Design and Fabrication of a Robot for Training Essays

Structure and Fabrication of a Robot for Training Essays Structure and Fabrication of a Robot for Training Essay Structure and Fabrication of a Robot for Training Essay MOI UNIVERSITY SCHOOL OF ENGINEERING DEPARTMENT OF MECHANICAL AND PRODUCTION ENGINEERING COURSE CODE: PRD5 80 COURSE TITLE: FINAL YEAR PROJECT TITLE: DESIGN AND FABRICATION OF A ROBOT FOR TRAINING PRESENTED BY: Dennis Chesire PRESENTED TO: DR. A. N. MAYAKA Submitted To The Department Of Mechanical And Production Engineering In Partial Fulfillment Of The Requirements For The Award Of Bachelor Of Technology Degree In Mechanical And Production Engineering Academic year 2007/2008 DECLARATION I thusly announce this is my unique work and has not been submitted for any honor in any foundation or college. SIGN †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ DATE †¦ Dennis Chesire CERTIFICATION I have perused this undertaking report and affirmed its introduction for assessment. SIGN †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ DATE †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Supervisor DEDICATIONS I commit this structure work to my family and every one of my companions for their motivation and help even in the midst of trouble. Affirmation The fulfillment of this task would have been unthinkable without the assistance got from numerous individuals. First I might want to thank the Almighty Father in paradise for having presented to me this far. To God be brilliance always. I might likewise want to express gratitude toward Dr. A. N. Mayaka for the inestimable good and specialized guidance he gave all through the structure procedure of this undertaking. Much obliged to you for the common reports and materials and the valuable time you gave, out of your ever bustling calendar. I recognize the help of the Head of Department, Dr. Boaz Korir for going to my guide when Dr. A. N. Mayaka was away. I might want to recognize every one of my speakers for the energetic exertion they have placed in my preparation. Mr. Kimutai the exertion you put towards this venture can't go unmentioned. I need to likewise stretch out my earnest thankfulness to all the Mechanical Engineering Department professionals, uncommonly referencing Mr. Akwiri and Mr. Oduor My folks, I won't overlook your selflessness with an end goal to help me all through my school life. To wrap things up, every one of my colleagues, I am thankful. May God favor all of you. Unique In this undertaking a presentation on the need of sufficient preparing on robotization in higher learning organizations is investigated in an orderly manner. First there is a general presentation of apply autonomy in part one, robot characterizations and robot applications is in sections three and four. Section five comprises of the structure choices and their examination. General presentation on part produce is given in section six. Cost investigation and the end and proposals are done in parts seven and eight. Chapter by chapter guide DECLARATIONi Supervisor DEDICATIONSi DEDICATIONSii ACKNOWLEDGEMENTiii ABSTRACTiv TABLE OF FIGURESviii LIST OF TABLESix LIST OF APPENDICESx 1. 0 CHAPTER ONE1 1. 1 GENERAL INTRODUCTION1 1. 2 PROBLEM STATEMENT2 1. 3 JUSTIFICATION3 1. 4 SCOPE5 1. 5 OBJECTIVES6 1. 5. 1 General objective6 1. 5. 2 Specific objectives6 1. 6 METHODOLOGY7 1. 6. 1 Source of data7 1. 6. 2 Target advertise for design7 1. . 3 Viability7 CHAPTER TWO8 2. 0 LITERATURE REVIEW8 2. 1 Background8 2. 1. 1 What is a Robot? 8 2. 2 ROBOT GENERATIONS10 2. 3 Robot systems10 2. 4 CLASSIFICATION OF ROBOTS11 2. 4. 1 Classification dependent on basic setup and robot movement. 11 2. 4. 1. 1 Revolute (jointed arm) robot12 2. 4. 1. 2. Polar (circular) robot13 2. 4. 1. 3 Cylindrical robot14 2. 4. 1. 4 Cartesian (rectangular) robot, sliding type14 2. 4. 1. 5 Cartesian (rectangular) robot, gantry-type14 2. 4. 1. 6. SCARA-type robot15 2. 4. 2 Basic robot motions16 2. 4. 2. 1 Six degrees of freedom16 2. 4. 3 Classification dependent on way control17 2. 4. 3. Point-to-point (PTP) control17 2. 4. 3. 2Continuous way (CP) control18 CHAPTER THREE19 3. 0 ROBOT APPLICATIONS19 3. 1 General application characteristics19 3. 2 APPLICATION AREAS OF INDUSTRIAL ROBOTS20 3. 2. 1 Material Transfer21 3. 2. 2 Machine Loading21 3. 2. 3 Welding23 3. 2. 3. 1Spot welding23 3. 2. 3. 2 Arc welding24 3. 2. 4 Spray Coating25 3. 2. 5 Processing Operations27 3. 2. 6 Assembly28 3. 2. 7 Inspection29 CHAPTER FOUR31 4. 0TRAINING31 4. 1 INTRODUCTION31 4. 2 APPLICATION OF ACQUIRED SKILLS31 4. 2. 1 Middle managers31 4. 3 TREND IN KENYA31 4. 4 REASONS WHY KENYAN FIRMS NEED WELL TRAINED GRADUATES FROM LEARNING INSTITUTIONS33 4. Kinds OF TRAINING34 5. 0 DESIGN ANALYSIS36 5. 1 DESIGN ALTERNATIVES36 5. 1. 1 Comparison of alternatives38 5. 2 SPECIFICATIONS39 5. 2. 1 Task Specifications39 5. 2. 1. 1 Performance Specifications39 5. 2. 1. 2 Design Specifications39 5. 2. 1. 3 Dimensional Specifications40 5. 3 EXTENT OF THE ANALYSIS42 5. 4 GRIPPER MECHANISM ANALYSIS43 5. 4. 1 Gripping Force44 5. 4. 2 Torque required to deliver wanted cinching Power screws46 5. 4. 3 Power Required49 5. 4. 4 Pins50 5. 5 HOLLOW SECTIONS51 5. 6 BELT51 5. 6. 1 Dimensions of belt cross sections52 5. 7 FASTENERS53 5. 8 WASHERS54 5. 9 COUPLINGS54 5. 9. 1 Flange coupling54 5. . 2 Derivation of spine coupling formula55 5. 10 SAFETY FACTORS57 5. 11 KEYS AND KEY-WAYS58 5. 11. 1Wood ruff key58 CHAPTER SIX59 6. 0COMPONENT PRODUCTION59 6. 1 PARAMETERS FOR OPTIMUM PRODUCTION59 6. 1. 1 Product Analysis59 6. 1. 2 Operation Analysis59 6. 1. 3 Machine Analysis59 6. 1. 4 Operator Analysis59 6. 2 RESOURCE REQUIREMENT59 6. 2. 1 Capital Resources60 6. 2. 2 Tooling Resources60 6. 2. 3 Material Resources60 6. 2. 4 Human Resources60 6. 2. 5 Service Resources60 CHAPTER SEVEN61 7. 0 COST ANALYSIS61 CHAPTER EIGHT63 8. 0 CONCLUSION AND RECOMMENDATIONS63 8. 1 CONCLUSION63 8. 2. 1 Recommendations for the Government65 8. 2. Suggestions for the university66 REFERENCES67 TABLE OF FIGURES Figure 1. 0: CAD/CAM format 6 Figure 2. 1: Revolute Robot 14 Figure 2. 2: Cylindrical and Polar Robot 15 Figure 2. 3: Cartesian Robot17 Figure 2. 4: Basic Robot Motions18 Figure 2. 5: Typical Wrist Articulations19 Figure 5. : Alternative Design 138 Figure 5. 2: Alternative Design 239 Figure 5. 3: Shape of Object to be grasped40 Figure 5. 4: Determination of Principal Dimensions41 Figure 5. 5: Gripper mechanism44 Figure 5. 6: End segment of Gripper45 Figure 5. : Power Screw Motions48 Figure 5. 8: Woodruff Key59 LIST OF TABLES Table 7. 1 Cost examination 62 LIST OF APPENDICES APPENDIX I: Glossary Of Robotic Terms APPENDIX II: Nominal cross-sectional components of Standard V-belts APPENDIX III: Typical coefficients of static grating qualities (Dry condit ions) APPENDIX IV: Chain Dimensions and Breaking Loads of Base Chains APPENDIX V: Woodruff Keys APPENDIX VI: Straight Sided Splines for Machine Tools-4 splined APPENDIX VII: Single Thrust Ball Bearings 1. 0 CHAPTER ONE 1. 1 GENERAL INTRODUCTION Robotics is a term depicting another scholarly and modern control. Mechanical technology is presently an entrenched field of attempt both in industry and exploration research centers. There is a peril that the word might be utilized even in zones where it is unseemly, so knowing absolutely what a robot is, the manner by which it is controlled and how it might be utilized in explicit applications is of the most elevated significance. Because of the extraordinary advances of the most recent couple of years numerous mechanical procedures have gotten to a great extent robotized, with the human administrator assuming a regularly diminishing job. The completely computerized and unmanned manufacturing plant is likely now just a couple of decades away. 1. 2 PROBLEM STATEMENT Many establishments of higher learning in Kenya have consolidated examinations on mechanization in their showing curricular for instance CAD/CAM. Appropriate handle of the basic standards are best exhibited to the understudies inside a research center. It is in compatibility of this need an exertion is being made through this task to create a mechanized tube shaped design robot model. 1. 3 JUSTIFICATION In the ongoing past there has been expanding overall rivalries and numerous organizations see, the utilization of PC helped creation frameworks as giving them a possibility of settling the contention of destinations among profitability and adaptability by presenting robotization in an adaptable way. In any case, it isn't just the creation strategies that are experiencing a procedure of progress. PCs are likewise used to help the capacities that go before, go with or follow creation. The catchphrases of this pattern are: Computer Aided Design (CAD), Computer Aided Planning (CAP) and Computer Aided Manufacturing (CAM). CAM implies the mix of all arranging, controlling, executing and checking elements of the creation procedure based on a PC organize. Endeavors coordinated towards mechanization and mix change the work substance and working states of creation. In any case, the achievement of a company’s responsibility will be resolved not just by choosing and applying the best innovation yet in addition guaranteeing that individuals and machines cooperate in the most ideal way. It is in this setting preparing is of central significance. There is along these lines a need to acquaint mechanical technology with all rehearsing and preparing engineers so the innovation might be grasped in Kenya to help in the fulfillment of Vision 2030. To achieve this, a structure of a basic arrangement robot to help in the showing of the fundamental standards of apply autonomy to preparing engineers is of incredible import. It is with this aim this task is done as a follow up what exactly has been done already regarding the matter. [pic] Figure 1: CAD/CAM Layout (politeness of Robotics for Engineers Pg 308) 1. Extension The task will be constrained to the d

Luke?s Significance In The Scriptures Essay -- essays research papers

Luke’s Significance in the Scriptures      If I were sufficiently fortunate to address understudies on Luke’s Gospel, basically talking about the genuine part of his compositions would not do him, nor Jesus, any equity. Alongside it being an incredible portrayal of Jesus’ life from his origination until his revival, Luke’s Gospel instructs exercises Jesus utilized through His lessons to all the more likely teach His adherents of the stuff to in the long run be a piece of God’s realm. Such data would be apparently too wide to even think about understanding inside the bounds of a book, anyway Luke breathtakingly joins these realities into one story with various exercises, leaving it as a troublesome errand for an instructor to choose which parts of it to cover.  â â â â The third Gospel, composed by Luke, presents The Son of Man through a human structure as Jesus. Jesus’ life on Earth could be separated into three sections: Jesus’ birth, Jesus’ lecturing, and Jesus’ demise and restoration. These three parts of His life are the vocal focuses for what advanced Theologians appear to concentrate on in their own educating, so it would be illogical for me to forgo utilizing them inside my own. It must additionally be recognized that quite a bit of what Jesus suffered through His lifetime instructs a point so in the wake of examining the genuine happenings of a specific occasion, it is important to talk about its aims for us.      Concerning Jesus’ birth, I would show understudies how His introduction to the world had both simil- rities and contrasts to our own. Mary experienced pregnancy conveying an embryo for nine                                                   Kearney 2 months, as ladies consistently have, however she was rarely really impregnated. The Angel Gabriel visited Mary to hold up under some surprising news, disclosing to her that, â€Å"†¦you have found favor with God. See, you will imagine in your belly and bear a son† (CSB 99). Mary was a virgin, despite the fact that God enabled her to imagine a kid. This astounding event was just the start of what might turn into a celebrated lifetime of supernatural occurrences, lessons, and Je... ...nbsp;                           Kearney 4 Living by these two things, Jesus endeavors to spread God’s word with the goal that individuals will see that scorn filled and unforgiving individuals won't be welcome to the Kingdom of God. I would tell my understudies that at whatever point an endeavored demonstration of mine is being referred to, I will return to this to decide if God would endorse. The third Gospel, composed by Luke, is a nitty gritty depiction of Jesus’ life on Earth. Covering such a great amount of territory as far as stories and exercises, it is hard to limit the significant focuses or to concentrate on specific angles. On the off chance that I were a teacher and needed to instruct this to understudies, similar to I have quite recently done, I would separate Jesus’ life into three sections: Jesus’ birth, Jesus’ lecturing, and Jesus’ demise and revival. I would hit upon the subjects which I have just referenced, and think about the hugeness of each. Finding the exercises introduced before a peruser and starting to think progressively like God is the best accomplishment one could get from Luke’s Gospel.

Work at Home For Clickworker and Earn $8-$10 per hour Doing Short Task

Work at Home For Clickworker and Earn $8-$10 per hour Doing Short Task Many people are looking for online work for earning money. But this is really tough job to find legit company online for working from home and earning money. But trust me there are huge legit companies available over there where people can make handsome amount of money by working from home. The main benefit of home based work is you dont have to spend specific time for office, you can avoid traffic jab, also able to utilize your work for other household work. Home based job is ideal for working Mom if she wants to make extra money then this is ideal for them. You might hear about Clickworker, which is a Germany based legit company. They will pay you to work from your home doing short tasks such as text creation, editing, web research, data tagging, data categorization. Obviously this is a non-phone job, and all you need to complete the work through your computer and internet connection. You can do the work at your leisure and just you have to complete short tasks for pay. How and what to do in Clickworker? Clickworker is based on small projects, mainly focus writing task to search engine evaluation. But all time you wont get the same task. Whenever you sign in to your Clickworker account then there might always be something different to do (e.g. text creation, editing, web research, data tagging, and data categorization). But have some restriction, if you are not qualify for the task then you wont get access to that task, only in qualified task you will get access. You may think I they will understand that you are qualified or not? This is pretty simple; youll have to take a short assessment for each type of task. But if you fail in their assessment then you may or may not be retaken, this is totally depend of types of task. There are different task available in Clickworker where you can complete them from home. Such as- #1: Texts based tasks in Clickworker SEO Texts Product Description Category Texts Advisors Guides Glossaries Dictionaries Descriptions of Destinations Company Profiles Blog Articles Translations #2: Web Research Tasks Address Enrichment Validation Competitor Research Lead Research #3: Categorization Tagging Task of Clickworker Product Categorization Tagging Image Video Tagging Search Relevance #4: Analytics and Survey Based Task Product Data Management Surveys Mobile Crowdsourcing #5: Industry Solutions based Tasks Online Marketing E-Commerce Media Information Directory Services So you have huge choice of work and easily you can earn money from home by doing them. You should do those works that you have personal interest and you love to do. How to become Eligible to work with Clickworker? You can work as a Clickworker internationally. If you are intending to work with Clickworker Internationally then you can sign up to do work. If you are not from the USA, you must have either: A bank account in a SEPA (Single Euro Payments Area) country or You must have a valid PayPal account for accepting payment Indeed there are not any special requirements for doing work in Clickworker. Just you need to ensure that you have valid payment acceptance medium. How Much you can earn from Clickworker? This is important factor to work with any online site. According to Clickworker they pay average $9 per hour, but the amount you earn completely depend on the project youre working on. It may vary you can earn less than $9 or above $10. But note that if you do hard or complicated job then you will get more payment. Good thing is that their payment threshold is only $10 and they dont have any hidden costs or fees. With Clickworker you can get paid two different ways: Deposit to Bank account when earnings are above $10 Deposit to PayPal account when earnings are above $1 Whatever your earnings balance you will receive payment every week if you have PayPal account. But if you want to receive payment through Bank account then you will receive payment once in a month. Are you curious to Work with Clickworker? You are now curious to work with Clickworker, because you can complete tasks from home and earn money. If you want to work with Clickworker then you visit the below URL to create an account. https://www.clickworker.com/sign-up/ But due to lack of Projects many countries are not eligible to work from home for Clickworker. When you go for register then you can check your country that your country is eligible or not? But USA and European countries resident will able to work, as well as some Asian countries also eligible to work with Clickworker. Work at Home For Clickworker and Earn $8-$10 per hour Doing Short Task If you become eligible to work with Clickworker and currently working with their small project then please share your experience with us. Your experience will guide many potential online workers.

Guidelines And Behaviors For Group And Individual Work

I believe that every child should be allowed the opportunity to learn and it is my responsibility to provide a safe, welcoming environment that promotes higher level learning. The diversity of classrooms today is constantly changing and I need to be sensitive in my communication and management strategies in regards to culture, gender, intellectual and physical differences. One way this can be done is by providing classroom management techniques that makes the student feel welcomed and safe. I also will provide clear instruction of the guidelines and behaviors for group and individual work while being flexible to match each student’s needs. There are several management strategies that I can put in to place to address the needs of diverse learners. †¢ Commitment to building caring classroom communities – By creating a caring, nurturing and respectful relationship with students in the classroom, students are less likely to misbehave for fear of endangering the relationship. As a teacher that can provide a stable environment for respectful and meaningful learning, I can create a culturally responsive classroom. I can begin the year by getting to know students before class, during passing time and after class to promote connectedness. I can get to know students before behavioral problems occur so that I can prevent or intervene appropriately. This type of student-teacher relationship fosters an optimal learning environment. †¢ Recognition of my own cultural biases – It isShow MoreRelatedAnti-Bullying - 1 Essay1345 Words   |  6 Pagesinfluence to intimidate someone, typically to force him or her to do what the aggressor wants.† Clearly such behavior can be crippling to the self-efficacy of a victim. Bullying is an issue that affects many school-aged children across the US. Most students have been victims of bullying or at least know someone that has. 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Should Gay Marriage Be Legal Defense And Education Fund...

Elizabeth Schroeder’s book, Taking Sides, looks at opposing views on controversial issues, one of which is legalizing same-sex marriage. In their article, â€Å"Talking About the Freedom to Marry: Why Same-Sex Couples Should Have Equality in Marriage,† the Lambda Legal Defense and Education Fund supports same-sex marriage. An opposing view, is given by Robert P. George, a Princeton University professor. In his article, â€Å"The 28th Amendment: It Is Time to Protect Marriage, and Democracy, in America,† he explains why he is against same-sex marriage. The Lambda Legal Defense and Education Fund concludes that allowing same-sex marriage will not diminish the value of heterosexual marriage, and that changing the Constitution to legally deny same-sex couples to marry would be discrimination. They contend that same-sex couples are only seeking the same choices, rights, and benefits that heterosexual couples have. Referring to a court case from less than 40 years ago, Loving v, Virginia, the Lambda Legal Defense and Education Fund remind us that, at one time, it was illegal for different races to marry. In 1967, the United States Supreme Court ruled that denying interracial marriage was discrimination and against the law. People have raised some concerns regarding same-sex marriage. The Lambda Legal Defense and Education Fund has responded to some of these issues. Some people feel that marriage is a traditional union and that same-sex marriages would â€Å"ruin† the tradition. The LambdaShow MoreRelatedThe Controversy of Same Sex Marriages Essay1160 Words   |  5 PagesThe Controversy of Same Sex Marriages Imagine you have fallen in love with the person of your dreams, and the two of you have discussed it and have decided to get married. Now imagine that the person you wish to marry is of a different race. It wouldnt be a big deal, right? 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Research Methods Using Qualitative Designs Essay

Essays on Research Methods Using Qualitative Designs Essay The paper "Research Methods Using Qualitative Designs" is a good example of an essay on education. The incessant incidences of social problems such as obesity, poverty and diabetes 2 have necessitated the use of qualitative research techniques as governments and humanitarian agencies strive to find a lasting solution to the challenges that are threatening to engrave the contemporary society. Tight and loose research designs have both been formulated to aid in the research in various incidences. The outright confirmatory nature of qualitative designs obliges the use of loose designs that allow the researcher to fully explore concepts and obtainment of data through voluminous case studies as compared to tight designs that are efficient but lack the apposite sample size to authenticate a pattern of occurrence.   Prior to research, a researcher must determine the conceptual framework which sustains the formulation of the null and alternative hypotheses by mapping the concepts under investigation. The hypothesis and axioms identified in a case scenario authenticate the need for research. In social sciences, quantitative techniques are perceived to be inappropriate due to the nature of information required and research studies. Qualitative data using sampling methods such as random sampling, simple and stratified sampling enable sociologists to obtain finer details regarding a situation. Qualitative data assortment and analysis are labor-intensive but can be conducted meritoriously using overwhelmingly small focus groups, narratives, questionnaires and interviews, satisfactory data to answer the research question can be generated. The graphical representation is aided by the use of advanced software including SPSS and Epi-info which allows researchers to conduct an in-depth analysis of the raw data. Researchers continue using qualitative data in investigating various sociological aspects due to the presence of improved technology that supports through analysis. Conceptualization, rationality, consistency, and efficiency have been augmented and better public policies formulated and implemented due to concrete and pertinent deductions derived from researches.

Check sample assignment on sustainable development in business

Question 1: Should business behave more sustainably or should they concentrate on growing profits? Is CSR a marketing tool that companies use to improve their reputation or distract attention from various unethical practices they engage in? Discuss the strengths and weaknesses of CSR as a way of encouraging business to behave more sustainably, using appropriate example. The prime objective of companies in business is to gain profit. However in recent times, companies have realized that they should focus on long term benefits and sustainable growth. CSR or Corporate Social Responsibility is one of the ways by which sustainable development can be achieved. One of the classical theories would suggest that businesses should concentrate on growing profits and the first objective of companies in any industry should be to gain profits. The new theory would suggest that companies should also look for ways to give back to society. It means that companies should look for the ways by which they can attain profit without disturbing the environment and social balance. The businesses can not have any single statement or direction that can resolve the dilemma between the profit making and sustainability. It would not be an exaggeration to say that the time has come when companies should look for a more balanced approach that can focus on both the aspects of growin g profits and sustainability. The time has come when profit making and sustainability should not be considered as two different phases of a coin. Therefore companies should focus on profit making and sustainability together. Having said that, it is also true that corporations should never leave the core function of profit making, the steps towards the sustainability should only help corporations to generate more profit. A strong debate exists between the real implications of CSR (Corporate Social Responsibility). Many experts have believed that CSR is just another marketing tool while some other believes that CSR does have real value. The harsh fact is that the CSR is one of the last things that is at the agenda of corporations. It all started as a marketing tool only. In fact corporations would not be able to survive in the industry by focusing first on CSR. It is correct that corporations carry certain social responsibility but this responsibility comes after the core business function of corporations. In the current environment of cut throat competition, it would not be incorrect to say that CSR is more of a marketing tool that is used by corporations to improve their reputation and distract attention from various unethical practices that they engage in. For example, large companies like KFC have been doing certain CSR initiatives only to ensure that people do not blame them for killing of animal s. There are various reports about the unethical practices adopted by KFC but somehow, these practices are covered under the umbrella of Corporate Social Responsibility. Coca-Cola is another brand that is reported to spend a lot on CSR activities but in the end Coca-Cola is also accused of using child labor in the developing nations such as India and China. The harsh truth is that CSR has evolved as a marketing tool that helps organization to improve their competitive position by doing something different from their competitors. As a concept, CSR is a powerful concept. CSR helps organizations to realize that profit making should not be the only goal of corporations. It is also correct that CSR encourages businesses to behave more sustainability. For example, automobile companies like Toyota and Ford have realized that pollution impact of gases emitting from their vehicles eventually pollute the surrounding that is not good for society. The sustainable development effort put by these organizations is eventually helping these organizations to grow their business. People have also appreciated the CSR activities from large corporations like Walmart and Microsoft. These large corporations have also realized that they would not be able to sustain in the long term if they do not focus on sustainable development. Eventually the objective of corporations is to improve their profit and this can happen only when end consumer is able to develop and grow in long term. The associated weaknesses of CSR as a way of encourag ing business are that the activities of CSR may require some initial investment. The corporations should be able to spend some money initially in order to derive the long term benefits. The initial expenditure does act as deterrent for corporations to involve in CSR activities. Also, large organizations can afford the initial investment or short term loss but mid-size and small scale industries can afford the sustainable development when they have to spend some amount. Question 2: How can market based instruments such as tradable carbon permits, encourage business to become more sustainable. Are they the most effective way of encouraging sustainable development or should there be other approaches? Compare and contrast market based instrument with regulatory and other approaches, using appropriate example. The sustainable development demands that organizations in both developed and developing world should work hand in hand towards sustainable development. Different corporations in developing nations have believed that it is the developed nations that are primary responsible to pollute the environment and to develop, emerging nations cannot always focus on sustainable development. To overcome these conflicts several instruments were devised such as tradable carbon points. One carbon credit is equal to one metric tonne of carbon dioxide, or in some markets, carbon dioxide equivalent gases. Carbon trading is an application of anemissions tradingapproach. Greenhouse gas emissions are capped and thenmarketsare used to allocate the emissions among the group of regulated sources. Eventually business can earn profit by selling their carbon points. Companies can earn the carbon points by involving in activities that encourage the use of green energy. This way market based instruments such as tr adable carbon permits would encourage business to become more sustainable. This way the sustainability of the business would enable to corporations to gain profit. There could be various approaches to encourage the sustainable development. One of these approaches is to encourage corporations to get involve in carbon dating. It would not be entirely correct to say that this approach is the most effective way of encouraging corporations. One of the approaches to encourage corporations is the recognition and rewards approach. In this approach, government would reward the corporations that would work towards the sustainable development. There has to be some ways through which the sustainable development is directly linked to the returns that organizations get, and then only corporations would feel encouraged and motivated to work towards sustainable development. It is recommended that government and other agencies should have other approaches also towards sustainable development. A framework should be developed through which end consumers can also realize the firms that have really worked towards sustainable development. One another approach of sus tainable development would involve all the stakeholders of the society. Under this approach all the stakeholders would join hand to work for sustainable development. The focus of this approach is that people should also realize that CSR cannot be accomplished only by corporations. The consumers and citizens and society at large should also support corporations to attain the goal of sustainable development. It is also recommended that sustainable development and CSR should not be taken as a social change. It should also be taken as the political and economic change in the system. The real sustainable development would happen only when the goals and objectives of CSR policies would include the changes in all direction including social, political and economic dimension. There also exists a strong regulatory based approach. Under this approach the government or the environmental agencies can have laws and regulations that can limit corporations for pollution emissions and can regulate c orporations to adopt green sources of energy. Both the approaches, market based instruments and regulatory instruments can help corporations to take their steps towards sustainable development. These two approaches are different and these approaches can be suited in different cases. It may not be completely feasible to compare these two approaches. However, on a high level, it can be said that market based instrument could be a better approach in most of the cases as it allows corporations to take their own decisions around sustainable development. In the regulatory approach, corporations have to work under the guidelines of government. The private corporations may not like the idea to work and operate under the government guidelines. Therefore, market based instruments could be a batter option. Moreover in market based approach, corporations are not forced upon to choose the policies and strategies and therefore corporations can obtain a balance between sustainable development and core business. For example, Walmart is interest ed to do CSR activities but it does not want the government interference. Coca-Cola has also launched certain programs to gain public trust and respect. Large corporations and MNCs have acknowledged that it is sometimes difficult to work towards CSR and sustainability when it is imposed by government.

What Is Art Analysis Essay Example For Students

What Is Art Analysis Essay Art is something that has great value to many people. Art is everywhere. It lives in the soul, mind and even the heart. Art is an outlet for people to express themselves. Art is a way for the human mind to express itself. It is a form of expression. There are many different ways to explain how art is created. First of all, art is classified as paintings, drawings, architecture, ext Art can also be dancing, singing, And acting. It can be anything that expresses an idea. Art surrounds us. It is encountered so often that often we dont realize art when we see it. We will write a custom essay on What Is Art Analysis specifically for you for only $16.38 $13.9/page Order now Anyone can look at art and say Wow! Thats so beautiful to me. Art is around to teach us . We can learn so much about ourselves and the world by viewing art. Many times we create art without a reason. We believe that we are just making a pretty picture. Often We us art to express our feelings . Every has some feeling or thought that they wish to express but they Are afraid to do so. Art is seen as a opportunitiy for people to express themselves about their life. Some people learn better visually than audibly. For these people, creating art will help ideas become Clearer because they can visually see something. Art is a important part of modern society. Without art We would not know as much about our history as we do today and the beauty of life. In todays society people are worried about reputation. Art allows a person to express themselves Without being punished socially. Art relieves a lot of tension in the world. It is a way for people to express their anger and their emotions. Art is a way of life for people to express themselves . Therefore, art is a form of idea, expression, beauty, and how it surrounds our life today. What is art Analysis Essay Example For Students What is art? Analysis Essay Outline1 The meaning of the art.2 The role of art in human life.3 How does art appear? The meaning of the art. Traction to the beautiful accompanied a person at all times. It found its expression in paintings, frescoes, sculptures, literature and other objects of art that have come down to us through the centuries. Each generation contributed to the development of a new direction in creativity. What role does good art play in shaping the horizons of an individual now? Does it have value for everyone or only for people of creative professions and beau monde? Read the answer for those questions in the essay on what is art you see below. There are many opinions and definitions on this subject called â€Å"What is art?† Some people believe that any creativity should be conveyed to the masses in doses and with preliminary explanations. Another people, who prefer to stand guard over art, treat contemptible amateurs and strictly follow the observance of classical foundations. Fortunately, there are still those people, who do not welcome artificial restrictions. Sometimes a side view of a work of art can explain more than the artist or director himself.   Researchers and even college students in their art essay still try to unravel the paintings of Da Vinci or Van Gogh, to understand what the artist wanted to say by that or another work of art. We will write a custom essay on What is art? Analysis specifically for you for only $16.38 $13.9/page Order now Art is a creative reflection of reality in artistic images. Real art excites the soul, gives a feeling of happiness. It is able to distract a person from everyday life, transfer to the world of dreams and fantasies, instil faith in miracles. I will prove the validity of my words with concrete examples. Let us take a look at the text by T.N. Tolstoy, whose heroine preferred cinema over the two types of art theater and cinema. The theater can’t give the narrator a total transformation, a final deception. The heroine believes that the movie is intended for those who love dreams and wonders. So, it is the cinema that helps the narrator to feel the fullness of life. Art is something that we can’t live without. But art is not limited just to static species. We listen to pleasant music; we watch theatrical performances, we attend pop and circus performances. On walks, through the city, we admire the architecture of ancient buildings and the monumental grandeur of modern. Landscape design in park areas is another area of modern art. After working days, we are happy to watch movies on TV. The availability of modern technologies has led to the mass lay-up of their own videos on YouTube. The most interesting, found a response in the soul of others, receive high marks and become popular on the world wide web. The role of art in human life. Culture has changed over the years. But unlike the people who lived their lives and died, it still remained in our society. There are works by leading composers: Bach, Mozart, and Beethoven or famous writers like Rabindranath Tagore and Lev Tolstoy. Through the years they continue to delight many people. We may not know the authors of famous works, but we hear and see the creation itself. A person may not know that Mona Lisa was written by Leonardo da Vinci, and To Elise by Beethoven, but these works are priceless because they make us feel. Feelings are laid in any kind of art painting, literature, music, theater. The author adds his feelings, thoughts while drawing a portrait but art is dependent on your point of view as well. .u9b7312865416a89bee5c427b1a55ac28 , .u9b7312865416a89bee5c427b1a55ac28 .postImageUrl , .u9b7312865416a89bee5c427b1a55ac28 .centered-text-area { min-height: 80px; position: relative; } .u9b7312865416a89bee5c427b1a55ac28 , .u9b7312865416a89bee5c427b1a55ac28:hover , .u9b7312865416a89bee5c427b1a55ac28:visited , .u9b7312865416a89bee5c427b1a55ac28:active { border:0!important; } .u9b7312865416a89bee5c427b1a55ac28 .clearfix:after { content: ""; display: table; clear: both; } .u9b7312865416a89bee5c427b1a55ac28 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9b7312865416a89bee5c427b1a55ac28:active , .u9b7312865416a89bee5c427b1a55ac28:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9b7312865416a89bee5c427b1a55ac28 .centered-text-area { width: 100%; position: relative ; } .u9b7312865416a89bee5c427b1a55ac28 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9b7312865416a89bee5c427b1a55ac28 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9b7312865416a89bee5c427b1a55ac28 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9b7312865416a89bee5c427b1a55ac28:hover .ctaButton { background-color: #34495E!important; } .u9b7312865416a89bee5c427b1a55ac28 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9b7312865416a89bee5c427b1a55ac28 .u9b7312865416a89bee5c427b1a55ac28-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9b7312865416a89bee5c427b1a55ac28:after { content: ""; display: block; clear: both; } READ: The Lady of Shallot Lady of Shalotts EssayThere is an inner word with the possible analysis in any work of art. For example, there could be a film, series, show performance in a book, but in all the situations it will be different because everyone has his/her own ideas. Only some parts can remain the same. Usually, it’s introduction and conclusion. Art helps people to open more, to realize themselves, to go into their inner world, to be free of your ideas and dreams. It helps to go away from the reality and get into a completely different, opposite world. That is why the role of art is invaluable in human life. How does art appear? Art originated in ancient times. With the help of drawings and frescoes, ancient artists displayed different aspects of life: hunting, war, life. Musicians expressed feelings and experiences through their works, and writers wrote ballads, describing events and singing the feats of contemporaries. Art always accompanies humanity, changing over time and accepting the characteristic features of different parts of the world. Regardless of geographical, historical, natural, and cultural qualities, works of art convey the character of life, human appearance, and everyday life through music, painting, or other means. Each art form has its own characteristics, but they are all called one thing to educate people, to participate in the development of their personality, character, and creative abilities. After creating the works, the authors acquaint us with their vision of the world. They explain and evaluate the events that will be captured on canvas, music or in book volumes forever. But art would not be like this if it showed only the facts and the vicissitudes of life. Rich imagination is the quality that is always necessary for the master to create his masterpieces, giving aesthetic pleasure to humanity. The task of the human is to save art. We need to appreciate and preserve the art and all its components, including Artscolumbia. If this does not happen, if people stop appreciating art, the world will be doomed to ruin. In conclusion, we would like to say that art is an integral part of life for any person. Sometimes we don’t simply notice this, involuntarily admiring all the beautiful things that surround us. Thus, real art can make a person happy. The main thing is to find exactly what kind of art, which will meet your interests and desires. And what does art mean to you?

Kerrys Speach to the National Convention essays

Kerry's Speach to the National Convention essays The difference between being heard and being ignored is the difference between success and failure. The effectiveness of an argument can be judged by the reaction of an intended audience. Through the use of rhetorical appeals speakers can gain credibility, prove facts, and emotionally persuade an audience to support their argument or point of view. John Kerrys speech at the National Democratic Convention uses numerous techniques in order to persuade his audience that his party offers the superior ticket for the presidency and vice-presidency of the United States. The target audience in this speech are television viewers and convention attendees who are listening to the speech live. Since Kerrys speech is live, his audience does not have a chance to read and analyze his words. This presents a unique literary opportunity to use logical fallacies and repetition. Kerrys utilization of ethos, pathos, and logos combined with the integration of logical fallacies allows him to convey an effective argument. Fallacies are statements that might sound reasonable or superficially true but are actually flawed or only half truths. Fallacies are usually ineffective in written arguments but in a live speech where the majority of the audience listens to the argument verbally, they can be very effective. The audience heard strong statements like: And let's not forget what we did in the 1990s. We balanced the budget. We paid down the debt.   We created 23 million new jobs. We lifted millions out of poverty and we lifted the standard of living for the middle class. We just need to believe in ourselves and we can do it again (Kerry). The audience was thrilled by his words. They applauded this statement which appears to have great logos appeal to it. Since the audience is hearing this statement only once, they may not think to question its authenticity, and they may not realize that the economic prosperity it describ...

Elements of Products in Business and Services Context Assignment

Elements of Products in Business and Services Context - Assignment Example In some instances, the cuisines are similar but excellent cooking style by Nutter that brings out the uniqueness in each. In addition, Nutter is innovative and observes trendy and finest local produce for his classic French recipes. From local and external suppliers, Nutter’s restaurants use supplies to serve vegetarian meals, gourmet, business lunch, Sunday lunch, afternoon tea, desserts and lunchtime meals. Incorporation of different customers includes businesses, individuals, families, vegetarians, children, and persons of all ages generate a wide client base for the food products. For instance, many across all ages enjoy the food from Nutter’s Restaurant like chips and Fish in the United Kingdom, and offering the best value for customers consistently makes them return for more. Coupled to the restaurants excellent tasting menu is the brand of a renowned UK chef and the two aspects influence customer loyalty hence profitability. Like other hotels and restaurants in the United Kingdom, Nutter’s restaurant seeks to understand its customer and in the best way possible, satisfy their food needs better compared to its competitors. The restaurant then uses target marketing to identify the diverse needs of customers in the UK hotel industry and delivers unique cuisines for such needs. According to the Nutters Restaurant (2014, p. n.p), Nutter’s also offers customers with leading and innovative modern cuisine and both locally and internationally. The international market comes because of Nutter’s demonstrations of cooking expertise in New Zealand, United States of America, Australia, and New Zealand. The restaurant is also keen on psychographic segmentation that involves activities like business events, meetings, interests, and other values. Nutter’s understand that different people have different preferences when it comes to food. As a result, the company is quick to offer food products that embrace buyer perception, motivation, and beliefs and attitudes.  Ã‚  

Environmental Economics Essay Example | Topics and Well Written Essays - 1000 words - 2

Environmental Economics - Essay Example A crisis that is brought about by the accelerated and possible irrevocably impacts of the human activities on the nature agitate for cooperative responses by the intercontinental institutions, governments and the whole populace as well. Governance has therefore, been in the forefront to try and meet the crisis brought about by the environmental problems in the world by their efforts to pool their various experiences and knowledge of the concerned agents and institutions (Gaikwad, 2011). But it should be understood that, the augmenting scales and the gravities of the environmental concerns that are in terms of climatic changes, depletion of biological diversity and deprivation of the ecosystem service threatens to block and likely attempt by various stakeholders including global markets and all the international corporations to reach a solution (Tata Motors, 2012). This aspect has therefore, played a major role in restricting some possible prospects of the economic progress in most re gions and countries The environmental protection actions still remain inadequate in the warning face of the scientific community. The essential reforms indicate a sluggish process that necessitates a lot of diplomatic negotiations, time, energy and above everything money. An extremely serious environmental crisis has demonstrated its in capabilities in the generation of the unanimous reaction from all countries (Gaikwad, 2011). The persistence divisions among the global markets have played a major role in slowing down the advancement towards a suitable organized international environmental governance. Nature pays no attention on the social and the political obstructions and more so various environmental aspects which are meant for change that includes contamination and climatic changes that are indifferent to both borders and states. The international nature of the rooming environmental crisis tends to revoke out the outcomes of all the measures put in place unilaterally by any nati onal body or a particular institution. This therefore, raises a greater need to formulate and apply lasting means for the inter-sector collaboration derived from a holistic perspective of sustainability. A feature of cooperation is needed between the actors and the organizations who are working on the environmental problems (Srinivas, 1999). Along the Montreal protocol to eliminate materials that diminish the ozone layer, it was identified that the stratospheric ozone layer act as shelter in the atmosphere which protects lives on planet earth from the harmful ultraviolet rays. Scientists therefore, observed that, the ozone layer was getting thinner every now and then. The Nations that are UN recognized have endorsed a treaty and are forging ahead to ban the production of the substances that destroy the ozone layer while also coming up with other ozone friendly options (US Environmental

Factors for Success in Business Organisations

Factors for Success in Business Organisations With reference to two detailed examples (of business organisations) and appropriate writers on management theory, identify the main critical factors in ensuring the success of business organisations in an increasingly competitive and globalised world. Nokia is increasingly recognised as one of the biggest success stories of the modern world, successfully coping with being in the middle of some of the most wide scale changes seen in the last twenty years. Indeed, until 1992, Nokia’s products were almost uniformly low tech and purely functional, mainly consisting of toilet paper, nappies, car tyres and rubber boots; and cables for electric and telephone utilities. The company, based in Finland, had its major market in the Soviet Union up until its collapse in 1991/92. However, after the collapse of the Soviet Union, which was Finland’s main trading partner, Nokia almost went into bankruptcy due to falling demand. Some of the company’s shareholders tried to sell Nokia to Ericsson at this point, but Ericsson refused to buy what they saw as a company on the brink of collapse and impossible to rescue (Fox, 2000). However by May 2001, Nokia had become the world’s largest manufacturer of mobile phones by a long way, with 35% of the global market share, compared to 13% for Motorola, and was second in the world in the equipment used to run mobile networks. Business Week’s (2001) ranking of the world’s largest companies showed that Nokia had the fifth most valuable brand on earth in the year 2000, and the company’s stock market value was approximately $250 billion: the second highest in Europe, and ninth in the world. This dramatic turnaround has largely been attributed to one of the most well publicised critical factors in the modern business environment: dynamic leadership (Kanji, 2005). Following poor performance from several CEOs, Nokia appointed Jorma Olilla, described as a â€Å"charismatic, charming entrepreneur† (Abetti, 2000), as new CEO in 1992. Olilla had previously been in charge of the company’s mobile phone business in 1990, and had successfully turned it into a global force, leading to his appointment as CEO. He revolutionised the company’s strategy, claiming that, as the Scandinavian nations, had a very low population density, but high standards of living compared to much of the world, their communication preferences and tastes were significantly ahead of the rest of the world. As a result, he concluded that mobile phones would both appeal to the younger generation, who were always on the move, and in doing so would gradually replace land line phones. As a result, whilst Motorola, one of Nokia’s biggest competitors at the time, was targeting principally business, government and industry (Abetti, 2000), Nokia decided to target individual consumers. The company exploited the wealth of the Scandinavian nations by competing on quality, brand and fashion; rather than on price. Olilla also recognised that Nokia was highly technically competent, with a strong internal culture and focus (Fox, 2000); another two of the critical factors for success in the modern business environment. From this base, he saw the need for the company to embrace a third critical factor: technological innovation, and used this to drive the focus of the corporation away from mere technical RD and on to a more innovative and creative corporate strategy Another strategic decision was to diversify away from being purely reliant on the GSH digital standard, and to embrace the other two standards: TDMA in North America, and PDS in Japan (Pulkkinen 1997). This market diversification, another critical factor for success, enabled Nokia to dominate in many markets, whilst maintaining brand integrity and a consistent look and feel for the phones. Indeed, embracing the trend towards user friendliness, Nokia included a software based menu, making their mobile phones similar to a palmtop computer and thus adding extra functionality for users. However, whilst Nokia recognised the need for diversification, it also recognised the need for a strong strategic focus, which is another critical success factor. Indeed, shortly after Olilla became CEO, all the companies vice-presidents but one left the company, Nokia closed down all of its unprofitable non-electronic businesses, and the company’s management was reformed into a new five person executive team, all of whom were young and ready to embrace the new market challenges. Due to this strong strategic focus, Nokia’s diversification into electronics and mobile phones became the core competency for the entire company, leading to Nokia becoming the world leader in wireless communication. The results can be seen in the fact that the sales goal for Nokia’s first series of phones was 2,000 units, when in fact the company sold over 20 million of these phones worldwide (Abetti, 2000). The Nokia case covers the vast majority of the critical success factors companies require to succeed in the modern business environment. Indeed, so prevalent are these factors that they can also be seen in the case of Rolls Royce’s success over the past few years. Similar to Nokia, Rolls-Royce focuses strongly on technology and innovation however, in contrast to many modern global companies, Rolls Royce maintains a significant manufacturing base in the UK, where it manufactures value added components Rather than looking to outsource manufacturing overseas to a country where manufacturing cheaper, as many major companies have, Rolls Royce has used the UK’s sound technological base and excellent infrastructure to great advantage. The company has build focused factories with a very good lean flow of information, the minimum amount of waste, well designed processes and modern working practices, such as self directed teamwork (Sandford, 2004). This comprehensive and holistic approach to operational excellence and total quality management, two critical factors for many manufacturing firms, has led to Rolls Royce’s productivity being equal or better than any of its competitors. Similar to Nokia, Rolls Royce has a strong strategic focus, however in contrast to the mobile phone giant, Rolls Royce has kept its overall strategy remarkably constant over the years, and this constancy of purpose has been a great help to the company when developing and consolidating its operational strategy (Interavia, 2001). This constancy of purpose and strategy has also enable Rolls Royce to learn from its factories, its people and its processes, and such organisational learning is vital in helping the company develop better products for future growth. Indeed, Rolls Royce has remained very strong in developing and maintaining its internal resources and core competencies, which are also seen as key strategic factors in the modern business environment (Barney, 1996). Rolls Royce have recognised that, whilst short term cost savings may not be as great; ultimately, outsourcing core activities such as manufacturing will result in both product innovation and long term competitive advantage suffering. In fact, Mesinger (2007) discovered that when technology and cost considerations replace the role of skilled people in the performance of many routine jobs, creativity and innovation thinking among employees is affected across the board. As such, with creativity and innovation being considered critical factors in modern organisational success, Meisinger suggests that companies will need to develop strategies specifically to enhance the creative environment of the workplace. A further critical factor in global business success, and one that is often viewed as a separate consideration, is the use of the Internet for sales, marketing and communications. Whilst some academics argue that the Internet should be considered a separate business unit, Chaffey et al (2000) claim that a company’s Internet strategy is an integral part of its overall strategy, as the Internet, if used properly, will supports the main thrusts of the company’s marketing and business strategy. Indeed, modern researchers and practitioners now increasingly view a company’s marketing strategy, and the related factors, as critical factors in business success (Porter, 2001). One final factor that is viewed by many practitioners as being critical in the modern environment is successfully managing the knowledge that is accumulated within business organisations. This has led to the rise in knowledge management as a critical and differentiating factor for any business that relies on the skill of its people. Lee and Asllani (1997) cite several examples that demonstrate how knowledge management enables companies to achieve both continuous and radical improvements, and that these two approaches can significantly increase the firm’s competitive advantage. Indeed, many researchers have recognised the importance of knowledge management in the implementing the improvement philosophies involved in lean manufacturing and total quality management (Yang, 2004) and now see the interaction between the two concepts as being a critical factor for success in itself. Zetie (2002) showed that the concepts of total quality management and knowledge management, together w ith a number of others, are becoming ever more closely linked, and are actually all leading towards better organisational learning and development. Indeed, Zetie (2002) further argues that firms who benefit from said organisation learning will become better organisational change management, which Zeite claims is also a critical factor in the modern business environment. References Abetti, P. A. (2000) Critical Success Factors for Radical Technological Innovation: A Five Case Study. Creativity Innovation Management; Vol. 9, Issue 4, p. 208. Barney, J. B. (1996) The Resource-based Theory of the Firm. Organization Science, Vol. 7, Issue 5, p. 469. Business Week (2000) The World’s Most Valuable Companies. 10th July 2000. Chaffey, D. Mayer, R. Johnston, K. and Ellis-Chadwick, F. (2000) Internet Marketing. Harlow, UK: Prentice Hall. Fox, J. (2000) Nokia’s secret code. Fortune, 1st May 2000, p. 161-174. Interavia Business Technology (2001) Rolls-Royce keeping a tight focus. Vol. 56, Issue 652, p. 14. Kanji, G. K. (2005) Sustainable growth and business excellence. Total Quality Management and Business Excellence; Vol. 16, Issue 8/9, p. 1069-1078. Lee, S. M. and Asllani, A. (1997) TQM and BPR: symbiosis and a new approach for integration. Management Decision, Vol. 35, Issue 6, p. 409–416. Meisinger, S. (2007) Creativity and Innovation: Key Drivers for Success. HR Magazine; Vol. 52, Issue 5, p. 10. Porter, M. E. (2001) Strategy and the Internet Harvard Business Review, Vol. 79, Issue 3, p. 63–78. Pulkkinen, M. (1997) The Breakthrough of Nokia Mobile Phones. Helsinki: Helsinki School of Economics and Business Administration, Ph.D. Thesis. Yang, J. (2004) Knowledge management opportunities for cycle time reduction. International Journal of Innovation and Learning, Vol. 1, Issue 2, p. 192–207. Sandford, A. (2004) Training partnership spreads the lean message. Metalworking Production; Vol. 148, Issue 8, p. 16-17. Zetie, S. (2002) The quality circle approach to knowledge management. Managerial Auditing Journal, Vol. 17, Issue 6, p. 317–321.

Ernest Hemingway Essay -- essays research papers

Ernest M. Hemingway   Ã‚  Ã‚  Ã‚  Ã‚  Ernest Miller Hemingway was a novelist and short story writer, who became well known for the passion that he used in all his writings. Many of his works are regarded as classics of American Literature, and some have even been made into motion pictures. The Old Man and the Sea, which is the story about an old Cuban fisherman, was published in 1952. Because of this creation, in 1954 Hemingway was awarded the Nobel Prize in Literature.   Ã‚  Ã‚  Ã‚  Ã‚  Hemingway was born in Oak Park, Illinois. He was educated in Oak Park High School and graduated in 1917. After graduating, Hemingway became a reporter for the Kansas City Star. He left his job within a few months to serve as a volunteer ambulance driver in Italy during World War I (1914-1918). After the war he served as a correspondent on the Toronto Star and then settled in Paris. While there, he was encouraged in creative work by the American expatiate writers Ezra Pound and Gertrude Stein.   Ã‚  Ã‚  Ã‚  Ã‚  During World War II, Hemingway became a reporter for the United States First Army; although he was not a soldier, he participated in several battles. After the war Hemingway settled near Havana, Cuba in 1958. While Hemingway lived near Havana, Cuba, a friend of his told him about an old man that lived nearby. That’s where he got the idea of writing the Nobel Prize short story winner titled, The Old Man and the Sea. The story of the old man that his ...

Accounting Treatment of Intangible Assets

Accounting Treatment of Intangible Asset Draft Pace University ACC692 Summer I By Yigal Rechtman July 30, 2001 Introduction What is the problem? Accounting for intangibles has gained prominence in the past few decades due to changes in the way the business world operates. The technological revolution and in particular, the information age, has brought intangible resources to the fore of the business environment. Businesses ( even the most traditional production manufacturers ( are moving towards an information age where a competitive edge is increasingly linked to resources other than the fixed and liquid assets as understood by Generally Accepted Accounting Principles (GAAP). Some research has shown that accounting for Intangible Assets (IA) – a general term that will be defined and separated later – will fulfill the accuracy requirement of the accounting functions and reports. Other research has shown that accuracy will have to be traded off with relevance of the accounting functions and reports. Still other research claims that neither accuracy nor relevance are served by accounting for resources that do not meet the current definitions of Assets under GAAP. Accordingly, there are two questions regarding the accounting for IA: 1. Should the Generally Accepted Accounting Principles recognize as financially relevant and accurate events that arise from IA? 2. How should GAAP account, process and present these IA related events (if the answer to question number 1 is positive. ) Question number one is answered in the positive: the existence of IA in the current business environment is proven in repeated investigations. Further, the economic effects of IA on corporations has shown that not disclosing or accounting for such resources amounts to miscomunications regarding the activity and financial state of a business. The research that was used in this paper has shown that Intangible Resources are increasingly a factor in the business world. Intangible resources, as will be discussed below, is a super-set group of strategic elements that contribute to the success of a business. IA, in turn is a sub-set of the Intangible Resources. The paper intends to explore the current range of thinking relative to IA and how such resources should be valued, recognized and presented in the financial reporting of U. S. companies. The question of how to account for IA poses different challenges, some of them related back to the answer of the first question. As this paper will show, recognizing IA on an entity(s books can be seen as a natural next step, especially for certain knowledge industry type businesses. However, the challenges to the issue of recognition remain: how to determine IA in a meaningful manner? How to report IA and what are the possible ramification of alternative accounting treatments? Scope and Method of Exploring the ProblemScope and Method of Exploring the Problem The process of finding information about the topics relating to IA, and obtaining an understanding of the issues, involved an introduction by means of participating in a conference on the subject and obtaining complimentary readings of published articles. The Third Annual Conference on Intangible Assets, sponsored by New York University(s Ross Institute produced a documentary of the presentations, which were used in this paper. Additional published material was obtained through the ABI-Inform database, by searching for (Intangible Assets(, (Intangible Accounting( as well as (Assets Valuation( and (Appraisal, Intangibles( for the years 1976-2000[? ][i]. The search was limited to articles available in full form on line (versus articles in which only the abstract is available on line. ) This paper refers to twenty articles that were obtained through ABI-Inform and ten articles from presenters at the NYU(s conference. Two points should be made in terms of the scope of the discussion. First, the discussion includes IA as it is captured and presented for external, possibly audited, users of the entity(s comprehensive financial statements. Unless otherwise stated, financial statements herein are presented with conformity of United States( Generally Accepted Accounting Principle (GAAP). Within the latter confines, estimates such as amortization and useful life of an Intangible Asset (IA), although a valid issue, will be generally out of the scope of this paper. The reason for the limitation is that for cash flow purposes, as well as for balance sheet analysis, such estimates represent regulatory requirements and provide little by way of capturing the essence of the issues surrounding IA. Therefore, the ultimate purpose of this paper is to venture out of the confined safety of U. S. GAAP and investigate what other isms are possible for presentation of a Statement of Financial Position which incorporates intangible assets. The method of this paper consists of discussing the three criteria which are used to assess the alternatives to accounting IA: valuation, recognition and presentation. Each of these criteria is measured on a scale from 0 to 100 (alternatively, from 0. 0 to 1. 0) to show the extent of the departure of the alternative from the currently accepted method, usually the Generally Accepted Accounting Principles. Because Goodwill is already an established IA under current accounting rules, it will be discussed first (for each criteria) to show the extent of the existing treatment. Although other IA such as Human Capital or Patents exist, they are often either unaccounted for or simply replaced by a generic (Goodwill( entry on the books. Although they are all intangible resources[? ][ii], it can be shown that not all are Assets (as defined herein). This paper will also explore the possibility that, perhaps intangible assets such as Human Capital should not be substituted for by the generic (Goodwill( entry. Definitions Some unclear, overlapping and unstructured definitions occupy the set of IA issues. in turn, some researchers have used inconsistent definitions of IA, reducing the transparency that accountants and financial experts have to discuss these issues. Although excellent analysis has been published, such research is often not consistent in scope or definition to other frame work and conceptual essays that are contemporarily published. Therefore, aside from giving this (creature( a proper name, and calling all its parts using the same taxonomy, coupled here from various sources. The dictionary defines IA as (an asset that is saleable though not material or physical([? ][iii] and (Intangible: †¦ an asset that can not be perceived by the senses†¦ such as Goodwill or dedication([? ]. According to the FASB, an internally generated IA is proposed to be defined[? ][v] as: (1) a past event that has a (2) measurable effect and that presents a (3) future benefit. The FASB Special Report[? ][vi] states that there is not a need for different rules of recognition for internally and externally generated IA. The FASB clarifies that internally generated IA is simply an (Asset( without a physical presence, nor does have to it be an external acquisition: as long as all three tests are conformed with, any business event or process can produce an IA. The FASB further notes that there is an embedded conflict in this definition because it contains a departure from the (historic cost( principle. The move to a (forward looking( definition is defended by the FASB in making an argument for further disclosure, not a modification for the format and content of the existing presentation rules. In this presentation, for the purpose of defining IA (internally or externally generated) the FASB definition will be applicable. Intellectual Capital (IC): A business entity uses three types of capital: physical, financial and intellectual[? [vii]. Intellectual capital (IC) is defined as an intangible asset that is not financial or physical and that has been (formalized, captured and leveraged to produce a higher-valued asset([? ][viii]. The raw material, captured and formalized in the process of capitalization of IC, is knowledge. Knowledge resides within an individual, a group of individuals or entity-wide. Knowledge that is structured in a formal manner (usually with an information system, computerized or otherwise) is just data. When it is purposeful and useful, data is considered information. Information made use of is knowledge[? ][ix], which can become an IC. In the discussion of IC, several disaggregation of IC exist. For the purpose of this discussion, the following categorization will suffice as (all inclusive(. This paper does not intend to be exhaustive in its definitions. It can be shown that other examples of IC can be found (and the definition extended) without diluting the effect of the issues at hand. The classification proposed in this paper uses the following examples of IC: Human Capital, Intellectual Capital and Structural Capital. Human Capital (HC) is arguably the most elusive from accounting for in financial or quantitative terms. Some[? ][x] argue that HC is the most active value driver in the business world today. Intellectual Capital (InC) has been at times presented under different names, too: (Patents and brand names[? ][xi]( or Social Capital (the latter is a definition of a hybrid of Human Capital and Organizational Capital. ) InC, abstractly is intellectual property that stem from (or relate to) innovation within the entity(s business. Structural Capital (SC) can be better described that defined: SC is any leverage that can be described in terms of the relationships of functions within the organization and the leverage of entities outside the organization. For example, a customer base relationship – qualified or quantified – is a SC that can be portrayed as an external relationship; an Enterprise Resource Plan (ERP) that allows departments within a company to facilitate resource allocation is an instance of SC. Goodwill: Goodwill is arguably the most conforming IA to GAAP: It is the excess of Fair Value (FV) over Book Value in a purchase transaction. Currently, treatment of any of IA has been confined to Goodwill produced on the balance sheet from acquisition under the purchase method. As the only allowed IA capitalization, Goodwill appear in many studies pertaining account for IA. For GAAP purposes, three tests are applied to allow recognition of an event as an Asset: 1. the event is a past-event, 2. it is measurable and 3. it contains probable future benefit. Goodwill passes the (past event(, (measurable effect( and (future benefit( tests. The reason Goodwill can be seen as a past event is that it is easy to date the creation of an acquisition under the purchase method where the fair value (FV) of an acquired entity is lower than the adjusted basis (AB) to the acquiring entity. Goodwill arising from a consolidation, merger or takeover transaction has produced inconsistent definitions of the (other( classes of IA. For example, at times a well trained workforce is describe plainly as (unrecognized Goodwill( due to the disallowed recognition under GAAP (the proper classification for such a workforce is HC). Although this paper is not intended to disprove these notions, definition clarification can aid in seeing the general direction of accounting for IA Evaluating possible answers to the question of Accounting Treatment of Intangible Assets Treatment by an accounting method is based on Measurement, Recognition and Reporting dimensions. In order to present these dimensions, this paper will attempt to survey the range of possibilities and plot them on three dimensional coordinate axises of possibilities: 0 being the most conservative point and 100 being the most (daring( in terms of relevance and accuracy. Thus, the treatment of IA can create a multi-dimensional view of the accounting classification, reporting and even auditing. Imagine a three dimensional cube with an X, Y and Z axises. On the X axis spread are the ideas about recognition of IA. On the Y axis we shall plot the various metrics (measurement) that are proposed for IA. Finally on the Z axis will lie the proposed solutions for the presentation aspects of IA. The difference between recognition and metrics should be explored further: metrics are the models upon which, ultimately, monetary amounts are made available for classification. Recognition, on the other hand, are the issues that mandate the accounting perspective of the monetary (and possibly non-monetary, too) information that can be captured. The matter of presentation touches on the financial statement and the disclosure issues that surround IA. Measuring and Valuing Intangible Assets Goodwill measurement is the only existing allowed GAAP-related event. The measurability of future benefit from Goodwill is based on known measures of financial events, namely the Adjusted Basis (also known as Book Value, or AB) and the Fair Value (FV). In a Goodwill event, the FV is the purchase price. The AB amount is discernable; the FV amount can arguably be changed according to market and strategic conditions. This discussion will assume, however, that FV is a fixed amount, available to accountants and the public. Therefore, Goodwill is an excess between two set amounts, Fair Value (of assets acquired) and Adjusted Basis (paid by acquiring entity). By definition, this is a measurable amount. Realizing Goodwill can be stated this way: the reason an acquiring entity is willing to pay more for the acquired entity more than the estimated assets( FV is because of difference of assumptions in the definitions of FV. Therefore, the FV to the acquiring corporation is different than the FV to the acquired corporation: the former sees future cash flow that is greater than the cash flow seen by fundamental look at the balance sheet of the acquired entity. In a sense, this is a statement about the value of the effect of (gamma( ( the effect of (growth( ( in the example given elsewhere in this paper (see Appendix). Thus, the acquiring entity sees a measurable amount of inflow of cash that can justify the excessive cost up front. Current research indicates that IA and, in general, non-financial events are measurable. The main conflict is deciding on which model to rely on, and moreover, which model to use as a standard measurement. The problem with measuring IA is that such measurements are too specific to an industry and perhaps to a particular entity. Research yields plenty of data showing how measurements can be conjured up to measure certain non-financial, intangible events. For example, measurements models exist to quantify information[? ][xii], or the value of business alliances[? ][xiii], et cetera. These models show that values of quantity, rate of growth and other statistics can be obtained at a feasible cost[? [xiv]: (existing techniques and expanded use of nonfinancial metrics seem to offer a more cost effective solution. ( However, the FASB Special Report states that making such proprietary measurements useful for general purpose accounting and financial reporting is not likely. The problem with value models or future-inflow metrics is that they are estimates. Like depreciation schedu les, valuation methods are based on assumptions. Because they often include not just one or two variables but numerous independent variables, the number of assumptions grow at least in linear proportion to the number of variables. For example, a Human Resource valuation model by Skandia, an insurance and financial corporation (Sweden) has been criticized for having up to 140 variables[? ][xv]. Unlike depreciation, which requires disclosure of one or two assumptions, disclosure of such complex models, even if they include only 5 to 10 variables, can be quite unfriendly to the user. Furthermore, a multi-variable model is generally susceptible to greater risk of contradicting of any of the assumptions, leading to invalidating the results of the entire model. Generally, measuring IA is a departure from historical cost[? ][1]. GAAP requires that the cost, or past event principle, guide any valuation. This requirement is in keeping with GAAP(s frame work of conservatism. When an IA is appraised in value it becomes a forward-looking measurement which is not compatible with other elements of GAAP. Future Value is the opposite of the principle of reliability in GAAP driven financial reporting: the accuracy of past events reported is the crucial element of its reliability[? ][xvi]. However, value projection can be manipulated to create certain effects. For example, a projection can be made by Management (and included in a financial report) about the future effect of a certain Internet domain name that is owned by a company, such as (money. com(. The projection is unique enough that it cannot be verified by other sources. In order to have measurability of IA, a compromise between the forward looking and historic cost principles is sought. Seemingly, past-based and future based measuring can not be consistent. It may be possible however to reconcile the projective nature of valuating IA and the required verification by historic cost in GAAP by creating an appraisal mechanism. Arguably, appraisals can be done by means of three approaches[? ][xvii]: cost, comparable market or income. Approaches used in Appraisals: Approaches used in Appraisals The cost approach estimates the value of an asset at an arm(s length transaction; this approach is inapplicable to IA; for example, HC is not measurable or even possible to conceive as an (arm(s length( transaction. Goodwill, also by definition, can not be an (arm(s length( transaction because an excess is paid by a purchaser above the FV of an acquired target. Similarly, SC can not be assessed this way because of its unique, untransferable characteristic. The market approach states that appraisals of similar purchased (or sold) goods or services can be a basis for estimating the value of the transferred property. Although a model for HC or InC can be built based on the market appraisals approach, SC can not be fit into a model that includes transferring assets in an exchange. IA of that nature loses its value in such a transfer. The income approach is most fitting to the accounting use in terms of IA. Present Value analysis is available and established within GAAP as a model. Its application in an IA valuation depends on the class of IA. Goodwill, for example, is inherently suited to the income approach valuation: the excess over FV represents the purchaser(s belief in enhanced cash in flow over a known (fixed) length of time, such that this inflow will surpass not only the declared FV but also the (higher) purchase price. However, SC has little known useful life, as does in part InC. For example, a distributed warehousing corporate structure, or a Just In Time production process can not have a reasonable income based appraised value because their useful life is not known, nor can it be averaged in the same way that for example, investment in employee training (HC) can be. However, HC is not completely compatible with the income approach, either: employee satisfaction and loyalty (both IAs) are similar in concept to the element of (going concern( because once HC(s useful life is in doubt, the going concern of the entity is generally in doubt, too. Users of financial statements are often wary of appraisals as they represent – at best – a range of possibilities. Consequently, an approximation of value diffuses the utility of fundamental analysis of the financial statement in question. At worse, appraisals represent a biased, subjective and diverted view point of the management. Even in an honest attempt to value an IA, a range must by provided or alternatively, a tradeoff measure of (confidence level( accompanies any so-called (fixed( dollar amount. In any way, an Appraisal[? ][xviii] does not produce a consistent monetary measure. On the Y axis all appraisals are at the high read: unsubstantiated, (daring() end, at Y=90. A (Real Options( valuation model describes a series of future inflow of cash (or other benefits or desirable effects, such as employee morale) in a recursive manner: the first event (event number 1) in the series is an evaluation of the chance that a successful beneficial event will come to pass i n the second event (event number 2). For events that are not the first event, (Real Options( model defines the event number N+1 as (if event N has been successful to obtain a desired result, evaluation of the possibility of event N+1 to occur is computed, along with the possible benefit of N+1. If event N has a result that is undesirable, the entire process ends. ( So, instead of seeing the model of future cash flow (or desirable result events), a Real Options model does not have a (useful life( but attempts to predict when the series of events will end and what the accumulated result will be. The Real Options model, however weak (in terms of assumptions or addition to understanding of (useful life(), does solves another conflict in measurement of IA: the conflict between consistency of an entity-specific measurement and the fair-value approach. The key for consistency is that no assumptions are made a-priory to using the model: each step has its own unique scenario and set of assumptions that can be extended and extrapolated by an external user or for internal use[? ][xix]. Because it is a projective model where future benefits are based on some assumptions, it can not be much more conservative than any value model conjured up by managers (or auditors). Consequently, (Real Option(s( place on the Y axis is 85. Proprietary Value Models: Although research abounds with successful examples of special valuation model, the test of consistency is a challenge to these models: (1)consistency of measurement over time (because not enough materials have been collected under any particular model) ; (2)consistency between business units (because the measurements are proprietary and a valuation model that fits an insurance corporation(s will be likely mot fit for a flower-delivery corporation or even an academic institution). And (3)consistency with GAAP: although these measurements are all non-GAAP compliant, by definition of this discussion, they do not rely on GAAP in their assumption. These models often use non-financial reporting assumptions that puts them closer to cost accounting than to financial accounting. For example, banks and lending institutions use proprietary value models to assess credit worthiness of certain IA-laden companies[? ][xx], although these valuations are typically limited to IA such as patents or copyrights because they have leverage in marketable or contractual terms[? ][xxi]. Simply indicating to the user ( external or internal ( that certain valuation is (estimated( or (based on a model( without specifying the assumptions, can lead rendering the valuation an act of providing useless or mis-stated financial value. An abstract standard setting is required to fulfill the task of measuring IA. Attribution of Income: IA can be attributed and recognized by measuring normalized operating income and subtracting the portion of income attributable to other classes of assets. This is a generalized value model that is based on fewer assumptions. It, too, can be located at Y=100. Discussion of examining the range of measurements available for Intangible Assets: On the axis of measurement (Y in this paper), some possible points can be plotted: first, measuring cost is the GAAP derived method (Y=0). For example, historic cost of training, benefits and other outlays of resources can be aggregated to measuring the intangible value of Human Capital, as an asset. Of course, whether such measurement can be recognized or reported must be construed on the respective X and Z axis, as presented elsewhere herein. The historic cost measurement will be on the 0 point of the Y axis (Measurement). In contrast, at the maximum point on the Y axis (Y=100), we plot the concept that allows any proprietary value model. Whether it is acceptable as consistent (read: GAAP compliant) or not, value models are available for managers and users of financial information on any IA-based event. Data mining and computer-oriented accounting information system make creating such models a relatively easy task, albeit a proprietary tool for the reporting entity or industry. Appraisals were often hailed as the magic bullet for such metric setting and some might set that to be the magic (Y=50( on the Y axis. But, as shown earlier in this presentation, appraisals are simply value models that have been warranted or certified and are founded on their own (multiple) assumptions. Because applying the right mix of different appraisals methods, human judgement and experience causes variation in the consistency of this valuation[? ][xxii], appraisals can not be a consistent or reliable method of measuring IA. Thus, appraising an IA receives a mark of 90 on the Y axis. As alternative of future benefit inflow models, a (real-options( model is also available to some small relief of the issues. Real Options, too is set at Y=90. Recognition of Intangible Assets Recognition of Intangible Assets There exists a notion that recognizing IA is a threat to proper disclosure of current period expenditures: capitalization of certain outlays can be seen as a scheme for expense deferral, designed to enhance the perceived value to creditors (shareholders et al). Proper classification, processing and reporting structures designed to deter such improper reporting can be effective. Overall, requiring additional disclosure can only enhance the utility of the financial report to its users. On the other hand, it is easy to prove logically (see Appendix) that IA should be recognized, assuming that it can be properly and consistently measured. The argument for capitalization essentially shows that if one assumes that (1) A company must have a growth factor ((gamma() in its assets in order to survive; (2) Outlays of assets (cash) in period N reduces Equity in period N; (3) If (gamma( is present then recognizing outlays as expenses in period N understates Equity in period N; Therefore, the recognition of expenses is inaccurate, and the capitalization of these outlays is required. In this paper, the X axis will become the range of possible recognition treatments of IA. In general, several points of view are identifiable on this axis. Currently, GAAP does not allow for recognition of IA (except Goodwill from purchase transaction) either because of the control test[? ][xxiii] or because of the measurability test (measurability pertains to the Y axis in this model). An opposing view is presented states in essence that IA are either any excess of market value over book value, or that earned income, before depreciation, amortization, and taxes (or some other similar representation of operating income) can be allocated([? ][xxiv] to the different asset classes: fixed, financial and intangible. Finally, using a completely projectionist method future cash flow as the value of an IA (perhaps in conjunction to subtracting the adjusted-basis and adding the disposal value) might allow non-GAAP recognition of an such an IA. GAAP Recognition: Currently GAAP contains no reco gnition of IA, other than Goodwill as provided by GAAP. As discussed in the measurement section, above, Goodwill is recognized only under certain purchases where certain tests of the excess of FV over AB are present, giving rise to Goodwill. However, Goodwill is often realized and recognized when another class of IA should be created, instead. Goodwill is realized and recognized due to an excess of a purchase consideration over FV (GAAP). This excess, however can be disaggregated or classified more finely than simply calling it Goodwill: Take for example a hypothetical acquisition of a Value Added Network (VAN) provider by an Internet Service Provider (ISP). The former provides the communication tools, the phone lines and the data traffic from customer(s homes to the Internet. The latter, the Internet Service Provider, can benefit from this acquisition by avoiding renting the VAN(s and instead capitalizing on the acquisition(s future cash in flows. Moreover, the ISP can direct its customer base to use VAN as a preferred channel, creating certain loyalties, flexibility (for the customers) and other added value benefits. Assuming – under GAAP – that the ISP paid the VAN(s shareholders more than the FV of their stock, an entry for Goodwill is required. However, this entry is a misnomer: the Goodwill is not really for the excess value but for the additional structure capital (SC) of the acquiring entity. Mostly, the VAN(s organizational structure can benefit from this excess (only in secondary order is the future cash inflows of the acquired VAN to the ISP. ) Because Goodwill is the only GAAP compliant IA combined with its possible vagueness or generality, it receives a position of 0 on the X axis. Recognizing only Marketable IA: This method allows for some latitude in recognizing certain IA, for example, patents, copyrights, and contractual leverage (with employees, suppliers or customers). Using this method excludes most internally generated IA because their effect is not legally binding. Recognizing IA based on their enforcability and to some degree, marketability gets placed at X=50. Recognizing All Events: Some knowledge based essays argue that all events in a business entity is one of IA. As such, all otherwise not measured events can be considered intangible and once measured, recognized on the entity(s books. Because it is the most relaxed method, recognizing all non-financial events in an index or model of fair value[? ][xxv] obtains X=100. Recapitulate: Valuation & Recognition Valuation and Recognition of IA has yielded a two dimensional plain on which different methods are available. At the most conservative level, GAAP driven, is the point (X=0,Y=0) which asserts that measuring asset must be according to the past-event principle (historic cost) and that with the exception of Goodwill, no internally or externally generated IA are accounted for. Departing from this basis, on the valuation scale (the Y axis) are proposed method of measuring the value of IA ((future cash flow(, (appraisal( or (real-option( models) make an interesting combination. For example, assume the point (X=0,Y=100) on the X,Y plain is proposed and accepted. This means that a only historic cost (X=0) is realized and yet, that future cash flow (Y=100) is used for measuring the value of these asset. Thus, any hybrid of such a nature (cell D in the Table I) of conventional measurement and unconventional recognition poses the challenge to the third axis in this paper: presentation of IA.    |   |   |   | |   |Recognition: X=0   |X=50 |X=100 | |   |   |   |   | |Valuation |(A) |(B) |(C) | |Y=0 |( IA not recognized[? [2] |( Select IA recognized, based on |( All events recognized, if not | |   |( Historic Cost |market, contractual. |classified elsewhere they are IA | | |   |( Historic Cost |events | | | |( Historic Cost | |   |   |   |   | |Y=85 |(D) |(E) |(F) | | |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | | |( Real option valuation model |market, contractual. classified elsewhere they are IA | | | |( Real option valuation model |events | | | | |( Real option valuation model | |   |   |   |   | |Y=90 |(G) |(H) |(I) | | |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | | |( Appraisal (cost, market, income |market, contractual. classified elsewhere they are IA | | |approaches) |( Appraisal (cost, market, income |events | | | |approaches) |( Appraisal (cost, market, income | | | | |approaches) | |   |   |   |   | |Y=100 |(J) |(K) |(L) | | |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | | |( Proprietary Value Model |market, contractual. |classified elsewhere they are IA | | | |( Proprietary Value Model |events | | | | |( Proprietary Value Model | Table I: Intersection o f measurement and recognition approaches for IA[? ][3] Presentation of Intangible Assets The issue of possible presentation of IA as part of a financial statement must be addressed by the Reporting utilization that such a report contains. Not specifically within the scope of GAAP(s IA (other than Goodwill) are vaguely disclosed in the financial statement. As research shows, some Securities and Exchange Commission regulated corporations disclose Goodwill in aggregated format, while others disclose the underlying detail. Moreover, the other (disclosure( of IA, specifically to the external user, is done by the Management Discussion and Analysis (MD&A) that accompanies most financial statements of publicly held entities. However, MD&A is a really only another form of appraisal, and not unbiased at that, in relation to IA valuation. In reference to accounting for IA, MD&A is inapplicable as interpretation of the value, structure and other forms of unclassified (and unaudited) material statement can become vague in its message to external users. It is important to note that the internal users of a financial statement are slightly better equipped to properly ascertain the message in the financial report; internal accounting practices, cost management and non-financial reporting facilities can aid an internal user to better gauge the weight and context of an IA reference within the financial statement, be it a Goodwill or otherwise disclosed IA. The current GAAP disclosure practice (but not requirement) is at the lower end of the Z axis (Z=0). Under GAAP, a balance sheet of a corporation that might have intangible resources at its disposal might be presented in the following way (example 1): |   | |Balance Sheet, GAAP Driven | |   | |Assets $1000 | |   | |Liabilities (100) | | | |Equity (900) | Example 1: GAAP Driven Balance Sheet Complete inclusion of any intangible resource available to a company is in contrast to the current GAAP treatment. A complete inclusion of non-required disclosure of IA is at the farthest end of the Z axis the concept of full integration of IA in the financial reporting (Z=100) . Of course, this in itself is a valid notion because full disclosure of IA represents expressing mostly relevant information to the user of the financial report. [? ][4] Relevance however, has a trade off with accuracy. The relevance of including any and all IA in a financial statement might hinder on its accuracy; the example below makes this point. Full integration of IA in a financial report can lead to a balance sheet of the following format (example 2):    | |With Considering IA, Complete Inclusion | |   | |Assets $1500 | |(capture events related to both tangible and intangible resources) | |   | |Liabilities (100) | |   | |Equity (1500) | Example 2: Complete Inclusion driven Balance Sheet A possible over-statement of Assets by $500 exists under a complete inclusion method, which is most permissive in relation to GAAP. This type of presentation contains all resource-based events pertaining to the business at hand. It includes both financial and non-financial events pertaining to the entity. Some of this superset(s contents are IA that are externally or internally generated. For example, employee loyalty or positive media coverage are non financial events that affect its financial position. A possible reconciliation between the requirements to present certain financial statement elements (such as fixed assets, financial assets, current and non current liabilities, shareholders( capital et cetera) can be obtained in a tiered financial report. The concept behind a tiered financial report is that the core of any financial report must be GAAP driven. Its benefit to any user must continue in order to provide consistent, accurate and standardized language of communication of a financial position. Within this core, GAAP reporting is one where the balance sheet presents the assets and the claims against them. This fundament is in turn included in a larger set which can include not only cost-related assets but value driven assets, i. e. IA. Conceptually, IA that provide a growth factor (recall: gamma > 1) is meaningful to the financial position of the reporting entity. For example, suppose an internally generated IA such as organizational structure or shared knowledge exist (assuming it can be valued and recognized). Under GAAP IA are not attributed to growth of several periods (by definition, growth is the increase of the value of an asset between successive periods). However, for the users of the financial statement, the information about such growth is important in making educated decision about the going concern and prospects of the entity. Thus, the compromise format of financially reportable events includes a degree of IA-related events that can affect a reasonable user(s decision-making process. This type of reporting mechanism is about mid-way between GAAP and Non-GAAP reporting format, at Z=50. An example of a tiered balance sheet follows (example 3): |   |   | |Without Considering IA |With Considering IA, Tiered Format | |   |   | |N/A |Intangible Asset $300 | | |(Note: Recognize IA events based on historical ost) | |   |   | |Assets $1000 |Assets 1000 | |   |   | |Liabilities (100) |Liabilities (100) | |   |   | |Equity (900) |Equity (900) | |   |   | |N/A |Equity Attributed to Intangible Asset | | |(300) | Example 3: (Padded( Balance Sheet In essence, this type of (padding( of a balance sheet is derived from the set concept introduced above. The (core( statement, consisting only of Asset, Liabilities and Equity, remains intact. An extended set of financial events allow further disclosure of the financial effect of IA (in this example, by using the most aggressive GAAP-departure valuation method). Recapitulate: Recognition and DisclosureRecapitulate Recognition and Disclosure Just as Valuation and Recognition can be plotted on a two dimensional plain, so can the axis of Recognition and Disclosure. Overall, the X,Y and Z axis allow us to examine the problem at hand on a three-dimensional basis. The intersection point of the Recognition alternatives in relation to the Disclosure alternatives follows: |   |   |   |   | |   |Recognition |   |   | | |X=0 |X=50 |X=100 | |   |   |   |   | |Disclosure |(M) |(N) |(O) | |Z=0 |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | |   |( No GAAP required Disclosure, |market, contractual. classified elsewhere they are IA events | | |only discretionary MD&A |( No GAAP required Disclosure, only |( No GAAP required Disclosure, only | | |   |discretionary MD&A. |discretionary MD&A | |   |   |   |   | |Z=50 |(P) |(Q) |(R) | | |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | | |( Tired ((Padded() Financial |market, contractual. |classified elsewhere they are IA events | | |Report |( Tired ((Padded() Financial Report. ( Tired ((Padded() Financial Report | |   |   |   |   | |Z=100 |(S) |(T) |(U) | | |( IA not recognized |( Sele ct IA recognized, based on |( All events recognized, if not | | |( Full financial incorporation |market, contractual. |classified elsewhere they are IA events | | |of IA – undefined |( Full financial incorporation of IA. |( Full financial incorporation of IA | Table II:Intersection of measurement and reporting approaches for IA. Cells M-U describe the X,Z plain (the letter are assigned sequentially). To complement tables I and II, the intersection of valuation alternatives and disclosure methods available are included in Table III: |   |   |   | | |   |Disclosure |   |   | | |Z=0 |Z=50 |Z=100 | |   |   |   |   | |Valuation |(V) |(W). (A1) | |Y=0 |( No GAAP required Disclosure, |( Tired ((Padded() Financial Report. |( Full financial incorporation of IA | |   |only discretionary MD&A |discretionary MD&A. |( Historic Cost | | |( Historic Cost |( Historic Cost | | |   |   |   |   | |Y=85 |(A2) |(A3) |(A4) | | |( No GAAP required Disclosure, |( Tired ((Padded() Financial Report. ( Full financial incorporation of IA | | |only discretionary MD&A |( Real option valuation model |( Real option valuation model | | |( Real option valuation model | | | |   |   |   |   | |Y=90 |(A5) |(A6) |(A7) | | |( No GAAP required Disclosure, |( Tired ((Padded() Financial Report. ( Full financial incorporation of IA | | |only discretionary MD&A |( Appraisal (cost, ma rket, income |( Appraisal (cost, market, income | | |( Appraisal (cost, market, |approaches) |approaches) | | |income approaches) | | | |   |   |   |   | |Y=100 |(A8) |(A9) |(B1) | | |( No GAAP required Disclosure, |( Tired ((Padded() Financial Report. |( Full financial incorporation of IA | | |only discretionary MD&A |( Proprietary Value Model |( Proprietary Value Model | | |( Proprietary Value Model | | | Table III:Intersection of measurement and disclosure approaches for IA. DiscussionDiscussion The problem of Intangible Assets revisited Conceptually, the accounting for IA is at the heart of the framework that links the Balance Sheet and the Income Statement: at its core the balance sheet is a statement of resources while the income statement is a an expression of the utilization of these resources (tangible or otherwise available to the entity). Coupled, the traditional balance sheet and income statement includes only tangible resources. However, the traditional Income Statement includes activities that stem from using all available resources. In the asymmetry lies the reason for inclusion of IA resources on the Balance Sheet. For example, outflows for compensation is often the single largest expense of a corporation. Yet, employee knowledge, or other types of Human Capital are rarely disclosed. Further, any activities that are profitable, i. e. where the growth factor ((gamma() is greater than 1, are attributed only the tangible resources. Classes of Intangible Assets IA can be divided to two classes: resources that are within the control of the organization and resources that are only partially within the control of the organization. To maintain a mathematic model, we can introduce OC, Organizational Control, such that: For IA such as Customer Base and Customer Relations Index, Vendors( Credit and Trust, Internal Production or Service Procedures, OC = 1. 0, i. e. there is complete control over the resource, which is an intangible asset; For IA such as Human Skill Level , Employee Satisfaction and public Relation Index ((Public Image(), OC < 1. 0. The following is an imaginary – yet possible – comparison of two companies that might have different levels of Organizational Control over their IA, classified according to their business type. Table IV is an illustration of OC levels: |   |   |   | |   |(Tobacco and food conglomerate(|(Northeastern Ice-cream | | | |Manufacturer( | |   |   |   | |Organization Control Level = 1. 0 |   |   | |   |   |   | |Customer Base |1. 0 |1. | |   |   |   | |Vendor(s Credit |1. 0 |1. 0 | |   |   |   | |Internal Production Procedures |1. 0 |1. 0 | |   |   |   | |Organization Control Level < 1. |   |   | |   |   |   | |Human Skill |0. 9 |0. 7 | |   |   |   | |Employee Satisfaction |0. 8 |0. 8 | |   |   |   | |Public Image |0. 5 |0. 9 | Table IV:The (determined) values of Organizational Control (OC) over Resources We assume these values derive from internal yet consistent studies and valuation, we can see that for the first three (classified as IA over which the entity has complete control) the OC value remain 1. 0. This simply indicates an existence of an IA (completely within the company(s control). The second group of so called (assets( (or generally: resources) are not completely within the control of their respective entity. We can say, perhaps, that the ice cream factory workers need less training than the tobacco production plant workers but that they are equally satisfied. Further it is clear that the tobacco conglomerate has less leverage in their public image (OC = 0. 5) than the ice-cream maker (OC=0. 9). The important point about all these resources is that the entities are not controlling the value drivers. Therefore, for example, their public images is different and it can not be enlisted as an (asset( because it is outside the scope of their respective control. [? ][5] The three sets of resource group can be summarized as follows: The most inner core of assets that are GAAP driven: Tangible Assets that are at the core of the Income Statement and Balance Sheet pair. These assets produce tangible activities such as cash (inflow) or products (output). The intermediate outer tier consists of resources that are fully under the control of the entity, thus they can be classified as Assets, albeit intangible: they too produce activity such as competitive edge (HC) and customer loyalty (SC). In contrast to HC and SC, the outmost tier class of resources are intangible resources that are not fully under the control of the entity thus fail the control test of the definition of an Asset. In a sense, the inner set of Balance Sheet and Income Statement represent the fundamental analysis that an external or internal user of these statement might be interested in. Under this framework, fundamental ratios and projections are available in the most traditional sense. Extrapolating from that tier, the resources described as (true( Intangible Assets, i. e. hat they are measurable resources that occurred in the past and are within the entity(s full control, describe the effect of growth and going concern. Growth is indicative of innovation or competi tive edge, while going concern is more general and encompasses other factors. In this vein it has been shown that IA are a source of both growth and continuity: IA are key to strategic planning and success[? ][xxvi]. Resources such as reputation, employee know-how, and organizational culture were also linked to success factors of companies[? ][xxvii]. Finally, the outer tier of partially controlled resources can be described ( if so wished by the reporting entity ( as additional disclosure of interest to the user of a financial report. The outer tier is only marginally useful because of the lack of full control the reporting entity might have over factors such as public image. It will be interesting to see if the two outer tiers of resources will play out in future disclosure: the FASB is now encouraging companies to discloses elements of intangible assets in their financial reports. However, from a review of the two tiers it seems that disclosing resources in the intermediate tier can add to the reporting utilization of the entity(s financial report, perhaps if it is presented in a two tier Balance Sheet ((padded(, described earlier). Resources that are not within the complete control of the entity (the outer tier(s elements) will most likely not be disclosed. Assuming a valid and consistent index can be obtained   (by an external review, for example), there can be usefulness to disclosing elements of intangible resources which are (true( IA such as index of customer base, customer loyalty and vendors( credit which reflect on a positive (going concern(. In contrast, disclosure of elements such as employee retention, public image and human skill index, can provide external users a marginal utility regarding the activity and prospects of the entity. Conclusion Measurement of IA is the area where the disparity is widest (on the Y axis in this discussion(s three dimensions model). The alternatives to historic cost are valuations based on proprietary models or based on certified models. Both alternatives are insufficient because they require judgement which lead to substantial variation. Historic cost is most consistent but inapplicable because it can not measure certain IA such as customer base or affiliations and alliances. Therefore, an allocation approach is suitable: computing the ratio of growth in equity to fixed, financial and intangible asset allows measurement of IA at least as a class of resources on the balance sheet statement[? ][xxviii]. Further discussion and research is required in order to properly weigh the specific intangible assets within this class, and thus compute the financial value attributed to it. Generally, the emergence of IA and in general, intangible resources, is unavoidable. The accounting profession should treat this type of financial event within its GAAP guidelines and not attempt to preclude it from recognition. Plainly, accounting for IA by including it in the financial statement (specifically, as part of the Balance Sheet) is not helpful to the external user. Such recognition will simply inflate the value of corporations and will cause comparisons to be more difficult and the financial statement viewed more skeptically. However, by methodically presenting IA in a tiered manner, users of the financial statement can view the traditional fundamental (current) GAAP elements as well as supplementary elements. In a sense, allowing companies to literally (pad( their balance sheet with separate IA and IC (Equity due to IA) will put to a (vote( of the external and internal users the concept of systematic disclosure. To wit, instead of a honorable mention in the MD&A section or a buried treasure in the footnotes to the financial statement, disclosing IA on the face of the balance sheet, without reducing its existing utility, might be a solution to the emerging need to report IA as a financial event. References [pic] [pic] [1][1]IA are often labeled knowledge assets. Much has been written about a knowledge economy and some attempted to define all resources as knowledge-based. The device in which this is possible is usually illustrated by an example of an organization that can be described all in terms of knowledge. Such zeal is convincing only to the extent that a counter example is not produced. Knowledge is information produced by data and ideas. Transforming knowledge to a benefit producing resource ((value() converts knowledge to an IA. Thus, in terms of scope of valuation of IA, not all business process are considered IA: only business processes that have not been measured or presented elsewhere can be considered measurable for purposes of this discussion. [2][2]In all the instances of Y=0, IA is not recognized except for Goodwill in purchase. [3][3]The recent FASB sponsored attempt to account for certain types of IA by rules of annual impairment valuation (read: appraisal valuation method) is position in box (B( of Table I: using historic cost and a (certified) appraisal of fair value of an IA to trigger both valuation and recognition. 4][4]However, (strange bedfellows( effect might occur if we simply plot the Z axis against, say the Y axis (measurement): the point (Y=0, Z=100) yields an IA that (is not recognized (Y=0)( and (integrated in the financial report( (Z=100). Therefore, at least from a practical point of view, these type of pairing with GAAP (Y=0 and Z=100) can not be used for our analysis: this point in our exploration model is undefined. [5][5]It is the public, the society in which they operate for example, that determines which company is the (Kind American Corporation( and which is the (Evil American Corporation. ( [i][i]. ABI-Inform is available via the Internet from ProQuest Information and Learning Company. [ii][ii]. Accuracy of the yield and direct capitalization methods: A twenty-year empirical study of the electric utility industry(; Assessment Journal Chicago; Richard R Simonds; Vol. 6; No. 4; pp. 49-55 [iii][iii]. Internet: available: www. dictiornary. com. Source of this citation: 1997 Princeton University. [iv][iv]. Internet: available: www. dictionary. com. Citation source: The American Heritage Dictionary of the English Language, 4th Edition. [v][v]. FASB presentation, Nakamura in 4th Annual Intangible Assets Conference, Ross Institute, New York University, May 2001. [vi][ vi]. Financial Accounting Standards Board; Special Report : Business and Financial Reporting, Challenges from the New Economy; Wayne S. Upton, Jr; No. 219-A; April 2001 p. x (Executive Summery). [vii][vii]. Lynn, Bernadette, CMA; Intellectual Capital Key to Value added Success in the Next Millennium; Society of Management Accountants of Canada, CMA Magazine. Available: Internet http://www. cma-canada. org. [viii][viii]. Lynn, Brenadette. [ix][ix]. Data is the superset of information which in turn is the super set of knowledge. Purposeful and formal conversion of data to information and information to knowledge, creates Intangible Capital, which can be leveraged. [x][x]. Berry, John; MIT, Wharton Search for IT Asset Metric; Internetweek; Manhasset; Feb 5, 2001. [xi][xi]. (†¦ Brand assets and patents are knowledge assets, not just technology(. Companies May Be Unwittingly Ignoring The Bulk of Their Asset Value; Investor Relation Business; New York; Dec. 3, 1999; p. 4. [xii][xii]. Hal Varian; How Much Information is Produced Worldwide? University of Berkeley; Presented in the 4th Intangibles Conference at New York University, Stern School of Business, Ross Institute of Accounting Rese arch; May 2001. [xiii][xiii]. Christopher Tucci; The Value of Collaborations and Alliances; New York University; Presented in the 4th Intangibles Conference at New York University, Stern School of Business, Ross Institute of Accounting Research; May 2001. [xiv][xiv]. FASB; Special Report; Chapter 2. [xv][xv]. John Rutledge, You(re a Fool if You Buy into This One; Available: ABIinfrom. [xvi][xvi]. Alfred M. King, Jay M. Henry; Valuing intangible assets through appraisals; Strategic Finance; Vol. 81, No. 5, Montvale; Nov. 1999. pp. 32-37. [xvii][xvii]. Alfred M. King, Jay M. Henry, Strategic Finance, Nov. 1999. [xviii][xviii]. Lawrence C. Rose; Accuracy of Appraisers and Appraisal Methods of Closely Held Companies; Entrepreneurship Theory and Practice (ET&P) Vol. 17, No. 3; Spring 1993; pp. 21. [xix][xix]. FASB; Special Report; p. 39 [xx][xx]. Alfred M. King, Jay M. Henry, Strategic Finance, Nov. 1999. [xxi][xxi]. Wiley A. Scott, Jr. ; Borrowers( Intangibles May be Off-Balance-Sheet Gold; Commercial Lending Review Vol. 9, No. 3; Boston; Summer 1994, pp. 26. [xxii][xxii]. Lawrence C. Rose; Accuracy of Appraisers and Appraisal Methods of Closely Held Companies; Entrepreneurship Theory and Practice (ET&P) Vol. 17, No. 3; Spring 1993; pp. 21. [xxiii][xxiii]. FASB; Special Report; Chapter 4. [xxiv][xxiv]. Lev, Baruch. [xxv][xxv]. IAS 36 defines (value in use( as (future cash flows expected to arise from the continuing use of an asset. [xxvi][xxvi]. Joseph A. Patrick et al; Global Leadership Skill and