Data Communication Using the Top-Down Approach Essay - 2

Data Communication Using the Top-Down Approach - Essay Example According to Hicks (2004), this the top down emphasizes on planning as well as a total understanding of the system and in this case coding does not begin until a sufficient level of detail has been attained. This design was promoted by Harlan Mils who was an IBM researcher and Niklaus Wirth in the 1970s. Â  Equity first a mortgage brokerage company located in New England has a centralized operations center. This center which is located in Exeter, New Hampshire, is the center of all operations and it, therefore, controls all the operations of the other ten branches in Maine and Massachusetts. It is also the administrative center as it hosts departments such as accounting, human resources, executive management, and support staff. The operations center maintains a central database used to store customer information, such as loan applications, credit check information, and approval status. This fulfills the first requirement that the top-down model needs to have a central office that manages all the operations. Â  Computer networking using the top-down approach focuses on new short interlude and eventual ‘putting it all together’ that follows the coverage of the network, data link layers, transport awe well as application (Hicks 2004). Each office at Equity first is now self-reliant as they do not rely on the main office to ensure maintenance as well as effective communication. It is also responsible for the decrease in errors when it comes to operations hence no delays or breaks downs in communication takes place because each operation takes place separately. It is also quite easy to maintain because the errors are few and are easy to identify and correct.

Analysis of Punting a football(Biomechanics) Research Paper

Analysis of Punting a football(Biomechanics) - Research Paper Example Proper punting technique is achieved when a punter is able to kick the ball for as long and as high as he can (Guy & Sang, 2009). There are a number of biomechanical techniques for achieving proper form, which make reference to the way the ball is dropped into the kick, how the punter follows through with his leg motion, and how the punter steps into his kick. These principles are best described and illustrated by means of example, which will follow shortly. The necessity of proper punting technique may be broken into two categories: (a) the safety and health of the punter and (b) the strategic advantage of well-placed punts during a game. With respect to safety and health, bad form in any sport will lead to injury of the muscles, bones, and joints involved with the physical activity. Quadriceps strains, in particular, are associated with injuries in punters who kick without proper technique (Beatty, McIntosh, Savage, Orchard, & Landeo, 2007). Because of this risk, safety and health are primary concerns for coaches who try to train their players on the methodology of kicking. Secondly, with respect to strategic advantage, punting technique is situational to the conditions of the game (Guy & Sang, 2009). That is, technique should be adjusted depending on circumstances such as field position, probability of a strong return, probability of a win, and so on. With these realities in mind, there is no perfect (or ideal) form; however, biomech anical principles apply to generally proper form. In addition to proper technique being situational in terms of circumstances within the game, proper technique for punters is also situational based on the comfort and ability levels of the punter himself. An athlete should not strain himself to achieve form and technique of those with considerably more strength and flexibility. This is particularly important, especially even before the ball is

Problems and Benefits of Privatization of Public Sector Organizations in China Essay Example for Free

Problems and Benefits of Privatization of Public Sector Organizations in China Essay Privatization as an important role of economy , has great contribution for all over the world. So what is privatization? Privatization means transfer of assets of economic activity from public sector to private sector, it has been seen by many governments as a means of revitalizing inefficient industries and as an opportunity to raise revenues to ease budgetary problems; however, privatization in China is very complicated. When reform started in 1978, almost of the productive assets were state-owned in China. But reforms since then have not included privatization. Today, there is more than 70 per cent of Chinese productive wealth which belongs to Chinese government. During the first 20 years of reform, the government concentrated the country’s assets with a great purpose of development which helped to achieve the creation of infrastructure and expansion of industrial capacity. We can image, if the state assets had been privatized, it would become a big trouble for China to mobilize resources during the tremendous industrialization between 1980s and 1990s.That’s why the initial marketization-without-privatization approach has been successful. Also because of that, China has emerged a robust infrastructure and become an industrialized economy. However, this industry-first, government-investment-driven and export-oriented growth model which has been highly resource intensive has run its course. China has expanded export almost of the world, not only the developed countries, also Latin America, the Middle East and Africa. But this growth model is limiting the speed of export. China has to turn towards growth driven by domestic demand, not exports, and one led by service not industry to shift its economy. So what can help to stimulate the transformation? The answer is privatization. Privatization remains a thorny issue in a country where private property became a constitutional right only in 2004 and where the right to own productive assets remains unclear. Many vibrant, purely private companies have sprung up despite this uncertainty, but take care to stay out of the limelight. For example, the most famous Chinese private company is Legend Holdings Ltd, is Chinese investment holding company in IT, investment, and real estate formed by the Chinese Academy of Sciences- the best-known of which is the Lenovo Group in which Legend is the controlling shareholder. In 2006, the volume of its business was 4,033,096 million RMB. Another famous private company is Huawei which makes and sales telecommunication equipment. It is biggest supplier who provides the solution of telecommunication network. Until 2011, the whole company had 146,000 employees, and the annual sales volume was 203.9 billion RMB. Obviously the kinds of private companies become a main power to improve C hinese economy and increase national income. Proverbially, privatization can help to reduce the government financial and administrative burden. The best example is Legend Holdings Ltd. Legend Holdings Ltd was based on the Chinese Academy of Sciences. Chinese government only invested 200 thousands to organize the company. However, until now, the company has developed to an international holding company with the influence from all over the world. The Chinese government doesn’t manage the company directly but it controls a part of stock of the company. According to an analysis suggests that privatization of China’s state-owned enterprises is achieved with limited compromise on the social welfare responsibilities, and much of the improvement in the firm performance comes from the reduction in the agency cost at the management level. The state-owned enterprises generally have bloated management structure with excessive amount of managerial expenses. It is because the State Assets Agency has multiple objectives, and so long as the management meets those objectives it is neither motivated nor disciplined for profit maximization. On the contrary, private companies have their own management systems, they don’t have so much social welfare duties as state-owned enterprises. Rapid development of privatization also can help government to increase their financial income. According to the data suggests, in 2004, mainly to the private economy of small and medium-sized enterprises created 58.8 per cents of GDP, 68.3 per cents of exports and 48.2 per cents of revenue in China. Also we can see the data from Legend Holdings Ltd. Until 2003, this private company handed over to the national tax 5.45 billion RMB. As the state-owned enterprises, the government has to invest by themselves to get profit; however, as private company, government can get revenue without investing or management. Increasing efficiency and productivity in certain public sector is the third advantage of privatization in China. Some state-owned enterprises sale to specific purchasers through MBO(Management Buy-Outs). The managers cooperate with foreign companies which can help to import high technology equipment and improve the manufacturing technology. Obviously, this can increase the efficiency and productivity of company. The most famous example in China is Haier. Haier as a global electrical appliances brand, cooperate with 28 companies from difficult countries like America, Japan and Germany. As of 2008, Haier has surpassed rival Whirlpool as the worlds top refrigerator producer in terms of sales, according to Euromonitor, an independent business intelligence provider. Haier said it sold 12 million refrigerators worldwide last year, up 20% over the previous year. Its market share reached 6.3% globally. On the other hand, with the development of privatization in China, there are many problems which disturb the road of privatization. As I talked before, MBO is a kind of form of state-owned enterprises privatization. The government selling the state-owned enterprises to private organization or individual is another form. The biggest problem for this form is the individual will change the enterprise to family business. The Chinese Social Science Center had a research about Chinese private economy. The data showed 61.82 per cent companies admit that they are family business. Only 27.4 per cent of enterprises’ stock was controlled by family under 90 per cent. In China, family business enterprises’ average life is only 2.8 years. Why? Many bosses of private companies provide management job to their family. However, with the development of enterprise, importing the skills of manufacture and the experience of management become more and more important. Family members are not en ough for the development of business. The crisis of stock is another problem for privatization in China. A while back Huawei company was in trouble of old employees demanded the stock of enterprise. According to this event, we can notice there is more stock crisis in privatization of China. The owners of enterprises want to control the whole company; however, when the state-owned enterprises change to private enterprises, the distribution of stock is very confused. The lack of clear strategy of cooperation and the lack of coordination system make the partner scramble for stock, which can make the management layer into disarray. The developing of enterprise is seriously for entrepreneur. However, the growth of enterprise is not only expanding the company or increasing the number of employees, it appears in many aspects. Chinese entrepreneur always want to control their companies, this means they do not want to decrease their stock of the company. This phenomenon result to the lack of investment. For example, we can connect to family business. The lack of investment and management skills make the enterprises’ average life only 2.8 years. How to affect foreign investment and increase the capital is big challenge for Chinese entrepreneur because when the enterprises become private, the government cannot control or manage or invest to the companies directly. China’s privatization has developed more than 20 years, the private company increase the government financial income and develop Chinese economics. However the privatization in China is still not mature. A state-owned enterprise which changes to private enterprise has to face many problems. In general, the trend of Chinese privatization is optimistic. This also can help to develop the world economics.

Performance Measurement In The Public Sector Finance Essay

Performance Measurement In The Public Sector Finance Essay In recent years governments within Canada have been facing increased pressure from the public to be more financially accountable, transparent and responsible when it comes to managing tax dollars. In large part, this is due to several economic and social pressures, such as an aging population, budgetary deficits and various financial scandals, which make the need for effective and efficient financial management a pressing matter. Governments have been developing systems, approaches and processes to continually ensure value for money, including integrating private sector practices into the public sector (e.g. New Public Management and Public Sector Renewal). One such private sector practice is the extensive use of and reliance on performance measures, which are used to obtain information thought to be critical to ensuring effective and efficient financial management, such as tracking government debt, program success, and forecasting future programming needs. This paper will demonstrate and explore the theory of performance measurement, including its advantages and disadvantages. A case study will then be presented, which will outline, apply, and assess financial performance measures used by the Ontario government on its provincial budget covering the period from 2002 to 2007. The paper will then conclude with observations and recommendations for more effective use of performance measures and a better understanding of the benefits and, perhaps more importantly, the limitations of performance measurement. Performance measures, while a useful tool, are not sufficient to guarantee effective and efficient management of public resources. Context for the need for performance measure in the public sector Governments are increasingly grappling with complex social and economic pressures. For instance, the aging of the population is expected to have important impacts on governments revenues and expenditures. With soaring health care costs as the population ages, Roy Romanow (2002) in his report on the future of health care in Canada estimates that annual per capita expenditure on people aged 65 and over is three times as much as the average of all age group spending (p.57). Looking at Ontarios annual report and consolidated financial statements between 2002 and 2007, the province has seen a significant increase in its expenditure in health and long term care where the province increased its expenditure by approximately 9.9 billion dollars or a 36.8 percent spending increase over five years. Overall expenditures during the same time period have increased by 20.4 billion dollars or a 28.6% increase. This essentially means that approximately 49% of the increase in expenditure went to health care spending. Ontarios revenues on the other hand increased by 21.8 billion dollars or a 31.8% increase. However, net debt has increased by 8.5 billion dollars or a 6% increase (Please refer to appendix 1.1). As these statistics show, expenditures on health care represent a significant proportion of provincial spending, a situation that may be exacerbated by an aging population. Furthermore, Saks and Haccoun (2004) estimates that Canadian labour supply shortage will reach the one million plateau by year 2020, which can have significant adverse effects on the Canadian economy and its provincial and territorial counterparts in terms of ability to raise taxes and maintain current program expenditures and ensure a sustainable economy in the future. As a result of these pressures and complexities, governments have started to examine its role in society and the various ways through which programs are delivered and managed. For instance, governments are increasingly delivering programs and services through partnerships as a means of improving efficiency in the delivery of services to Canadians. With increasingly complex and varied configuration of delivery of public services, there exists a real need to identify separate roles and responsibilities of participating partners and to develop expectations, standards, and measures of performance to ensure transparency, accountability, and sustainability. What is Performance Measure: Definitions and Considerations One of the results of this movement for better public service delivery is the integration of private sector practices, including performance measurement to ensure transparency, accountability and sustainability even in the face of pressures and complexities facing the public sector. In recent years, several developed countries and some developing countries have made increasing use of performance concepts and results indicators, both in their managerial practices and in the formulation and execution of public programs (Performance Measurement in Public Administration, p. 649-650). Performance measurement is also considered by some experts as the first step toward improving the performance of a public-sector organization, and, if backed by an appropriate incentive system, it can help shift organizational focus from inputs to outputs and outcomes and thus improve efficiency and effectiveness (Performance Measurement in Public Administration, p.663). It is essentially the collection of a bout an organizations performance indexes that will equip a program manager to evaluate its changes in performance over time (Carroll and Dewar, 2002). Performance measures are believed to be first applied in the public sector in 1960, when calls for the improvements in processes in which the way the government manages its resources or inputs to maximize efficiency and effectiveness started becoming more pronounced. It is argued that by tracking performance, the government is better able to meet its budget goals and objectives. There are many factors to consider when developing or applying a performance measure in an organization. The main factor that must be considered is cost. Can the organization afford the costs associated with developing, maintaining and implementing a performance measure? Clear, concise and realistic performance goals are needed. The performance measure must be fully communicated to everyone in the organization, as the success of a performance measures implementation depends on everyone buying into the concept. Once a performance measure is approved, an appropriate rewards system should be included, as well as a system for modifying the performance measures if the organizations objectives are not being realized. The organization must also ensure that individuals who have to work with the performance measures within the organization are well informed about the process and the benefits of the system and how to implement it (Mayne, 2005). In other tools, realizing and achieving the full benefits of performance measurement may be compromised or limited if analysts/managers fail to appreciate and understand the nature, purpose, meaning, and limitations of the indicators. Benefits of Performance Measurement As the economy grow, the demand for government services increases as well. Ontarios gross domestic product (GDP) increased from 493.1 billion dollars in 2002 to 586.2 billion dollars in 2007 or an increase of approximately 18.9% (Please refer to appendix 1.6). This means that there could be an increased demand for government programs and services and, likely, for the Ontario governments workforce. As programs, service, and government workforce grow, there would be a need to track the various programs the government provides. Performance measures can be beneficial in a given organization in various ways if implemented properly. Some of these benefits include: workforce and program management, assessment of program effectiveness, and increased accountability. Performance measures assist in organizing information that will help track, assess and analyze how various programs are progressing over time. It is a control measure that will make sure that the public sector is delivering services to the public that will maximize the publics utility level and at the same time ensure that resources are utilized efficiently and effectively(Carroll and Dewar, 2002). The management of these processes will also ensure compliance within various departments where the process can be standardized across various departments to ensure compliance. The application of performance management hopes that managers would change from being inwardly focused to being outwardly focused on public conditions, needs and problems (Waldt, 2004, p.21). By helping managers think outside the box, performance measure will hopefully generate innovation that can be fed back into the policy process to incorporate these innovations. However, this will only work if senior management i s able to sell this idea to everyone in the organization that will help break down resistance. By overcoming these barriers, an organization can now look ahead and collect various information regarding its performance, how well it is doing in comparison to previous years?, and how it is performing against other organizations. Performance measures can also help in improving public accountability. Outcomes information will inform public debate and the political process, and thereby providing direction to Government(Waldt, 2004, p. 19). In recent years, various government sectors have faced heavy scrutiny from the tax payer, electorate, opposition parties and the media. This is due to mismanagement of government funds such as the sponsorship scandal. This is one of the reasons why various performance control measures are increasingly filtering through the public sector. Since performance measure requires information gathering, maintaining and analyzing, then its proper implementation improves government accountability, transparency and responsibility. Since the public sector is more open to scrutiny because of the advancement of the information technology and the availability of legislations such as the Freedom of Information Act, this will further assist in ensuring that public sector managers are more cons cientious. Although one must ask whether or not performance measures in the public sector exist because there is a real need to improve performance or a perceived need for one. If the cost of performance measure outweighs its benefits, then performance measures can be seen as a ploy by the government to provide peace of mind to the public. Then the cost of performance measure is essentially the cost of buying peace of mind which is a waste on its own. Finally, another benefit of proper application and implementation of performance measure is through benchmarking (Carroll and Dewar, 2000). Benchmarking allows government agencies to create and compile best practice information that can help other agencies achieve their goals. This information may be useful to other organizations to help make their operations effective. A word of caution with utilizing benchmarks is that each organization is different from one another. Therefore, these benchmarks must be modified to fit into the organizations culture, goals and objectives. Though this may be helpful, the flip side is a potential to promote laziness and block innovation (De Bruijn, 2007). Limitations to the Use/Application of Performance Measurement The main idea behind performance measures is to be able to reduce cost and at the same time provide services at the least possible cost without jeopardizing the quality of service. However, the application of performance measure alone does not mean that governments will start realizing the benefits associated with this practice. Some may question the underlying reason why performance measures are needed in the public sector. It can be argued that performance measures were implemented in another country or province and they have been successful at achieving goals through the use of performance measures as a tool (Carroll and Dewar, 2002). However, just because performance measurement works in one particular organization does not necessarily mean that it can be fully integrated in another organization and be expected to provide the same level of success (the idea of benchmarking). This brings into light various motives or the driving force for the use of performance measures. Do public sector analysts and managed really believe that performance measurement contributes to more effective financial management? Or are they simply forced to include performance measures to fulfill reporting and financial requirements from the Center of government (e.g. Treasury Board)? Or are they just following a trend or a passing fad? The implementation of performance measure in the public sector can have a few disadvantages. These limitations include the manipulation of the performance measure system, challenges and difficulties in quantifying qualitative objectives (Carroll and Dewar, 2002). One of the major problems of performance measure is the manipulation of the performance system to maximize rewards by a particular individual/organization. Performance measure objectives can be interpreted in a variety of ways that can potentially give way to manipulate the system to allow a given organization to meet its objectives on paper but not in reality. One example of how performance measure can be manipulated happened in Australia when an Aboriginal tribe was informed that its sanitation and other subsidies would depend on their performance in keeping sanitary facilities clean, they did so most effectively by thoroughly cleaning the toilets, and then closing them to the public. (p. 660, Performance Measurement in Pu blic Administration) Performance measure can be manipulated by defining the goal and manipulating other variables to meet its objectives. For instance, if a police forces objective is to decrease crime rate in a given community, it can essentially meet its goal without any real changes to the crime rate in the community in question by choosing not to report certain crimes. This practice is a waste of resources that could have been used to fund other programs that are more efficient in nature. As illustrated by the examples given, the application of performance measure can potentially generate good performance on paper but not in reality. Another disadvantage of performance measure is the challenges associated to applying it to the public sector (Graham, 2007). This is because private sector is mostly concerned with profit maximization which is a quantifiable objective. The public sector on the other hand is concerned with measuring qualitative objectives and quantifying its results. Qualitative measures can be quite challenging because it involves subjective interpretation of quality. For instance, if the governments goal is to measure the quality of secondary education provided in Ontario, and then it becomes hard to determine how well the ministry of education is performing. The reason for this is because there are a variety of ways to measure quality, where is the data coming from? What measures are used? Who measures performance? And whether or not there is a conflict of interest that will manipulate the system. Finally, quality of education may not be measured until a few years later when the students graduate h igh school. The application of performance measure also calls for rewarding good performance and punishing poor performance (Waldt, 2004). The implementation of this premise may be a challenge in the public sector because politicians can over ride budget allocation. If for instance, health care is the governments top priority, if for instance health care is the worst performing ministry within the public sector then this may be a challenge. However, this will not work in the public sector because politicians can opt to ignore the performance measure in place and increase funding for the ministry of health. It is also useful to note that the implementation of performance measurement in the public sector could potentially be more challenging than in the private sector, in part because of differing operations/service goals. While the private sectors bottom line is profit maximization, the public sector involves multiple competing stakeholders with multiple goals (Graham, 2002). For instance, there are certain stakeholders who believe in maintaining balanced books and reducing debt, while there are others who believe that the government should consistently provide for social programs, even if this implies financing services through deficit. Furthermore, a performance measures effectiveness may not be fully utilized because politicians can choose to ignore these measures or can over ride budget allocation based on performance measures. Case Study: Ontario Financial Performance Measure A budget is one of the most important pieces of legislation in any given government because it outlines how the government plans to manage its limited resources effectively. A well-conceived, -applied, or -implemented budget allows the organization to realize its goals and objectives with maximum efficiency and effectiveness (McKinney, 2004, p.264). For many years, the public sector has been experiencing increased pressure from the public to provide the best quality of service at the least possible cost. Furthermore, governments have been facing increased pressure from the public to reduce its debt, otherwise debt servicing costs will be transferred to future generations at a higher cost (principal plus interest charges). As the government becomes larger, the role of financial management plays an indispensable role in the achievement of an organizations objective. It is the fuel that gives life and substance to the engine of public administration (McKinney, 2004, p.1). Along with its growth, the number of competing stakeholders also increases and therefore, the process of allocation becomes more complicated. This is the very reason why governments are increasingly finding ways to improve its financial reporting such as the adoption of accrual based accounting and the implementation of the Public Sector Accounting standards. These are some measures used in the private sector that are now being applied in the public sector. In theory, the purpose of the application of these measures is to be able to make governments responsible, responsive and fully accountable. This section will explore and analyze the financial performance measures used by the government of Ontario to assess its effectiveness. The government of Ontarios financial analysis measures three areas which includes sustainability, flexibility and vulnerability. Sustainability measures the governments ability to meet its financial obligations. Sustainability measures Assets to Liabilities, Financial Assets to Liabilities, and Net Debt to Total Annual Revenue, Net Debt to GDP and Deficit to GDP. Flexibility measures the governments ability to move around its financial obligations across programs or across various years to be able to provide the best possible programming level. Flexibility measures Public Debt Charges to Revenue and Net Book Value to Cost of Capital Assets. Finally, vulnerability measures the extent to which the government is dependent on or can be influenced by external organizations such as the federal government, foreign institutions and foreign governments. Vulne rability measures Government Transfers to Total Revenue and net Foreign Currency Debt to Total Debt. Sustainability Assets to Liabilities measures the governments ability to meet its financial obligations through the liquidation of its assets. In the private sector depending on the company, an acceptable ratio is 2:1. However, looking at the Ontario governments assets to liability ratio, this figure hovers around 0.27:1 0.31:1 between 2002 and 2007. (Please refer to appendix 1.3). This figure may be way below the private sector expectations but the chances of a government experiencing bankruptcy (especially in developed countries) is quite low, since governments tend to have the ability to raise money by issuing debt to cover liabilities. Therefore, the use of this measure is limited to just merely observing upward or downward trends. Furthermore, with the implementation of full accrual based accounting in the public sector it becomes hard to determine the exact total value of the governments assets. These assets include heritage assets where a market value is non- existent or there are competin g estimates. It becomes a challenging task to assign a value on such an asset, or the asset may be of value to the government who owns the asset but not to anyone else. Given the challenges associated with determining an actual value for an asset, care should be taken when using this ratio as a financial performance indicator since its accuracy can be challenged. Financial Assets to Liabilities measures the governments ability to raise cash quickly or its liquidity to cover its liabilities. The Ontario governments ratio ranges from 0.18:1 to 0.23:1, where it reached its peak in year 2004/2005 and in 2006/2007 (measured at 0.21:1). (Please refer to appendix 1.3) Net Debt to Total Annual Revenue measures the governments net debt in relation to its ability to generate revenues. This ratio reached its peak over a five year span at 2.03:1 in 2003/2004 and 1.56:1 in 2006/2007. (Please refer to appendix 1.3) Since 2003/2004, the Ontario government has been able to reduce its net debt in relation to its annual revenue. Net Debt to GDP measures the governments fiscal capacity. They relate bond indebtedness to the sources of government revenue (McKinney, 2004, p.245). Ontarios net debt is hovering around a quarter of its GDP and between 2002 and 2007 where it has been slowly declining from 0.27 in 2002 to 0.24 in 2007. (Please refer to appendix 1.3) Since a consistent downward trend exists in this measure, this means that the government is improving in this ratio. Since both Net debt and GDP has increased from 2002 to 2007, this means that the GDP has increased at a faster rate than the increase in net debt. This means that governments ability to pay its debt obligations has improved over five years. Deficit to GDP measures the governments deficit in relation to its GDP. In this measure, the government has seen improvements from 2003/2004 to 2006/2007. This means that the Ontario government is continuously managing its expenditure and making sure it spending is within its capacity. Even though the Ontario government has seen deficits in the years 2003/2004 and 2004/2005, this ratio is looking favourable since deficits are declining in relation to GDP, which has seen a constant increase over five years. (Please refer to appendix 1.3) Flexibility Public Debt Charges to Revenue measures the governments ability to raise funds to pay its debt servicing charges. In this measure, the Ontario government has seen a constant improvement or a downward trend during the five year term from 14.9% in 2002/2003 to 9.7% in 2006/2007. The reason for this is because Ontarios revenues over the same five years have seen consistent growth and have increased by approximately 31.8% while interest on debt has seen a 13.7% decline over the same period. (Please refer to appendix 1.3) Net Book Value to Cost of Capital Assets measures the true value of the governments capital assets. This value is hovering around two thirds of the cost of capital assets and it has seen a slight downward trend from 69.5% in 2002/2003 down to 67.2% in 2006/2007. (Please refer to appendix 1.3) This figure is a good indication of the governments capital assets such as land, buildings, and transportation infrastructure such as highways, railroads and bridges. However, looking at the Ontario governments public accounts, it does not state whether or not the value of land is recorded at historical cost or fair market value. If the land is recorded as historical cost, then it does not really show the true value of the governments assets; instead it is under estimated if the value of the land increases in market value and vice versa if it decreases in market value. Furthermore, depreciation is measured based on estimates; it could be that the life span of an asset could be higher than expec ted and therefore, while the asset is recorded on financial statements as having no value, the asset could still be utilized. Furthermore, an asset can be estimated to have a lifespan of 10 years; at year 10, even though the asset can still be used, an organization can continue using the asset or request for new funding for the replacement of the asset. Since the asset can still be utilized, the organization can sell the asset and make money out of it (scrap value) and record it under its miscellaneous revenues. This becomes an issue of operational efficiency versus manipulation of assets to maximize revenues. Vulnerability Government Transfers to Total Revenue measures the proportion of the federal governments share of the province of Ontarios total revenue. Federal funding that flowed into the provincial government ranges between 13% (2002/2003), which is its lowest level between 2002 and 2007, and has increased steadily to approximately 15.8% (2005/2006) and dropped slightly to 15.5% in 2006/2007. (Please refer to appendix 1.3) This figure can be interpreted in various ways where the upward trend shows that the federal government is continually increasing its transfer payments to the province of Ontario in relation to its total revenue. Looking at nominal figures, the federal government has increased its transfer every year between 2002 and 2007 (from 8 billion dollars in 2002/2003 to 14 billion dollars in 2006/2007. (Please refer to appendix 1.2) Part of this increase is due to huge surpluses the federal government has been reporting in recent years. However, the increased in federal transfer can b e seen both negatively and positively. This can be viewed positively because the province is able to provide more services to the public. However, funding commitments can be revoked especially with a change in government and government priorities. Furthermore, budgetary models are built upon expectations, if the province expects to receive a certain amount of dollars from the federal government, and this is not realized, then it can potentially adversely affect the financial standing of the province. The provincial government should also use this figure as a sign of caution in terms of its forecasts not to rely heavily on federal transfers. The province should try to provide the same level of programs and services to its citizens without relying heavily on federal transfer payments because of fluctuations and uncertainty. However, others may argue that increasing federal transfers is a positive step towards addressing the so-called fiscal imbalance and providing Ontario a fair share of federal funding that is more proportional to the contributions that Ontarians make to the federal tax base. This demonstrates another useful limitation/caveat: performance ratios/indicators are not purely objective, in that their interpretation and ultimately the manner in which they are used/applied depend on the subjective point of view of the public sector analyst/manager. Net Foreign Currency Debt to Total Debt measures the provinces debt level to foreign countries and or organizations. This figure has seen an increase from 21.4% in 2002/2003 and 23% in 2004/2005 and from that point it declined to approximately 20% by 2006/2007. (Please refer to appendix 1.3) This measure is a good indicator on Ontarios reliance on foreign governments in terms of trade and its indebtedness. A declining net foreign currency debt to total debt means that the province can have a positive effect on the provinces credit rating that assesses the governments vulnerability and stability which can have an impact on interest rates on its debt. An improving credit rating will increase the chances of the Ontario government to refinance its maturing debt because of lower risk of default from its debt. An increase in this ratio might cause international panic where other countries can call the province on its debt that can have adverse effects on the economy in terms of attracting investors and other countries willing to do business with the province. As a useful summary of the provinces dependence on foreign debt, it is important to keep track of this budget measure of vulnerability. Discussion of the Ontario governments Financial Analysis as a Measure of Performance Based on the above discussion the ratios used by the government of Ontario is a useful tool as part of a comprehensive strategy or approach to analyzing, measuring the provinces economic and financial performance. However, these tools alone are clearly not sufficient to obtain a full and clear picture and forecast of the economy. Variables such as domestic and international political conditions, international and domestic commodity prices, supply and demand, price of oil, interest parity, price parity, and other non-financial indicators, such as demographic trends, should be considered when formulating, implementing, and assessing the effectiveness of policies and programs. Furthermore, these budgetary performance measures tend to be applied at a relatively high level (i.e. on rolled-up or summed-up figures or estimates) with a view to gauging whole of government performance. Since the Ontario government comprises of individual ministries and departments, improving whole of government performance must start with the individual ministries and their specific programs and projects. This reinforces the idea that full and effective performance measurement entails consideration of other and more specific factors/elements. The government of Ontarios financial measures provide very useful snapshots of the government position at a particular point in time. However, there are other measures, information and factors that one has to consider in gauging the performance of the government and formulating recommendations and strategies moving forward. Conclusion Increased pressures and complexities confronting the public sector has encouraged the proliferation of private sector practices, including the use of performance measurement to gauge program outcomes and ensure transparency, accountability, and sustainability of government operations. As this paper has demonstrated, there are benefits to performance measurement, such as providing opportunities to track, compile, and maintain data and requiring regular reporting, thereby helping in promoting transparency and benchmarking. However, these financial/material indicators are not sufficient to ensure effective and efficient management of public resources. As this paper has pointed out, there are several limitations and caveats to performance measurement that public sector managers/analysts must bear in mind, including the need to incorporate other information (e.g. non-financial and qualitative data) in developing, implementing, and assessing policies and programs. These points were reinfor ced in this paper through an examination and evaluation of financial ratios intended to measure the performance of Ontarios budget between the period of 2002 and 2007. While this paper presented a case study of performance measurement from a financial perspective, perhaps a more interesting and richer case study would be to explore quantifying qualitative program performance measures in which represents another area of future research. Indeed, performance measurement when used in a public organization by itself is a fools gold (Carroll and Dewar, 2002).

William Wallace :: essays research papers

Patriot, Thief, Guardian, Traitor: William Wallace has been many things to many people. However, since Mel Gibson's 1995 film, 'Braveheart', to most he is a freedom fighter and icon of Scottish independence. Little contemporary record remains, and what information we do have comes, in the main, from biographers like Blind Harry, written over two hundred years later with their own agenda. What is known about Wallace's early years is that, unlike the other potential leaders of the Scots at the time, he was of undistinguished birth. Whilst not the peasant or 'man of the people' of legend, Wallace was a mere knight and nowhere near the aristocratic league of Robert the Bruce, for example. His opinion of the English was hardly improved when, in 1291, his father was killed in a skirmish with English troops. With Edward I's assumption of feudal lordship over Scotland and the subsequent humiliation of John of Gaunt, the rightful king, the political scene was primed for rebellion. Edward, through his treasurer, Hugh Cressingham, squeezed taxation from the Scots and popular support was on the side of the rebels. Wallace's first act of note was a strike against the imposed English authorities, when he killed William Heselrig, the English Sheriff of Lanark. Gathering men around him as his rebellion gathered momentum, Wallace's greatest victory came at the Battle of Stirling Bridge. This 1297 rout of the larger English force brought Wallace to national prominence. However, the Scots fought under the command of Andrew Murray, rather than the unproven Wallace. Murray's death in the battle left all the credit to Wallace. The battle of Falkirk, the next year, saw Wallace in sole control of the Scottish forces and tactics. His use of 'schiltrons', or dense formations of troops, failed to repel the English cavalry and the Scots were defeated, taking heavy losses. This defeat forced Wallace to resign the Guardianship of Scotland that he had been awarded after Stirling Bridge. As the rebellion continued, the Scottish nobility decided in increasing numbers to look for a compromise with Edward. Failure to obtain an alliance with France against the English led Robert the Bruce to reconcile with the English king, in 1302. Wallace's refusal to brook any compromise or accomodation with the English began to look increasingly isolated and exposed. Edward declared Wallace to be an outlaw and traitor. Legally, he could now be killed without guilt, and harbouring him was also an act of treason.

Free Admissions Essay - Discipline and Perseverance :: Medicine College Admissions Essays

Admissions Essay - Discipline and Perseverance Pounding, rushing footsteps started to close in on me. The roar of the crowd echoed, as I extended my hand to receive the baton that signaled my turn to run. As I tightly wrapped my fingers around it, I felt the wind rush around me, and my tired legs started to carry me faster than I ever dreamed possible. As I rounded the final stretch of track I remember battling fatigue by contemplating two paths: slow down and give up my chance of winning to gain momentary comfort, or push myself even harder and give up momentary comfort to receive greater rewards later. I chose the second path and later held a trophy that represented my perseverance and hard work. The years of running - consistently choosing the second path - have taught me discipline and perseverance. These qualities will help me cross a different finish line and achieve a new goal: becoming a doctor. I have had to learn to budget my time to meet the demands of school, training programs, and volunteer activities. Although I trained and ran at least thirty miles a week throughout college, I also served as a big sister to Kelly, an abused child, and worked in a hospital trauma unit and as a medical assistant in an OB/GYN clinic. My most satisfying volunteer activity, however, was participating in mission work in Mexico City. In Mexico City I continually saw young children whose suffering was overwhelming. These children had never received vaccinations, were lice-infested, and suffered from malnutrition. They also frequently had infections that antibiotics can easily treat, but due to poverty were left untreated. For a week our team worked feverishly to see as many children as possible and treat them to the best of our abilities. I will never forget the feeling of complete fulfillment after a long day of using my talents for the betterment of others. The desire to replicate this feeling strengthens my commitment to becoming a physician. Isaac Asimov once said, "It has been my philosophy on life that difficulties vanish when faced boldly." Difficulties have tested my commitment. In September 1992, at the beginning of the running season I developed a severe case of mono. My doctors advised me to drop out of school for a semester and not run for at least four months.

Decision tree analysis Essay

Decision tree analysis known as an analytical tool applied to decision-making under condition of uncertainty, also clarifying where there are many possible outcomes for various alternatives and some outcomes are dependent on previous outcomes. However, decision tree will present as a diagram by showing the relationship among possible courses of action, possible events and the potential outcomes for each course of action in the decision (Drury, 2012). So decision tree analysis is useful for merchant navy company to understand in what direction their chance events are and what their values in terms of profits and losses are for each of the two tooling alternatives, also visualize the outcomes of different prospects in order make better decision under uncertainty Strengths of decision tree analysis Decision tree analysis will show all the alternatives, probabilities, costs and the possible outcomes that are not even consider by the company. The company can add the possible scenario into decision tree diagram, through the diagram can calculate the expected values and a probability distribution in more complex situations and the attributes can be chosen in any desired order (Kirkwood, 2002). Weaknesses of decision tree analysis However decision tree analysis brings sequential decisions and class-overlap problem that including categorical variable with different number of levels, and the information gain in decision tree analysis are biased in favour of those attribute with more levels. Also correlated data and complex production rules will occur in decision tree analysis, it can get very complex particularly if many values are uncertain and/or if many outcomes are linked (Kirkwood, 2002). Merchant navy industry background Merchant navy industry plays an important role in both domestic trade and international trade by transporting goods or passengers via sea to all around the world. There are different types of shipping service and kinds of cargo in order to serve different needs including feeder vessel, tankers, container ships, bulk carries and specialist ships (World Shipping Council, 2014). According to China Daily Information Co. (2012), there is high demand  in merchant navy industry due to freight transport capacity and loading volumes steadily rising in the moment. Therefore, it is important for merchant navy company to invest in new shipping service to cope with the demand. Company Background – China Shipping (Group) Company China Shipping (Group) Company is one of the largest shipping companies in China with approximately 47,000 employees worldwide. It was incorporated as international shipping line since 1997 and operates under the direct administration of Council of the People’s Republic of China. Mr. Li Shaode is the chairman of the company and it has over 100 branches across different regions and countries, also is headquartered in Shanghai, China. The another five holding companies owned by China Shipping (Group) Company are located in Hong Kong, north America, Europe, Southeast Asia and West Asia. The core business activities of China Shipping (Group) include shipping of oil tankers, special cargo ship passenger ships and container vessels as well as other related businesses like terminal management, finance and investment, engineering, integrated logistics, shipping agency, air cargo forwarding, container manufacturing, human resources, trading and information technology (China Shipping, 2 012). Case study China Shipping (Group) Company currently wants to decide whether to market new shipping service now. The marketing management estimated that if performs a market study (at a cost of  ¥30,000), there is a 60% chance that the study will return in favorable results (referred to as a local success) and a 40% chance that the study will return in unfavorable results (referred to as a local failure). If a local success is observed, there is an 80% chance that new shipping service will be national success. If a local failure is observed, there is only a 30% chance that new shipping service will be national success. The marketing management thinks that market shipping new service nationally successful that the expected profits (excluding the cost of the market study) will be  ¥1,600,000 however if the market shipping new service nationally failure then it expected loss of  ¥700,000(excluding the cost of the market study). However absence of market study, there are equal chances of natio nal success and national failure after if China Shipping (Group) Company decide to market nationally.  Therefore now the marketing management has to determine the best strategy that China Shipping (Group) Company should adopt. Excel According to the decision tree above, the optimal decision for China Shipping (Group) Company is to carry out test market and then market nationally if national success then the company will have return in expected profit of  ¥654,000 compared to do not conduct test market only have expected profit of  ¥450,000. Sensitivity analysis Assuming the probability of national success after the market study will decrease by 15% and the probability of national success without market study will increase by 10%. If a local success is observed, the new probability will decrease from 80% to 65% that new shipping service will be national success. If a local failure is observed, the new probability will decrease from 30% to 15% that new shipping service will be will be national success. However absence of market study and immediately market nationally, the new probability will increase from 50% to 60% to be national success. According to the sensitivity analysis above, after market study and market nationally the expected monetary value (EMV) of local success will decrease from profit  ¥1,110,000 to  ¥765,000 compared to the base case however the expected monetary value (EMV) of and market nationally after local failure will remain the same as loss of  ¥30,000 compared to the base case. The final expected monetary value (EMV) of conduct test market decision will have an expected profit of  ¥447,000 compared to the base case have  ¥654,000. However absence of market study and whether market nationally, the final expected monetary value (EMV) of local success will increase from profit  ¥450,000 to  ¥680,000 compared to the base case. Comparing the decision of conduct or do not conduct test market from the new probabilities, China Shipping (Group) Company’s optimal decision is do not conduct test market and then market nationally then the expected profit will be  ¥680,000. However according to the base case, China Shipping (Group) Company will only get the expected profit of  ¥654,000 after conduct test market and market nationally. Therefore, with the changes will allow the marketing management sees the impact of sensitivity analysis and compare to the base case. It allows the company to understand the overall decision whether market new shipping  service nationally with or without market study. Through sensitivity analysis, the company know that the value of the probabilities are sensitive and it will affect the expected profit and decision of the company market the new shipping service with or without test market. Conclusion To conclude, if a small change in the value of one of the causes a change in the recommended decision alternative, the company will have different outcome. However, the expected value is highly sensitive to the changes of probabilities and it will have significant effect on the decision making of the company. Therefore the expected values of each decision are evaluated to determine optimal model in order for company to do decision making. Decision tree is a diagram that shows the possible courses of actions, the potential event which is states of nature for each outcome together with the potential outcomes and associated possibilities. It is a useful analytical tool for carrying range of alternative courses of actions and the possible outcomes, also allow company to understand the uncertainty in decision making (Drury, 2012). Therefore, decision tree analysis is important for China Shipping (Group) Company to understand the how the different probabilities will affect the expected val ue under risk and uncertainty in order to make optimal decision in the investment. Recommendation From the decision tree analysis above carried out, it suggested China Shipping (Group) Company have to understand the risk and uncertainty in order to choose the optimal decision in the investment. However comparing the scenario to base case, if a local success is observed and the new probability will be 65% that new shipping service will be national success; if a local failure is observed and the new probability will be 15% that new shipping service will be will be national success. Absence of market study and immediately market nationally, the new probability will be 60% of national success. It showed that with the new probabilities, China Shipping (Group) Company’s optimal decision is do not conduct test market and then market nationally then the expected profit will be  ¥680,000. However according to the base case, China Shipping (Group) Company will only get the expected profit of  ¥654,000 after conduct test market and market nationally. Therefore, it suggested that China Shipping (Group) Company to look into the  probabilities of each decision and the expected value from its probabilities in order to maximize the investment with optimal decision. List of references Drury, C. (2012) Management and cost accounting. 8th edn. Andover: Cengage Learning, pp. 278-292. World Shipping Council. (2014) About the industry. [online] Available at: http://www.worldshipping.org/about-the-industry. [Accessed: 31 March 2014]. China Daily Information Co. (2012) China leads in shipping industry. [online] Available at: http://www.chinadaily.com.cn/business/2012-08/04/content_15644653.htm. [Accessed: 29 March 2014]. China Shipping. (2012) Company Profile. [online] Available at: http://www.cnshipping.com/en/aboutus/companyprofile/index.shtml. [Accessed: 29 March 2014]. Kirkwood, C.W. (2002) Decision Trees. [online] Available at: http://vserver1.cscs.lsa.umich.edu/~spage/ONLINECOURSE/R4Decision.pdf. [Accessed: 31 March 2014]. Bibliography Lucey, T.(2003). Management and cost accounting. 5th edn. London: Cengage. pp. 321-343. Pannell, David J.(2013). Sensitivity analysis: strategies, methods, concepts, examples. [online] Available at: http://dpannell.fnas.uwa.edu.au/dpap971f.htm.[Accessed: 31 March 2014].