...Economy, Efficiency and Effectiveness Name Institutional Affiliation Government agencies are commissions appointed and granted powers and authority to oversee specific functions such as Bureau of economic analysis. Bureau of economic analysis provides economic statistics and its main function is to give a clear understanding of the economic status of the US by giving an accurate and relevant data. Cochran, J. (2013). A state agency may be of either national or state government. Performance measurement is basically managing production rate and its primary purpose is to reduce or get rid of total variation in the production process. The main purpose of measuring performance, is to help get to a better decisions. Performances generally tell us important aspects about products, services, and the processes of how they are produced. They are a helpful tool to understanding, manage, and improve what organizations do. Performance can also be measured in order to recognize the sum total of quality management. Jacob, I. (2011). Persons charged with the management of an organization have to implement change in the organization. Before implementing change in an organization, the manager has to know how and when to introduce the change, he or she has to freeze and unfreeze the change process in order to avoid resistance from the workers. The management team has to have appropriate information and knowledge to measure the performance of the institution. Currently there is no known standard...
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...PUBLIC SECTOR ACCOUNTING AND FINANCE 1.0. Introduction: One of the main distinguishing factors between public and private sector organisations lies in their objectives and sometimes funding structure. While public sector bodies have a more social objective and focus more on the allocation or distribution of public goods and services within the country, private sector bodies have the main objective of increasing the wealth of their shareholders (IFAC, 2011). However, both private and public sector bodies face similar operational and business challenges brought on by the economic environment and climate. A crucial question therefore is how to account for the activities of private sector bodies and public sector bodies in a way that reflects the operational structure of the organisation and yet their varying objectives (Barton, 2000). There exist two main schools of thought on the nature of accounting in the public sector, each of which is formulated by the view of the role of the public sector within the economy (Evans, 1995). The traditional method of accounting within public sector organisations has often advocated the use of the cash basis of accounting, with larger emphasis rather placed on compliance with the rules and regulations governing the sector (Wynne, 2003). However, weaknesses in public sector management have brought to the fore the importance of efficiency and hence the adoption of the accrual method of accounting within the public sector. According to...
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...Privatization on Service Sector Preface We know that the countries which are developed today are getting very strong in service sector day by day. Without having a very significant service sector it is impossible to retain the development of the economy of a country. Service sector is the accelerator of an economy. And Bangladesh is one of the least developed countries of the world with a huge number of different problems but most importantly with an emerging service sector. Really this is a great tonic for this underdeveloped country on the way of development. So to utilize this potential setting up of a lot of service organization is needed. But the service organization should not be public rather private. Because we all know about the poor service quality and negative profit of the public service organizations of Bangladesh. So the privatization of service sector is one of our desired initiatives. It is one of the leading aspects with a very bright potential to boost-up the economy of this third-world poor country. Prepared by: Md. Abdul Hai – 07882860 Essence of Privatization Despite a significant degree of public ownership in health, education, communication, utilities and energy sectors in the pre-independence period, Bangladesh inherited basically a private sector dominated economy at the time of independence in 1971. A set of three inter-related reasons are put forward as rationale for privatization in Bangladesh. These are: • Improvement of the governments’ fiscal...
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...Transition The First Ten Years Analysis and Lessons for Eastern Europe and the Former Soviet Union Transition The First Ten Years Analysis and Lessons for Eastern Europe and the Former Soviet Union THE WORLD BANK Washington, D.C. © 2002 The International Bank for Reconstruction and Development/The World Bank 1818 H Street, NW Washington, DC 20433 All rights reserved. 1 2 3 4 5 05 04 03 02 The findings, interpretations, and conclusions expressed here are those of the author(s) and do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is copyrighted. No part of this work may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or inclusion in any information storage and retrieval system, without the prior written permission of the World Bank. The World Bank encourages dissemination of its work and will normally grant permission promptly. For permission to photocopy or reprint, please send a request with complete information to the Copyright Clearance Center, Inc, 222 Rosewood...
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...India Assessment and Options1 R Nagaraj2,3 Ownership reform in public sector enterprises (PSEs) initiated since 1991 has as yet been quantitatively modest. It is perhaps too early to judge the effects of these initiatives on their financial performance. While the slow pace of the reform can be perceived as an opportunity, there is perhaps merit in carefully reviewing the policy in light of economic theory, and comparative experience. As the bulk of the public investments are in industries with economies of scale and scope (with externalities that in principle invite considerable regulation), this study suggests an alternative institutional arrangement for improving PSEs’ financial performance: mutual stock holding among complementary enterprises tied around a public sector bank to minimise problems of soft budget constraint, dysfunctional legislative and bureaucratic interference, and to encourage close interaction between banks and firms to promote long term economic development. Introduction: Employing about 19 million persons, public sector currently contributes about a quarter of India’s measured domestic output. Administrative departments (including defense) account for about 2/5th of it, the rest comes from a few departmental enterprises (like railways and postal services), and a large number of varied non-departmental enterprises producing a range of goods and services. These include, close to 250 public sector enterprises (PSEs) owned and managed by the central government...
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...teaching order, rather than in numerical order. Indicative Content: 1.1.1 Explain the business organisation as a transformation process: • Business organisations undergo a transformation process from inputs into outputs, using physical inputs plus finance and skills to produce both goods and services. • Use examples from both manufacturing and service sector organisations to illustrate the process. 1.1.2 Describe the different ways in which a business may structure its activities: • Organisational structures can be based on the functions of the organisation, its product ranges, or geographical regions. Alternatively some less hierarchical organisations may use a matrix structure, especially if the firm is project based. 1.2.1 Discuss the complexity, volatility and uniqueness of an organisation's environment: • The organisation in its environment has to face a wide range of internal and external influences which affect business activity. • The immediate or operational environment interacts with suppliers, competitors, the labour market and financial institutions. • The general or contextual environment consists of economic, political, legal, and social factors. Each functional area of the organisation may be affected. • Whilst organisations have some control over their internal environment, the external environment is more volatile (e.g. technological change), and wide ranging and this makes decision making more difficult. • The uniqueness of organisations means that each one...
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...words ‘Business’ and ‘Environment’. In economic sense ‘Business’ means human activities like production, purchase or extraction or sales of products or services that are performed to earn money. Meanwhile ‘Environment’ means the aspect of surroundings. Business environment is the set of conditions institutional, political, economical, legal or social that is uncontrollable and affects the functions of the organization. Business environment consists of two components: external environment and internal environment. Internal environment includes of 5 M’s like management, money, machinery, material and man. On the other hand, External environment consists of demo-graphical factors, socio-cultural factors, political factors, geo-physical factors, government and legal factors. 5. Understand the organizational purpose of business 1.1 Identify the purpose of different types of organizations There are different types of organizations and mainly all kinds of organizations are divided in three sectors: public sectors, private sectors and voluntary sector organizations. The purposes of those organizations are not same. Public sector is owned and run by the government for the people. People pay taxes to the government and this money is used to finance most of the public sectors. The main purposes of public sectors organizations are to provide essential public services and to use resources well for the benefit of the community. Private sector businesses are owned and run by private...
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...Company’s business and economics research arm. MGI’s mission is to help leaders in the commercial, public, and social sectors develop a deeper understanding of the evolution of the global economy and to provide a fact base that contributes to decision making on critical management and policy issues. MGI research combines two disciplines: economics and management. Economists often have limited access to the practical problems facing senior managers, while senior managers often lack the time and incentive to look beyond their own industry to the larger issues of the global economy. By integrating these perspectives, MGI is able to gain insights into the microeconomic underpinnings of the long-term macroeconomic trends affecting business strategy and policy making. For nearly two decades, MGI has utilized this “micro-to-macro” approach in research covering more than 20 countries and 30 industry sectors. MGI’s current research agenda focuses on three broad areas: productivity, competitiveness, and growth; the evolution of global financial markets; and the economic impact of technology. Recent research has examined a program of reform to bolster growth and renewal in Europe and the United States through accelerated productivity growth; Africa’s economic potential; debt and deleveraging and the end of cheap capital; the impact of multinational companies on the US economy; technology-enabled business trends; urbanization in India and China; and the competitiveness of sectors and industrial policy...
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...related activities, including any expansion of the scope of private sector activity in an economy and the adoption by the public sector of efficiency enhancing techniques commonly employed by the private sector. The term privatization may be taken to mean a financial transaction-the sale of a publicly owned asset to the private sector or the transfer of the authority to make resource allocation decisions from the government to the market place (Gabel, 1987). While acknowledging that no definition of privatization is water tight, for the purpose of this essay, privatization will be defined as the transfer of productive asset ownership and control from the public to the private sector (Ibid). In Africa, many governments have embraced the idea of privatization, brought to the fore mainly as a part of the adjustment and stabilization programs of the mid-eighties and the nineties. Privatization now frequently features in government policy statements and in conditionalities from donors. The past decade has also seen the World Bank and other donors get increasingly involved in lending operations towards parastatal sector reforms that included privatization components (Landis, 2000). Privatization is therefore a capitalist principle among others. On the other hand, nationalization occupies a central place in the socialist policy. The bedrock principle of socialism is that industry should be directed by the state in the public interest and not by private groups pursuing the objective of private...
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...Comparing and Contrasting Management in the Public and Private Sectors in Nigeria Introduction The term ‘management’ is very ambiguous; it is difficult to give a statement that describes the exact meaning of the word. The goal of this paper is to compare and contrast management in the public and private sectors in Nigeria. Instead of discussing only the differences between public and private organizations, this paper discusses the differences in managerial roles in both sectors. We begin by looking at some assorted opinions, after which we discuss the general description of the public and private sectors and the state of these sectors in Nigeria today. We will then discuss similarities between public and private management in Nigeria and three possible arguments that can be used to support the differences between public sector and private sector management. This paper explains the difference in the mangers’ job context; purposes and goals, accountability and autonomy. Finally, we will give a brief summary of the paper in the conclusion. Some Opinions Since the 1800’s, different scholars have given different interpretations of management from their points of view. Mary Parker Follett, an American social worker and management consultant gave a popular definition. She says, “management is the art of getting things done through people” (Tripathi, 2008). George R. Terry, the 16th President of the Academy of Management gave a somewhat more elaborate definition. He defined...
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...Case of the United Arab Emirates (UAE) This article provides an overview of eGovernment and its role in revolutionising existing governmental systems. It argues that in order for eGovernment initiatives to truly succeed, we need to develop public trust and confidence to promote diffusion and participation. The article relates this to the recently announced UAE eGovernment Strategic Framework 2011-2013. The framework attempts to promote the electronic transformation of all government services within a period of three years. An important component of the strategic framework in question is the use of the existing national identity management infrastructure and the development of a government-owned federated identity management system to support Governmentto-Citizen (G2C) eGovernment transactions and promote trust and confidence on the Internet. Dr. Ali M. Al-Khouri United Arab Emirates Keywords eGovernment, identity management, federated identity, identity card. Government-owned identity management systems that provide secure, unique and tamper-proof digital identities should become a primary component of national eGovernment strategies. Such federated identity systems can gain higher levels of trust, confidence and encourage public participation and has the potential to enable new levels of collaboration between different government agencies. European Journal of ePractice · www.epracticejournal.eu Nº 17 · September 2012 · ISSN: 1988-625X 126 1. Introduction ...
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...online at www.sciencedirect.com ScienceDirect Procedia Economics and Finance 28 (2015) 163 – 169 7th INTERNATIONAL CONFERENCE ON FINANCIAL CRIMINOLOGY 2015 13-14 April 2015,Wadham College, Oxford, United Kingdom Enhancement of the Accountability of Public Sectors through Integrity System, Internal Control System and Leadership Practices: A Review Study Mohamad Azizal Abd Aziza, Hilmi Ab Rahmanb, Md. Mahmudul Alamc, Jamaliah Saidc* a Faculty of Accountancy, Universiti Teknologi MARA (UiTM), Shah Alam, Selangor, Malaysia b Universiti Teknologi MARA (UiTM) Kelantan Campu, Malaysia c School of Business, Universiti Utara Malaysia c Accounting Research Institute (ARI), Universiti Teknologi MARA (UiTM). Shah Alam, Selangor, Malaysia Abstract Currently, governance in public administration has become a global issue as a result of the continuous stream of governance failures, fraud, inefficiency, corruption, and poor internal control and financial management. Public sectors worldwide are now under pressure to justify the sources and utilizations of public resources as well as improving the performance in their services delivery. Now it is considered as public rights to monitor the transparency and efficiency of public administration. To ensure good governance, understanding the way to improve accountability in public sector is very essential. Therefore, to enhance the accountability in the public sector, based on the literature review this study discusses on...
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...PUBLIC SECTOR ACCOUNTING Assignment 5 ------------------------------------------------- Melina Subastian / 296511 Number 3: Based on five public sector accounting techniques, which one do you prefer as the best to be applied? Explain your answer! First of all, I think it is necessary to observe the five techniques that can be applied in public sector accounting in order to decide which one is the best to be applied. 1. Budget Accounting. This technique presents the budgeted amount and the actual amount recorded in pairs (double entry). 2. Commitment Accounting. This accounting technique recognizes transactions and records them at the time the order was issued. This can be used in conjunction with cash accounting and accrual accounting. 3. Fund Accounting. The technique is performed with the concept of fund. It treats a working unit as an accounting entity and budget entity which stands alone. 4. Cash Accounting. In this technique, revenues are recorded when cash is received, and expenses are recorded when cash is removed. 5. Accrual Accounting. This technique differentiates between cash revenues and rights to earn cash, and cash expenditures and obligations to pay cash. In my opinion, accrual accounting technique is the best technique to use for public sector organizations. In this technique, revenues and expenses are recognized when earned or incurred, regardless of whether cash is received or spent. The use of the accrual basis in the public sector is one...
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...Public Administration Name Institutional Affiliation Date Public administration is both a field of practice and academic discipline whereby those practicing it implement government policy while students study the implementation and are prepared to work in the public service. Classification of public sector organizations is important to simplify the meaning of the complex phenomena and to act as a guideline to policy makers and reformers. Aspiring public administrators can therefore know exactly which avenues to explore in their career as well as what exactly entails the different departments. The Louisiana department of human services belongs to the public sector following their line of duty that deals with the delivery of services and goods by and for the government at the state and local level. To better understand the concept of public sector organizations, other example organizations include social security, national defense and urban planning departments that offer products or services to the public at a lower or no cost for their overall social and economic well being (Kernaghan, Borins, Marson, & Institute of Public Administration of Canada, 2000). The different forms of public sectors include direct administrations and publicly owned corporations. Louisiana department of child and family services falls under direct administration since it is funded through taxation. The organization is characterized by no specific requirement to meet commercial success criteria and...
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...field of economics, public policy and environmental studies. If the title alone doesn’t draw you in, then maybe the following question will: Could society’s age old demand for increased productivity and efficiency lead to “The End of Work” as we know it? As the saying goes, be careful what you wish for. In this eye-opening book, Jeremy Rifkin argues that improvements such as automation, computerization and re-engineering mean that more goods and services can be produced with less human labor. If less people are working then who will buy all these new products that hit the market at an accelerated rate? The author's organization webpage (www.foet.org), retrieved on March 3rd, 2011 provides a brief biographical sketch on Jeremy Rifkin as an American economist, writer, public speaker, political advisor and activist. Rifkin is the President of the Foundation on Economic Trends and the author of seventeen bestselling books on the impact of scientific and technological changes on the economy, society, the workforce, and the environment. His most recent books include The Empathic Civilization, The Hydrogen Economy, The European Dream, The End of Work, The Age of Access, and The Biotech Century. He currently serves as an advisor to the European Union, European Commission, the European Parliament, and several EU heads of state and has been influential in shaping public policy in the United States. With global unemployment hitting an all time high and effecting virtually every sector and industry...
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