Prominent economist Essay Example | Topics and Well Written Essays - 250 words

Noticeable business analyst - Essay Example Ken proceeded to demonstrate the presence of the hypothesis in a down to earth perspective concocting basic hypotheses. He proofed the presence of the hypothesis. Most fundamentally, he concocted the social decision hypothesis, while in his PHD research he thought of the Arrow difficulty hypothesis. Basically, his examination in human services financial matters uncovered surprising outcomes, with close connection to protection, its fairly estimated worth, and peripheral offer expenses (Pauly, 2001). Most altogether, his recognized situation as a teacher in Stanford Operations Research Department gave him more vitality to arrangement of answers for direct programming. As a scientific market analyst, he thought of various approaches with various ramifications in the monetary field. He opposed the legislative desire to help the introducing the supersonic traveler plane. He has been the administrator of national Institute of Medicine boards, whose center point is to advocate for reasonable malarial medicines in Asian and African nations. Basically, his articles and distributed works are figured everywhere. He has over a hundred articles, twenty-two books as a writer or co-writer, a manager to 24 books, done forty-one non-specialized articles and overpowering 226 examination distributions. With the summarized accomplishments, it is no uncertainty that Kenneth stays a symbol and a saint in the financial matters

Sarbanes Oaxley Act And Reporting Of Employee Compensation Essay

Sarbanes Oaxley Act And Reporting Of Employee Compensation - Essay Example The explanation of the new law is to shield investors by building up the precision and consistency of organization disclosures. The law framed a sovereign Public Company Accounting Oversight Board to direct the investigation of open organizations to shield the enthusiasm of financial specialists and moreover the open enthusiasm for offering utilitarian and right data. Further segments of the demonstration contain however are not lacking to Corporate Responsibility, Auditor Independence, and Enhanced Financial Disclosures. The law likewise manages organization and unlawful trick, and it gives illegal disciplines for duping investors of freely managed organizations. Since the SEC has oversight and requirement impact over the Public Company Accounting Oversight Board, it is normal that the SEC will have contribution to evaluating and corporate position worries after the foundation of the board in 2003 and as its guidelines appear. The Act disallows organizations from extending, straightforwardly or not legitimately, praise looking like private credits to its official officials and executives. Available credits (starting at July 30, 2002) are great fathered as long as the details of such advances are not altered. This boycott impact normal execution like cashless activities of investment opportunities, advances and credits to help with home buys, and may impact certain cut dollar game plans and 401(k) plan advances. The Act a Closedown Limitations Notice Necessities The Act expiation the Employee Retirement Income Security Act of 1974 (ERISA) to require that arrangement heads of particular installment plans offer early notification to design individuals from an up and coming power outage period. For this explanation, a power outage stage is portrayed as a time of three (3) or more progressive business days through which individuals' fitness to direct or fan out belongings in their records, or to accomplish advances or to division from an arrangement, is confined or constrained. A power outage period doesn't grasp any delays, cutoff points or limits that (1) occur by reason for solicitation of the protections laws, (2) relate to just one part, or (3) are changes to the arrangement that proposal for an every now and again customized deferral, limitation or imperative, gave such modifications are uncovered to individuals. Plan individuals for the most part ought to get notice of the power outage period in any event 30 days sooner than the start of the power outage period. The notification must offer: Foundations for the power outage period; Self-absorbed speculations; Length of the power outage period; An announcement that individuals and beneficiaries ought to survey the reasonableness of their current interests considering the restrictions constrained all through the power outage period. Some other issue required under framework. The Department of Labor is approved under the Act, to amass a common fine of up to $100 every day per part for breakdown to offer the notification. The Department furthermore, is planned for giving a reproduction notice no

The Brake System of a Motor Vehicle Free Essays

With progresses in car innovation, slowing mechanisms have likewise been continually developing to offer exactness slowing down office in present day vehicles. The two prime slowing down innovations created through the span of time are drum brakes and circle brakes. In the accompanying exposition I will depict the two distinct sorts and point out the favorable circumstances and burdens of drum and circle brakes. We will compose a custom paper test on The Brake System of a Motor Vehicle or on the other hand any comparative subject just for you Request Now Before we make a differentiation among circles and drums, let me clarify the fundamental working guideline of any slowing mechanism introduced in vehicles. At the point when brakes are applied, vehicles stop through use of rubbing against the wheels. Warmth is produced simultaneously. The transformation of motor vitality of the pivoting wheels into heat hinders the wheel. Early car stopping mechanisms utilized a drum plan at all four wheels. They were called drum brakes on the grounds that the segments were housed in a round drum that pivoted alongside the wheel. Inside was a lot of shoes that, when the brake pedal was squeezed, would constrain the shoes against the drum and moderate the wheel. Liquid was utilized to move the development of the brake pedal into the development of the brake shoes. The more current one, the circle brake, takes a shot at a similar essential standards to slow a vehicle, yet their structure is far better than that of drum brakes. Rather than lodging the significant segments inside a metal drum, plate brakes utilize a thin rotor and little caliper to stop wheel development. Inside the caliper are two brake cushions, one on each side of the rotor, that clasp together when the brake pedal is squeezed. By and by, liquid is utilized to move the development of the brake pedal into the development of the brake cushions. Presently I will feature the contrast among drum and circle brakes. Which stopping mechanism are better and why, assuming any?! Plate brakes work better than drum brakes in view of the distinction in dissemination of warmth in the two frameworks. The drum brake is an inward framework, with the brake cushions being held within the brake drum. Accordingly, it is simple for warmth to develop inside the unit. At the point when warmth develops, the brakes blur and free their halting force. Circle brakes, then again, are progressively uncovered. This takes into account the brake circle and cushions to cool a lot simpler and for the brakes to hold their halting force. Circle slows down likewise perform better in wet climate, in light of the fact that radial power will in general excursion water off the brake plate and keep it dry, though drum brakes will gather some water within surface where the brake shoes contact. The upside of drum brakes is that they are a lot less expensive to make than plate brakes. Additionally when having brake work done, the substitution of drums or shoes is more affordable than that of calipers or circles. Also, drums can serve as a leaving brake, further decreasing the expense of creation of a vehicle. With plate slows down on every one of the four wheels, producers need to manufacture a different stopping brake in the brake rotor, adding to its expense. With everything taken into account, the primary explanation that drum brakes are still being used is a direct result of cost. Today most vehicles have a blend of plate brakes and drum slows down in their working. Slowing down causes the car’s weight to move forward, and accordingly about 70% of the work is finished by the front brakes. By fitting circle brakes to the front haggles brakes to the back wheels, makers can give a large portion of the advantages of plate brakes while bringing down expenses. Instructions to refer to The Brake System of a Motor Vehicle, Papers

Sample Character Reference Letter for a Friend

Test Character Reference Letter for a Friend SAT/ACT Prep Online Guides and Tips This last proposal letter model speaks to a character reference. A character reference may originate from a companion, neighbor, or even family member. It will in general be more close to home than expert and addresses the subject's character and character. In this guide, we'll clarify what character references letters are and when they are required, just as how to think of one and what to remember for your letter. We additionally incorporate an example character reference letter so you can perceive what a total one resembles, and we end with tips to assist you with composing your own letter of proposal for a companion. When Are Character Reference Letters Needed? There are two principle circumstances when character reference letters are generally required. The first is for legitimate reasons, for example, a personal investigation or for a legal dispute. For this situation, your character reference is utilized to give proof that the individual you're composing the letter about is generally a decent individual and ought to be discovered blameless/given a diminished sentence/be paroled, and so forth. You may likewise be approached to compose a character reference for a companion who is going after a position however doesn't have a lot of work understanding or who has been out of the workforce for an all-inclusive timeframe yet at the same time needs references so as to apply to an occupation. A few clubs, projects, or schools may likewise require character reference letters, or they might be expected to sign a rent, however these reasons are less normal. How Do You Write a Character Reference Letter? What Should It Include? Composing a character reference letter for a companion can appear to be threatening, however it's very clear. All you have to concentrate on is coming clean about what you like about your companion and why you believe they're a decent individual. This is the layout your letter ought to follow: Presentation: You ought to consistently incorporate the date at the highest point of your letter so individuals perusing it can perceive how as of late it was composed. Likewise, make certain to utilize the correct honorific, for example, Ms. Mrs. Mr. or then again Dr. Judges ought to be alluded to as Your Honor or The Honorable Judge. How you know your companion: In the principal section, give a little foundation on yourself, to what extent you've realized the individual you're expounding on, and what your relationship to them is. For instance, I've been Emily's nearby neighbor for a long time, and we grew up going through each early evening time playing in my patio. Your companion's character: In the following paragraph(s), talk about what your companion's character resembles and what makes them so extraordinary. You can make reference to ways they have helped you, objectives they have accomplished, chipping in they've done, gifts they've made, causes they're focused on, as well as ways they've helped other people. Like the past section, be explicit and use models so as to make your letter as viable as possible.Writing Emily has given her liberality by chipping in at our neighborhood senior focus each end of the week for as far back as year is significantly more powerful than trying to say Emily is a liberal individual. If conceivable, tailor your guides to the explanation you're composing the letter, (for example, instances of how an individual is an incredible parent for an authority case). Regret/improvement you've seen (optional):This isn't required for all character references, yet in case you're composing a letter on the grounds that your companion settled on an awful choice, (for example, drinking while at the same time driving), you can likewise incorporate models you've seen of regret or steps they've taken to settle on better options later on, for example, keeping away from drinking and going to AA gatherings. This shows they pay attention to their error and are focused on being a superior individual. End: End your letter by saying thanks to the individual perusing it for their time and offering to respond to any extra inquiries they may have. Incorporate your complete name and contact data at the base of the letter. Need to give a solid suggestion to your worker, however don't have the opportunity to make the ideal letter? PrepScholar's new suggestion apparatus, SimpleRec, takes you from sincere goals and a clear page to a completely composed and designed letter of proposal in less than 5 minutes. You should simply give us some straightforward snippets of data about your worker and your experience working with them, and we'll wrap up. Give a shot SimpleRec hazard free today: Test Letter #9: Written by a Friend as a Character Reference Lara Turner60 Main St.Midtown, NH 03031 April fifteenth, 2019 To the Honorable Judge Eva Miller, I'm composing for the benefit of Rose Davidson concerning her picking up guardianship of her two kids. I realize that Rose will generally be an extraordinary parent, and I completely bolster her having full care of her daughters.Rose and I have been neighbors for a long time, and our kids play together at any rate once per week. I see her consistently, either in the area or while dropping off or getting our youngsters from school, andI can verify her quality of character and dedication to her little girls. I initially met Rose when she and her girls moved into the house nearby to mine. We immediately discovered our ways crossing as neighbors, yet in addition as individual guardians engaged with the PTA. We and our families have become dear companions, and throughout the years, we've much of the time hung out and set up play dates for our kids. Rose and I additionally normally keep an eye on one another, and I generally feel sure that my kids are protected and all around dealt with when she is watching them. I have consistently been intrigued by how devoted Rose is to being an extraordinary mother. She moves her work routine and finishes her work late around evening time after her little girls have hit the sack so she can get them from school and be available in the nighttimes with them. She urges her girls to seek after classes and exercises they appreciate and is continually ready to help with schoolwork and drive them to their week by week soccer practice and workmanship classes. She even goes well beyond by consistently giving snacks to partners and colleagues during these occasions. She generally tunes in to her little girls and causes them to feel thought about, and I know from my own youngsters that Rose's girls have a sense of safety and very much cherished by her. Rose's girls are flourishing scholastically and energetic about numerous extracurricular exercises, and I realize that with Rose as their mom, they'll grow up to be upstanding citizenry. I feel staggeringly fortunate to know Rose as both a companion and as a motivation for what an extraordinary mother resembles. Ihope that my letter will assist Rose with increasing full guardianship of her little girls so they can keep on driving full and glad lives. If it's not too much trouble don't hesitate to reach me for any additional data. Much obliged to you for your thought. Genuinely, Lara Turnerlara.turner@gmail.com508-726-6245 Proposal Letter #9: The Breakdown This proposal letter test speaks to a particular sort, that of a character reference. A character reference may originate from a companion, neighbor, relative, or other individual near the recommendee. While a few employments request character references, different conditions when they may be called for court, as in the above model, purchasing a house or townhouse, or for acknowledgment into a gathering or advisory group. Reference letters for a companion will in general be significantly more close to home than a run of the mill proficient letter. On the off chance that you’re requested to give a character reference, you can portray the person’s individual characteristics and character. Similarly likewise with some other letter, you ought to endeavor to give explicit guides to back up your portrayal of the subject of your letter. In the above example character reference letter, Lara Turner confirms the solid character of her companion and neighbor, Rose, to help Rose with her authority game plan of her girls. Lara discusses her cozy relationship with Rose and portrays some of Rose’s individual qualities. Since an authority case is explicitly worried about making the best course of action for the youngsters, Lara centers particularly around Rose's devotion to her girls and the exertion and care she places into being a remarkable mother. She expresses her help and gives explicit guides to back up her words. By and large, her letter remains as a solid proclamation of help for Rose and satisfies its motivation as a character reference for Rose's care hearing. Tips for Writing a Character Reference Letter Remember the accompanying tips to compose the most grounded character referenceand letter of proposal for a companion conceivable. Realize who you're writing to so you can address the letter appropriately. Realize why you're composing the letter so you can all the more likely alter your composition. Keep the letter short (for the most part a page or less). Utilize explicit guides to show your companion's character. Keep things positive. Concentrate on the positive parts of your companion's character, and don't deride them or any other person in your letter. Keep up an expert tone (no slang or excessively recognizable language). Edit your letter before sending it to ensure it is clear and liberated from blunders. What's Next? Is it accurate to say that you are searching for an all the more expertly arranged letter of suggestion model? Look at this particular employment reference test composed by a chief for a full-time worker. Need to find out additional? Head over to our full guide on proposal letters for eight additional examples, alongside recommendations for how to compose your reference. Need to give a solid suggestion to your worker, yet don't have the opportunity to make the ideal letter? PrepScholar's new suggestion instrument, SimpleRec, takes you from well meaning goals and a clear page to a completely composed and designed letter of proposal in less than 5 minutes. You should simply give us some basic snippets of data about your representative and your experience working with them, and we'll wrap up. Give a shot SimpleRec chance free today:

Contracting Considerations Of A Tour Operator Tourism Essay

Contracting Considerations Of A Tour Operator Tourism Essay This report will consider the contracting contemplations of a little to medium estimated visit administrator corresponding to giving a report based occasion understanding for a customer base from financial groups An and B. The report will consider two key components to be specific as convenience and different administrations in the hotel and transportation of a suitable sort to and from the retreat. In considering a potential answer for giving settlement to the companys visitors there are various choices open to the little to medium estimated visit administrator. At the one finish of the range the visit administrator could think about an alternative of direct speculation. Such an alternative would see the visit administrator putting resources into lodgings and convenience offices which toward the finish of the venture the organization would claim the offices which could be utilized for the two its own visitors and to lease settlement to other visit administrators which limit takes into consideration such a choices (Holloway et al 2009). Be that as it may, such a choice in the conditions is an impossible alternative for the particular organization being referred to. In the main occasion the alternative is a costly one, interest in inn and convenience offices can cost millions in there starting venture or more, this might be an unacceptable or even unrealisable choice for a little to medium undertaking. Besides, the corporate targets of the organization are to limit dangers, direct venture be that as it may, might be viewed as an impressively unsafe alternative for a few reasons. In the main case once settled, the organization will have long haul fixed expenses to meet over a drawn out timeframe, such an issue isn't acquired where an agreement based choice is embraced and consequently the risk to meet costs is restricted to the concurred agreement time frame which could be as short as a solitary season or less. Besides, long haul venture an abroad area likewise infers taking on the national hazard which are related with universal exchange including introduction to cash vacillations, loan fees and changes sought after from the buyer viewpoint (Griffin and Pustay 2010). Once more, where a contracting alternative is viewed as such exposures while still present are restricted to an a lot shorter timeframe and along these lines to a huge degree balance. A progressively practical alternative for the organization being referred to might be to consider one of the many contracting choices which are accessible, such contracting choices are additionally wide and shifted in nature and incorporate both immediate and aberrant agreements with convenience suppliers just as an assortment of choices concerning the length contracts attempted (Holloway et al 2009). In the primary occurrence, the organization must choose between contracting legitimately with settlement suppliers or using an outsider office (Cooper et al 2008). Arrangement legitimately may assist the organization with saving cash by barring the expenses of an outsider in any case, the drawback is that the organization may need to manage an enormous number of settlement suppliers each with their own idiosyncrasies and special conditions. Then again, the organization could select to utilize another middle person who will attempt such sub-contracting for the benefit of the visit administrator, for the visit administrator this decreases unpredictability in the contracting procedure in that the visit administrator presently has just a solitary purpose of contact (Holloway et al 2009). Be that as it may, on the drawback the visit administrator will presently acquire extra expenses from the charges exacted from an outsider, moreover the visit administrator will likewise lose a level of authority over the settlement which is to be given and orchestrated by the outsider. This may have an effect upon the visit administrator whos customer base falls with the An and B social groups thus have unmistakable necessities according to their individual convenience needs in contrast with different fragments of the market. The following thought from a contracting perspective is to think about the length and level of responsibility in contracting choices. Again the visit administrator is given a wide scope of choices, at the most minimal degree of duty end of the range the visit administrator can basically book rooms with convenience supplier in reference to explicit degrees of interest experienced, such a choice methods, that expenses are kept to a base and dangers from legally binding commitments are practically dispensed with (Cooper et al 2008). There is notwithstanding, an extra hazard causing in that while the visit administrators liabilities are limited so are those of the convenience suppliers, in short should the visit administrator experience a flood popular and the settlement suppliers be not able to fulfill such a need do to showcase powers, the visit administrator might be left either baffling clients or need to address premium costs so as to fulfill the interest. At the opposite finish of the range the visit administrator could agreement to purchase a set number of rooms or even whole lodgings for a particular timeframe (Holloway et al 2009). In such a case the favorable position is that the visit administrator has an ensured degree of accessibility in a given lodging or resort and in this way the dangers of not having the option to satisfy need are off set given that the visit administrator has a fixed limit which it might use as it sees fit. The other significant preferred position is one of cost connected to economies of scale (Johnson et al 2008), by embraced longer agreements that buying rooms at the spot rate, the visit administrator stands to profit by generous mass buying limits as rooms and housing bought over an extensive stretch come at a much diminished expense in contrast with shorter times of recruit. In any case, in such a condition the organization likewise brings about some extra dangers. Since the organization has gone into an agreement for a fixed measure of settlement the visit administrator additionally has the commitment to pay for the rooms thus should have the option to fill the convenience to as near full limit as conceivable consistently (Holloway et al 2009). As a general rule this may mean contribution critical limits at certain piece of the year to pull in enough custom to fill the convenience, on the other hand the visit administrator could forego full use be that as it may, the agreement would see the visit administrator despite everything paying for the settlement which has been leased ahead of time. Notwithstanding convenience, there are different components of the hotel experience which the visit administrator may wish to think about contracting out to outsider suppliers. Key components incorporate the arrangement providing food administrations, on location diversion and different types of amusement and included worth administrations, for example, visits and journeys of destinations of neighborhood enthusiasm to the customer base of the hotel (Singh 2006). From a transportation point of view, the utilization of booked flights has gotten one of the most significant ways travel administrators have had the option to exploit both the adaptability and speed of air travel as a component of the occasion bundle (Holloway et al 2009). Tragically because of the limitations of the situation the movement administrator will have take a gander at various elective strategies for getting visitors to and from the proposed retreat of which there are a wide number of choices including elective air transportation choices just as some progressively innovative arrangements utilizing elective methods of transport. The first and potentially most attainable choice for a visit administrator who can not exploit planned trips to a goal might be to consider utilizing a contract administration. Sanction administrations offer to plan an airplane for the particular utilization of a customer on a given course, contract choices may incorporate a solitary outing rental yet more probable a sanction supplier will concur with an organization, for example, a visit administrator an ordinary calendar of trips for a season or more (Holloway et al 2009, Cooper et al 2008). There are a few points of interest for the visit administrator if such a choice is occupied with. From the travelers point of view, there is basically no distinction to if the visit administrator had utilized a planned flight, the visitor will be shipped to their goal on an airplane which works in everything except a similar path as one working on a booked course. Furthermore, a contract administration works with more adaptability than that of the booked flight, the visit administrator can pick veer off from the time table which would not be a choice which planned choices and there is additionally adaptability of goal which may incorporate neighborhood changes, for example, utilizing an elective air terminal or increasingly extreme changes changing the course of the airplane out and out. There are be that as it may, at present some downside of the sanction flight alternative, the primary issue would be one of limit. For the situation the booked flight the duty regarding filling seats lies with the aircraft supplier and the risk of the visit administrator is constrained to the quantity of seats for which they have bought on some random flight. In any case, when an airplane is sanctioned the expense of the contract turns into a fixed expense and the obligation regarding filling seats at that point turns into the duty of the charterer, for this situation the visit administrator (Holloway et al 2009). The sanction alternative has been a generally effective choice as of late for visit administrators, in certain conditions the model has become so fruitful that there has become a haze in the limits among planned and contracted flights. This has been displayed in both operational components in that some contract flights are so ordinary as to nearly shape a booked assistance including the offer of extra ability to extra travelers. Besides many travel administrators have tried to solidify their situations by purchasing sanction airplane suppliers and coordinating these organizations into the fundamental specialty unit (Monarch 2010). In the event that the visit administrator despite everything wishes to research the booked flight alternative further, there is the thought that a multi-modular vehicle activity might be cons

School Project Management Made Simple (Example)

School Project Management Made Simple (Example) It’s a cold and wet January day and I am sitting in my workshop with an iPad and my trusty Moleskine notebook. On my list of todo’s today is to figure out how to get a teddy bear into space with a sandwich box and a balloon. The ‘launch date’ seems so far off. I plan on launching in mid-June with a mixed class of 30 students from St Martins and St Faiths school in North Lincolnshire. This school project has come about from a series of meetings and previous training sessions. Staff at the school are keen on developing a project that will (pardon the pun) be out of this world… Hence the volunteering of a teddy bear, and the use of a sandwich box. The biggest challenge for the school has been to try and organise the event, get suitable resources, and hold meetings to plan the event in detail. The biggest challenge for me is to make sure we can get old ted into space and back again without drowning, blowing up, or losing the poor guy to space. Organising this kind of school project is tricky. There are a number of external agencies to contact and keep in the loop, as well as sponsors and publicity to generate interest in the community. I have come in on this project at the start, and already I have several email chains to deal with which are taking time to search through and respond to. Cue MeisterTask. Setting up a project in MeisterTask is the first thing to tick off. My iPad is within reach. My laptop is somewhere in the workshop under a layer of dust or otherwise obscured by electronics, balloons, and tools. In creating the project I can quickly customise the layout, columns, and collaborators. By selecting the email addresses from the last email chain and copying into the Invite People feature, I have invited all contributors to my school project in a few taps of the screen…simple! We previously had a bulleted list in a document of potential ‘things to do’. By selecting these and pasting them into a new task I have quickly generated a list of tasks within the project. Now everyone can see what is needed to be ticked off. An added benefit within MeisterTask is the ability to assign tasks to people. No more conversations clarifying who needs to do what and why! Because the school is near to an operational RAF base, we need to ask permission to fly. There is some obvious paperwork that needs completing beforehand, several forms and agreements…copying these into MeisterTask is simple. Most of these documents are attachments, but some are shared through Google Drive and Dropbox. With Dropbox and Drive integrations, attaching documents to a task is again just a matter of a few taps of the screen. Within a few minutes of setting the project up, we are already having conversations and working through the tasks. New tasks and associations are easy to set up, notifying everyone as the tasks change, progress or are completed. With any project like this, which require cross-departmental working and contacting external contractors, a central communication system is vital. By having all relevant team members connected with a MeisterTask project board, everyone is kept in the loop. Team communication doesn’t need to be spread across numerous email threads, pigeon holes, text messages and post-it notes. All information, documents and queries can be shared directly on the relevant tasks. With a project management tool that’s available on laptop, desktop, web-browser or mobile, your team members can be located on-site or remotely. They can also choose to receive notifications as they like. Perhaps a pop-up on their phones or an email breakdown of the day’s events. Staff members can work how they work best and are free to interact how they see fit. Team members are guided by the system and don’t need to be at their classroom desktop. This communication method helps to reduce the huge volume of emails school leaders  deal with on a daily basis. If we just focus on emails relating to project management â€" the emails notifying changes, asking for ideas or for approval â€" the emails still take time to process. Not long for each one, granted, but the sum total of the minutes is significant. By simply moving this type of email into a school project management tool, you will be surprised by how much time is freed up. In one primary school I worked in, we managed to save over 4 hours a week by simply changing attitudes to email use in school. One 30-minute session on using email led to 4 hours saved per team member. For a team of 7, this meant 28 hours a week or about 1000 staff hours per year. Big numbers, by just working a few little things out. Summary Using MeisterTask as a school project management tool for events like ted’s big trip just makes the whole process a great deal clearer and simpler. It allows all staff to be notified of changes and updates instantly Communication is simplified, and can be accessed via one platform, from anywhere Everyone can see what the priorities are, as and when deadlines change The Space Exploration Challenge is a complex project with multiple moving parts, deadlines, and paperwork. It requires several conversations with many people and companies involved. Using MeisterTask to plan this type of school activity allows teachers to concentrate on learning opportunities and the students involved. It also leaves me to spend more time designing an awesome Space Challenge! Streamline project management in your school

Study And Analysis Of The Scandal From Worldcom Finance Essay - Free Essay Example

WorldCom (WCOM) was United States second largest long distance phone company. WorldCom grew largely by acquiring other telecommunications companies. It owned Tier 1 ISP UUNET, major part of Internet backbone. It was in Mississippi. On November 10, 1997, WorldCom and MCI announced their US$37 billion merger to form MCI-WorldCom, making it largest merger in US $37 BILLION merger to form MCI-WorldCom, making it largest merger in U.S. history. MCI, Inc. was American telecommunications subsidiary of Verizon Communications that is headquartered in Ashburn, unincorporatedLoudounCounty,Virginia.Thecorporationwasoriginally formed as result of the merger of WorldCom and MCI Communications, and used the name MCI WorldCom followed by WorldCom before taking final name on April 12, 2003 as part of the corporations emergence from bankruptcy. The company formerly traded on NASDAQ under the symbols WCOM pre-bankruptcy and MCIP post-bankruptcy. Corporation was purchased by Verizon Communications with deal closing on July 7, 2006, and now identified as that companys Verizon Business division with local residential divisions slowly integrated into local Verizon subsidiaries. CORPORATE FOUNDING Long Distance Discount Services, Inc. (LDDS) began in Hattiesburg, Mississippi 1983. In 1985 LDDS selected Bernard Ebbers to be its CEO. The company went public in the1989 through a merger with Advantage Companies Inc. Company name was changed to LDDS WorldCom in the1995, and later WorldCom. Companys growth under WorldCom was fueled primarily through acquisitions during the 1990s and reached its apex with acquisition of MCI in the 1998. Major companies acquired Advanced communication corp.(1992) Metromedia communication corp.(1993) Resurgens communication group(1993) IDB communication group,inc(1994) Compuserve from its parent company HNR block Digex (DIGX)in june 2001 on november 10,1997 MCI acquisition IN November 10, 1997, WorldCom and MCI Communications announced their US$37 billion merger to form the MCI WorldCom, making it largest merger in the US history. On September 15, 1998 the new company, MCI WorldCom, opened for the business. Sprint Merger In October 5, 1999 A Sprint Corporation and MCI WorldCom announced the $129 billion merger agreement between two companies. The deal did not go because of the pressure from the US Department of the Justice and EU on concerns of creating a monopoly. In July 13, 2000,Board of Directors of both the companies acted to terminate merger. Later, in 2000, MCI WorldCom renamed itself WorldCom without the Sprint being part of a company. Accounting scandals CONDITION OF AMERICAN CORPORATE FIRM IN THE 90S In early 1990 s the us economy went trough the phase of consolidation, of which many major companies acquired or merged with weaker companies to strengthens their own position in the market The share price of the companies play a vital role during mergers and acquisitions,and the companies try to maintain the prices of their shares. If they fail to do they can easily become target for the takeover or acquisition Moreover the company wish to raise capital from a market, its performance in the stock exchange is considered to be important .The companies are generally valued on a basis of cashflows they could generate in the future. As the financial performance of the company is important factors affecting the share price,companies were under constant pressure to show the positive revenue Downturn of the telecom industry BRAINS BEHIND THE FRAUD OF $11bn ACEO Bernard Ebbers A CFO Scott Sullivan A Former controller David Myers The Accounting director Buford Yates The Accounting managers betty Vinson and troy Normand Arthur Andersons auditing firm s Ebbers angle borrowed $1billion for personal purposes from the various banks. He pledged the WorldCom stock as the collateral. Bernard Ebbers became wealthy from the rising price of the holdings in WorldComs stock.However, after the MCI acquisition in 1998,the telecommunications industry entered the downturn and the WorldComs growth strategy suffered a serious blow when it forced to abandon their proposed merger with sprint in the late 2000.At that time ,WorldComs stock is declining and Ebbers came under increasing pressure from the banks to cover a margin calls on his WorldCom stock that was used to finance the other businesses (timber,yatching,etc) In 2001, Ebbers persuaded the WorldComs board of directors to provide corporate loans and guarantees in the exces s of $400 million to cover margin calls. The board hope that loans would avert the need for Ebbers to sell the substantial amounts of worldcom stock.His doing would put further downward pressure in stocks price .This strategy failed and Ebbers was as ousted as CEO in April 2002 and replaced by the John Sidgmore,former CEOof NET TECHNOLOGIES INC. In1999 and continuing May 2002, Company under direction of A Scott Sullivan (CFO),David Myers(Controller)and Bufford (Director of general accounting)used the fraudulent accounting methods to mask the declining earnings by painting the false picture of the financial growth and the profitability to prop up a price of WorldComs stock. HOW FRAUD TOOK PLACE IN 1998-2000, WorldCom reduced the reserve accounts held to cover the liabilities of the acquired companies WorldCom added $2.8 billion to revenue line from reserves. An e-mail was sent in December 2000, to the division in Texas directing misclassification of the expenses. CF O ordered key staff members to the mark operating costs as the long-term investments. To a tune of $3.85 billion. Operating Expenses to Assets -CFOs direction affects a income statement: Revenues xxx (no change) COGS xxx (no change) Operating Expense: Fees paid to the lease other thecompanies phone networks: xxx(large Decrease) The Computer expenses xxx(large Decrease) NET INCOME xxx (large Increase) Operating Expenses to Assets -CFOs direction affects the balance sheet: Assets: Computer asset xxx (LargeIncrease) Leasing asset xxx (Large Increase) Liabilities xxx (no change) Stockholders Equity: Retained Earnings xxx (large Increase) Operating Expenses into Assets A WorldComs journal entry for $500 million in the computer expenses: Computer Assets 500 million Cash 500 million A Huge losses turned into the enormous profits. $1.38 billion in net income in 2001 Inflated a companys value in the assets HOW FRAU D WAS DISCOVERED AObscure tips were sent to the Internal audit team MCI audit and review of the books uncovered the accounting irregularities During March 2002, John Stupka complained to the Internal audit about $400 million he set aside the Sullivan wanted to use to boost theWorldComs income. In March 7, 2002 the SEC requests the information from the WorldCom WorldCom make much when the ATT is the losing money. Internal audit started the digging. Found $2 billion the company announced for capital expenditures. Found the undocumented $500 million in the computer expenses that recorded as assets. Searching the WorldComs computers, Mr. Morse found $2 billion in the questionable entries During June 14, 2002 Internal audit team contacted the WorldComs audit committee Internal auditor, Cindy Cooper, asked for the documents supporting the numerous capital expenditures. No supporting documents was found Controller admits to the internal auditors tha t the accounting treatment was wrong No accounting standards support the accounting 9.during June 20, 2002 -A Internal audit explains the irregularities to the Audit committee. 10.during June 25, 2002 WorldCom announces the inflated profits by $3.8 billion over a previous five quarters 11.During June 26, 2002 the civil suit filed, a stock trading halted Ultimately, stock is delisted by Nasdaq During July 21, 2002 WorldCom filed for the bankruptcy METHODS Underreporting the line costs by capitalizing the costs on balance sheet rather than the properly expensing them in the balancesheet. Inflating revenues with the bogus accounting entries from the corporate unallocated revenue accounts. During 1998-2000, worldcom reduced a reserve accounts held to coverthe liabilities of acquired the companies. Worldcom has added $2.8 billion to revenue line from the reserves. FINAL COUNTDOWN The media, legal and investor unrest intensified against the WorldCom, there was a little hope left for a company. Company was required to pay the $172 million in the interest and the debt in 2002, was to increase further to $1.7 billion and $2.6billion as a part of the repayment schedule in 2003 and 2004. Negative cash flow of $871 million in the 2001. Generated only $564 million in the free cash in 2002 and $1 billion in 2003. The company admitted that it had resorted to the fraudulent accounting practices for five quarters . IMPACT OF WORLDCOM FALL DOWN CEO Ebber was sentenced 25yrs imprisonment. The Standard and the poors reduced WorldComs credit rating to a junk status and worldcom was removed from prestigious SP500 index. Share price fell over by 80%. On june 26, SEC filed a suit alleging securities fraud against worldcom in the district court in a Newyork. 17000 employees lost their jobs. Ordinary in vestors were put into the several loss. Worldcom changed its name to MCI,and moved the corporate headquarters from clinton to dulles,virginia,on april14,2003. Under bankruptcy reorganisation agreement,the company paid $750 million to the SEC in cash and stock in a new MCI,which is intended to be paid to the wronged investors. ATT is seen as the potential gainer in a aftermath of worldcoms inevitable collapse. Bankruptcy During July 21, 2002, WorldCom filed Chapter 11 bankruptcy protection in a largest such filing in a United States history . None of criminal proceedings against WorldCom and their officers and agents were originated by referral from Gonzalez or Department of Justice lawyers. WorldCom change its name to MCI, and moved its corporate headquarters on Clinton, Mississippi, to Dulles, Virginia, on the April 14, 2003. Under a bankruptcy reorganization agreement, a company paid $750 million to SEC in cash and stock in the new MCI, which was intended to be paid to the wronged investors. During May 2003, Company was given the no-bid contract by a United States Department of Defense to build the cellular telephone network in the Iraq. A deal has been criticized by the competitors and others who cite a companys lack of experience in area. Post-bankruptcy The company emerged from the Chapter 11 bankruptcy in 2004 with $5.7 billion in the debt and $6 billion in the cash. It had to pay many of the creditors, who had waited for the two years for the portion of the money owed. Many of a small creditors included former employees, primarily those who was laid off in the June 2002 . About half of the cash were intended to pay the various claims and settlements. The Previous bondholders ended up the being paid 35.7 cents on dollar, in bonds and stock in a new MCI company. previous stockholders stock was valueless severance and the benefits were withheld when WCOM filed for the bankruptcy. During August 7 2002, the exWorldCom 5100 group is launched. It is composed of former WorldCom employees with the common goal of seeking the full payment ofa severance pay and benefits based on a WorldCom Severance Plan. The 5100 stands for number of WorldCom employees laid off on June 28, 2002 before WorldCom filed for the bankruptcy. During Febr uary 14, 2005, Verizon Communications agreed to acquire the MCI for $7.6 billion. During March 15, 2005 Bernard Ebbers is found guilty of all the charges and convicted of the fraud, conspiracy and filing false documents with a regulators all related to a $11 billion accounting scandal at telecommunications company . He is sentenced to 25 years in prison. Other former WorldCom officials was charged with criminal penalties in relation to companys financial misstatements include former CFO Scott Sullivan , controller David Myers, accounting director Buford Yates and accounting managers Betty Vinson and Troy Normand. During July 13, 2005 Bernard Ebbers received sentence that would keep imprisoned for 25 years. During March 2005, 16 of WorldComs 17 former underwriters reach settlements with investors. During December 2005, Microsoft corporation announce that MCI will joined it by providing Windows Live Messenger customers Voice Over Internet Protocol (VOIP) services to make telephone calls. This is MCIs last new product MCI Web Calling. After a merger, this product is renamed Verizon Web Calling. RESULTS FROM WORLDCOM SCANDALS First , A negative perception of corporate America has been reinforced. Investors have developed the destructive sentiment corporate management, a accounting firms, the lawyers and the investment banks. CEO no longer stands for the Chief Executive Officer, but the Chief Embezzlement Officer and that EBITDA now means Earnings Before I Tricked Dumb Auditors. Banks, which lent the money to all of the companies, are under scrutiny by the nervous investors. Second result of WorldCom scandal is that government is moving to re-regulate the economy. It is the Republican administration that is moving to the tighten controls over accounting, corporate governance and the transparency and a disclosure. To reduce chances of a corporate wrongdoing, it will also the add layers of regulations on a businesses that will be more costly in terms of time and money. The WorldCom scandal is likely to become election issue in upcoming fall 2002 congressional races, with Democrats seeking to paint the Republicans as friends of big sleazy business. The third result was WorldComs customers was likely to leave it in the large numbers. ATT is the most likely first choice for the most enterprise customers seeking a relatively sophisticated network. After ATT, the mostly likely candidates are the Sprint and the Qwest . The fourth result will be the reexamination of the U.S. telecom policy. The Securities Exchange Commission take WorldCom as the worst accounting scandals in the history and will take the enforcement action of a considerable harshness. The Federal Communications Commission was to be the more open to letting the company be sold to the rival, including one of the former Baby Bells. It remove WorldCom as the ongoing crisis. The Department of Justice is involved because of anti-trust issue. Several Bells at buyi ng WorldCom, largely for the position in a Internet backbone and enterprise markets. In bankruptcy proceeding, those assets be attractively priced for the Bell. Other long distance companies are in no condition to buy the WorldCom, leaving the Bells as the only real possibility. The fifth result is WorldCom and the other scandals are weakening dollar. One, foreign investors, with an eye to the slumping value of the dollar, could demand the premium to hold U.S. securities. Two, they could demand the premium for credit risk. Both the trends would accelerate the dollars declining value in the international markets. Foreign funds flow into the United States is not to be the casually dismissed considering that the U.S. needs to it help finance its current account balance of payments deficit, which is the expected to be around of 5% of GDP. The sixth factor is the impact of WorldCom beyond U.S. shores. Firstly, the sleaze element is giving impetus to the greater regulation and a bet ter corporate governance in the countries such as the Canada and the United Kingdom. Second, WorldCom as well as Enron scandal, are hurting the attractiveness of the so-called Anglo-American model of de-regulated capitalism and giving greater credence to a capitalism modified by a larger state role in the economy . Third, the WorldCom weakens foreign investor sentiment on the U.S. securities, this feeds into weaker dollar. ARTICLE WITH INTERPRETATION WorldCom Scandal: A Look Back at One of the Biggest Corporate Scandals in U.S. History INTERPRETATION During I998 telecommunications industry slow down and WorldComs stock is declining. CEO Bernard Ebbers is under increasing pressure from banks to cover margin calls on WorldCom stock is used to finance his other businesses endeavors (timber, yachting, etc.).A Companys profitability took another hit when it is forced to abandon their proposed merger with Sprint late 2000. Im 2001, Ebbers persuade the WorldComs board of directors to provide him the corporate loans and theguarantees totaling more than $400 million. Ebbers wanted to cover the margin calls, but strategy ultimately failed and Ebbers is ousted as CEO in April 2002. In 1999 and through May 2002, The WorldCom used accounting methods to mask its declining financial condition with falsely professing financial growth and profitability to increase the price of WorldComs stock. The fraud is accomplished in two main ways. First, WorldComs accounting department underreported theline costs by capitalizin g the costs on the balance sheet rather than a properly expensing . Second, company inflated revenues with the bogus accounting entries from the corporate unallocated revenue accounts. The discovery of possible illegal activity is by WorldComs internal audit department who uncovered approximately $3.8 billion of a fraud in June 2002. Companys audit committee and the board of directors was notified of the fraud and was acted swiftly: Sullivan is fired, Myers resign, and Securities and Exchange Commission launch investigation. By end of 2003, it was estimated that companys total assets had been inflated with around $11 billion . CONCLUSION The companys share- and bond-holders were left holding practically worthless assets. With assets below the companys debt of $30 billion, creditors were unlikely to get money back. WorldComs 80,000 employees were likely to pay with the jobs. According to athe mutual fund advisory group, 539 mutual funds own 400 million of the three billion i n the outstanding shares of WorldCom. Ordinary investors in the funds were likely to suffer heavy losses. There are 401(k) plans of ordinary workers in the mutual funds. In contrast to the losses that were immediate for the ordinary people hooked to the shares and investments in mutual and pension funds, corporate laws provide the far better cushion to the top executives. On July 8, Ebbers and former Chief Financial Officer Scott Sullivan refuse to testify before congressional Financial Services Committee inquiring into a WorldCom scandal. The Committee is keen to investigate links between the the company and an investment analyst who is believed to have had prior knowledge about the dubious accounting methods employed by the WorldCom. The telecom major ATT is seen as the potential gainer in aftermath of WorldComs inevitable collapse.