Executive Summary Of The 3 Idiots Movie Media Essay

Executive Summary Of The 3 Idiots Movie Media Essay 3 idiots, the movie made it a fashion for people to say All izz Well in any kind of situation, whether truly a problem or not. But as Aamir Khan says in the movie: it gives you faith in yourself to face the situation in a more confident manner. Crisis has always been a part of the world. Everyday, accidents and disasters make the news headlines. It is vital that the potential damage is limited by providing clear messages to the public and media. Crisis could be at any level, but it affects all individuals. According to the 6 degrees of separation theory, we are only 6 links away from being connected to any person in the world. So any kind of crisis can snowball into something that affects you. What we have focused upon are some national level crisis, some organizational level crisis and personal level crisis. In these we have taken cases of the terrorist attacks in Mumbai, The Satyam Scam, The fall of Lehmann Brothers and Winston Churchill and his crisis communication. The terrorist attacks have been one of the most disturbing times for modern India. However it is important to see how the parties affected: the government, the people, the expatriates; how did they communicated between themselves and what was the message thus delivered. The Satyam scam took the corporate India by surprise. No one had anticipated that a good, and respectable company like Satyam could have such a level of fraud going on at the senior management level. It was important that internally it be communicated that the employees (most of them) had little to do with the scam and are as surprised by the revelations as the world was. To the world, it was to be communicated that India is not a country where this is the norm and we do take business seriously. Adequate enquiry and restructuring was done to ensure that. The fall of Lehman brothers marked an important period in recent history. It was an indicative fall. The world was already staring in the face of a downturn. It was a signal that the crisis has only worsened when Lehman brothers declared bankruptcy. It was like a final nail in the coffin and the world did accept the reality that yes, we are in trouble and lots of it! It was important here that the governments be extremely cautious with their words. People are one step short of hitting the panic button and it is the governments duty to ensure that it is communicated to them that even if such iconic institutions are at huge risk, the people shall have minimal damage. Some part will definitely be affected, but not all. On a personal level crisis, it could be getting a divorce or unemployment or for teenagers, it could even be peer pressure. It is also a secondary level of crisis where one of the national or organizational level crisis results into a personal level problem. What we have taken here are cases of David Letterman and Tiger Woods, celebrities whose personal crisis was for the world to witness. Crises are an important part of life. They help us identify the weak links in the system and correct itself for future. A crisis can be turned into an opportunity if the paradigm is unconventional and the communication is clear. It is upon us as to how do we make the best use of the resources at disposal. Contents Sr. No. Topic Page No. 1. Introduction 5 2. When Terror strikes 6 3. The Satyam Saga 10 4. Big Brothers in deep trouble 13 5. Am I OK!?!? 16 6. To V-E Day- Winston Churchill 19 7. Conclusion 23 8. References 24 Introduction According to Murphys Law whatever can go wrong, will go wrong (or whatever can go wrong, will go wrong, and at the worst possible time, in the worst possible way). Mr. Murphy certainly didnt envision himself being the face of all the tongue-in-cheek truths that we put across in his name. But that law sums up most crises. It is essentially things going wrong. While all crisis are unique, the method of handling each one of them is also different. But what connects them is the fact that communication is an integral part of all these crises. Senior management and leaders within companies, organizations and governments embroiled in a crisis have leart the hard way what happens when the unthinkable becomes reality. These crises are then made public and are often grossly exaggerated by the media. The fact that we live in the age of transparency and the Internet, no one and nothing is immune to crisis. We identified crisis on three levels: National level crisis: These include natural disasters, wars, terrorist attacks, and other crisis of this scale. These disasters affect the nation as a whole and are nation wide effects. We have taken terrorist attacks and Winston Churchill and his communication tactics during the WWII as the examples for national level crisis. Organisational level crisis: These are the crisis that affect organizations internally and the outside world too. It could happen in any industry or field. We have chosen two examples namely Satyam and Lehman brothers as a case in point. Personal level crisis: Personal crisis are a part of each and every persons life. Celebrities are people whose personal life falls in the public domain. David Letterman and Tiger Woods are the cases we have picked up from recent past. Their crisis was made public and the world learnt lessons. When terror strikesà ¢Ã¢â€š ¬Ã‚ ¦ Crisis communication is at times considered as the branch of PR that is mainly designed to defend and protect the reputation, dignity and the self respect of and individual, government or an organization. This may come in either form like economic crisis, natural disaster, inquiry by the government or the terrorist attacks on the country. Now, India is a country whos almost all the sides are surrounded by some or the other attacks made on the people and the government officials. But history proves that some of the worst and the worst attacks happen from the Maoists and from the Islamic terrorist groups in Pakistan. Right from the partition, there have been multiple wars or terrorist attacks done on India. The other way, India is a country with more than 100 crore of population. So, even a small attack has a capability to create a greater impact killing quite a huge number of people. And the role of media and the government is highly important during these attacks because, people are kept away from the proximity and hence the only source of information from them is the media reporters and government officials. So the situation can be judged as the crisis situation and the communication to be made to the public is very crucial. There have been multiple attacks like akshardham attack, Mumbai train attacks and the most recent, Taj Mahal hotel attack. A large part of crisis communication is the prevention of situations before they escalate to full-blown crises. For example, the communication was very badly handled by the government and the media during the Taj Mahal attack. Media was just involved in minting money without thinking that their communication strategy is indirectly harming the country and the emotions of the countrymen. While good crisis communication is useless without a good response, bad communication can cause a needless loss of lives. Take, for example, the time when news channels reported that the Nariman House siege was over, and thousands rushed onto the street in a spontaneous outpouring of relief. They did this because they saw a RAF officer signal a thumbs up on the roof of the building. It turned out that the siege was not over, and the army had to take a loudspeaker onto the street in an attempt ultimately in vain to disperse the mob. Imagine if someone had been hurt subsequently. It would have been a direct result of faulty lines of communication between the responders and the media. Also, whenever the terrorist attacks are going on and still all the terrorists are not killed, it should be noted that the basic form of communication which media should use is to avoid going into the depth of the news and still provide a sigh of relief to the people in brief. Whenever it goes into the depth of the events, it will give unnecessary information to the person who is controlling the terrorist operations and hence for that instant, he remains well informed on what is exactly happening there. So, this is the way, media should control the crisis communication during the attack. But, immediately, after the terrorists are killed and operation is declared over, the same government can give the whole news in detail. Thus, this way, government should realize the strategies of communicating even at the times of crisis. In the Mumbai terror attack the media was criticized for 3 most important reasons as far as the poor communication by them is concerned. 1) Why is it that they had to leak out the most sensitive information as a part of the news? It should remain sensitive till the time it is not going to affect the situation there. Some TV channels showed the positions of security forces stationed outside the buildings that were under siege, and some aired information about commandoes movements. That alarmed security officials: They worried that the information might reach the terrorists, who Indian authorities believe carried cellphones. 2) Media was more involved in covering Trident and Taj hotel, but it give very little information on what happened at CST. Whenever, the communication is being made, all essential information should have been passed and CST could have been the first thing they should have reported as any common man would not go to Taj but would surely remain at CST and hence the density of population there at any time would always be more than that at Taj. So, this was the lack of proper communication that prevented them from managing crisis. 3) Why is it that the media was involved in asking about the same situation to different police officials and the government? There was a wide-spread difference in opinions and information among all the information passed by every individual. It is very well understood that there should have been only 1 point of contact who could become the spokesperson and hence the only authority to report to the media. This could have created less discrepancy and hence only the authenticated information could have reached to the people. This is the model called Joint Information Centre where all the messages from different forces working to manage the crisis and only 1 appointed person is responsible to decide and speak out only the required information to the country. This might take some time to co-ordinate with all the departments, but once implemented, it can bring good clarity along with adequate security in every address to the country. As much as the media, government has also equal responsibility in handling the crisis communication effectively. It was observed at times that some parties did not forget to criticise not only the attack, but the ruling party, home minister, chief minister of the state and most importantly few people who lost their lives in this attack. Some rude politician immediately asked for the resignation of the home minister of the country, of the state and the chief minister of the state. Now, this crisis situation was not the time when communication should contain this type of communication. It should have been towards the concern for all those who lost their lives and purely the prayers for getting the operations ended at the earliest. This was the time when the country should have managed the communication showing unity and integrity. Everyone which includes the ruling as well as opposition parties to completely support the ethics of the country, the public and those trapped inside. The co mmunication could have been aimed at increasing the confidence and trust of the people on the government and not at increasing the vote banks by spitting out 4-5 sentences. The communication was mainly aimed at the countrymen, but the event as a whole was a major event to create its place in the history of terrorist attacks in the world. So, every communication by the government and the media was watched carefully by not only Indians but the world too. And hence, the communications should have been made to give a clear and strong message to the world that India still believes in Unity in Diversity. The Satyam Saga It has been more than a year since Mr. Ramalinga Raju confessed to orchestrating one of Indias biggest frauds. Still the crisis haunts the country and gives umpteen opportunities to learn from the situation. The scandal was scrutinized by media day in and day out. On one hand, shareholders and promoters were flabbergasted by this revelation. On the other hand the employees and internal staff were left in the lurch, not knowing what their future would be. How the company dealt with the crisis internally is an interesting story. Communication in such a crisis should become top priority for managers and the organization as a whole. In a crisis as that of Satyam the information can reach the employees faster from outside source than their managers. The crisis gets magnified when wrong information is gathered by employees. The managers cannot assume that employees already have all the information and that too the correct ones. It became important for the managers of Satyam to interact with his/her team on a daily basis and ease their tension. Satyam managers actually met their team hourly and several times a day. In a crisis every word heard is taken to be authentic information. It usually dissipates the organizational energy when the employees are trying to figure out what is fact and what is fiction. The efficiency of the work gets reduced, leading to sub standard or incomplete deliverables. Satyams strategy to communicate effectively was to use web television and turn their web communication expertise into a n emergency broadcast system. This they called the lights on strategy. The main focus of this strategy was to ensure that the employees have complete control over the information so that they are well informed and they dont end up making up things. In India communicating bad news has always been a tough job. Most people shirk away from communicating any bad news. They do not have the courage to look into the eye of their team and tell them that the news they have been getting from the outside world about their company is actually true. The senior management were confident enough in telling that there will not be any layoffs and they would be continuing to pay them the salaries. Since the situation was not very clear immediately, the managers had to talk about all the possibilities that could happen. Reassure the employees that the lights were still on and there will be some solution coming out soon. The government appointed a board and made the strategic decision of not laying off anyone till the organization was transferred to a new owner. Other companies started to lure the best employees of Satyam knowing that they will be available for a much lower pay given the extent of the crisis and the psychology the employees at that time. Since there was continuous communication from the management to employees, this made them feel belonged to the company. All the employees came forward to help the company come out of the crisis. They volunteered for pay cuts, did not protest against cut of variable pay and stood united in companys dark hour. Satyams consultants had always planned in preparing the employees to face the worst situation. Every team had a contingency plan for their deliverables in case of worst-case scenarios. For the safety of the employees the administration planned mock fire drills. Hence, during crisis the employees became their first priority. They setup a 24 hour helpline for counselling and guiding the employees. Employees were even given therapeutic help if needed. Web television was used extensively during these days. Meet the Board series was run for employees where the interview with every board member was telecasted. Employees could then send their questions to the board member. The management did not lose any time and tried to take as much control of the situation as possible. They kept all the stakeholders in the loop of their decision making. Communication had to be done not just to the employees, but also to the customers. They needed to be told that the company was still in business. This reassurance could be given mostly because of the excellent relations that the company had with its customers over the years. Satyam did not wait for the resolution of the crisis to serve its customers and clients. The projects that was underway continued to give its deliverables to the clients. They made sure that there was no break in the service. After the sale of stake to Mahindras was confirmed, the customers were spoken to again; this time to ask their feedback about how happy they would be to continue their ties with newly formed Mahindra Satyam. Many of them having heard of Mahindra, its reputation and its financial strength had confidence to continue their ties. This happened because of the perpetual communication that the management of Satyam had with their clients. It is always essential to communicate the right message, to t he right person, by the right authority and at the right time. The shareholders were also a worried lot. The day Satyams Chairman B Ramalinga Raju resigned as a result of the fraud, the stock prices fell by 70% to an all time low of Rs 58. There was a panic selling of a sort where nearly 13 crore shares had changed hands within an hour. Declining stock prices are always an indicator of the declining reputation of the company. The management needs to constantly keep in touch with the investors, be open to financial analysts and the media. Once a trust relationship is built with the investors a short-lived second opportunity can be expected from them. This can also avoid the panic selling which is the case in most situations of this sort. Opinions are formed almost immediately in case of fraud cases and stock prices are gravely affected by this. The government of India also became one of the stakeholders because of the magnitude of the issue. It was a question of the countrys reputation as the IT hub. This was the reason that government intervened and established a board to resolve the issue. The shareholders, clients and customers needed a reliable team on the board and the government came to the rescue. Communication through a neutral team becomes effective to pacify the various stakeholders. The government appointed people who were not related to the company and had in the past acted as consultants for the government to resolve issues. This proved to be successful strategy of communication. A management always needs a competitive, straightforward and yielding strategy while handling crisis. The communication strategy used in Satyam scandal was effective and this led to a smooth transition and change of ownership. Big Brothers in deep trouble It takes 20 years to build a reputation and 5 minutes to ruin it- Warren  Buffett This encompasses the importance of Communication during crisis. Every organization is vulnerable to crisis. The most challenging part of crisis communication is reacting but what is more important is reacting with the right response and the speed with which ones reacting. This is because inaction or inappropriate communication leads to humiliation, prolonged visibility and unnecessary litigation. Success in crisis management depends largely on how an organization communicates with its stakeholders. Stakeholders have something at risk, and therefore something to gain or lose as a result of your organizations activity. During a crisis an organization has to look at itself from their stakeholders perspective because stakeholders would be most concerned at how the crisis incident would affect them. They are expecting the organization to communicate with them, so it is vital to be proactive if possible. One of the worst managed crises during recent times has been the financial meltdown in United States of America (USA). We would be concentrating on Lehman Brothers Holdings Inc. whose downfall commenced the meltdown. Lehman Brothers Holdings Inc was a global financial services firm which, until declaring bankruptcy in 2008, participated in business investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. It was a primary dealer in the U.S Treasury securities market. The history of Lehman Brothers parallels the growth of the United States and its energetic drive toward prosperity and international prominence. What would evolve into a global financial entity began as a general store in the American South. Henry Lehman, an immigrant from Germany, opened his small shop in the city of Montgomery, Alabama in 1844. Six years later, he was joined by brothers Emanuel and Mayer, and they named the business Lehman Brothers. The firm, thus, was founded in 1850. In 1858, they opened an office in New York, which was the commodity trading centre of the country. Later firm also moved into the area of financial advisory, which provided th e foundation for underwriting expertise. On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, and devaluation of its assets by credit rating agencies. The filing marked the largest bankruptcy in U.S. history. The following day, Barclays announced its agreement to purchase, subject to regulatory approval, Lehmans North American investment-banking and trading divisions along with its New York headquarters building. Lehman went down and it was evident in April. Why? Because of what didnt happen. As I have mentioned earlier inaction can be hazardous, in this case it was. Now let us understand from where it all began. In March, 2008 David Einhorn, founder of Greenlight, a famous hedge fund asked a simple question of Lehmans CFO, Erin Callan during a conference call with Wall Street analysts. The question was not answered. So scepticism set in. A month later Lehmans shares plunged by 40%. What did Dick Fuld (then the CEO of Lehman Brothers) do? He sued a Japanese trading company for 35 billion yen in unpaid fees. In April, Einhorn announced he was short selling Lehman stock (This meant that he believed Lehmans stock would decline). Callan called Einhorn and asked for a copy of his speech and he complied. After reading it Callan spent her time badmouthing Einhorn. Why would anyone do that? Try to deflect attention from issue and blame someone else? This implied that something was drastically wrong. But Fuld did nothing. What should have happened? At this juncture, Dick Fuld should have gotten out in front of his investors, his clients, the market and he didnt. He should have studied history. What did similar companies do in such situations? All Dick Fuld had to do was take the situation in his hands, address the financial situation, support his CFO, develop a new plan of action, if there were mistakes admit them, and be realistic. The problem with Lehman was Dick Fulds refusal to understand what Lehman was worth! Its called the art of negotiatingà ¢Ã¢â€š ¬Ã‚ ¦he thought it was worth more than it was. He should have sat down with his lieutenants and asked the question, what are our options? Instead Fuld demoted Callan, in June after raising $6 billion in new capital, after disclosing a $2.8 billion loss the quarter before, then fired a long time lieutenant and friend Joseph Gregory. Then the stock fell. What message did he send to his customers and investors? One needs to be 1000 times more committed to your customers, clients and owners than anyone else. One must have integrity to your owners, your stockholders and Fuld didnt do that. When you are a public company your legal obligation is to your stockholders, your customers and your employees. As a hedge fund your legal obligation is to your investors and your employeesà ¢Ã¢â€š ¬Ã‚ ¦its not all about you. So what should a company in crisis do to salvage the situation? The CEO should surround himself with good people that challenge you to mitigate executive hubris. When there is a crisis, emulate other companies that have successfully managed through a crisis. The minute a crisis begins, the company should hire a consumer research company to start polling consumer and client perceptions about the organization. Identify five executives on the crisis team. Develop a risk scenarios and contingent plans. Identify a Public Relations expert who can help the company through the crisis (before the crisis not during!). Create a culture that is committed to challenging one another. Create a board of directors that has at least one naysayer on it. If theyre all yes people, trouble is in brewing. Recognize the weakness of the company When there is a problem, develop the plan and get out in front of the issue right away. Dont procrastinate, which includes a media plan! When peoples livelihoods depend on you, it better not be about your ego, you need to serve the greater good. Am I OK?!?! When written in Chinese, the word crisis is composed of two characters-one represents danger, and the other represents opportunity. The personal crisis a person encounters in life pales in comparison to how he communicates and responds during the crisis. Effective communication can palliate the crisis and turn it into an opportunity .On the contrary, ineffective communication amplifies the crisis and results in the person enrolling himself in a crash course towards destruction. A quintessential crisis communication would be to analyze how Tiger Woods and David Letterman communicated after being embroiled in infidelity .It is hands down one of the greatest personal crisis communication story of the decade. Both these individuals have touched the acme of success in their respective fields. Tigers Woods is arguably the greatest athlete to have walked on the face of this planet and David Letterman,to his credit is one of the most renowned talk show hosts of this era. The parallels between their ways of communication was very vivid. David Letterman emerged from his story relatively unscathed and Tigers story appears to keep going and going, putting his endorsement deals and his status as the first Billion-Dollar Athlete in serious jeopardy. David Letterman, isnt just a talk show host, he is a huge brand. He and his show are an integral part of the multi-billion dollar CBS brand. So when the crisis hit Letterman, there were ramifications that could have gone far beyond mere personal embarrassment. He did what most brands or people are terrified to do, he released the information first. This was a positive thing to do as the story was then coated with his version of events.He didnt sugarcoat the worst news and acceded that he had affairs with his woman staffers. He ensured that the most damaging information came out from his lips first. He apologized to his family ,all his fans and all the woman over the world for his actions. He exercised his gift of gab and turned his parched sarcasm on himself .It was deadpan candor and ace crisis management. It made him look like a person who took complete responsibility for his actions and was genuinely contrite for the same. David Letterman was proactive to get in front of his situa tion, he told people what happened, what he did, and he made it a non-story. He emulated crisis communication 101- which is to describe the situation, be honest, apologize, say what you are , make an honest attempt to fix it and live your life. When it becomes a story is when you lie, when you avert questions, and when there clearly is something people want to find out to bring you down. He communicated the crisis in an exemplary way which precluded it from decimating and sabotaging his entire career . Tiger Woods communication after a similar crisis was a complete contrast to how David Letterman tackled the situation. Their ways are at the opposite ends of the spectrum. It would be the understatement of the year to say that Tiger Woods bungled the crisis. Essentially, Tiger should have ripped the bandage off the wound in one clean sweep when the story first broke. Instead he slowly peeled it away, which only created more curiosity and media interest. He should have stood up and owned the issue before the issue started owning him. Tiger Woods forgot that there are two courts a legal court and the court of public opinion, and he ignored the court of public opinion. If he had come forward with his side of the story and an act of contrition, it would have played better than having it come out piecemeal. It would have taken all the oxygen out of the womens statements. The announcement and the coverage would have been painful, but quicker. He also would have looked like a man who was t ruly sorry. His silence and then denial prolonged the story, and left reporters looking for other sources to talk about the scandal. Initially, he continued to sport his squeaky clean image and finally when he apologized by reading a scripted message ,it was very disjointed and discombobulated. Tiger Woods should have realized that world, both his fans and the general marketplace, are very forgiving but when you deliberately make yourself inaccessible or disguise the truth, it inevitably comes out and its always worse. It is a perfect example of how a man communicated terribly in a crisis which resulted in irreparable damages . His brand value has plummeted to an all time low and the odds of him recovering from it are very low.This case reinforces the importance of communication in a crisis. There are a plethora of personal crises that an individual faces in life ,but none of them can be as tangible,as palpable and as common as mid life crisis. It is something which majority of people on the wrong side of thirty or forty go through. These people act inconsistently with who they believe they are and set the stage for the societal clichà © of an identity crisis. When the crisis hits, they are immediately disoriented, questioning their previous convictions. Their whole world is turned upside down, and they experience an intense fear of pain. Often these people identify themselves as being young, and some environmental stimulant(turning a certain age, comments from friends, graying hair,wrinkles )causes them to dread their approaching years and the new, less desirable identity that they expect to experience with it. Thus, in a desperate effort to maintain their identity, they do things to prove theyre still young: buy fast cars, wear gaudy clothes, divorce their spouses, ch ange jobs. It is imperative that people understand the gravity of the predicament and do some soul searching and brutally honest self introspection to identify the problems in their life which they could rectify. They need to engage themselves in an intrapersonal communication to tackle the crisis. It is an incredibly potent but often underestimated way to deal with a personal crisis. It helps people have a solid grasp of their true identities and have a broader sense of who they are, hence their identity never becomes threatened. Intrapersonal communication helps them become more secure and comfortable in their skin as they realize that it is prudent to link their identity to something which is not ephemeral. Intrapersonal comm

Role of Management Accounting in International Firm

INTERNATIONAL ACCOUNTING Sources: 1) Financial knowledge enables central control to determine what is happening in different subsidiaries. That enable the integration and control of subsidiaries by the central control. (Belkauoi, 1991) 2) Management accounting’ involvement in currency management is also important as the fluctuations in the exchange rates can distort the financial results of the subsidiaries. (Eiteman, Stonehill and Moffet, 1992). ) Management accounting is a means of co-ordinating established configurations and its form depends on the strategies a firm adopts for configuration and co-ordination (Tomkins, 1991) 4) Study by Biles and Assada (1991) investigated how the Japanese and American ownership firms evaluated the performance of their subsidiaries. The US firms frequently used financial ratios for performance measurement. ROI was by far most important, whereas Japanese firms pay more attention to individual line-items in the budget such as sales volume and production costs. ) Horovitz(1978) compared management controls between UK, French and German firms. He concluded that German and French firms tend to be more centralized than the UK firms. The control systems of German and French companies were more detailed than that of UK firms. 6) Holzer and Schonfelt (1986) illustrated that accounting systems of major European and US firms differ greatly and, although internationalisation affects their management accounting systems, it does not do so in a linear fashion. Factors: 1) Configuration. ) Strategy. 3) Ownership of the firm. ROLE OF MANAGEMENT ACCOUNTING IN INTERNATIONAL FIRM: The international firms have disperse configuration as their activities in the value chain are spread throughout the world. Therefore, the international firms use management accounting to co-ordinate and integrate their activities in different countries. The role and scope of management accounting differs in international firms depending upon the relationship be tween their subsidiaries and the strategy of their top management. Porter 1986) classified international firms into the global firms, the multidomestic firms and the exporting firms. Both global and multidomestic firms have dispersed configuration but the former is an integrated unit whereas the latter is a conglomerate that achieves control by making its subsidiaries as independent of each other as possible. In a global firm, management accounting supports a dispersed configuration of the value chain located across the world. The output of one subsidiary is an input of other subsidiary located in a different country. The dispersed location of subsidiaries call for extensive co-ordination and central management intervention in the affairs of the subsidiaries. By focusing on global product-line profitability, the central management can use management accounting to establish an integrated organization. Various operations like production, sales, R&D are positioned globally according to specific locational advantage and they are integrated through extensive planning and budgeting activities. Management accounting in an international firm is a finely tuned information mechanism. In contrast, there is little integration of subsidiaries in a multidomestic firma as they usually operate in different businesses. Therefore, they are relatively free to devise their own strategies and plans and to monitor their progress towards them. Central management monitors subsidiaries from a portfolio management perspective which evaluates subsidiaries largely on financial rates of profitability. Management accounting role in multidomestic firms is setting financial targets for sudsidaries and evaluating their performance using composite financial ratios like ROI( Return on investment), ROA (Return on assets) , RI (residual income) and ROE ( return on equity). There is little emphasis on information which integrates activities across subsidiaries. International firms are exposed to exchange rates fluctuation risks. These fluctuations creates uncertain cash flows in corporate currency and also can distort the performance of subsidiaries (Eiteman, Stonehill and Moffet, 1992). Therefore, the management accounting manage the currency risks in the international firms by monitoring the short-term transaction exposure to debtors and creditors, medium term budgeting of international cash flows and long term strategic currency and exposure concerns over the firm’s strategic planning period. Management accounting uses transfer pricing between subsidiaries in different countries in order to maximize international firm’s after-tax global profits. Through transfer pricing firms may divert profits to regions where taxes are low (Radebaugh and Gray, 1993). The threat of this puts pressure on host governments to make and adminstor tax laws that benefits the firm. However, the firms seek to be as independent of the individual location as is possible, to minimize the political risks such as change in government causing substantial changes in host country’s economic policies. The management accounting plays a key and wide role in international firms. The information technology is improving and becoming cheap with the passage of time. That will further deepen the role of management accounting in the international firms. According to Belkauoi (1991), the financial knowledge resulting from management accounting has enabled the integration and control of dispersedly configured firms by the central control. The global firm is characterized by its large geographical reach and the considerable interdependence between its subsidiaries. Global firm uses management accounting to integrate its activities across the globe. On other hand, the multidomestic firm’s subsidiaries are quite independent in their activities.

Why Everybody Is Talking About Essay Topics California Bar Exam...The Simple Truth Revealed

Why Everybody Is Talking About Essay Topics California Bar Exam...The Simple Truth Revealed Read the very first and last paragraphs of each essay before you start. With just a little creativity it is possible to summarize entire courses into a couple of word acronyms! Pick up the very first outline and have a look at the way that it is organized, the way the headings are set up, etc.. Produce mnemonics for all of the rules with various elements. If you're taking a review program, look over your syllabus and place your mini-outlines in the order they will be dealt with in class. How you're feeling about your performance doesn't indicate whether you passed. When you're writing essays, state the entire rule even in the event you see only 1 element of the rule that will apply. There are specifics you must know for essay writing, which you'll find in model essays. You don't have to be an expert designer to produce a superior small business card. You may help it become an effective advertising tool by avoiding these frequent small business card mistakes. A business card is among the most crucial and cost-effective advertising tools a business has. An inadequate high quality card implies a company that will have poor high quality services and products. More frequently than not, the evolution of technology won't lead to any monetary result in the brief term. Then you'll begin to create reasons why you would like to do it, making the entire process less stressful. Developing technology isn't like practicing law utilizing the billable hour. Find out how to use effective legal writing strategies to your benefit. Especially on the nights before the 3 test days Figure out what sort of sleeping schedule works best for you, and earn a commitment to stick with it. Once you have studied for a couple weeks, revisit your schedule and make certain it still seems appropriate and realistic. This diet is made for weight reduction, but it is going to clear up your mind, make you sharper, and supply you with more energy for whatever your task could be. Put in the job, make an effort not to stress out and have confidence that you've completed the best that you could do. It took me some time to learn to write in this way. You've got to assu me you're writing the answer for a person who knows nothing about the law so as to acquire top grades. Be ready to laugh or cry. Barbri has a fairly good MBE program named StudySmart that's included when you sign up that you may download or merely utilize directly on their internet website. The program is intended to increase exam performance throughout the board, with a specific boost for people of color and women. This system sounds really excellent! The iPod rental program is intended to help you take the lectures with you, wherever you choose to study. 1 approach to do that is to create the exam unreasonably tough for would-be competitors to pass. The program was made to increase exam performance on the other side of the board. That said, obtaining some Bar subjects below your belt makes the preparation process seem a little more manageable. If you literally are not able to afford to buy sample written materials and your state's bar doesn't offer completely free samples, look to a different state bar to find out if it has posted some samples. It goes without saying that you ought to be taking abar exam study training course. Do not be scared to increase or lower your study time. Help yourself by looking at just what the test covers and how it's graded. Second, maintain your wellbeing through the plan of study. To start with, nobody can predict the bar exam. After all, it is a requirement to be an attorney! Again, unless you're interested in this region of law, you likely don't will need to take this. Everyone who would like to practice law in the usa has the sword of Damocles hanging above their heads the Bar Exam. For that reason, it's well worth it to study the absolute most highly tested California distinctions. Encourage yourself to take part in the hobbies and activities you like. Review even the ones that you got right. Students lead busy lives and frequently forget about an approaching deadline.

Beowulf an Epic Hero - 983 Words

Nate Gauvain British Literature Beowulf Essay 9/22/04 Beowulf: An Epic Hero According to Abrams, the heroic poem is a long verse narrative on a serious subject, told in an elevated style, and centered on a heroic or quasi-divine figure on whose actions depends the fate of a tribe, a nation, or the human race. Beowulf fits Abrams description of an epic, exhibiting all of the characteristics listed throughout the book, thus defining Beowulf as a hero and making the book an epic through its elevated style, the focus of a hero, and a quasi-divine hero which a tribe, nation or human race is dependent on. Beowulf is a narrative which describes the adventures of the hero Beowulf as he travels from his homeland of Geatland to†¦show more content†¦After vanquishing the Grendel, a ceremony was held in Heorot to honor Beowulf and his courageousness. In order to properly honor their hero, the Danes presented numerous gifts to Beowulf: It was hardly a shame to be showered with such gifts in front of the hall-troops. There havent been many moments, I am sure, when men exchanged four such treasures at so friendly a sitting. (67) Judging from this passage, it appears as though Beowulf is being honored more lavishly than most of the Danish kings and warriors had been in the past. Beowulfs tragic death caused him to be remembered fondly and honored accordingly during his funeral: Mourning his loss as a man and a king. They extolled his heroic nature and exploits and gave thanks for his greatness; which was the proper thing, for a man should praise a prince whom he holds dear (213) In both life and death, the life and accomplishments of Beowulf were always celebrated with the most sacred and bountiful of ceremonies, showing just how heroic of a figure he is. Throughout Beowulf, the characteristics of epic poetry as outlined by Abrams are constantly seen. Beowulf is quite a long story, as it connects three narratives of Beowulf and his conquests of the three main antagonists: Grendel, the mother of Grendel, and the dragon. The style and tone of the narration is consistent with that of HomerShow MoreRelatedThe Epic Of Beowulf As An Epic Hero1519 Words   |  7 Pagesaway following a journey, you have most likely read an epic. An epic by definition is â€Å"a long poem, typically one derived from ancient oral tradition, narrating the deeds and adventures of heroic or legendary figures or the history of a nation†. Every epic has a main character that undergoes the same archetypal journey as all other heroes, an epic hero. There are specific qualities one must have to be considered an epic hero. Each epic hero possesses superhuman strength, displays a strong sense ofRead MoreThe Epic Of Beowulf As An Epic Hero711 Words   |  3 Pagesthan the writer. These â€Å"epic heros† are protagonists that fulfill their potential of greatness through using their bravery, strength and humility for good. The near ancient tale of Beowulf is a classic example of an epic story that contains an epic hero. In this tale Hrothgar, the king of the Danes, has been terrorized by a beast known as Grendel. This beast has been murdering the king’s people and no one has come close to stopping this killer. A Geat warrior named Beowulf hears of the King’s predicamentRead MoreBeowulf : An Epic Hero930 Words   |  4 Pages The story of Beowulf shows its reader many characteristics of why this Anglo-Saxon poem is an epic. First of all, Beowulf is a warrior of epic renown by the time he formally introduces himself in the poem. Next, Beowulf is the warrior that many strive to be in life. In addition, Beowulf finds himself tackling many quests that involve dangerous beasts, or as he might call them, demons. The next quality shown by Beowulf is his bravery and honor. The reader is able to easily identify this characteristicRead MoreBeowulf, The Epic Hero1373 Words   |  6 Pages 2015 Beowulf, The Epic Hero In Anglo Saxon times, Beowulf is considered a well known epic hero. â€Å"Epic heroes are literary characters from ancient mythology and other stories, which were written down in the form of long, narrative epic poems. The hero is the main character, or protagonist of the poem†(Epic Hero: Definition, Characteristics Examples.). The epic hero usually battles for accomplishments to a set of tasks to complete important goals. Beowulf is described as an epic hero becauseRead MoreThe Epic Hero Of Beowulf866 Words   |  4 PagesAn epic hero is someone who is of great importance, they have supernatural abilities, have some form of connection with the Gods, and accomplish great deeds. In Beowulf, translated by Seamus Heaney, Beowulf is the epic hero in his tale and he is considered great by those who know of his life. There are two versions of his story which portrays him in a certain way. The video version does not do its best to portray him as an epic hero but instead show that he is a liar, a womanizer, and a coward. TheRead MoreBeowulf : An Epic Hero894 Words   |  4 Pages The character of Beowulf demonstrates several characteristics that make a great epic hero. Throughout his lifetime he displayed several characteristics such as honor, bravery, physical superiority, leadership, and glory. These characteristics all formed how the Anglo-Saxons believed one should live their life. Along with the valorous deeds that Beowulf accomplished he is considered to be a prime example of an epic hero. Beowulf would have even been considered a model human to the Anglo-SaxonsRead MoreBeowulf : An Epic Hero978 Words   |  4 Pages Beowulf is a character that exudes the qualities of an epic hero. Throughout this epic, Beowulf is seen as a hero to many and a major threat to the evils he encounters. The values of the Anglo-Saxons, who would have read and admired this poem, included loyalty, bravery, and honor. Beowulf’s character exemplifies all of these qualities to the highest degree. The values and traditions of the original composers of this story cause Beowulf’s character to be the perfect example of an Anglo-SaxonRead MoreBeowulf, the Epic Hero1431 Words   |  6 PagesBeowulf, the Epic Hero There have been many grand stories about great warriors, and champions; those about epic heroes however, are the truly exceptional tales. One such tale, over a thousand years old, stands out from all the rest: Beowulf, the tale of a great warrior, on his quest to achieve eternal glory, defeating great opponents. Throughout the whole story, Beowulf demonstrates most –if not all- of the qualities that an archetypal hero possesses. He embodies the highest ideals of his cultureRead MoreBeowulf : The Epic Hero960 Words   |  4 PagesPotter, and Beowulf all have in common? They all demonstrate the qualities of epic heroes. Beowulf represents several characteristics of an epic hero and demonstrates the values of the Anglo-Saxons. He is the main character of his story, he has a main goal, he travels and fights with a group of people, and he accomplishes many valorous deeds; the values of the Anglo-Saxons are also shown through the actions of Beowulf, such as courage, loyalty, an d fame. For example, when Beowulf heard a cryRead MoreBeowulf : The Epic Hero1321 Words   |  6 PagesBeowulf the Epic Hero What does it mean to be a hero? Like anything else in this world, the definition of the word hero can be argued. Some may say that a hero can be passive, that is if he or she refrains from doing a certain action it makes them heroic. Others would argue that to be truly heroic the character must never turn tail and always face the obstacle head on even though he or she may die in the process. So is Beowulf a hero? Yes, Beowulf is a great epic hero, but his greatness comes only