Information security system

What is the OSI security design? Ans) A Systematic method of characterizing the prerequisites for security and portraying the ways to deal with fulfilling them is commonly characterized as â€Å"OSI security architecture†. This was created as a worldwide norm. Focal points of OSI Security Architecture: 1) Security assaults †activity that bargains the security of data claimed by an association. 2) Security component †intended to identify, forestall, or recoup from a security assault. ) Security administration †planned to counter security assaults. 1. ) What the contrast among detached and dynamic security dangers? Ans) Passive Threats makes endeavor to learn or utilize data from the framework yet doesn't influence any framework assets though dynamic dangers include change of the information stream. So in uninvolved assault a programmer barges in your framework, and hangs tight for some significant data. In a functioning assault a programmer attempts to get the si gnificant data by utilizing his capacities instead of relying upon the ineptitude of the victim.Example for latent assault: A key lumberjack which sends the information given by the casualty to a programmer by means of a system (LAN). Model for Active assault: Using Brute power to break the secret phrase of a framework. 1. 5) List and quickly characterize classifications of security administration Ans) The significant classifications of security administration are specifically: Confidentially: The insurance of information from unapproved revelation by encryption and unscrambling safeguarding approved limitations on data access and exposure, including implies for ensuring individual protection and restrictive information.Authentication: The confirmation that the conveying element is the one that it professes to be. The issue of approval is frequently thought to be indistinguishable from cap of verification; numerous generally received standard security conventions, compulsory guideli nes, and even resolutions depend on this supposition. Respectability: The confirmation that information got are actually as sent by an approved entity.End client will get what is sent-guarding against inappropriate data adjustment or annihilation, including guaranteeing data nonrepudiation and legitimacy Access control: The counteraction of unapproved utilization of an asset implies this administration controls that approach an asset, under what conditions access can happen, and what those getting to the asset are permitted to do.Ability: Time for get to guaranteeing convenient and dependable access to and utilization of data Availability: The property of a framework or a framework asset being open and usable upon request by an approved framework substance, as per execution particulars for the framework. Nonrepudiation: Provides security against forswearing by one of the elements associated with Chapter 2: 2. 2) what number keys are required for 2 individuals to impart by means of a symmetric figure? Ans ) Only one key is required for 2 individuals to impart by means of a symmetric figure. The key circulation will send a similar key/single key for encryption and ecryption process. . 9) List and quickly characterizes three employments of an open key cryptosystem Ans) Encryption/unscrambling: The sender encodes a message with the beneficiary's open key. Advanced mark: The sender â€Å"signs† a message with its private key. Marking is accomplished by a cryptographic calculation applied to the message or to a little square of information that is an element of the message. Key trade: Two sides participate to trade a meeting key. A few unique methodologies are conceivable, including the private key(s) of one or the two gatherings. 2. 10) What is the distinction between private key and a mystery key?Ans) Secret key is utilized in symmetric encryption. Both sender and beneficiary have gotten duplicates of a mystery key in secure style and keep the key made sure about. The private key is utilized with open key in deviated encryption. The sender will send encryption archive with the recipient open key, at that point the collector will decode the report with his/her private key. The â€Å"private key† isn't imparted to anybody. The mystery key must be transmitted to or imparted to all gatherings by a strategy outside the interchanges interface it is planned to make sure about. 2. 13) How would public be able to key encryption be utilized to circulate a mystery key?Ans) Several distinctive pproaches are conceivable, including the private key(s) of one or the two gatherings. One methodology is Diffle-Hellman key trade. Another methodology is for the sender to scramble a mystery key with the beneficiary's open key. The key appropriation utilizes the deviated encryption to send mystery key to the beneficiary by her/his open key. At that point the recipient will utilize his/her private key to unscramble to get her/his mystery key. Issue: 2 . 9)Construct a figure like figure 2. 9 that remembers an advanced mark to verify the message for the computerized envelope. Sol) We can Show the production of computerized envelope as an answer.

Public Speaking Informative Essays

Open Speaking Informative Essays Open Speaking Informative Essay Open Speaking Informative Essay Exposition Topic: Educational Open Speaking Educational Speech Outline SPE 102, January eighth 2009 TITLE: Obtaining a multi year degree through Burlington County College GENERAL PURPOSE: To illuminate my crowd regarding various strategies they can use to acquire a multi year degree through Burlington County College. Explicit PURPOSE: Burlington County College offers numerous open doors for headway whether it is a venturing stone to a multi year school, a passage into an authorize program through assurance move, or the regularly extending four year college education finish program at Burlington County College. Presentation I went to Rutgers for a year. I was additionally effectively associated with Air Force ROTC (Reserve Officer Training Corps) for those two semesters. I kept up a good GPA and made many companions. All things considered, I’m sure some of you are thinking â€Å"well then for what reason would he say he is standing up before a class at BCC right now at that point? † The legitimate truth is on the grounds that I was not very much educated on the distinctive degree looking for programs offered here at Burlington County College so that’s what I am here to examine with you today. Burlington County College offers numerous open doors for headway whether it is a venturing stone to a multi year school, a section into a licensed program through assurance move, or the regularly extending four year college education fruition program at the school. On the off chance that you have the assurance, Burlington County College can get you there. BODY I. A few understudies want to utilize BCC as a venturing stone to multi year organizations. 1. There is a huge cost distinction when going to a junior college and a multi year organization. . As per collegeboard. com, the most cutting-edge source on school related material, the normal additional charge for full time, out-of-state understudies educational cost at an open multi year foundation is $10,867 every year. b. As per Burlington County College, the most cutting-edge educational cost valuing graph expresses an in-area understudy pays $96. 50 for every credit hour or what could be compared to $1,351 for full time status, ac cepting the understudy is taking 14 credits. c. Without thought of different charges and costs identified with going to a multi year foundation, the normal understudy can hope to spare an overabundance of $9,500 per year on credits alone by going to Burlington County College. 2. Numerous multi year degree programs follow a nonexclusive framework of four semesters of center classes and four semesters of classes equipped towards the fitting major. a. With this four and four structure, understudies can consistently move credits and still be on target for a similar graduation date of somebody that went to the multi year foundation from the beginning. . Another motivation to consider doing the initial four semesters at a junior college is the homeroom plan. An understudy could hope to have an abundance of 300 individuals in a talk at a huge multi year organization where as Burlington County College addressed classes hold a maximum limit of around 80 understudies. 3. Numerous Students coming out of secondary school are as yet unsure on their major or may switch majors during their school profession. As per Louie Bottaro, a scholarly counselor for the school of aesthetic sciences at Oregon State University, about 80% of understudies who start school will switch their major in any event once. a. By going to a multi year foundation, an understudy has the ability to switch their major with practically zero effect on future desire concerning graduation. b. By allowing an understudy the chance to openly change their major with little effect, they are given a more drawn out chance to develop and settle on profession choices that could influence them for the remainder of their lives II. A one of a kind open door that nearly multi year college’s offer, including Burlington County College, is a program called the assurance move program. This program is intended to put understudies that meet certain rules into a specific multi year establishment for a consistent, continuous stream for getting their multi year degree. 1. For certain understudies going to school, secondary school evaluations might be an issue for permission into somewhere in the range of multi year organizations. a. Many licensed multi year foundations require a specific standard where their planned understudies must meet. For a few, these gauges incorporate a specific GPA, or Grade Point Average, in which they may not conform to before the finish of their secondary school vocation. The assurance move program enables the forthcoming understudy to enter a program they may have been already ineligible for, expecting they meet all rules for that program. b. By building up models for permission into these projects, an understudy can plainly set up their gauge and along these lines set themselves up for progress right off the bat. 2. Not exclusively does the program offer the understudy the chance to enter programs they may have been already ineligible for, it gives them a similar chance to graduate with in a similar time span of an understudy who went to every one of the four years at a similar foundation, however for a small amount of the expense. a. As expressed before, educational cost rates among junior colleges and multi year universities are generously extraordinary. By entering the ensured move program, an understudy could hope to spare a normal of over $19,000 by going to the initial two years at a junior college. b. In doing as such, if an understudy wanted to work they could keep on doing as such at their present work environment (expecting they had one). By proceeding to work it gives understudies a couple more years to spare so the money related weight isn’t as incredible. 3. For Some understudies, the idea of entering school could send them into alarm mode. a. By entering a multi year organization realizing you have indistinguishable open doors from a person who entered a multi year foundation direct out of secondary school, a multi year establishment could help with the progress stage from secondary school to school without the underlying immense way of life change. b. You know the desires you need to move in the direction of so as to accomplish your objectives and in doing as such, you can wipe out the interferences that numerous understudies face with respect to their first year of school when going to a multi year college. III. Another novel open door that BCC understudies have is four year college education rivalry programs at BCC. The four year certification consummation programs permit understudies to acquire their unhitched males degree at BCC as well as it permits them to do it at a small amount of the expense of going to the specific school in which it is facilitated through. 1. Maybe the best element concerning the four year college education fulfillment program is the investment funds the understudy can hope to see thusly. These investment funds come in cost per acknowledge hour as well as these reserve funds can be ascribed to different circumstances also. a. Numerous understudies are stone cold broke all things considered so they will in general discover spots to spare. One of the most costly extravagances in life is having a spot to remain that puts a rooftop over your head. By going to one of the BCC bachelor’s certificate consummation programs, an understudy is generally ready to remain inside their present day to day environment whether it is with their folks, watchmen, or a loft they share with companions. b. In the event that an understudy were to remain nearby at a multi year organization, they could hope to pay a normal of $7,748 per year on food and lodging alone agreeing collegeboard. om for the 2008-2009 school year. 2. In setting aside cash with the bachelor’s qualification fruition program, an understudy could likewise hope to spare a lot of time in movement. Most four year college education finishing program focuses can be found on either the Mt. Shrub grounds or the Willingboro grounds. By halfway finding the se degree culmination focuses an understudy can invest significantly substantially less energy voyaging therefore taking into consideration additional time examining. 3. By going to one of the four year certification programs at BCC, it offers you the chance to acquire a similar degree that an individual would gain that really went to that school nearby. a. The degree you gain is a degree direct from the school in which you earned it from. It doesn't note anyplace that the degree was finished at BCC and the endorsement holds no less worth then one of somebody who got theirs from going to on that particular college’s grounds. b. Alongside getting a similar degree, you have the chance to gain it in a similar measure of time as somebody that would have earned it the CONCLUSION So whether you simply need Burlington County College as a venturing stone for your future or you have goals of using their assurance move or four year certification finishing program, Burlington County College can help get you there. On the off chance that I had the chance to start from the very beginning once more, you can ensure Burlington County College would have been my first stop. Visual guide: Hand Out

How to Motivate Yourself and Theories of Motivation

How to Motivate Yourself and Theories of Motivation © Shutterstock.com | alphaspiritIn this article, you will learn about 1) an introduction to motivation, 2) theories of motivation, and 3) how to motivate yourself.INTRODUCTIONWhat is Motivation?Motivation is a behavioral progression that instigates an individual to move toward a goal and guides him in the process. Motivation can help you become independent and live the lifestyle that you so desire. It equips you with the leverage to explore your limits and survey your ideas.Motivation can be split into two broad categories extrinsic and intrinsic motivation.Extrinsic vs. Intrinsic MotivationExtrinsic motivation is guided by external factors and rewards, such as money, fame and recognition, power and influence, or happiness in general.Intrinsic motivation comes from within the individual. This kind of motivation exists when the individual hopes to gain personal pleasure or gratification from a certain act. In other words, the rewards here are intrinsic.Components of MotivationYou ma y have set several goals for yourself. But is it ever enough to just desire a favorable outcome? Absolutely not! Unless you have the drive to persist in your endeavour, overcoming all obstacles that come your way, your goal will become just wishful thinking. There are three components of motivation that ensure that goals are reached. They are:Activation: Activation, also known as arousal, is the initial effort that you put in to instigate motivated action or behavior. It may be joining a class to lose weight or making a courtesy call to initiate dialogue with a prospective client.Persistence: Persistence is the continued and stimulated effort that you put in to reach your goal, steering through various obstacles that come your way.Intensity: Intensity is the magnitude of the drive and energy that you expend to reach your goal. Intensity varies from person to person and from goal to goal.Motivation and Morale: How Is Motivation Different from Morale?Motivation and morale are closely- knit. However, they are reasonably different things.Motivation is personal an internal psychological sentiment while morale is group related.While higher motivation also boosts group morale, the same may not be true vice versa.Morale is an overall positive attitude that aims to improve every possible aspect of an employees performance. Motivation is much more centralized and outcome-specific.Morale is generally boosted by creating a friendly, conducive work environment. Motivation is usually built up by offering rewards and perks, such as a lucrative paycheck or a bonus.The Importance of MotivationMotivation is one of the most vital elements that contribute to the success of any organization. Below, we describe some of the benefits that can be reaped by instilling motivation in your workforce.Achieving goals: An organization has a certain set of objectives or goals that it aims to achieve. Motivation helps reach those goals by:Making it possible to effectively utilize all availabl e resources.Creating a healthy environment conducive to employee cooperation, collaboration and teamwork.Instilling a sense of purpose in each member of the workforce and helping them become more target-focused.Increasing efficiency: When you motivate an employee, you enable him to focus on his abilities and create a willingness to contribute in his full capacity. Motivation thus increases productivity and efficiency and results in a reduced cost of operation per employee.Building a friendly atmosphere: You can bring about motivation in your employees by offering rewards in the form of monetary incentives or opportunities for promotion. This creates a friendly atmosphere that results in higher stability via employee cooperation, reduces or eliminates dissent and makes employees more adaptive to change.Utilizing Human Resources: Motivation activates the human element of a companys resources. It creates the willingness to work, thus making it possible for a company to optimally use it s human resources.Stabilizing workforce: Motivation stabilizes the workforce. It reduces employee turnover and gets rid of absenteeism and other negative traits in employees. A stable workforce creates a great company image and helps in the induction of more competent people into the companys fold.THEORIES OF MOTIVATIONInstincts Evolutionary Theory of MotivationThe evolutionary theory suggests that all living creatures, including humans, tend to display behaviors that assist in their genetic wellness. According to evolutionary psychology, genetic evolution manifests itself in the behavioral traits of humans and other beings. Since this theory champions the survival of the fittest, it postulates that all the genetic benefits are eventually passed on to the next generation. An important component of such genetic mutation is instincts. An instinct is a sub-conscious behaviour that enables an individual to automatically cope with changes in external stimuli. Since human behaviour is la rgely guided by instincts, it can be safely stated that behavioral progressions such as motivation have been an integral part of human evolution.Drive-Reduction Theory of MotivationThe drive-reduction theory is centered on homeostasis and how people cope with disturbances to it. Homeostasis is the ability of humans and other living beings to maintain equilibrium in their internal environments. A human has certain primary and secondary drives that he needs to satisfy. These drives inherently push an individual toward a certain goal. Primary needs can be hunger, thirst, and sexual desire, whereas secondary needs are the ones that assist in satisfying the primary needs the best example is monetary needs. According to Clark Hull, the person behind drive-reduction theory, drive-reduction is a primary component of the learning process in humans. Since the satisfaction (or reduction) of a drive on a regular basis conditions human behavior, drives are the foremost change-agents when it com es to impacting human behavior and learning. Also, the presence of simultaneous multiple drives will lead to more comprehensive learning than a single drive.Temporal Motivation Theory (TMT)Temporal motivation theory studies the impact of time (especially deadlines) on our motivation levels. This theory suggests that the more a job is near its deadline, the more its perceived importance increases. In other words, time plays a crucial role in motivating people to do certain jobs. Other important elements of this theory are procrastination and goal-setting. TMT was developed by Piers Steel and Cornelius J. König. A mathematical representation of the theory is as follows:Motivation = (Expectancy x Value) / (1 + Impulsiveness x Delay)Here, motivation is the desire for a favorable outcome, expectancy is the probability of success, value is the expected reward, impulsiveness is the individuals reaction to delay, and delay is the time taken for realization of the goal.Arousal Theory of Mot ivationThe arousal theory is an extension of the drive-reduction theory of motivation. This theory champions the motivational effect of the neurotransmitter dopamine in the human psyche. According to the arousal theory, the human psyche is reward-sensitive, and an individual gets motivated to carry out any activity that optimizes their level of arousal. In other words, humans are inclined to participate in activities that satisfy or relieve their arousal. An individual with a lower arousal requirement will typically partake in activities that induce relaxation while one with a higher arousal requirement will go for something that delivers more thrill and excitement. And this psychological phenomenon is not restricted to humans alone. An experiment conducted by Peter Milner and James Olds in the mid-1900s consisted of electrodes placed on a lab rats brain that could stimulate it on command. The rat was placed inside a box that had two levers one, when pressed rewarded the rat with f ood and water, while the other lever, when pressed, stimulated the reward center of the rats brain. Although initially the rat stepped on both the levers by accident, it soon learned what they were there for. Pretty soon, the rat was pressing the reward stimulus lever voluntarily and repeatedly. The scientists inferred that the rat was stimulating itself electrically. They went on to proclaim that all creatures, including humans, display a strong motivation to engage in behaviors that stimulate the reward center of their brains.Incentive Theory of Motivation and Intrinsic vs. Extrinsic MotivationThe incentive theory of motivation states that certain intrinsic and extrinsic factors work as incentives to motivate human behavior. Intrinsically motivated behaviors are performed because they result in personal satisfaction, whereas extrinsically motivated behaviors are performed in anticipation of rewards or to avoid negative outcomes. However, it is primarily extrinsic factors like mone tary rewards, power or influence that strongly motivate human behavior. However, it has been observed that once extrinsic motivation is used on a regular basis to motivate a person to do things that he finds intrinsically motivating, over time he loses personal satisfaction in doing such things.Drives and Needs Maslows Hierarchy of NeedsAs humans, we experience drives and have certain needs. Maslows Hierarchy of Needs postulates that we are motivated by hierarchically ranked needs. An individual needs to satisfy a chain of needs for long-term survival and self-development. First in the hierarchy are very basic needs food, shelter, a job and so forth. Once these needs are satisfied, they no longer serve as motivational factors, and the individual turns to higher things in the hierarchy to serve as his motivation a car, bank balance, social status, etc. Maslows pyramid classifies human needs in terms of their hierarchy needs that are psychological, based on safety and security, lo ve and belonging and self-actualization.Psychological needs form the base of the pyramid and include very basic human needs like breathing, water, food, sleep and excretion.Safety needs include security of the body, abundance of resources, good health, property, etc.Love and belonging needs include friendship, family life, sexual satisfaction, etc.Esteem requirements revolve around an individuals self-esteem, respectability and social standing, confidence, achievement, etc.Self-actualization needs stem from an individuals endeavor to cultivate morality, creativity, spontaneity, problem-solving capabilities and a practical outlook.HOW TO MOTIVATE YOURSELFMotivation is a comprehensive process: it involves anticipation, fear, and intense desire to achieve your goal. But most importantly, science has an inherent role to play in motivation.The Scientific Ways of MotivationDefine your success. Motivation is best pursued when success is predefined. The first step you need to take when defi ning success is to espouse a positive attitude. Define your success in positive terms. So, if your goal is money, your aim should be this: I want to earn enough to buy a house, a car, and have a luxurious lifestyle. It should never be: I dont want to be poor and homeless forever. The second step is to plan on ways to achieve your target. So, if your newly-defined goal is to have a life of luxury, your follow-up step should be to find ways to increase your income explore newer business territories, expand your existing business to cater to a wider customer base and adopt a practicable budget.Start small. If you plan on success, you need to plan on things that are doable and small enough to be manageable. Your to-do list may be brimming with odd jobs and loose ends, but it is your best bet to tackle the tasks that you find the least daunting. More often than not, a seemingly off-putting task can be accomplished when it is broken down into simpler tasks. Once that is done, you will fe el motivated to move on and take the next task by its horns. A job well-accomplished will intrinsically motivate you to accomplish another.Build focus. Often, even your best efforts are frustrated by oncoming distractions. These distractions often force you to shift your focus from the task at hand to the sudden emergency. As a result, you are not able to accomplish either of the tasks, and many unnecessary loose ends are created. These loose ends only add to your frustration over time. The only solution to this is to build bullet-proof focus. You will also be required to put some ideas on absolute hold and concentrate on the task at hand. Once this is accomplished, you would be able to take care of your loose ends as well.Eliminate fear and plan for failure. Never be fearful of challenges. When fear builds up in your mind, it manifests itself in your work as well. Fear eats into your motivation and brings negativity to your set goals. It drains all your positive energy and tires yo u out. Soon, bouts of intense worrying replace positive action. Worrying should be avoided at all costs. The best thing to do to stop worrying is to plan for failure. Remember, even the most successful people have faced big failures. Once you plan for failure and are willing to accept it, you will realize that success is actually achievable.Harness the chameleon effect. It may not always be possible to be at your best level of motivation. However, it is quite probable that people around you are highly enthused. The environment around you gives you the opportunity to draw from it, copy the behaviors of people around you and motivate yourself. Just sitting next to a positively motivated individual can work wonders on your own motivation level. It is best to sit next to a person you do not know well. Unfamiliarity with your proximate environment tends to get you to give your best performance, just because it is human nature to try and impress people you do not know well.Apply the power of positive thinking. Happiness increases productivity. A positive frame of mind enables an individual to be optimistic and makes him successful. Also, we procrastinate the most when we are in a negative frame of mind.Control procrastination. Procrastination happens all of a sudden, without warning. The best device to control procrastination is pre-commitment. Pre-commitment creates healthy pressure for a task to get done. It helps to:Set deadlines: Scheduling the task at hand helps to set achievable deadlines, thus resulting in an enhanced success rate. Scheduling a task means that you are able to set exact dates and times for its completion, thus enabling you to maintain focus on the task at hand.Apply peer pressure: Peer pressure has more positive effects than negative ones. When you surround yourself with the people you want to be, you put yourself into a work-in-progress situation. Such peer pressure will get you to do things to achieve the desired end.Partner with your vendor : Your vendor can be your most valued accountability partner if you play your cards well! Humans, by nature, are motivated to continually enhance their image to others. You are surrounded by vendors employees, accountants, attorneys and the like, and its in your human nature to impress them. When you channel this strong motivation to impress others into things that you want to get done, you will have by your side the best accountability partners you will ever find!Reward yourself. Treat yourself whenever you finish an important task on your list or close a loose end that would otherwise be giving you sleepless nights. It isnt enough, however, to reward yourself only when a big goal is achieved. You would do well to break up the bigger goals into checkpoints and offer yourself rewards for reaching each checkpoint.Allocate one-on-one time with yourself. You are your best friend, and nobody understands you better than you do. So it is best that you are in touch with yourself. Set asid e time when you can think about your life, your business and your priorities. Spending time with yourself will allow your creative thoughts to take center stage and build focus.Exercise your body, not just your mind. Like they say, a healthy mind can only reside in a healthy body. Allocate enough time to exercise your body. Exercise energizes you and helps you deal with otherwise difficult situations. Forget a workout, even a brisk 15-minute walk will work wonders in freeing up your clogged mind.Incorporate the fun element in your work. A job is always well done when you are having fun doing it. When you enjoy doing a thing, you tend to keep doing it. This persistence results in expertise and over time, it will be a lot easier for you to draw a quick end result with perfection.

The War in Vietnam Essay - 671 Words

The War in Vietnam Why did the USA become increasingly involved in The war in Vietnam? In 1950, the USA was obsessed with stopping communism from spreading in South East Asia. Every one was anti-communist in the USA and they were very worried about the domino theory. The domino theory was a 20th Century foreign policy theory that speculated if one land in a region came under the influence of communists, then more would follow in a domino effect. The domino effect says that some small change will cause another change nearby, which then will cause another change, and so on, to a falling row of dominos. The final declaration of the Geneva agreement on the 21st July, 1954, on restoring peace†¦show more content†¦The protests that followed were that a Buddhist, monk Quang Duk, committed suicide in the street by setting himself on fire and burnt to death at the persecution of Buddhists by the South Vietnamese government. The government of Diem did not take much notice of this and then they lost any other support. The US started to get impatient and did nothing to prevent a military coup in November 1963. Ho Chi Minh argued that the opposition forces in South Vietnam should concentrate on organising support instead of carrying out acts of terrorism against Diems government. In 1959, Ho Chi Minh sent his adviser, to visit South Vietnam. He returned to tell Ho Chi Minh that Diems imprisoned the leaders of the opposition was successful and that unless North Vietnam encouraged armed resistance, they would never get a united country. Ho Chi Minh agreed to supply the guerrilla units with aid. He encouraged the different armed groups to join together and form a more powerful and more effective organisation. They agreed to do this and in December, 1960, the National Front for the Liberation of South Vietnam was formed. The NLF was made up of over a dozen different political and religious groups. Although the leader of the NLF, Hua Tho, was a non-Marxist and a lot of his people were communist. After this came the Guerrilla war. This isShow MoreRelatedThe War Of Vietnam And The Vietnam War1525 Words   |  7 PagesThe war in Vietnam is The United States and other capitalist bloc countries supported South Vietnam (Republic of Vietnam) against the support by the Soviet Union and other socialist bloc countries of North Vietnam (Democratic Republic of Vietnam) and the Vietcong of war. Which occurred during the Cold War of Vietnam (main battlefield), Laos, and Cambodia. This is the biggest and longtime war in American history during the 1960s (Best 2008). It is also the most significant war after World War IIRead MoreThe Vietnam War On Vietnam1725 Words   |  7 PagesThe War on Vietnam Many believe that the way Americans entered the war against the North Vietnam communists was unjust. The United States got into a war that they had no clue on how to win. â€Å"The Vietnam War was a long, costly armed conflict that pitted the communist regime of North Vietnam and its southern allies, known as the Viet Cong, against South Vietnam and its principal ally, the United States. The divisive war, increasingly unpopular at home, ended with the withdrawal of U.S. forces in 1973Read MoreThe Vietnam War : Vietnam1170 Words   |  5 PagesBeyond Vietnam. The Vietnam War is one of the most traumatic episodes in the history of the United States. Not only because it ended with a defeat for the United States Army, but because unleashed the largest wave of protests in the country, in which the government lost support. Extended over more than a decade, between 1959 to April 30 of 1975, although the US intervened in 1965, in which American soldiers experienced in firsthand scenes of destruction and death. During the Vietnam War clashedRead MoreThe Vietnam War Of Vietnam920 Words   |  4 Pages1940’s Vietnam was trying to break free of French reign over their country. During this time period Vietnam was split into two parts, north and south. The Japanese had decided to take over Vietnam in 1942. They couldn’t capture all of Vietnam, so they decided to retreat. North Vietnam proclaimed independence on September 2, 1945 as the Democratic Republic of Vietnam. The State of Vietnam declared independence on June 14, 1949, but rema ined under French rule until August 1, 1954. South Vietnam was theRead MoreVietnam And The Vietnam War1711 Words   |  7 Pages â€Æ' The Vietnam War was one of the bloodiest wars in the history of Vietnam. Vietnam use to be a peaceful country until the idea of communism started spreading across Vietnam. Many wanted to stay democratic but saw what happened to the Germans and started to lean towards communism. Many also wanted to stay democratic and still had it hopes high that it will soon get their lives and economy back on track. It later exploded into a huge argument and then leads to a civil war spurring between NorthRead MoreThe Vietnam War Of Vietnam952 Words   |  4 Pageswords that describe the Vietnam War. The Vietnam War had 240 days of combat in one year. World War II had forty days of combat in four years(Interesting Facts). That statistic shows how rough the Vietnam War was. The fighting was constant between the two sides. This war was fought over politics and had many gruesome battles. Before the Vietnam war, Vietnam was in a revolution because they did not want to be ruled by France. Vietnam wanted to be independent right after World War II ended in 1945. JapanRead MoreThe Vietnam War Of Vietnam1534 Words   |  7 Pages The Vietnam War began November 1st, 1955 and ended April 30th, 1975. It was a long costly war that involved North Vietnam and their Southern allies, known as Viet Cong, against South Vietnam and its main ally the United States. This war was very unpopular at home and would end with the withdrawal of the United States and the unification of Vietnam under communist control. Many think of war as something that just men are involved in but very rarely do people think of the role of women in the warRead MoreThe Vietnam War Of Vietnam1573 Words   |  7 PagesA. The Vietnam War occurred from 1955-1975, this included the North and South fighting over government structure of the newly independent state of Vietnam, having recently become independent f rom France. However, the USA was in Vietnam as a sort of protection for the South Vietnamese people, who had a weaker army force, but only a few thousand Americans were in Vietnam for that purpose at the time. On August 7, 1964, the USA entered the war for the purpose of fighting the North Vietnamese due toRead MoreVietnam And The Vietnam War848 Words   |  4 Pageseverything. The Vietnam War changed a lot of people all around the world. The Vietnam War was between North Vietnam and South Vietnam. The Vietnam War was a very bloody and violent war. The war was a long and costly-armed conflict. This war changed Vietnam and its citizens forever. During the Vietnam War, North Vietnam and South Vietnam both had received help from other countries. South Vietnam worked with the United States, South Korea, Thailand, Australia, and New Zealand. North Vietnam worked withRead MoreThe Vietnam War Of Vietnam1540 Words   |  7 PagesMany Americans know about the war that was held in Vietnam, known as The Vietnam War. What Some Americans may not know is the side of Vietnam, and how they were affected with the aftermath. Originally The Vietnamese were controlled by France from 1859 until the defeat of France in World War II (The Vietnam War). Though conflicts had been occurring for many years with France, the Vietnam war didn t actually happen until 1946 the first Indochina War fought between France and the Viet Minh Vietnamese

the runershop - 2272 Words

Case 11.1 Instructional Notes The Runners Shop: Litigation Support Review of Audit Documentation for Notes Payable Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt ï€   INSTRUCTIONAL OBJECTIVES To provide hands-on experience with evaluating audit documentation. To illustrate the auditor’s objectives and purposes when documenting the audit work performed. To highlight the care required by auditors when documenting audit work. To illustrate the linkage of management assertions to audit evidence in the context of auditing Notes Payable. KEY FACTS The Runners Shop (TRS) was a family owned business founded seventeen years ago. TRS sold athletic footwear and related products for runners. TRS†¦show more content†¦The cooperative learning activity of Homework Review can be used for the â€Å"out-of-class† assignment. Students meet in small groups to compare and discuss deficiencies they identified by schedule. After students have had a few minutes to compare and discuss their answers the instructor can randomly call on individual students to identify deficiencies they noted. PROFESSIONAL STANDARDS Relevant professional standards for this assignment are AU Section 230 â€Å"Due Care in the Performance of Work,† AU Section 326 â€Å"Evidential Matter,† AU Section 330 â€Å"The Confirmation Process,† and AU Section 339 â€Å"Audit Documentation.† SUGGESTED SOLUTION 1. Describe the purposes of audit documentation and explain why each purpose is important. Properly prepared audit documentation should provide 1) a basis for planning the audit, 2) a record of evidence collected and results of tests performed on the evidence, 3) a basis for determining the appropriate audit report and 4) a basis for review by supervisors of the work performed. Achievement of these four purposes aids the auditor in providing reasonable assurance that the audit was conducted in accordance with the auditing standards. 2. Review Green and Brown, LLP’s audit documentation guidelines and explain why an audit firm would want to include each of the listed items in its audit documentation. The guidelines provided provide the following benefits: Title - Having a proper title helps

Oxford Brookes Bsc(Hons) in Applied Accounting (Acca) Free Essays

string(62) " interests that might be difficult to measure quantitatively\." PART IPROJECT OBJECTIVES AND OVERALL RESEARCH APPROACH 1. 0. 0 INTRODUCTION Business and financial performance in the tourism industry Tourism is now one of the largest industries in the world. We will write a custom essay sample on Oxford Brookes Bsc(Hons) in Applied Accounting (Acca) or any similar topic only for you Order Now According to the WTO, the export income generated by international tourism ranks fourth after fuels, chemicals, and automotive products. Furthermore, the WTO points out that, for many developing countries, tourism is one of the main income sources of foreign exchange, and creates much-needed employment and opportunities for economic development. The industry has also enjoyed staggering growth over the past six decades. ttp://www. qfinance. com The tourism industry is also a major contributor to Zimbabwe’s economy thus I chose to assess the performance of a company in this sector to obtain a clear picture of how the performance of a major player in such a sector would contribute to the economy. In the tourism industry business and financial performance is highly dependent on the political factors of the host country. Political stability and good international relations are important for the growth of firms in the tourism industry as tourists only go to places where they feel s afe and protected. Spending on tourism and hotels is also closely related to the economic cycle. Certainly, spending on leisure activities such as holidays tends to be one of the first things that consumers cut back in times of economic hardship. REASONS FOR CHOOSING RTG 1. 2. 1 Rainbow Tourism Group Background Rainbow Tourism Group was established in 1992, and is the second largest tourism group in Zimbabwe and a major player in Zimbabwe’s Tourism Industry. Listed on the Zimbabwe Stock exchange, the company has spread its wings into the regional markets through management contracts  and Strategic Alliances. In Zimbabwe, RTG operates  four brands namely, The Rainbow Towers, Rainbow Hotels  (three star city and resort hotels), Touch the wild (top of the range eco-tourism lodges offering unique safari experiences)  Ã‚   and Zimbabwe Tourism Services (a destination management services company that caters for travel arrangements). (www. rtg. co. zw) RTG has a good corporate governance struct ure and is the second largest tourism group in Zimbabwe the largest being Africansun RTG’s operating environment For the period 2007 to 2009 Zimbabwe’s business environment was extremely hostile, most businesses were closing down and the few lucky survivors were scaling down their operations massively. The economy was ranked the worst in the world and inflation at its peak was around 6. 5 quindecillionnovemdecillion percent (65 followed by 107 zeros) . Long term planning was impossible in the industry due to the political instability and bad publicity that the country received following violence surrounding the March 2008 presidential elections as well as cholera outbreaks affected tourist arrivals in 2008, thereby limiting any growth in the economy. The highest decrease in the number of tourist arrivals was reported from traditional source markets, such as the UK and the US. Http. //www. euromonitor. com/Zimbabwe The managed exchange rate and high inflation rate made budgeting difficult. The introduction of price controls by the government in the sector meant that RTG could not increase their prices in line with inflation as they were supposed to request for price increases first whereas their expenses were increasing therefore cutting down their profits unreasonably. The rampant shortage of basic commodities such as food and drinks increased costs as supply could not match demand it also meant that hotels and restaurants could not offer services to its customers and therefore a drop in revenues and standards of services. A high unemployment rate of about 94% and a shrinking economy also meant that the local customers had no disposable income as 98% of the population was living under the poverty datum line and had to cut back on leisure activities. The tourism sector also faced a crumbling air transport sector, with ramifications for the entire economy and the withdrawal of a number of reputable airlines, citing viability problems. Approximately 18 international airlines are reported to have left the country since the start of the economic crisis in the year 2000. Some of the airlines that pulled out of the Zimbabwe route were Zambian Airways, British Airways, Swissair, Lufthansa, KLM and Air France. High fuel prices, combined with political and economic turbulence, were the reasons cited for the withdrawals. Zimbabwe’s isolation was a major blow to the already ailing travel and tourism industry, which relies heavily on high-spending incoming tourists. (www. newzimbabwe. com) Purpose and objectives of the research The objective of this research is to find out how RTG’s business and financial performance over the three year period 2007 to 2009 contributed to Zimbabwe’s economy when it was in a massive economic recession and when foreign currency and jobs were needed most. RTG is a major player in the tourism sector which contributes a significant portion to the GDP of Zimbabwe therefore RTG’s business and financial performance was not only important to its shareholders but also to the whole economy. To achieve this objective the researcher will also establish the following: * To establish how RTG measures and assesses its performance. * To find out what strategies RTG adopted to meet its business and financial performance objectives. * To assess whether RTG’s business and financial performance was adequate to survive the economic crisis it was facing. The research aims to answer the following questions: What measures were used by RTG to assess the business and financial performance and were they adequate? * What were the strategies RTG used to achieve its business and financial objectives and were they adequate? * How did RTG perform compared to its main competitors? * How did RTG’s business and financial performance contribute to the economy of Zimbabwe? * Did RTG meet the expectations of all its stakeholders? * How can RTG improve its performance? Research approach The researcher used a case study approach employing both qualitative and quantitative techniques to evaluate the performance of RTG. This approach enabled the researcher to make a balanced assessment and to consider other stakeholder’s interests that might be difficult to measure quantitatively. You read "Oxford Brookes Bsc(Hons) in Applied Accounting (Acca)" in category "Papers" To answer the above questions the researcher will use traditional techniques such asratio analysis and trend analysis to establish the patterns of performance while comparisons with other organizations in the same industry will also be done. Modern techniques such as Kaplan and Norton’s balanced scorecard will also be used in order to develop a comprehensive framework of assessing the business and financial performance of RTG. Gaps will be identified, conclusions drawn and recommendations will be made as to how RTG can improve its business and financial performance in future. PART IIINFORMATION GATHERING AND ACCOUNTING / BUSINESS TECHNIQUES Introduction Description of methods This section identifies the research methodologies which will be used for data gathering by the researcher. â€Å"research methodology refers to a whole range of questions about the assumed, appropriate ways of going about social research and is therefore a theory or an analysis of how research should operate† (hitchcock and hughes 1995:20). Data collection procedures Data collection is about using the selected methods of investigation which Robson (1997:304) believes there is no generally best methods as all methods have their weaknesses. Various methods of data collection were used in this research and the following are the primary and secondary data collection methods that were used. Primary methods * Interviews * Observation Secondary methods * books * journals and publications * internet * Published financial statements Secondary data Secondary data are statistics not gathered for the immediate study at hand but some other purpose. Churchill 2002). Secondary data was used in this research to get an in-depth understanding of the business and financial performance of RTG. Saunders (2007) gave the following advantages and disadvantages of secondary data Advantages * Saves time and money * High quality of information compared to data gathered by an individual at the point of research * Provides a general framework for c omparing data collected by the individual. Disadvantages * Accessibility of data maybe costly or difficult * The purpose why the secondary data was collected may not be relevant to the research being undertaken. There is no control over the quality of secondary data therefore accuracy maybe difficult to verify * Information gathered maybe outdated Primary data Advantage * The most important benefit of primary data is that data is original. Disadvantages * Results may not be representative of what is found in the population * The flexible nature of methods used can result in ambiguous results Research instruments Interviews An interview is a social survey conducted in a face-to-face or personal conduct situation. Heyward and Sparks (1984) define an interview as an occasion when one or two people ask questions that seek to find out opinions and ideas. Advantages of interviews Face to face * Immediate feedback * Quick feedback * Easy to tell whether respondent understood the questions, * physical gestures and personal contact adds emphasis * allows for a wide exchange of ideas * Good relations are established E-mails and Telephones * Immediate feedback * Appropriate for â€Å"always busy† interviewees * E-mails can be easily stored for other uses Disadvantages of interviews Face to face * Data is difficult to record, code and analyze * time consuming interviewee accessibility may be difficult * The interviewee maybe uncooperative E-mails and Telephones * late feedback caused by disruptions due to network congestion and technical breakdowns * High telephone charges Literature review 1. 1. 11. 1. 1 Financial performance Financial performance is a subjective measure of how well a firm can u se assets from its primary mode of business and generate revenues. It measures a firm’s overall financial health over a given period of time and/or compare with similar firms across the same industry www. investopedia. com/terms/f/financialperformance. asp 1. 1. 2 Business Performance Business performance can be defined as â€Å"the integration of financial and non-financial systems and processes to achieve organization goals and objectives† http://en. wikipedia. org/wiki/business_performance_management Business performance is about creating value for the stakeholders of a business. Measuring business performance is therefore very subjective and finding suitable measures is very difficult. An organization’s business and financial performance cannot be measured in isolation it has to be compared with prior periods or other organizations in the same economic sector taking into consideration the company’s business environment. Business performance is guided by an organization’s vision and mission these outline the aims to be achieved and the desired end results. Research Approach The researcher will use a variety of business and financial performance measures. Firstly the researcher will consider traditional financial performance measures such as return on capital employed, liquidity gearing indicators, earning per share and trend analysis which shows the value added to the shareholder’s investments. The traditional argument is that shareholders are the legal owners of a company and so their interests should thus be to maximize shareholder wealth. Shareholders are generally concerned with the following: * Current earnings * Future earnings * Dividend policy * Relative The objective of wealth maximization is usually expanded into three primary objectives which are survival growth and to make profit Kaplan 2007:184) Traditional financial performance measures will be used to measure how RTG has been able to satisfy its shareholders. Weaknesses of ratio analysis As illustrated by Owen G (1994:386) the following are the main weaknesses of using ratio analysis * It uses historical information which maybe out of date * Can mislead when making comparisons if accounting policies are different * Can be distorted by one-off transactions * Takes no account of cyclical changes throughout a period * One dimensional To fully assess the business and financial performance of RTG the researcher will also use non-financial performance measures through the use of the balanced scorecard and other performance measures. The Balanced scorecard The balanced scorecard was developed by Kaplan and Norton as cited in Kaplan ACCA P5 (2009) defines it as a tool to translate an organization’s vision and strategy into objectives and measures. It looks at four perspectives namely financial perspective, customer perspective internal business perspective and learning and growth perspective. The aim of the balanced scorecard is to enable the business to develop a comprehensive framework for translating a company’s strategic objectives into a coherent set of goals and performance measures. Kaplan ACCA P5 (2009) Limitations of the balanced scorecard Neely (2002) argues that the most difficult problem of Balanced Score Card (BSC) is that it lacks several important interest groups in its structure: such as suppliers, co-operation partners and close neighbors. The International Institute of Management (2002) states the following implementation pitfalls and limitations of the Balanced Score Card: * Cut the jacket to fit the person do not cut the person to fit. * The balanced scorecard should not be balanced, success factors are not equal and their relationships are not linear. Trying to balance the scorecard will lead to confusion, conflict and lack of focus. * Insufficient cause and effect relationships and performance drivers. * Conflict of interest (different stakeholders want different things) * Measuring intangible assets (information and human capital) is difficult. Other measures of performance The researcher will also use other Critical success factors and Key performance indicators such as revenue per and room occupancy rates, among others to fully analyze the performance of RTG Ethical issues The researcher took into consideration ethical issues such as confidentiality and objectivity in carrying out the research and analysis. The researcher assured RTG that he was going to use the information he collected strictly for academic purposes. The researcher also assured all the individuals he interacted with that he was going to be objective in analyzing the information they provided. All the information the researcher obtained was kept secure at all times to preserve anonymity and confidentiality. . PART 3  Ã¢â‚¬â€œ Results, analysis, conclusions and recommendations This section is dedicated to the presentation of the data collected, its interpretation, drawing of conclusions and making recommendations. The researcher will start by presenting and analyzing his findings on the financial performance of RTG for the period 2007 to 2009 using ratio and trend analysis. In latter sections the researcher will present his findings and analyze RTG’s performance using non-financial performance indicators to assess its business performance. 3. 1 Traditional Financial Ratios of RTG 3. 1. 1 Profitability ratios of RTG Analysis of profitability was made very difficult by the hyperinflationary environment that was in Zimbabwe between 2007 and 2008. On 14 February 2008, the Central Statistical Office announced that the inflation rate for December 2007 was 66,212. 3%. On 20 February 2008, the Central Statistical Office said that officially, inflation had in January 2008 gone past the 100,000% mark to 100,580. 2%. On 4 April 2008, the Financial Gazette (FinGaz) reported that officially, inflation in February 2008 jumped to 164,900. 3%. On 15 May 2008, the Zimbabwe Independent reported that officially, inflation in March 2008 jumped to 355,000%. On 21 May 2008, SW Radio Africa reported that, according to an independent financial assessment inflation in May 2008 jumped to 1,063,572. 6%. The state statistical service in April 2008 said there were not enough goods in the shortage-stricken shops to calculate any new (official) figures. On 26 June 2008, the Zimbabwe Independent reported that, latest figures from the Central Statistical Offices (CSO) showed that annual inflation rose by 7,336,000 percentage points to 9,030,000% by June 20 and was set to end the month at well above 10,500,000%. According to Central Statistical Office statistics, annual inflation rate rose to 231 million percent in July 2008. The month-on-month rate rose to 2,600. 2%. By December 2008, inflation was estimated at 6. 5 quindecillionnovemdecillion percent (65 followed by 107 zeros) The Zimbabwe Central statistical office stopped publishing inflation figures and therefore the Zimbabwe Consumer Price Index was not available to adjust the 2008 financial statement figures. The historical figures used were out of date and comparison of costs and revenues gave a false picture and thus care should be taken in interpreting them. The researcher therefore could not analyze trends in revenue and cost as they had been heavily distorted by inflation and no adjustments could be made as the Central Statistical Office stopped publishing the inflation figures and the Consumer Price Index. Gross Profit Margin The gross profit margins of RTG in 2007, 2008 and 2009 were 74%, 99% and 84% respectively. The gross profit margin shows the gross profit generated per every dollar of sales. In 2009 Africansun limited’s gross profit margin was 65% therefore showing that although RTG’s gross profit margin had decreased from the prior year it was still better than its competitor. In the researcher’s interview with Mr L Chasakara RTG’s operations director, he said thatâ€Å"RTG managed to increase its gross profit margin from 74% in 2007 to 99% in 2008 by specifically targeting the domestic market†. Sales from the domestic market were increased from 78% in 2007 to 83% in 2008 as the foreign market was deteriorating due to the political instability in Zimbabwe in this period. The researcher however also noted that the increase in gross profit margin from 74% in 2007 to 99% in 2008 could have been due to the fact that the use of historical cost in 2008 overstated revenues due to high inflation figures and understated costs as most costs had been incurred earlier in the year. Revenue will generally be overstated in hyperinflationary environments if historical costs are used as costs are normally incurred before revenues are realized. Net Profit Margin The net profit margins of RTG in 2007 was (0. 62%), it rose dramatically in 2008 to 879% then decreased again sharply to 0. 13% respectively. In 2008 the net profit margin was heavily distorted by the RTG’S investment income which it gained from trading on the Zimbabwean Stork exchange which was booming at this time. In 2009 the use of the United States dollar as the official currency in Zimbabwe (Dollarization) saw inflation dropping to below zero percent. This resulted in more realistic profitability ratios with the gross profit margin dropping to 84% from 99% in 2008 and the operating net profit margin dropping to 0. 913% in 2009 from 879% in 2008. Removing investment income from the net profit before interest and tax in the 2008 statement of financial position gives us a net profit margin of 17% which is more indicative of RTG’s performance in 2008. The researcher asked Mr L. Chasakara, RTG’s operations director if the large profits that RTG had reported in 2008 were a true indication of its performance. Mr L. Chasakara responded saying â€Å"these were unusual results in unusual circumstances we did what we had to do in order to survive and excel in one of the most hostile economic situations in history† The trend in the gross profit margin and the operating and the net profit margins of RTG from 2007 to 2009 is presented in the table below: Source; Kembo H (2011) The table below shows the trend in net profit margin after subtracting investment income from RTG’s 2008 net profit before interest and tax: Source: Kembo H (2011) Return on Capital Employed (ROCE) ROCE is an indicator of the management’s efficiency in generating profit from resources. In 2007 RTG’s ROCE was 2%, it then rose sharply to93. 5% in line with the high profits that were earned in 2008 and then came down to 29. % in 2009. In 2009 Africansun Limited which is RTG’s main competitor had a negative ROCE of 18. 75%. Therefore even though RTG’s ROCE dropped from 93. 5% in 2008 to 29. 1% in 2009 it still was better compared to its rival in the Zimbabwean tourism industry. RTG’s ROCE was also higher than the average borrowing rate in 2009 of 15% which means that RTG added value to its investor’s funds as it managed ROCE above the minimum borrowing rate to compensate for the extra risk they took upon investing in RTG. Asset turnover The asset turnover ratio shows the revenue generated per dollar of assets that is the efficiency of assets in generating revenue. RTG’s asset turnover ratio for 2007 was 0. 20 times per annum then decreased to, 0. 094 times then rose to 0. 92 times per annum The Asset turnover trend between 2007 and 2009 is shown in the table below: Source Kembo H (2011) In 2007 and 2008 investment income contributed to the bulk of the net profit therefore RTG’s asset turnover ratios were very poor at 0. 20 times per annum and 0. 94 times per annumrespectively. This suggests that the group was using its funds for other investments rather than its operating activities as the operating environment was extremely hostile. In the researcher’s interview with the Operations Director of RTG, heexpressed that this move was necessary for survival as the mismatch of revenues and costs due to hyperinflation meant normal operations of the RTG would result in heavy losses. Asset turnover of RG T improved dramatically in 2009 rising to 0. 2 times per annum meaning that the group was using its assets effectively to produce revenue. Although RTG’s asset turnover ratio improved in 2009 it fades in comparison with its main competitor Africansun Limited which had an asset turnover ratio of 1. 32 times a year. This means that RTG was less efficient in generating revenue from its capital than its competitor. Working Capital Ratios Current ratio The current ratio measures the adequacy of current assets to meet liabilities as they fall due. (Financial Reporting F7 Kaplan 2009) In 2007 RTG’s current ratio was 0. 7:1 which meant that RTG’s could not service its liabilities in the event that they fall due. In an interview with the researcher the Accountant of RTG Mr G Nzunga said hyperinflation made it difficult to keep too much cash it would quickly be eroded, thus they had to channel their resources into the acquisition of tangible assets and keep current assets at a minimum. In2008there was further decrease of the current ratio to 0. 32:1 as inflation continued to rise and most people discouraged to keep cash or cash equivalents. In 2009 the current ratio of RTG was 0. 76:1, an improvement from the 2008 current ratio but still not satisfactory. In 2009 the use of the United States dollar as the official currency in Zimbabwe (Dollarization) saw inflation dropping to below zero percent thus the improvement as the economic environmentbecame began to normalize. Mr G Nzunga, RTG’s Accountant said that RTG was still in a difficult position as far as working capital management was concerned as a liquidity crisis began across industry soon after dollarization in Zimbabwe in 2009. The company was not generating enough money from its day to day activities to pay mostly suppliers and other current liabilities as they fell due. In 2009 Africansun Limited which is the biggest tourism group in Zimbabwe’s current ratio was 0. 49:1. The liquidity crisis in Zimbabwe made it very hard for companies in Zimbabwe to maintain decent current ratios and most of them had to employ aggressive working capital management. With a current ratio of 0. 76:1 RTG is considered to have performed quite well given the surrounding circumstances. Inventory Turnover Period Due to lack of information the researcher was unable to calculate RTG’s inventory turnover ratios, receivables periods and payables periods for the years 2007-2008 and could only calculate the inventory turnover ratio, receivables and payables periods for the year 2009. RTG’s inventory turnover ratio for the year 2009 was 143 days which was very bad considering the fact the larger percentage of RTG’s inventory is food that they sell to guests. Normally in the food industry inventory turnover should be fairly quick so as to preserve the reputation of the company and quality of the meals served. Africansun’s inventory turnover in the same period was 70 days which was better than that of RTG in this period. The accountant of RTG commented in this high ratio saying that they purchased large amounts storks to avoid the effects of stork outs in the event of food shortages which were common in Zimbabwe in 2008. In 2008 the retail and Food industries were almost facing ruin as shelves in shops went empty due to the economic and political challenges Zimbabwe was facing, therefore it was generally reasonable for RTG to keep relatively large amounts of stork. Payables Period RTG’s payables period was 726 days in 2009 which represents the credit period it was taking from its suppliers. RTG had such a bad payables period mainly due to liquidity problems that the majority of companies was having in industry and partly as an aggressive working capital management strategy. This however resulted in RTG gaining a very bad credit reputation from its suppliers. One of their major security suppliers Chubb Locks’ Manager was once quoted saying â€Å"RTG is the worst paying customer in the country†. Some suppliers have stopped supplying RTG as a result of RTG’s bad credit record but because they are a large firm RTG still gets new suppliers. Some suppliers now demand cash for all purchases made by RTG. RTG has also been forced to purchase their supplies from more expensive suppliers or poor quality supplies. RTG is also losing out on discounts they could gain by paying promptly. In an interview with the researcher Mr G Nzunga the accountant for RTG said that the company did not have enough liquid funds to pay all their suppliers. He also stated that it was also part of an aggressive working capital management strategy as they were receiving free financing from creditors. He however admitted that the strategy was getting over-aggressive and it was ethically questionable to pursue this strategy any further. In the same period African sun’s payables period was 12 days which was better than RTG’s period and hence its good reputation with suppliers across the industry. Receivables Period The receivables period for RTG in 2009 was 94 days. This was in line with their credit policy which states that the credit period allowable to customers should be three months. The receivables period for African sun was 59 days in 2009 which was better than RTG’s period this obviously shows that African sun Limited faces less risk from irrecoverable debts. Gearing The gearing ratio indicates the degree of financial risk the company is facing and the sensitivity of earnings and dividends to changes in profitability and activity levels. Kaplan ACCA F7(2009)) In the years 2007 and 2008 RTG did not have any long term borrowing thus the gearing ratio was zero. This meant that risk for financial risk for RTG was very low. Hyperinflation in Zimbabwe made long term loans difficult to get as any lender would find it very difficult to set interest rates as inflation was highly unpredictable in this period. The value of any money borrowed could be eroded within days if not hours therefore no companies had meaningful long term liabilities. In 2009 after the introduction of the US Dollar as the official currency in Zimbabwe companies started gearing up although the liquidity crisis that followed made it difficult to get funding from local financial institutions. In 2009 the gearing ratio for RTG was 2%. RTG’s gearing ratio was very low and induced very little credit risk to the shareholders. A low gearing ratio means that RTG has the scope to borrow more if there are any profitable ventures in the future and for their current refurbishment and expansion project at their A’Zambezi River Lodge unit and increasing the group’s room capacity. Financing will also be cheap for RTG as lenders will face very low levels of risk in extending loans to them. In 2009 Africansun Limited’s gearing ratio was also very low at 3. 5% which means it also had low levels of financial risk. The low gearing across industry also reflected the liquidity crisis which was eminent in Zimbabwe in 2009 where lenders did not have the funds to extend loans to firms and they were also still skeptical about the economic and political situation in Zimbabwe. Interest Cover Interest cover is the ability of a firm to pay interest out of its profits. In 2009 RTG Interest coverwas1. 52 timesand indicated that the shareholder’s dividends were at risk. However the ability of RTG to pay its interests having emerged from difficult economic times should satisfy its shareholders as Africansun Limited its major competitor failed to make profits to pay for their finance costs. Earnings Per Share The earnings per share of RTG for 2008was384 billion Zimbabwean dollars per share and the earnings per share for 2007 was 253. 7 Zimbabwean dollars per share. Converting these figures to United States dollars at the unofficial exchange rates that were ruling at the 2007 and 2008 year ends would make the respective earnings per share figures less than 0. 000001 US cents. Due to the hyperinflation in these periods the researcher found analyzing these figures very difficultand almost impossible. The earnings per share for RTG in 2009 was USD0. 01 which was quiet impressive compared to its rivals in the tourism industry as most of them. In 2009 the earnings per share for African sun Limited was negative USD0. 8. Customer Perspective Occupancy rates One of the main indicators of performance in the tourism industry is the occupancy rate of hotels. RTG managed an occupancy rate of 44% in 2007 which was below the Zimbabwean tourism industry average occupancy rate of 45%. In the tourism industry the more customers are satisfied by your service the higher your occupancy rate will be. In 2008 the occupancy rate of RTG decreased by 9% to 37%. The decr ease in occupancy rate was due to the economic and political instability during the 2008 Zimbabwean Elections were here was widespread violence in the country, therefore the number of tourists decreased. Most airlines also pulled out of the country ma The industry average room occupancy rate in Zimbabwe’s tourism industry was 41% which was higher than that of RTG which was 37%. This shows that RTG performed badly compared to peers in the tourism industry. The fall in RTG’s occupancy rate can therefore be attributed to failure to satisfy customers better than its rivals. In 2009 RTG’s occupancy rate increased to 40% which was an increase of 3% from the 2008 occupancy rate. The increase could be attributed to the improvement in the political and economic environment in Zimbabwe after the formation of a Government of National Unity (GNU) and the dollarization of the economy. The industry average occupancy rate for 2009 was 31% which was 9% below that of RTG. In an interview with the researcher Mr L Chasakara the operations director for RTG attributed the higher occupancy rate to better brand management, better marketing strategies and service excellence. RTG’s higher occupancy rate means that it was more able to satisfy its customers better than its competitors. RTG’s main competitor and the largest hotel group in Zimbabwe African sun Limited’s occupancy rate in 2009 was 32% showing that RTG performed exceptionally well in 2009 in managing to attract customers The table below shows RTG’s occupancy rate compared to the tourism industry average: Source Kembo, H(2011) . In an interview Mr G Nzunga RTG’s accountant said that the occupancy rates also improved because 65% of their sales come from repeat business from satisfied guests and large groups of organizations who hold seminars at RTG’s hotels. Service lead time In 2009 RTG managed to reduce its service lead time in its hotels to an average of 20 minutes between the time food in restaurants and rooms is ordered to the time it is served. In 2007 and 2008 the average service lead time was 30 minutes. Better training and process improvement helped in achieving the reduction in service lead time as said by the Mr L Chasakara the operations director for RTG, he also added that benchmarking against the best restaurants also helped in achieving the improvement. In 2007 RTG was not recording complaints in late service delivery to customers but in 2008 RTG recorded 2700 complaints and the figure improved to 1100 in 2009 which was a 59% improvement. This improvement shows that RTG improved in satisfying its customers in 2009. Service Quality RTG keeps books at all its hotels were customers are asked to write a comment on the services they would have received before they leave. A review of these books at two of RTG’s units Victoria Falls Rainbow Hotel and A’Zambezi showed the results presented in the table below: Comment| 2007| 2008| 2009| Favorable| 98%| 96%| 99%| Unfavorable| 2%| 4%| 0. 9%| Will Return| 68%| 80%| 70%| Will not Return| 0%| 0%| 0%| The results from the review of the comment books showed that the majority of guests were satisfied by the service they received on staying at RTG units which means that RTG performed very well in this regard. Internal perspective Room service complaints were 3500 in 2007 and increased to 4550 in 2008. This was mainly due to the shortage of basic commodities in Zimbabwe in 2008. Shortage of commodities meant that the hotel could not provide its customers with some luxury items they were used to having every time they visited and hence the increase in complaints. The Accountant at RTG Mr G Nzunga explained that they made sure that their staff would explain the situation very carefully to the customers and extensive training of staff ensured that they were able to utilize the few commodities that were available. In 2009 complaints decreased to 2900. This could partly explained by the end of the commodity crisis in Zimbabwe. This also shows that RTG managed to improve its internal processes to reduce the number of complaints they were receiving from customers yearly. Learning and innovation RTG has invested heavily in the training of its staff in order to give better service to its customers. RTG has opened a Hotel School for the training of its workers and other external students. The commitment of RTG to continuously improve its operating processes and learn new ways of doing things has seen them being able to keep costs low and increase room capacity to make when its competitors are making losses and their occupancies are dropping. In an interview with the researcher Mr G Nzunga RTG’s Accountant said that every worker at RTG attends at least 1 seminar every month in order to keep them abreast of changes and new ways of doing things. Interview review Question1 In the first question the researcher asked the operations director and the accountant of RTG what their financial and business objectives were. The responses can be summarized as follows: * To be profitable and to create value for our shareholders. * To survive and grow in the long run thus protecting the interests of all our stakeholders. In 2008 the main objective was to survive in the harsh economic climate in order to save the tourism industry and the Zimbabwean economy itself * To achieve service excellence in tourism and hospitality. Question 2 In question 2 the researcher asked the accountant of RTG how they measure their business and financial performance. In response he said RTG assesses its performance through traditional financial perform ance measures such as ratio analysis and trend analysis and other modern measures especially the balanced scorecard as they are equally concerned about the qualitative aspects of performance. Question 3 In the third question the researcher asked the accountant and the operations director of RTG if they could explain the trend in the ratios that had been calculated from 2007 to 2009 financial statements. They gave various explanations for all the fluctuations in these ratios some of them have been quoted in the analysis of these ratios in the section above. The most common response to the financial ratios was that they were unusual results in an unusual environment referring to the hyper inflationary environment that was in Zimbabwe during this period. Question 4 Question 4 was to establish which strategies RTG used to ensure that they met their business and financial objectives. In response the accountant and operations director outlined the following as some of the strategies they implemented: * Employing an aggressive working capital strategy to mitigate the liquidity and operational challenges they were facing * Investing in money markets rather than core operating activities to improve the cash and revenue inflow. Focusing on the local markets rather than the traditional international markets that had been negatively impacted by bad publicity and political instability. * Process and service improvement through employee training. * Intensive marketing both nationally and internationally * Strict stock management to curb the shortages of basic commodities that were prevailing as a result of price controls by the government. Questions 5, 6 and 7 These questions were to establish how RTG business and financial performance contribu ted to the economy and how it can improve its performance in future. In response the interviewees stated that in making profits and surviving through the historic hyperinflationary environment in the period under review RTG saved the tourism industry in Zimbabwe as its downfall would have surely resulted in the collapse of the tourism and hospitality industry. They also stated that they managed to save thousands of jobs and provided business for hundreds of their suppliers. They also stated that to improve performance RTG would spend more on capital through hotel refurbishments and also taking advantage of their low gearing by taking loans thus improving working capital. They also stressed the need to advertise and restore the image of Zimbabwe as a tourist destination. Conclusion The researcher found out that RTG uses both financial and non-financial performance measures through the balanced score card which gives a comprehensive framework for performance measurement. This ensures that both quantitative and qualitative performance objectives are assessed. RTG used various strategies to ensure that it met its financial and business objectives which were mainly to survive the harsh economic environment and to protect its investors employees and all its stakeholders. RTG used strategies such as aggressive working capital management, investing in the money markets instead of its core operational activities and shifting their attention on the local market rather than the traditional international market. RTG also innovated through constantly innovating and improving its processes to achieve its business and financial objectives. Limitations of results The major limitation of these results is the unavailability of inflation adjusted figures for the proper analysis of financial ratios and trend analysis which might have given a false picture. The researcher held interviews with only 2 members of the executive management team which might have given a narrow picture of RTG’s performance. Interviewing all members of the management and the board would have given the researcher a broader understanding of the business and financial performance of RTG, but time and the availability of most of these people was a challenge. The researcher could not visit all RTG companies due to limitation of resources as they are geographically dispersed. This might have limited the researcher especially when he looked at the qualitative aspects of RTG’s performance. Recommendations The researcher recommends that RTG should employ less aggressive working strategies. RTG’s current working capital strategy may see suppliers refusing to supply them with critical supplies. RTG might also face legal action from its suppliers which may increase its legal costs and even loose customers who may not want to be associated with firms who have bad credit reputation. RTG should thus reduce its payables period to a more reasonable period of perhaps 90 days. The researcher also recommends that RTG should increase its gearing levels as they are currently very low in order to take advantage of loans which provide cheaper financing than equity. Zimbabwe’s reputation as a safe tourism destination was severely damaged due to the political and economic instability in 2007 and 2008. The researcher thus recommends that RTG should form partnerships with other players in the tourism industry to market the Zimbabwean brand in the international tourism market. How to cite Oxford Brookes Bsc(Hons) in Applied Accounting (Acca), Papers

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The arts, literature, and other forms of communication can be inherently liberating, as it connects human beings to each other in a way which allows us to share each other’s perceptions, emotions, and experiences. In Azar Nafisi’s, â€Å"Selections from Reading Lolita in Tehran,† she clarifies that literature has the ability to reform the foundations of society itself, such as the government in Tehran which repressed the rights of women. Freedom has the power to give salvation to those who suffer from totalitarian control or any type of appalling repression. On the other hand, the author of â€Å"The Mind’s Eye: What the Blind See,† Oliver Sacks, explains how blind individuals are repressed from the world, as they are not able to perceive the world around them. However, with the abilities of imagination, these certain individuals were able to create individual worlds in their minds. These individuals’ imagination was used to compensate for their lack of sight. We will write a custom essay sample on The passage or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In order for us liberate ourselves, we must use our mind’s imagination from what we learn from literature, the arts, and the surrounding environments around us, so we can be the creators of our own individual worlds and think on a whole different level. People begin to perceive and think about things very differently, when they allow themselves to use the powers of imagination. When people are faced with hardship or repressed in some sort of way, they begin to use this â€Å"imagination† to find a way to escape oppression and their troubles. Ideas from literature, especially that of books can become an escape for people; Nafisi reveals, â€Å"Against the tyranny of time and politics, imagine us the way we sometimes didn’t dare to imagine ourselves: in our most private and secret moments—falling in love, walking down the shady streets or reading Lolita in Tehran† (250). With the literature group, ideas of freedom started to emerge in the minds of these women. Learning about how Lolita was able to make decisions based on her beliefs, such as who she would love, gave the women in the group hope and belief, that freedom was indeed attainable. With the story of Lolita, the women were able to imagine themselves in Lolita’s shoes, where they were the ones making their own decisions in their life. Although creations of imagination are mostly fabricated, sometimes on an intense level, there are individuals who can replicate aspects of the real world into their minds with the use of imagination; Oliver Sacks states, â€Å"This imagery, moreover, enabled him to do things that might have seemed scarcely possible for a blind man. â€Å"I replaced the entire roof guttering of my multi-gabled home single handed,† he wrote† (306). With visual imagery and imagination, this sightless individual was able to accomplish a task so difficult, that even an individual who possessed sight would not dare do. Imagination became a way of life these individuals, as it helped them escape the world where they were seen as people who had a disability. On the contrary, these individuals’ minds became far more intellectual as imagination gave them the ability to think profoundly about abstract ideas, â€Å"And it enabled him to think in way that had not been available to him before, to envisage solutions, designs, to project himself to the inside of machines and other systems† (Sacks 306-307). This imagination, gave people the ability to look past their disability and to form a new type of thinking, a thinking which had a deep sense of thought and meaning. These different varieties of imagination provide people ways to find the mean of themselves in times of great troubles. This â€Å"imagination,† provides people with a safe haven where they have the freedom to think of ideas and thoughts that are difficult to accomplish in the â€Å"real† world. Imagination doesn’t just give people the power to fantasize about ideas, but also gives them the ability to become creators of their own individual worlds. Imagination has the ability diffuse reality of our surroundings to create a new reality which is solely based what we want it to be. This â€Å"new† reality provides a sense of freedom for us, as it is our definition of an ideal world; Nafisi states, â€Å"Our class was shaped within this context, in an attempt to escape the gaze of the blind censor for a few hours each week—no matter how repressive the state became, no matter how intimated and frightened we were, like Lolita, we tried to escape and to create our own little pockets of freedom† (264). In our imaginative worlds, we try to think of way to achieve goals that we might believe are too farfetched to achieve in the real world. In Nafisi’s case, reading books, gave her the hope that one day her and her students will have the same freedom that Lolita achieved in the book. However, as these imaginative ideas develop, these farfetched ideas begin to seem achievable, and we begin to search ways in which we can make these ideas a reality; as Nafisi reveals, â€Å"we took every opportunity to flaunt our insubordination: by showing a little hair from under our scarves, insinuating a little color into the drab uniformity of our appearances, growing our nails, falling in love, and listening to forbidden music† (264). The book club didn’t just create an imaginative environment where these individuals would escape to, but it helped spark ideas of revolution against the repression these individuals were facing from their regime. Even though the things these women were doing weren’t extremely radical, they at least started to build the road guide them and other like them to achieve their goal in the end, freedom. On a similar note, Oliver Sacks notes that blindness facilitates people by releasing their creativity and imagination. With this, we are to construct our ideal individual worlds, as said by Sacks, â€Å"Imagination dissolves and transforms, unifies and creates, while drawing upon the â€Å"lower† powers of memory and association. It is such imagination, such â€Å"vision,† that we create or construct our individual worlds† (317). Imagination assists the blind by creating a visual world in their minds, which in effect, helps these individuals have a sense of freedom from their disability. These sightless people were able to release their creativity and mental selves, by creating abstract concepts in their mind which helped them realize the richness and fullness of their own individual worlds. Supported by both Nafisi and Sacks, our imagination has to powers to create abstract ideas in our minds, which help us define ourselves, better yet develop our ideal world. With our individual worlds, we have the power to think liberally and develop different ideas, and in effect, these places provide us with freedom.