Quality Management in Business Assignment Example | Topics and Well Written Essays - 1250 words

Quality Management in Business - Assignment Example The group has a net operating cash flow of  £125.5 million. In the year 2014, Zizzi managed to sell products worth  £594.7 million. Depicting a 5.6% increase in total sales from the previous year. Zizzi’s earnings before interest, tax, depreciation and amortization accumulated to  £119.1 million. There have been significant improvements in food perceptions among Zizzi customers according to The Big Restaurant survey in 2014. Zizzi restaurant is ISO certified (Woodhouse, 2014). I. Understanding the various quality management strategies/techniques that are suitable for commercial operations Zizzi restaurant is perceived to offer services of high quality. Zizzi demonstrates quality by striving to provide the best possible services to its customers. This is offered by Zizzi’s highly trained and talented chefs who cook very delicious Italian and local meals. The design of every restaurant is performed by local artists to ensure the restaurant entails local people’s tastes and preferences. The restaurant utilizes the following dimensions when measuring the quality of services to its customers (McCormick, 2002):  · Features – Zizzi examines the features of different dishes offered in its menu to measure the quality of the services it provides. Dish features include special recipes desserts and spices.  · Performance – The restaurant also scrutinizes financial reports to assess the quality of service it offers. The Increase in total sales indicates a rise in the quality of service provided. Alternatively, a decrease in total sales will imply a reduction in quality.

Marketing plan for amazon.com Research Paper Example | Topics and Well Written Essays - 1500 words

Marketing plan for amazon.com - Research Paper Example cific industry in which Amazon.com operates, the organization requires a holistic marketing strategy associated with the Amazon name rather than attempting the laborious and costly activity of differentiating each and every market in which the company maintains a presence. Therefore, the company should be focusing on building a brand personality for the company as a whole, making a variety of markets gain favorable impressions of the company and not the products or industries in which the business operates. The marketing strategy is to ensure that disparate consumer segments build a perception of brand preference for Amazon.com over its plethora of different competitors. Brand preference is defined as the level to which consumer segments prefer a company or brand after weighing equality related to product availability and pricing structures (Boone & Kurtz, 2007). It is the extent to which consumers would rather make purchases with one company over other competitive offerings in an established market. Advertising is a powerful influence in creating brand preference (Jedidi, Mela & Gupta, 1999). Price is also a substantial persuasion that impacts the level of demand that companies can expect which is an indicator of brand preference (Draganska & Jain, 2006). Amazon.com, as a company that has been in operation since 1994, has already established brand recognition and brand awareness with millions of consumers which is justified by attained revenues of $61.09 billion in 2012 (Amazon, 2013). However, if the company can establish brand preference, it will open many new market opportunities and increase market share for this company that is still in the growth stage. Companies that have managed to establish brand preference experience higher revenue growth and can even allow organizations to charge higher prices since consumers believe in the quality and integrity of the brand (Chaudhuri & Holbrook, 2001). To accomplish this goal of establishing more significant brand

A paper on the best practice for information systems consultancy Essay

A paper on the best practice for information systems consultancy projects - Essay Example In accordance with the above, consultants need to have the ability to understand the current needs of the firm and propose the most appropriate solution taking into account the current trends of the market and the ability of the firm to follow the project proposed regarding a specific issue. Current paper will discuss the intervention of consultancy in the area of information technology. At the same time particular aspects of consultancy are going to be examined taking into account that firms tend to differentiate their behaviour within a specific market in order to keep their performance at a standard level – wherever such a strategy is applicable. As already stated above one of the most important elements of consultancy is knowledge. This knowledge refers not only to the knowledge of consultant regarding a particular problem of the firm but mainly to the knowledge available to the company on a constantly basis. Indeed, the study of Bollinger et al. (2001, 8) showed that ‘knowledge is a resource valuable to an organizations ability to innovate and compete’. On the other hand, it is noticed by Anand et al. (2003, 15) that ‘the knowledge possessed by an organization and its members can be classified as explicit or tacit; explicit knowledge can be codified and communicated without much difficulty while tacit knowledge--such as the manner of operating sensitive equipment or interpersonal skills--is not so easily articulated’. Consultants should be able to process effectively all types of knowledge ensuring the viability of the firm in the long term. Consultancy was precisely described by Wood (2002). In his book, he stated that consultancy can refer to the following activities: 1 Management and administration: including management consultancy, legal, accounting, financial strategy and fiscal advice, mergers, and takeovers and

Marketing plan for amazon.com Research Paper Example | Topics and Well Written Essays - 1500 words

Marketing plan for amazon.com - Research Paper Example cific industry in which Amazon.com operates, the organization requires a holistic marketing strategy associated with the Amazon name rather than attempting the laborious and costly activity of differentiating each and every market in which the company maintains a presence. Therefore, the company should be focusing on building a brand personality for the company as a whole, making a variety of markets gain favorable impressions of the company and not the products or industries in which the business operates. The marketing strategy is to ensure that disparate consumer segments build a perception of brand preference for Amazon.com over its plethora of different competitors. Brand preference is defined as the level to which consumer segments prefer a company or brand after weighing equality related to product availability and pricing structures (Boone & Kurtz, 2007). It is the extent to which consumers would rather make purchases with one company over other competitive offerings in an established market. Advertising is a powerful influence in creating brand preference (Jedidi, Mela & Gupta, 1999). Price is also a substantial persuasion that impacts the level of demand that companies can expect which is an indicator of brand preference (Draganska & Jain, 2006). Amazon.com, as a company that has been in operation since 1994, has already established brand recognition and brand awareness with millions of consumers which is justified by attained revenues of $61.09 billion in 2012 (Amazon, 2013). However, if the company can establish brand preference, it will open many new market opportunities and increase market share for this company that is still in the growth stage. Companies that have managed to establish brand preference experience higher revenue growth and can even allow organizations to charge higher prices since consumers believe in the quality and integrity of the brand (Chaudhuri & Holbrook, 2001). To accomplish this goal of establishing more significant brand

German military Essay Example for Free

German military Essay The overwhelming tactics unleashed by the Nazis at the beginning of World War Two signaled a shocking advance in the art of warfare. The allies struggled to devise defenses against the blitzkrieg of the German military. Eventually, they were able to repel the Germans. However, the nations of the world learned a great deal from the blitzkrieg. This frightening tactic would be emulated and modified in the decades to come. As the Blitzkrieg inspired fear in its opponents, it also eventually inspired overconfidence in the Germans. Many of the nations that the Germans attacked in the first years had antiquated militaries and were ill prepared for the onslaught of the German Wehrmacht and the Luftwaffe. In the first years of the conflict, the Luftwaffe seemed both omnipresent and nearly invincible as it fought on fronts as distant as North Africa and Northern Russia. 1 The Allies would be forced by the Blitzkrieg to rapidly retool their militaries and their military strategies. In the mean time, the Blitzkrieg would cause devastation across Europe. War in the early 20th Century World War One served as a major turning point in the conduct of warfare. Prior to this war, the idea of honor for ones opponent still existed to a certain degree. Many commanders frowned upon sneak attacks and civilian casualties. By 1914, the technology of weaponry had advanced significantly. It was now possible to kill large numbers of 1. Dale Brown (ed. ). The Luftwaffe. Alexandria, VA: Time-Life Books, 1982. (16). soldiers easily. The tremendous number of casualties eliminated any sense of battlefield chivalry that remained. The machine gun, deadly gases, air power and more accurate and deadly shells resulted in unprecedented casualties. Yet, neither side was gaining any substantial ground. The war settled into a deadly stalemate in which soldiers were routinely sacrificed in large numbers with little hope of gain. With the exit of the newly formed Soviet Union and the entry of the United States into the conflict it became clear that Germany would run out of manpower before the allies. The eventual peace levied a punitive price on Germany. The nation was forced to accept full blame for the war, change its form of government, pay reparations and reduce the size of its military. Feeling the humiliation of the Versailles treaty, the Germans who would later come to power were determined not to make the same mistakes as their predecessors. After World War One, a committee was formed to assess war issues and strategies. It was decided that strategies emphasizing maneuver and surprise would be necessary in the future. Carl von Clausewitz and other German military theoreticians had successfully used such tactics in prior wars. 2 The new German command would draw on these principles, and merge them with rapidly advancing military technology. The Germans knew that, for them, a war of attrition was unwinnable. Yet, there were some who wanted to avenge the harsh terms of the Versailles treaty. The Nazis only held a minority in the Reichstag, but Hitler managed to maneuver his way into absolute power. From the early 1930’s, the Germans violated the terms of the treaty and rebuilt 2. Larry H. Addington. The Pattern of War Since the Eighteenth Century. Bloomington: Indiana University Press, 1994. their military to frightening levels. Military leaders, such as Goring and Himmler studied the theories of J. F. C. Fuller and Liddell Hart in order to craft military strategies that took advantage of cutting edge technology. 3 Shades of the future could be seen even before the end of World War One. The Germans used Blitzkrieg-like attacks in Russia and in France during 1918. By that time, however, attrition had decimated the German forces and they were ultimately unable to capitalize upon these successes. What is Blitzkrieg? Blitzkrieg, or â€Å"Lightning War† was a startling advance on warfare first used comprehensively in the Nazi attack of Poland in 1939. The tactic was used extensively in the following years. The Blitzkrieg provided great success for the regime throughout Europe, in North Africa, and initially in Russia. The term â€Å"Blitzkrieg† is now a general term used to describe a variety of military actions. In all cases, it is a well-planned, widespread attack used to decimate the enemy’s defenses swiftly. In World War Two, the Nazi blitzkriegs often consisted of a specific sequence of actions. Any definition of Blitzkrieg should include the following elements: a decentralized command structure, the avoidance of combat in favor of targeting infrastructure, the use of air support, and the use of mobile, mechanized artillery. Engineering assets must also be prevalent in order to keep the force moving quickly. 4 3. Kenneth Macksey. Guderian: Panzer General. London: Greenhill Books, 2003 4. Alexander B. Rossino. Hitler Strikes Poland: Blitzkrieg Ideology and Atrocity. Lawrence: University Press of Kansas, 2003. The term itself came into use in the mid 1930’s, although elements of the strategy had been around for centuries. It came into widespread use after Time magazine used it to describe the German attack on Poland in 1939. First, infrastructure, communications, and the front and back line troops are attacked by air. Any air forces were to be neutralized immediately. This is done by heavy, concentrated bombing sorties. The goal was to effectively blind the enemy and gain air superiority. Following closely behind, tank divisions break through and advance quickly. Other mechanized units follow the tanks, engaging the enemy and establishing strategic strongholds. Communication is critical for such an attack. Advances in radio technology allowed the Germans to create a seamless network in which commanders could receive, and react to, real time information from any sector of the battlefield. Meanwhile, the infantry is engaging the enemy forces. Those forces are then unable to pull back and defend against the fast-moving mechanized forces. The enemy flanks are also attacked. Ground forces continue the process of encircling the enemy forces, while the tank units plunge ever further into enemy territory. The highly concentrated, fierce attacks often caught enemies off-guard. The mechanized units advanced at such a rate that they were able to continually out flank defenders. Often within weeks the enemy forces would be circled and cut of from reinforcements. To enhance the effectiveness of these attacks, the Germans usually did not declare war. In some cases, Hitler had even made non-aggression pacts with countries he later attacked. Unleashing the new war machine The Nazi war plan was the product of years of preparation. Although the Blitzkrieg is a name specifically describing actions that began in 1939, the Nazis had already experimented with the idea prior to the war. The Spanish civil war of the late 1930’s provided a proving ground, of sorts, for a new theory of war. German high command participated in the war, evaluating and honing tactics for the larger conflict to come. According to Dale M Brown in The Luftwaffe: The eruption of that conflict in 1936 had been welcomed by Hitler and his Generals as a heaven sent opportunity for the young German air force to test its planes, train its air crews and develop new fighting techniques under modern battle conditions. 5 In 1939, the Nazi government manufactured a border dispute with neighboring Poland. The Polish army was accused of entering German territory and committing murder. Coincidentally enough, German forces were already poised at the border and ready for an offensive attack. What would occur next would come to be known as the Blitzkrieg. Poland and the other European nations were ill-prepared for the German onslaught. German forces poured in to Poland with lightning speed, while the Luftwaffe quickly neutralized the Polish Air Force. The Blitzkrieg had achieved its first major success. Edwin P. Holt writes in Angels of Death: Goring’s Luftwaffe: The effect was terrible. In minutes the roads were scenes of devastation and carnage. It was a case of a modern war machine 5. Dale Brown (ed. ). The Luftwaffe. Alexandria, VA: Time-Life Books, 1982. (19). fighting a nineteenth-century army. 6 The speed of the attack was unprecedented. It was both physically and psychologically devastating for the Polish populace. Centers of population thought safely within the country’s interior were now reachable in a matter of days. The stunning attacks struck fear into both the civilian and military population. This, in fact, was a critical part of the Blitzkrieg plan. A population that feels utterly vulnerable is likely to submit quickly. The eyewitnesstohistory. com website provides a diary entry fro a German tank commander. He writes of the later French campaign: The people in the houses were rudely awoken by the din of our tanks, the clatter and roar of tracks and engines. Troops lay bivouacked beside the road†¦Civilians and French troops, their faces distorted with terror lay huddled in the ditches. 7 The Blitzkrieg later used against the French would be ruthlessly efficient. Historians disagree as to whether the Polish campaign was technically a Blitzkrieg, citing many of its conventional elements. It has come to be known as the beginning of Blitzkrieg none the less. It was devastatingly fast, and nearly impossible to defend against. The Polish defenders fought valiantly, but they were over matched. Polish troops repeatedly charged the German tanks in what amounted to a suicide mission. Nazi commanders, secure in their tanks spoke arrogantly of the Polish campaign. In Tank, Patrick Wright described the Nazi’s attitude: 6. Edwin P. Hoyt. Angels of Death: Goring’s Luftwaffe. New York: Forge, 1994. (146). 7. Ibis Communications Inc. â€Å"Blitzkrieg: 1940. † 2002. http://eyewitnesstohistory. com/pfblitzkrieg. htm . Accessed 22 December 2006. Hitler’s tank General, Heinz Guderian, claimed that the Polish Lancers took this desperate step â€Å"In ignorance of the nature of our tanks† and suffered â€Å"tremendous losses† as a consequence. 8 After the successful campaign against the Poles, the Nazi regime turned its sights toward the other neighboring countries. Some of them, intimidated by the Blitzkrieg, fell without a fight. Others were quickly overwhelmed by the ever more efficient blitz tactics. Before the end of 1940, Norway, the Netherlands and Belgium had all fallen into German hands. With military confidence at an all-time high, Hitler unleashed the blitz on Russia in 1941. In short order, German troops surrounded Moscow and Leningrad. In the East, Hitler stood triumphantly in Paris. France had been conquered in less than two months. After the First World War, the French had constructed a system of border defenses called the Maginot Line. It was thought that this line could prevent any invasion, or at least delay it long enough for defenders to assemble. The Germans studied the line intensively and found its weak points. This illustrates the theory of schwerpunkt – a maximum concentration of integrated forces at one focal area. 9 From there, mechanized forces could get behind, and eventually encircle defenders. Ultimately, the Maginot line could not stand up to the much-advanced German tanks and artillery. Mechanized units plunged through the line, fanned out, and quickly drove remaining French forces underground. The process would be repeated many times throughout Europe. 8. Patrick Wright. Tank: the progress of a monstrous war machine. New York: Penguin Books, 2003. (232) 9. Bryan Perrett and John Hacket. A History of Blitzkrieg. New York: Stein and Day, 1984. German forces under Gen Erwin Rommel also used Blitzkrieg tactics in North Africa. Initially, they faced little resistance. Deception was often a part of the North African version of Blitzkrieg. Tanks and the Luftwaffe were still the spearheads of the attack, but Rommel also used the natural elements to his advantage. From The War in the Desert by Richard Collier: Behind them [the tanks] groaned trucks whose drivers were doing their best to obey Rommel’s order: â€Å"Rear vehicles to raise dust – Nothing but dust. † 10 Small deceptions such as this allowed the Germans to stretch their forces farther than otherwise possible. The Germans streaked across the desert, acquiring strategic positions and valuable natural resources. The allies had seen the devastating Blitzkrieg in Europe and now they faced a foe of unknown strength in Africa. That was how the Germans wanted it. From The War in the Desert: It was becoming increasingly clear that the enemy believed us to be far stronger than we actually were, Rommel said, â€Å"A belief that was essential to maintain. 11 In addition, the bombing of London is commonly referred to as â€Å"the Blitz†. From the perspective of those being bombed, this is understandable. Militarily, however, these attacks did not meet the technical definition of Blitzkrieg. Still, the whistle of the dive- bombing German Stukas provided the intimidation that could have made a later invasion easier. 10. Richard Collier. The War in the Desert. Alex. , VA: Time-Life Books, 1977. (64). 11. Richard Collier. The War in the Desert. Alex. , VA: Time-Life Books, 1977. (65). A key aspect of Blitzkrieg is the integration of all branches of the military in a well-coordinated attack. Air power was still relatively new to the battlefield. It had existed in WWI. Initially, balloons had been used for reconnaissance and occasional bombing. Later in the war, fighter aircraft were developed to the point of effectiveness. Strategy, however, was in its infancy. Using air power in concert with the army was rare and often ineffective. The Nazi’s were innovative in using the rapidly developing flight technology to its best advantage. If air power was important to the success of the blitzkrieg, the tank was critical. The mobility, firepower and defenses of the tank were substantially better than their WWI counterparts, due mainly to the innovation of the Germans. In World War One the tank was still relatively new. It showed potential as an offensive weapon, but it had many problems as well. WWI tanks frequently got stuck, broke down or were sabotaged. Some were very lightly armored. By the end of the war, the Germans had realized that the tank was ineffective in a stalemate situation. However, it showed great promise in swift, mobile attacks. Some of Germany’s potential foes also realized the military potential of mechanized warfare. British generals, including Sir Basil Liddell, were simultaneously developing the strategy of mechanized warfare. George Parada writes: They all postulated that tanks could not only seize ground by brute strength, but could also be the central factor in a new strategy of warfare†¦. All of them found the tank to be the ultimate weapon. 12 Speed was the central aspect to the Blitzkrieg. The Nazi’s had to cut off 12. George Parada. â€Å"The Concept of Blitzkrieg: Achtung Panzer. † 1996. http://www. achtungpanzer. com/blitz. htm . Accessed 23 December 2006. reinforcements and prevent enemy troops from regrouping to be successful. All of the actions of the Blitzkrieg were aimed toward those ends. Technological advances allowed for that speed. If the first wave of potential defenders could not be completely destroyed, at the logistics and communication that support those defenders could be interrupted. Further reinforcements would then have a difficult time catching up to the speedy German attack. The differences in military hardware between WWI and WWII are stark. Aircraft, for example, had become many times faster and more deadly. Tanks, also, were far more powerful and mobile than in the First World War. The changes in strategy that created the Blitzkrieg soon followed. From the eyewitnesstohistory. com website: This was a new kind of warfare integrating tanks, air power, artillery and motorized infantry into a steel juggernaut emphasizing speedy movement and maximization of battlefield opportunities. 13 The end of the Blitz? The success of the Blitzkrieg was reliant on many factors. For years, the Germans had been planning out every detail of their actions. One critical element, however, was beyond their control. The lack of enemy preparedness was as important as anything the Germans did in the attacks. As the war dragged on, German resources waned and the preparedness of the Allies increased. The blitz proved to be devastatingly effective against Germany’s European neighbors. Most were overrun within weeks. The blitz had its limitations, though. When the Nazi’s attacked the Soviet Union success appeared imminent. Russia is a massive 13. Ibis Communications Inc. â€Å"Blitzkrieg: 1940. † 2002. http://eyewitnesstohistory. com/pfblitzkrieg. htm . Accessed 22 December 2006. landmass with a vast amount of resources and often severe weather conditions. These forces would spread the German military too thin, and eventually turn it back. In the West, the English Channel provided a natural barrier against the Germans. The same fast, well-coordinated and overwhelming attacks that had brought great success in Europe were simply not possible against Great Britain. Germany was never able to gain air superiority over England and never launched an invasion. By 1944 the Blitzkrieg attacks had run their course. The Soviets had outlasted the Germans on the Eastern front. In the east, the Americans had joined Allied forces for the successful D-Day invasion. On the defensive, Germany was no longer able to mount massive blitz attacks. During their retreat, they were able to perform one final coordinated attack, at the Ardennes in France. The Blitzkrieg was undoubtedly effective in the early going. The stealth and speed of the attacks allowed the Germans to quickly conquer territories that might not have been possible with conventional tactics. As effective as it was, the Blitzkrieg could not counteract one maxim of conventional warfare – The side with the most resources will eventually win. The Germans simply could not match the resources the Allies could muster. The element of surprise was also gone by 1943. In the face of overwhelming force, the Blitzkrieg was neutralized. Pointing toward the future The Blitzkrieg advanced warfare to shocking levels. At least in the early going the Germans were successful in avoiding long wars of attrition. The Blitzkrieg also provided an intimidating image in which civilians were often in the crosshairs of the war machine. From Tank by Patrick Wright: †¦the image converts the opening weeks of the Second World War into a collision between eras; petrol against muscle, faceless mechanized power against personal valour. 14 It was a rude awakening to a new era of warfare. Killing was now impersonal in many cases. It could now be done from great distances in any conditions. Te days of two armies warring endlessly along a well-defined front were over. The Germans cannot be given all of the credit for developing what would become the Blitzkrieg. Mobile warfare had, in fact, been around for centuries. German commander Guderian and others gave credit to British theoreticians Liddell Hart and J. F. C. Fuller, although the extent of their influence is still a matter of debate. 15 During the late 1920’s the British had created an experimental force to test the effects of fully mechanized warfare. Fuller created new battle plans emphasizing the role of the modern tank. The Germans studied these actions closely, and improved upon them. Germany had also emerged as an industrial and scientific power. This was critical in the development of their new military. The advances in machinery in the early twentieth century allowed for unprecedented military speed. The Germans learned well from their World War One experience. Other nations were also developing Blitzkrieg-like tactics before WWII. The Germans, however, were the first to use the new strategy in a comprehensive way. In a world still war weary and suffering an economic depression, the Blitzkrieg achieved maximum shock value. 14. Patrick Wright. Tank: the progress of a monstrous war machine. New York: Penguin Books, 2003. (232). 15. Kenneth Macksey. Guderian: Panzer General. London: Greenhill Books, 2003. Anything successful is bound to be copied. The Allies were not oblivious to the new German tactics. The innovative German tactics would now be used against them. George Parada describes the process of adaptation: At the same time [the] potential of Blitzkrieg and related tactics was fully appreciated by the Allies, who implemented its tactics on both fronts†¦George Patton used Blitzkrieg and mobile warfare tactics in his European operations of 1944. 16 Echoes of the German blitz can be seen in modern warfare. The â€Å"shock and awe† campaign of the United States military against the Iraqi regime is one such example. It was a well-prepared and widespread attack on a vast number of pre-designated targets. Unlike the German attacks, this was not initially an invasion. The advances in air and missile technology allowed for this. The Iraqi regime, unlike the European nations in WWII, had plenty of warning that the attack would occur. The goals of the blitz and the â€Å"shock and awe† campaign remain the same, however. The attacks were designed to target military assets and the infrastructure that supports them. At the same time, the attackers want to intimidate and overwhelm their foes. The ultimate goal is to avoid a bloody stalemate such as that in World War One. Today, weaponry has advanced to the point where the element of surprise is no longer necessary for a major power. Guerrilla wars are also far more prevalent today. These types of wars limit the effectiveness of Blitzkrieg-type attacks. In short, the Blitzkrieg has greatly influenced attack strategy. However, the strategy is not as invincible as it once was. 16. Parada, George. â€Å"The Concept of Blitzkrieg: Achtung Panzer. † 1996. http://www. achtungpanzer. com/blitz. htm . Accessed 23 December 2006. Notes 1. Dale Brown (ed. ). The Luftwaffe. Alexandria, VA: Time-Life Books, 1982. (16). 2. Larry H. Addington. The Pattern of War Since the Eighteenth Century. Bloomington: Indiana University Press, 1994. 3. Kenneth Macksey. Guderian: Panzer General. London: Greenhill Books, 2003 4. Alexander B. Rossino. Hitler Strikes Poland: Blitzkrieg Ideology and Atrocity. Lawrence: University Press of Kansas, 2003. 5. Dale Brown (ed. ). The Luftwaffe. Alexandria, VA: Time-Life Books, 1982. (19). 6. Edwin P. Hoyt. Angels of Death: Goring’s Luftwaffe. New York: Forge, 1994. (146). 7. Ibis Communications Inc. â€Å"Blitzkrieg: 1940. † 2002. http://eyewitnesstohistory. com/pfblitzkrieg. htm . Accessed 22 December 2006. 8. Patrick Wright. Tank: the progress of a monstrous war machine. New York: Penguin Books, 2003. (232) 9. Bryan Perrett and John Hacket. A History of Blitzkrieg. New York: Stein and Day, 1984. 10. Richard Collier. The War in the Desert. Alex. , VA: Time-Life Books, 1977. (64). 11. Richard Collier. The War in the Desert. Alex. , VA: Time-Life Books, 1977. (65). 12. George Parada. â€Å"The Concept of Blitzkrieg: Achtung Panzer. † 1996. http://www. achtungpanzer. com/blitz. htm . Accessed 23 December 2006. 13. Ibis Communications Inc. â€Å"Blitzkrieg : 1940. † 2002. http://eyewitnesstohistory. com/pfblitzkrieg. htm . Accessed 22 December 2006. 14. Patrick Wright. Tank: the progress of a monstrous war machine. New York: Penguin Books, 2003. (232). 15. Kenneth Macksey. Guderian: Panzer General. London: Greenhill Books, 2003. 16. Parada, George. â€Å"The Concept of Blitzkrieg: Achtung Panzer. † 1996. http://www. achtungpanzer. com/blitz. htm . Accessed 23 December 2006. Sources Addington, Larry H. The Pattern of War Since the Eighteenth Century. Bloomington: Indiana University Press, 1994. Brown, Dale (ed. ). The Luftwaffe. Alexandria, VA: Time-Life Books, 1982. Collier, Richard. The War in the Desert. Alexandria, VA: Time-Life Books, 1977. Corum, James S. The Roots of Blitzkrieg. Lawrence: University Press of Kansas, 1992. Ferguson, Niall. The War of the World: twentieth-century conflict and the descent of the West. New York: Penguin Books, 2006. Hoyt, Edwin P. Angels of Death: Goring’s Luftwaffe. New York: Forge, 1994. Ibis Communications Inc. â€Å"Blitzkrieg: 1940. † 2002. http://eyewitnesstohistory. com/pfblitzkrieg. htm . Accessed 22 December 2006. Macksey, Kenneth. Guderian: Panzer General. London: Greenhill Books, 2003. Parada, George. â€Å"The Concept of Blitzkrieg: Achtung Panzer. † 1996. http://www. achtungpanzer. com/blitz. htm . Accessed 23 December 2006. Perrett, Bryan and Hacket, John. A History of Blitzkrieg. New York: Stein and Day, 1984. Rossino, Alexander B. Hitler Strikes Poland: Blitzkrieg Ideology and Atrocity. Lawrence: University Press of Kansas, 2003. Rutherford, Ward. Blitzkrieg 1940. New York: Putnam Sons, 1979. Sheperd, Alan. France1940 Blitzkrieg in the West. Oxford: Osprey Publishing, 2003. Wernick, Robert. Blitzkrieg. New York: Time-Life Books, 1976. Wright, Patrick. Tank: the progress of a monstrous war machine. New York: Penguin Books, 2003.

Case Study of China Aviation Oil Corporation Ltd

Case Study of China Aviation Oil Corporation Ltd Risk Management and Corporate Governance A Case Study of China Aviation Oil Corporation Ltd. Background introduction to CAO China Aviation Oil (Singapore) Corporation Ltd (CAO) is the Singapore subsidiary of China Aviation Oil. CAO was established in 1993 and its main business were jet fuel (kerosene) purchase for Chinese airports and international trading of fuels. CAO developed really fast and achieved 92% market share of the procurement of imported jet fuel for Chinas civil aviation industry by 2001. However, it was then involved in a big scandal which lead to its failure. In November 2004, CAO declared a total loss of $550 million and filed for bankruptcy. timeline of critical events Q1 2003 CAO enters into speculative option trades on oil prices with a bullish view Q4 2003 CAO changed its strategy and started trading speculative option trades taking a bearish view. Oct 2004 à ¢Ã¢â€š ¬Ã‚  international oil prices rose steeply, leaving CAO facing significant margin calls on its open (short) derivative positions. Nov 2004 in a press release CAO stated it was unable to meet some of the margin calls arising from speculative derivative trades. The total derivative losses amounted to $550m. Mar 2006 à ¢Ã¢â€š ¬Ã‚  CEO Mr. Chen Jiulin was arrested with the charge of insider trading, fined and sentenced to 51 months imprisonment. Literature Review option-based strategies There are two types of options: call and put option. One can either long or short the two options to gain profit (speculating) or mitigate risk(hedging) from price changes. In this case, CAO started its option trading in 2002 initially to hedge its jet fuel risk thorough. derivatives of futures and swaps. However, in the mid 2003, CAO started trading in speculative derivative options. hedging A hedge is needed to mitigate the risk from potential unfavorable swings in commodities. However, considering the cost and benefit effect, a hedge is not always necessary. One needs to understand the risks to be hedged, evaluate the severity and timing of downside risks properly, consider the financial instruments available and costs of certain instruments to determine the most cost-effective way to hedge. risk management and corporate governance Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from various sources including uncertainty in financial markets, threats from project failures, legal liabilities, credit risk, accidents, natural causes and disasters, or uncertain events, etc. The Board should establish appropriate guidelines for trading and ensured that they were consistent with the companys fundamental risk management policies, management capabilities and expertise, and overall risk appetite and tolerance. Senior managers (including executive members of the board) should formulate the major policies and guidelines of an institution. There should be a separation of duties between those who generate financial risks and those who manage and control these risks. Analysis CAOs trading strategies escalating bets As mentioned above, the companys trading strategy changing from hedging risks in 2002 to speculation with bullish strategy (bought calls and sold puts)in Q1 2003, which proved to be an accurate prediction. However, CAO then took a bearish view of the trend in oil prices in the fourth quarter of 2003, and began to sell calls and buy puts, with the result that it was in a short position at the end of the quarter. As the assumption was that oil prices would fall, it was further assumed that the counterparties would not extend the options, and these would therefore lapse to the benefit of the company. However, the price went further upward this time. The rise in oil prices resulted in the counterparties exercising the extendible features on options, and with the calls that were sold, the company faced the real risk of having to sell the contracted number of barrels at the strike price and realizing substantial loss. incorrect option valuation methodology The Special Auditor from PwC assigned by SGX discovered that the company used the wrong MTM valuation method by ignoring the time value, which lead to the misestimation of oil price and the wrong speculation strategy. While CAO had the chance to remedy the mistake by comparing the pricing with counterparties but the company met the margin calls without protest until it lost the financial capacity to do so at the end of September 2004. motivations behind Financial: the company developed fast and became monopoly in the market since 2000. In order to bolster its profile as well as boost investors confidence and generate more profit, the company was willing to take high risk. Political: according to exhibit 8, the year 2003 saw the burst of Gulf War. The company may want to take advantage of the war so that higher risk is acceptable as fuel is a critical resource during wars. Corporational: the lack of risk management knowledge of the CEO, insufficient management environment within the company and the inefficient external audit, as will be discussed in detail in the next section, further accelerated the fall of the big company. CAOs risk management and corporate governance In its 2003 annual report, CAO indicated that it had a formal system of rigorous internal controls over three layers. Meanwhile, other sources of control includes China Securities Regulatory Commission and External Audits. It seems that the company should have a stringent risk appetite. However, according to PwCs report, despite a continuing significant loss in 2004, in order to avoid recording and reporting losses, the company adopted a much larger risk exposure by selling longà ¢Ã¢â€š ¬Ã‚ term options with extremely high risk profiles to raise the premiums to cover the cost of closing out the lossà ¢Ã¢â€š ¬Ã‚ making option contracts (Exhibit 1). So in effect, CAO coveredà ¢Ã¢â€š ¬Ã‚ up the losses that were realized when closing out the lossà ¢Ã¢â€š ¬Ã‚ making nearà ¢Ã¢â€š ¬Ã‚ dated options. Exhibit 1 It was unclear why the companys directors did not question or object to this contravention of regulations. The Audit Committee did not carry out its function of identifying and monitoring the financial risks involved in options trading, and investigating whether the risk management framework and safeguards were sufficient for dealing with the business. Follow-up Development Restructuring outcome: In response to the investigation results by PwC, CAO indicated in a press statement that it intended to form a committee to study the results and to recommend the company on specific remedial or disciplinary improvements. It also expressed the willingness to be more honest on past events and to move forward with the debt and equity restructuring exercise in a positive manner. The company then called for a creditor meeting to approve its latest debt restructuring plan on June 8. As far as I am concerned, with the resources of the parent company, both from the aspects of finance and entrepreneurship, the support from Chinese government, and the establishment of a strict risk management framework, CAO can still gain back confidence from stakeholders, which may need time and effort. Conclusion Improper application of accounting principles, lack of oversight, inadequate knowledge of market and ineffective risk management systems for the speculative options deal were the major contributing factors towards CAOs failure. We should learn a lesson from the case as factors are similar and equally applicable to different business contexts so it is important to avoid certain mistakes. References Li, S., Nadeem, M. (2010). Risk Management and Internal Control: A case study of China Aviation Oil Corporation Ltd. Farhan. (2016, April 10). China Aviation Oil (Singapore) Corporation Limiteds Jet Fuel Scandal (2005) Casestudy. Retrieved January 15, 2017, from https://financetrainingcourse.com/education/2014/04/china-aviation-oil-singapore-corporation-limiteds-jet-fuel-scandal-2005-casestudy/ Yeo, A. (2014). China Aviation(Singapore) Limited- Sliding down a Slippery Slope: The $550m Derivative Trading Loss on November 2004.

Essay on Character Movement in James Joyces Dubliners -- Dubliners Es

Character Movement in Dubliners  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚   In a letter to his publisher, Grant Richards, concerning his collection of stories called Dubliners, James Joyce wrote: My intention was to write a chapter of the moral history of my country and I chose Dublin for the scene because that city seemed to me the centre of paralysis. I have tried to present it to the indifferent public under four of its aspects: childhood, adolescence, maturity, and public life. The stories are arranged in this order. I have written it for the most part in a style of scrupulous meanness and with the conviction that he is a very bold man who dares to alter in the resentment, still more to deform, whatever he has seen and heard (Peake 2). Joyce's passion for Dublin presents itself in the copious detail he uses in Dubliners. No street name, tower, pub, or church is left unspecified. Joyce often boasted to his brother Stanislaus that if Dublin were to disappear off the face of the earth, it would not be difficult to reconstruct it, simply based on Joyce's work (Walzl 169). Though all but three of the Dubliners stories were written while Joyce was in self-imposed exile form Ireland, he describes strolls his characters took throughout Dublin, carefully noting every turn of every street corner. The movements Joyce notes are not arbitrary, but symbolic. Joyce intended for his audience to give special attention to the direction of the characters' movements. In most of the stories, the East symbolizes willful exile and escape. Movements westward indicate acceptance of corruption and eternal paralysis. In Dubliners, Joyce uses symbolic physical movement to trace the different stages of paralysis in his characters. In the three childhood stories, "Sist... ...ements of his book" (60). The movements of Joyce's characters in his work Dubliners offer a telling picture of where Joyce predicted the city of Dublin was headed. Works Cited Bidwell, Bruce and Linda Heffer. The Joycean Way: A Topographic Guide to Dubliners and A Portrait of the Artist as a Young Man. Johns Hopkins: Baltimore, 1981. Gifford, Don. Joyce Annotated: Notes for Dubliners and A Portrait of the Artist as a Young Man. University of California: Berkeley, 1982. Joyce, James. Dubliners. Penguin Books: New York, 1975. Peake, C.H. James Joyce: The Citizen and the Artist. Stanford University: Stanford, 1977. Tindall, William York. A Reader's Guide to James Joyce. Noonday Press: New York, 1959. Walzl, Florence L. "Dubliners." A Companion Study to James Joyce. Ed. Zack Bowen and James F. Carens. Greenwood Press: London, 1984.