An Impartial Perspective on Write a Research Paper Fast

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Basic Financial Accounting Theory You Should Know

Question1: newspaper article or web page report of an item of accounting news, i.e. it refers to a current event, consideration, comment or decision that has been published after 15 September 2014. Your article could also come from one of the professional journals such as 'Charter'. The article should not come from an academic journal. Academic journals generally do not contain news articles or articles of less than one page and are usually only published 2 or 4 times a year.Explain the article that you have found in your own words and clearly relate the concepts, ideas and facts within the article to one or more of the theories or topics that you have studied this session. Answer1: Regulation as Accounting Theory Regulation in accounting is important to serve best to the society and optimize the allocation of the resources. The changes in the accounting entries are done to bring the impact of regulation on the accounting principles. The regulation in the accounting theory is essential to provide necessary information to make the economic decisions (Gaffikin, 2015). The article of Accounting News published in the BDO in December 2014 presents news of the changes in the Annual Financial statements for the year 2014. The new reflects that there are not many significant changes in the Annual Financial statements for 31 December 2014. The changes in the Annual Statements will be in the following Disclosing entities There will be certain changes to the individual key management personal disclosures. There will be change in the Investment entity amendments to AASB 10 of the consolidated Financial Statements. There will be change in the recoverable amount disclosure. There will be certain annual improvements. 21 Levies will be interpreted. There will reduction in the disclosure requirements There will be consolidation and joint arrangements for the non-profit entities. The rationale behind financial accounting and the changes in the financial statements for the year 2014 has been reflected in the article. According to the changes made to the Annual Statement reporting for the year 2014 includes deletion of the additional information about the individual key management personnel (KMP) remuneration, information related to option holdings of shares and information related to other transactions that appear in the notes to financial statements. According to the Corporation Act Regulation 2M.3.03 (1), items 17-24, the following information has to be incorporated in the remuneration report that has been audited. Thus the following changes have to be incorporated in the new financial statements. The reasons for the following changes in the financial statements are that it is considered by the Australian Accounting Standards Board (AASB) that the disclosures of KMP represent the disclosures of Corporate Governance. They must be included in the Corporations Act of 2001. There have been certain changes in the amendments regarding the investment entity. There has been certain change in the disclosures of AASB 10 which has included the concept of investment entity. In case of an investment entity, the investments to the subsidiaries must be recognized at fair value via profit or loss calculation. The calculation of fair value must be according to the guidelines represented in AASB 9 and AASB 139. There are certain criteria for a firm to become an investment entity. They have been incorporated in the new financial statements. There have been certain changes in the disclosures of the recoverable amounts. Earlier the recoverable amount had to be disclosed of a cash generating unit. The goodwill and the intangibles are attached with the recoverable amount. But the change that has been implemented in the financial statements states that the recoverable amount must be disclosed in case of individual assets. According to AASB 2013 -3 there are various additional disclosures that have been introduced. In this measure the amount that is recoverable is calculated by deducting cost of disposal from the fair value. This is applicable in which the fair value is at the level of 2 or 3. There have been certain annual improvements in the AASB 2014-1. The changes have been made in the Share based payments. The targets of performance can be based on various metrics. There will be changes in accounting when the metric was a non market condition. There have been changes in the AASB 3 Business combination in which the contingent consideration is measured at fair value via calculation of profit or loss. According to the changes in the representation of the Annual Statements, there have been changes in the interpretation of the 21 Levies. It was initially imposed on the European banks which had to deal with the banking levies. But the area of concern of the particular levy has been widened. It will deal with all types of Government levies. But it will not cover the income taxes under AASB 112 Income Taxes(Asic.gov.au, 2015) The revision in the Annual Statements reports that the RDR is only applicable on or after 1st July 2013. The Reduced disclosure requirement is not applicable for the private companies, charitable organizations and the clubs. The financial statements have to comply with the IFRS or the additional disclosures of RDR. For not for profit organizations, the following standards AASB 10, AASB 11, AASB 12, AASB 127 and AASB 128 will be applicable from 31 December 2014. However it is not easy to apply these measures for NFP. Since the variable return does not flow to the investor via dividend it is tough to apply these measures. The changes implemented in the Financial Statements focuses on the valuation of the assets. It encourages the auditors to consider the need to impair the goodwill and the other assets. It identifies the cash flows that are unrealistic and based on assumptions. The new amendments have been made to identify the mismatch between the cash flow and the assets that has been tested for impairment. It focuses on fair value calculations. The fair value calculations of the financial assets must be based on specific models. The accountants have to abide by the policies of accounting that will have potential impact on the results of reporting. These include arrangements of the balance sheet, recognition of revenue and tax accounting. It is a challenging job to make the financial statements according to the standards of AASB and IFRS. It is a tough job to apply the new changes that takes place every year. The changes impact on the presentation of the financial statements and the disclosures that are accompanying the financial statements. There have been little changes for the profit entities financial statement reporting. But changes have taken place in the annual reporting for not for profit entities. Thus the auditors and the preparers of the financial statements will be posed with challenges while reporting for not for profit sector. Over the next few years there will not be any significant changes in the IFRS and the AASB standards (grantthornton.com.au, 2014). The changes has been made in the reporting standards of the not for profit organizations so that it can suit to wide range of scenarios. But the changes has not been implemented for the profit organizations which will reduce the burden on the preparers and the auditors of the financial statements (bdo.com.au, 2014) ; (ey.com, 2014). Question2: a) Describe in your own words the issues that the exposure draft/proposal and comments letters are dealing with. b) Is there agreement among the various groups? Describe the issues where there is agreement/disagreement and provide examples. c) In your opinion, which of the three theories of regulation (eg, public interest, private interest orcapture theory) best explains the comment letters? Justify your answer. Answer2: Exposure Draft on Investment Entities: Application of the consolidation exception ( proposed amendments to AASB 10 and AASB 128) According to the norms of IFRS 10 norms, clarification has to be provided regarding the consolidation of the financial statements for the subsidiary. The subsidiaries will be measured at fair value. The parent company will be responsible for the preparation for the consolidation of the financial statements. The subsidiary does not have to prepare separate financial statements ( ifrs, 2015) According to IFRS 10, the subsidiary does not have to prepare the financial statements. They are part of the operations of the parent company. They do not have to measure the financial statements at the fair value. The duty of the subsidiary companies is to provide service which is known as the investment activities (Aasb.gov.au, 2015). The measurement of the investment at fair value will be done by the parent company. The subsidiaries will not be involved in the measurement of the financial statements at fair value. According to IFRS 10 , the non investment entity parent of the investment entity cannot retain the fair value measurements as applied by the investment entity to the interest of the subsidiaries. The consolidation of all the investment of the group will be done by the non investment entity (Bryan ,2007). The non investment entity has the full responsibility of the consolidation of the financial statement. The parent company will have to consolidate the financial statements at fair value. The subsidiary companies have to be taken into consideration. The application of this method has been prevented by the IAS 28 for the non investment entities in the subsidiaries. It is not applicable for the joint venture and other major entities of investment (www.aasb.gov.au, 2015). Comment letters 1. Dr Bikram Chatterjee from Deakin Graduate School of Business - The professor of the business school find these changes satisfactory. The changes to IFRS 10 are appropriate. The changes from AASB are satisfactory. The Government of Australia will not form a barrier to the changes that has been made for the investment entity. The proposal will help in the cost of savings for the investment entities. The investors will have information about the performance of the organization. The information will be beneficial for the investors in making their investment decisions. 2. Deloitte Touche Tohmatsu limited - According to them, there will be lack of transparency within the financial statements as a result of fair value considerations for the investment entities. There will be other issues like difference in obtaining information. It will create difference in the equity method of accounting in case of joint venture and the other associates. There will be lack of feasibility which will create huge amount of confusions. 3. PwC - The implications of the exposure draft has been agreed by PwC. According to them the proposal of ED 249 will be helpful for the preparation of the consolidated form of the financial statements. It will be a relevant for the investors and helpful to make their investment decisions. But there have not been significant changes for the nonprofit organizations. The changes has not been implemented for the public entities (Ifrs.org, 2015). 4. Macquarie Group Limited - The group has agreed to the norms presented in the exposure draft. They agree to the fact the parent company will be responsible for the consolidation of the financial statements. They agree to the proposal that the subsidiaries will be involved in the operations but the financial statements will be prepared by the parent company. There are certain issues presented by the group. They do not agree to the fact that the equity method will be used by the non investment entity by using fair value measure. Lack of transparency is the major issue . It is not appropriate on a theoretical aspect. The associates lack consistency as they donot have a legal entity structure. CPA Australia and Chartered accounting Australia and New Zealand - The norms of IFRS 10 is disagreed by CPA Australia. According to them, the different approach will lead to lot of complexity in the calculation using fair value. It will bring lot of complexity within the financial statements. They have suggested that the same method must be used for the calculation. This will reduce the complexity. This means that the same fair value approach must be used by the associate or the joint venture company. The regulation can be described by the Private interest theory. The theory provides solutions that will be beneficial for the company and the investors. According to the Private interest theory, it is applicable for the self interest of the company. The exception to consolidation is favorable for the company as the companies does not have to prepare the financial statements twice. The changes in the structure of AASB 249 and AASB 250 will be helpful for the users and the company. This leads to time saving. The amount of investment is less and the reporting is less complex. The company will be able to save cost. This will be helpful for the economy of Australia as there will be proper allocation of resources (Bryant, 2010); (Ku, 2010). Conclusion From the two assignments it is clear that the company has to abide by certain standards for the preparation of the financial statements. The changes in the financial statements will make reporting transparent. It can be said that the comments from the companies and the other governing bodies is in mixed form. But the application of the equity method by the use of fair value for the non investing entity investor has not been accepted by majority of the group members. Overall it can be said that the members has agreed to the amendments that has been made the AASB and the IFRS 10. References Aasb.gov.au, (2015). News. bdo.com.au, (2014). ACCOUNTING NEWS. Bryan, M. (2007). Private law in theory and practice. London: Routledge-Cavendish. Bryant, W. (2010). General equilibrium. Singapore: World Scientific Pub. Co. grantthornton.com.au, (2014). Technical Accounting Alert. Ifrs.org, (2015). IFRS - Exposure Draft and Comment letters. Ku, M. (2010). Political change in view of the theory of change and balanced, harmonious union of the private interest and the public interest. Lanham, Md.: University Press of America. www.aasb.gov.au/, (2015). Investment Entities: Applying the Consolidation Exception. Gaffikin, M. (2015). Regulation as Accounting Theory. ey.com, (2014). EndeavourTM (International) Limited November 2014 edition An illustration of an Australian companys annual financial report for the 31 December 2014 year end (also applicable to 30 June 2015 year ends). Asic.gov.au, (2015). 14-294MR Focus for 31 December 2014 financial reports | ASIC - Australian Securities and Investments Commission.

Relationships between Gods and Mortals in Greco

The relationships between gods and mortals are one of the central themes of Greco-Roman mythology. Though gods and goddesses obtain the ultimate power and can rule over destinies of men, they not always are depicted as the voice of justice and sometimes use their might for satisfying their personal needs and compensating for the weaknesses of their character. The popularity of the theme of love affairs between the gods and the mortals can be explained with the peculiarities of the concept of divinity in Greeks and Romans.Advertising We will write a custom essay sample on Relationships between Gods and Mortals in Greco-Roman Mythology specifically for you for only $16.05 $11/page Learn More Along with supporting humans during their wars and interfering into the earth conflicts, gods often fell in love with mortals though it was prohibited by the divine laws. On the one hand, it can be explained with the weakness of character of gods. On the other hand, re alizing their enormous power and lack of restraints, the divine creatures could be certain that they just could afford themselves violating the rules without fear of future punishment. There are a great number of examples when the relationships between gods and mortals ended as marriage-type of love. These include, for example, Ariadne marrying ,Dionysus, the Greek god of grape harvest and winemaking, Tithonus marrying Eos, the Greek goddess of the dawn, and Psyche marrying Eros (Cupid in Roman mythology), the god of sexual love. At the same time, there is a wide range of relationships between the gods and the humans without marriage, the so-called lust-type of love. These are the couples of the goddess Aphrodite and her young lover Adonis and relationships between Zeus and mortal women Alkmene, Semele, and Leda. The majority of god-mortal couples bore children who could become a Demigod or a hero. Hesiod, a Greek oral poet even compiled the prolonged lists of mortal women who had r elationships with gods and children who were born from divine and mortal couples. â€Å"Since many aristocratic families and even entire cities traced their lineages to these heroes, this extensive list acts as a bridge between the Theogony and the world of Hesiod’s audience† (Trzaskoma 131). Thus, looking for their forefathers in these lists, ancient Greeks and Romans rationalized the beliefs in their own divine origin. The representation of the love liaisons between gods and mortals in Greek and Roman myths removes the distinct line between the divine and mortal origin of heroes and changes the traditional interpretation of the concept of divinity as the voice of justice which is deprived of biases. Another interpretation of relationships between the gods and the mortals is presented in Euripides’ play Hippolytus in which Artemis as the goddess of chastity rejects to protect her human lover Hippolytus. As opposed to numerous examples of divine lovers who prote cted their favourites and interfered in the earth affairs, Artemis decides to take revenge on Aphrodite who kills her lover in future by killing Aphrodite’s next mortal favorite.Advertising Looking for essay on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More The goddess of chastity admits that â€Å"This is the settled custom of the gods: no one may fly in the face of another’s wish: we remain aloof and neutral† (Euripides 69). This interpretation of the divine rules contradicts a plenty of examples from the Greek and Roman myths in which the gods and goddesses make attempts to ruin plans of other gods for the purpose of achieving their own goals. At the same time, one of possible explanations of Artemis’ choice can be found in the peculiarities of her sphere. The goddess of chastity is expected to follow the rules even violating her own interests. Still, this perspective on both the relation ships between the gods and gods and mortals is valuable for presenting the wide range of existing approaches to defining the concept of divinity in Greeks and Romans. As opposed to pure and innocent feelings of Artemis, the plot of another Euripides’ play Ion is based on lust kind of relationships between gods and mortals. According to the myth, the god Apollo raped Creusa and she bore a child Ion, one of the main protagonists of the play. Though these events are not depicted in the work, this background information is central for interpreting the following development of the events. The play depicts the destiny of Ion who does not know who his parents are till the end when the truth is disclosed. The theme of destiny of half-divine children who are sometimes regarded as bastards is central for the play because Apollo’s act ruined lives of several mortals, making them suffer. The Apollo-Creusa liaison can be considered as one of the most disgusting examples of lust kin d of relationships between the divine and mortal characters in all the Greek and Roman mythology which, however, adds new shades of meaning to the interpretation of the concept of deity by ancient people. Instead of separating the worlds of gods and mortals, Greek and Romans depict the numerous examples of liaisons between divine and human characters in their myths, expressing their unique views on deity and the weaknesses of gods. Works Cited Euripides, Moses Hadas, John McLean. Ten Plays by Euripides. New York: Bantam Books. 1981. Print. Trzaskoma, Stephen, Scott Smith, and Stephen Brunet (eds.) Anthology of Classical Myth: Primary Sources in Translation. Cambridge: Hackett Publishing Company. 2004. Print.Advertising We will write a custom essay sample on Relationships between Gods and Mortals in Greco-Roman Mythology specifically for you for only $16.05 $11/page Learn More This essay on Relationships between Gods and Mortals in Greco-Roman Mythology was written and submitted by user Bryleigh H. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The novel Hard Times Essay Example

The novel Hard Times Essay Example The novel Hard Times Paper The novel Hard Times Paper Essay Topic: Hard Times Woman On the Edge Of Time In the novel Hard Times, Mrs Sparsit is the housekeeper for the very outspoken Mr Bounderby, who is always talking about how self made he is although throughout the book he story alters a bit to fit the mood of the particular chapter. Mrs Sparsit is not portrayed, as you would expect a housekeeper to be portrayed. The connotations of her job have no similarities to her personality. Mrs Sparsit herself has had trouble in the past, although she had the status of an upper class female she lost her status in society due to debts her husband left her with. Mrs Sparsit married Mr Sparsit but when he got addicted to gambling he got into so much debt that he ended up passing away with them over his head. In Book 1 we are introduced to Mrs Sparsit as Bounderbys housekeeper but then she starts to make many hints that she has a particular spot for Bounderby that she cannot talk about. She is introduced as this elderly lady that presided over his establishment. Mrs Sparsit speaks of her hardship to Bounderby in the hope that he will understand because he speaks about being so hard done by in the past by his mother. Mrs Sparsit can relate to Bounderby and thats why she is so drawn to him in the novel, also because they are the same age she feels even closer to him. Mrs Sparsit is quite insignificant in the first Book but she placed there because she objects so much to Bounderbys marriage proposal to Louisa. We get many clues that Mrs Sparsit that Mrs Sparsit is fond of Mr Bounderby in more ways than one and we pick up on this because of her reaction to the marriage. In book 1 Mrs Sparsit is the fuel that keeps Bounderbys already huge ego going. Due to all the debts that she was left with Mrs Sparsit is financially dependent on Bounderby, and in her opinion she is his number one woman because she does all the womanly duties around the house. Also Bounderby depends on her for her womanly perspective on female issues. In Book 2, Mrs Sparsit becomes more significant and she is more constant through out the second book. She plays a more active role because she is sent to live in the bank because of the marriage and Mrs Sparsit is quite publicly annoyed so she decides that she is going to call Louisa by her first name and not her marriage name. She has so many objections against this marriage because she can see Louisa being a threat to her number one place in Bounderbys household, also she knows that she could be a better wife than Louisa therefore disagrees with this marriage but she will never get to show Bounderby what a wife she could be because of Louisa. Mrs Sparsit is so desperate to separate Bounderby and Louisa that she drives a wedge between them by commenting on every little detail about Louisa. In Book 2 Mrs Sparsit is sent to live in the bank Dickens relights the whole fact vs. fancy battle that takes place everywhere in the novel, because he says Mrs Sparsit considered herself, in some sort, the Bank fairy then goes on to say Townspeople who in their passing and repassing saw her there, regarded her as the Bank dragon. Dickens has used these examples to imply Mrs Sparsit personality of a spy who watches over Bounderbys household like a dragon would a layer. In this particular part of the novel Mrs Sparsit displays her weakness for spying as she goes and spies on Louisa and Harthouse, she tries to pick up as much information as she can to go back and tell Bounderby of Louisas cheating ways. Harthouse and Mrs Sparsit meet in the bank where she now lives, Harthouse makes spiteful comments to Mrs Sparsit in the hope that she will be more annoyed at Louisa coming in to Bounderbys household and snatching her place away, so it ends up that Louisa and Bounderby get divorced for Harthouse to marry Louisa. Therefore he says to her I presume, that Mr Bounderby the banker does not reside in the edifice which I have the honour of offering this explanation? It seems that Mrs Sparsit was placed in this particular part of the novel because she persistently follows Louisa and Harthouse that she finally ends up pushing Louisa to tell her father how unhappy she is with the marriage. Mrs Sparsit has been given the job of spying on people in the novel because she thinks that nobody would suspect an old housekeeper to be the towns gossiper, so she uses that to her advantage. Dickens has portrayed Mrs Sparsit in this particular way because he wanted Mrs Sparsit to see everybody miserable, as they had done when she was left with her husbands debt. So by her spying and interfering in Louisas marriage and her relationship with Harthouse it is her opportunity to get Bounderby and be happy for once in her life but it does not work out like that for her.

Paper on TQM in International Business Essay Example | Topics and Well Written Essays - 4250 words

Paper on TQM in International Business - Essay Example The Sea-View Wing houses The Club at The Leela and is perched on a cliff overlooking the sea (Leela Hotels, 2010). Hotel Leela Kempenski, Kerala offers traditional Indian hospitality and embraced by the grandeur of modern luxuries. It offers luxury accommodation and delicious food and beverage along with outdoor swimming pools and fitness center to its guests. Due to its location between two scenic beaches, Hotel Leela Kempenski provides its guests with an extremely pleasurable experience. Its state of the art business facilities; plush accommodation, fine dining experience and hospitable services make it one of the most sought after Luxury Hotel in Kovalam (Leela Hotels, 2010). The Leela Kempenski Hotel, Kovalam is considered to be one of the finest business hotels in Kerala. The convention center can accommodate about 1000 delegates and other smaller conference rooms have a seating capacity of 30 to 100. All the conference rooms are equipped with top quality audio-visual facility (Leela Hotels, 2010). Dining at the Leela Kempenski Hotel, Kovalam is an elaborate affair. The presentation, which is as important as the quality, is extremely extravagant. The restaurants and bar are at par with international standards and offer delicious food and beverages at several eateries in the hotel. Leela Kempenski Hotel, Kovalam offers its guests with recreational facilities that help them relax and enhance their pleasurable experience. The Hotel also offers its guests with an information desk that provides them information regarding all the services being offered. The core focus of Leela Kempenski Hotel’s policies is to deliver ultimate value to the customers. It has established a Customer Relationship Management system which offers customized services to the guests thus resulting in customer retention and loyalty. This is done by offering customers with exclusive dining services, world-class

Mars Reconnaissance Orbits Essay Example | Topics and Well Written Essays - 500 words

Mars Reconnaissance Orbits - Essay Example Modeling of the MRO came after NASAs successful Mars Global Surveyor that was designed to conduct Mars surveillance from orbit. In its earlier specifications, the satellite design included a large camera for taking high resolution fascinating images of the Mars. This made Jim Garvin, a Mars exploration program scientist with NASA to predict that MRO would be like an orbit microscope. A visible-near-infrared spectrograph was also to be incorporated in the spacecraft. Five months later, after aero braking, the MRO entered began its major science phase after entering its final science orbit. In this way, it joined five other existing spacecrafts in the vicinity of Mars that were either on the planet surface or in orbit. These other active spacecrafts were: two Mars Exploration Rovers, Mars Global Surveyor, Mars Odyssey and Mars Express. MRO is equipped with a set of NASA’s most powerful scientific instruments used in the analysis of minerals, stratigraphy, ice of Mars and landforms. They include instruments such as radar, cameras and spectrometers. They are significantly used in monitoring of daily surface and atmospheric conditions of the Red Planet, and hosting of new MRO telecommunication systems for further future missions. It is probably remembered for discovery of ice and other startling discoveries on Mars such as dust devils going across the Mars surface and changing of sand dunes in real time as watched by its powerful cameras. The MRO has also helped to establish the cause for the damage of Phoenix spacecraft that went out of touch with the earth and it has generally helped in other spacecrafts to stay in touch with the Earth. The prime scientific mission of the MRO ended in December 2010, even though NASA still believes that the spacecraft can still do well until 2015. Many new things have been learned about the Red Planet courtesy of the spacecraft.

Benchmarking as a Tool to Improve Business Practices

Benchmarking as a Tool to Improve Business Practices BenchmarkingÂÂ  (best practice benchmarking or process benchmarking) is a process used in management and particularly strategic management, in which organizations evaluate various aspects of their processes in relation to best practice, usually within their own sector. Dimensions typically measured are quality, time, and cost. Improvements from learning mean doing things better, faster, and cheaper. This then allows organizations to develop plans on how to adopt such best practice, usually with the aim of increasing some aspect of performance. Benchmarking is often treated as a continuous process in which organizations continually seek to challenge their practices. NEEDS AND BENEFITS FOR BENCHMARKING Organizations use benchmarking for a variety of purposes. Some organizations position benchmarking as part of an overall problem-solving process with a clear mandate for organizational improvement .Others position benchmarking more as a proactive mechanism to keep themselves aware of the state-of-the-art business practices. Some of the reasons organizations use benchmarking processes are: STRATEGIC PLANNING It requires a thorough knowledge of the market place, the likely activities of the competition, the state of the art regarding products or services being produced, financial requirements for doing business in market, and the customer base. Benchmarking is useful tools for gathering information in these areas during the process of strategic planning. This type of information can shape a business strategy in a more realistic direction, or at least help identify the risks of doing business in certain markets. FORECASTING Benchmarking information is often used to gauge the state of the marketplace and to forecast market potentials .it also provides a source of information regarding the business directions of key players in the marketplace, trends in product/service developments, patterns of consumer behaviour and so on. in many industries, the business direction of a few major companies can shape the direction of an entire marketplace.forecastion the activities of these types of organizations often provides their competitors and support services companies with important information about future implications for their businesses. NEW IDEAS Benchmarking is an excellent source of new ideas. One of the primary large scale benchmarking is that it exposes individuals to new products, work processes, and ways of managing company resources.benchamarking requires that individuals establish formal contacts outside their oragainizations.the reward is exposure to different ideas and approaches to conducting business. It also provides an opportunity for employees to think out of the box to consider alternative paradigms and to engage in What if thinking. PRODUCT/PROCESS COMPARISONS A common type of benchmarking involves the collection of information about the products or processes of competitors or excellent companies. This information is often collected and used as a standard of comparison for similar products or services of the benchmarking organization. This type of benchmarking confirms more costly with traditional competitive intelligence activities. in these competitions product or service is compared feature by feature with the product or servic3e of the company performing the analysis. GOAL SETTING Benchmarking is used as a means of identifying best practices. The standards set by excellent companies in many cases define what is possible on a state of art performances scale.These goals can help organizations accelerate their performance curves as they strive for continual improvement.Many small to medium size companies cannot hope to achieve the levels of performance of excellent companies that have far greater access to technologies,capital,or other resources.However,these companies can benefit dependant on organizational resources. PERFORMANCE ASSESSMENT TOOL Benchmarking is defined as the process of identifying and learning from the best practices in the world. By identifying the best practices, organizations know where they stand in relation to other companies. The other companies can point out problem areas and provide possible solutionsBenchmarking allows organizations to better understand their administrative operations, and targets areas for improvement. In addition, benchmarking can eliminate waste and improve a companys market share. CONTINUOUS IMPROVEMENT TOOL Benchmarking is increasing in popularity as a tool for continuous improvement. Organizations that faithfully use benchmarking strategies achieve a cost savings of 30 to 40 percent or more. Benchmarking establishes methods of measuring each areas units of output and costs. In addition, benchmarking supports the process of budgeting, strategic planning, and capital planning. ENHANCED PERFORMANCE TOOL Benchmarking also allows companies to learn new and innovative approaches to issues facing management, and provides a basis for training. Benchmarking improves performance by setting achievable goals. ENHANCED LEARNING TOOL Another reason to benchmark is to overcome disbelief and to enhance learning. For example, hearing about another companys successful processes and how they work helps employees believe theres a better way to compete. GROWTH POTENTIAL TOOL Benchmarking may cause a needed change in the organizations culture. After a period of time in the industry, an organization may become too practiced at searching inside the company for growth. The company would be better off looking outside for growth potential. An outward-looking company tends to be a future-oriented company usually leading to an enhanced organization with increased profits. JOB SATISFACTION TOOL Benchmarking is growing and changing so rapidly, benchmarkers have banded together and developed how-to networks to share methods, successes, and failures with each other. The process has successfully produced a high degree of job satisfaction and learning. HELPS OVERCOME PARADIGM BLINDNESS Benchmarking is a powerful management tool because it overcomes paradigm blindness. Paradigm Blindness can be summed up as the mode of thinking, The way we do it is the best because this is the way weve always done it. Benchmarking opens organizations to new methods, ideas and tools to improve their effectiveness. It helps crack through resistance to change by demonstrating other methods of solving problems than the one currently employed, and demonstrating that they work, because they are being used by others. COMPETITIVE BENCHMARKING Some authors call benchmarking best practices benchmarking or process benchmarking. This is to distinguish it from what they call competitive benchmarking.ÂÂ  Competitive benchmarkingÂÂ  is used in competitor analysis. When researching your direct competitors you also research the best company in the industry (even if it serves a different location) .(MichaelJ.Spendolini n.d.) BENCHMARKING PROCESS: Identify your problem areasÂÂ   Because benchmarking can be applied to any business process or function, a range of research techniques may be required. They include: informal conversations with customers, employees, or suppliers; exploratory research techniques such as focus groups; or in-depth marketing research, quantitative research, surveys, questionnaires, reengineering analysis, process mapping, quality control variance reports, or financial ratio analysis. Identify organizations that are leaders in these areasÂÂ   Look for the very best in any industry and in any country. Consult customers, suppliers, financial analysts, trade associations, and magazines to determine which companies are worthy of study. Survey companies for measures and practicesÂÂ   Companies target specific business processes using detailed surveys of measures and practices used to identify business process alternatives and leading companies. Surveys are typically masked to protect confidential data by neutral associations and consultants. Visit the best practice companies to identify leading edge practicesÂÂ   Companies typically agree to mutually exchange information beneficial to all parties in a benchmarking group and share the results within the group. Implement new and improved business practicesÂÂ   Take the leading edge practices and develop implementation plans which include identification of specific opportunities, funding the project and selling the ideas to the organization for the purpose of gaining demonstrated value from the process. THE ETHICAL ASPECTS OF BENCHMARKING In benchmarking, ethics is defined as principles, guidelines, or standards that determine a protocol of interaction between individuals and organizations. Many ethical questions may arise in the course of a benchmarking procedure. Two of the main questions which Johnson deals with are: * Can the recipient take credit for developing the idea, approach, and so forth? * If the benchmarking partner received information of tremendous value, can they take credit for it in their advertising? These questions cannot be answered quickly or easily. Partners in the benchmarking process need to communicate their expectations and feelings on these issues, and to follow some basic guidelines. They should establish specific and detailed ground rules. This includes the notion that ideas are not shared to gain competitive advantage, but are shared so both partners can improve or benefit. Questions should not be asked about a companys sensitive data; partners shouldnt be pressured to divulge this information to continue the benchmarking process. Data should be treated as confidential; it shouldnt be used to limit competition or to gain business. (MichaelJ.Spendolini. THE BENCHMARKING BOOK. AMERICAN MANAGEMENT ASSOCIATION-AMACOM.) COST OF BENCHMARKING Benchmarking is a moderately expensive process, but most organizations find that it more than pays for itself. The three main types of costs are: Visit costs This includes hotel rooms, travel costs, meals, a token gift, and lost labour time. Time costs Members of the benchmarking team will be investing time in researching problems, finding exceptional companies to study, visits, and implementation. This will take them away from their regular tasks for part of each day so additional staff might be required. Benchmarking Database Costs Organizations that institutionalize benchmarking into their daily procedures find it is useful to create and maintain a database of best practices and the companies associated with each best practice now. TYPES OF BENCHMARKING Process benchmarkingÂÂ   The initiating firm focuses its observation and investigation of business processes with a goal of identifying and observing the best practices from one or more benchmark firms. Activity analysis will be required where the objective is to benchmark cost and efficiency; increasingly applied to back-office processes where outsourcing may be a consideration. Financial BenchmarkingÂÂ   Performing a financial analysis and comparing the results in an effort to assess your overall competitiveness and productivity. Benchmarking from an Investor perspective- Extending the benchmarking universe to also compare to peer companies that can be considered alternative investment opportunities from the perspective of an investor. Performance BenchmarkingÂÂ   Allows the initiator firm to assess their competitive position by comparing products and services with those of target firms. Product BenchmarkingÂÂ   The process of designing new products or upgrades to current ones. This process can sometimes involve reverse engineering which is taking apart competitors products to find strengths and weaknesses. Strategic BenchmarkingÂÂ   Involves observing how others compete. This type is usually not industry specific, meaning it is best to look at other industries. Functional BenchmarkingÂÂ   A company will focus its benchmarking on a single function to improve the operation of that particular function. Complex functions such as Human Resources, Finance and Accounting and Information and Communication Technology are unlikely to be directly comparable in cost and efficiency terms and may need to be disaggregated into processes to make valid comparison. Best-in-class BenchmarkingÂÂ   Involves studying the leading competitor or the company that best carries out a specific function. Operational BenchmarkingÂÂ   Embraces everything from staffing and productivity to office flow and analysis of procedures performed. Energy BenchmarkingÂÂ   Developing an accurate model of a buildings energy consumption with the purpose of measuring reductions in usage. As mentioned earlier, many companies use the benchmarking process: Avon Products, Exxon Chemical, Microsoft, Ford, and General Motors. Xerox is known as the pioneer of benchmarking. By benchmarking, Xerox cut quality problems by two-thirds, cut manufacturing costs in half; cut development time by two-thirds; and while increasing volume cut direct labor by 50 percent and corporate staff by 35 percent. All improvements were not a direct result of benchmarking: The improved process and climate indirectly improved the rest of the organization. General Motors (GM) compares itself to the best-in-class company. This benchmarking shows GM where they are going wrong and that it is possible to do it better. The company compared its labor hours per vehicle to Fords: GM had 30 labor hours per vehicle; Ford only had 19 a dramatic gap. GM also benchmarked from Toyota. Toyota was superior in four areas: defects per vehicle, warranty cost per vehicle, order response time, and fasteners per car. GM needed to improve in all these areas for future success. The company also looked at Suzuki, regarded as a leader in properly painting vehicles the first time. Finally, GM looked at NUMMI in three areas: external JIT parts, internal JIT parts, and fastener part numbers. Due to the suffering automotive market in the early 1980s, Ford needed to change its operations to cut costs. Ford managers believed they could improve processes in the accounts payable department. After gathering, analyzing, and comparing data with Mazdas accounts payable operations, Ford retooled its own accounts payable operations and reduced costs by 5 percent. (DEAN ELMUTI 1997) CONCLUSION Benchmarking has consequences which are beyond the process itself: it reforms all the levels of the company.; modifies the process of manufacture of the product leads(drives) ; also reforms the hierarchical organization of the company, the product itself, and the state of mind of the employeesThere is no doubt that benchmarking is here to stay. Any company should benchmark if it wants to attain world-class competitive capability, prosper in a global economy, and above all, if it wants to survive. These trends are not an option for companies anymore; they should be done by all who want to remain competitive. All companies strive to be profitable, competitive, and successful. Benchmarking can help any company succeed-as long as it is applied correctly ABSTRACT Benchmarking is the search for industry best practises. Improvements from learning mean doing things better, faster, and cheaper. This then allows organizations to develop plans on how to adopt such best practice, usually with the aim of increasing some aspect of performance. Benchmarking is often treated as a continuous process in which organizations continually seek to challenge their practices.Benchmarking is a way to move away from tradition and one of the major strategic management tools. It carefully dissects the organization into segments, and then removes and inserts pieces to account for changing environments. Changes occur once the process has started, and will continue to change and mold the organization for as long as individuals are continuously striving to make it better.