Social Performance, part 2 Essay Example | Topics and Well Written Essays - 1000 words

Social Performance, part 2 - Essay Example Many financial industries, especially those dealing in financial services, have codes of conduct. The table below shows the codes of a competitor to Pioneer Financial Group and criticism of their codes. COMPANY CODE OF CONDUCT CRITICISM SERVICES OFFERED LINCOLN FINANCIAL GROUP Fairness Respect Employee Ownership Diversity Responsibility Integrity Commitment to Excellence They have stringent do’s and don’t’s, and their employees feel that if something is not specified in the code of conduct, then it is acceptable. Life insurance Annuities Retirement plan services Group protection AF FINANCIAL GROUP Honesty and fair dealing Workplace environment Compliance with laws and regulations Conflict of interest Gifts Records and reporting information Political activities Insider trading Revoked their contract with Lowerell as their independent auditors without giving them notice as this contradicts their code of honesty and fair dealings with other intermediaries Insurance services Loans such as mortgage loans Offers business services such as checking accounts CUNA MUTUAL GROUP Integrity in the workplace Integrity with company resources, information and financial disclosure Integrity while dealing with others Integrity with business conduct Faced with challenges of measuring the effectiveness of their program, though they have ambitious programs and codes of ethics Crop insurance Retirement planning for members and small businesses Insurance for union members Trevino and Nelson (2007) define business ethics as behaviors that are in line with the principles, standards, and norms of practice that are in accordance with the society. Pioneer Financial Group is facing a conflict of interest of some shareholders, side deals done by employees, and corruption. Establishing an ethical business culture is one way of improving the corporate governance. Pioneer Financial Group should have ethical codes that promote ethical behavior. This guides employees in cases where ethical course of action is not clearly known. The codes help the company to communicate their expectations to employees, communities, government, and other stakeholders. The codes do promote market efficiency, build public trust, enhance business reputation, raising awareness on the societal needs, and help the company reinforce and acquaint new employees with their values and culture. Pioneer Financial Group have put in place training programs regarding ethics in the company that are designed to offer real solutions to those employees under ethical dilemma. A code of conduct or ethical code sets out the company's values, ethics, objectives and responsibilities. Pioneer Financial Group will have the following code of conduct: COMPANY CODE OF CONDUCT PIONEER FINANCIAL GROUP (PFG) HOW TO DEAL WITH COMMUNITIES HOW TO DEAL WITH COMPETITORS GOVERNMENT ®ULATORS,EMPLOYEES,SUPPLIERS AND INTERMEDIARIES Take into account community concerns Providing good employment opportunities Su pport communities through Charitable donations Seek competitive advantage through superior products and performance Avoid discussing confidential information with competitors Not engaging in restrictive trade practices that abuse market dominance Not evade tax Report and record all reportable transactions Giving room for employees to air their grievances about the company Encourage freedom of association Providing safe & healthy working environment Rewarding employees who observe ethical behavior Providing quality products and

Critical Analysis of the Documentary My Kid Could Paint That Research Paper

Critical Analysis of the Documentary My Kid Could Paint That - Research Paper Example The media questioned whether she is the real artist behind the artwork or if she is just being used and exploited in order to sell up the â€Å"masterpieces.† Moreover, this argument is found to be important in this analysis because it has a relation with the focal question whether or not Marla Olmstead can be considered as â€Å"an artist.† There definitely are young people that are called child prodigies. But considering that art is construed as the mode of expression and the manifestation of emotion or pleasure, a four-year-old child is questionably capable of expressing herself or explain the reasons behind her artworks to be categorized as an artist. Thus, this paper would seek to determine the various criteria and theories of arts in order to consider someone to be an artist. For the purpose of providing reliable answer for this issue, the researcher would support the argument based on various theories of arts such as mimetic, expressive, aesthetic and institution al art as well as the three basic criteria in order to consider something as an art. Discussion Art, whether generally accepted or not is a representation of the artist’s knowledge and skills. ... tist’s intention so that a work is considered art if it is done by someone as a representation, for the purpose of attracting an aesthetic response from the audience. Hence, in creating art, the artist does not only want to provoke or please audience but also want to communicate something and the artwork would not only be perceived by the senses (Hermanson, pp. 2-3). The criteria also include the quality of the work, which means that it should be closely associated with the idea of skill wherein there is technical competence as well as traditionally associated with the idea of beauty. It is about form or the way the elements of the work is put together, or content which usually answers what it depicts or describe (p 5). A work is considered as an art if there is response from the audience (p 6). These criteria are also included in various theories of arts. The art theories include the mimetic, expressive, aesthetic and institutional art. Mimetic art theory is considered as the most basic theoretical principle because it is simply the imitation, mimicry or representation of nature. Coined from the Greek word â€Å"mime† which means â€Å"imitation† or to copy reality (Mr Hermanson, p 14; Spiegel, P1), this theory of art was established by Plato and Aristotle suggesting that all artistic creation is a form of imitation and the artist is the â€Å"imitator.† In the case of painting, subject should exist in reality and should be a type created by God in order to perceive the representation of the ideal type. Hence, a painting is supposed to look just like the real thing or recognizable, whatever it is portraying or resemblance of the model (Berleant, p.167). Aristotle further detailed that art is the imitation of an action of life. Hence, he theorized that art is the

Inequality in the UK its effect on the national economy Essay

Inequality in the UK its effect on the national economy - Essay Example Why should economists care about inequality in the distribution of incomes? Poverty and economic inequality are intimately bound with one another both as a policy or an analytical issue. Economic well-being and income distribution are related as demonstrated in the societal understanding of justice and human rights, and, therefore, render economic equality an intrinsic value. High levels of economic equity are associated with desirable social outcomes especially in the realms of health and crime (Andrew and Meen2006). The EU defines poverty as living on less than half the average national income, as such, irrespective of the average income, the greater the income inequality, the higher levels of poverty in a country. The definition of the extent of poverty depends on both the level of a society’s income and the distribution of income. Therefore, societal standards or norms of essential needs in a society are determined by the middle class (Brueckner, Thisse and Zenou 1999). In the case of two societies where the bottom segments have the same level of income, poverty is more prevalent in the in the society where income is more unequally distributed. The bottom quintile of the unequal society will be more isolated from the middle quintile and will, therefore, be further from meeting the standards of that society. As a result, more members of this bottom quintile will be stuck in poverty (Beroube 2005).

Initial Public Offerings Essay Example for Free

Initial Public Offerings Essay Primary private companies, who desires to go public or in other words decides to be listed in the different stock markets to raise capital, must first undergo a process called Initial Public Offering or IPO (Investopedia, 2008). This method has been widely popular and it goes to say it has its own shares of controversies as well. Especially from what was experienced during the 1990s on the dotcom crash, in which a lot of investors bought Initial stocks from companies even without a track record of operations and a feasible plan for profit (same as Investopedia, 2008). Now another Online firm plans to go public, it is the popular program Skype whose main features are online video and audio call conferencing. This could be a good idea, from a sales standpoint since Skype has been earning revenues for its parent company Ebay even before the latter has decided to treat it as a stand-alone company due to its limited synergies with Ebay’s core activities which basically are Online commerce auction site and Paypal Online payments system   (Stone, 2009).But if Skype will really go public, it could most probably used the same online method applied by former online firms: Google and Morning star which is the online auction approach. This essay will attempt to justify the consideration of Skype to go public. It will also analyze what particular type of Initial Public Offering (IPO) it may apply. We will also go in detail to assess what type of investors that Skype would most possibly attract. This study will also provide background on the lessons learned from previous online industries who went Public and used the auction approach as its method for IPO.As part of the types of methods for IPO offering, we will finally discuss potential costs and risks of each to have a better understand which method would be appropriate for a specific firm like Skpe. Skype going Public Ebay’s President and CEO could be right by the decision of treating Skype as a subsidiary company due to its function and future revenue potential if provided with the right amount of capital to work with. Skype historically, has been a consistent top performer in terms of revenue generation since its early inception. From 2007, Skype posted a significant increase of 44% to a tune of   $551 million, and segment market margins is at 21% which is also another big leap of 47% from 2007, and the projection of a total revenue for 2011 for $1 Billion dollars is not far fetch(ebay Inc., 2009), since the growth rate of Skype on its recent   quarterly performance have been anything but slow. Just last October 2009 data Skype again has increased by another 41% in total registered users, which is in the $521 Million mark and growing, Its posted growth of 29% in revenues amounting to another $181 million dollars also confirms its status as a force to be reckon with on the Voice Over Internet Protocol (VoiP) industry (Schonfeld, 2009). Direct competitors of Skype are Vonage and Net2phone although stable does not have the growth potential and massive customer base that Skype enjoys. Skype has just also been sold recently by ebay to some private investors, and group led by Silver Lake partners, ebay sold 70% of its stake on Skype (Wauters, 2009).Which shows continued interest of the potential profit generation of this software. Skype is also considered as number ten on the Top ten potential IPO candidates by TechCrunch.com, given the rapid pace of Skype growth (Schonfeld, 2009). Traditional or Online Auction Method for Skype’s IPO? Skype may opt to apply the auction method, to have a lot of potential investors instead of limiting the opportunity to buy shares to a few large investing institutions, which possibly may not desire a new online firm. Google used the same method, which is called the Dutch auction method in serving its IPO to the public, with a lot of potential risks in this kind of method Google still managed to pull it off successfully (Edmonston, 2009). What type of Investors would go for Skype Small and young investors may go for this firm if it went public, this group usually knows the boundless potential of the internet, and has some basic knowledge on the types of revenues tech stocks can produce. The emerging trend of young internet whiz kids, who have made fortunes using the net, may as well be the same characteristics of investors for Skype. Conventional Investors, still requires a fundamentally sound metrics from a company that has a above average track records and has produced mostly tangible goods which some have been a staple of a society. Lessons Learned from Online Auction Approach Bothe Morningstar.com and Google used the same method for its Initial Public Offering, for the purpose of taking the controlling power away from the underwriters and to provide opportunities to invest for those who really believe and acknowledge a company’s potential.   Both have been relatively smooth and successful. For Morningstar on its IPO last 2005 even when price analysts predicted that price of stock may be on the amount of lowest range projected of $16 to $19, the demand was really strong as it ended up on the marked price of $18.50 for the mutual fund and stock analysts’ online firm (Munarriz, 2005). Google however probably was overwhelmed by pressures of controversies induced by market analysts, financial scholars, other online competition   and even the Securities and Exchange Commission, has decided for a last minute reduction of its target share price (Sorkin, 2009). Online companies often face criticisms such as being overvalued or overhyped. Especially after the dotcom event, doubt of investors on whether they could really pull through some revenues and maximize shareholders’ equity is prevalent. Both Morningstar and Google have experienced those biases but took it in stride and have been relatively stable in the marketplace, despite contradictions. Cost and Risks of each IPOs According to a famous article by the Wall Street Journal regarding methods of IPOs, â€Å"Wall Street bankers compare auction IPOs with selling fine art on eBay instead of at Sothebys. The big Wall Street firms have good reason to defend the traditional model. Known as book building, it entails gauging the interest of hedge funds and mutual funds in an offering† (2005, p.2). This conventional model with its current fees of 7% of capital allows Wall Street companies to sell its IPO stock at discounted prices to their best customers, which could benefit them by taking profits if the IPO increased even on its first day of trading (Wall Street Journal, 2005 p.2). Underwriters for this traditional approach receive a percentage of the IPO sale as commission, in addition to other fees or underwriting proceeds charged to underwrite the IPO. Such examples of those fees according to Kamlet Rini (1995)are: †¢ Managers Fee Goes to the managing underwriter for negotiating and managing the offering. Amount:10% 20% of the spread (meaning the spread between the Public offering price or POP and the underwriting proceeds). †¢ Underwriting Fee Goes to the managing underwriter and syndicate members for assuming the risk of buying the securities from the issuing corporation. Amount: 20% 30% of the spread †¢ Selling Concession Goes to the managing underwriter, the syndicate members, and to selling group members for placing the securities with investors. Amount: 50% 60% of the spread These fees, almost selected investors and a potential of losing more capital by an increase in value on share price, especially when first day trading price of IPO rise for the company, has been the somehow the risks a company going public undergoes when applying this method. As for the Auction Method, in which the firm sets a price of the share well above what any investor is expected to bid, and then reduces the price incrementally when an investor actually bids, has a relatively lower amount of fees. Risks involved according to some analysts is that IPOs   develop pricing patterns similar to those exhibited by IPOs during the dot.com era, and whether it would really provide more efficient pricing (Hensel, 2005). Risk of this mispricing can occur to lack of information on the part of the small investor, especially if the information issued could be implicit somehow to the small investor. Conclusion This study has discussed the strong possibility of Skype, joining the ranks of two famous Web companies such as Google and Morningstar, on going public. Skype have a rapid pace for growth based on its quarterly revenues and growing registered users. The best method for Skype to serve its Initial Public Offering is through an Online Auction, which again worked smoothly for both of the companies stated earlier. Each IPO type has its own costs and risks. For traditional IPOs, banking on their solid foundation of book building, it has its drawbacks of high fees and profits for companies who went public especially if the share prices do well on the first trading day. For Online auction, although has relatively low fees compared to the traditional method, has also the risk of running into similar pricing patterns which has links with the dotcom mania that occurred not too long ago. But for recommendation for Skype, the auction approach still works best, first to minimize cost on fees and a large possibility of fetching true market value stock price provided by potential strong demand due to Skype’s already significant business value.

Implementing a Management Information System

Implementing a Management Information System Chapter No. 1 INTRODUCTION 1.1 Research Aim The basic purpose of this research is to get knowledge about the implementing a management information system in an organization. Moreover, it judges the convenience of a management information system in an organization in managing the information. By implementing this management information system, the management of information becomes easier for the managers. 1.2 Scope This project is not a very complicated according to the concepts, but still it is a challenging task for the mangers to implement this system in their organizations. This research is basically depends upon the general ideas and experimentation to resolve problems and get to the faster solutions for managers. 1.3 Research Objectives Appraise critically and review the literature related to the MIS. Make systems according to the mangers requirements that help them to get the information faster and accurate. Make systems that help the managers to search the database quickly. Make the information process system faster for the managers to minimize the time. 1.4 Research Questions Which are the factors that are affecting the proper working of management information system within the company? How the management information system can help the managers to take accurate and efficient decisions? What is the role of management information system in the development and growth of the company? What are the recommendations to the company to get better use of management information system? 1.5 PURPOSE OF STUDY The use of Management Information System in the business organizations is more common. The purpose of the research is to assess the impact of implementation of Management Information System (MIS) to Habib Bank Limited. So the study was conducted to see the MIS affects on the performance of bank after its implementation. 1.6 HYPOTHESIS H0: Management Information Systems (MIS) is not an effective tool for the organization. H1: Management Information Systems (MIS) is an effective tool for the organization. 1.7 HABIB BANK LIMITED â€Å"HBL was the first commercial bank established in Pakistan in 1947. Over the years, HBL has grown its branch network and become the largest private sector bank with over 1450 branches across the country and a customer base exceeding five million relationships. The Government of Pakistan privatized HBL in 2004 through which AKFED acquired 51% of the Banks shareholding and management control. With a presence in 25 countries, subsidiaries in Hong Kong and the UK, affiliates in Nepal, Nigeria, Kenya and Kyrgyzstan and rep offices in Iran and China, HBL is also the largest domestic multinational. The Bank is expanding its presence in principal international markets including the UK, UAE, South and Central Asia, Africa and the Far East. Key areas of operations include product offerings and services in Retail and Consumer Banking. HBL has the biggest Corporate Banking portfolio in the country with a dynamic Investment Banking section. SME and Agriculture lending programs and banking services are offered in urban and rural canters.† (www.habibbankltd.com). â€Å"With a customer base of 5 million and a network of more than 1,450 branches in Pakistan, HBL is the largest private bank in the country. The network means that bank is geographically closer to its customers than any other bank. This gives the insights needed to provide a variety of products that directly reflect customer needs. Bank remains resolute in the commitment to provide products that are competitive and services that are exemplary.† (www.habibbankltd.com) Today, HBL plays a central role in Pakistans financial and economic development. It started its operations in Bombay in 1941 with a fixed capital of 25,000 rupees. Impressed by its primary performance, Quaid-e-Azam Mohammed Ali Jinnah (the founder of Pakistan) asked the Bank to shift its operations to Karachi after the creation of Pakistan. HBL recognized itself in the Quaids city in 1943 and became a symbol of pride and growth for the people of Pakistan. 1.8 MANAGEMENT INFORMATION SYSTEM Management Information System is a system that provides people with either data or information related to an organizations operations. MIS support the activities of employees, owners, customers and other key people in the organizations environment either by efficiently processing data to assist with the than section work load or by effectively supplying information to authorized people in a timely manner. A management information system (MIS) is the collection of system, both computerized and manual, that provides information about on going activities to an organizations decision makers. The management information system of Habib Bank Limited has following major divisions: * Transaction Processing System * Management Reporting System * Decision Support System * Office Information System. 1.9 TRANSACTION PROCESSION SYSTEM OF HABIB BANK LIMITED Transaction processing system supports the processing of Habib Bank Limited by automating the process of voluminous amounts of paperwork that must be handled daily. These systems include accurate recording of daily Transactions, controlling the procedure of issuance e.g. issuance of pay cheques invoices, customer statements, payment remainders, tuition bills and employee schedules etc. 1.10 Transaction Processing Functions There are three steps of processing a transaction. 1.10.1 Book Keeping First of all accurate record of transaction is recorded e.g. recording the deposits or withdrawals of account holders. This recording of transaction is called Book Keeping involving applications of financial accounting. 1.10.2 Issuance It refers to the production of pay cheques, invoices, periodic statements as monthly telephone bills, credit card bills and payment remainders etc. 1.10.3 Control Reporting Reports that are produced as a by product of transaction processing operation and that also serves operation control purposes are called control reports, as pay cheques are of Habib Bank are produced in batches, like wise the payroll edit report is produced to show the pay scheme of employees. 1.11 MANAGEMENT REPORTING SYSTEM Management Reporting System is an information system that provides predefined types of information to management. At Habib Bank Management Reporting System is used not only in management planning but also in managing the control system. 1.12 Properties of Management Reporting System 1.12.1 Support Management Reporting System supports structured and semi-structured decision, primarily at the middle-and lower-management levels. 1.12.2 Provision of Information Management Reporting System Provides fixed types of information, in an established format; the formation requirements of users are normally known and stable. 1.12.3 Nature of Management Reports Often implemented with voluminous, hardcopy reports, requiring each user to search specifically for key information. Frequently require a formal request to be submitted; formal systems development may be required to approve the request. 1.12.4 Data It has usually consisted of internal operational data, rather than data about the external environment. It concerned with data about the past than data relating to the future. 1.13 DECISION SUPPORT SYSTEM It is a system that provides tools to managers to assist them in solving semi-structured and unstructured problems in their own somewhat personalized way. At Habib Bank decisions are only taken by Board of Directors otherwise usually predefined decisions are there for managers to follow. 1.14 Properties of Decision Support System of Habib Bank 1.14.1 Support Decision Support System supports semi-structured or unstructured decision-making. 1.14.2 Flexibility The Decision Support System of Habib Bank is flexible enough to respond to the changing needs of decisions makers. 1.14.3 Application Way Decision support system of Habib Bank is easy to use. 1.14.4 Fastness Decision Support System is fast in responding with a high degree of user control and interaction. 1.15 Types of Decisions Taken 1.15.1 Unstructured Decisions This is the decision for which information provided by computer or men is not complete but is a small portion of the total knowledge required to make a decision. 1.15.2 Semi-structured Decisions The decision made under a condition in which the information about problem to be solved is not complete is called semi-structured decision. 1.16 OFFICE INFORMATION SYSTEM OF HABIB BANK The combination of new technologies as hardware, software, facsimiles e-mails and the people availing their services makes the office information system. 1.17 Components of Office Information System of Habib Bank There are 3 major components of Office Information System, Document Management System, Message Handling System, and Office Support System. 1.18 Document Management System of Habib Bank Document Management System of Habib Bank is partly manual and partly computerized. 1.19.1 Reprographic System In each branch of Habib Bank Reprographic machines are there for making copies of required documents. 1.19.2 Word Processing System At Habib Bank the office system technology which is used is word processing involving hard ware and soft ware tools which allows computer system to operate. 1.20 Message Handling System of Habib Bank It is one of major applications of Office Information System. At Habib Bank the message handling system is of following. 1.20.1 Facsimiles Fax machines are there to receive and send faxes in other branches of Habib Bank. 1.20.2 Electronic Mail Electronic mail is used to receive and send messages to other branches. 1.21 Office Support System Many applications collectively help in working of groups, which are known as Office Support System. 1.22 Office Support System of Habib Bank 1.22.1 Group Ware Habib Bank provides group ware in following ways. 1. Word processing services. 2. Using fax mails. 3. Availability to on- line Data. 1.23 WORKING OF MIS IN DIFFERENT DEPARTMENTS OF HABIB BANK LIMITED 1.23.1 DEPOSIT DEPARTMENT Activity of account opening and deposit department are the followings: a) Opening new accounts. b) Maintain of deposits of the account holders. c) Processing can stop payment instructions. d) To give fresh cheque books. e) To make amendments in the existing accounts. f) Closing the accounts of accounts holders (if required). Almost all the activities mentioned above are performed through computer. The computer maintains all records of each and every client. Vouchers have been prepared and send to the MIS department for daily transactions and making changes in customers accounts. 1.23.2 CASH DEALING DEPARTMENT The major functions of cash dealing departments are: a) Cash receipts. b) To cash cheques. All the regarding date, account number, tile of account, balance of account holder and the signature of customer have been verified through computer. 1.23.3 REMITTANCE DEPARTMENT The major functions performed by remittance department are: a) Pay order. b) Demand like drafts on need. c) Post transport. d) Telegraphic transfer. Fax and telephone are the major source of performing such activities. 1.23.4 IMPORT DEPARTMENT Three major functions performed by the import department: a) L/C opening. b) Lodgement of papers and documents. c) Retirement of papers and documents. Import department is considered to be one of the most important departments of the bank. It handles the import licensing and imports of merchandise. Imports can be separated into two categories: a) Industrial Imports. b) Commercial and industrial Imports. Export Promotion Bureau makes registration of imports, Document required for sole proprietor partnership concern and limited concerns are different. 1.23.5 EXPORT DEPARTMENT Export is a major source of earning foreign exchange. Every country wants to increase its exports because the foreign exchange earned through exports can help in meeting the other needs of the countries. The computer keeps the records of each and every dealing which has been made by the customer for import export purposes. The records concerning his past and present performance and balance of accounts helps to make further decisions whether to give him loan or not. 1.23.6 PERSONNEL DEPARTMENT Personal department uses computer for smooth functioning of work. The main functions performed by Personnel Department of Habib Bank are: a) Selection and recruitment. b) Training and growth. c) Job explanation and estimation. d) Periodic review e) Communication 1.23.7 MARKETING DEPARTMENT Consumer satisfaction is the first and for most priority for the bank. The marketing management makes policies for the better services of satisfaction of consumer. The process includes: a) Finding out consumer wants and needs through marketing research. b) Finding possibilities and then development of those wants and needs. c) Establishing meaningful relations with customers. d) Improving of product development for customers. It is also the function of the organization to keep in constant contact with the consumer, read their needs, developed the product that can fulfil their needs and build the aim that express organizational purpose. Bankers also try to locate their past customers for offering more facilities to them. The computer provides every past and present updated account of each customer. Chapter No. 2 LITERATURE REVIEW LITERATURE REVIEW 2.0 A System for obtaining Management Information â€Å"To get the better speedy management information, management may either use the services from a computer bureau, or they store their own computerized system.†(David Freestone). 2.1 Establishment of Management Information Systems â€Å"Technology is improving the speed and reliability with which information is passed not only around the individual organization but also around the globe, and `dramatic reductions in the cost of obtaining, processing and transmitting information are changing the way we do business.† (Porter and Millar, 1991). â€Å"Technology can assist those small firms that use these new technologies not only for data storage and transmission, but also to differentiate their products or to attack new market niches. The implementation should be handled by the team who will be able to handle key tropical areas.† (Nancy and Peter 2003). 2.2 Role of Management Information System â€Å"Basically a management information system is depending upon other independent systems which are working in a combination to provide proper management information and transformed information. By recognizing the data that what information managers required to manage the organization is a starting point for making a proper information system.† (Tony Hines, 1995). 2.3 DEVELOPMENT OF MANAGEMENT INFORMATION SYSTEM AT SOUTH BANK POLYTECHNIC â€Å"The prospect of wholly independent status for South Bank Polytechnic in the late 1980s, responsible for its own finance, property and personnel, gave considerable motivation towards improving management structures and information systems. In the Peat Marwick McLintock analysis, the overall management information wants the Polytechnic recognized the interrelationship of five information sources: staff, students (enrolment and applications), resources (finance), space and curriculum. The Management Information System under development reflects this with an additional component called Performance Indicators, which is generated within the system.†(Perry P, Payne C, Geddes T (1991). 2.4 MANAGEMENT INFORMATION SYSTEMS (MIS) â€Å"According to Kenneth C. Laudon and Jane Price Laudon mentioned in their book Management Information Systems: A contemporary Perspective, an information system is a set of procedures that collects (or retrieves), processes, stores, and disseminates information to support decision making and control. In most cases, information systems are formal, computer-based systems that play an integral role in organizations. Although information systems are computer based, it is important to note that any old computer or software program is not necessarily an information system.† â€Å"Electronic computers and interrelated software programs are the technical foundation, the tools and materials, of modern information systems,† Laudon and Laudon wrote. Understanding information systems, though, requires one to understand the problems they are designed to solve, the architectural and design solutions, and the organizational processes that lead to these solutions. 2.5 Systems Development â€Å"The development of effective information systems holds a number of challenges for small businesses. Despite, or perhaps because of, the quick development of computer technology, there is nothing easy or mechanical about building workable information systems, Laudon and Laudon stated.† Building, operating, and maintaining information systems are challenging for a number of reasons. For example, some information cannot be captured and put into a system. Computers frequently cannot be programmed to take into account participant responses to marketing strategy or changes in economic conditions, among other things. Adding up, the worth of information erodes over time, and rapid changes in technology can make systems become outdated very quickly. In conclusion, many companies find systems development to be problematic because the services of skilled programmers are at a premium. The momentum to develop a new information system can grow up of end-user demands, the availability of new technology, or management strategy. A range of tools exists for analyzing a companys information requirements and designing systems to support them. The fundamental process of systems development involves defining the project, creating a model of the current system, deriving a model for the new system, measuring the costs and benefits of all alternatives, selecting the best option, designing the new system, completing the specific programming functions, installing and testing the new system, and completing a post-implementation audit. The organization must develop a technique for ensuring that the most important systems are attended to first, that unnecessary systems are not built, and that end users have a full and meaningful role in determining which new systems will be built and how, according to Laudon and Laudon. (Thomson Gale, 2002) 2.6 MANAGEMENT INFORMATION SYSTEMS IN PLANNING â€Å"A management information system for planning enables the corporation to have a central facility where large amounts of information can be gathered and stored. The information can be quickly retrieved and updated to help managers in making decisions. The management information system is capable of evaluating more alternatives than manual methods, can make superior and quicker decisions and provides timely and accurate information for decision making. Possibly if more companies are able to entirely put together the finance, marketing, production and human resources functions into an incorporated corporate simulation model, they will be better able to find out the effects that changes in internal or external phenomenon will have on their organization.† (Sethi NK, 1978) 2.7 DATA BASE ORGANIZATION INFORMATION SYSTEMS IN COMPLEX MANAGEMENT Management information systems, like programming languages (e.g., ALGOL 60), which were originally regarded as quite universal, ceased to satisfy their creators at a certain stage of development. The disillusionment was due to the increase in accumulated knowledge, skills, and experience, to advances in hardware and software, and to the ever-expanding range and diversity of the relevant tasks. Although the basic requirements and the underlying design principles were universally agreed upon since the early development of MIS, both theoreticians and practitioners were satisfied with partial realization of these requirements up to a point. At the present stage, however, no one can remain satisfied with the prevailing state of affairs, either organizationally or professionally. Just complex MIS incorporating all the fundamental properties of the relevant objects, with their applications and interactions can hope to be effective. The development of such MIS requires using the latest advances in science and technology and instituting crash programs for the solution of the complex problems that arise in the design process. 2.8 ESTABLISHING A MANAGEMENT INFORMATION SYSTEM â€Å"Information is a critical resource in the operation and management of organizations. Well-timed availability of appropriate information is essential for efficient performance of managerial functions such as planning, organizing, leading, and control. An information system in an organization is like the nervous system in the human body, it is the connection that links all the organizations components together and provides for better operation and survival in a competitive environment. Indeed, todays organizations run on information.† (Babu AR, Singh YP, Sachdeva RK) 2.9 Basic Concepts 2.9.1 Data versus Information Data refers to raw, unevaluated facts, s, symbols, objects, events, etc. Data possibly will be a collection of facts lying in storage, like a telephone directory or sample records. The information is data that have been set into a meaningful and helpful background and communicated to a receiver who make use of it to make decisions. The information involves communication and reception of intelligence and knowledge. This appraises and notifies surprises and stimulates, reduces ambiguity, reveals additional alternatives or helps eliminate irrelevant or poor ones, and influences individuals and stimulates them to action. An element of data may constitute information in a specific context; for example, when we want to contact our friend, his or her telephone number is a piece of information; otherwise, it is just one element of data in the telephone directory. The computers have made it easier to process functions. Huge quantities of data can be processed rapidly through computers assisting in the conversion of data to information. Raw data go into the system and is changed into the output of the system. And this information supports managers in the decision- making. 2.9.2 Characteristics of Information The characteristics of good information are relevance, timeliness, accurateness, cost-effectiveness, dependability, usability, exhaustiveness, and aggregation level. Information is related if it leads to superior decision-making. It may be relevant if it reaffirms a previous decision. If it not then it is not relevant. The timeliness represents money of information accessible to the users. The currency of data and information is time hole between the occurrences of an occasion in the field until its presentation to the user (decision maker). Accurateness is considered by comparing data to genuine procedures. The value of correct data varies with the kind of decisions that need to make. Though, a general estimation of how much personnel time was dedicated to a particular activity may be all that needed. 2.9.3 Value of Information Information has a great impact on decision-making, and hence its value is closely tied to the decisions that result from its use. The information not has a complete common value. This value is linked to that use it, when it is used, and in what situation it is used. Information is like other commodities. For illustration, value of a glass of water is different for someone who has lost his way in arctic glaciers than it is to a wanderer in the Sahara desert. The information supports decisions, decisions activate actions, and events affect the achievement or performance of the company. If it measures the difference in performance, it can be traced the impact of information, provided that the measurements are carefully performed, the relationships among variables are well defined, and possible effects of irrelevant factors are isolated. The calculated difference in performance due to informational factors is called the realistic value or revealed value of information. â€Å"For most information systems, mainly those supporting middle and top management, the consequential decisions often relate to events that are not severely defined and involve probabilities that cannot be quantified. The decision-making process often is difficult to understand and the outcome are scaled by several and incomparable dimensions. In such cases, we may either attempt to perform a multi-attribute analysis or derive an overall subjective value. The subjective value reflects peoples comprehensive impression of information and the amount they are willing to pay for specific information.† (Ahituv N, Neumann S, Riley HN, 1994) 2.9.4 Information as an Aid to Decision Making â€Å"The process of decision making as comprising four steps: intelligence, design, choice, and review. The intelligence phase encompasses collection, classification, processing, and presentation of data relating to the organization and its environment.† Simon (1977). This is essential to recognize situations calling for decision. Throughout this decision stage, the decision maker outlines substitute solutions, each of which involves a set of actions to be taken. Statistical and other models to forecast possible outcomes for each alternative now use the data collected during the intelligence stage. Every alternative can also be examined for technological, behavioral, and economic feasibility. In the choice stage, the decision maker should select one of the alternatives that will best donate to the goals of the organization. Previous choices can be subjected to review during the implementation and monitoring to enable the manager to learn from mistakes. Information plays a vit al role in all four stages of the decision process. -I indicates the information requirement at each stage, along with the functions performed at each stage and the feedback loops between stages. 2.10 Conceptual Framework Research Question Theory Questionnaire questions Which are the factors that are affecting the proper working of management information system within the company? (M-MIS, (1995), Risks Associated With MIS. Do you think that employees are needed to be sufficiently trained for new systems and subsequent enhancements? Do you agree that the company is satisfied with the development of user manuals and testing of the system? How the management information system can help the managers to take accurate and efficient decisions? Simon (1977), Information as an Aid to Decision Making Does management has any policy to monitor the new MIS? Has your management developed and maintained a current MIS policy or practice? What is the role of management information system in the development and growth of the company? Tony Hines (1995), Role of Management Information System. Do you think MIS is an effective tool for the company? Does the internal planning process consider and incorporate the importance of MIS at both the strategic and tactical level? What are the recommendations to the company to get better use of management information system? Masood SH, Pires CG (2005) SH, Management information system for better team productivity. Does management encourage communication lines to link all MIS user effectively? Does management use a project management technique to monitor MIS development schedules? Does Company update MIS regularly? Chapter No. 3 RESEARCH METHODOLOGY Chapter No. 4 DATA ANALYSIS 4.0 DATA ANALYSIS PROCEDURE 4.1 DATA ANALYSIS 1. Has your management developed and maintained a current MIS policy or practice? Frequency Percentage (%) Yes 45 34.6 No 85 65.4 Total 130 100 Result shows that out of 130 respondent 45(34.6%) said that their management has developed and maintained a current MIS policy or practice while 85(65.4%) said that their management has not developed and maintained a current MIS policy or practice. 2. Does MIS policy or practice provide guidance to company employees to achieve their purposes? Frequency Percentage (%) Yes 75 57.7 No 55 42.3 Total 130 100 Out of 130 respondents majority 75(57.7%) said that MIS policy or practice provide guidance to company employees to achieve their purposes and 55(42.3%) said that MIS policy or practice does not provide guidance to company employees to achieve their purposes. 3. Do you believe that MIS policy or practice provide enough guidance to achieve effective two-way communication between management and employees? Frequency Percentage (%) Yes 80 61.5 No 50 38.5 Total 130 100 80(61.5%) respondents said they believe that MIS policy or practice provide enough guidance to achieve effective two-way communication between management and employees while 50(38.5%) were not agreed with it. 4. Do you believe after implementation of MIS System Companys staffs performs well in initiating, developing and completing their jobs? Frequency Percentage (%) Yes 75 57.7 No 55 42.3 Total 130 100 Result shows that out of 130 respondents 75(57.7%) said that they believe after implementation of MIS system companys staff performs well in initiating, developing and completing their jobs while 55(42.3%) said no. 5. Do you think that MIS policy or practice provide enough guidelines for installing MIS enhancements in a controlled change environment? Frequency Percentage (%) Yes 95 73.1 No 35 26.9 Total 130 100 Result depicts that out of 130 respondents 95(73.1%) said that MIS policy or practice provide enough guidelines for installing MIS enhancements in a controlled change environment while 35(26.9%) respondents were not agreed with it. 6. Do you agree that MIS policy or practice is helpful in acquiring, merging, manipulating and up-loading data to other systems? Frequency Percentage (%) Yes 85 65.4 No 45 34.6 Total 130 100 Above table shows that out of 130 respondents 85(65.4%) said that MIS policy or practice is h

odyssey, a look :: essays research papers

There are many traditions and values that the people of Ancient Greece followed very closely. These acts, such as, hospitality and respect for one’s peers are usually overlooked by gods and goddesses. The people are expected follow these traditions or they may feel wrath from a god or goddess.   Ã‚  Ã‚  Ã‚  Ã‚  In the Odyssey, the tradition of hospitality is shown being broke in several ways. When a person in Ancient Greece received a guest, they were to treat them with the highest respect and they should offer them gifts. The host was expected to give the guest a place to bathe, something to eat, and if they were of importance they should make a sacrifice. This tradition was not followed by the Cyclops Polyphemus and the suitors in Ithaca. When Odysseus and his men arrived in the cave of Polyphemus, they were hardly treated with proper hospitality. Not only did Polyphemus eat some of Odysseus’ men, but he also blocked the only entrance to the cave with a giant boulder. Odysseus was offended by the treatment and warned the Cyclops that Zeus will punish him. Polyphemus ignored the warning and was eventually outsmarted by Odysseus for his escape.   Ã‚  Ã‚  Ã‚  Ã‚  Guests are expected to not take advantage of hospitality given out by the host. The suitors in Ithaca took tremendous advantage of Penelope and others in Odysseus’ absence. The suitors lived there for many years eating the food and drinking the wine owned by Odysseus. They wore their welcome very much and were eventually punished by Odysseus and Telemachus upon Odysseus’ return.   Ã‚  Ã‚  Ã‚  Ã‚  The Odyssey showed a couple instances that someone disrespects another peer. Two good examples are Agamemnon and Achilles, and Paris and Hector.

Appreciation of Microsoft Office 2007

APPRECIATION OF THE MICROSOFT OFFICE 2007 Introduction In the early productions of the Microsoft Office applications, users utilized a scheme of toolbars, menus, and task panes to get their work completed. The prior Microsoft Office applications worked fine when the applications had a small amount of commands. Now that the programs have been so much more revolutionized, the older features do not work as well. Microsoft Office wanted to create a more orderly computer unit that limits disruption. The reason for that was so that Microsoft Office users would commit more time focused on their work. Microsoft knowing that they wanted to make this possible developed a domino effect approach that would make it much easier to generate great results using the Microsoft office applications and that gave rise to Microsoft Office 2007. Microsoft Office 2007 Microsoft Office 2007is one of the sets of desktop applications and servers as an office suite, and is a new system recently launched by Microsoft Company. The office 20007 contains a number of new features, the most notable of which is the entirely new graphic new interface called the fluent user interface. It went in place of the menus as well as toolbars that have been the cornerstone of office since its inception with a tabbed toolbar, known as the ribbon. As a matter of fact, Microsoft Office has made enormous improvements to enhance its features. One of the new main features is the ribbon, this feature consists commands organized into a set of tabs. These tabs make things easier when it comes to using the application features because they categorize the commands in a way that communicates straight to the daily tasks people perform in these applications. Another main new feature is the Microsoft office button. This button is new and efficient because on the older versions of Microsoft you had to find the tab that said file and search for what commands you wanted. With this new Microsoft button at the click of a button everything you want to accomplish is right there for you, no searching necessary. Two other new features is the gallery and Contextual tabs. The gallery consists of spreadsheets, presentations, documents, or Access databases. In an attempt to appreciate the introduction of Microsoft Office 2007 to me as a user, comparisons will be used between Office 2007 and other Offices before it- Microsoft Office 2003, 2000, 1997 e. . c. most suites or programs of Microsoft Office 2007 allow users to evaluate the product. The trial version of 2007 Microsoft Office system can be installed by using a 25-character trial product key available from Microsoft while you download the free office software and you can use the Microsoft office 2007 programs with full functionality for 60 days. The c omparisons will be made in respective of their set of applications such as the Microsoft Word, Microsoft Excel, Microsoft Outlook, Microsoft project, Microsoft Power Point, and Microsoft Access. Microsoft Office 2007 vs. Microsoft Office 2003 Firstly, the Office 2007 and Office 2003 will be compared on the basis of Microsoft Office Word. When comparing Microsoft Office Word 2003 and 2007, there are barely many differences between these two applications. The traditional Microsoft Office Word 2003 has a very basic look which is similar to Microsoft Office Word 2000, which a little bit of color changes. There are some major improvements in the Microsoft Office Word 2007 in terms of how the interface’s appears. Word 2007 is now having more colorful interface, and it reorganizes all the little applications. This takes a while for users to get use to it. Another major change is that Microsoft Office Word 2007 now supports a new document format known as DOCX. However, users can still save in DOC. Format, which will allow the old software to open the documents. Other good features such as live preview, which users can preview the section of the document when picking up a new font for the documents. Other little new features are ribbon, quick access tool bar, title bar, application close button, maximize/ restore button, minimize button. It seems Microsoft Word's improvements are apparently endless. For example, from the toolbars located at the top of the Microsoft Office Word window to the professional business templates for documents such as, resumes, and memos. Ms Office PowerPoint 2007 and Ms Office PowerPoint 2003 Microsoft Office Power point 2003 and Microsoft Office Power point 2007 do not have any major difference. The difference is mostly in templates. Users can relatively have more choices of templates in PowerPoint 2007 than PowerPoint 2003, and it also has more effects for the templates. In Office PowerPoint 2007, tabs are designed to be task-oriented, and groups within each tab break a task into subtasks. Command buttons in each group carry out a command or display a menu of commands. In 2007, Users can also temporarily hide the Ribbon. However, the Microsoft button function is the same as the Microsoft Office word 2007, so as the mini tool bar will appear when working the slides. Tabs will only appears when the users need it them. Also the users can put commands and customize the toolbars. Despite more shapes and more research tool has been implemented into the new 2007, users can also design elements with galleries. Microsoft Office Excel 2007 and Microsoft Office Excel 2003 Microsoft Office Excel is a powerful and widely used tool that helps people analyze information to make more informed decisions. Using Microsoft Office Excel 2007 and Excel services, one can have an opportunity to share and manage oneself analysis and insight with co-workers, and partners with grater confidence. Similar to Microsoft Office Word and Microsoft Office Power point, Microsoft Office Excel 2003 and 2007 have very similar functions. In Microsoft Office Excel 2003, Enhancements have been made to the list functionality, which make lists easier to use. It also added automatic filter and border. When users want to create a list, they just simply highlight the data, and then select Data ; List ; Create List. When users click into the list, they will see the new List toolbar, which will help the users to work with the list. Users can toggle the total row on/off, and use the dropdown menu of functions to choose from in the total row, such as Average, Count, Sum, etc. | | | | Whilst Microsoft office Excel 2007 also has a different ribbon compare to Excel 2003. There are seven tabs across the top which represent all the core tasks you do in Excel. All the related items have been group together under each tab for convenience of the users. Number three is the command button. It is a box to enter information or a menu. Conclusion Office 2007 may not be right for you, but there is no arguing the fact that it is a huge improvement over previous versions of Microsoft office. This may not hold true for the user interface, but that is simply a matter of preference. I, for one, could not be more satisfied with any of Microsoft's products. The changes to the user interface are exactly what I wanted to see. I have always been annoyed with the old menu system and having to navigate through it all only to encounter an enormous dialog box that you have to wade through. The new system is so much more smooth and flowing, and it exposes everything so that there is no navigation or searching required. It is all right there at the click of your mouse. So, the opinion is, Office 2007 is good for users who can put forth enough effort to get used to the user interface, but bad for those who prefer the traditional menus. I would encourage you to at least give it a try on computers that have it before deciding to buy it or not. If this isn't possible, you can download a 30-day trial version from Microsoft's website. Chances are that if Office 2007 isn't for you, you already know it. The only catch is, if you want to take advantage of all the new features, the ribbon comes with it. No matter what you choose, I hope that you can benefit from and enjoy your choice as much as I enjoy Office 2007. References: Bonfield, B. and Quinn, L. S. Microsoft Office vs. Open Office. Accessed from; http://www. idealware. org/ [Date accessed: 04. 04. 10].