engineering. The ability to operate well with an extensive range of people, and always share opinion and experience with employees is important. Now, many engineering manager attend additional courses in order to advance their communication skills that will help them to managing the employees. Controlling the Group As a good manager, always balances getting the job completed and managing the team together. Control is always a public behavior of the engineering manager. To control the team efficiency, an engineering manager should: Set the tempo A good manager should illustrate his volunteer to do anything asked from team members. Beside that, always sets a good model and example. Observes Observes the team and communicates with the team members but it is not necessary to dominate. Always tends to give suggestions for improvement, it is better than orders. Instructs Communicate clearly with employees. A good manager always allows team members to use their own idea. Although there is a mistake occurs, try to correct the mistake with mutual respect and without blaming. If the work is going well by employees, do not disturb. If necessary, try to offer direct support and instruction. Counsels A leader should be ready and willing to support their employees with certain needs. Always recognizes employees with problems, and he cannot let them suffer or just move them away. Beside that, encourages all of the team members to show their best. Inspects Practice and manage a positive thinking and does not appraise or blaming. Praises good work, in the same time silently provides suggestions to correct the errors. Avoid making employees fall into contempt. Reacts Identifies that responsibilities for lose or breakdown is on the leader, do not shift the blame on employees or team members. Always remain humble and constantly work hard to give service to the team. Human Resources Responsibilities Broadcast and Advertises Engineering Duty Moreover to supervising production, engineering managers always undertake human resources responsibilities as well. Manager broadcast and advertises engineering duty open to public in order to hire new workman and offer practically training. Human resources consist of all elements of employee management, such as recruiting, hiring, training, reserving and dismissal. Within each given area, they are verified effective human resource administration strategies. Effective human resources management skills The successful human resources management skills are needed for a productive organization that can accomplish the goal which is higher profit. All of the employees are a required resource in any organization. If the company does not using effective human resources management skills can be a bad bargain for a business. Human resource management skill is the anticipative developing of people. It needs opinion in advance, and planning methods for an organization to meet the requirement of its employees. In the same time, it also the employees also will meet the requirements of the organization. By using this way, the effective improvement of productivity will appear. A good human resource management should always improve everything from recruiting, hiring, training to evaluate skill and discipline. By improving the employees keeping proportion can reduce the cost for organization to training or hiring new employees. CHAPTER 3 CONCEPTUAL SKILLS Conceptual skills are skills that use the capability of a human to produce concepts. Conceptual skills also defines as a skills that manager should have to think and to conceptualize about digest, abstract and complicated condition. By using this essential skill, managers should be able to observe the company as an integrated, know the relationships between different subunits, and imagine how the company suits to its wider environment. These substantial skills are most significant at the highest grade of management. An engineering manager at the highest level of the companies have the responsibility for making the decision for whole sense of organization and set up the objective and goal that impact the whole organization. In the business field, these essential skills are regard as a fundamental need for managers who located in highest level of management position. Good engineering managers with specific skills normally have brilliant cognitive abilities to deliberate creatively hence resolve problems. A manager be provided with these essential skills are able to investigate a complicated issue and visualize details, and effective practice of behavior. To apply conceptual skills to produce concepts, progressing solution and resolving difficulties. They are some important steps need to follow: Ensure the outcome to be accomplished or explain the problem. Investigate and analyze all required information Evaluate the choices by using problem solving skills Analyze the feasibility of each option. Determine and perform most appropriate solution. Thinking Creativity and Visualizing Abstractions A concept is a series of ideas. A concept manages many ideas jointly; an idea is similar to a brick, it is not a final formation for a building. The final formation is the concept. Do not start a project without a creative concept. The creative concept is the way or the plan that you will use to produce the required outcome. As an engineering manager, you are requiring the ability to comprehend a situation or difficulties by evaluating and cope with possible issues and limits. Conceptual thinking involves organizing the sections of an issues or condition is a regular way and being able to visualize opinions and ideas. Hence, you can extend abstract ideas from certain case. Analysis and Diagnosis A manager should observe at models in events or objects. Always understand how to visualize the ideas. Engineering manager requires analyzing and diagnosis complicated situations which need them to learn conceptual skills. They are able to make the process rationally and make clear with available information. Beside that, engineering manager must be able to determine problems, identify correct option, estimate them and pick the greatest one in order to make a rational decision. Nevertheless, some managers lose in the direction due to lack of ability in rationally processing and illustrating information, managing the results in mind. An individual with conceptual skills can determine how ideas are relevance. They effectually see individual compositions in relationship to the entire project. Inspecting complicated situations and difficulties are important for an engineering manager. Furthermore, problem solving is an important skill that includes both creativity and analysis. A leader with strong conceptual skills always recognized as effective managers, due to their ability to comprehend the whole organization and develop the creativity strategies. Recognizes Recognizing how the different functions and operations of the company depend on one another, and how varies in any one part impact all the other. Recognizing also extends to visualizing the relationship of the personal business to the manufacture, the society, and the governmental, social and financial condition forces of the whole country. Recognizing also involves the thinking in terms of the following: Relative emphasis and proprieties among debating the standards and objectives. Relative tendencies and probabilities, rather than determinate case. Difficult relevancies and patterns among compositions, rather than legible and cause/effect relationships. Training Skills Training can improve previously developed conceptual skills. In developing the conceptual skills, some of the best consequences have been accomplish through guiding of employees by managers. By using the training techniques, manager can help his employees by supervising a specific responsibility. If there is an employee who confront with problem, try to reply with expedition question or opinion, rather than straight way giving answer. By using this way, the employees might learn to solve the problem, and hence their work performance also improved