Explain how the following link to your practice Essay

Bullying In my work place there is an anti bullying policy in place also all the children and staffs are educated on bullying and how it can affect people differently. The school also takes bullying very seriously and any accusations are dealt with straight away. Cyber bullying In my work place we have an cyber bullying policy also we educate the children and the staff on signs to watch out for and how to prevent it from happening also what to do if it does happen to you. The school also has posters in the ict room about bullying and where you can get help from. The school also send out leaflets so the parents can read them and educate themselves. Rewards At my work they are different rewards for different year groups and tasks. Some off the reward systems are ; star chart, this is mainly used on a 1-1 basis to help the child concentrate on the tasks set for them. Cloud and rainbow this is a whole class reward as it is not just focused on one child, if a child is behaving well they can go on the rainbow but if the child is not completing a task they will go on a cloud. There is also house points when a child is doing well they will get a point for their team and at the end of the week the points are added up throughout school and the team with the most points are moved along in the race. The team at the end of the year who wins the race will get a reward each. Sanctions There are different sanctions depending on the severity of the situation. One of the main sanctions is that if you are told more than once about something your name will go on the bored and if you still continue to misbehaving you will get a tick against your name, three ticks and you will spend playtime and dinner time in class doing extra work. Impact on personal factors This all depends on the situation for example; A child could be going through bereavement and they may act out e.g anger,  lashing out, withdrawn. If the school knows about an incident occurring they will take the child to one side and explain what has happened and how they might feel but that they can always talk to them if needed. Managing pupil behaviour They are different methods when dealing with pupil behaviour depending on the situation. If the child has additional needs they may be behaving differently due to confusion or anger. Two of the methods that are used most in my school are setting up a 1-1 support and also have a reward chart. Inclusion In my work place we try and treat everyone with respect and try and involve everyone no matter what. One of the ways we do this is buy changing the lesson plan so it can fit to the needs of the individual also if there is any other additional equipment needed such as a chair cushion it will be provided. Training Training is provided to all members off staff. If there is any additional training that is needed it will be provided such as first aid and food hygiene.

Reflection Paper on Descartes

Joe Niro History 113 Descartes Reflection Paper Descartes was a very intelligent man and was knowledgeable in many subjects. One of which was his understanding of reason. One might ask themselves, â€Å"What is Reason? † According to Descartes, the ability to reason is a human trait that does not differ from person to person. He believed that everyone had the same ability to reason rationally. It is one’s prior opinions, knowledge, and teachings of a subject that causes a difference in our reactions and results. 1 Descartes discussed that in order for him to reason, he would first clear his mind of all past knowledge.He believed that this would rid him of any bias and prior opinions he might have on a matter to better understand and reason. He would base his reason solely on facts provided as evidence. Descartes also did not force his thought on reasoning upon anyone else. He would merely write his own approach in which he would follow to reason. 2 He set four rules to be followed. 3 His first rule was that he would not accept anything to be true unless presented with evidence to support the claim, whatever that claims may be.His second rule was that he would divide the two sides of an argument or claim in as many ways as possible to sufficiently reason. Descartes would then, as his third rule states, view each claim step by step, starting with the easiest thought to comprehend, then progressively and chronologically view more of each claim. His final rule was to not omit anything or any view. Instead he would view everything as plausible and, by following all prior steps, would then be able to reason and make a definite conclusion.The real key statement Descartes was making about reason is that it is of the human’s decision as to what the logical reasoning is for something. It is our own past experiences and views that cause a difference in opinion and reason. In order to view reason as Descartes had, one must open one’s mind to man y possibilities. In comparison to a glass of water; one cannot possibly fill an already full glass, and one can only fill a half full glass so much. To fill said glass, the glass must be empty. Same is to Descartes’ definition of reason. One must first empty their mind in order to understand and reason.Nothing is concrete and all is plausible. This is Descartes’ definition of reason. Hume’s is another philosopher who made a stand on the definition of reason. He saw that there was a distinct different between a â€Å"relation of ideas† and a â€Å"matter of fact. † If viewing with an open mind as Descartes would support, ones’ claims may not be supported with sufficient evidence, but that alone does not disprove that claim, however, is therefore an idea. A matter of fact would be a claim that is supported by sufficient evidence that can support that claim legitimately.

Cloud Services Go Mainstream

Case Study 3. 4 – Salesforce. Com: Cloud Services Go Mainstream 1. How does Salesforce. com use cloud computing? Salesforce. com provides customer relationship management and other software applications using the software-as-a-service business model over the Internet. Cloud computing, also known as on-demand computing, eliminates the need for a business to make large up-front hardware and software investments and reduces the time to implement new programs. Subscribers to Salesforce. om don’t have to purchase or maintain any hardware (albeit personal computing devices) nor do they have to install any special operating systems, database servers, or application servers. Other than the monthly user subscription fee, businesses reduce their licensing and maintenance fees. Users access the Salesforce. com cloud through a standard Web browser or a mobile handheld device. Businesses using the Salesforce. com’s cloud have an easier time scaling their system as they increa se or decrease their workforce – they adjust the number of subscriptions to the cloud.Salesforce. com offers some customization of its software so a business can adjust the software to unique business processes. It offers three types of clouds: Sales cloud, service cloud, and the custom cloud. The sales and service clouds help businesses improve sales and customer service. The custom cloud provides a venue for customers to develop their own applications for use within the broader Salesforce network. 2. What are some of the challenges facing Salesforce as it continues its growth? How well will it be able to meet those challenges? Challenges include: Increased competition both from traditional industry leaders and new challengers hoping to replicate Salesforce’s success -Expanding its business model into other areas -Ensuring the system is available 24/7 with no outages -Defending the system against security breeches Salesforce is answering the first two challenges by pa rtnering with Google and combining its services with Gmail, GoogleDocs, Google Talk, and Google Calendar to allow its customers to accomplish more tasks via the Web . Salesforce. comand Google both hope that their Salesforce. com for Google Apps nitiative will galvanize further growth in on-demand software. By partnering with Apple, Salesforce. com can expand its applications to iPhone users who will have access to their data anywhere any time. Through its partnership with Amazon. com, Force customers can tap into Amazon. com’s cloud computing services that can handle â€Å"cloud burst computing† tasks that require extra processing power or storage capacity. Salesforce opened up its Custom Cloud (also known as Force. com) application development platform to other independent software developers and listed their programs on its AppExchange.The company introduced a development tool for integrating with Facebook’s social network that allows customers to build appli cations that call functions at the Facebook site. Small businesses can go online and download software applications, some add-ons to Salesforce. com and others that are unrelated. In order to grow its revenues to levels that industry observers and Wall Street eventually expects, Salesforce will need to change its focus from selling a suite of software applications to providing a broader cloud computing â€Å"platform† on which many software companies can deliver applications.To ensure system availability, Salesforce. com provides tools to assure customers about its system reliability and also offers PC applications that tie into their services so users can work offline. 3. What kinds of businesses could benefit from switching to Salesforce and why? Small to medium-size businesses are probably the most likely ones to switch to Salesforce. com because of cost factors and the lack of having in-house resources to provide the same level of computing capacity.Businesses that are tr ying to increase the sophistication of their computing capabilities could also benefit from switching to Salesforce as long as the two are compatible. Businesses that rely on smart customer management would benefit greatly from using the tools available at Salesforce. com. Also companies that have small sales and marketing teams can benefit from the software-as-a-service business model. 4. What factors would you take into account in deciding whether to use Saleforce. com for your business?Businesses should assess the costs and benefits of the service, weighing all people, organization, and technology issues. Does the software-as-a-service application integrate well with the existing systems? Does it deliver a level of service and performance that’s acceptable for the business? Does the SaaS fit with the business’ overall competitive strategy and allow the company to focus on core business issues instead of technology challenges? 5. Could a company run its entire busine ss using Salesforce. com, Force. com, and App Exchange?Explain your answer. Depending on the type of business, a company probably could run its entire operations using Salesforce. com, Force. com, and App Exchange. All four major functional areas of a business are supported: Sales and Marketing, Manufacturing and Production, Finance, and Human Resources. There are dozens of applications available to fully support all of these areas. It would be a matter of integrating the software from Salesforce. com and App Exchange with any existing legacy systems within the business.

Is a Computer playing chess using 'brute force' unbeatable Essay

Is a Computer playing chess using 'brute force' unbeatable - Essay Example The computer intelligence and cognition is simply based on the several moves that are stored in its memory. It goes through all the possible moves and chooses the one with the best probability (Razmov V (2010)). The brute force method also tended to have a non evaluative advantage over and above the chess master Garry Kasporov. Human mind cannot record and evaluate all the possible moves in a given situation as it doesn’t have that much retaining capacity. However, after Garry Kasporov defeated the chess player Deep Blue, they refused for a re-match because they feared that Garry had understood their algorithm codes and approaches (Feng-Hsiung, H., 2006, p. 51). They did not want the world to believe that Deep Blue actually has no cognitive power or intelligence except for its highly fast processing power. Thus, the brute force method does not use any artificial intelligence or cognitive powers; it simply is a fast processing and evaluating method used by the computer chess player. It thus looks possible and realistic as Garry Kaporov was able to break the code of the computer and win against it. Chess News (no date)  Nettavisen: We have tested the worlds best chess program  [Online]. Available at:  http://en.chessbase.com/post/nettavisen-we-have-tested-the-world-s-best-che-program  (Accessed on 10

Urban Education Policy and School Improvement Essay

Urban Education Policy and School Improvement - Essay Example The educational system that is embedded in the current society tends to harness the growth of students by providing a curriculum that prepares them for their careers. However, the huge disparities between rich and poor district students are detrimental because it hinders the growth of students in the less fortunate neighborhoods.   One of the key aspects that creates this disparity can be categorized as â€Å"unavoidable circumstances† which consist of many elements.   Conducive studies conducted in this matter indicate that the major cause of achievement gap in New Jersey State is because of the socio-economic factors that have contributed to this grown problem.   Abbott’s struggle to advocate for equal funding of the education system can truly be a catalyst towards an extreme reform in the poor district. As a matter of fact, school administrators have suggested to a more useful approach of the tax money by allocating to the educational system. Undoubtedly, this will attract high-quality professors that can work with the school systems in order to meet the educations that are developed by the district.   Provision of equal funding and learning materials might not adequately close the existing achievement gap in the state as more effort needs to be instilled in order to solve this dilemma. As poverty greatly contributes to underdevelopment of students and minimizes their chances of achieving success in education, it is critical that the government should funnel funding into these poor areas.

Special Education High School Essay Example | Topics and Well Written Essays - 750 words

Special Education High School - Essay Example It can be that this is the child's behavior at home whenever he or she is denied something or it could also be that this is his or her way of getting what he or she wanted. Throwing tantrums would exasperate parents, resulting to them giving in to the child's desires. These behaviors could not immediately be considered as behavioral problems per se; but it could lead to one if the child's present way of interacting with people, including children, would not be corrected. Biting is not an abnormal behavior but it is disturbing and potentially harmful which should be discouraged from the beginning (University of Michigan Health Systems 2007). Every aggressive behavior that the child displays should be understood and one way of understanding it is through knowing the child's family background. Who is living with the child and what is the situation inside the child's family. Through knowing, the teacher will be able to understand and formulate positive ways to handle the child's feelings . In a situation when the child's father is in prison and the mother herself is in a problematic state, it could be that the child lacks parental care and attention which drives him or her in a state of anger, shame, confusion or even aggression. In addressing such behavior, the teacher should not hit or bite back at the child as a way of reprimand because this only communicates to the child that violence is a fitting way to handle emotion (University of Michigan Health Systems 2007). Assessment of children going to school with behavior issues needs an in-depth look at behavior because the cause of such behavior may be neurological, psychological, emotional, family and/or social issues (Direnfeld 2007). Whatever is the cause of the child's aggression or violence, the child should not be rewarded for biting or showing aggressive or violent behavior, "not even the reward of a negative attention (University of Michigan Health Systems 2007). The teacher's approach should always be calm and educational. The teacher must also take note of the pattern of the child's aggression including the environment that the child is in and his or her emotional state. In this way, the teacher will have a clear idea on how to address and correct the child's behavior. Children, particularly toddlers, don't digest words whenever reprimanded unlike adults and adolescents; and shouting is definitely not a way of dealing with them. A calm but firm and serious tone is more effective than a loud voice that threatens the child because it still communicates negativity. Age appropriate ways of teaching children to control themselves promotes the development of confidence and self-esteem, thus, we can easily guide them towards self-control away from any aggressive or violent behaviors. Emotional control is also one dimension that the pre-school teacher should look into. Emotion can be influenced through perception. The child should perceive things in a positive way, and one way to guide that perception is to set up a classroom environment with a 'light' and happy atmosphere, wide and friendly space with lots of colors and wholesome pretty pictures on the wall. Such set-up sends a non-verbal message of security, safety, friendliness and warmth which most children are keen at The classroom, should not

How the battle of Gettysburg changed the Civil war Thesis

How the battle of Gettysburg changed the Civil war - Thesis Example It was the strategic turning point of the war. Several years of war before the battle of Gettysburg were a time of military success and economic collapse of the blockaded South. The Federals suffered defeats, but retained their economic and political advantages. Military defeats, in no small measure, were due to failures of command authorities. â€Å"Generals-politicians† were much better in intricacies of a political struggle than in the art of war in battlefields. President Abraham Lincoln had to change and shuffle his â€Å"brave Generals† periodically. As far as the warfare proceeded, a new galaxy of generals made mark; generals able to withstand the brilliant Southerners, such as General R. Lee and Gen. T. Jackson. Lee’s Gettysburg campaign had to thwart the Federal army plans for the summer, ease the pressure on the besieged Vicksburg, take away the burden of the army munitioning from Virginia, and, which is the most important, to threaten Washington to per suade it to peace negotiations. Repulse of the Southerners’ attacks at Gettysburg and defeat of the invincible Lee, are considered as the watershed in the war, but this statement is true only if the battle of Gettysburg is viewed together with the capture of Vicksburg, which occurred on the same day in the Western theater of operations.

The Internet Decreases Socialization Research Paper

The Internet Decreases Socialization - Research Paper Example They are extremely tempted by the numerous ideas, ideologies, and options, to which they are exposed over the Internet. This pushes those young people to spend hours and hours either to navigate the Internet, searching for ideas, news, and products, or chatting with their friends as well as strangers. Therefore, young people may spend a lot of time online without they feel tired or bored. However, the long time spent on the Internet is seen by many people as a disadvantage, because this time is usually taken from the actual time spent face to face with other people. That is, the Internet leaves its negative impact on the experience of social interaction. In this context, many modern social analysts argue that "today, people spend more time using communication technology than they did twenty years ago" (Degord). Accordingly, a heated controversy has started to emerge about the probable negative impacts of the Internet over the process of socialization of young people. While some socia l analysts undermine the negative effects that may be caused by the relatively long time spent on the Internet, there are other analysts who raise serious concerns regarding the minimization of physical socialization because of the Internet. In spite of the various advantages of the Internet, yet it minimizes social interaction and promotes isolation among young people. Undoubtedly, the Internet has revolutionized the lives of people in many aspects. The Internet represents an open window on the world for young people, through which they can do a variety of activities, such as reading news, chatting with friends, and learning new ideas and opinions. Some of the significant activities that young people can do online include reading books and articles, looking for information about any topic, and being involved in discussions on newsgroups and billboards. In this regard, a professor in the School of Law, University of Glasgow, called Thomas B. Riley, claims that "the Internet is a rev olutionary medium that has afforded the opportunity for millions of people to open themselves to a rich panoply of information and services" (Riley). Consequently, the Internet has become a significant source of information for all kinds of people, especially young and educated ones. The Internet plays an important enlightenment role for navigators and researchers, especially those who work or study in the academic field. In additions, some social and political analysts believes that the Internet can also create a net of social relations among users. For instance, Jeffrey Boase, professor in the Department of Sociology at the University of Toronto, argues that â€Å"the internet and email play an important role in maintaining the dispersed social networks† (Boase). Thus, if used properly and insightfully, the Internet can be a valid important technology that may widen the scope of our knowledge and prepare young generations for their future careers in their lives. Nevertheles s, the excessive use of the Internet by young people may minimize physical social interaction, negative impact the process of socialization, and promotes isolation and loneliness among people. Those who spend hours and hours chatting with other people over the Internet are actually getting away from their social surrounding and creating a lonely world of their own (Snook). This is mainly because they do not physically and socially interact with other people and involve

Crown sports Essay Example | Topics and Well Written Essays - 1750 words

Crown sports - Essay Example The Company has nearly 50,000 club members with 22 mid sized health and fitness clubs across England on a whole all over U.K . The crown company is well known for their health services like gymnasiums, swimming pools and their environment areas crown sports plc was formed with the merging of the golf club holdings a famous golf course operating company in U.K with assets of eight golf courses at the time of acquisition. The other strategic business entities include sports based publishing, horse racing and sporting information, land and property investment. The main strategic business unit is the health clubs, as the company has much presence in the health club market. Crown has diversified in various business entities as the company performance registered a considerable growth in the initial phase of the new millennium. The crown sports company has a large number of members around the U.K. to enhance the customer experience they have entered into a new market avenue by exploiting th e market share of the local players who already existed in that region. In the golf industry, according to the then the MARTIN KNIGHT the Deputy Chairman of Crown Sports PLC growth potential for crown sports very good because there are a large number of courses that are not fulfilling their potential. The deputy backed the management skills, operational skills and understanding of the company fulfill customer requirements and propel will give the ability to acquire courses and manage them better.Resources and capabilities As we say services, it is performances and is frequently produced by humans and no two services will be precisely alike. The employees delivering the service frequently are the service in the customer's eyes, and people may differ in their performance from day to day or even hour to hour. The consumer is a part of the production process so the delivery system must go to the market or the customer must come to the delivery system. The concept of bringing customer to the product started working well as it has registered profits in 1999 and 2000. Analysts predicted there is huge potential for Crown to drive revenues by selling products to its members. The company superiors planned to expand the business to other sports related entities as a dynamic expansion strategy. It was revealed in the company chairman's words as "We think that there is a significant amount of consolidation likely to happen in the sports asset industry in the United Kingdom and that is where we are going to concentrate our activities over the next two years". Initially the company started thinking that it should not confine to a specific sport utility supplier and measured the options of diverging into new avenues and started working to that path. The basic idea behind this move is to expand their span of market and to increase the potential market base by merging with a company which has good customer base and was in healthy condition to takeover and to move with the crown sports . crown sports initiatives succeeded in acquiring the Dragon health club plc in last month of December 2000.The dragon's health club equally big as crown sports and has an admirable number of customer. The company performance can be actively studied with the help of the porter's generic strategies. Porter's theory specified that the company with different entities should havefreedom in their

Definition of Budget Essay Example for Free

Definition of Budget Essay It is an estimation of the revenue and expenses over a specified future period of time. It can help to create a system when someone wants to open a shop or start investments. A budget can be made for a person, family, group of people, business, government or anything else that makes and speaks money. It can also help to establish a planned level of expenditures and it can help to maintain a budget for a company either on an accrual or a cash basis. Structured planning can make all the difference to the growth of the business, it will enable businesses to concentrate resources on improving profits, reducing cost and increasing returns on investment. Relationship Between Budgeting Management of Business When a budget is done properly, it can serve as a planning and controlling system. The company’s data, goal, performance objectives are documented in financial terms. It can help to see whether the company is profiting or not profiting. These budgeting are used throughout the year, monthly performance reports compare budgeted results with actual results. The role that effective budgeting plays in the management of business, is best understood when it is related to the fundamentals of management. Planning is essential in the management of a business. Management has certain variables that it can control. Goals are the annual planning process for every company. These goals can be termed as profit, return on investment, product leadership, market share, product diversification, or simply survival. It helps an organization set a level for clients. Advantages Of Budgeting The major strength of budgeting is that it coordinates activities across departments. It can help to calculate the amount of money needed for the month or year. Budget translates strategic plans into action. They specify the resources, revenues and activities required to carry out the strategic plan for the coming year. Budget provides and excellent record of organizational activities. It also helps to improve communication between employees. It can help with profitability review as a properly structured budget points out which aspects of a business generate cash and which ones to use. Cash allocations can be used when there is a limit to the amount of cash available to invest in fixed assets and working capital, and the budgeting process forces management to decide which assets are most worth investing in. Also, large investors may want a benchmark against which they can measure the company’s progress. Even if a company chooses not to lend much credence to its own budget, it may still be valuable to construct a conservative budget to share with investors. The same argument holds true for lenders, who may want to see a budget versus actual results comparison from time to time. Disadvantages Of Budgeting There may be inaccuracy during budgeting as it is based on assumptions based on a set of assumptions that are generally not too far distant from the operating conditions under which it was formulated. If the business environment changes to any significant degree, then the company’s revenues or cost structure may change so radically that actual results will rapidly depart from the expectations delineated in the budget. It can also be very time-consuming to create a budget, especially in a poorly-organized environment where many iterations of the budget may be required. The time involved is lower if there is a well-designed budgeting procedure in place, employees are accustomed to the process, and most of the company uses budgeting software now. The budget may prescribe that certain amounts of overhead costs be allocated to various departments, and the managers of those departments may take issue with the allocation methods used. This is a particular problem when departments are not allowed to substitute services provided from within the company for lower-cost services that are available else where. Limitations Of Budgeting Large investors may want a benchmark against which they can measure the company’s progress. Even if a company chooses not to lend much credence to its own budget, it may still be valuable to construct a conservative budget to share with investors. The same argument holds true for lenders, who may want to see a budget versus actual results comparison from time to time. Budgeting is a time consuming and costly job. The development of a budget includes many repetitive steps before the budget is finally approved. This process requires lots of negotiations between managers at different levels until a budget evolves which is acceptable to all levels (langfield smith , thorne hilton 2006). Budgets can also cause a great deal of waste and behaviourable problems. Hope and Fraser (1999) cite Jack Welch, from General Electric as claiming that making a budget is and exercise in minimalisation â€Å"you are always getting the lowest out of people, because everyone is negotiating to get t he lowest number.† People’s main goal is to meet the budgets, so they always try to negotiate to get lower targets with lower sales and higher costs, which are well-known as padding the budgets. Conclusion I disagree on having too much even thought budgeting is a major activity. While it has some useful functions for businesses and organisations, it does have many limitations. Budgets consume substantial level of time and resources, but provide little credible and useful information. They add little value but encourage dysfunctional and wasteful behaviours as well as de-motivate employees.

Straw Bale Home Construction

Straw Bale Home Construction Straw bale home construction is a green building method that uses bales of straw as structural support, insulation, or both. Generally, this method of building has numerous advantages over conventional building systems because straw is a renewable source, low cost, easily available, and has a high insulation value. The two forms of straw bale construction are load-bearing (Nebraska style) which uses the bales of straw as structural support and non-load bearing (infill) which uses the bales of straw as insulation between traditional wood framed walls. Non-load bearing straw bale homes is easier to obtain permits and working with building code officials because officials view straw bales as an alternative insulation material, but since the structural elements are familiar, infill straw bale is less intimidating to contractors not already familiar with this type of construction. The construction process for a non-load bearing straw bale home is very similar to a convention home build, a nd it is typically less expensive to build. During the 21st century, society is aware of climate change, more intense storm systems (i.e. hurricane Katrina), and other environmental impacts that could potentially harm mankind. In an effort to combat such impacts, technology is now even more present in the construction industry, and society is beginning to turn towards sustainable resources and green building materials as an alternative to conventional construction. While buildings are our place of residency, employment, and playground that protect us from natures extremes, green building is the practice of creating and using healthier and more resource-efficient models of construction, renovation, operation, maintenance, and demolition (Green Building, 2009). In the United States, buildings account for 39% of total energy use, 12% of total water consumption, 68% of total electricity consumption, and 38% of carbon dioxide emissions (Why Build Green, 2009). Construction has an impact on the natural environment, human health, and the economy. By utilizing an alternative more sustainable resources into building construction, buildings will benefit society, the economy, and the environment from minimizing strain on local infrastructure, reducing operating costs while optimizing life-cycle performance, and preserving our natural resources from protecting ecosystems, reducing waste streams, and improving air and water quality (Why Build Green, 2009). Straw bale home construction is an example of a green building method. Straw is a renewable resource, relatively inexpensive, and when put into practical use, extremely energy efficient (Choosing Green Materials and Products, 2009). Straw bale construction uses bales of straw as structural elements, insulation, or both (Straw Bale Construction, 2009). Straw has been used in construction since the early 20th century in many types of buildings because it provides excellent tensile strength, great insulation value, and additional structural integrity. There are some 75+ year-old buildings still inhabited today (Jacoby, 2001). Straw bale home construction started in the Midwestern United States, especially in Nebraska because the grass in plentiful (Straw Bale Construction, 2009). This green building approach has been put into more practical use at the turn of the 21st century. The United States currently wastes 200 million tons of straw each year, and the United States Department of Agriculture indicates that American farmers annually harvest enough straw to build about 4 million, 2,000 square foot homes each year which is roughly 4 times the number of houses currently constructed (Jacoby, 2001). Generally, straw bale construction has numerous advantages over conventional building systems because straw is a renewable resource, eco-fr iendly, strong and durable, completely biodegradable, inexpensive, readily available, and has a high insulation value (Straw Bale Construction, 2009). Currently, there are two forms of straw bale home construction. The most common, load-bearing or Nebraska style, uses the bales of straw as structural support while non-load bearing or infill uses the bales of straw as insulation between traditional posts and beamed framed walls (Hart, 2009). Non-load bearing straw bale construction is more beneficial than conventional home construction because straw bales has a high sound absorption coefficient, high insulating qualities with an average R-values of 42 while an R-value of 19 is considered to be super insulated, and this method of construction can incorporate conventional building methods as well (Jacoby, 2001). However straw bale builders face many drawbacks. The design and construction of the straw bale home requires careful detailing to prevent liquid water infiltration, requires breathable finishes, generally plaster over the straw, requires educating the owner, the builder, permitting officials, and requires close interaction with building code officials in regions that do not currently have codes for straw bale home construction. Financing a straw bale home is rather difficult because banks are less likely to lend because it is an alternative method, unknown conditions exist, or there is a lack of building codes in p lace (Phyers, n.d.). In the recent years, this is rapidly changing, and building code officials are more likely to permit non-load bearing straw homes because the structural system is an independent element, because it utilizes conventional techniques, and it can be engineered according to load requirements and building codes (Jacoby, 2001). Most residential post and beam house framing in North America today is built using stud construction or timber framing, and it could incorporate exposed timber throughout the structure (Post And Beam House: Timber Framing versus Standard Stud Construction, 2008). Non-load bearing straw bale construction uses post and beam framing and/or stud construction as the structural support then uses straw bales to infill as an independent element. This method of construction does not rely on bales to carry any of the building loads other than the weight of the bales themselves (Jacoby, 2001). Figure 1 on the proceeding page is a detail of a non-load bearing house. The drawing depicts a slab-on-grade foundation, size of timber to be used, orientation of the straw bales, and number of straw bale layers needed to reach the height of the ceiling. Non-load bearing straw bale construction is easier obtaining permits and working with building code officials because officials view straw bales as an al ternative insulation material, and since the structural elements are familiar, infill straw bale is less intimidating to contractors not already familiar with this type of construction (Overview of Straw Bale Construction, 2000). The construction process for a non-load bearing straw bale home is relatively simple. This process is not much different than a conventional home build. In a non-load bearing straw bale home build, typically just the perimeter walls are infilled with straw bales, and all structural components must be constructed first. This includes the foundation (this could vary depending on the current building code as noted in the building code section in the proceeding pages), the  stud walls and floor joists are constructed, and finally the roof is installed. Interior walls can be constructed before or after the straw bales are infilled. Some building codes require non-load bearing straw bale structure to install the straw bales in the dry. Simply stated, the straw bales can only be placed once the roof is constructed and finished roofing is installed. Then, the straw bales can then be placed between the structural elements and around all openings including windows and doors. Depending on the ceiling height, there are typically about 7-8 straw bale layers needed to reach the ceiling height. Any remaining interior walls will then be constructed to allow for electrical and plumbing rough-in. Electrical can be installed two different ways, hidden or exposed. If the electrical is to be hidden, conduit is run between the straw bale layers per building code while if the electrical is to be exposed, the conduit is run above the ceiling, in the roof before being exposed down the side of the wall. A cement/lime plaster and stucco is to be applied to the interior and exterior respectively. All windows and doors are installed before the remaining finishes are applied (i.e. drywall, trim, paint). Finish plaster is applied to the interior and exterior before the remaining finish elements are completed. (Overview of Straw Bale Construction, 2000). Straw bales are an inexpensive building material. The material cost for straw bales walls are substantially lower than conventional stud walls. Generally, the cost of a straw bale wall is approximately 1/5 of the total home construction cost opposed to 1/2 of conventional home construction cost (Overview of Straw Bale Construction, 2000). However hired labor is very expensive (Jacoby, 2001). It is especially in the plastering process because it is a technical and time consuming process, but it is recommended to have community helpers or volunteers to assist with the plastering process to reduce labor costs (Overview of Straw Bale Construction, 2000). In comparison to the actual cost of a non-load bearing straw bale home to a conventional home, it depends on the how green the building will be. A straw bale home can be built for as little as $15 a square foot, to a typical range of $43-$73 a square foot, to upwards of $100 a square foot (Phyers, n.d.). In relation to the average home s ize of 2200 square feet, the cost of a straw bale home is $33,000, $94,600-$160,600, and $220,000 respectively. Non-load bearing straw bale homes is typically higher in cost because stud framing does still exist in the exterior to carry the load. Non-load bearing and load-bearing straw bale houses each have individual structural characteristics but while under testing conditions, have similar results. Researchers have been testing straw bales or straw bale structures in comparison to convention homes while under extreme wind conditions (i.e. hurricane), fire rating properties, and during an earthquake. All of these are acceptable tests depending on the region the home is to be built. Straw bales have a unique characteristic. Architects and Engineers have considered straw bales to be a seismic resistant building material (Morrison, 2009). Researching and testing has shown that while induced in gale force winds of up to 75mph, a straw bale structure will have no movement, but when tested in winds of up to 100mph, the structure only moves 1/16 (Morrison, 2009). Furthermore, straw bales are dried straw, 3 times as fire resist as current building material finishes used in conventional homes. Dried straw only contains 8% moisture a nd lack the oxygen needed to ignite a flame (Morrison, 2009). Straw bales act as a shock absorber rather than rigid and breaking. In non-load bearing straw bales structures, the straw rests against the stud construction to absorb the shock of the earthquake. Even more astonishing, a straw bale cabin was built and placed on an earthquake testing machine. The cabin was tested in conditions many people have not experienced. The machine induced an earthquake with a magnitude of 7.6 on the Richter scale (Ecoville Architecs, 2009). Many regions of the United States do not have building codes that apply to green materials or straw bale structures. Many building officials lack the knowledge needed to approve a green building, in particular, straw bale housing. The approval rate in an area with insufficient or no green building codes is 50% among the code officials surveyed (DCAT, 2005). Nevertheless, the Midwest and West Coast contain the most straw bale building codes. Typically these codes are for both load-bearing and non-load bearing straw bale houses while some codes only focus on non-load bearing straw bale walls. The cities that currently have straw bale building codes are: Austin, Texas, multiple cities and counties in the state of California, Cortez, Colorado, parts of Nevada, Tucson, Arizona, parts of Nebraska, and the entire state of Oregon (Skillful Means, 2000). Tucson, Arizona is noted for requiring all straw bale houses to house doubled stem concrete block foundation walls filled with concrete rath er than a slab-on-grade foundation (Phyers, n.d.). Regions that do not currently have straw bale building code like parts of Maryland and Pennsylvania are likely to adopt a code similar to Cortez, Colorado due to the nature and climate of the region, and they will typically require the use of non-load bearing straw bale structures while referring to load-bearing straw bale walls as experimental. Load-bearing straw bale walls are subject to the interpretation of the Uniform Building (Cortez SB Codes, 1997). Non-load bearing straw bale home construction is relatively similar to conventional home construction. Straw bales give owners the opportunity to use a renewable resource, which is eco-friendly, strong and durable, completely biodegradable, inexpensive, readily available, and has a high insulation value on the perimeter of the building (Straw Bale Construction, 2009). This will help reduce energy costs substantially. The overall cost is very similar to a conventional home, but by utilizing an alternative more sustainable resource into home construction, houses will benefit society, the economy, and the environment from minimizing strain on local infrastructure, reducing operating costs while optimizing life-cycle performance, and preserving our natural resources from protecting ecosystems, reducing waste streams, and improving air and water quality (Why Build Green, 2009). Building codes are starting to accept alternative green building methods, and a strong recommendation for a new home builder is to elect to use a non-load bearing straw bale system. The owner will not be disappointed.

Mathematical and Simulink Analysis of Relay Coordination Essay

†¢ Operational restrictions at light load may assist the coordination calculations e.g. most large HV motors would not be running, hence their starting performances need not be considered, when switchboard feeder circuit breakers are being examined. †¢ When all the overcurrent curves are plotted for the main generators, transformer feeders, large motors and downstream feeders, they tend to be located ‘close together’, and without much room for adjustment. 1. Radial System †¢ The specific protective relay as primary or backup is important in distribution system. When relay applied to protect its own system element it is thought of primary relay, when to backup other relays for fault at remote location, it is serving as backup relay. †¢ Providing both functions simultaneously; serving primary relay for its own zone protection and backup relay for remote zone of protection. The protective relay must be time-coordinated, so that the primary relay will always operate faster than the backup relay. †¢ So, the setting and coordination of the relay is the very important part to make sure which relay stands for primary and the other one for backup. 2. Ring Main System †¢ To setting relay, the same method is used for both ring and radial system. However, the circuit must be opened, start at the source point to form a two radial circuit before setting the relay. First, followed the clockwise. †¢ The relay setting start with R1 and the concept same like radial system. Second, followed the anticlockwise and the system will form a radial circuit. SYSTEM ANALYSIS: System DIRECTION OF RELAY OPERATION: Clockwise 1 2 3 4 5 6 Anticlockwise 8 13 12 11 10 ... ... GENERATOR DATA: NODE Sa(MVA) Vp(kV) X(%) 7 150 10 15 8 150 10 15 CT RATIO: RELAY NO. RATIO 1 240 2 240 3 160 4 240 5 240 6 240 7 240 8 240 9 160 10 240 11 240 12 240 13 240 Works Cited BIOGRAPHIES: 1.Aniket Chaturvedi: Student of the SARDAR VALLABHBHAI PATEL INSTITUTE OF TECHNOLOGY,GTU. 2.Ritu Barad: Student of the SARDAR VALLABHBHAI PATEL INSTITUTE OF TECHNOLOGY,GTU. 3.Dhruvi Shukla: Student of the SARDAR VALLABHBHAI PATEL INSTITUTE OF TECHNOLOGY,GTU. 4.Mr.Nilay N. Shah: Assistant Professor of SARDAR VALLABHBHAI PATEL INSTITUTE OF TECHNOLOGY,GTU.SINCE 2004. HE IS CURRENTLLY PURSING PH.D AND HIS RESEACH AREA ARE POWER SYSTEM DYNAMICS, FACTS , POWER SYSTEM PROTECTION AND ELECTRICAL MACHINE.

The Chicago Fire Of 1871 Essay -- essays research papers

The Chicago Fire of 1871 The summer of 1871 had been an unusually dry one in Chicago. Between July and October, only 5 inches of rain fell. In addition to twenty-seven fires in the first week of October, on Saturday night, October 7, a blaze broke out in a planning mill on the West Side and destroyed almost every building in a four block area before it was brought under control Sunday morning. They lost a hose and other fire-fighting equipment, including one of seventeen steam fire engines and a hose cart. Nearly half of Chicago's 185 firemen fought this fire and many were on duty all day, so they were already exhausted when the Great Chicago Fire of 1871 struck. Some people think that the fire was started by Mrs. O'leary's cow kicking over a lantern. Others have different theories, but one thing is for sure,on the Sunday evening of October 8, 1871 a blaze started in Mrs. O' leary's barn. Daniel sullivan sat on the wooden sidewalk when he saw a flame in Mrs. O'leary's barn. He managed to save a half grown calf. By now everyone in the neighborhood woke up, including the sleeping O'learys. The "America" hose cart was the first to reach the scene. They were soon joined by the "Little Giant" engine company. A neighbor ran to a drug store to turn on an alarm but the alarm failed to work. The court house watchman had given wrong directions but later tried to correct his mistake, but the alarm operato... The Chicago Fire Of 1871 Essay -- essays research papers The Chicago Fire of 1871 The summer of 1871 had been an unusually dry one in Chicago. Between July and October, only 5 inches of rain fell. In addition to twenty-seven fires in the first week of October, on Saturday night, October 7, a blaze broke out in a planning mill on the West Side and destroyed almost every building in a four block area before it was brought under control Sunday morning. They lost a hose and other fire-fighting equipment, including one of seventeen steam fire engines and a hose cart. Nearly half of Chicago's 185 firemen fought this fire and many were on duty all day, so they were already exhausted when the Great Chicago Fire of 1871 struck. Some people think that the fire was started by Mrs. O'leary's cow kicking over a lantern. Others have different theories, but one thing is for sure,on the Sunday evening of October 8, 1871 a blaze started in Mrs. O' leary's barn. Daniel sullivan sat on the wooden sidewalk when he saw a flame in Mrs. O'leary's barn. He managed to save a half grown calf. By now everyone in the neighborhood woke up, including the sleeping O'learys. The "America" hose cart was the first to reach the scene. They were soon joined by the "Little Giant" engine company. A neighbor ran to a drug store to turn on an alarm but the alarm failed to work. The court house watchman had given wrong directions but later tried to correct his mistake, but the alarm operato...

Sense of Belonging Explored Through Literature Essay -- Literary Analy

The concept of belonging is deeply fused to humans’ interrelationships, with acceptance from others being the key to a sense of belonging. Numerous texts reflect the fact that engaging in relationships with others, including varying groups and cultures, is integral to a feeling of belonging. However other texts present ideas that suggest identity is the most integral aspect of belonging, or that in fact an introspective alienation from others is necessary to belong. This essay will discuss the importance of acceptance to belonging and also how other aspects hold equal value with reference to various texts, namely the poems ‘This is My Letter to the World’ and ‘I had been Hungry all the Years’ by Emily Dickinson, the artwork ‘The Two Fridas’ by Frida Kahlo, and the film ‘As it is in Heaven’ directed by Kay Pollak. Emily Dickinson’s poem ‘This is my Letter to the World’, presents an exploration of the poet’s alienation from society and her simultaneous desire to connect with it, hence displaying her need to belong through connections to others. Dickinson’s use of the pronouns, ‘this’ and ‘that’ in the first two lines of the poem immediately establishes Dickinson as an external entity isolated from society. This is further depicted in the contrast created between Dickinson’s ‘sweet countrymen’ and ‘me’ where the two phrases’ physical isolation on separate lines exemplifies their disconnectedness and hence demonstrates Dickinson’s alienation from the camaraderie connoted by ‘countrymen’. Further, in the line â€Å"the simple news that nature told† nature is personified to represent a Pantheistic God. As the ‘simple news’ is symbolic of Dickinson’s work , this places the poet as a vessel for nature and hence relegates Dickinson to a hig... ...na’s lessons to Daniel, demonstrate reciprocal relationships which again represent the integral importance of inter-connections. Hence overall the film contrasts the idea of belonging through religion which stifles emotion and identity, to human relationships which are shown as a life-giving force providing belonging through acceptance and understanding. (318) Overall, all these texts display different aspects of belonging. While ‘The Two Fridas’ and ‘As it is in Heaven’ affirm that acceptance from others and within communities is essential to belonging, Dickinson’s poetry overall suggests that identity is a more important aspect of belonging, and that in fact alienation from others can develop an inner belonging. Hence it can be seen that belonging is established through varying different mediums, and that acceptance is not solely its most important aspect.

Root

40 International Journal of Management Vol. 30 No. 1 March 2013 The Impact of Bank Board Composition, Top Management Equity Interest and Audit Committee Effectiveness on Top Management Transparency Udoayang Joseph Offiong University of Calabar, Nigeria Uket Eko Ewa Cross River University of Technology, Nigeria The aim of this study was to determine the impact of bank board composition, top management equity interest and audit committee effectiveness on top management transparency on the performance of Banks in Nigeria.Data were collected from thirteen Nigerian banks using a Four Point Scale Likert questionnaire and analyses using percentages and ratios. Multiple regressions were used in testing the hypotheses. The study revealed that top management equity interest influences the level of correct financial disclosures and transparency that Audit Committees are not effective and independent of management and members’ appointments are not based on integrity, competence and expert ise of individuals.The study concluded that forensic accounting practice if incorporated in the banking operations will improve top management transparency and good corporate governance in the Nigerian banking sector which ultimately will improve the performances of Nigerian Banks. Based on the findings, we recommend independence of bank’s audit committees as well as integrity, competence and expertise as pre-requisite for appointment as Audit Committee membership. IntroductionBusiness failures have an economic implication which is disastrous to the economy of any nation. In fact big investment frauds and trading scams have resulted in the loss of billions of dollars from gullible people. Nigeria is not an exception. There are various advanced fee frauds in Nigeria and other investment frauds that have bedeviled the Nigerian economy and the world. Bernard Ma doff, a former chairman of Nasdaq Exchange was arrested for running a $50 billion Ponzi scheme.It is alleged that his o peration is the largest ponzi scheme in history. (Nikhil, 2009). In Nigeria, we have experienced many failed banks and finance houses in the late 1980s and 1990s. Many of the banks chief Executives absconded abroad while some were tried due to their involvements in employee related frauds and money laundering scams. Nigeria has witnessed corruption in all facets of her polity and economy which includes the banking sector.Ajayi, (2005) as cited in Adegbaju and Olokoyo, (2008) maintained that banking sector reforms in Nigeria are driven by the need to deepen the financial sector and reposition the Nigerian economy for growth; to become integrated into the global financial structural design and evolve a banking sector that is consistent with regional integration requirements and international best practices. It also aimed at International Journal of ManagementVol. 30 No. 1 March 2013 41 addressing issues such as governance, risk management and operational inefficiencies which forensic accounting practices is geared towards achieving. After the appointment of Sanusi Lamido as Governor of the Central Bank of Nigeria, the Nigerian banking sector experienced turbulent crises as a result of the reforms introduced by him. Most banks that hitherto were adjudged liquid were declared insolvent.The management boards of many quoted banks were dissolved by the Central Bank of Nigeria and some top management staff were reported to the Economic and Financial Crime Commission for prosecution for fraud and mismanagement of funds and so constituting economic crimes. The Banks’ overall risk management was questionable. Against this background, the research is geared towards ascertaining the impact of bank board composition, top management equity interest and audit committee effectiveness on top management transparency.Theoretical Framework Fraud or intentional deception is a strategy to achieve a personal or organizational goal or satisfy a human need. A threat to survival or satisfy a need may cause one to choose either dishonest or honest means. The fraud triangle theory propounded by Donald Cressey states that every fraud has three things in common: (1) Pressure sometimes referred to as motivation and usually a â€Å"un-shareable need†; (2) Rationalization of personal ethics; and (3) Knowledge and opportunity to commit the crime.Pressure according to Singleton et al (2006) in their work on the fraud triangle theory stated that pressure or incentive or motivation refers to something that has happened in the fraudster’s personal life that creates a stressful need for funds and thus motivates him to steal. This motivation centers on some financial strain but it could be the symptoms of other types of pressures. Other types of pressures or motivations include; social and political survival (egocentric and ideological motives) and psychotic.Kenyon and Tilton (2006), Management or other employees may find themselves offered incentives or pl aced under pressure to commit fraud. They sighted as an example that when remuneration or advancement is significantly affected by individual, divisional or company performance, individuals may have an incentive to manipulate results or to put pressure on others to do so. Likewise, pressure may come from the unrealistic expectations from investors, banks or other sources of finance.They therefore stated that incentives or pressures may take a variety of forms within an organization. These include; bonuses or incentive pay representing a large portion of an employee or group’s compensation, triggers built into debt covenants tied to share price targets and levels, significant stock option awards throughout the organization but particularly to top management, and aggressive earnings-per-share and revenue targets set by top management and communicated to analysts, investment bankers, and other market participants, ith resultant pressure from these groups. Rationalization and att itude according to Kenyon and Tilton, (2006) in their write up on Potential Red Flags and Fraud Detection Techniques stated that some individuals are more prone than others to commit fraud. That all things being equal, the propensity to commit fraud depend on people ethical values as well as on their personal circumstances. 42 International Journal of Management Vol. 30 No. 1 March 2013 They asserted that ethical behavior is motivated both by a person’s character and by external factors.External factors include job insecurity such as during a downsizing or redundancy or a work environment that inspires resentment such as being passed over for promotion. Also external environment includes the tone at the top – the attitude of management toward fraud risk and management’s response to actual instances of fraud. They posited that when fraud has occurred in the past and management has not responded appropriately, others may conclude that the issue is not taken seriou sly and they can get away with it.Instances may exist that create opportunities for management or other staff to commit fraud. When such opportunities arise, according to Kenyon and Tilton, (2006), those who might not otherwise be inclined to behave dishonestly may be tempted to do so. They stated that absent or ineffective controls, lack of supervision or inadequate segregation of duties may provide such opportunities. Also according to Cressey’s research (i. e. , the Fraud Triangle), fraudsters always had the knowledge and opportunity to commit the fraud.Tommie and Singleton et al stated that the ‘Report To The Nation (RTTN) (2004) research carried out by Association of Certified Fraud Examiners showed that most employees and managers who commits fraud tend to have a long tenure with a company. A simple explanation deduced by the scholars is that employees and managers who have been around for years know quite well where the weaknesses are in the internal controls and have gained sufficient knowledge of how to commit the crime successfully.Skalak, Alas, Sellitto (2006) in their contribution ‘Fraud: An introduction’ in the book â€Å"A Guide to Forensic Accounting and Investigation† stated that, the increased size and impact of financial reporting scandals and the related loss of billion of dollars of shareholder value have rightly focused both public and regulatory attention on all aspects of financial reporting fraud and corporate governance.They postulated that some of the issues upsetting investors and regulators – for example, executive pay that could be considered by some to be excessive are in the nature of questionable judgments, but do not necessarily constitute fraud. On the other hand, there have been more than a few examples of willful deception directed toward the investing community via fabricated financial statements, and many of these actions are gradually being identified and punished.They stated that t he investing public may not always make a fine distinction between the outrageous and the fraudulent – between bad judgment and wrongdoing. However, they stated that professionals charged with the deterrence, discovery, investigation and remediation of these situations, a systematic and rigorous approach is essential. They therefore formulated what they called ‘Fraud Deterrence Cycle’ which they opined without an effective regimen of it, fraud is much likely to occur.They acknowledged that even with fraud deterrence regimen effectively in place, there remains a chance that fraud will occur. Thus absolute fraud prevention is a laudable but unobtainable goal. Fraud deterrence elements include establishment of corporate governance, implementation of transaction-level control processes often referred to as the system of internal accounting controls, retrospective examination of governance and control processes through audit examinations and International Journal of M anagement Vol. 30 No. 1 March 2013 43 investigation and remediation of suspected or alleged problems.Corporate governance is an entire culture that sets and monitors behavioral expectations intended to deter the fraudster. In order to execute effective governance, boards and management must effectively oversee a number of key business processes including strategy and operation planning, risk management, ethics and compliance, performance measurement and monitoring, mergers, acquisitions, and other transformational t ransactions, management evaluation, compensation, and succession planning, communication and reporting, governance dynamics.Transaction-level controls or system of internal accounting Controls: They are accounting and financial controls designed to help ensure that only valid, authorized, and legitimate transactions occur and to safeguard corporate assets from loss due to theft or other fraudulent activity.These procedures the authors stated are preventive because they m ay actively block or prevent a fraudulent transaction from occurring. Retrospective Examination: According to Skalak, Alas, Sellitto (2006), the first two elements of the Fraud Deterrence Cycle are the first line of defense against fraud and are designed to deter fraud from occurring in the first place.Oyejide, and Soyibo, (2001) in their paper â€Å"Corporate Governance in Nigeria† cited (Rwegasira, 2000) stated that Corporate governance, as a concept, can be viewed from at least two perspectives: a narrow one in which it is viewed merely as being concerned with the structures within which a corporate entity or enterprise receives its basic orientation and direction; and a broad perspective in which it is regarded as being the heart of both a market economy and a democratic society (Sullivan, 2000).The narrow view perceives corporate governance in terms of issues relating to shareholder protection, management control and the popular principal-agency problems of economic theo ry. In contrast, Sullivan (2000), a proponent of the broader perspective uses the examples of the resultant problems of the privatization crusade that has been sweeping through developing countries since the 1980s, and the transition economies of the former communist countries in the 1990s, that issues of institutional, legal and capacity building as well as the rule of law, are at the very heart of corporate governance.Hamid, (2009) in his article ‘The impact of the Composition of Audit Committee on organizational and physical controls of Banks in Nigeria’ stated that there is no generally accepted definition of corporate governance which enjoys a consensus of opinion in all settings and countries of the world. That the concept is defined and understood differently in different parts of the world depending on the relative powers of the owners, managers and providers of capital.Klapper and Love (2002) as cited by Hamid, suggested four components of an effective Corporat e Governance; Board Composition, Board Size, Power Separation and Audit Committee composition. In its preface on the Code of Corporate Governance in Nigeria document, the Securities and Exchange Commission (SEC) in collaboration with the Corporate Affairs Commission stated as follows: †¦ Long before the highly publicized corporate scandals and failures worldwide, the global community has shown increasing concern on the issues of corporate 44International Journal of Management Vol. 30 No. 1 March 2013 governance. The reason for this trend is not far to seek. There is growing consensus that corporate governance, which has been defined as the way and manner in which the affairs of companies are conducted by those charged with the responsibility, has a positive link to national growth and development. The Commission further stated that the importance of effective corporate governance to corporate and economic performance cannot be over-emphasised in today’s global market pla ce.Sir Adrian Cadbury Committee set up in May 1991 in its report â€Å"Report of the Committee on the Financial Aspects of Corporate Governance† on 1 December 1992 in an effort to stem the financial scandals and generally improve corporate governance of United Kingdom companies gave rise to accompanying Code of Best Practice which was adopted by the London Stock Exchange on 30 June 1993 and proposed a system of self regulation by listed companies.Ramaswamy, (2005) further stated that the failure of the corporate communication structure has made the financial community realize that there is a great need for skilled professionals that can identify, expose and prevent weaknesses in three key areas: Poor corporate governance, flawed internal controls and fraudulent financial statements.The author further said the recent corporate scandals came as a shock not just because of the enormity of failures like the Enron, Adelphia communications, WorldCom, Lehman Brothers, Stamford Group and AIG in the US, Cadbury in Nigeria and Parmalat in Italy, but because of the discovery that questionable accounting practice was far more insidious and widespread than previously envisioned. A definite link between these accounting failures and poor corporate governance is thus beginning to emerge.According to Ramaswamy (2005), presently an increasing number of researchers are finding that poor corporate governance is a leading factor in poor performance, manipulated financial reports and unhappy stakeholder. In their research on corporate governance and bank performance in the US, Spong, and Sullivan, (2007) stated that individuals with much of their wealth concentrated in a bank are likely to have a strong incentive to put forth greater effort and also to be more careful in the risks they choose to take than managers with significant motivations and financial incentives.They asserted that the separation between management and ownership in financial theory is referred to as pri ncipal-agent problem which may lead hired managers to maximize their own utility rather than that of the firm. Glassman and Rhoades (1980) compared financial institutions controlled by their owners with those controlled by managers and found that the owner-controlled institutions had higher earnings. Allen and Cebenoyan (1991) found that banking holding companies were more likely to make acquisitions that added to firm value when they had high inside stock ownership and more concentrated ownership.Cole and Mehran (1996) discovered higher stock returns at thrifts that had either had a large inside shareholder or a large outside shareholder. In Nigeria in the contrary, Orogun, (2009) citing Adedeji stated that bank failures in Nigeria are attributed to inadequate capital base, fraudulent, self serving and corrupt practices of the owners and managers, meddlesome interference of board members in the day to day running of the institution and regulatory laxity. On the application of Audit Committees as components of good International Journal of Management Vol. 0 No. 1 March 2013 45 corporate governance in Nigeria, Hamid (2009) citing Wilson (2007) stated that Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, the Central Bank of Nigeria (CBN) Act of 1991, the various prudential guidelines issued by the Central Bank of Nigeria, the listing requirements of the Nigeria Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) rules and Securities and Exchange Commission code of corporate governance 2003, the Central Bank of Nigeria code of corporate governance for banks 2006 must be abided by banks.Hamid (2009) in his research published and titled, ‘The impact of the composition of audit committee on organizational and physical controls of banks in Nigeria’ observed that a number of banks did not adhere to the composition requirement for good corporate governance in the Banks and thus affects the quality of control mechanisms that are i nstituted to safeguard operations in the banking industry. Also the study revealed that unrestricted appointments of executive directors on audit committees decreased the monitoring provided by the committees and it’s effectiveness in checking management scandal and sustaining the effectiveness of ccounting and internal control systems. The study also revealed that the composition of audit committees have an impact on physical control of banks in Nigeria. This result is consistent with earlier findings by Uzun, Szewezyk and Varma (2004) which indicated that a higher degree of independence of the audit committee is associated with a higher control thus lower likelihood of corporate fraud. Transparency and accountability has been a hot debate in the management of businesses and governance all over the world. In fact it is a barometer for measuring business competitiveness among nation states.According to Oladoyin,, Elumilade, and Ashaolu, (2005), the issue of transparency and a ccountability in financial institutions is one that cannot be readily glossed over. That transparency and accountability constitute pivotal features of any respectable public official or professional practitioner. In recent years, there has been great concern on the management of banks’ assets and liabilities because of large scale financial distress. Adam,(2009). The banking sector has been singled out for the special protection because of the vital role banks play in an economy.Bank supervision entails not only the enforcement of rules and regulations, but also judgments concerning the soundness of bank assets, its capital adequacy and management. Volcker,(1992). In Nigeria, the rising cases of bank distress have also become a major source of concern for policy makers. McNamara, C (2009) stated that performance management is a relatively new concept to the field of management. That performance management reminds us that being busy is not the same as producing results. It re minds us that training, strong commitment and lots of hard work alone are not results.That the major contribution of performance management is its focus on achieving results — useful products and services for customers inside and outside the organization. Despite the recent attention to achieving maximum performance, McNamara (2009) stated that there is no standard interpretation of what 46 International Journal of Management Vol. 30 No. 1 March 2013 that means or what it takes to get it. However having stated what people are suggesting that it takes for organizations to achieve maximum performance he stated that, we should be aware of the various views and be able to choose our own.The efficiency and competitiveness of financial institutions cannot easily be measured, since their products and services are of an intangible nature. Idialu, and Yomere, in their article â€Å"Stochastic frontier analysis of the efficiency of Nigerian Banks† cited Berger, Hunter and Timme (1993) as defining efficiency as the ratio of the minimum costs that could have been expended to produce a given output bundle to the actual costs expended. Arshadi and Lawrence (1987) on the other hand, measures bank performance using normal correlation analysis.Srinivane (2009) capsulate that banks are exposed to credit risk, liquidity risk, interest risk, market risk, operational risk and management/ ownership risk. He stated that it is the credit risk which stands out as the most dreaded one. Considering the Nigerian banking history and customers attitude to credit obligations, this is the most dreaded risk in Nigeria. Though often associated with lending, credit risk arises whenever a party enters into an obligation to make payment or deliver value to the bank.Srinivani (2009). The nature and extent of credit risk, therefore, depend on the quality of loan assets and soundness of investments. Based on the income, expenditure, net interest income and capital adequacy one can comm ent on the profitability and the long run sustenance of the bank. Research Methodology The study employed the survey research method using the technique of interview to complement the questionnaire administration and review of documentary sources.The questionnaire was structured in a four point likert scale model where strongly agreed was assigned 4 points, agreed assigned 3 points, disagree assigned 2 points and strongly disagreed assigned 1 point. Scope of Research Area Thirteen publicly quoted commercial banks were selected as the study population from the twenty four commercial banks operating in Nigeria. The selection covers both the first generation Banks, second generation Banks and Banks that emerged from mergers of more than one bank during the recent bank consolidation in Nigeria. Their choices are premeditated on their size and their banking coverage.Model Specification To examine the impact of bank board composition, top management equity interest and audit committee eff ectiveness on top management transparency in the Nigerian banking sector, hypothesis formulated was developed into models and was subjected to empirical test using multiple regression analysis, percentages comparison and ratio analysis. y = ? 0 + ? 1x 1+ ? 2Ãâ€"2 + †¦+ ? nxk +? ijk Where ? 0 = Regression Constant and ? 1, ? 2, ? 3 †¦ ? n are = regression coefficients Where ? 0 and ? 1 are obtained by solving simultaneously the equations: International Journal of Management Vol. 30 No. 1 March 2013 47 y = ? 0N+ ? 1? X ?XY = ? ? X + ? ?X2 0 1 Where y = Dependent variable, x = Independent variables Estimation and validation To determine the use-ability of the questionnaire on the Impact of Bank Board Composition, Top Management Equity Interest and Audit Committee Effectiveness on Top Management Transparency in the Nigerian banking sector, the questionnaire was built on a four point Likert scale on one hundred and forty eight respondents. To determine the use-ability, item-te st correlation coefficient were computed. All item-test correlation lie in the range r=0. 6  ±0. 1. They were considered significant and useable.Analysis of Data Table 1 shows that 50(34%) respondents strongly agreed that their top management equity interest in their banks influences their level of financial disclosure. 46(31%) respondents also agreed that their top management equity interest in their banks influences their level of financial disclosure while 52(35%) respondents strongly disagreed that their top management equity interest in the bank influences their level of financial disclosure. Table 1. Top Management transparency, Banks Board composition, Top Management equity interest and Audit Committee effectiveness Research Question Whether top anagement equity interest in the Bank influence her level of financial disclosures. Whether Audit Committees are effective, efficient and independent of management. Whether the composition of Bank boards is based on director’ s individual integrity, knowledge of industry and competence high? Whether top management is transparent in her decision making? Opinion of Respondents Strongly (%) Agreed (%) Disagreed (%) Strongly (%) Total Agreed disagreed 50 34% 46 31% 52 35% 0% 148 0 0% 50 34% 98 66% 0% 148 4 3% 48 32% 96 65% 0% 148 0 0% 35 24% 113 76% Source: Data from questionnaire analysis based on responses 0% 0% 148 48International Journal of Management Vol. 30 No. 1 March 2013 In a related matter, 35(24%) respondents agreed that their top management is transparent in her decision making process as it affects the bank and their personal interests. 113(76%) respondents however disagreed that their top management is transparent in her decision making process as it affects the bank and their personal interests. 50(34%) respondents agreed that their banks audit committees are effective, efficient and independent of management while 98(66%) respondents disagreed that their banks audit committees are effective, efficient and independent of management.Also, 4(3%) respondents strongly agreed that the composition of their Bank Boards is based on the fact that the individuals’ integrity, knowledge or expertise of the industry and competence are very high. 48(32%) respondents also agreed that the composition of their Bank Boards is based on the fact that the individuals’ integrity, knowledge or expertise of the industry and competence are very high. However, 96(65%) respondents disagreed that the composition of their Bank Boards is based on the fact that the individuals’ integrity, knowledge or expertise of the industry and competence are very high. HypothesisNull (N0): Top management transparency does not depend significantly on Bank board composition, top management equity interest and audit committee effectiveness. Alternate (N1): Top management transparency depends significantly on Bank board composition, top management equity interest and audit committee effectiveness. Let y = represent dependent variable and Let x1-3 = represent independent variables Variables in the Hypothesis Dependent Variable (y) = Top management transparency Independent variable (x1) = Top management equity interest. Independent variable (x2) = Audit Committee effectiveness Independent variable (x3) Bank board composition To test the hypotheses, multiple regression analysis was used with top management transparency variable as the dependent variable and bank board composition, top management equity interest and audit committee effectiveness as independent variables. The means are not equal, at least among the predictor variables suggesting that they may not have the same predictive ability. The standard deviation though small gives us the assurance that there is variation in the variables as we move from bank to bank as reflected in table 2. The inter-variable correlations were computed via the Pearson product moment formulae.These correlation coefficients are given in tabl e 3. From table 3, we observed that the three independent variables correlates significantly International Journal of Management Vol. 30 No. 1 March 2013 49 with the dependent variable (first row and column) since the associated probabilities are all less than the chosen level of significance. The inter correlations among the independent variables are also significant. Though this phenomenon is desirable in a multiple regression analysis, it validates our claim that they are all elements of the one variable called good corporate governance in forensic accounting practice.The significance of their correlation with the dependent variable suggests that they may be significant predictors of top management transparency. To test the significance of their predictive ability collectively, the prediction model parameters were estimated and tested for significance using the F-ratio test. The results are presented in table 3. From table 4, the estimated F-value (77. 233) is greater than the cr itical F-value (2. 600) with 3,144 degrees of freedom and at 0. 05 levels. Also, the probability associated with the observed F-value (0. 000) is less than the chosen level of significance.Consequently the null hypothesis is rejected in favor of the alternative. This means that top management transparency depends significantly on top management equity interest, audit committee effectiveness and bank board composition as elements of good corporate governance in forensic accounting practice. The R-squared value of 0. 617 and its adjusted form of 0. 609 together indicate that between 60. 9% and 61. 7% of the total variation in top management transparency is accounted for by top management equity interest, audit committee effectiveness and bank board composition with a standard error of estimate of 0. 67. Table 2. Mean and standard deviation of the four variables Variable Top management transparency Top management equity interest Bank Boards Composition Audit Committee effectiveness Mea n 2. 237 2. 987 2. 378 2. 338 Standard deviation 0. 426 0. 833 0. 540 0. 475 Source: Data from questionnaire analysis based on responses Table 3. Inter correlation among Top Management transparency, Management equity interest, Board composition and Audit Committee effectiveness. Variable Y X1 X2 X3 Y 1. 000 0. 680* 0. 779* 0. 762* X1 0. 680* 1. 000 0. 872* 0. 829* X2 0. 779* 0. 872* 1. 00 0. 932* *Significant at 0. 05 level, p < 0. 05 Y = Top management transparency X1 = Top management equity interest. X2 = Audit Committee effectiveness X3 = Bank board composition Source: Data from questionnaire analysis based on responses X3 0. 762* 0. 829* 0. 932* 1. 000 50 International Journal of Management Vol. 30 No. 1 March 2013 The relative contribution of each of the independent variables to the prediction of top management transparency is estimated as regression coefficients and tested for significance using the t-test. Table 5 is summary of the results.From the table, the computed t-value for the regression constant (5. 336) and audit committee effectiveness (3. 320) are greater than the critical t-value (1. 976). Their associated probabilities (0. 000 and 0. 001) for the regression constant and audit committee effectiveness respectively are less than the chosen level of significance. This means these are the significant contributors to the prediction of top management transparency. The contribution of the other two variables: top management equity interest and bank board composition do not contribute significantly to the prediction of top management transparency.All the same, the obtained prediction model is: y= 0. 616 – 0. 009Ãâ€"1 + 0. 487Ãâ€"2 + 0. 215Ãâ€"3 Where y= x1 = x2 = x3 = Top management transparency Top management equity interest Audit Committee effectiveness Bank Board Composition. Table 4. Model summary and ANOVA for the prediction of top management transparency. R R-Square 0. 785 Source of variation Regression Residual Total 0. 617 Sum of S quares 16. 480 10. 243 26. 723 Adj. R-Square 0. 609 Df. 3 144 147 Std Error 0. 267 Mean Square 5. 493 0. 071 R. Square Change 0. 617 F Sig. 77. 233* 0. 000 * Sig. at 0. 05 level. F(3,144) = 2. 600Source: Data from questionnaire analysis based on responses Table 5. Regression constant and coefficients for the prediction of top management transparency. Variable Constant Top Management equity Audit effectiveness Bank Board Composition Un-standardized Coefficients B Std Error 0. 616 0. 115 -0. 009 0. 054 0. 487 0. 147 0. 215 0. 113 Standard Coefficients Beta * Significant at 0. 05; p < 0. 05. Source: Data from questionnaire analysis based on responses -0. 02 0. 542 0. 272 T Sig. 5. 336* -0. 172 3. 320* 1. 903 0. 000 0. 864 0. 001 0. 059 International Journal of ManagementVol. 30 No. 1 March 2013 51 Findings The study revealed that top management equity interest in the banks influences the level of correct financial disclosures of the banks and their level of transparency. This ran contr ary to recent research findings in the United States where it was revealed that individuals with much of their wealth concentrated in a bank are likely to have a strong incentive to put forth greater effort and also to be more careful in the risk they choose to take. Audit Committees are not effective, efficient and independent of management of the banks.Likewise, the appointment of the committee members is not based on integrity, competence and expertise of candidates. Conclusions The Nigerian Banking sector which constitutes over 70% of volume trading in the past four years being the most active sector in the capital market will strive for better if the issue of good corporate governance and ethical conduct by bank directors and management is addressed. The study therefore recommended that the composition of banks audit committees should be based on integrity, competence and knowledge or expertise of individuals and it should be independent of management.Those banks should have as one of their reporting requirements a statement on compliance to good corporate governance. References Ademola, T O and Soyibo A (2001), Corporate governance in Nigeria. Paper presented at conference of Corporate Governance, Accra, Ghana. 20-30 Adegbaju, A. A and Olokoyo, F. O (2008), Recapitalization and banks’ performance: A Case study of Nigerian Banks, African Economic and Business Review, Vol. 6 No. 1 Ajayi, M. (2005), Banking sector reforms and bank Consolidation: conceptual framework, Bullion, Vol. 29. No 2 Anthony, M O, Elumilade, D. O. nd Ashaolu, T. O. (2005), Transparency, accountability and ethical violations in the financial institutions in Nigeria. Journal of Social Sciences, 11(1):21-28. Allen, L. and Cebenoyan, A. S. (1991), ‘Bank acquisitions and ownership structure: theory and evidence,’ Journal of Banking and Finance, 15: 425-48 Berger, W. C, Hunter and Timme, S (1993), â€Å"Efficiency of financial institutions: A review and preview of resea rch past, present and future†, Journal of Banking and Finance, Vol. 17, 221-249. Central Bank of Nigeria-CBN (2006), Code of corporate governance for banks, From www. enbank. org 52 International Journal of Management Vol. 30 No. 1 March 2013 Cole, R. A. and Mehran, H (1996), ‘The effect of changes in ownership structure on performance: evidence from the thrift industry’, Board of Governors of the Federal Reserve System, Finance and Economic Discussion Series 96-6. Crumbley, D. L (2008), What is forensic accounting? Journal of Forensic Accounting, R. T. Edwards, Inc. An International Scholarly Publisher. Crumbley, D L (2003), Forensic accounting: The evidentiary nature of accounting data, Journal of Forensic Accounting, R.T. Edwards, Inc. An International Scholarly Publisher. Glassman, C. A and Rhoades S. A. (1980), ‘Owner vs manager control effects on bank performance’, The Review of Economics and Statistics, 62: 263-70. Hamid, K. T (2009), The impac t of the composition of audit committee on organizational and physical controls of banks in Nigeria, Nigeria Research Journal of Accountancy, Vol. 1 No 1 Hamid, K. T (2008), An assessment of the relationship between corporate governance and internal control system in the Nigerian banking industry. PhD.Accounting Thesis submitted to the Department of Accounting, BUK, Kano (Unpublished) Idialu, Jeremiah Uwaifo and Yomere, Gabriel O (2010), â€Å"Stochastic frontier analysis of the efficiency of Nigerian banks† Indian Journal of Economics and Business Kenyon, W and Tilton, P. D (2006) Potential red flags and fraud detection techniques, A Guide to Forensic Accounting Investigation, (First Edition), John Wiley & Sons, Inc, New Jersey. Klapper, L. F. and Love, I. (2002), Corporate governance, investor protection and performance in emerging markets, Journal of Corporate Finance, 195. p 1-26 Nikhil, P (2009). The world’s biggest frauds. networking with anti fraud professionals , Indiaforensic Antifraud Forum. Orogun, W. (2009), Bank distress in history, burningpot. com. Ramaswamy, V (2005), Corporate governance and the forensic accountant, The CPA Journal. From http//www. nysscpa. org/cpajournal/2005/305/essentials/ p68. htm Sheridan, L, Jones, J and Marston C(2006), Corporate governance codes and the supply of corporate information in the UK. Journal compilation  © 2006 Blackwell Publishing Ltd, 9600 Garsington Road, Oxford, UK Singleton T W , Bologna, G. J and Lindquist, R.J and Singleton A J (2006), Fraud auditing and forensic accounting (Third Edition), John Wiley & Sons, Inc, New Jersey. Skalak, S. L, Alas, M. A and Sellitto, G (2006), Fraud: an introduction, A Guide to Forensic Accounting Investigation (First Edition), John Wiley & Sons, Inc, New Jersey. Spong, K R and Sullivan R. J. (2007). Corporate governance and bank performance, Social Science Research Network. Uzun, H. , Szewezyk, S. H. and Varma, R. (2004), Board composition and corporate f raud, Financial Analysts Journal, 60(3), 33-43 International Journal of Management Vol. 30 No. 1 March 2013 3 Wilson, I. (2007), Regulatory and institutional challenges of corporate governace in Nigeria post consolidation. Nigerian Economic Summit Group (NESG) Economic Indicators, April-June, Vol. 12, No 2. Contact email addresses: [email  protected] com [email  protected] com Copyright of International Journal of Management is the property of International Journal of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use.

Business report on the ‘Kentucky Fried Chicken Corporation (KFC) Essay

In evaluating how well a company’s present strategy is working, a proper understanding of the company’s resource capabilities and deficiencies, its market opportunities, and the external threats to its future is essential. The really valuable part of SWOT analysis is understanding and evaluating the strengths, weaknesses, opportunities, and threats and drawing conclusions whether a firm’s business position is fundamentally healthy or unhealthy. In a nutshell, SWOT analysis is a basis for action. KFC, being one of the world’s most recognizable brands, has its own internal strengths and weaknesses and external opportunities and threats, which are identified and analyzed below. ‘Kentucky Fried Chicken Corporation (KFC) was the world’s largest chicken restaurant chain and the third largest fast-food chain in 2000’ (Krug 2001, cited in Thompson and Strickland 2003, p. C-203). The statement suggests that the brand-name image or the company reputation of KFC is very strong. Such buyer goodwill can be classified into valuable intangible assets, which is an internal strength itself giving KFC enhanced competitiveness. Also, KFC was one of the first fast-food chains to go international in the late 1950’s and was one of the world’s most recognizable brands. This means that KFC had a high degree of organizational agility in gaining wide geographic coverage and had a strong global distribution capability. Such competitive capability can be identified as KFC’s internal strength. KFC’s international strategy was to grow its company and franchise restaurant base through several high-growth markets. This suggests that the company was able to evaluate the right market opportunities available of serving additional customer groups or expanding into new geographic markets and market openings to extend the company’s brand name or reputation to new geographic areas. ‘According to the National Restaurant Association, food-service sales increased by 5.4 percent, to $358 billion, in 1999’ (Krug 2001, cited in Thompson and Strickland 2003, p. C-207). This was a result of a number of  demographic and social trends, which influenced the demand for food eaten outside of the home. The full-service and fast-food segments were expected to make up about 65 percent of total food-service industry sales in 2000. This could be identified as KFC’s external market opportunity since it could use its ability, internal strengths and resource capabilities to grow rapidly because of sharply rising demand in the fast-food industry. However, such a boom in the fast-food industry could also be identified as a potential external threat to KFC’s well-being since increasing intensity of competition among industry rivals may cause squeeze on profit margins. According to the National Restaurant Association, other food items that were growing in popularity since 1990s through 2000 included chicken, which offered and external market opportunity for KFC to expand. ‘During 1999, KFC continued to dominate the chicken segment, with sales of $4.4 billion’ (Krug 2001, cited in Thompson and Strickland 2003, p. C-210). This is because KFC’s customer base remained loyal to the KFC brand because of its unique taste. This could be identified as KFC’s distinctive competence, since KFC did the fried-chicken well in comparison to its competitors. Such uniqueness provided KFC with a competitively valuable capability, which proved to be a corner stone of every strategy. Despite its dominance, KFC was losing market share as other chicken chains such as Chick-fil-A and Boston Market increased sales at a faster rate. Such mounting competition from potent new competitors could be identified as a potential external threat to KFC’s market position. However, KFC’s leadership in the U.S. market was so extensive that it had fewer opportunities to expand its U.S. restaurant base, which again was an external threat to KFC’s future profitability and competitive well-being. The greatest concern for fast-food operators was the shortage of employees in the 16-to-24 age category since many high school and college graduates enjoyed a healthy job market. This was a result of low unemployment, since U.S. economy began to expand during early 1980s through 2000. Such environment is again an external threat for KFC’s profitability. Also, the labor costs made up about 30 percent of a fast-food chain’s total costs. Mounting competition made it difficult to increase prices, since consumers  made decisions about where to eat primarily based on price. Such labor costs and increasing intensity of competition among industry rivals which squeezed profit margins posed external threat to KFC’s profitability. However, the demographic trends offered KFC with a potential opportunity by which costs could be lowered and operations made more efficient by increasing the use of technology. ‘According to the National Restaurant Association, most restaurant operators viewed computers as their number one tool for improving efficiency’ (Krug 2001, cited in Thompson and Strickland 2003, p. C-213). Hence, computers which could improve labor scheduling, accounting and payroll can be identified as KFC’s external market opportunity which is a big factor in shaping the company’s strategy. However, higher costs and poor availability of prime real estate was one of the adverse demographic change that negatively affected profitability of such fast-food chains and hence posed an external threat. International operations carried by fast-food chains like KFC carried risks not present in domestic-only operations. Long distances posed several problems such as quality, transportation, servicing and support problems. Moreover time, culture and language differences increased operational problems. Such problems could be identified as potential threats to KFC’s international strategy, which was focused on several high growth international markets. However, rising per capita incomes worldwide and the development of the Internet, which was quickly breaking down communication and language barriers were wildly attractive market opportunities for food-chains such as KFC seeking to quickly develop global brands and a worldwide consumer base. KFC had trouble breaking into the German market during the 1970s and 1980s, however McDonald’s had a greater success penetrating the German market, because it made a number of changes to its menu and operating procedures to appeal to German tastes. This could be identified as KFC’s internal weakness since there was a lack of competitively important skills or expertise to attract new customers as rapidly as McDonald’s did. Moreover, many of KFC’s problems during the 1980s and 1990s surrounded its limited menu and inability to quickly bring new products to market, which could be identified  as KFC’s potential weakness, since it was behind its rivals such as McDonald’s in putting capabilities and strategies in place. An example of this is when KFC suffered one of its more serious setbacks on experimenting with the chicken sandwich concept when McDonald’s test-marketed its McChicken sandwich in the Louisville market. As per the circumstances, Latin America could be identified as KFC’s wildly attractive market opportunity because of the size of its markets, its common language and culture, and its geographical proximity to the United States. KFC could well evaluate the market opportunities available from Latin America and identified its own resource capabilities required to capture it, the result of which was KFC’s Latin America Strategy, which represented a classic internationalization strategy. KFC’s early entry into Latin America gave it a leadership position over McDonald’s in Mexico and the Caribbean with 438 restaurants in 2000. Mexico, in Latin America could be identified as highly attractive market opportunity for KFC because of the North American Free Trade Agreement (NAFTA), which went into effect in 1994 and created a free-trade zone between Canada, the United States, and Mexico. Other fast-food chains such as McDonald’s, Burger King, and Wendy’s were rapidly expanding into other countries in Latin America such as Venezuela, Brazil, Argentina, and Chile. Such mounting competition from potent new competitors was an external threat for KFC’s competitive well-being. Another threat came from Habib’s, Brazil’s second largest fast-food chain, which opened its first restaurant in Mexico in 2000. Another potential external threat to KFC’s well-being was the long-term value of the peso, which has depreciated at an average annual rate of 23 percent against the U.S. dollar since NAFTA went into effect. This translation risk lowered Tricon Global’s reported profits and damaged its stock price, subsequently affecting KFC’s profitability and market position. Industry and Competition Analysis An industry’s competitive conditions and overall attractiveness are big strategy determining factors. In other words, good industry and competitive  analysis is a prerequisite to good strategy making. Hence, it is very essential for a firm to evaluate whether the industry environment it is in is either attractive or unattractive to protect its future profitability. Porter’s Five Forces – A MODEL FOR INDUSTRY ANALYSIS The industry and competitive analysis used to evaluate an industry’s environment involves a process to discover what the main sources of competitive pressure are and how strong each competitive force is. Porter’s five-forces model is a powerful tool for identifying the principal competitive pressures in a market and assessing how strong and important each one is. Michael Porter provided a framework that models an industry as being influenced by five forces, which are discussed below in context to the FAST-FOOD INDUSTRY and KENTUCKY FRIED CHICKEN CORPORATION. ?a Rivalry: – If rivalry among firms in an industry is low, the industry is considered to be â€Å"attractive†, however the competitive structure of an industry is clearly â€Å"unattractive† from a profit-making standpoint if rivalry among the firms is very strong. Looking at the fast-food industry there was increasing intensity of competition among rivals. In the chicken segment, KFC was losing market share as other chicken chains such as Chick-fil-A and Boston Market increased sales at a faster rate. Many industry analysts predicted that Boston Market would challenge KFC for market leadership. Popeyes and Church’s were potent new competitors, trying to compete head-on with fried-chicken chains. McDonald’s, Burger King, and Wendy’s were rapidly expanding into other countries, which subsequently posed a threat. However, even when the rivalry among firms in the fast-food industry is very strong, the industry can be competitively attractive for KFC whose market position provides a good enough defense against competitive pressures. Moreover, to formulate a better strategy and pursue an advantage over its rivals, KFC could lower prices to gain a temporary advantage, improve product differentiation, creatively use channels of distribution, and exploit relationships with suppliers. ?a Barriers to Entry / Threat of Entry: – The competitive structure of any  industry would be identified as â€Å"unattractive† from a profit-making standpoint if low entry barriers are allowing new rivals to gain a market foothold. ‘According to the National Restaurant Association, food-service sales increased by 5.4 percent, to $358 billion, in 1999. More than 800,000 restaurants and food outlets made up the U.S. restaurant industry, which employed 11 million people’ (Krug 2001, cited in Thompson and Strickland 2003, p. C-207). Also as the U.S. market matured, many restaurants expanded into international markets as a strategy for growing sales. After McDonald’s, KFC, Burger King, and Pizza Hut, at least 35 chains had expanded into foreign countries by 2000. This suggests that the fast-food industry had relatively low entry barriers, allowing new rivals to gain a market foothold. Such low entry barriers could possibly result from common technology, easy access to distribution channels, little brand franchise, and low scale threshold. Hence, as per the above discussion, fast-food industry is clearly â€Å"unattractive†. However, it depends on the incumbent firms such as KFC to offer only passive resistance against a new entrant or aggressively defend their market positions using price cuts, increased advertising, and product improvements to give them a hard time. ?a Threat of Substitutes: – The competitive structure of an industry remains â€Å"unattractive† if competition from substitutes is strong. As a rule, ‘the lower the price of substitutes, the higher their quality and performance, and the lower the user’s switching costs, more intense is the competitive pressures posed by substitute products’ (Thompson and Strickland 2003, p. 88). There are no such substitutes in any other industry to stand in competition with the firms in fast-food industry, which is very unique. However, there are various segments in the fast-food sector of the restaurant industry, which may be identified as substitutes for each other. These segments are sandwich chains, pizza chains, family restaurants, grill buffet chains, dinner houses, chicken chains, nondinner concepts, and other chains. Usually, such chains have price cuts and improved quality and performance as a part of their strategy and since the buyers can switch to any segment of the fast-food industry easily, there are comparatively high competitive pressures among such segments. Hence, for KFC (chicken chain), the fast-food industry is not an attractive one to be in, since sandwich  chains made up the largest segment of the fast-food market and dinner houses made up the second largest and fastest-growing fast-food segment in 1999. ?a Buyer Power: – The power of buyers is the impact that customers have on a producing industry. Looking at the fast-food industry, it is more likely that the buyers (customers) can exercise considerable bargaining leverage, which again makes the competitive structure of the industry â€Å"unattractive†. This is because buyers’ costs of switching to competing brands or substitutes are relatively low in the fast-food industry. Moreover, the mushrooming availability of information on the Internet is giving added bargaining power to individuals. It is relatively easy for buyers to use the Internet to compare the different prices offered by various fast-food outlets in the industry. In a nutshell, the more information buyers have, the better bargaining position they are in. Also, the prospect of losing a brand loyal customer not easily replaced often makes a seller more willing to grant concessions of one kind or another. ?a Supplier Power: – A producing industry requires raw materials – labor, components, and other supplies, which are received from suppliers. Suppliers, if powerful, can exert an influence on the producing industry, such as selling raw materials at a high price to capture some of the industry’s profits. However, in the fast-food industry, the suppliers possibly have little or no bargaining power or leverage over rivals since the items they provide are commodities available on the open market from numerous suppliers. In fast-food industry it is relatively simple for rivals to obtain whatever is needed from any of several capable suppliers. Hence, the suppliers being able to exercise little or no bargaining power or leverage over rivals’ makes the competitive structure of the fast-food industry clearly â€Å"attractive†. As a conclusion, the collective impact of competitive forces in the fast-food industry is relatively stronger, which subsequently lowers the combined profitability of participant firms. However, even when the five competitive forces are strong, an industry can be competitively â€Å"attractive† or â€Å"favorable† to firms such as KFC whose market position and strategy provides  a good enough defense against the competitive pressures to earn above-average profits. Key Industry Success Factors Key industry success factors (KISFs) by their very nature are so important that all firms in the industry must pay close attention to them. In other words, KISFs are the prerequisites for industry success and are the rules that shape whether a company will be financially and competitively successful. Looking at the fast-food industry, there are various KISFs necessary to gain sustainable competitive advantage. Manufacturing-related KISFs for the fast-food industry would be low-cost production efficiency (to permit attractive retail pricing and ample profit margins), quality of manufacture (to provide customers with better taste in comparison to the rivals), high-labor productivity (to reduce cost since labor costs are about 30 percent of a fast-food chain’s total costs). Distribution-related KISFs would be short delivery times and having company-owned retail outlets. From the marketing point of view, clever advertising (to induce customers to buy a particular brand repeatedly), courteous customer service and attractive styling of packaging would be identified as important KISFs for fast-food industry. Skills-related KISFs would be quality control know-how and an ability to develop innovative recipes. In apparel organizing, the KISFs would be an ability to respond quickly to shifting market conditions, superior ability to use Internet and other latest technology to conduct business and managerial experience. Some other important KISFs are favorable image or reputation with buyers, convenient locations of the stores (important for food-outlets), and access to financial capital (important in newly emerging industries). Hence, the above stated key industrial success factors for the fast-food industry are cornerstones for a firm’s strategy formulation and trying to gain sustainable competitive advantage over its rivals. Company Analysis Kentucky Fried Chicken Corporation (KFC) is one of the successful fast-food chains, which was the world’s largest chicken restaurant chain and the third largest fast-food chain in 2000. KFC dominated the chicken segment, with sales of $4.4 billion in 1999 through 2000. KFC was in the lead position in the U.S. market, however had fewer opportunities to expand its U.S. restaurant base due to the entry of new rivals such as Chick-fil-A and Boston Market. Despite gains by Boston Market and Chick-fil-A, KFC’s customer base remained loyal to the KFC brand because of its unique taste, which could be identified as one of the most important resource strengths of KFC. However, KFC faced several internal problems under its various owners, which adversely affected its financial performance and competitive strength. Heublein, Inc., which was in business of producing alcoholic beverages and had a little experience in the restaurant business, acquired KFC in late 1970s. Conflicts quickly erupted between Colonel Sanders and Heublein management since the quality-control and restaurant cleanliness badly deteriorated under Heublein, Inc. By 1977, the restaurant openings had slowed down, since service quality declined under Heublein management. However, KFC did fairly well under the management of R.J. Reynolds Industries, Inc., which had little more experience in the restaurant business than Heublein. PepsiCo introduced several changes after the acquisition of KFC. Staff at KFC was reduced in order to cut costs and many KFC managers were replaced with PepsiCo managers. ‘KFC’s culture was built largely on Colonel Sander’s laid-back approach to management’ (Krug 2001, cited in Thompson and Strickland 2003, p. C-206). Employees enjoyed good job security and stability. However, PepsiCo’s culture was characterized by a much stronger emphasis on performance, which reinforced the feelings of KFC managers that they had few opportunities for promotion. As a result, a strong loyalty created among KFC employees over the years was lost. The Original Recipe Chicken allowed KFC to expand through the 1980s without significant competition from other chicken chains and thus new product  introductions was not a part of KFC’s marketing and overall business strategy. Such limited menu and inability to quickly bring new products to market made KFC face several problems during the 1980s and 1990s. However, KFC’s current strategy has been refocused. The cornerstone of its new strategy was to increase sales in individual KFC restaurants by introducing a variety of new products and menu items that appealed to a greater number of customers. Also, from the marketing point of view, KFC introduced a three-pronged distribution strategy that increased sales to a considerable level. The strategy firstly focused on building smaller restaurants in non-traditional outlets such as airports, chopping malls, universities, and hospitals. Secondly, it continued to experiment with home delivery. Third, KFC established â€Å"2-in-1† units that sold both KFC and Taco Bell (KFC/Taco Bell Express) or KFC and Pizza hut (KFC/Pizza Hut Express) products. KFC’s early entry into Latin America gave it a leadership position over several other food-chains in Mexico and the Caribbean. KFC’s Latin America Strategy was an example of a classic internationalization strategy. KFC firstly expanded into Mexico and Puerto Rico because of several external opportunities such as geographical proximity and other political and economic relations with United States. As KFC’s experience in Latin America grew, it expanded its franchise system throughout the Caribbean. Only after sustaining a leadership position in Mexico and the Caribbean did it venture into South America. However, KFC faced difficult decisions in regards to the formulation of an effective Latin American Strategy over the next 20 years, since limited resources and cash flow limited KFC’s ability to aggressively expand in all countries at the same time. Statement of alternative options Looking at the fast-food industry and the highly intensive competition prevailing, a better possible option for KFC would be to merge with other growing chicken chains such as Popeyes, Chick-fil-A, Boston Market, Church’s, and El Pollo Loco. Such merger would possibly create one of the largest chicken chains in the fast-food industry. Merging with another company would dramatically strengthen KFC’s market position and open new  opportunities for competitive advantage. In the fast-food industry, such mergers enable the companies to have much stronger technological skills, more or better competitive capabilities, a more attractive lineup of services, wider geographic coverage and greater financial resources to expand into new areas. However, it would still be essential for KFC to tailor a strategy that fits its particular strengths and weaknesses so as to hold a lead position in Latin America by operating several company-owned restaurants in the targeted countries. Recommendations Kentucky Fried Chicken Corporation, the world’s largest chicken restaurant chain and the third largest fast-food chain, has several internal weaknesses and resource deficiencies which needs to be identified and improve to gain a competitive advantage over its rivals. Moreover, today’s fast-food industry offers several external opportunities and poses potential threats to the rivals’ well-being and market position. It would be essential for the managers of KFC to identify firm’s resource strengths and weaknesses and its external opportunities and threats, which would provide a good overview of whether a firm’s business position is fundamentally healthy or unhealthy. This would further complement in formulating strategies so as to expand firm’s business activities over a wider geographic coverage. Latin America is an attractive location for investment because of the size of its markets, its common language and culture, and its geographical proximity to the United States. However, it would be difficult for KFC to penetrate the market successfully as a result of mounting competition from several competitors. It would be a wise recommendation for KFC to merge with other growing chicken chains, which would possibly fill the resource gaps and allow the new companies to do things, which KFC could not do alone. Such a merger would allow KFC to operate several franchised and company owned restaurants in the targeted countries of Latin America, which is more effective in building a significant market share in individual countries. This is because market leadership often requires a country subsidiary that actively manages both franchised and company owned restaurants. Such  strategy would also enable KFC to better control quality, service and restaurant cleanliness. REFERENCES Aaker, DA 1992, Developing business strategies, 3rd edn, Wiley, New York. Faculty of Business and Law 2003, Guide for students, 4th edn.   Perry, C 1992, Strategic management processes, Longman Cheshire, Melbourne.   Thompson, AA & Strickland, AJ 2003, Strategic management, 13th edn, McGraw-Hill, New York, NY.