Report on Accounting for Grand Progressive- myassignmenthelp

Question: Discuss about theReport on Accounting Standards for Grand Progressive. Answer: Introduction The issue presented in the question is that the company Grand Progressive Ltd has a 33% interest in the share capital of Massive Dynamic Ltd. The founders of the company Massive Dynamic Ltd., Mr. and Mrs. Bell own the rest of the shares and have allotted three out of five seats in the Board of Directors to the Grand Progressive Limited. Grand Progressive Ltd takes the lead on all decisions but the business is closely monitored by Mr. and Mrs. Bell who hold the other two board positions. Now it has been asked in the question to advise the directors of Grand Progressive Ltd on the basis of the laid down regulations of Australian Accounting Standards Board (AASB). Advise to the Directors of Grand Progressive Limited According to the laid down structure and regulations of the AASB 127, it is mentioned that if an entity holds twenty percent or more of the shares in the share capital of the company that is if it has twenty percent or more voting power in the company then it may exert significant influence over the control of the company. In order to evidence the influence of the entity over the company whose shares are purchased, certain common occurrences may be followed like representation of the shareholding company in the board of directors; participation in the decision making processes of the company; transactions which are material in nature between the investee and the entity; personnel interchange between the entity and investee and also obtaining required technical information from the entity. However the provision of significant influence does not really depend on the percentage of shares owned by the entity. The case may be such that the majority of the shares may be owned by some other entity but the significant influence might be exercised by another entity (Howieson 2013). The above conditions or situations mentioned, is matching with the provisions provided to Grand Progressive Limited to by Massive Dynamic Limited. The directors of Grand Progressive Limited, though own only 33% of the share capital (which is more than 20%) , represent majority of the members of the Board. Thus it is evident that the company has a significant control over the control of Massive Dynamic Limited. The directors of Grand Progressive Limited should also be aware of the fact that the potential voting rights of the company might also be reduced or increased as the case may be. This may be done by converting the shares into other financial instruments (Carey, Potter and Tanewski 2014). If the investment in preferred shares is assumed to be same as the investment in ordinary shares then the entity may have significant influence thus the particular investment should be accounted for using the equity method. The investment done by Grand Progressive Limited on Massive Dynamic Limited has to be accounted by equity method. This is because the investor irrespective of the percentage of shares owned by it in the share capital has displayed enough control in the decision making process of the investee company. For an instance the Grand Progressive Limited holds three seats in the total of five seats in the Board of Directors. This significantly indicates that the shareholdings by the entity are to be accounted by equity method (AASB, C.A.S., 2015). But according to AASB 127, the directors of Grand Progressive Ltd have to publish separate financial statements in addition to consolidated financial statements. Though it has been mentioned above that the shares owned by the entity that is Grand Progressive Ltd may be most probably in the nature of preferred shares, therefore has significant control over Massive Dynamic Ltd but as it is not a proven fact, that is why according to AASB 127 the entity has to prepare separate financial statements (AASB, C.A.S., 2014). The separate financial statements that are to be prepared are to be done in accordance with the standards as set in AASB 9 or by following the equity method as states in AASB 128 or at cost. The directors of Grand Progressive Ltd should keep in mind that the entity will have to apply the similar accounting for all categories of investments. Investments treated at cost or with the help of equity method will have to be accounted for in line with the laid down rules and regulations as in AASB 5 Non-current Assets Held for Sale and Discontinued Operations when these investments are categorized as held for sale or for the purpose of distribution (Hughes and Hoy 2013). The entity, Grand Progressive Ltd will have to undertake the application of all relevant standards when disclosures are provided in the separate financial statements. An entity if at any time becomes the parent company then it may make a choice of not preparing the consolidated financial statements and only prepare the separate financial statements. When the parent company is preparing the financial statements then it should be kept in mind that this fact should be very importantly mentioned in the disclosures that this is the only financial statements prepared by the entity and no other consolidated financial statements are prepared (CRSTEA and CIOLOMIC 2014). As mentioned in the question the directors of Grand Progressive Ltd though occupy the majority of the number of Board members in the Massive Dynamic Ltd and take a lead on the decision making processes but the business is closely monitored by the founders of Mr. and Mrs. Bell. This should be noted by the directors of the Grand Progressive Ltd. This is because as the Grand Progressive Ltd takes a lead in every major decision making process of the business, therefore the directors should take serious initiative in observing the proceedings of business closely and then provide required input in the decision making process. Another proceeding of the AASB 127 that has to be kept in mind is that when an entity is preparing separate financial statements then it shall be done in accordance to the standards laid down in AASB 10, AASB 11 or AASB 128 whichever the case may be. In the separate financial statements prepared by the entity the fact that only the separate financial statements are prepared and also the reasons as to why this decision of preparing separate financial statements is taken. Other obligations like the name of the investee, the primary place of business, the percentage of ownership of the entity in the investee company and the details of the method that is used in order to treat the particular investment that is incurred. Thus as it can be understood from the above descriptions the directors of Grand Progressive Ltd should be more efficient and sincere in executing the duties on behalf of the Massive Dynamic Ltd and should strictly follow the standards as mentioned in the AASB 127 (Taylor, Richardson and Taplin 2015). Why is it necessary to make adjustments for intra-group transactions? It is necessary to make adjustments for intra-group transactions especially while only preparing separate financial statements. But before understanding the reason behind it, at first the term intra-group transaction needs to be understood. The term intra-group transaction refers to the transaction that takes place in between entities that are in the same group. While preparing consolidated financial statements the intra-group transactions are not required. This is because from the perspective of a group, they do not arise hence eliminated. According to AASB 127 the intra-group balances, expenses and income and transactions should be totally eliminated. It is also mentioned in AASB 127 that if incase temporary disparities or differences arise due to the fact that the profits and losses have been eliminated then the tax effect accounting might be utilized (Gordon 2012.). In much more simple terms intra-group transactions take place when one part of an entity is engaged in a transaction with another art or unit of the same entity. These transactions may arise due to a vast number of reasons including the normal course of business transactions that occur between two partner firms or parent subsidiary firms or an entity holding a certain portion of shares in the investee company. If two subsidiary firms or firms which are in any way related belong to the same domain of industry then it is very easily possible for entities to interchange or exchange inventory provided that it is a consolidated entity. Again assets transferred such as plan asset between two entities will definitely recorded in the books of both the entities as transaction with third parties and they would also get the added benefit of changing the inventory in accordance to the current demand in the market. If observed from the perspective of a consolidated entity, the transaction that ha s taken place intra-group is still not recognized because of the fact that unrelated parties are not involved therefore the disclosure included in the consolidated financial statements should not display any intra group balance (Grossi 2015). There are certain journal entries that are required in order to adjust the intra-group balance. This might be done by eliminating the intra-group sales by debiting the sales account with the amount of sales and crediting the Cost of Goods Sold account with the same amount. In order to remove the unrecognized profit and adjust the inventory that has been overstated the Cost of Goods Sold account has been debited with the amount of profit or loss that is incurred and the inventory account is credited with the same amount. The effect on tax that would be resultant from the removal of profit can also be adjusted between the two entities (Director I, Director M.K.S.L.E. and Director M.J.K.S 2014). Therefore the consolidated financial statements are essentially the statements of the group which is again an economic entity that constitutes of the parent and its subsidiaries. This is why the consolidated financial statements has the capacity to only have assets and liabilities, profits that are linked with parties who are outside the group. Adjustments for intra-group transactions are absolutely necessary as they are the internal affairs of the economic entity. This concept is also applicable to a consolidated entity. Therefore transactions between these parties which are intra-group in nature will have to be totally adjusted as because they are treated as a single unit. Hence the adjustments for intra-group transactions are absolutely necessary and must be done on highest priority (Carey, Knechel and Tanewski 2013). Conclusion Thus the directors of Grand Progressive Ltd should be aware of the above mentioned facts and act accordingly. They should be more vigilant towards monitoring the various operations of business and should be well informed about the duties that they have to perform. Moreover the laid down standards in AASB 127 should be strictly followed by the directors. References Howieson, B., 2013. Defining the Reporting Entity in the Not?for?profit Public Sector: Implementation Issues Associated with the Control Test. Australian Accounting Review, 23(1), pp.29-42. AASB, C.A.S., 2015. Investments in Associates and Joint Ventures. AASB, C.A.S., 2014. Business Combinations. Disclosure, 66, p.77. Carey, P., Potter, B. and Tanewski, G., 2014. AASB Research Report No. Hughes, M. and Hoy, S., 2013. Two Steps Backward and One Step Forward: The IASB's Response to Off-Balance Sheet Financing Through Investments in Other Entities. CRSTEA, A. and CIOLOMIC, I.A., 2014. Public Sector Consolidated Financial StatementsArea and Methods. AMIS 2014, p.594. Taylor, G., Richardson, G. and Taplin, R., 2015. Determinants of tax haven utilization: evidence from Australian firms. Accounting Finance, 55(2), pp.545-574. Carey, P., Potter, B. and Tanewski, G., 2014. Application of the reporting entity concept in Australia. Abacus, 50(4), pp.460-489. Gordon, I., 2012. Superannuation in Society: What are the Accountability Relationships and is there a Role for (Group) Accounting?. Australian Accounting Review, 22(2), pp.142-154. Grossi, G., 2015. Consolidated financial statements in the public sector. Public sector accounting, pp.63-76. Director, I., Director, M.K.S.L.E. and Director, M.J.K.S., 2014. Company Secretary. Paul Schultz HEAD OFFICE REGISTERED OFFICE Level, 1, p.91. Carey, P., Knechel, W.R. and Tanewski, G., 2013. Costs and Benefits of Mandatory Auditing of For?profit Private and Not?for?profit Companies in Australia. Australian Accounting Review, 23(1), pp.43-53.

American History Timeline From 1860 to 1870

American History Timeline From 1860 to 1870 1860 February 27, 1860: Abraham Lincoln, a lawyer from Springfield, Illinois, gave a speech at Cooper Union in New York City. Lincoln delivered a forceful and well-reasoned argument against the spread of slavery and became an overnight star and a leading candidate for the upcoming presidential election.March 11, 1860: Abraham Lincoln visited the Five Points, the most notorious slum in America. He spent time with children at a Sunday school, and an account of his visit later appeared in newspapers during his presidential campaign.Summer 1860: Candidates did not actively participate in campaigning in the mid-1800s, though Lincolns campaign used posters and other images to inform and win over voters.July 13, 1860: Albert Hicks, a pirate convicted of murder, was hanged on present-day Liberty Island in New York Harbor before thousands of spectators.August 13, 1860: Annie Oakley, sharpshooter who became an entertainment phenomenon, was born in Ohio.November 6, 1860: Abraham Lincoln was elected president of the United States. December 20, 1860: In response to Lincolns election, the state of South Carolina issued an Ordinance of Secession and declared it is leaving the Union. Other states would follow. 1861 March 4, 1861: Abraham Lincoln was inaugurated as the president of the United States.April 12, 1861: In the harbor at Charleston, South Carolina, Fort Sumter was attacked by Confederate guns.May 24, 1861: Death of Col. Elmer Ellsworth, an event which energized the North in the war effort.Summer and Fall, 1861: Thaddeus Lowe began the U.S. Army Balloon Corps, in which aeronauts ascended in balloons to view enemy troops.December 13, 1861: Prince Albert, the husband of Britains Queen Victoria, died at the age of 42. 1862 May 2, 1862: Death of writer and naturalist Henry David Thoreau, author of Walden.September 17, 1862: The Battle of Antietam  was fought in western Maryland. It becomes known as Americas Bloodiest Day.October 1862: Photographs taken by Alexander Gardner  were put on public display at Mathew Bradys gallery in New York City. The public was shocked by the carnage depicted in the photographic prints. 1863 January 1, 1863: President Abraham Lincoln signed the Emancipation Proclamation.July 1-3, 1863: The epic Battle of Gettysburg  was fought in Pennsylvania.July 13, 1863: The New York Draft Riots began, and continue for several days.October 3, 1863: President Abraham Lincoln issued a proclamation declaring a Day of Thanksgiving to he observed on the last Thursday in November.November 19, 1863: President Abraham Lincoln delivered the Gettysburg Address while dedicating a military cemetery at the site of the Battle of Gettysburg. 1864 January 3, 1864: Death of Archbishop John Hughes, an immigrant priest who became a political force in New York City.May 13, 1864: The first burial took place at Arlington National Cemetery.November 8, 1864: Abraham Lincoln won a second term as president, defeating General George McClellan in the election of 1864. 1865 January 16, 1865: General William Tecumseh Sherman issued Special Field Orders, No. 15, which was interpreted as a promise to provide forty acres and a mule to each family of freed slaves.January 31, 1865: The Thirteenth Amendment, which abolished slavery in America, was passed by the United States Congress.March 4, 1865: Abraham Lincoln was inaugurated for his second term as president of the United States. Lincolns second inaugural address is remembered as one of his most notable speeches.April 14, 1865: President Abraham Lincoln was shot at Fords Theatre and died the next morning.Summer 1865: The Freedmens Bureau, a new federal agency designed to help the freed slaves, began operation. 1866 Summer 1866: The Grand Army of the Republic, an organization of Union veterans, was formed. 1867 March 17, 1867: The annual parade for St. Patricks Day in New York City was marred by violent clashes. In the following years, the tone of the parade was changed and it became a symbol of the emerging political power of the New York Irish. 1868 March 1868: The Erie Railroad War, a bizarre Wall Street struggle to control shares of a railroad, played out in the newspapers. The protagonists were Jay Gould, Jim Fisk, and Cornelius Vanderbilt.May 30, 1868: The first Decoration Day  was observed in the United States. The graves of Civil War veterans were decorated with flowers at Arlington National Cemetery and other cemeteries.February 1868: Novelist and politician Benjamin Disraeli became Prime Minister of Britain for the first time.Summer, 1868: Writer and naturalist John Muir arrived in Yosemite Valley for the first time. 1869 March 4, 1869: Ulysses S. Grant  was inaugurated as president of the United States of America.September 24, 1869: A scheme by Wall Street operators Jay Gould and Jim Fisk to corner the gold market nearly took down the entire U.S. economy in what became known as Black Friday.October 16, 1869: A weird discovery on an upstate New York farm became a sensation as the Cardiff Giant. The huge stone man turned out to be a hoax, but still fascinated a public which seemed to want a diversion.

How Michael Phelps Body Type Made Him a Strong Swimmer

How Michael Phelps Body Type Made Him a Strong Swimmer When you look at Michael Phelps body, its easy to see some of the features that made the lanky guy with the long arms and big feet the most accomplished Olympic swimmer in history. But how exactly did all those parts work together? Phelps retired from competitive swimming in 2016 after winning five gold medals and a silver medal in the Summer Olympics in Rio de Janeiro. Hes the most decorated competitive swimmer in history, having won eight Olympic gold medals in 2008 and four gold and two silver medals in 2012. Hes known as an intense competitor who practiced tirelessly to be in top form for Olympic competition. But he had more than a few physical advantages over fellow swimmers. Simply put, Phelps has the anthropometrics of the perfect swimmer. From head to toe, his body type and proportions are uniquely suited for swimming with both speed and endurance. Phelps Is Tall With a Huge Wingspan First, hes tall, but not too tall. At 6 4 Phelps probably would be about average for a professional basketball player, but as a swimmer, his height (or more accurately, his length) gives him enough glide in the water to provide a little extra forward momentum. Next, his arm span (or wingspan as some call it) of 6 7 is exceptionally wide even for a man of his height. His arms act almost like oars on a rowboat, giving him incredible pulling power in the water. His wingspan is a big reason for Phelps success with the butterfly stroke, which relies heavily on the upper arms and back to push and pull a swimmer through the water. Then theres his unusually long upper body, roughly the length one would expect to see on a man who is 6 8 tall. His long, thin and triangle-shaped torso helps him with his reach, especially on strokes like the butterfly and the freestyle. His torso is more hydrodynamic than the average swimmers, meaning its able to move through the water with less drag. But Phelps Short Legs Are Perfect Too Phelps lower half is hydrodynamic too. But while his arms give him an advantage by being longer, his legs give him an extra kick (literally) by being a little shorter than one would expect for a guy of his size. Phelps legs, which are roughly those of a man about 6 tall, help with kicks and give him more power in turns at the wall, where crucial seconds can be lost or won during competitions. We havent even factored in Phelps enormous hands and flipper-like size 14 feet. Both let him push and pull more water than other swimmers, adding to his overall speed.   Phelps Body Is Double-Jointed If all that isnt enough, Phelps also is double-jointed. He doesnt have extra joints as the term implies, but his joints have more mobility than average. Most swimmers - and some dancers- work hard to stretch their joints to make themselves more agile, which in turn makes performance easier. With his more flexible joints, Phelps can whip his arms, legs, and feet through a greater range of motion than most swimmers. Phelps Produces Less Lactic Acid But Phelps unique build isnt his only advantage in competitive swimming. Most athletes need recovery time after exerting themselves because the body produces lactic acid, causing muscle fatigue. Phelps body produces less lactic acid than the average person, so he has a much faster recovery time. In the Olympics, being able to bounce back quickly and compete again are distinct advantages for any athlete. When you add up all the parts, its easy to see what makes Phelps the perfect swimmer. Its amazing to consider that someone so well-built for the sport managed to find his way into swimming, but not at all surprising that Phelps was as good as he was.

TOBACCO COMPANIES AND PRODUCT SAFETY Assignment

TOBACCO COMPANIES AND PRODUCT SAFETY - Assignment Example Thus it is very important to set a strict code of business or marketing ethics for every company in order to avoid the existence of unethical behavior within the business operations. This is also applicable in the selling of the products or services involving the behavior of the salesman (Carroll and Buchholtz, 2009). Deregulation within various industries has raised the scope of committing unethical activities which in turn have resulted in intense competition between all the companies within the industry. It is the competitive pressure mixed with the uncertainty in the existence which has resulted in compromising with the business ethics by the organizations (Barnett, 2007). There are a large number of evidences claiming that many organizations have violated the ethical rules and regulations within last few years. As the buyers cannot identify or evaluate the purchasing variables or purchasing criteria, it results in giving possible chances for the markets to conduct various unethi cal activities at an increasing rate (Carroll and Shabana, 2010). Because of the unethical activities the organizations seek to achieve short term profits but in a broader aspect it negatively impacts the image, goodwill or reputation of the organization. The organizations that were suspected of performing various unethical activities had also to suffer from the legal terms. The businesses generally perform these sorts of unethical activities for achieving their short term goals or objectives, but there are evidences which claim that it declines their reputation in each and every sphere. The unethical activities might be conducted by the marketers in different manner. They might be providing misleading information to the customers in order to persuade them in their purchasing decisions (Curwen and Whalley, 2005). Another example of performance of unethical activities includes charging higher prices for lower quality of products or services. Thus it can be said that one organization conducts its business performance by unethical means in order to achieve short term profits and they face the consequences hampering their reputation in the latter part (Friedman, 2004). The case study deals with the unethical activities conducted by the tobacco producing companies in United States. It represents how the companies neglected the standards set by the department of justice i.e. DOJ in United States. According to the district judge, if DOJ could prove that the big tobacco producing companies are performing deceptive activities for their short term profit seeking purpose, then they would be penalized strictly and have to pay a heavy amount of money. This paper would be highlighting the moral or ethical issues related to the selling of products or services in the market. The responsibilities or duties of an organization towards its organization are very significant. Theories or literatures would be reviewed for strengthening the entire arguments made in this paper. The pa per would be finding the key issues that might be taken into consideration while solving the case study. It would be starting with an introduction about the duties and responsibilities of an organization towards its consumers. Duties of the Companies There is a big procedure involved in the offering of products or services to the consumers. An organization has to handle a large number of duties for dealing with

Complementary Therapeutic Nursing Interventions Coursework

Complementary Therapeutic Nursing Interventions - Coursework Example The paper tells that the evidence presented in the research report supports the conclusion that accounting of Medical Administering Errors (MAEs) ought to be anonymous in addition to being without unhelpful consequences. Both the reviewed literature and the results highlighted that MAEs are a problem in many hospitals. The results of the study confirmed the existence of the problem as 66.9 percent of the nursing professionals who took part in the study reported experiencing Medical Administering Errors (Lin & Ma, 2009). The research was performed out of the need to improve the quality of health that had been on the decline in Taiwan due to MAEs. In view of this, the results of this study indicated that 87.7 percent of nurses were willing to report MAEs. Hence, the real problem was not underreporting of MAEs but the complexity that come with reporting MAEs such as negative consequences and lack of anonymity. Other evidence presented in the research support the conclusion that negative consequences promote underreporting of MAEs. For instance, the results of the study showed that the odds of eagerness to report Medical Administering Errors improved 2.66 times in privately run rest homes (p = 0.032,confidence interval = 1.09-6.49), and 3.28 in charity hospitals (p = 0.00, confidence interval = 1.73 to 6.21) as contrasted to community hospitals. The explanation of this observation is that privately run and charitable hospitals encompass more flexible as well as receptive organizational environments than community hospitals. ... Other evidence presented in the research support the conclusion that negative consequences promote underreporting of MAEs. For instance, the results of the study showed that the odds of eagerness to report Medical Administering Errors improved 2.66 times in privately run rest homes (p = 0.032,confidence interval = 1.09-6.49), and 3.28 in charity hospitals (p = 0.00, confidence interval = 1.73 to 6.21) as contrasted to community hospitals (Lin & Ma, 2009). The explanation of this observation is that privately run and charitable hospitals encompass more flexible as well as receptive organizational environments than community hospitals. Hence, nurses working in these hospitals tend to report MAEs more. Another explanation could be that community hospitals may perhaps make nursing professionals very perceptive of hospital targets toward quality enhancement. As a result, nurses may occasionally have chosen not to account for medical administering errors events, to evade being answerable f or a letdown to accomplish the goal. Ethical Issues that may have arisen while conducting the research One of the ethical issues that could have arisen in this study is consent to take part in the study. In longitudinal studies, informed consent must be obtained at several stages of the research. In the case of Lin and Ma (2009), ethical consent was only required before filling the questionnaires. This type of consent is known as initial consent. Depending on the ethical issues involved in a study other informed consent such as, continuing consent, consent to find respondent in case of a follow up study, consent for unforeseen analysis and activities and consent for transition among others. Another ethical issue that could have arisen

Corporate Entrepreneurship and Human Resource Management

Corporate Entrepreneurship and Human Resource Management Introduction Todays economy is experiencing its ups and downs very quickly: rising competitiveness and fast changing technologies create pressure to the companies that want to stay at the top of their markets. This is not going to slow down, so the need for tools of success is arising. At the same time we are moving away from the Morris and Kuratko (2002) belief that entrepreneurs are born, not made. That is why the wanting, believing, hoping, planning must be followed by doing. As already Confucius said: When it is obvious that the goals cannot be reached, dont adjust the goals, adjust the action steps. It is time for action and one form of it that suits different businesses nowadays is corporate entrepreneurship (CE). Stated by Sharma and Chrisman (1999), corporate entrepreneurship is the process whereby an individual or group of individuals, in association with an existing organization, create a new organization or instigate renewal or innovation within that organization. There are lots of definitions for CE nowadays, but all of them do not change the fact that CE is a tool for differentiation and competitive advantage in todays economy. Corporate Entrepreneurship (CE) and Human Resource Management (HRM) A lot of researches, studies were conducted in order to discover the inevitable truth that CE positively affects the performance of a company: it creates competitive advantages, helps to differentiate, adapt to new or quickly changing markets, and deal with external and internal challenges. As CE is seen as a multifaceted tool, the intensity of CE in an organization can be described by five different dimensions identified in a meta-analysis by Saly (2001): innovativeness, risk propensity, proactiveness, corporate venturing and self-renewal. When creating an organizational structure, as well as inside culture, these dimensions should be a scale measuring the future success of a company. Dealing with the globalization and fast moving changes, a company must take risks, be proactive and strive for innovation. Nurturing these traits, adapting to the environment (self-renewal) and fostering creation of something valuable that generates returns are CE key success factors in the economy of today. Of course no CE can be fostered without Human Capital. In order to become an innovative, entrepreneurial organization need the knowledge, skills, experience the human capital can provide. This is why HC should be one of the most important and valuable asset for every organization. Investing in HC will be a first step towards building and encouraging the entrepreneurial direction of the overall company. As from the employee-organization relations (EOR) literature (Rhoades and Eisenberger, 2002), the strongest influencers of employee affect are the organizations leaders. Their HRM practices can valuably contribute to effective enhancement of CE. Different HRM techniques can create a suitable inside culture for an organization to become innovative, flexible and more entrepreneurial. Therefore EOR strengthened with HRM practice can become an efficient tool for creating a collective entrepreneurial atmosphere inside any organization. HRM practices fostering CE inside the company HRM practices should be an important driver of CE because it involves organizational learning driven by collaboration, creativity, and individual commitment (Kaya, 2006). To foster CE in a company the first task is the internal culture and environment. Following different studies conducted on the topic of CE and HRM practices, how to establish a suitable internal environment for intrapreneurship seems to be based on these organizational arrangements/managerial tools: Staff selection the objective of staff selection is to form an appropriate resource base of human capital to foster entrepreneurial activity. As the human capital of any company is one of the most important facilitators of CE, selective hiring can be a tool for influencing the CE level. The selection criteria should fit the organizations culture, be in line with the CE dimensions and reflect the needs of the company. During the process of selecting staff it is beneficial to think about the skills are needed in the industry the company operates, how the employees could work together and create a brain trust. Emphasizing the team spirit is very important, because the emphasis on collective entrepreneurship is growing. New members should have new ideas and complement the staff by being different and experts of their own sphere. New management staff should have relevant KSAOs, be creative, strive for action and be supportive. Finally, a possibility to grow in ones own career should also be seen during this process, because it will serve as a motivation tool and foster better environment in the company. Management support the positive attitude as well as encouragement of the higher hierarchy levels of the company for generating and developing new business ideas. Management support is important because it indicates the willingness of the managers to facilitate, promote and institutionalize the entrepreneurial spirit and activity within the organizations system and processes (Hornsby at al., 2002) which would encourage the intrapreneurs to engage in innovative projects. If the organization provides support and some autonomy it can then count on the commitment coming from employees. Still coordinating the use of resources, contributing to the fulfillment of the separate individual suggestions or efforts will end up with an increase of overall efficiency. Management support for problem solving and conflict resolution in the intrapreneurship process is required in the idea generation, development, and particularly implementation (execution) stages of the ideas (Damanpour, 1991). This will positively influence a corporations entrepreneurial behavior and enhance potential intrapreneurs perceived trustworthiness to their corporations in terms of detecting opportunities and willingness to develop novel or useful ideas and or projects and to take risks to actualize them (Stevenson and Jarillo, 1990). Internal supportive environment, tolerance for risk taking to their intrapreneurs, and a high quality HC will contribute to the innovative performance. As an example could be taken the companys 3M approach this company understood and experienced that capable and motivated employees can turn the company into a profitable innovative and successful organization. That is why the management was trying to create an environment that supports individual entrepreneurship: a climate that stimulates ordinary people to produce extraordinary performances. Allocation of free time provision of sufficient time to work on developing novelties without any burden of routine workload. Delivery of free time inevitably encourages employees to take risks for putting their novel ideas into practice. When given time for convincing the management level about your project success, employees are not so distracted from their main duties and usually show more commitment towards the company. Organizational structure should be convenient concerning decentralization level or decision-making autonomy. Employees should have the opportunity to express and suggest their ideas easily. The suitable decentralization level differs among every company, but it is a tool to become more flexible, innovative, and active suit the dimensions of CE. If organization provides autonomy for employees who actually carry out the work, this will stimulate their commitment to act in the best way for the company. Having a balanced relationship between autonomy and discipline creates an environment where employees can act, take weighted risks and innovate towards successful outcomes of the company. Companies that are becoming rigid really slow down all the innovative processes as well as cannot implement all of the possibleWindows User2010-12-28T20:09:00 Case example improvements. When thinking about new ventures, projects in order to boost the competitive advantage and profitability of the company it is important they fit the organization in terms of context and organizational structure. There is a possibility to foster integrated or separate CE. Taking the example of the company Polaroid, one can see that the impact of bureaucracy, biases and downsizing was a big obstacle for nurturing inside entrepreneurship. The company was big-sized and stagnant, becoming a market follower. In such cases, when an organization becomes rigid, does not answer market needs mostly because of the compilation, slow processes CE must be fostered and implemented. One of the first steps should be an entrepreneurial-oriented structure that allocates the power of decision making not to the higher level employers, but takes into account the employees who know the most about the projects being undertaken. In the case of Lucent (a telecommunication equipment manufacturer), their New Venture Group formed a separate organizational entity. In this way it does not suffer from the bureaucratic rules of the parent company, still can use the support needed, creates its own inside environment and culture that can foster CE more easily. That is why, when forming new entrepreneurial project each company has to evaluate its fit in the organization. Usually small projects are of better use inside the company: they can be accessible for all employees, motivate them to work on their projects too, but at the same time not to be too distracted from the mainstream of the company. An example of such an approach would be the case of the company Ohio Bell. Windows User2010-12-30T10:39:00 Patikrinti Incentives and rewards availability of a performance based reward system encouraging innovativeness is a way to foster entrepreneurship among employees. If the management tries to convince the employees to act like intrapreneurs, it must also be willing to pay them as entrepreneurs (Thornberry, 2003). Having trust in the rewarding system boosts the employee commitment, willingness to take risks and reveal the projects that could benefit both sides. A reward system that is based on achievements in innovation projects, may lead the brightest and most ambitious players to avoid innovation projects with uncertain outcomes. Building a reward system shows a positive attitude towards the employees and can significantly increase their motivation to benefit the organization. It is important to see the reward practices as a long-term thing, make resources available and not punish the employees straight after the first failure of an entrepreneurial project. Failure or errors tolerance in case of creative undertakings or risky project implementations. Such showed tolerance together with managerial support is a strong tool creating positive environment for CE. A conservative managerial attitude will block the willingness to innovate and cause lack of confidence of the employees. In order to overcome the possible frustration, organization should support the human capital even during failures and continue investing in the projects that have high potential. Taking failures as an inevitable step towards success will help to maintain the level of confidence for further innovations and profitable ideas. Of course, in order not to lose control and take healthy risks, companys should build an organizational mechanism to decide which innovation projects are likely to bear fruits and which should be cast aside without having trial-errors. Windows User2010-12-28T20:52:00 Case example For example, a well known company 3M implemented a more disciplined approach to defining, selecting and funding projects. Instead of running 100 of them as earlier, the process shifted to 12 projects from which 10 are expected to be successful. In this way companies are more oriented, quickly reacting and can create true competitive advantages through expedient CE. Training and development appropriate abilities can be acquired through training and development strongest results towards boosting CE. Training can overcome the factors that decrease employees job performance and satisfaction. Staff development seen as activities that increase employees qualifications and performance at all hierarchical levels through education, career management, and work structure. All these practices can promote entrepreneurial behavior and improve the environment in the company.Windows User2010-12-28T21:53:00 Case example Training programs should be oriented towards building useful CE skills, fostering the dimensions of it inside the company: change acceptance, willingness to take risks, assume responsibility, and the value of teamwork and shared achievements. Training activities that enforce interpersonal skills should be fostered. Also training that supports creativity will strengthen innovativeness and potentially strengthen self-renewal and new business development. Finally training on how to transfer new ideas into business will lead to higher intensity for risk propensity and proactiveness. For effective training, programs should fit the companys strategy and work process. To unfold their full effect on CE, expert knowledge, social competence, creativity, and methodical expertise are especially important to be considered. Specialist assignment specialists can anticipate and estimate specific problems earlier and thus identify needs for modifications more quickly. As CE is more often seen as a collective process, instead of putting the emphasis on one individual, firms must encourage cooperation among specialists to increase successful innovation processes. This is stressed because as environment impacts on organizational behaviors it is also seen in change of relationships between employees and employer or managers inside the organization. In order to become competitive and innovative, firms have to adopt new strategies, as well as different employee-organization relationship (EOR) patterns. The importance of this is significantly growing, because corporate entrepreneurship involves not only product innovation, risk taking or proactive responses to environmental forces, but also organizational learning, driven by collaboration and commitment. Here the collaboration of specialists could be seen as a link between employees, managers and their potential to foster corporate entrepreneurship together. As it can be observed in the Siemens Nixdorf Informationssysteme AG (SNI), a company that confronted financial and inside environment problems with a program called Change Agent Program, managerial support, concentrated staff selection and employee training and development are the tools that foster corporate entrepreneurship spirit and help to overcome the downturn a company can experience. The Change Agent program looked to replace Siemens Nixdorfs rigid corporate hierarchy with a more flexible and entrepreneurial attitude that would be more responsive to market demands. The company operated in a very competitive European market, was undermanaged and over consulted. As the employees at SNI experienced restructuring at the company during the early 1990s and four years of losses, the inside culture was far away from a company one could call innovative and lead thinking (as the ones operating in IT industry in US). The program though was focused on employees, emphasizing the importance of the people at the company and expanding the opportunities open to them. The goal of the 13 week program was to build an understanding of business fundamentals and business change along three dimensions: customer, competitiveness and culture. It combined presentations, discussions, workshops, case studies, best practice site visits, internships, and coach research. An important goal was to provide participants with new perspectives about their projects and give them the know-how to implement them upon return to the company. The programs aimed to have the sponsors (each member had two of them) provide leadership, guidance and support in order to help them achieve their project goals. This is also an example that specialists assistance is a tool fostering corporate entrepreneurship and improving the employees input. It was also aiming to help find innovative ways to approach and implement their projects. Each participant of the program had a project drawn from the area that concludes the most important challenges the company faces which were fostered by the program and implemented upon the employees return to SNI. Although the 21 Change Agents had varying degrees of success, it was clear that they played a role in driving SNI to profitability in the 1994 1995 fiscal year (for the first time in the companys history). That was reflected in the decision by the SNI Executive Board to perpetuate the Program on an annual basis. Such training and development programs foster collective and individual entrepreneurship inside the company. This example shows how important it is that such tools would fit the aim and strategy of the whole company. By addressing the right problems, training the right people (at SNI they were thoroughly selected) this training program helped the company to enhance the communication within the company, improve its international operations, flexibility and determine new possible directions. The employees felt the more entrepreneurial spirit of the companys culture and were able to channel their enthusiasm for changes and revitalization, feel more responsibility, and support what opened the ways for their projects. Conclusions Trends in the global economy require established companies to become more and more entrepreneurial in order to handle uncertainty and environmental dynamism. The studies provide positive relationships between HRM practices and CE. HR practices are a source of sustained competitive advantage for organizations. CE-related HR practices are unique to the extent that competitors cannot imitate them. There must be support from HR practices consistent with that particular culture and consistent with what is needed from employees. The key factor is determining what is needed from employees to be effective at CE. Once this is determined, the firm can describe the specific HR practices the organization needs to use. Conclusions: HRM practices play a significant role in fostering and maintaining high levels of CE. Companies should focus on the HRM practices of staff selection, staff development and training, and staff rewards that align employee motivation and entrepreneurial firm development. Support, tolerance, and reward are found to be related to innovativeness, while work discretion and time allocation are not. Considering the combined effects of all the OS factors, managerial support and tolerance for risk taking have still exerted significant effects on innovativeness. That is why firms should invest to build such an organizational milieu where first, support and tolerance exist to a large extent. On the other side, organizations firstly should spend less time and money on rewards and empowerment, and more on recruiting and training managers to be supportive and hold a philosophy that failure is a stepping-stone to success.

The Influence of Michael Jordan in the World of Sports

When someone says the name Michael Jordan, the first thing that might come to mind is basketball, Nike shoes, or Wheaties. Through the years Michael Jordan has proved time and time again that he is the greatest basketball player ever and by doing that he has gained tremendous popularity throughout the world. People of all ages and from all nationalities have gathered to watch him play. â€Å"Even your Aunt Matilda, who might not know anything about basketball, liked watching him play,† said Daniel. He has become more than just an entertainer, he is a hero and a role model. It has been said â€Å"He†s the most famous American in the World† (Daniel.) After winning his sixth National Basketball Association Championship, Michael Jordan has decided to walk away from the world of basketball for the second time in his life. Why would the greatest player to ever play the game leave at the highest point of his career? He claims the sport is no longer a challenge to him. After his many awards, trophies and titles this is not hard to comprehend. At this time in his life, Jordan wants to devote all of his time to his friends and family. Now that he has left the world of basketball a great void has been left. Many questions have rose as to what is going to happen now that he†s gone. What will happen with the NBA? What will happen to the Chicago Bulls dynasty? Who will be the next Michael Jordan? Could there ever be another Michael Jordan? The first thing any sane person would ask is how could Jordan leave basketball and walk away from all of that money? Last year he was the highest paid basketball player in NBA history. But in dollar terms, Jordan was even more successful as a corporate spokesman, which earned him $45 million in 1998, than he was on the basketball court in which he earned $35 million. (Peyser.) Jordan currently does endorsements for thirteen companies. Out of all the companies, Nike pays the most for his endorsements at $16 million per year. Jordan is by far the best endorser out there in the market. Many of the celebrities can†t compare to Jordan. â€Å"He†s handsome, articulate, classy. He had purity to his performance on court and off. It†s hard to find the perfect celebrity these days,† said Peyser. With such slogans as â€Å"Be Like Mike† and â€Å"It†s gotta be the shoes,† companies have attempted to make consumers believe that if they buy their products they too can be as great as Michael Jordan. Now that Jordan has left the NBA, many are speculating on how well his endorsements will do. Experts say that a retired athlete – even Jordan – can†t compete with a guy who†s still winning championships. With the sports-marketing business already in a slump, there may be no heirs to â€Å"Air Jordan† (Peyser.) Even though Jordan has left the basketball court, he†s not going to leave Hollywood anytime soon. There are plans being made to have Jordan star in at least two films but this time he will be acting with a real cast as apposed to the cartoon cast he starred with in Space Jam. â€Å"He should play a character like James Bond,† suggests movie critic Gene Siskel, a rabid Bulls fan. â€Å"I†d pay to see him before Pierce Brosnan any day, wouldn†t you?† Michael Jordan has made a huge impact on the NBA. â€Å"He has won six NBA championships in the last eight years, ten scoring titles, enough Most Valuable Player awards to stock his own wing at the Hall of Fame,† said Tresniowski. He is by far the greatest player to ever play the game. Many believe the NBA would not be where it is without him and now that he†s gone many can†t imagine basketball without him. Everyone is wondering, if there ever be another Michael Jordan. The chance of someone accomplishing the same great feats as Jordan is nearly impossible in today†s NBA. But that doesn†t mean it won†t happen. When Julius Erving left the league many people were asking the same questions. Will there ever be another Dr. J.? Jordan came along, and the rest is history. Ever since the baseball strike the NBA has tremendously gained in popularity, at one time many Americans where questioning, should basketball be the nation†s new past time? Lately, this attitude towards baseball has changed. Mark McGuire and Sammy Sosa have brought the life back to baseball with the breaking of the home run record. With the NBA labor lockout that has canceled most of this season and now that Jordan has left the future of the NBA is yet to be determined. The outlook doesn†t look good. With fear of a season cancellation due to bickering over money, many fans have turned away from NBA basketball in disgust. The NBA†s image has become tarnished. Today†s NBA is nothing like how it was when Jordan came into the league. There is a new breed of players out there. Instead of the rising stars attending college, they are making the jump from high school straight to the NBA. Kobe Bryant is a prime example of this. The major difference between the stars of today and the superstars of yesterday is that many of today†s stars don†t even earn the right to be called stars. Glenn Robinson, now of the Milwaukee Bucks, was asking for a $100 million contract when he came out of Purdue, yet today he is barely worth $1 million. â€Å"You don†t ever want to say ‘never†,† Starr says, â€Å"but I don†t think the NBA will ever again attain the glory it did with Michael.† Even though Jordan was great, we cannot forget about his supporting cast. Without the team to back him up, Jordan would not have been able to accomplish half of what he has done. The Chicago Bulls have been labeled the Team of the 90†³s. No other team since the Boston Celtics has been able to win more than three championships in a row, but the Bulls have done it twice in the past eight years. They probably could have been champions for at least two more years if the team would have stayed healthy and intact. By far, the Chicago Bulls have been hit the hardest with Jordan†s Retirement. The cause of the breakup of possibly the greatest team ever was rumored to be caused by clashes between the players and Bulls management. The breakup started when management wouldn†t pay Phil Jackson what he deserved after bringing six NBA championships to the Bulls. Rather than coach another team, Jackson decided to retire to practice Zen Buddhism fulltime. When Jackson left, Jordan said he wouldn†t play for a new coach. After Jordan left, basketball great, Scottie Pippen was traded to the Houston Rockets. Only four players of last year†s team still remain on the Chicago Bulls roster for this season. Many have made the prediction that the Bulls will lose more games in this shortened season than they did all last year (Stein.) Rebuilding the Chicago Bulls may turn out to be one of the biggest mistakes ever made by the Bulls organization. There will no longer be sell-out crowds every night, sales from Chicago Bulls merchandise will take a nose dive, and all the Fair Weather Fans† will move on to another team. It could take years and millions of dollars before the Bulls will even be able to compete for another title. Many wonder if Jordan will come back to the NBA, after all he did come back before. In 1993, after winning his first three championships, Jordan announced his retirement. He felt he had nothing left to prove and he wanted to try his luck in major league baseball. When his short-lived career in the minor leagues didn†t work out he decided to return to the NBA, (Greene.) While, competition is what Jordan thrives on. It has had both a positive and a negative effect on his life. Jordan being the very competitive person that he is, got in trouble when he was rumored to have a gambling addiction. Many feared that he might have been gambling on NBA games. However, all allegations of illegally betting on NBA games were false and with time Jordan†s image was rebuilt, (Greene.) The chances of Jordan coming back to the NBA are very good. However, if he comes back it won†t be as a player, his new role would be coach. This time he doesn†t have a team to come back to. He is certainly not going to come back to the Bulls and wait for them to rebuild. Jordan will probably always be remembered as the greatest. It will be a long time before anyone can accomplish half of what he has done. As far as the current NBA cast, the experts can†t see anyone replacing him for a long time. Not only does it take the skills but it also requires a certain set of values to become a role model. Many stars of the NBA lack both of these qualities. But somewhere out there is a young child with dreams of becoming the next Michael Jordan. He is on every playground all around the world. He has the endless desire to make something out of himself. Basketball could be his only chance out of the current situation that he is in, and it is only a matter of time before he will have his big break, (Starr.) Some might think it†s hard to imagine the effects that one man can have on the game of basketball, but when you look at our society and how much we tend to focus on athletes in the sports world it†s really not that hard at all. Michael Jordan played more than the role of a basketball player. He was a hero, a product endorser, and a corner stone in a major corporation, and to the teams that he beat night after night, an enemy. Now that he is gone from the game no one really knows what will happen all anyone can do is speculate. Even though he has left the basketball court, chances are he won†t be leaving your TV quite that soon. The people that will miss him the most are his former teammates and the die-hard fans that loved to watch him night after night. The Chicago Bulls may never reach the greatness that they once achieved but they will always have the memories. It†s hard to tell who will take Jordan†s place, it could be safe to say that no one will ever be able to, but that doesn†t mean there won†t be anyone better than Jordan. Only time will tell. The die-hard Chicago Bulls fans will always hold a special place in their heart for Michael Jordan. They will tell their sons and daughters about him, they will get out the old VHS tapes of games that they have recorded and they will pass along the Basketball cards that will be worth hundreds of dollars. Those of us who have seen him play will always remember him and what he has done for the game of basketball. For those who haven†t, you will have to settle for the endless highlight reels and Nike commercials to keep his memory alive.