The effects of power Essay Example for Free

The effects of power Essay The power of union and the management although different in nature both affects the outcome of a negotiation.   The power of the union is based on numbers whereas power exercised by management is power conferred upon it by the nature of the business.   In negotiations, there is always a point of equilibrium where both parties are going to benefit from the exchange and which is the most profitable point for both parties.   However, this point of equilibrium can be manipulated into moving towards either side by the power the two parties possess.   The effects of the power exercised management and the power exercised by the union during negotiations differ as to the situation or the environment, when the company is involved in a business that requires highly technical employees, the union will probably have a stronger bargaining power than the management especially since the workers are under short supply.   In cases where the management is required to face-off with a union that is composed of low-skilled employees and the situs of the company is abundant on such resource, then management will be able to steer the negotiations towards the direction that is most favorable to it. Balancing of power   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Balancing of power can be equated as the power of both parties negating each other and thus ending in a state of equilibrium wherein both parties have reached the best possible solution to their problems.   Balancing of power can only be achieved if both parties â€Å"assume that mutual gains are possible, and should not assume that one party must suffer for the other to benefit† (McCarthy, 1991).   Balancing of power is important because it is in this state that both parties are benefited without sacrificing too much of their demands.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   There are several ways to maintain this balance of power and prevent its abuse.   One tactic is to understand others’ interests, another is to analyze the sources of power available to all parties – but not being paralyzed by it, another tactic is to consider other options making your position flexible thus reducing the risk of the other party easily influencing or manipulating you, and also, you must understand your personal style, your own strengths and weaknesses to know what you are capable of and protect oneself from the other party’s bluffs (Kochan, 2005). Power over employment status   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Power that is normally exercised by management is the power over the employment status of an employee.   Although several state policies and internal company policies are aimed to prevent the abuse of this power when dealing with individual workers, it is still commonplace that management easily manipulates the lowly worker into succumbing to its wishes under the pressures of losing his or her job.   It is because of this power that there can be no effective communication between a worker and management in conflict situations.   When entering into conflict negotiations, the ideal state is that the parties are on equal footing, however, there can be no equality when the other party has control over your livelihood.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Regardless of this power that management holds, the lowly worker can seek redress from the courts on grounds of equity.   Courts knowing the imbalance between the two parties are more inclined to rule in favor of the lowly worker given there is sufficient basis.   Because of this fear of litigation and the prospect of losing more money in the long run, most companies are now shifting towards justice and fairness in conflict resolutions.   As a matter of fact, â€Å"Eighty-three percent of corporate executives report the fear of a lawsuit affects their decisions† (Hubert, 1998) and tend to do what is equitable. References Hubert, Denise V.M. (1998). The First Step in Alternative Dispute Resolution: Fact-Finding. Retrieved January 27, 2008, from http://www.management-advantage.com/newsletr/jul98.htm Kochan, Tom (2005). Negotiations and Conflict Management Basic Concepts: Theory and Practice. Retrieved January 27, 2008, from http://ocw.mit.edu/NR/rdonlyres/Sloan-School-of-Management/15-668Fall-2005/F06D4B27-6A22-4FDD-9449-B2664318C7C4/0/lecture_12.pdf McCarthy, William (1991). The Role of Power and Principle in Getting to Yes. Retrieved January 27, 2008, from http://www.colorado.edu/conflict/peace/problem/mcca7535.htm

Analysis of The One Minute Manager by Kenneth Blanchard and Spencher Jo

Analysis of The One Minute Manager by Kenneth Blanchard and Spencher Johnson The One Minute Manager by Kenneth Blanchard, Ph.D. and Spencer Johnson, M.D., seems like a practical simple plan on managing people and there for other areas of one’s life, however I must admit I am a little skeptical. The three philosophies do make sense especially once analogies are used to put them into more simple terms. Being in the work force for more than fourteen years I have witnessed many types of mangers. I have worked for hostile managers, calm caring managers and managers who fit somewhere in between. My skepticism with this theory is simply applying its use. On paper this method sounds great and makes a lot of key points, but again after seeing first hand the types of people in management positions I think the challenge comes from undoing current behavior. My observation of people in general, is that they unwelcome change and find it uncomfortable. The first philosophy â€Å"One Minute Goal Setting† makes tasks assigned to the individual clear and precise. The manager first expresses goals that need to be accomplished. Once an agreement is made, each goal is written down in 250 words or less. It is strongly held that it should take no more than a minute to read. You should reinforce each goal throughout the day. Also take time to look at your performance and see if your behavior matches your goals. I agree with this theory and think there should be more interaction at the beginning of an assignment. With One Minute goal setting everything is out on the table. There is no dispute on what should have been done or didn’t get done. The bowling analogy used has a lot of truth to it. If there were a sheet in front of the pins with a supervisor standing behind it, it would be hard to tell how well your doing because you can’t see the pins or goal. Only the supervisor knows your score. I see this a lot in staff meetings. There are usually conflicts between my manager and staff because of misunderstandings on the task assigned. This is where the conflict resides. The employee feels they did exactly what was asked while the employer thinks the job was done incorrectly. This usually causes my boss to criticize the work and most if not all people take it personally. Then, once the meeting is over, my peers will get defensive and complain t... ...my relationships with family, friends and loved ones I have a habit of not dealing with disappointing feelings right away because I don’t want to cause conflict. My feelings begin to fester and I become more sensitive to other things that normally wouldn’t tick me off, but do, because I am still upset about the first problem. Before you know it, I blow up and everything comes out anyway. Usually the person I am upset with has to hear about what they did a month ago and everything in between. This puts that person on the defense and nothing really gets accomplished until a few days later when we all calm down to discuss the issue. So logically if I dealt with my feelings in the beginning, the blowouts could be avoided and I could calmly get my point across with little conflict. Overall the â€Å"One Minute Manager† concept seems like a dynamic way to keep employees happy and content in their jobs. In my opinion, I think the theory appears too good to be true. I am skeptical because managers would need to struggle with changing their current behavior. I think for me to be convinced that this would work in the real life of business, I would need to experience it first hand.

Nestle Crunch Marketing Plan Essay

Executive Summary This marketing plan was created for Nestle Crunch to position itself in the next year to deliver at least $13 million in profit without increasing the budget by over $2 million. An analysis of the chocolate confectionery market will be analyzed to develop marketing strategies to implement to satisfy these objectives. situation analyses Market Size Crunch is produced by the largest food and beverage company, which is Nestle. Retail sales of chocolate confectionery comprised of $33.8 billion in retail sales, which $16.9 billion were in chocolate sales. Market Trends The growth rate of chocolate confectionery lagged behind the cereal, gum, and sugar confectionery and showing very little projected growth through 2014. Unit Volume 35% of the market share in sales were the Regular sized Chocolates, 30% were for the miniatures, 25% were of promotional items (promotes seasonal sales), and then there were the king sizes which made up of only 10% of the market sales. Price Nestlà ©Ã¢â‚¬â„¢s strategy was to list the lowest price on their bars at $0.79 each for Butterfinger and Crunch, while its close competitor, Hershey’s priced its Bars and Reese’s cups at $0.89. The other competitor, Mars, priced theirs even higher at $0.99 each. Price increase would result in lost in sales. Product Services Offered Nestle Crunch offered consumers a chocolate confectionery that served as an indulgent treat in contrast to satisfying hunger. SWOT Analysis In SWOT, strengths and weaknesses are internal factors. In business, the strengths identified are what a business works to maintain, build, and leverage. Weaknesses that are identified should be removed, resolved, or remedied. Opportunities and threats are external factors. External factors are, in most part, out of our external locus of control. We can only either optimize it or deal with it. Opportunities should be prioritized and optimized. Identified threats must be acknowledged by a business and/or develop counter measures for it, if any (SWOT Analysis, 2009). INTERNAL Strengths Offer the lowest prices among competitors Crunch is regarded as an indulgence, a reward, or treat Participates in all channels of distribution Produced by the worlds’ largest food and beverage company – Nestle Weaknesses Marketing budget cannot increase more than $2M from the previous year (2009) Its positioned to target males and young adults who were not the largest chocolate consumers EXTERNAL Opportunities Large market in the Midwest Females and children consumed most of the chocolate confectionery Psychographic segments that are potential target markets: Practical value seekers Confection loving moderators TV has the greatest reach Threats Chocolate sales lag behind sugar confectionery, cereal bar and gum Competitors –Hershey and Mars in the U.S. market share marketing strategy Positioning We want to position Crunch as: â€Å"Nestle Crunch is for women and children who want to reward themselves to an indulgent chocolate treat, because Nestle Crunch is the only chocolate bar that tells you best that you deserve it.† strategy development Objective The mission is to deliver at least $13 million in profit without increasing the budget by more than $2 million. Targeted Consumer Demographics Target Market Crunch satisfies a consumer’s need to satisfy an indulgent desire, and promotion is used to trigger these impulses. Therefore, promotion is vital to increasing sales. Specifically, to children and females (teenage females, adult females, and mothers) who mostly attribute chocolate as an indulgent desire according to the Figure below In addition, according to the research, women are 51% of the population and consume 6% more chocolate than men. Children and young adults under the age of 25 comprise 60% of the population. In terms of geography, the Midwest is 22% of the population and the region that sells the most chocolate confectionery. strategy development Financial Projections Strategy and Execution Minus 1 event of free standing insert (FSI) coupon good on one regular size Crunch bar Add I event of A regular bar bonus size (+25%) is offered during 2-week promotional period; it was not offered in 2009 Minus 1 event of a 2-week store display featuring regular size Crunch Distribution increases by 2.0 percentage points A Crunch price increase of +12.5% on all products would match Hershey’s retail prices but would still be less than Mars’ prices; no pricing action was taken in 2009 The following table shows the impact on sales and profit when making changes  in the marketing mix. According to the table, with the marketing mix selected we are able to achieve our objective of ensuring production contribution of at least $13 million, our profitability percentage change is at least over 15%, and budget does not increase by more than $2 million. Advertising and Promotion Media Marketing The media vehicles for advertising that will be utilized are TV, print, and online. Since TV has the greatest reach, 70% is allocated in the budget for TV advertising and promotion; 20% for online and 10% of the budget for print marketing. The total budget for these media marketing is a little below $12.9 million We have an estimated reach of 90% for the TV advertising and marketing and 10% and 20% for print and online respectively. The pie graph below illustrates the media mix selection: Pricing strategy The pricing strategy will be to increase the price of Crunch by 12.5%, which will match the Hershey’s retail price, but will still be below the price of Mars. An increase in price does result in a decrease in sales, but after thorough examination of the P&L, it will show an increase in profitability to justify the drop in sales. Distribution strategy Increasing the distribution showed to increase sales. Since a large percentage of sales were sold through other distribution channels besides mass merchandisers, supermarkets, and convenient stores, an increase in distribution to the other channels that include drug stores, warehouse club, and vending machines, justify a slight budget increase as shown in the Figure below. The following figure summarizes the marketing plan Promotions, advertising, and special events are concentrated on the special holidays that historically show increase sales in the chocolate confectionery market. Many of the events are also focused mostly in the Midwest, because this region is shown to have the highest sales and consumption in the nation. The budget is kept below a $2 million increase while still accomplishing the goal of increasing profitability. Other Metrics The following table shows 2008 and 2009 chocolate confectionery market size and market shares of Nestlà © Crunch and its competitors as additional references. References Alan Chapman. SWOT Analysis. (2009, October 13). Retrieved October 16, 2009, from http://www.marketingteacher.com/Lessons/lesson_swot.htm U.S. CHOCOLATE CONFECTIONERY: DYNAMIC MARKETING PLANNING. Retrieved on June 02, 2014 from : https://brenau.instructure.com/courses/1209789/pages/course-documents?module_item_id=10683688

Regression: Soft Drink Demand

DATA SET 1 Soft Drink Demand Estimation Demand can be estimated with experimental data, time series data or cross section data. Sara Lee Corporation generates experimental data in test stores where the effect of an NFL-licensed Carolina Panthers logo on Champion sweatshirt sales can be carefully monitored. Demand forecasts usually rely on time series data. In contrast, cross-section data appear in Table 1. Soft drink consumption in cans per year is related to six pack price, income per capita, and mean temperature across the 48 contiguous sates in the United States Question . Estimate the demand for soft drinks using a multiple regression program available on your computer. 2. Interpret the coefficients and calculate the price elasticity of soft drink demand 3. Omit price from the regression equation and observe the bias introduced into the parameter estimate for income. 4. Now omit both price and temperature from the regression equation. Should a marketing plan for soft drinks be de signed that relocates most canned drink machines into low income neighborhoods?Why or Why not? DATA SET 2 The data are the results of the following market research experiment by a large company. The company’s total market area was divided into 40 equally populated market areas, and the price to be charged for the product was set to be the same in each area. Then, the weekly amount of advertising expenditure ($) in each of these market areas was set as indicated in column B. The weekly sales (y units) in each market area was then recorded as shown in column C. 1.Use linear regression to estimate a linear equation describing how the value of sales (y) varies with the level of the fitted equation. 2. Assess the validity of the fitted equation. 3. If the product sells at a price of $100 and costs $70 per unit to produce, estimate a linear equation for the company’s weekly profit in terms of its advertising expenditure (x). DATA SET 3 The Sales of Cycle City, a large motorc ycle and moped distributor, grew significantly during the 1990s. This past history of sales growth is indicated in data set 3. . What is the compound annual rate of growth in sales for Cycle City over this 10 year period? 2. Based on your answer in part (1) what sales would you have forecasted for the next (2001)? 3. Graph the growth in sales over the 10 years. What happened to the rate of growth over this period? 4. Based on your answer to Part (3), what sales would you have forecasted for 2001. DATA SET 4 Pizza firm The manager of pizza firm collects data on the last 24 month of pizza sales from her own company records.Where Q= sales of pizza at Checkers Pizza P = Price of a pizza at Checker Pizza M = Average annual household income in Westbury Pai = price of a pizza at Al’s Pizza Oven Pbmac = price of Big Mac at McDonald’s 1. Estimate the linear demand function for Checkers Pizza compare to nonlinear model 2. Estimate demand elasticities at values of P, M, Pal, and Pbmac at values P=9. 05, M=26614 , Pal = 10. 12 and Pbmac = 1. 15 (for either demand function) 3. Forecast linear trend regression model to forecast income in month 30 DATA Set 5The copper data consist of 25 annual observations on world consumption of copper, copper price and the exogenous variables required to estimate industry demand and supply equation Data presented are actually valued for 1950-1975 Qc= world consumption sales of copper in 1000 of metric tons Pc = price of copper in cents per pound (inflation adjusted) M= index of real per capita income 1970=100 Pa = price of aluminum in cents per pound (inflation adjusted) X= ratio of consumption in the previous year to production in the previous year (=Qc/Qp) T=technology (time period is a proxy) 1.Estimate the copper industry demand and supply equation 2. Locate copper demand and supply in year 26 3. Calculate the intersection of the demand and supply functions DATA Set 6 Given data set 6, the quantity demanded of a commodity (Y) ,it’s price (X1) and consumer income (X2) from 1986-2005 1. Estimate the regression equation of Y on X1 and X2 2. Assess the validity of the fitted equation. 3. What is price elasticity at $4 and income elasticity at level 3800? Explain what kind of commodity (Y) is? 4. Forecast linear trend regression model to forecast income in year 2006 Regression: Soft Drink Demand DATA SET 1 Soft Drink Demand Estimation Demand can be estimated with experimental data, time series data or cross section data. Sara Lee Corporation generates experimental data in test stores where the effect of an NFL-licensed Carolina Panthers logo on Champion sweatshirt sales can be carefully monitored. Demand forecasts usually rely on time series data. In contrast, cross-section data appear in Table 1. Soft drink consumption in cans per year is related to six pack price, income per capita, and mean temperature across the 48 contiguous sates in the United States Question . Estimate the demand for soft drinks using a multiple regression program available on your computer. 2. Interpret the coefficients and calculate the price elasticity of soft drink demand 3. Omit price from the regression equation and observe the bias introduced into the parameter estimate for income. 4. Now omit both price and temperature from the regression equation. Should a marketing plan for soft drinks be de signed that relocates most canned drink machines into low income neighborhoods?Why or Why not? DATA SET 2 The data are the results of the following market research experiment by a large company. The company’s total market area was divided into 40 equally populated market areas, and the price to be charged for the product was set to be the same in each area. Then, the weekly amount of advertising expenditure ($) in each of these market areas was set as indicated in column B. The weekly sales (y units) in each market area was then recorded as shown in column C. 1.Use linear regression to estimate a linear equation describing how the value of sales (y) varies with the level of the fitted equation. 2. Assess the validity of the fitted equation. 3. If the product sells at a price of $100 and costs $70 per unit to produce, estimate a linear equation for the company’s weekly profit in terms of its advertising expenditure (x). DATA SET 3 The Sales of Cycle City, a large motorc ycle and moped distributor, grew significantly during the 1990s. This past history of sales growth is indicated in data set 3. . What is the compound annual rate of growth in sales for Cycle City over this 10 year period? 2. Based on your answer in part (1) what sales would you have forecasted for the next (2001)? 3. Graph the growth in sales over the 10 years. What happened to the rate of growth over this period? 4. Based on your answer to Part (3), what sales would you have forecasted for 2001. DATA SET 4 Pizza firm The manager of pizza firm collects data on the last 24 month of pizza sales from her own company records.Where Q= sales of pizza at Checkers Pizza P = Price of a pizza at Checker Pizza M = Average annual household income in Westbury Pai = price of a pizza at Al’s Pizza Oven Pbmac = price of Big Mac at McDonald’s 1. Estimate the linear demand function for Checkers Pizza compare to nonlinear model 2. Estimate demand elasticities at values of P, M, Pal, and Pbmac at values P=9. 05, M=26614 , Pal = 10. 12 and Pbmac = 1. 15 (for either demand function) 3. Forecast linear trend regression model to forecast income in month 30 DATA Set 5The copper data consist of 25 annual observations on world consumption of copper, copper price and the exogenous variables required to estimate industry demand and supply equation Data presented are actually valued for 1950-1975 Qc= world consumption sales of copper in 1000 of metric tons Pc = price of copper in cents per pound (inflation adjusted) M= index of real per capita income 1970=100 Pa = price of aluminum in cents per pound (inflation adjusted) X= ratio of consumption in the previous year to production in the previous year (=Qc/Qp) T=technology (time period is a proxy) 1.Estimate the copper industry demand and supply equation 2. Locate copper demand and supply in year 26 3. Calculate the intersection of the demand and supply functions DATA Set 6 Given data set 6, the quantity demanded of a commodity (Y) ,it’s price (X1) and consumer income (X2) from 1986-2005 1. Estimate the regression equation of Y on X1 and X2 2. Assess the validity of the fitted equation. 3. What is price elasticity at $4 and income elasticity at level 3800? Explain what kind of commodity (Y) is? 4. Forecast linear trend regression model to forecast income in year 2006

The Appreciation Of An Exchange Rate †Economics Essay

The Appreciation Of An Exchange Rate – Economics Essay Free Online Research Papers The Appreciation Of An Exchange Rate Economics Essay The appreciation of a exchange rate can send mixed feelings and mixed signals. It is important you read those signals adequately. An appreciating exchange rate has numerous affects in the economy. Its appreciating sends ripples through the economy. The exchange affects the amount of a commodity we buy .It also has an impact on what type of commodity we buy. Yet purchases are not the only thing affected. The selling of our commodities and merchandise is affected as much if not more. When our exchange rate appreciates it means that our dollar is appreciating. This has its ups and downs. Often nations will fix their exchange to get what they think is the biggest advantage. Fortunately Australia has a free exchange rate which means that it is not controlled. The appreciation of our dollar affects things such as the following. Imports are less expensive Exports drop due to their price CAD will rise because of more demand of imports Foreign investment will fall due to contraction in export and domestic competing markets. When our exchange rate appreciates it will cause our exports to fall. The reason for this is because our dollar is now stronger which means our international buyers find it dearer to buy from us. They have to pay us in Australian dollar but because our dollar is stronger it is too expensive for them to buy from us. One of the winners in the appreciating of our exchange rate is imports. As our dollar appreciates and gets stronger it will mean that our buying power will increase on the international market. The way it works, take for example of a buyer from Australia buying coffee from Argentina. Previously he could buy two bags for a dollar now that our dollar is stronger we can buy more of their currencies which means he can now buy three bags of coffee. Now you might think this is a good thing but there are always two sides to every tale. Now that our dollar is stronger the domestic market can purchase imports comparatively cheaper than before. This means an increase in things like luxury items. This is where the problems start. The moment the private sector start buying imported goods and luxury items it increases our international debt and our CAD. This is not the only problem say for example both Australia and Japan both make shoes. Now that our dollar is stronger it means that it is cheaper for us to buy the shoes made in Japan rather than the local shoes. This causes a couple of problems. Firstly it means that our money and incomes are flowing out of the country and secondly because we are know buying shoes from overseas our local industries suffer which then creates unemployment. Another industry and sector of the public that will find the appreciation of the exchange rate good is the people that travel overseas. The reason for this is that if the dollar appreciates they will lose less or might not lose anything when converting their currencies. Things that they buy overseas will also be cheaper for them than previously. One of the main groups that will prosper form the appreciation of the dollar is the debtors. Companies that have huge foreign debt will prosper while the dollar is strong. The reason for this is that if the dollar gets stronger we can payback more of the debt because we can buy more of the local currency than before the appreciation. Yet one thing that is sure to hurt Australia if the exchange rate appreciates is the decline in overseas tourists. If our dollar gets to strong it will be very expensive for tourists to come and visit our nation. The cost of it would deter many tourists. The main problem for them would be when they have to convert their currency into ours they would lose a sufficient amount. This is hard to imagine yet countries in Europe experienced this problem when they joined the Euro because it became very expensive for tourists. Research Papers on The Appreciation Of An Exchange Rate - Economics EssayDefinition of Export QuotasThe Effects of Illegal ImmigrationAnalysis of Ebay Expanding into AsiaPETSTEL analysis of IndiaIncorporating Risk and Uncertainty Factor in CapitalTwilight of the UAWThe Project Managment Office SystemBionic Assembly System: A New Concept of Self19 Century Society: A Deeply Divided EraPersonal Experience with Teen Pregnancy

Converting Cubic Feet to Liters

Converting Cubic Feet to Liters This example problem demonstrates how to convert cubic feet to liters. The cubic foot is the U.S.  and imperial unit of volume for a cube that has sides that are 1 foot in length. The liter is an SI or metric unit of volume. It is the volume of a cube that has sides that are 10 centimeters in length. The conversion between the two systems is fairly common, particularly if youre working with liquefied gases. Cubic Feet to Liter Conversion Problem What is this  volume  of  1 cubic foot  in liters? Many conversion factors are difficult to remember. Converting  cubic feet to liters would fall into this category. The unit-canceling method  is helpful in performing this kind of problem because it uses many easily remembered conversions that relate the original units to the final units, as follows: 1 foot 12 inches1 inch 2.54 centimeters1,000 cubic centimeters 1 liter Using these steps, you can express feet to centimeters as: Distance in cm (distance in ft) x (12 in/1 ft) x (2.54 cm/1 in)Distance in cm (distance in ft) x 30.48 cm/ft Convert these distances into volume measurements of cm3 and ft3: Cube volume (linear measurement)3, so:Volume in cm3 [(distance in feet) x 30.48 cm/ft]3Volume in cm3 (volume in ft3) x 28316.85 cm3/ft3 Convert cubic centimeters to liters: Volume in liters (volume in cm3) x (1 L/1,000 cm3)Volume in liters (volume in cm3)/1,000 L/cm3 Insert the cubic volume from the previous step: Volume in liters [(volume in ft3) x 28316.85 cm3/ft3)]/1,000 L/cm3Volume in liters (volume in ft3) x 28.317 L/ft3 Now you have your conversion factor of cubic feet to liters. Insert 1 cubic foot into the volume in ft3 part of the equation: Volume in liters (1 ft3) x 28.317 L/ft3Volume in liters 28.317 L Therefore, one cubic foot is equal to 28.317 liters of volume. Liter to Cubic Feet Example The conversion factor works the other way, too. For example, convert 0.5 liter to cubic feet. Use the conversion factor 1 cubic foot 28.317 liters: Cubic feet (0.5 liter) x (1 cubic foot / 28.317 liters) The liters cancel out on the top and bottom, leaving you with 0.5 / 28.317, and giving an answer of 0.018 cubic feet. Tips for Success The key to working the unit conversion correctly is to make certain the unwanted unit cancels out and leaves the desired unit. Its also worthwhile to keep track of significant digits. Remember there are about 28 liters in a cubic foot. If youre converting from cubic feet to liters, expect to get a larger number than you started with. If youre converting from cubic feet to liters, your final answer will be a smaller number.

Cost Variance in Healthcare Organizations Research Paper

Cost Variance in Healthcare Organizations - Research Paper Example Like other healthcare organizations, the budget management in this healthcare organization is said to be underdeveloped. This is the reason why we have identified it for the analysis so that we can make possible recommendations. Strategies of Managing Budgets Within Forecast Managing budgets within forecasts is significant in revenue attainment and costs containment. However, ensuring that budgets remain within forecasts is not an easy task. Moreover, budget forecasts are not always accurate in terms of budgetary estimates they give. This makes designing of a strategic budgets management approach to be a necessity in healthcare organizations. In this healthcare organization, specific strategies exist for managing budgets within forecasts. These strategies vary both in their characteristics and in applicability. However, the majority of them are applicable in healthcare organizations like the one identified in this paper. One of the strategies that could be significant in managing bud gets within forecasts is the use of both quantitative and qualitative approaches during forecasting. According to Cole (2003), quantitative approach uses numeric data such as statistics and the accounting data to draw projections. Qualitative approach, on the other hand, uses explicit assumptions and individual judgments about the assumptions to draw conclusions (Cole, 2003). Combination of these two approaches, when looking for budget forecast estimates, assists in obtaining the most accurate and unbiased estimates. These estimates guide the actions taken to maintain the budget within the forecasts. As a result, the strategy could help in managing the budgets within forecasts. The interval which the forecast is based on is significant in obtaining accurate estimates from the forecast. Another strategy that could be adapted to manage budgets within forecasts is the use of small intervals when forecasting. The strategy can be implemented by use of a rolling forecast produced on a qua rterly basis to provide a full-year outlook (Dressler, 2004). An approach that uses short intervals like this one can promote obtaining of more accurate forecasts. Moreover, it can provide forecast estimates that could be obtained from within the large interval forecasts. This could greatly assist in managing budgets within forecasts, thus promoting operability of the organization. According to Cokins (2006), budgeting and financial planning are confusing to many organizations. As a result, many organizations in different industries find it difficult to integrate the two as organizational management. A strategy of employing budgeting together with financial planning in management of an organization is another strategy that could help in managing budgets within forecasts. Financial planning would assist in the drawing of accurate forecasts while budgeting would be assisting in maintaining the spending within the forecasts. However, for this to be achieved, these two aspects must be u sed in an integrated manner. Otherwise, they would not be able to supplement each other, thus failing to achieve their objectives. Expense Results With Budget Expectation Healthcare organizations have several expense results. Each of the results has its own budget expectation. Five of the most significant expense results of healthcare organizations such as the one identified in this paper are salary and wages expenses,