...A fixed cost, as defined by Bernanke and Frank in The Principles of Economics, is the sum of all payments made to the firm’s fixed factors of production. A fixed cost does not increase or decrease with output, it remains the same regardless of output. Companies, such as airlines, operating with high fixed costs are faced with many challenges in order to maximize profitability. Airlines will incur the same costs to fly a given route regardless of whether or not the plane is at capacity, yet in the airline industry, there are many factors that affect output. Weather events, labor disputes, seasonal travel trends, as well as events that can impact the industry as a whole like a plane crash or terrorist attack all affect output. Any number of these factors can determine whether or not a scheduled flight is cancelled or whether at takeoff it is 5% full rather than 50% full. As a result of the September 11 terrorist attacks airline travel decreased and fares were lowered in order to lure passengers back. According to an article published in the Transportation Journal in the summer of 2003, load factors for 2002 were estimated at 72 percent but the breakeven passenger load at that time was at 81 percent. Net losses in 2002 were estimated at approximately $9 billion. Airlines have developed several strategies in order to overcome these challenges. One strategy is to reduce fares and increase capacity during slow times while increasing fares during peak months. The idea...
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...Chapter Seven—Managing the Cost of Labor 1. Why is managing the cost of labor essential to the success of any F&B operation? In some foodservice establishments, the cost of labor actually exceeds the cost of food and beverage products. Today’s competitive labor market indicates that, in the future, foodservice managers will find it even more difficult to recruit, train, and retain an effective team of employees. 2. What is the difference between fixed payroll and variable payroll? Fixed payroll refers to the amount an operation pays in salaries. Variable payroll consists of those dollars paid to hourly employees. 3. There are many ways to assess labor productivity. In general, productivity is measured in terms of the productivity ratio. Please show that ratio below: Output/ Input = Productivity ratio 4. Employee turnover is high in some sections of the hospitality industry. By some estimates, it exceeds 200% per year. What is the formula to measure employee turnover? Number of Employees Separated Number of Employees in Workforce = Employee Turnover rate 5. List five of the ten Key Factors Affecting Employee Productivity as described in the text: * Employee selection * Training * Supervision * Scheduling * Breaks 6. According to the text what are the five ways to measure labor productivity? * Labor cost percentage * Sales per labor hour * Labor dollars per guest served * Guests served per labor...
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...Assignment 9: Managing Labor Cost Cheryl Cunningham Professor Laura Sankovich Compensation and Benefits Management June 9, 2013 INTRODUCTION “There are two major approaches to coming up with budgets for any home, small business, or larger company: the traditional method of budgeting is known as bottom-up budgeting, though many businesses and corporations, along with the United States government, are moving towards more top-down budgeting, particularly during times of fiscal stress (Peterson, 2012).” BOTTOM UP The components of the Bottom Up approach are as follows: Instruct managers in compensation policies and techniques, distribute forecasting instructions and worksheets, provide consultations to managers, check data and compile reports. Analyze forecasts, review and revise forecasts and budgets with management, conduct feedback with management and monitor budgeted versus actual increases. TOP DOWN Top down approach the budget starts with an assessment from upper management of the pay increase budget for the whole organization. Once the total budget is determined, it is then distributed to each manager, who plans how to dispense it among assistants. Planned pay-level rise is another approach of top down which is the percentage increase in average pay for the unit that is planned to happen. There are several factors that come into play on how much increase the average pay level for the next period and they are as follows: how much the average level...
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...An Analysis of Interview Process in Synnex International Student name: Registration Number: An Analysis of Interview Process in Synnex International Having posted a current job opening, Synnex International is looking to hire a Human Resource manager with the necessary skills to handle the responsibilities of managing job related affairs of the company’s personnel. Collins & Han (2004) explain that a job description should be simple enough and appeal to a large number of qualified candidates. After advertising the job opening, the Director of Human Resources at Synnex International announced that the company had successfully received job applications from a large number of qualified candidates. The following essay elaborates on the interviewing process overseen by Synnex International’s Director of Human Resource Services. The first activity involves undertaking a process of reviewing the resumes and cover letters of potential job candidates. According to Sanders & Rochon (2006), the resume of a Human Resource manager should elaborate on a manager’s experience and level of knowledge with regard to Human Resource policies and practices, and how to effectively implement them in an actual work setting. A resume screening process involves weeding out candidates whose resume does not stand out (Eischen, 2007).Under strict supervision by the Director of Human Resource services, a team of external consultants will perform the resume screening process which will majorly...
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...analysis of Managing Earnings by Manipulating Inventory: The Effects of Cost Structure and Valuation Method Introduction In this memo, we intend to analyze and breakdown Managing Earnings by Manipulating Inventory: The Effects of Cost Structure and Valuation Method by Kirsten A. Cook, Ryan Houston & Michael R. Kinney’s major faults and weak-points. The article examines how production cost structure and inventory valuation affect a company’s earning management through inventory manipulation. Its two main findings are the following: i. Firms with high fixed-cost ratios are more likely to manipulate production but make smaller abnormal inventory changes than companies with low fixed-costs ratios; ii. LIFO firms are less likely than other companies to manage earnings by using the production lever (i.e. shifting fixed costs between COGS and inventory) because they may also manage earnings by liquidating LIFO layers and releasing the LIFO reserve. Before we begin our analysis, we put together a brief rundown of the essential concepts the article’s authors go through to form their conclusions. Cost Structure Cost structure refers to the types and relative proportions of fixed and variable costs that a business incurs. Valuation methods A company can value its inventory using several methods. The two most important methods are LIFO (“last in first out”) and FIFO (“first in, first out”). Under FIFO, the cost of goods sold (COGS) is based upon the cost of material...
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...1 ANNUAL REPORT 2014 Table of contents ABOUT THE COMPANY Letter of Transmittal Corporate Information Milestones Board of Directors and Management Brand Values Products 3 4 5 6 -8 9 10 OPERATING RESULTS Summary of Key Operating & Financial Data 11-12 AGM & COMPANY PERFORMANCE Notice of 35th Annual General Meeting Chairman’s Message to Shareholders Report of the Board of Directors 13 14 ANNUAL REPORT 2014 15 - 19 1 Table of contents COMPLIANCE REPORT Corporate Governance Compliance Report 20 - 38 FINANCIAL RESULTS Auditors’ Report to the Shareholders Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Shareholders’ Equity Statement of Cash Flows Notes to the Financial Statements Unit-wise Working Result Schedule of Non- Current Assets Certificate on Review of financial statements PROXY FORM 39 - 40 41 - 42 43 - 44 45 46 - 47 48 - 80 81 - 82 83 - 84 85 ANNUAL REPORT 2014 2 Letter of Transmittal December 6, 2014 Esteemed Shareholders Bangladesh Securities and Exchange Commission Dhaka Stock Exchange Limited Chittagong Stock Exchange Limited Registrar of Joint Stock Companies and Firms Dear Sir or Madam, Subject: Annual Report for the year ended June 30, 2014 It is our pleasure to inform you that the 35th Annual General Meeting of Olympic Industries Limited will be held on Wednesday, December 24, 2014 at 10:00 AM at our 2nd biscuit factory premises at Lolati, P.S. Sonargaon, District...
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...Morgan Stanley: The 360 Performance Evaluation Process ▪ 1993: Morgan Stanley (MS) implements firmwide 360-degree evaluation process for over 2,000 professional employees at cost of over $1.5M. ▪ MS’s HR department is called Office of Development; Chief Development Officer is Tom DeLong The New System: ▪ Guiding Principle: 360-degree feedback solicited from: o Superiors o Peers o Subordinates o “Internal Clients” ▪ The Process: ▪ Professional Employees identify folks in Firm with whom they regularly interact. ▪ List of Prospective Evaluators (Evaluation Request Form or ERF) is reviewed by evaluatee’s manager. ▪ ERF submitted to Office of Development ▪ Office of Development distributes eval forms to the people on the ERF, collects complete evaluations and processes them into Year-end Packet for each evaluatee. ▪ Concurrently, each professional completes a self-evaluation ▪ Evaluation Criteria: ▪ A big challenge was deciding on criteria. 4 broad categories won out: • Market/Professional Skills (analytical skills, market knowledge) • Management and Leadership ...
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...at 3:00 p.m. N I S S A N E L G R A N D I N F I N I T I F X 3 7 R E N A U L T M E G A N E R S CONTENTS 02 03 05 09 10 14 17 25 27 28 31 Corporate Information Business Divisions Report of the Board of Directors 8 Years Financial Highlights Profile of Directors Corporate Social Responsibility Report Corporate Governance Statement Internal Control Statement Other Statements and Disclosures Audit Committee Report Daily Share Price & Volume Traded on Bursa Malaysia Securities Berhad 33 Financial Statements 133 Ten Largest Properties of the Group 134 Shareholders’ Statistics 137 Notice of Annual General Meeting Form of Proxy CORPORATE INFORMATION Directors Dato’ Tan Heng Chew Executive Deputy Chairman and Group Managing Director Dato’ Ng Mann Cheong Senior Independent Non-Executive Director Dato’ Haji Kamaruddin @ Abas bin Nordin Independent Non-Executive Director Seow Thiam Fatt Independent Non-Executive Director Siew Kah Toong Independent Non-Executive Director Dato’ Khor Swee Wah @ Koh Bee Leng Executive Director Ling Ou Long @ Ling Wuu Long Executive Director Ho Wai Ming Executive Director Audit Committee Company Secretaries Yap Bee Lee Chang Pie Hoon Registered Address 62-68 Jalan Ipoh 51200 Kuala Lumpur Telephone : (03) 4047 8888 Facsimile : (03) 4047 8636 Website : www.tanchong.com.my E-mail : tcmh@tanchong.com.my Registrars Tricor Investor Services Sdn Bhd Level 17, The Gardens North Tower Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur...
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...TIMELINE OF KENMARK CASE September 15, 1988 Kenmark first incorporated Source: Nov 3, 1997 Kenmark listed on the Second Board of the KLSE Source: Sept 3, 2001 Kenmark listed on the main Board of the KLSE Source: April 23, 2010 Hwang (Kenmark’s managing director) had notified that he had 53,363,092 shares or 29.93 per cent. Source: Bernama, June 8 Chen Wen Ling (Kenmark’s executive director) had reduced its stake in Kenmark from 16.51% as at April 23 to 7.76% now. The combined stake of both the Taiwanese directors, Hwang and Chen, has dropped from 46% to 15.72% now. Source: The Star, June 10 April 2010 MD's brother resigned as director due to health reason. Source: May 24, 2010 Hwang Ding Kuo@James Hwang said he was taken ill in China and was in a delirious state. Source: Business times, June 2 May 25, 2010 James Hwang start cannot be contacted Source: May 27, 2010 The company’s audit committee meeting held but only two independent directors of the company were present to and discover that the other management representatives had resigned. The meeting could not be preceded. Source: EON Bank Berhad (EBB) has been notified of the situation and placed their security guard at the Kenmark’s premises at Port Klang. EBB will also be appointing a receiver over the assets of the company Source: May 28, 2010 Kenmark Paper Sdn Bhd, a wholly-owned subsidiary of Kenmark, received a letter from EBB’s solicitors, advising of the appointment...
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...The proposal was duly considered important as Juices Ltd operated an apple and pear juice producing business and owned ore hands around Australia and the juice container manufacturing business can provide Juice Ltd’s juice containers to the customer who already falls under Juice Ltd’s target market. In order to broaden the domain of its business the proposal was put forward by Chen who is a non executive director of the company though all the board members were suppose to be present in the board meeting else one of the non executive director could non- attend the meeting as on the same day and time she met with an accident and broke her arms and unable to receive treatment from the emergency department of the local hospital. The company managing director Uma was authorized the chairman Jack to acquisition within 10 minutes. Though the company’s chief financial officers Isaacs financial report was presented on the impact of the acquisition but unfortunately he was forbidden to participate in the board meeting and gain or deliver any views in regards to the business proposals. Though it was decided in the meeting to approve the acquisition and signing up of the contract by Uma to look took over the business on behalf of Juice’s lacking was detected in wrong financial analysis of $48 million purchase price which was an improper and over channelization of company’s fund. Moreover it was also revealed that the board of directors was not aware of the fact that most of the shares newly...
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...Problem Statement To appoint a managing director that can suit and work in the Peru’s political turmoil. Because of the political turmoil in Peru , which at times has bordered on being a full-scale war , the company had to appoint a managing director that can do the works that had been done by the current managing which had succeed to manage the operation with good and improving sales and profitability. Alternative Strategies 1) The Geocentric Approach With geocentric approach , unlike the ethnocentric and polycentric variation , OEC’s decision to appoint managing director is not tied to U.S national of Peru national .Rather , OEC scans the five short-listed colleagues looking for the best people for managing director post in Peru, regardless of their nationality . 20 The Polycentric Approach Juan Moreno will be appointed as managing director of Peru operation if the managers used this approach. This approach belief that managers and employees in foreign operation should be from the host country .Using this approach , the feeling of native people to the host country will not have a problem with cultures shock , knowing the language(Spanish) , realizing and adhering to the local customs , and values and attitude .This approach may save OEC’s expenses associated with recruiting , training , and transferring expatriates from other countries which are form of U.S and Mexico in which the company also has operations .Many human resources management , facing...
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...Problem Statement To appoint a managing director that can suit and work in the Peru’s political turmoil. Because of the political turmoil in Peru , which at times has bordered on being a full-scale war , the company had to appoint a managing director that can do the works that had been done by the current managing which had succeed to manage the operation with good and improving sales and profitability. Alternative Strategies 1) The Geocentric Approach With geocentric approach , unlike the ethnocentric and polycentric variation , OEC’s decision to appoint managing director is not tied to U.S national of Peru national .Rather , OEC scans the five short-listed colleagues looking for the best people for managing director post in Peru, regardless of their nationality . 20 The Polycentric Approach Juan Moreno will be appointed as managing director of Peru operation if the managers used this approach. This approach belief that managers and employees in foreign operation should be from the host country .Using this approach , the feeling of native people to the host country will not have a problem with cultures shock , knowing the language(Spanish) , realizing and adhering to the local customs , and values and attitude .This approach may save OEC’s expenses associated with recruiting , training , and transferring expatriates from other countries which are form of U.S and Mexico in which the company also has operations .Many human resources management , facing...
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...RETAIL FOOD GROUP is a leading Australian retail food brand manager, franchisor and wholesale coffee roaster. It designs, develops and manages franchise systems and is the intellectual property owner and manager of the following retail and coffee brands: Donut King, Michel’s Patisserie, Brumby’s Bakery, Esquires Coffee Houses, bb’s cafe, Evil Child, Roasted Addiqtion and Barista’s Choice. For the 6th consecutive year since Listing (in June 2006), Retail Food Group continued to deliver enhanced performance and record outcomes for stakeholders. NPAT and EPS 6 year cumulative annual growth rates (cagr) of 35.8% and 24.2% respectively, reinforces Retail Food Group as an enterprise with franchise systems, business model and revenue streams capable of significant growth. NPAT Core NPAT EPS (Basic) 30 30 25 25 20 20 15 15 10 DPS 10 5 0 5 FY07 FY08 FY09 FY10 FY11 ($m) Revenue 140 FY10 FY11 0 ($m) FY07 FY08 FY09 FY10 FY11 FY08 FY09 FY10 FY11 (cents) Net Operating Cashflows Adj. Revenue 120 25 80 20 60 15 40 Net Debt Reduction 30 100 (cents) 10 20 0 5 FY07 FY08 FY09 FY10 FY11 ($m) FY10 FY11 0 ($m) FY07 FY08 FY09 FY10 FY11 ($m) Outlets Network Sales 700 600 1200 500 1000 400 800 300 600 200 400 100 200 0 FY07 FY08 FY09 FY10 FY11 ($m) 0 FY07 FY08 FY09 FY10 FY11 FY10 FY11 ($m) ...
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...INTRODUCTION: Euroland Foods S.A is a multinational producer of high quality ice cream, yogurt, bottled water and fruit juices. Its products are primarily sold throughout Scandinavia, Britain, Belgium, the Netherlands, Luxembourg, western Germany, and northern France. In early January 2001, the senior management committee of Euroland Foods S.A was called together to come up with the firm’s capital budget for the new year. There were 11 projects up for consideration that the committee was faced with and had totaled more than (euro) EUR316 million. Unfortunately the board of directors had set in place a spending limit of EUR120 million. Even with this restriction the investment at this rate would cause a major increase in the firm’s current asset base of EUR965 million. The firm’s main challenge was to allocate the funds among a range of projects to satisfy the following: new-product introduction, acquisition, market expansion, efficiency improvements, preventative maintenance, safety, and pollution control. BACKGROUND OF FIRM: Theo Verdin, a Belgium Farmer, as an offshoot of his dairy business, founded Euroland Foods S.A in the year 1924. Theo paid great attention to product development and marketing, and because of his close attention to detail the firm had grown steadily over the years. The company had gone public in 1979, and by 1993, was listed for trading on the London, Frankfurt, and Brussels exchanges. In the year 2000, Euroland Foods S.A had approximately...
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...Corporation (EPIEC) . From there he gained a lot of working experience and knowledge which made him to success in his business later . Business Motivation and starting One of the motivating factors was his father’s dream of his establishment in the society and another factor was after the independence of Bangladesh Aminul Islam realized that a new country has been born, therefore, a lot of construction will be needed for the development of the country and that is when he came up with the idea of Project Builders Limited. He proposed the idea to three other recent BUET graduates and they agreed to start with this new business. After the death of one of the partner and other two sold their share currently Aminul Islam is the only Managing Director and Chairman of Project Builders Limited. Vision The vision of Project Builders limited is to make quality constructions and make a strong infrastructure development of the country. Mission Construction of important structure and projects and to become the number one construction builder in Bangladesh. Initial Finance The company was initially started with four partners along...
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