The Enron Scandal Essay Example | Topics and Well Written Essays - 2000 words

The Enron Scandal - Essay Example There have been several causes suggested by various experts and analysts that actually caused the failure of the company. Experts have indicated Enron as the biggest audit failure in the American history. The biggest energy company in the world rapidly collapsed which drew attention on its several economical and commercial aspects (Wilkinson, 2005). For the purpose, this paper shall analyze the case study of Enron scandal. Several management and strategic decisions and policies contributed to the major fall in the US corporate history. The paper shall further analyze the causes of the failure from economic perspectives. Background Enron was established in 1985, and it was one of the leading seven American energy companies. It was one of the world’s leading natural gas, electricity, and communication companies. The annual revenues of the company rose from $9 billion to more than $100 billion in just 5 years after 1995 (Salter, 2008). According to reports and published financial s, in 2000 the company’s stock price stood at $90; however, at the end of 2001, the stock price of Enron felt to less than $1. Furthermore, the last published financial statements of Enron depicted that the company made a loss of $586 million (Sterling, 2002). This caused the company to financially fail and by the end of December 2001, the company went bankrupt. As a result of this, billions of dollars were wiped out from the US capital markets and investors across the globe lost their trust in the US financial and corporate sectors, which were not efficient enough to build strong checks and balances on businesses like Enron. The case of Enron opened up investigations into several other unethical practices of other organizations, and the ripple effect shook up the entire US corporate sector. Supply and demand During 1990’s, the population of California raised by thirteen percent, whereas, the government did not make any enough investments in building power plants to co pe with the rising requirements of electricity. The government expanded the existing energy plants’ capacity by 30% during 1990-2001. Furthermore, in 1991 the drought in the northwest states caused the supply of hydroelectric from Pacific Northwest of Oregon and Washington to decline (Barreveld, 2002). Both drought and energy shortages created a supply gap in the country, and the government faced several issues to cope with the energy demand in the region (Swartz & Watkins, 2004). With the rapid increase in the population and the breakdown in California’s electricity generating capacity created a situation of less supply as compared to the energy demand. The industrial sector was highly affected as the supply of energy remained very low during the peak working hours. Furthermore, the private industries were using privately owned power generating plants as energy reserves of California were not sufficient to meet the demand. On the other hand, the state owned energy pla nts were deliberately shut down in order to manipulate energy prices (Swartz & Watkins, 2004). The gap between supply and demand of energy was deliberate in order to raise prices of the electricity generated by private generators (Miller & Fusaro, 2002). Enron secretly exercised with the government to create a gap between the energy produced and its requirement in the

Foster Care for Children Speech or Presentation

Foster Care for Children - Speech or Presentation Example A5.Independent former foster youth between the ages 18 and 21 are eligible to receive certain medical benefits to which they are legally entitled and desperately need. Research has shown that independent former foster youth have acute health care needs. I strongly feel that given these health care needs, it is appropriate that under current law, these youth are eligible for Medi-Cal by virtue of their status as former foster youth. Despite their eligibility, however, these former foster youth are required to fill out Medi-Cal eligibility forms as a prerequisite to getting the health care services to which they are entitled. It does not make moral or fiscal sense for the state to spend scarce dollars and staff hours making these former foster youth fill out Medi-Cal paperwork since they cannot, by law, be refused eligibility. As a result of this current practice, these foster youth risk losing their medical care when they incorrectly fill out their forms, forms are sent to the wrong a ddresses, or where there are other paperwork delays. A6. According to the California Blue Ribbon Commission on Children in Foster Care, courts are responsible for the safety and well-being of children who have been removed from their homes as a result of abuse or neglect. In 2007, there were nearly 80,000 children in foster care, more than 75 percent of whom entered placement as a result of neglect. Half of the children entering foster care in California are age five or under. Domestic violence, substance abuse, and mental illness are factors that contribute to the removal of children from their homes. Q7. What is the cultural background of the majority of the children under foster care What percentage of the children in the State belongs to this category A.7. African-American children constitute seven percent of the state's child population but are more than 30 percent of the children in foster care. Native American children are 0.84 percent of the state's child population but represent 1.41 percent of the children in foster care. Youth who "age out" of foster care often leave the system ill-prepared to live as adults, and face a significantly increased risk of unemployment, homelessness, mental illness, and involvement with the criminal justice system. Q8. Why would the former foster children have special medical needs A 8. While the children are moved out of their own homes to avoid exposure to unpleasant conditions, there is

Witness Essay Example for Free

Witness Essay The motion picture witness directed by Peter Weir in 1985 is a uniquely classic film which has no Hollywood cliches and the setting of different worlds help the audience develop ideas. Weir uses the Philadelphia Police Department scene to convey idea of police corruption. Significantly he uses a rare combination of synthesised 1980s soundtrack and a close up of Samuel Lapp. While Samuel Lapp walks about the police station he recognises Mcphees picture in a glass cabinet Samuel stops and stares at Mcphee who is the murderer. It is at this point that the close-up of Samuel staring in prominent the soundtrack of a high pitched synthesised actually gets louder as they full impact of this scene prevails. Weir uses a close up of Samuel to show his shock and dismay as a facial expression,he also combines this with the high pitch Soundtrack to create suspense. The impact on the audience is realisation that the pivotal scene in the film and that the murderer is in fact a policeman. The use of western setting such as a city police station and the concept of police corruption. The fast food scene is used to portray the idea of different worlds. Weir uses the sound effect of the kitchen as the connection to the world that we know and a long shot showing John, Racheal and Sam are eating. John, Racheal and Samuel are sitting at the diner and just about to eat lunch the clash at different worlds is present when John starts to frantically eating the hot dog while Racheal and Samuel go in there habit of praying before eating the sound effects of the cars outside and the sound effects of the kitchen. Weir uses the long shot to show the difference between Books world and Lapps world. The use of the scenery, the soundtrack and the long shot of the table shows the concept of different world and different experiences The barn raising scene has been one of the most famous scene in Hollywood because it shows how Book has moved into a new setting. The panning on the lemonade showing the friendship o the two men that like Racheal it also shows the idea of community acceptance of two men from different areas start areas start to work together. Weir uses the panning technique to show a development on the idea that Daniel and Book would have a long lasting friendship. The setting of the Amish country and the western man (Book) working together as a community which help the audience develop and idea of friendship. During the final scene the bell ringing scene was a significant courageous moment for Samuel this shows he is independent. The long shot of the Amish men coming over the hills to help shows of a close-knit community of the Amish. Weir uses the long shot to show that the neighbours would come and assist them in any in any way. The impact on the audience is the realisation that this is a pivotal scene from the point of view of Samuel because the courage that he possesses to stand up against the evil that is terrorising there house. Weir has intelligently shown Amish setting of the rural farm and the bell tower yard contrasting the frantic western setting out of the fast food diner and the busy police department. These choices of setting helped Weir establish his ideas of police corruption inside the police department and the unity and combined strength within the Amish community

Internal Development and Strategic Alliance

Internal Development and Strategic Alliance Should firms go it alone or pursue a strategic alliance? This essay will compare internal development (organic development) with strategic alliances and look at whether it is better for the organisation to go it alone or partner with other organisations.   Internal development is where strategies are developed by building up the organisation’s own resource base and competences, Johnson and Scholes, (1999). Strategic alliances are when two more parties form a collaborative agreement to exchange or combine resources to pursue a development strategy, but remain separate legal entities, Bennett (1996). Joint ventures, licensing, networks are examples of types of alliances. There are many benefits that can be achieved from going it alone that may not be available through an alliance.   First of all, when an organisation develops a highly technical product the organisation through the process of development, may begin to understand its organisation better, and thus learn ways of building up or acquiring competences.   This type of learning and development may not be as extensive if alliance partners are involved in the development process.    Similarly when an organisation enters new markets through direct investment (going it alone) it can gain advantages (e.g. local market knowledge, competences in selling to new markets) that it may not have gained through working through distribution alliance partners. By going it alone – the organisation receives the full benefits of undertaking a development venture – including all the profits, patents, technical know-how and resulting competitive advantages. With alliances, depending on the agreement, any success (profits, patents, know-how) has to be shared between partners.    By undertaking internal development the organisations can exercise greater co-ordination and control over the investment and the objectives of development. With an alliance (e.g. JV), however, organisations may lose that autonomy and find it harder to control the development because decisions have to be taken on a joint basis.   Many alliances have failed due to differing objectives or motives by alliance partners.   For example, one partner may go into an alliance for short term learning gain, whereas the other partner may see the alliance as more strategic, long term and replacing one area of its value chain, Wit and Meyer (1998). With internal dev elopment there can be a greater degree of control and co-ordination, and perhaps a greater chance of the development objectives being met, without disputes. Going it alone may be a preferential route for those firms who are particularly sensitive about exposing or giving away core competences or skills that provide the organisation with a competitive advantage in the market place.   If an organisation believes that the risks of exposure of its core competences are too great through an alliance, it is more likely to use internal development – because core competences can be internalised.   Going it alone may make sense to an organisation which is pursuing development which is characterised as â€Å"fit led innovation†.   When the organisation is able to use or realistically grow its resources and competences to meet the market opportunity.   However, if the level of innovation required is more â€Å"stretch led† the organisation may have to carefully consider whether it should pursue internal development or other methods of development in order to meet its market opportunity.   For some organisations going it alone may be the only option available to them – especially if they are working in a field which is breaking new ground or where there are no other suitable partners available, (Johnson and Scholes, 1999). Therefore going it alone can offer organisations many benefits over other methods of development. However, the method is often criticised for being a slower form of development (Johnson and Scholes, 1999), requiring a higher overall capital outlay (Wit and Meyer, 1998) and has the downside that the organisation bears the full costs and risks if the development (e.g. product development or market development) fails.   By going it alone an organisation can miss out on all the benefits available to them from alliances.   The benefits of alliances will now be discussed in relation to the Xerox-Fuji 50:50 joint venture alliance case study, (Hill, 2000). The alliance between Xerox and Fuji gave each company significant benefits over and above, them going it alone.   Firstly, both companies benefited from sharing the costs of their market and technology development.    Fuji and Xerox, were able to bring the â€Å"best of the best† from both companies.   They were able to pool their resources, competences, skills, technology know-how together to create a new, fresh entity, with defined objectives for both parties Wit and Meyer (1998).   Fuji, had the local knowledge of markets, distribution channels and Xerox, excellent skills and know-how in manufacturing and sales, thus the alliance enabled both companies to benefit from each other’s competences.   Through an alliance mutual l earning can take place which can complement each other’s companies strengths or weaknesses.   By going it alone you can limit yourself to the organisation’s own skills and competences and only what you can realistically develop internally. The Xerox and Fuji alliance meant that both organisations were able to limit their risks of development. Xerox was able to test the market for its products before committing itself to a new market (Hill, 2000).   It could remove its investment without too much difficulty.   If it had gone it alone, market entry may have been harder and more risky for Xerox.   Certainly alliances can be preferable if an organisation is undertaking a risky development – as failure can shared between partners. Alliances due to their nature, can also provide faster methods of development than which can be created through internal development. However, alliances have been criticised for: i) their high failure rates – 60% after 2 years fail, (Dawes, 1994) ii) Risk of exposing competences and technical know-how to partners iii) Disputes, relationship issues that result from working with other partners iv) Profits and advantages having to be shared between partners iv) the less autonomy and control available to partners compared with going it alone. In answer to the question should firms go it alone or pursue a strategic alliance – I   believe it really depends on the current situation of the organisation (internal and external).   There may be circumstances where an organisation would be better to go it alone – especially if the organisation was concerned about exposing its core competences, felt that its existing resources and competences would be sufficient to meet the market opportunity, and it needed high levels of control over its development decisions.   In other circumstances – the organisation may find it cost prohibitive to develop in-house, be experiencing strong competitive pressures and thus need to seek partners to support them on high research and development costs, or obtain specific skills, technical know-how to take advantage of a market opportunity.   As outlined above internal development (going it alone) and alliances have different advantages and disadvantages for different orga nisations.   Therefore the choice over which development method would need to be taken on a case by case basis. BIBLIOGRAPHY In the preparation of this assignment I have consulted the following research sources: Bennett, R. (1996) International Business: Pitman Publishing Oxford University: (1990) A Concise Directory of Business: Oxford University Press Hill, C. (2000) International Business: Competing in a Global Marketplace: McGraw Hill Needle, D. (1995) Business in Context, An introduction to Business and its environment, Second Edition: International Thompson Business Press Bleeke J. and Earnst D. (1992) Collaborating to Compete: Wiley and Sons Dussauge, P. Garrette B., (1999) Co-operative Strategy: Competing Successfully through Strategic Alliances: Wiley Lorange P. and Roos J., (1993) Strategic Alliances: Blackwell Lynch R. (1993) Business Alliance Guide: The Hidden Competitive Weapon: Wiley Sandaram and Black (1995) The International Business Environment: text and cases:  Prentice Hall Rugman and Hodgetts (1995) International Business: A Strategic Management Approach: McGrawhill Matsura, N. (1991) International Business, A New Era: Harcourt Brace Jovanovich (HBJ) Dawes, B. (1994) International Business: A European Perspective: Stanley Thorne Johnson and Scholes (1999), Exploring Corporate Strategy, Prentice Hall

My Educational Philosophy :: Philosophy of Education Teaching Teachers Essays

My Educational Philosophy Education is the answer to all of the problems facing the world. Knowledgeable people do not take inhumane and unethical actions against others. It is only through the education of others that crime, poverty and hunger will be solved. It is due to the potential of education that has inspired me to be an educator. The ability to make a difference and to communicate my passion for literature and the English language is my driving force and ambition. Inspiring a disinterested student to read or write poetry is a gateway to creative open minds, which will result in a more civilized world. My classroom will be arranged in a horseshoe. In this way, the students are not separated into clusters and the main focus will always be in the end of the horseshoe. Students will be facing one another and there will be open space for discussion. I want bulletin boards to be changed at least once a month. There will be a calendar focusing on historical events in literature. There will also be a timeline of events on whatever book the students are currently reading. In addition, there will be 10 facts about the author of the month that will appear on an extra-credit quiz. Furthermore, I want 15 different vocabulary words on another bulletin focusing on preparation for the ACT and SAT tests. As much as I would like to establish a non-authoritarian atmosphere, I have only seen it fail. Non-Authoritarian attitudes are often taken advantage of by the students. They use their friendship with the teacher to skip class and not do assignments. Besides, nowadays most parents are too worried about being friends that they do not stress authority either. Kids need to find authority somewhere. Authoritarian attitude is essential for at least the beginning of the year. Each class of students is different; therefore, it is not fair to govern them all the same. Some students will want to learn the material and respect the teacher; however, until the students have proven themselves, I will use an authoritarian rule.

Humorous Best Man Speech - The Groom’s Life Story :: Wedding Toasts Roasts Speeches

Humorous Best Man Speech - The Groom’s Life Story Good afternoon ladies and gentlemen. It’s surprising just how far some people are prepared to travel for a free lunch. It’s a good job the groom didn't choose the menu, otherwise we would have had penut-butter sandwiches washed down with beer. Firstly, I have a feet messages to read out.(read telegrams etc.) As Bill Clinton said to each of his girlfriends, I wont keep you long. I’d like to begin by thanking the groom for asking me to be best man. I would also like to thank the bride for allowing him to ask me. The groom has a splendid set of friends, and to be nominated from such esteemed company is without doubt a great honor. Thanks also to the ushers, friends, and family who have all helped to make this day so special. (To the bride) You make a fine bride and look beautiful and radiant. I couldn't help but notice the groom swell with pride when he saw you walking clown the aisle in that dress. (To the groom) You are indeed a lucky man, you have married someone who is attractive, warm, loving and caring. A wife who will be all you could ever wish for and more. (To the bride) You have married someone who is: handsome, witty, intelligent, charming, good looking... (To the groom) Sorry, I'm having trouble reading your writing. When the groom asked me to be his best man, I consulted the Internet for help. I discovered that the job is essentially comprised of four main tasks: 1. Organize the stag party (bachelor party) - perhaps you could tell us again how you burst the inflatable sheep. 2. Help the groom dress (at last I found out where the G-string from Dublin went.) 3. See that all ex-girlfriends are kept at bay (quite a task as most of them have been released under care in the community.) 4. Make a speech. I thought it was going to be tough following a speech by the groom and I was right, I couldn't understand a single word he said. I did find a lot of other interesting things on the Internet but I wont go into that now. I met the groom over ten years ago, and I often wonder what it would be like if I didn't have him as a friend. Sometimes the smile lasts for days.

Concept Design Services

Case 1 – Design house Partnerships at concept design services Case summary The case is all about CDS (Concept Design services) , earlier they were in to business to consumer business by d product name of â€Å"Focus† now they have moved from business to consumer to business to business format. They have tied up with many design house and they give them the design which they manufacture and then distribute to the customer. They also moved from manufacturing focus products to high – quality stylish home wares with a high design value. CDS has become Europe most profitable home ware businesses; it was originally founded in 1960s. The company has moved from making industrial mouldings mainly in the aerospace sector, and some cheap home ware products. The move into concept was initiated by Marketing Director Linda fleet. She had prior exp in decorative products industry. She had d gut feeling that correct product with appropriate promotion and marketing can earn big profits to the company. The company moved to design house partnership with the facility to provide distribution services as well. The company changed its manufacturing unit with high end machinery with many moulds which gave them around 600 % increase in productivity. The most successful design partnership was with villessi , Italian design house. Their manufacturing operations were gr8 in terms of scheduling and planning for a product. They had good machinery which utilises their full capacity. There were some challenges for the company as well as there was issue within the company as they were pushed to a limit. But it was good in some way. The main objective or key to future was building and retaining design expertise will be the key to the future. The company had an edge with design and finishing of the product as they were into making aerospace products which gave them this expertise. Now they are the leader in euro market, but they are thinking what should be their future plans and what product venture they should do in future. Or we can say the issue for debate in company was long term beyond their expertise as the two changes they made earlier were already their strength. Concepts †¢ Input transformation output processes. †¢ Operations topology. †¢ General model of operations Management and operation strategy. Questions Why is operations management important in CDS? Operations management is important in CDS (Concept Design services) if they are to continue being one of Europe’s most profitable home ware businesses. As with any other company, CDS objective is to add value to their final product while using its resources effectively and efficiently through its internal processes like planning, schedulin g, control, quality. The company has successfully been able to apply the technology used in the aerospace sector into home ware items, through the mastering of injection moulding machines. Moreover, the company has expanded into a premium home ware product market from low end product i. e. â€Å"Focus†, integrating new functions within its operations, such as forming partnerships with reputable designers and increasing the volume and complexity of its production i. e. High design value products and outsources the low end low profit making product i. e. â€Å"Focus† brand. †¢ Draw a 4 V’s profile for the company’s products/services. Volume:  High/ low. it can be drawn that production volume is high as it has increased 600% since the buying of new large multi-cavity moulds and machinery. Another ndication of high volume production is the fact that CDS decided to subcontract their Focus line to other moulding companies, so they could focus on the production of their premium line (Concept Design). But as it’s not mention in the case so we can’t be sure of the volume aspect. It can be low as well high. Variety:  High. CDS m arket is a highly competitive one, in which design innovation determines the longevity i. e. Long term of the firm. CDS capacity of developing products that are in fashion and moreover, its adaptability to change as fashion changes is key to the survival of the firm. Variation:  High. For the same reason as with variety, CDS is forced to continuously produce innovative designs that would keep their customers interested and therefore keep demand high. Visibility:   Mixed high and low. †¢ What would you recommend to the company if you were asked to advice on improving its operations? There are 2 areas that CDS needs to improve:  the relationship between its designers and other parts of the company (such as the manufacturing and distribution, planning) and a better forecasting of sales. The designers don’t get to spend enough or any time on the ‘floor’ of the company, that is, they do not have an in depth understanding of the manufacturing processes and the way they are affected by their decision making. If they could spend some time doing ‘cross training’ they would get a real idea of the manufacturing processes. Departments should have a better collaboration. As per Linda its a fashion industry so predictions can’t be accurate, but it should be to accurate to a point where there is better planning and accuracy of decisions.