Customer Service Services And The Service Sector - 2162 Words

Since+ the global economy embraced customer service, issues regarding levels of customer service have become more prominent in service organisations. Even now there are organisational managers with no training or knowledge of how organisations in the service sector require a high level of customer service. This is ignorance of the fact good customer service can create a competitive advantage; increase profit; efficiency; and increase staff and customer retention and satisfaction. Based on comprehensive reading and research, this essay looks at examples of three service organisations and shows how many of the difficulties faced by the service sector are caused by a lack of awareness of, and training in the importance of excellent customer service. Gilmore (2003) describes a service organisation as one where the perceived value of the offering to the buyer is determined more by the service rendered than the product offered. Gilmore goes on to say customer service used within the service organisation is an act, process or performance. The service can be intangible, such as legal services, health care and cleaning services. Or it can be an element of a tangible product, like restaurants and retail outlets. The customer service used in service organisations are a series of customer experiences designed individually by the organisation to create customer satisfaction and retention. It is important to be customer focused in the way service experiences are delivered becauseShow MoreRelatedCustomer Service Quality and Customer Service Expectations in Banking Sector3705 Words   |  15 PagesCustomer service quality and customer service expectations in banking sector. Abstract This research explores the relationships between service quality, customer involvement and customer satisfaction in the highly competitive banking sector. The study sought to identify the most important attributes in bank settings, which may be used to review characteristics of the banks as experienced by customers. The main aim is to find out customer service quality performed by banks at present and expectationsRead MoreReserach Proposal on a Delivery Process of Customer Service in Banking Sector Customer Satisfaction2175 Words   |  9 Pages.05 8. Population and sampling†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...05 9. Timing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...06 10. Budgeting†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..06 11. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1.0 Introduction Banking services remain one of the largest and fastest growing industries sectors in Bangladesh. This sector and this industry plays an important role to stimulates the development of new infrastructure that creates new income-earning opportunities. (Economic Report, various years). The Bangladeshi economy hasRead MoreThe Financial Service Sector Essay1290 Words   |  6 Pagesorganizations that deal in the management of money fall in the financial service sector. They deal in many different ways through institutions like banks, insurance company, debit cards, credit cards and tools like these that offer the customers power to buy. In Oman financial service sector is controlled by the Central Bank of Oman. This is the head institution for regulating the money matters in the country. Financial service sector in Oman has grown leap and bounds over the years. With the emergenceRead MoreEssay On Customer Service1066 Words   |  5 PagesSector Wise Customer Service provided Customer Customer Service Total Yes No Internal 22 78 100 22% 78% 100% External 38 62 100 38% 62% 100% Total 60 140 200 30% 70% 100% Fig. 5.17: Sector Wise Customer Service Provided It is evident from the table that the external customers, the majority of the respondents (78%) say that the public sector companies have not inclined towards the customer service in all aspects. There is a small percentage of the respondents (22%) who areRead MoreImpact Of Performance Parameters On Customers Satisfaction Level1733 Words   |  7 PagesImpact of Performance Parameters on Customers’ Satisfaction level of Bancassurance Services in Public and Private Sector Banks Ms. Nancy Arora* Ph.D, Research Scholar Department of Business Administration, CDLU Sirsa-125055(HRY) nancyarora142@gmail.com Dr. Arti Gaur** Assistant Professor Department of Business Administration, CDLU Sirsa-125055(HRY) artigaur2009@gmail.com Abstract: Bancassurance, which basically involves banks acting as corporate agents for insurers to distribute insuranceRead MoreTypes Of Organisation And Public Sector Organisations1116 Words   |  5 Pages P1 Types of Organisation Public Sector Organisations Private sector organisations Voluntary sector organisations. Under Private sector we have Sole traders, Partnership, Private Limited Company (LTD), Public Limited Company and the Franchise Under Public sector organisation we have, UK Government, Local Government, Executive Agencies, QUANGOs, State owned companies, Public sector organisations -These are organisations that are owned and run by the state or Government for the people and the taxesRead MorePrivatization Of Municipal Solid Waste1287 Words   |  6 PagesEnterprises which provides contracting services for pipeline maintenance, tank services, erosion control, vacs trucking, one-call monitoring, right of way clearing, pig tracking, and emergency response believes municipalities should be more open to privatization of collection services (Begley 2011). Begley believes that communities have resisted privatization because solid waste management systems have always been considered a utility provided by the public sector (Begley 2011). He points to the economicRead MoreCustomer Service Level 2, Unit 2 Section11154 Words   |  5 Pagesaffect an organisation and the customer service role 1. Complete the table below with a description of the products and services for at least two commercial organisations, public organisations and third sector organisations. Please ensure you provide a description for each organisation, rather than a list. Organisation type | Name of organisation | Description of products and services | Commercial organisation | McDonalds | McDonald’s is a food service retailer and aimed at making profitRead MoreThe Growth And Development Of The Banking Sector1280 Words   |  6 Pagescontributed to the increased growth and development of the banking sector. The finance industries implement a distributed information center. The client’s data and information regarding the transactions get replicated in different terminals to enhance the easy transactions between the bank customers and the corporate firms. The bankers think about the customers in different perspective regarding security and providing quality services. What is Big Data? The big data refer to the collection of data andRead MoreKey Success Factors For Global Telecommunications And Internet Services Markets1748 Words   |  7 Pagestelecommunications and internet services markets. Economies of scale: Providers that can spread their fixed costs across a large subscriber base hold a competitive advantage. Providers should exploit opportunities to expand market share through penetration or geographic expansion for market development. Ensuring pricing policy is appropriate: Price is a major basis of competition given that the most basic providers are now commoditized. Intense competition puts customers at the advantage. Niche companies

The Ageing Population And Developments Within Canada Is...

Introduction The Ageing population in comparison to labor productivity and developments within Canada is reaching crisis level. Population analysts have explained that Canada needs an immediate overhaul of its migration policy to be able to contain the looming crisis caused by the ageing generations (Gazer, 2016). Currently it is estimated by 2021; approximately more than 17% of the total Canadian population will be over 65 years of age. Gazer (2016) explains that this represents an approximate 7 million people with the number projected to increases to almost 20 million representing 22.6% of the entire Canadian population. Government departments, state corporations, institutions and private organization require adequate professional†¦show more content†¦The population control ideology led to the introduction of birth control methods within the child bearing populations with the models focusing on budget cutting measures and future plans determinations. The focus of government and states changed to the acquisition of wealth and economic stability with the reasoning that a stable country is one that meets its moral and statutory obligation of the provision of quality services to the citizenry (Keynes, 2016). The states and nations embarked in the provision and delivery of quality service to the population. The period witnessed the emergence of organized social security services to the citizenry. Health insurance, social and economic support to the citizens considered as poor. Keynes, (2016) asserts that working population who also happened to belong to the child bearing ages shifted concentration to economic stability and improved livelihood practices through manageable family sizes with more focus directed towards education and skills building. An average family size was no more than 4 in size on the maximum with majority of couples siring only a single child. The population control models and practices led to generational gaps existing within the society (Khan, 2015). Common to find are the complete absence of a generation within the society. The hospital maternity departments experienced cuts with very low delivery levels experienced. Coale, Hoover (2015) explains that even though theseShow MoreRelatedWine Consumption Essay examples6888 Words   |  28 Pages A brief overview of the current global business environment. a-1. Figure 12 wine consumption a-2. Top 10 wine consumers a-3. Changing in total wine consumption b. Discuss any market trends or developments that are relevant or may impact on the organisation 1-a. 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Revenue Management System or Strategy

Question: Discuss about the Revenue Management System or Strategy. Answer: Introduction This report is based on the subject of revenue management. This report is prepared to present a proper revenue management strategy to the General Manager of Novotel Sydney on Darling Harbour for the financial year July 2016 to June 2017. The report has emphasized mainly on four key areas of the business and that areas are market segmentation, competitors analysis, demand forecasting and channel analysis. All of these four areas are related to the revenue earning capacity of the company. At the end of the report, conclusion is derived by considering the overall findings of the study and after that, recommendations are provided for the future revenue management of the company. Revenue management Revenue management refers to the business activity that helps to apply different techniques that predict the behavior of the customers and the future market trend at micro level. Revenue management system helps to maximize the growth of the revenue by optimizing the availability of product or services and price for the same. Novotel Sydney Darling Harbour is one of the well-known hotels that is operating its business successfully in Australia. However, recently, due to the increased competition in the market, the company is trying to improve its business performance by improving its revenue management system in a better manner. The revenue of a business organization is dependent on the market segments in which the organization operates the business. At the same time, revenue is also dependent on the demand and price of the product and services (Novoteldarlingharbour.com.au 2016). Therefore, it order to derive the best strategy for revenue management of Novotel Sydney Darling Harbour, it is important to analyze the market segment, competitor set, future demand and business channels. The analysis of each of these segments is stated below: Analyzing the market segmentation Novotel Sydney Darling Harbour provides its services at 4.5 star level. Presently, the hotel is providing all the possible comfort to its customers. The services of the hotel include car parking, car rental, dry cleaning, laundry service, hotel to airport transport, wireless internet connection, 24-hours room service and others. The management of the organization has segmented the market by three strategies psychographic segmentation, demographic segmentation and geographic segmentation (Novoteldarlingharbour.com.au 2016). Psychographic segmentation: The organization that is Novotel Sydney Darling Harbour has done the psychographic segmentation as per the life style of the people. The company has divided the market into two categories people who prefer to live advanced life-style and people who want to live general life style. The company has segmented the market as per the life style because the hotel business is dependent on the life style of the people. The people, who come under the first group, prefer to avail the services at 5 star, 4 start or 3 star level. However, the second group prefers to choose the hotels that provide the service at 2 star and 1 star level. Between two segments the company has targeted the first segment, means the people, who prefer to live advanced life-style (Novoteldarlingharbour.com.au, 2016). Demographic segmentation: Novotel Sydney Darling Harbour has segmented the market as per the demographic characteristics also. Mainly two factors the company has considered and that are income level of the people and age group of the people. As per the income level, the organization has divided the market into three categories high-level income group, upper middle-level income group and middle-level income group. The management of the company has targeted the first two level income group because the services that the hotel provides to the guests are of high quality and advanced (Masiero, Pan Heo, 2016). Therefore, the management needs to charge high price for the service, which can be availed by high-level income group and upper middle-level income group. On the other side, as per the age, the company has divided the market in to two segments people below 18 years age group and people above 18 years age group. The company has targeted the second age group because that age group i s able to take their own decision regarding the choice of hotels (Aha.org.au, 2016). Geographic segmentation: As per the geographic segmentation, the management of the hotel has segmented the market into three categories Asian market, European market and African market (Solnet, Boztug Dolnicar, 2016). Among all of these three segments, the hotel has given the first priority to the European market because each year maximum number of tourists or guests comes to Sydney from the European country. However, the organization has not ignored the other two segments of the market. In order to manage the revenue of the organization in a better manner, the management has can launch package system (Patiar, 2016). This package system will include different packages for the hotel guests. In order to create different packages, the management needs to consider the needs of each of its target segment. At the same time, the management can set the pricing as per the services available under each package. The possible packages are shown below: Market segments Available services Price European, Asian and African high income group Luxury accommodation, Wilson parking, dry cleaning, hotel to airport or city transport, laundry service, high speed wireless internet service for 24 hours, 24 hours room service, free breakfast, lunch, dinner, Yoga room, current Sydney and international channels, in balance gym, special accessible rooms, 24 hours telephone service, separate smoking zone and outdoor swimming pool. $1200 per night European, Asian and African upper middle-class income group Luxury accommodation, Harris street parking, 24 hours room and telephone service, laundry and dry cleaning service, free breakfast and dinner, 24 hours internet and TV channels, separate smoking zone and transport service to airport. $800 per night European, Asian and African middle-class income group Luxury accommodation, street parking, 24 hours room, telephone and internet service, laundry service, TV channels, free breakfast and different smoking zone. $400 per night Table 1: Proposed packages (Source: Created by author) Analyzing the competitor set There are four hotels, which are considered as the major competitors of Novotel Sydney Darling Harbour. The names of these competitors are Four Seasons Sydney, ADGE Apartment Hotel, The Langham Sydney and The Westin Sydney. All of these competitors are large hotels in Sydney, which are having the service facility at 4 to 5 star level. If the comparison is done between the performance of Novotel Sydney Darling Harbour and its competitors, then it can be said that Novotel Sydney Darling Harbour can improve its pricing strategy to improve its revenue management system. As price is the most important element of revenue management system of the organization, therefore, in order to analyze the revenue management of the competitors, it is very important to analyze their pricing strategy. As per the current pricing strategy at Four Seasons Sydney, the guests or tourists can enjoy the price discount offer for the time span between October to November in each year. At the same time, Four Seasons also provides offers in different packages. The pricing at Four Seasons Sydney is divided in to five packages Sydney Gateway, Advance Purchase, Bed and Breakfast, Romance package and New Years Eve. These five packages are available at different price ranges. In case of Sydney Gateway, the hotel offers 15% off on overall price; in Advance Purchase, 25% price off is available; in case of the Romance Package 2% surcharge is applicable and the rates change as per the availed services. Therefore, the revenue management system of the hotel becomes easier for the managers (Fourseasons.com, 2016). At ADGE Apartment Hotel, the price range varies as per the seasons. In the season between August to November, the hotel offer the services at 50% off. There are no such different packages available at ADGE Apartment Hotel. However, this hotel charge extra price for the reservation service (Adgehotel.com.au, 2016). On the other side, the price at The Langham Sydney varies as per the types of rooms. They offers different types of rooms like, Grand Langham room, Terrace room, Junior suite, Langham suite, The Residence and The Observatory suite. The price range differs as per the choice of rooms. At the same time, The Langham Sydney offers different packages also (Langhamhotels.com, 2016). Apart from these three, the price range at The Westin Sydney also has a specific structure. The price range at The Westin Sydney differs as per the availed service and booking system. If the guests book the hotel room through direct hotel channel, then they do not have to pay for the Wi-Fi facility and water. However, if the people book the hotel room through some different agencies, then they have to pay extra money for Wi-Fi and water (Westinsydney.com, 2016). Therefore, in the above discussion, it can be identified that the major competitors of Novotel Sydney Darling Harbour has applied different pricing strategies in order to manage their revenue in better way. The competitors have managed their revenue by providing different offers and packages, so that the guests or customers feel value for their money. Moreover, maximum competitors of Novotel Sydney Darling Harbour have applied the offer strategy for better revenue management. This particular strategy helps the hotels to attract more customers during the pick seasons like, July to November. Demand forecasting Hotel or Hospitality industry in Australia is the most important sector of the country. Due to the beautiful natural view and wildlife, the country is always at the top choice to the tourists in different countries. Among all of the tourist places in Australia, Sydney is the most popular and currently it is occupying 74.4% of hotel accommodation. However, as per the comment of Baker Magnini (2016), the overall revenue of the industry is declining because of decrease in the demand from tourists and corporate segments. On the contrary, Yang Cai (2016) mentioned that the hospitality industry in Australia has achieved 3.1% annual growth during 2015-2016, which denote the sector is having demand at a satisfactory level. Therefore, from the above information, it can be clearly understood that overall demand in the hotel industry is still at positive point and the revenue growth of the industry is going on. This is good for the organizations, which are operating their business in the Australian Hospitality industry (Ortega Ortega, 2016). The industry data has also disclosed that the hospitality industry in Australia is providing service to 1 million visitors or tourists in each year since 2010 (Tan, 2015). However, Kandampully Zhang Bilgihan (2015) stated that before the financial year 2010, the industry provided service to one and half million people. This is clearly disclosing the fact that the demand has declined. According to Tang, King Kulendran (2015), the main reason behind the declined demand in Australian hotel industry is the global financial crisis. The number of visitors from the corporate segment has declined in last five years. Therefore, the above discussion is indicating that Novotel Sydney Darling Harbour needs to take careful steps to maintain its financial performance. As the demand is declining due to the global financial crisis, the organization needs to take better pricing strategy so that it can attract the corporate segment again. Cox (2015) noted that currently the people in the corporate segment think to save their money for better future. This type of mentality of the people may create barrier for the company in enhancing the number of customers. At the same time, Tan (2015) added that the continuous rise in food price, energy cost and interest rates is de-motivating the people to avail the service of luxurious hotels. Therefore, it can be said that in coming financial years, the company needs to revise its pricing strategy to manage its revenue in better manner. It is expected that in the next financial year, the demand will not decline if Novotel Sydney Darling Harbour start the package system. It can also be expected that the hotel will be able to attract at least 20% of the total visitors in the industry. The demand is expected to be similar like this year. However, the management of the organization needs to take appropriate steps in order to face any uncertain situation. Channel analysis Tourists and the other visitors are the most important element for the better revenue management of a hotel (Weatherford, 2016). Better revenue management denotes better improvement in the revenue volume. The revenue of the organization that is Novotel Sydney Darling Harbour can be improved by using proper channels. The revenue growth of the organization is highly dependent on the channels that it uses for creating awareness among the people regarding its services. Nieves Diaz-Meneses (2016) suggested that in order to increase the revenue, the hotels in Australia must focus on the technological advancement. The use of better technology will help the managements to provide the service within minimum possible time. The adoption of digital marketing is the better way to improve the revenue. Presently, Novotel Sydney Darling Harbour uses the social media and personal websites to promote their new offers and services. The use of social media is very effective in the current situation because most of the people use social media for different purposes (Ng Lien, 2014). Therefore, by using social media, it becomes easier to attract the people. At the same time, the use of social media is less costly for the organization. However, as social media is a very common platform, most of the hotels in Australia and other countries are using this channel for promoting their services. There are many hotels in Sydney, which are using the email strategy for providing personal touch to their existing and prospective customers (Melissen, 2013). However, this type of strategy has not been taken by Novotel Sydney Darling Harbour. On the other side, the use of personal website as the channel of promotion is not effective to attract the customers, who have no idea about the hotel (McManus, 2013). If a person does not know anything about the services of the hotel or the name of the hotel, then it is very difficult to attract the person through websites. Therefore, using the website, Novotel Sydney Darling Harbour cannot attract more customers or in the other words, the hotel cannot increase its revenue more. Therefore, in order to improve the revenue management of Novotel Sydney Darling Harbour, it is very important to use new channels for promotion (Mok, Sparks Kadampully, 2013). As the current market is very competitive and the demand in the industry is declining, it is very essential to use advanced channels for promoting the services. However, at the same time the management of the organization also needs use such a channel that can represent the company to a wide range of customers. In that case, Novotel Sydney Darling Harbour can use television advertisement and sales promotion. With the help of television advertisement, the management of the hotel can reach to a large number of prospective customers. Television advertisement not only helps to attract the young people, but also helps to attract the old people, who are not much accustomed with the use of social media and visiting the companys website. Apart from the television advertisement, the organization that is Novotel Sydney Darling Harbour, can also apply the sales promotion strategy. Sales promotion is such a channel that attracts not only the new customers, but can attract the old customers or guests also. Different offers and discounts help the management to compete in the market and attract the customers of other hotels. However, the offers and discounts must be competitive enough. Conclusion In this report, it has been identified that presently, the demand in the Australian hospitality is in declining trend. After the financial year 2010, the number of visitor in the Australian hospitality industry decreased from one and half million to one million. One of the main reasons behind this declining situation is the global financial crisis. Due to the global financial crisis, the people became more conscious about savings. They are more interested to save their money for future. The number of visitors from corporate segment has decreased tremendously. In case of Novotel Sydney Darling Harbour, the management has segmented the market as per psychographic, demographic and geographic segments. As per the segmentation done by the management of Novotel Sydney Darling Harbour, the hotel has prioritized the European segment than the Asian and African segment. The organization has focused on the age group that is above 18 years and at the same time, the organization has also focused on the higher-class and upper middle-class income group. Apart from that, the report has also identified that there are four major competitors of Novotel Sydney Darling Harbour. The competitors of the organization have applied different pricing strategies to improve their financial performance. However, in order to improve the revenue management, Novotel Sydney Darling Harbour needs to use better channels for promoting its services. Recommendations As per the analysis and discussion done in the report, the following recommendations are made for better revenue management of Novotel Sydney Darling Harbour: Adopt the package pricing system: This is one of the best strategy for better revenue management at Novotel Sydney Darling Harbour. The package pricing system will help the management to control their cost because the company will provide specific services in specific package. Apply new and advanced technology: Novotel Sydney Darling Harbour can apply advanced technology to provide its services within a short time span. This will help the organization to satisfy its customers in better manner, which will ultimately help to enhance the customer base. Use television advertisement and sales promotion: The hotel can use the television advertisement and sales promotion as the channels for promoting the services. These two channels are very effective to attract a large number of customers. Reasonable price range: The management of the hotel needs to keep the price at a reasonable range because due to the global financial crisis, the spending capacity of the people has dropped down and the people are interested to save money. Therefore, to attract the customers Novotel Sydney Darling Harbour needs to keep the price range reasonable. Reference list: Adgehotel.com.au. (2016). Adgehotel.com.au. Retrieved 7 August 2016, from https://adgehotel.com.au/ Aha.org.au. (2016). Australian Hotels Association. Retrieved 7 August 2016, from https://aha.org.au/ Baker, M., Magnini, V. P. (2016). The evolution of services marketing, hospitality marketing and building the constituency model for hospitality marketing.International Journal of Contemporary Hospitality Management,28(8). Cox, C. (2015). Consumer experiences of accommodation deals purchased via social coupon promotions: An Australian perspective.Journal of Hospitality Marketing Management,24(6), 609-632. Fourseasons.com. (2016). Fourseasons.com. Retrieved 7 August 2016, from https://www.fourseasons.com/sydney/ Kandampully, J., Zhang, T., Bilgihan, A. (2015). Customer loyalty: a review and future directions with a special focus on the hospitality industry.International Journal of Contemporary Hospitality Management,27(3), 379-414. Langhamhotels.com. (2016). Langhamhotels.com. Retrieved 7 August 2016, from https://www.langhamhotels.com/ Masiero, L., Pan, B., Heo, C. Y. (2016). Asymmetric preference in hotel room choice and implications on revenue management.International Journal of Hospitality Management,56, 18-27. McManus, L. (2013). Customer accounting and marketing performance measures in the hotel industry: Evidence from Australia.International Journal of Hospitality Management,33, 140-152. Melissen, F. (2013). Sustainable hospitality: a meaningful notion?.Journal of sustainable Tourism,21(6), 810-824. Mok, C., Sparks, B., Kadampully, J. (2013).Service quality management in hospitality, tourism, and leisure. Routledge. Myung, E., McClaren, A., Li, L. (2012). Environmentally related research in scholarly hospitality journals: Current status and future opportunities.International Journal of Hospitality Management,31(4), 1264-1275. Ng, E., Lien, C. Y. (2014). Impact of social media in service innovations: An empirical study on the Australian hotel industry.Quality innovation: knowledge, theory, and practices, 390-405. Nieves, J., Diaz-Meneses, G. (2016). Antecedents and outcomes of marketing innovation: an empirical analysis in the hotel industry.International Journal of Contemporary Hospitality Management,28(8). Novoteldarlingharbour.com.au. (2016). Novoteldarlingharbour.com.au. Retrieved 7 August 2016, from https://www.novoteldarlingharbour.com.au/ Ortega, B., Ortega, B. (2016). Revenue management systems and hotel performance in the economic downturn.International Journal of Contemporary Hospitality Management,28(4), 658-680. Patiar, A. (2016). Costs allocation practices: Evidence of hotels in Australia.Journal of Hospitality and Tourism Management,26, 1-8. Solnet, D., Boztug, Y., Dolnicar, S. (2016). An untapped gold mine? Exploring the potential of market basket analysis to grow hotel revenue.International Journal of Hospitality Management,56, 119-125. Tan, J. (2015). Impacts of service innovation in the Australian luxury hotel sector.CAUTHE 2015: Rising Tides and Sea Changes: Adaptation and Innovation in Tourism and Hospitality, 726. Tang, C. M. F., King, B. E., Kulendran, N. (2015). Estimating Future Room Occupancy Fluctuations to Optimize Hotel Revenues.Journal of Travel Tourism Marketing,32(7), 870-885. Weatherford, L. (2016). The history of forecasting models in revenue management.Journal of Revenue and Pricing Management. Westinsydney.com. (2016). The Westin Sydney | Official Website | Best Rates, Guaranteed.. Retrieved 7 August 2016, from https://www.westinsydney.com/ Yang, Z., Cai, J. (2016). Do regional factors matter? Determinants of hotel industry performance in China.Tourism Management,52, 242-253.

Jrjrjr free essay sample

You will also refine your ability to analyze literary texts, learning about he basic principles that are important to critical writing and reading. These skills will enable you both to understand the complex issues that surround us and to act upon this knowledge. Criteria for Success: Do not view this class as a throw-away requirement but instead recognize this course as an opportunity to refine your ability to think and to write about important issues in critical and effective ways with the support and encouragement of your peers. Attend class regularly, arrive on time, with all electronic devices turned OFF, and stay for the entire period. Complete all empower on time and come to class prepared to discuss readings and other assignments. Complete all essays on time and provide all back-up materials required for each assignment. Course requirements: You will write three essays and a number of short pieces in this class. Essay assignments will vary in length from 1000 to 1500 words or approximately four to six pages. All essays will require first, second, and final drafts. Your classmates and instructor will comment on your drafts and provide suggestions for improvement. These should give you a clear idea of how much revision each piece needs. In addition, you will revise one of your first two essays and write a reflective introduction in which you explain your development as a writer in this course. This class will also include daily reading assignments, written responses, quizzes, and instruction on mechanical and grammatical conventions. Grading Policy: Your final grade will be based on the following course requirements: Essay 1 15% Essay 2 Essay 3 Participation Homework 25% Revised Essay Note: For each essay assignment, you need to attend all sessions of peer review and submit copies of your rough drafts with your final draft.If you sis peer review without a valid, documented excuse, I will deduct 10 points from your grade on the final draft. Note on grades in general: A C is the average grade for a student in English 185. This grade shows that you have successfully completed all of the assigned steps in constructing each essay: done all of the preparatory reading and pre-writing participated in group discussion, worke d through and prepared at least one rough draft, received response from your peer group in class and/ or from me in conference, revised the essay as necessary, and submitted the paper in final form for evaluation.A grade of C in this class requires a good deal of work; this is an honorable grade and must be earned through serious effort. Absence policy: Because writing skills develop over time, students regular attendance is essential in English 185 You are allowed three absences without penalty for the entire semester. After three absences, will deduct one point from your final grade for each additional absence if you do not have a valid, documented excuse. Further, you are responsible for any work due or assigned on the day of your absence.I reserve the right to amend or abridge the class schedule at any time. If you are not in class, you must make sure no changes have been made during your absence. Make-up Policy: I do not accept late work for full credit; however, I realize that during the course of the semester, various illnesses and emergencies will arise, so I will give each student an extension on one Of the three take-home essays. With this extension, you will be able to submit the paper at the start of the following class meeting. In order to take advantage of this extension, you must communicate with me at least 24 hours prior to the essays due date. If you turn a paper in late without prior permission, will lower your read by 1 0 points every day that the essay is late. Behavior: This is a university class, and students should be respectful of all people in the academic setting. Students should also be respectful of differences of opinion as divergent interpretations often lead to stimulating and rewarding class sessions. Ill not tolerate any disruptions talking while someone else is speaking, answering your cell phone during class discussion, sending text messages during the period that adversely impact either my ability to conduct class or my students ability to learn. If your behavior is not appropriate to the academic setting, will ask you to leave class for the period, mark you absent, and deduct ten points from your participation grade. Academic Honesty: Plagiarism will not be tolerated in this class or any other at Oxford College. This course requires research on some assignments and takes advantage of group collaboration, critique, and/or brainstorming. It can be hard to clearly separate your own thoughts and analysis from those of others. Here are some guidelines: Plagiarism is the act of using ideas, words, sentences, or paragraphs without giving credit to the author and presenting these words or ideas as your own. Plagiarism is also the act of allowing someone else to substantially edit, alter, or write an assignment for you.The most common type of plagiarism is accidental and usually done out of confusion and inexperience. The student usually does not realize what he or she is doing is wrong or may not know how to cite sources correctly. We will be examining this area closely in class. Please feel free to ask questions about this subject It is your responsibility to understand the Honor Code, which you can read about in the Oxford College Catalog. If you have any questions about this logic, please ask me before submitting the first essay.

Conceptual Framework Essay Example

Conceptual Framework Essay RELEVANT TO ACCA QUALIFICATION PAPER F7 AND PERFORMANCE OBJECTIVES 10 AND 11 The need for and an understanding of a conceptual framework This topic forms most of Section A (and has an influence on Section B) of the syllabus for Paper F7, Financial Reporting. A conceptual framework is important to the understanding of the many principles and concepts that underpin International Financial Reporting Standards (IFRS) and is an often-neglected part of candidates’ studies. Questions from these areas regularly appear in Paper F7 exams – usually as Question 4 – and I often comment in my examiner’s report that they are the least well-answered question in the exam paper; the questions also have a high incidence of candidates not attempting them at all. This article is intended to illustrate the relevance and importance of this topic. What is a conceptual framework? In a broad sense a conceptual framework can be seen as an attempt to define the nature and purpose of accounting. A conceptual framework must consider the theoretical and conceptual issues surrounding financial reporting and form a coherent and consistent foundation that will underpin the development of accounting standards. It is not surprising that early writings on this subject were mainly from academics. Conceptual frameworks can apply to many disciplines, but when specifically related to financial reporting, a conceptual framework can be seen as a statement of generally accepted accounting principles (GAAP) that form a frame of reference for the evaluation of existing practices and the development of new ones. We will write a custom essay sample on Conceptual Framework specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Conceptual Framework specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Conceptual Framework specifically for you FOR ONLY $16.38 $13.9/page Hire Writer As the purpose of financial reporting is to provide useful information as a basis for economic decision making, a conceptual framework will form a theoretical basis for determining how transactions should be measured (historical value or current value) and reported – ie how they are presented or communicated to users. Some accountants have questioned whether a conceptual framework is necessary in order to produce reliable financial statements. Past history of standard setting bodies throughout the world tells us it is. In the absence of a conceptual framework, accounting standards were often produced that had serious defects – that is: †¢ they were not consistent with each other particularly in the role of prudence versus accruals/matching †¢ they were also internally inconsistent and often the effect of the transaction on the statement of financial position was considered more important than its effect on income the statement  © 2011 ACCA 2 THE NEED FOR AND AN UNDERSTANDING OF A CONCEPTUAL FRAMEWORK OCTOBER 2011 †¢ †¢ †¢ tandards were produced on a ‘fire fighting’ approach, often reacting to a corporate scandal or failure, rather than being proactive in determining best policy. Some standard setting bodies were biased in their composition (ie not fairly representative of all user groups) and this influenced the quality and direction of standards the same theoretical issues were revisited many times in successive standards – for example, does a transaction give rise to an asset (research and development expenditure) or liability (environmental provisions)? It could be argued that the lack of a conceptual framework led to a proliferation of ‘rules-based’ accounting systems whose main objective is that the treatment of all accounting transactions should be dealt with by detailed specific rules or requirements. Such a system is very prescriptive and inflexible, but has the attraction of financial statements being more comparable and consistent. By contrast, the availability of a conceptual framework could lead to ‘principles-based’ system whereby accounting standards are developed from an agreed conceptual basis with specific objectives. This brings us to the International Accounting Standards Board’s (IASB) The Conceptual Framework for Financial Reporting (the Framework), which is in essence the IASB’s interpretation of a conceptual framework and in the process of being updated. The main purpose of the Framework is to: †¢ ssist in the development of future IFRS and the review of existing standards by setting out the underlying concepts †¢ promote harmonisation of accounting regulation and standards by reducing the number of permitted alternative accounting treatments †¢ assist the preparers of financial statements in the application of IFRS, which would include dealing with accounting transactions for which there is not (yet) an accounting standard. The Framework is also of value t o auditors, and the users of financial statements, and more generally help interested parties to understand the IASB’s approach to the formulation of an accounting standard. The content of the Framework can be summarised as follows: †¢ Identifying the objective of financial statements †¢ The reporting entity (to be issued) †¢ Identifying the parties that use financial statements †¢ The qualitative characteristics that make financial statements useful †¢ The remaining text of the old Framework dealing with elements of financial statements: assets, liabilities equity income and expenses and  © 2011 ACCA 3 THE NEED FOR AND AN UNDERSTANDING OF A CONCEPTUAL FRAMEWORK OCTOBER 2011 hen they should be recognised and a discussion of measurement issues (for example, historic cost, current cost) and the related concept of capital maintenance. The development of the Framework over the years has led to the IASB producing a body of world-class standards that have the following advantages for those companies that adopt them: †¢ IFRS are widely accepted as a set of high-quality and transparent global standards that are intended to achieve consistency and comparability across the world. They have been produced in cooperation with other internationally renowned standard setters, with the aspiration of achieving consensus and global convergence. †¢ Companies that use IFRS and have their financial statements audited in accordance with International Standards on Auditing (ISA) will have an enhanced status and reputation. †¢ The International Organisation of Securities Commissions (IOSCO) recognise IFRS for listing purposes – thus companies that use IFRS need produce only one set of financial statements for any securities listing for countries that are members of IOSCO. This makes it easier and cheaper to raise finance in international markets. †¢ Companies that own foreign subsidiaries will find the process of consolidation simplified if all their subsidiaries use IFRS. †¢ Companies that use IFRS will find their results are more easily compared with those of other companies that use IFRS. This should obviate the need for any reconciliation from local GAAP to IFRS when analysts assess comparative performance. It is not the purpose of this article to go through the detailed content of the Framework; this is well documented in many textbooks. At this point I would stress that it is important to think about what the content of the Framework really means; it is not enough merely to rote learn the principles/definitions. This is because an understanding and application of these topics will be tested in exam questions and it is on these aspects that candidates perform rather poorly. As previously mentioned, this topic is generally examined as Question 4 (worth 15 marks). Typically, the question will identify two or three areas of the Framework and ask for a definition or explanation of them – for example, the definition of assets and liabilities, an explanation of accounting concepts such as substance over form or materiality, or qualitative characteristics such as relevance and reliability. This section will usually be followed by short scenarios intended to test candidates’ understanding and their ability to apply the above knowledge.  © 2011 ACCA 4 THE NEED FOR AND AN UNDERSTANDING OF A CONCEPTUAL FRAMEWORK OCTOBER 2011 Here are a few examples of past questions. June 2008 exam (a) The IASB’s Framework for the Preparation and Presentation of Financial Statements requires financial statements to be prepared on the basis that they comply with certain accounting concepts, underlying assumptions and (qualitative) characteristics. Five of these are: †¢ Matching/accruals †¢ Substance over form †¢ Prudence †¢ Comparability †¢ Materiality Required Briefly explain the meaning of each of the above concepts/assumptions. (5 marks) (b) For most entities, applying the appropriate concepts/assumptions in for inventories is an important element in preparing their financial statements. Required Illustrate with an example how each of the concepts/assumptions in (a) may be applied to accounting for inventory. (10 marks) (15 marks) Observations This question illustrates the progression of the topic from Paper F3 to F7. Part (a) is not much more than expected knowledge from F3, however Part (b) progresses this knowledge. It requires the application of each of the concepts, not to just any situation, but specifically to inventory thus illustrating how a single transaction (inventory in this case) can be subject to many different accounting concepts. June 2010 exam (a) An important aspect of the International Accounting Standards Board’s (IASB) Framework for the Preparation and Presentation of Financial Statements is that transactions should be recorded on the basis of their substance over their form. Required Explain why it is important that financial statements should reflect the substance of the underlying transactions and describe the features that may  © 2011 ACCA 5 THE NEED FOR AND AN UNDERSTANDING OF A CONCEPTUAL FRAMEWORK OCTOBER 2011 indicate that the substance of a transaction may be different from its legal form. Observations Part (a) is based on the important topic of substance over form. Note the question does not ask for a definition of the concept (this would be more for Paper F3); instead it asks why the concept is important and what features may indicate that the substance of a transaction may be different to its legal form. In other words, how do we identify such transactions? Most answers to this question merely gave a definition of substance and an example (inevitably leasing) of its use in financial statements. Part (b) consisted of a numerical example related to a sale and re-purchase agreement to illustrate the difference that the application of substance has on financial statements (compared to the legal form). June 2011 exam (a) Your assistant has been reading the IASB’s Framework for the Preparation and Presentation of Financial Statements (the Framework) and, as part of the qualitative characteristics of financial statements under the heading of ‘relevance’, he notes that the predictive value of information is considered important. He is aware that financial statements are prepared historically (ie after transactions have occurred) and offers the view that the predictive value of financial statements would be enhanced if forward-looking information (for example, forecasts) were published rather than backward-looking historical statements. Required By the use of specific examples, provide an explanation to your assistant of how IFRS presentation and disclosure requirements can assist the predictive role of historically prepared financial statements. (6 marks) Observations Again Part (a) is themed on the Framework: the important characteristic of relevance. This is such an import characteristic that the Framework says (implicitly) that if information is not relevant, it is of no use. This question focuses on a particular aspect of relevance; that of predictability. Predictability recognises that users of financial statements are very interested the future performance of an entity. The core of this question was about how historical information can be presented, such that it enhances the predictive value of financial statements.  © 2011 ACCA 6 THE NEED FOR AND AN UNDERSTANDING OF A CONCEPTUAL FRAMEWORK OCTOBER 2011 From memory I would say that this (section) question had the highest number of candidates that did not give any answer; and of those that did, very few scored more than half of the available marks. Part (a) was followed by a section on continuing and discontinued operations, and a calculation of diluted earnings per share. If these topics had been mentioned in Part (a) alone, it would have gained two of the six marks available. Conclusion Simply look out for more of this type of question – it is an important area and should not be neglected. Steve Scott is examiner for Paper F7  © 2011 ACCA

Aboriginals in Canada and Mexico essays

Aboriginals in Canada and Mexico essays For many years, Aboriginal people in Canada and Mexico have fought for political sovereignty and self-government. While Canada and Mexico are two different countries with two different cultures and histories, the Aboriginal peoples fight in both countries is strikingly similar. Both groups of people have been fighting a war against assimilation and the utter destruction of their culture. While some groups have lost parts of their culture to absorption, these Aboriginals strive to preserve or regain any parts of their heritage that they can. They have been overwhelmed by European colonies and societies and have come under their rule. Aboriginal people in Canada and Mexico are expected to live under Canadian or Mexican government when they are a different people than those who attempt to preside over them. These Aboriginal people have to come to believe that the respective governments should grant autonomy and that they should be able to be their own separate entity within the already established borders of Canada and Mexico. Learning about Canadas history lends some background on how the native peoples there became repressed. Surprisingly enough, European settlers and explorers first treated the Natives of North America as a sovereign nation, completely equal in law. Relations between Europeans and Natives varied from friendly trades to hostile battles, yet the Natives were never defeated or surrendered in any way. Conversely, many Indian groups did end up signing treaties with Europeans that would continue to haunt them for generations to come. Once the Natives came under settler rule, the Europeans planned that eventually find a place for Aboriginals in the social contract (8). Still, this posed a problem for both groups because European settlers could not see the Aboriginal people as fit for inclusion in their society. Instead Indians were seen as a primitive civilization with no rights to citizenship. So...

Assignment Example | Topics and Well Written Essays - 750 words - 98

Assignment Example It also helps you to mature as a person because of your experience. However the drawbacks may include certain challenges such as applying for visa or migration issues (Accounting Internships Abroad, 2014). I think I belong to the Generation Y as I am born in this century. If I want to start my own restaurant, I would market it to others in my generational group through the use of internet. I will market my restaurant on social networking sites such as Facebook, Twitter, and Instagram, as the people of my generation are usually active on these sites. I think that people of my generation would find fast food such as pizzas, burgers, French-fries, sandwiches, steaks, coffees, mock tails, etc. appealing, and therefore I would have such a menu that attracts the people of my generation. Baby Boomer Generation is the largest generation and contains about 80 million people. The people of this generation were born after the World War II, in between the period of 1946 to 1964. It is the oldest generation and its people are currently retired. As the people of this generation were born during the period of war they suffered a lot but due to advancement in technology, education and aid provided by the government, these people developed as a prosperous generation. The people of this generation were born in the period of 1960 to 1980 and contain about 46 million people. The children of this generation were the first ones to used Computers, Cell phones, Cable, Television, Fax machine, Videogames, etc. The people of this generation are focused on their goals and are independence of their families. They make their own decisions as they are often raised by divorced parents. With the advancement of media and journalism in this generation, they are taught to hold differences based on religion, race, caste and class. The people of this generation are born in the period of 1980 to 2000 and are

Major disadvantages of pizza hut interactive table Essay

Major disadvantages of pizza hut interactive table - Essay Example Second, the platform is vulnerable to uncertainties of technology. Software bugs and failures during a busy session will bring a restaurant to stand still. This will be especially the case if customers get overly used to the platform. It is worth noting that the platform is yet to be tested severely and such software bugs and failures are a possibility. The way to overcome this challenge is through pilot testing the platform before rolling it out fully. Thirdly, the system like any other electronic system is vulnerable to malicious hacking. Malicious hackers may hack the platform and modify customer order contents. This will likely cause uproar in a restaurant as customers get served with what they did not actually order. In order to overcome this challenge, an alternative method should be readily available in case of a failure of the platform. Zolfagharifard, Ellie. Pizza Hut reveals interactive table concept that lets you design your perfect pie. Daily Mail, 4 March, 2014. Web. April 28, 2015.

Project Team Building Strategies Assignment Example | Topics and Well Written Essays - 1000 words

Project Team Building Strategies - Assignment Example A project team is a group of people that comprised of a manageable number of people. The people have complementary skills, share a common goal, purpose and a working approach (Petrick, 2002). The selection of the project team members can be from within or from outside an organization as situations may demand. Team members selected from within an organization have the advantage of knowing the other team members. This will help in molding a unified project team. The team members will also be familiar with the policies, work culture and work procedure of the organization. Project team members sourced from outside an organization lack familiarity with the organization culture. However, it is necessary for an organization to recruit team members from outside if the project requires certain skills, which are not available among the existing members of an organization (Nagarajan, 2005). Project team members are selected from the coordination between the project manager and the functional management. Team building refers to assisting a group of individuals. This group is bound by a common purpose. The members of the group work interdependently. The members include the leader, external stakeholders and the organization in general. Team building can also be perceived as the process of influencing members of a group to work together effectively for better results from a project. There are six strategies that leading organizations adopt so as to create outstanding performance among its team members. These strategies are the formation of the project team early, having a strong matrix organization structure, consensus on goals, sharing of work, and collocation of a team and lastly, the rewarding of the project team members to motivate them (Levin, 2010).

Functions of Investment Banks

Functions of Investment Banks A Critical Discussion of the Major Functions  Performed by Investment Banks. Glossary (Jump to) Abstract   Chapter 1 –The Major Functions of Investment Banks   Summary Bills of Exchange   Corporate Finance Investment Management   Chapter 2 – Conclusions and Recommendations Bibliography Abstract Investment banks evolved as a result of lucrative merchant centers located in the north of Italy, Belgium as well as Holland from the 17th through 19th centuries. During that period Europe’s most influential merchant families moved to the United Kingdom as it was becoming the merchant and banking center of the region. Said list included the Barings, Rothchilds, and Warburg families and their interests (Kuhn, Robert. 1990)[1]. Developments in the United States resulted in that country becoming the center of financial activity in the late 20th century and saw the rise of JP Morgan, Goldman Sachs Merrill Lynch and Morgan Staley joining the ranks of the older investment powers (Carosso, 1970)[2]. Investment banking represents a broad spectrum of financial services that are dispensed by various specialists in conjunction with global investment banks. The services performed by these institutions includes (Lott, 2001)[3]: Underwriting, Distribution, The maintenance of markets in bonds, shares and securities issued by public entities and businesses, as well as Other services In contrast to the services provided by commercial banks, where the principle functions are to accept deposits and make loans to consumers and business on a short-term basis, investment banks engage in four important functions (Lott, 2001)[4]: Assist in the arrangement for the provision of funds to corporations and governments through underwriting as well as distributing new securities issues, Maintenance of markets for securities through the trading and execution of orders for secondary market transactions, Administer advice with respect to the purchase, sale and issuance of securities as well as other financial areas, The creation and management of varied investment vehicles. In addition to the foregoing, investment banks also perform a number of other important transactions and functions that are the subject of discussion in this paper. Chapter 1 –The Major Functions of Investment Banks 1.1 Summary Investment banking consists of a broad array of financial transactions. Some of the more familiar are (Lott, 2001)[5]: Underwriting, Syndication, Corporate Demand Capital Tenders and, Investment banking functions It is this last area that shall for the basis for examination. Bills of Exchange (Williamson, 1988)[6] These are independent instruments of debt that carry the signature of the customer (debtor). In summary, it is an order that directs a specific sum is to be paid to a specific individual. This instrument safeguards that a bill is accepted so that control is not lost of the item(s) involved. A ‘bill of exchange’ contains a stated date of payment that must be concluded on that date irrespective of any disputes concerning the item named. There are legal measures to prevent payment, termed ‘non-honoring’, which are subject to differing rules depending upon the country involved. Corporate Finance (Williamson, 1988)[7] This aspect of investment banking represents a specific finance area that deals with corporate financial decisions as well as the tools and analysis formulas and processes utilized to arrive at these decisions. It is divided into ‘short-term’ and ‘long-term’ techniques and decisions whereby the objective is to enhance corporate value through ensuring the ‘return on capital’ is more than the ‘cost of capital’. The equation rests on a conservative application of risks. Corporate finance is related to managerial finance, although the latter is larger in scope as it entails financial techniques that are possible in all business forms, whether they are corporate or non-corporate. IPO’s (efmoody, 2005)[8] Termed ‘Initial Public Offerings’, IPO’s represent the beginning of a publicly listed company and as such those investors whom are in position at this stage are poised to reap almost immediate gains if the stock rises on opening day. Similarly, these same investors stand to lose money if the opening price drops substantially. During the last few years the offering prices have tended to average out as being overpriced. This is borne out by the fact that the closing price, on average, the day of opening generated an annual return of just 2%. In terms of profitability, IPO’s generate large fees for the participating firms and represent the most profitable underwriting area. Fees generally average seven percent (7%). After the various splits between managing underwriters, brokerage firms, law firms and staff the profit hovers in the 34% through 40% range. This service is a cornerstone in aiding firms to float securities needed to expand or underwrite operations and as such represents one of the more important functions performed by investment banks. Rights Issues (Constantinides et al, 2002)[9] These are equity issues whereby shareholders of record have the right to purchase new shares that have a fixed exercise price. Mergers Acquisitions (Allen et al, 2000)[10] Investment banks act in the capacity as advisors in merger and acquisition deals. In working with both the target(s) of acquisition as well as the acquirer(s), investment banks provide their information expertise to help arrive at the ‘reservation price’. They also calculate the potential for gains and the risks in the transaction. And while investment banks have a vested interest in these deals, their pragmatism is an effective counter weight in maintaining a balance between undervaluing and overvaluing. Operating under banking regulations, investment banks represent a sort of intermediary that engenders public trust in the legitimacy of the transaction and is a part of a system that represent checks and balances over these types of transactions. Commercial banks might have potential conflicts of interest in these types of deals, so even while they have recently taken on this role, the majority of these transactions are still funneled through investment banks. Investment Management (Williamson, 1988)[11] As the term implies, investment management is also known as portfolio management as well as money management. It is a segment of investment analysis that examines the management of money relating to securities purchases as well as their sale. High Net Worth Individuals (Williamson, 1988)[12] Investment banking services for individuals of high net worth has been a long standing feature for an elite group whose banking investment needs exceed the capabilities of commercial banks and traditional specialists. The complex variable regarding the client’s return targets and relative degrees of risk along with long as well as short-term requirements represent specialized analysis. The resources of an investment bank are suited to meet the demanding requirements of these types of individuals as well as confidentiality. The extremely sophisticated variables comprising recommendations and placement in various instruments are crafted to fit an approved plan of action. Because high net worth individuals have access to their own channels of information, the demands of these types of clients in terms of sophistication requires the resources of a specialized institution. Corporations (Williamson, 1988)[13] The investment management of corporations entails handling a number of asset management areas. As is the case with high net worth individuals, it entails an extensive analysis of the goals and objectives desired as well as the cash availability requirements for specific periods of time. The preceding represents a valuable service as a result of the high level contacts and access to specialized information, opportunities and rates of return with moderate risk that investment banks can avail themselves of. Pension Funds (Williamson, 1988)[14] These funds represent extremely large sums that require placement in investment avenues that contain high degrees of safety as well as meeting return rates in established parameters. The important nature of these retirement funds requires an institution to pay close attention to risk avoidance as well as any potential changes and shifts in the market that could potentially affect the money in the Fund. Mutual Funds (Williamson, 1988)[15] In terms of mutual funds, there are literally hundreds of fund types to select from as a result of the classifications within this group. One particular type of fund which investment banks have an advantage over commercial banks is in hedge funds. These types of funds are unregulated and usually governed by unconventional strategies. Hedge funds trade in equities, money markets and bonds and offer yields as well as risks that exceed traditional long stock and bond methodologies. The secretive nature of these funds and the fact that they cater to institutions, corporations and high net worth individuals only is within the purview of investment banks. The mutual fund classifications contains a number of differing types, these are as follows: Objective Oriented Growth This type is structured so that it appreciates in value over time by investing principally in the common stock of companies that have shown or are showing a high growth potential. Income These are structured to generate dividends on a regular basis as the priority, with growth in value as the secondary selection criteria. Balanced These funds are a balance between growth and income funds thereby providing investors with dividend payouts while the fund appreciates in value as a result of the growth in the corporations selected. Market Oriented Specialized Through limiting holdings in one industry sector these ‘sector growth’ funds place their emphasis on one industry classification. The preceding entails risks if that classification or segments of that classification perform poorly. The reverse is also true if the sector experiences growth. Bond Funds These tend to be conservative investments, principally in debt securities, with the objective of providing income while preserving capital. The focus is similar to Income Funds, which is the payment of dividends. Municipal These types of bonds can be either short or long term and represent state and or local government issuances. Corporate These funds are composed of bond issuances by corporations and are guaranteed by companies to pay out both interest as well as principle. Zero-coupon These are bonds that are sold to investors at a discount and payout only on the maturity of the face value. Because the investor purchased these at a discount, the face value represents the gain. International These are composed of the debt securities of corporations and governments located in other nations. As some countries pay higher rates, the gains can be interesting depending upon currency fluctuations and conversion rates. Convertible Securities These funds invest in securities (debt) that permit conversion of their bonds into stock. The objective is the preservation of capital yielding growth and income. Money Market Money market funds invest in the short-term obligations, debt, of both governments and corporations and are structured by and large to permit smaller investors to participate for amounts starting at approximately $500, depending upon the fund. Without the fund, direct participation requires increments of $10,000. The pooled sums are then invested and managed. Multifunds This type of fund invests in the performance of other types of mutual funds. All Weather These are designed to weather all types of business and economic phases. Emerging Growth These types of mutual funds invest in companies with high growth potential. Precious Metals As the name indicates, these are funds that take positions in various types of valuable metals. Green A newer category within this classification, Green Funds select growth companies that have a record of being responsive on environmental issues and adhere to policies within that arena. Chapter 2 – Conclusions Investment banks serve a valuable purpose in financial and business markets through their handling of public offerings (IPO’s) and private placements. These functions help corporations with their liquidity requirements and the issuance of securities. As investment banks can sell stock in an IPO as well as secondary offering and private placements they represent a centralized location that is able to fill the needs of corporations, governmental entities and high net worth individuals. The decades, and in some cases centuries of participation in high level finance has resulted in connections within finance arenas whereby investment banks maintain ties and associations at participation levels that are beyond commercial banks. In addition, this sector represents the top of the talent pool in finance, thus the intelligence factor exceeds the personnel employed in commercial banking. Because investment banks are primarily paid on a success basis, their commitment to the deals is higher and so are the monetary rewards. Typically, the compensation in the industry ranges 50 through 60% of profits paid out to partners and employees. Investment banking executives, analysts, junior bankers and junior partners generally earn twice their commercial bank counterparts as their jobs entail making money for the firm as well as performance reviews for themselves. The high pressure and performance nature of these positions means only the brightest in their fields work in this sector, thus the reason for investment banks receiving the biggest and the best of deals in all of the service function areas mentioned above. The preceding emphasis on profits, earnings, fees and performance might seem like a focus on greed, however it is geared to bring out the best, through competition among firms, which benefits investors, the general public and the economies of the countries in which these firms operate. Bibliography Allen, Linda, Jagtiani, Julapa, Sauders, Anthony. The Role of Bank Advisors in Mergers and Acquisitions. Federal Reserve Bank of Chicago, Supervision and Regulation. Carosso, Vincent. 1970. Investment Banking in America, A History. Harvard University Press, Cambridge, MA. ISBN: 0674465741 Constantinides, George, Harris, Milton, Stulz, Rene. 2002. Investment Banking and Securities Issuance. Handbook of the Economics of Finance. ISBN: 0444513639 efmoody.com. 2005. IPO’s. http://www.efmoody.com/investments/ipos.html Kuhn, Robert. 1990. The Library of Investment Banking. Dow-Jones Irwin, Homewood, IL. ISBN: 1556232993 Lott, Tom. 2001. Vault Career Guide to Investment Banking. Vault. ISBN: 1581311338 Williamson, Peter. 1988. The Investment Banking Handbook. John Wiley Sons. ISBN: 0471815624 1 Footnotes [1] Kuhn, Robert. 1990. The Library of Investment Banking. Dow-Jones Irwin, Homewood, IL. ISBN: 1556232993 [2] Carosso, Vincent. 1970. Investment Banking in America, A History. Harvard University Press, Cambridge, MA. ISBN: 0674465741 [3] Lott, Tom. 2001. Vault Career Guide to Investment Banking. Vault. ISBN: 1581311338 [4] Ibid [5] Lott, Tom. 2001. Vault Career Guide to Investment Banking. Vault. ISBN: 1581311338 [6] Williamson, Peter. 1988. The Investment Banking Handbook. John Wiley Sons. ISBN: 0471815624 [7] Ibid [8] efmoody.com. 2005. IPO’s. http://www.efmoody.com/investments/ipos.html [9] Constantinides, George, Harris, Milton, Stulz, Rene. 2002. Investment Banking and Securities Issuance. Handbook of the Economics of Finance. ISBN: 0444513639 [10] Allen, Linda, Jagtiani, Julapa, Sauders, Anthony. The Role of Bank Advisors in Mergers and Acquisitions. Federal Reserve Bank of Chicago, Supervision and Regulation. [11] Williamson, Peter. 1988. The Investment Banking Handbook. John Wiley Sons. ISBN: 0471815624 [12] Ibid [13] Ibid [14] Williamson, Peter. 1988. The Investment Banking Handbook. John Wiley Sons. ISBN: 0471815624 [15] Ibid

Allegorizations of the Active and Contemplative Lives in Philo, Origen,

Allegorizations of the Active and Contemplative Lives in Philo, Origen, Augustine, and Gregory This paper examines the allegorical interpretations given to several Scriptural pairs as they relate to the idea of the active and contemplative lives in Philo, Origen, Augustine, and Gregory. As will be shown, Augustine combines elements found in the two previous writers to form his allegory of the two wives of Jacob as representative of the active and contemplative lives. In Philo, most of the essential elements of later Christian thought on the active and contemplative lives are already present. The superiority of the contemplative life is given at the beginning of his treatise on it: "I have discussed the Essenes, who persistently pursued the active life and excelled in all or, to put it more moderately, in most of its departments. I will now proceed at once in accordance with the sequence required by the subject to say what is needed about those who embraced the life of contemplation" (De Vita Cont. 1 [471]). The idea that the contemplative life follows upon the active is also present here, and is elaborated elsewhere: "... infants have one place and full grown men another. The one is named ascetic training and the other is called wisdom... For what life is better than a contemplative life, or more appropriate to a rational being?" (De Migr. Abr. 9 [443]). Both the active and contemplative lives are virtuous, but the contemplative is the more matur e and fuller expression of the life of wisdom; it should, however, only be practiced once the former has been used as a training ground. Philo allegorizes Leah and Rachel in several related ways in his works (cf. Sly, 163-74). At one point he identifies Rachel with bodily beauty, ... ... moves away. She loves to contemplate her lovely eyes; I love to use my hands to adorn myself: her joy is in reflection, mine in act." (Purgatorio xxvii, 101-08, [Musa trans.]) What has been called "the breadth of [Augustine's] vision and the lyrical exaltation of his language" (Mason, 45) has cast a long shadow indeed. Works Cited * Butler, D. C. Western Mysticism: The Teaching of Augustine, Gregory and Bernard on Contemplation and the Contemplative Life. 2nd ed. New York: Harper & Row, 1966. * Mason, M. E. Active Life and Contemplative Life: A Study of the Concepts from Plato to the Present. Milwaukee: Marquette University Press, 1961. * Runia, D. T. Philo in Early Christian Literature: A Survey. Assen: Van Gorcum/Minneapolis: Fortress Press, 1993. * Sly, D. Philo's Perception of Women. Atlanta: Scholars Press, 1990.

Reprocudtive Health Bill

Chelsea Samatra, Kenneth Ragus Samatra,Ragus 1 Ms. Daligcon Period 4 A Battery That Makes Cents Abstract Many coins in the pile will make the most electricity. If there are more coins in the pile, then the more electricity it can produce, because the more electrons you have, the more electricity you will get. Batteries are expensive, but you can make one for exactly 24 cents! In this experiment, you will make your own voltaic pile using pennies and nickels. In the data, we will see if the number of pennies and nickels will affect the number of voltage and current.Problem How many coins in the pile will make the most electricity? Hypothesis If there are more coins, then the more electricity it can produce, because the more electrons you have the more electricity you will get. Samatra, Ragus 2 Background/Research You might think that batteries are a modern invention, but batteries were one of the first ways of making electricity. Alessandro Volta discovered the first electric battery i n 1800. He made a giant stack of alternating layers of zinc, blotting paper soaked in salt water, and silver. This early design for a battery became known as the  voltaic pile.How does a voltaic pile make electricity? The key to electricity is the movement of  electrons. In a voltaic pile, electrons move from one metal to the other through the saltwater solution. The saltwater solution is called an  electrolyte, and it contains  ions  in solution from the dissolved salts. An ion is a group of atoms that carries a positive or negative electric charge. The ions react with the metals, causing an  electrochemical reaction, a special kind of chemical reaction that makes electrons. The two types of metals in a voltaic pile are called  electrodes.Since there are two kinds of metals, one metal reacts more strongly than the other, which leaves an electrical potential difference, also called voltage, between the two types of metals. One metal becomes positively charged, the posi tive electrode and the other becomes negatively charged, the negative electrode. This causes electrons to move, creating an electrical  current  which is measured in amperes, and then you have electricity! In addition, the formula for voltage is current times resistance or V = I*R, so the formula for current will be voltage divided by resistance or I = V/R.Samatra, Ragus 3 Vocabulary Words: * Electrochemical Reaction – branch of chemistry that deals with the chemical action of electricity and the production of electricity by chemical reactions * Electron – Also called negatron, an elementary particle that is a fundamental constituent of matter * Voltaic Pile – battery consisting of voltaic cells arranged in series; the earliest electric battery devised by Volta. * Electrolyte – a liquid or gel that contains ions and can be decomposed by electrolysis. Materials The materials and equipments that are needed for the experiment are: * Pennies (4) Nickels ( 4) * Mild dish soap * Vinegar (any kind, 1/4 C. ) * Salt (1 Tbsp. ) * Small bow * Small plate (ceramic, plastic, or Styrofoam not paper or metal) * Digital multimeter (any kind that reads mA and mV) Samatra, Ragus 4 * Paper towels (2) * Scissors The procedures for the experiment are: 1. In a small bowl, mix together 1/4 C. of vinegar (electrolyte) and 1 Tbsp. of salt (ions). 2. Using scissors, cut up a paper towel into small squares. 3. Place the small squares to soak in the bowl of salt-vinegar solution, and set them aside. 4.Gather some pennies and nickels, wash with a mild detergent (like dish soap), and dry. 5. Start building your stack on a dry paper towel on your plate. Put down a penny first, then place a square of vinegar-soaked paper towel on top, and then add a nickel. Keep repeating the layers until you have a stack of four coins (alternating pennies, wet paper towel pieces, and nickels), making sure you end with a nickel on top. 6. Attach the leads of the multimeter to t he two ends of the battery by touching one lead to the penny on the bottom and the other to the nickel on the top.Measure the voltage produced by your battery (in millivolts, mV). You can also measure the current produced (in milliamps, mA). Samatra, Ragus 5 7. Repeat the experiment, each time building a battery with a different number of coins. One important rule is to always start with a penny and end in a nickel, so the number of layers of pennies and nickels will always match. The record of the data table: Number of Pennies| Number of Nickels| Voltage (mV)| Current (mA)| 4| 4| 6. 8| 1. 7| 5| 5| 9. 5| 1. 9| 6| 6| 12. 6| 2. 1|The data above shows that number of coins in the pile had affected the amount of electricity produced. The viewer can obviously tell that, why? Because the data shows that the more pennies and nickels you have in yorur pile, the more amount of electricity you can produced. The amount of electricity produced on 4 pennies and nickels is 6. 8, why because the re sistance was 4 and then the current was 1. 7 and the formula for voltage is V=I*R . The amount of voltage in 5 pennies and nickels is 9. 5 and its current was 1. 9. The amount of voltage in 6 pennies and nickels is 12. and its current was 2. 1. Samatra, Ragus 6 Sample Models This image shows the structure of a voltaic pile, which is the first design of a battery that's used to make electricity. It was discovered by Alessandro Volta in 1800. In this experiment, you will make your own version of the voltaic pile using two different types of coins and a salt-vinegar solution. How does a voltaic pile made of money work? Since each coin is made up of a different metal, one metal reacts more strongly than the other, which leaves an electrical potential difference (voltage) between the two types of metals.The question is, how will different numbers of coins affect the amount of electricity produced? By making piles with different numbers of coins and measuring the voltage and current produ ced, you can test the effect of changing the number of coins in the piles. Samatra, Ragus 7 Analysis Amount of the Voltage (Pennies ; Nickels) 30 25 20 15 10 5 0 (4 pennies ; nickels) (5 pennies ; nickels) (6 pennies and nickels) The graphs shows that the number of pennies and nickels whether it increase or decrease, it will affect the amount of the voltage (mV).The graph above specifically shows and tell us that increasing the number of nickels and pennies will increase the amount of voltage. In a very short way, the more pennies and nickels the more voltage and current. The formula for voltage was V = I * R, so the formula for current was I = V/R and then the formula for resistance was R = V/I. Samatra, Ragus 8 Conclusion In conclusion, many coins in the pile will make the most electricity, i proved that my hypothesis was right the more coins in the pile, then the more electricity it can produce, because the more electrons you have, the more electricity you will get.The data that I made was connected to the research section because the research section, it tells the reader that can the number of pennies and nickels will affect the amount of the voltage? So my data shows that the number of the pennies and nickels did really affect the amount of the voltage. I will always remember that the more electrons/coins in the pile, the more electricity/voltage it can produced.

Establishing a Project Management Office (PMO)

Establishing a Project Management Office (PMO) Project Management Office (PMO) â€Å"A Project Management Office (PMO) is described as a centralized, coordinating body within an organization or a project that provides a focal point for the field of project management† (Young, 2009). As such, its key function is to define and address issues that relate to management of projects in order to facilitate success in organizational results for projects.Advertising We will write a custom report sample on Establishing a Project Management Office (PMO) specifically for you for only $16.05 $11/page Learn More The establishment of a Project Management Office has several advantages to an organization. As the Project Management Consultant in a company considering establishing a PMO, I would put several aspects into consideration. However, a PMO has more advantages in running of a company than any potential disadvantages. As the PM Consultant for the company, I wish to mention why a PMO should be adopted. As suc h, the main benefits of adopting a PMO in a company are as described in the following paragraphs. Reasons for Adopting the PMO Many companies across the continent have been struggling to deliver projects within budget, but with minimum success. However, several management challenges faced by these companies have resulted in unsuccessful attempts to meet their targets. Project success rates have been reported to decrease in the recent years due to failure in management. â€Å"As such, there has been a dramatic increase in late and over-budget projects in 2010, as compared to 2009† (Krigsman, 2011). Table 1.0 shows the summary for projects statistics for the years 2009 and 2010. Risk Factor 2009 Average 2010 Average Percentage of projects taking longer than expected. 35.5 percent 61.1 percent Percentage of projects with costs exceeding allocated budget. 51.4 percent 74.1 percent Percentage benefits realization from delivered projects. 67.0 percent 48.0 percent Table 1.0: Projects Statistics for the year 2009 and 2010 Source: ZDNet (2011).Advertising Looking for report on project management? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the other hand, latest survey from the PM Solutions Research has indicated that PMO has a significant contribution to project success. The detailed results of PMO contribution are as given below (PM Solutions Research, 2010): 31 percent reduction in failed project. 30 percent of projects delivered under budget. 21 percent improvement in productivity. 19 percent of projects delivered ahead of schedule. 17 percent saving per project has been confirmed. A 13 percent increase in resource capacity. As a result, it is mandatory to implement a PMO in order to experience improved project success rates. However, there are several guidelines to be followed to ensure the PMO benefits are accompanied with high-success rates. Some of the benefits of establishing a PMO in the company are described below (Young, 2009). Focus on improvement in project management competency. Knowledge and project management skills are improved through training. There are increased levels of uniformity and consistency in project delivery. There is a reduction in project overruns, hence, improved delivery speeds. Customer satisfaction as a result of meeting product requirements. There is a common point for the project management service. Archiving project operational and performance data. Steps in Building a Successful Project Management Office (PMO) Since it is like any other organizational change project, implementation of the Project Management Office will be approached in the same manner (Hill, 2008). There are several steps that need to be followed so that success can be guaranteed. As the PM Consultant for the company, I have identified the following key steps to use for the PMO implementation. Establishment Role, Scope and Office The initial set up of the PMO will involve the establishment of the organizational role and scope (power) of the office (Hill, 2008). During the set up process, there are several factors to consider in defining the office and are referred to as PMO evolves. In collaboration with the company’s executives, these factors can be identified and incorporated as it may be rendered necessary. The following are the most urgent and influential factors that are a must to be considered in establishing a PMO. First of all, it will be necessary to consider the reporting arrangements because it has a significant influence on the determination of the roles and power of the PMO. In this situation, an independent PMO that reports directly to the executive group is preferred. This will allow for a greater degree of functionality of the PMO, thus, resulting in better management of project related issues (Steph, 2007). As such, there is no restriction of the PMO’s operation within certain departments alone, but free a nd independent operations in all departments.Advertising We will write a custom report sample on Establishing a Project Management Office (PMO) specifically for you for only $16.05 $11/page Learn More Secondly, the scope of projects that the PMO will assume responsibility has to be identified. Depending on the needs and size of organization, the PMO can assume responsibilities for all the projects or limited to certain projects such as IT. During the first implementation process, it is essential that the PMO is restricted within the organization. This will enable the company evaluate its performance and define new ways of improving future ventures. Finally, the PMO can be established as a permanent or temporary office depending on the company’s needs. Temporary PMO offices can be set up for functions such as reflecting on a year’s initiatives. On the other hand, a permanent office will allow for an ongoing assessment of an organization’ s projects. Depending on the cost implications, companies usually prefer permanent offices because they are more economical in the long run. Human Resource Functions The second stage of setting up the PMO involves taking care of human resource issues such as selection and recruitment, training and certification, and providing resources to projects, among others. These functions are available in both cases where the PMO is independent or directly responsible for projects. The following human resource factors are the most essential in setting up project management offices. Selection and recruitment of project staff is a responsibility that the PMO can assume when established. This is a necessary step where pertinent professionals such as project managers can be selected and assigned to projects that have been identified (Hill, 2008). It ensures that the project management culture of the organization is in accordance with the company’s scope. As such, there is a continuous impro vement in the organization’s professional project management staff; thus, improved productivity. The PMO can also take responsibility in administering training the company’s staff. The body can undertake these functions by itself or through other external bodies. The PMO sets up the minimum standards required for selection and promotions to higher project management posts.Advertising Looking for report on project management? Let's see if we can help you! Get your first paper with 15% OFF Learn More This step ensures that recruited members are fit and competent to undertake the project responsibilities set before them (Steph, 2007). As a result, the project managerial skills can be developed and promoted for the organization’s success. Another important role that PMO’s provides is coordinating the supply of resources to the organization’s projects. This function may involve posting of project managers to projects or even the entire project staff. However, the growth and expansion of an organization is the factor that will determine the actions to be undertaken. For instance, growth will result in the need to manage projects resources systematically. As such, it may be essential for the PMO to assume the works for allocating resources to projects. Setting up Project Management Standards The third step undertaken by the PMO involves the establishment of project management standards. This will provide a backing for which the PMO will use to manage how the comp any responds to its projects (Hill, 2008). This helps to define the organizational layout for projects and can provide either direct or indirect influence on the projects. The factors handled during this stage are described in the following paragraphs. The initial and most significant step is to set up the Project Management Methodologies. These may include defining the project life cycle or project execution standards. The former involves defining the sequencing of project activities such as design, building, testing and hand-over. However, the latter involves determining the parameters for items such as documentation, reporting and issue management. This is a key role in determining how an organization will be responding to its projects needs. Therefore, the role is usually assigned to the PMO to ensure a successful project execution is realized. Another role that is closely associated with setting up methodologies includes the provision of templates. Provision of templates for pr oject activities has a direct influence on how projects are run. There are several forms of templates that can be used such as status reporting, risk assessment and budgeting among many others. This is an extremely helpful step for organizations that are new to project management because it allows them to establish standard processes much faster than expected. Also, it may be necessary for an organization to provide project management tools to assist in the effective management of more complex projects. These tools usually have both direct and indirect impact on the management of organization’s projects. Project management tools may include templates (mentioned above), project management software, and other customized tools (Steph, 2007). Project Execution Functions Usually, project execution functions are closely linked to the PMO’s resource ownership relationship. As such, a PMO that owns its resources (project managers or project resource group) has more responsibil ities in the management and execution of the projects. The following functions in project executions are handled by the Project Management Office in an organization (Steph, 2007). A comprehensive risk management function can be assigned to the Project Management Office depending on the need at hand. The functions may vary from the initial setting up of standards and procedures for risk management processes to facilitation of project risk management. Risk and issue management functions are assigned to PMO’s to ensure there is maximum success among handled projects. Impact and change management functions are well managed by the PMO. As such, the PMO assumes all the responsibilities for measuring project impacts on shareholders, customers, employees and other associates. The importance of PMO’s functions on impact assessment increases as an organization’s size and project portfolio increases. This helps in the determination of better ways to handle future projects by avoiding possible future problems on similar projects. Communication is an extremely useful tool required to shape the current and future direction of projects. As such, the PMO should be well exposed to several projects to develop effective ways of managing communication within projects and other areas of a company. Some of the techniques used to improve communication within projects include the use of direct methods like presentations and newsletters; or the use of indirect methods such as provision of Intranet sites and directories. Large corporations with several projects are suitable for this communication that is aided by PMO’s. Business Strategy Responsibilities Several organizations that are constantly improving their technologies and those with large expenditures on their projects require a PMO with increased roles. This is necessary to ensure that such organizations do not make unnecessary losses due to technology lags or overboard project expenditure. In such si tuations, the PMO will assume a crucial role in making strategies for such organizations. The following strategic intents can be undertaken by such organizations. One strategic move by a PMO can involve the gathering of initiative proposals. As mentioned earlier, this may include the submission of guidelines and templates that can be used as aids by people submitting proposals. Another strategic function may involve the evaluation of projects as a central area for the planning of organization’s projects. This would include proposal evaluations basing on different criteria. Some of the fundamental criteria that are used include resource impacts, costs, risk assessments, schedules, etc. The PMO may also use project prioritization to categorize the most critical projects. As such, this could be used for identifying which projects to start working on and with what speeds in order to meet their deadlines. Furthermore, project prioritization can be used to identify projects with th e most financial benefits, easier resources availability, and those with minimal risk assessment (Steph, 2007). When accompanied with project planning and scheduling, the PMO delivers quality projects within the allocated time frame. Associated to project prioritization and scheduling (as mentioned above) is the PMO’s role in project funding and approval. In this strategic move, the PMO ensures that the necessary funding is made available to projects at the most appropriate time so as to allow for maximum productivity. Therefore, all budgets directly relating to projects are handled by the PMO of the organization in order to maintain smooth operations. Reviewing the PMO After the establishment of all the five stages described above, the Project Management Office is completed and ready to start offering its services. However, the PMO will need to be constantly reviewed, and modifications made as it serves the organization (Hill, 2008). Changes resulting from the organizationâ €™s growth lead to subsequent changes in the roles and scope of the PMO. Therefore, it is mandatory that the PMO staff work together with the organization’s executive in order to review the PMO’s scope and performance. As a result, the PMO will remain functional and relevant to the changing business needs of the organization. Conclusion In this paper, the benefits and essential steps undertaken in setting up a PMO were discussed. The determining factors may vary depending on the size, type, and project portfolio of the organization. The application of those factors that were discussed will enable an organization to establish methods that will result in maximum productivity. Therefore, it is recommended that organizations looking for project success establish a PMO to manage its internal and external projects. References Hill, Gerard (2008) The Complete Project Management Office Handbook (2nd Edition). ESI International. Krigsman, Michael (2011) 2011 ERP Survey: New IT Failure Research and Statistics.  Web. ZDNet. PM Solutions (2010) The State of the PMO 2010: A PM Solutions Research Report.  Web. PM Solutions. Steph, Brown (2007) How to Design an Effective Project Management Office. Web. Management E-articles. Young, Michael (2009) Key Steps to Implement a Project Management Office. Web. Project Smart.