Innocence to experience Free Essays

Blake was tuned to the huge social and political forces of the late 18th century. This can be seen in Blake’s poem ‘The Tyger’ as he uses two symbols of revolution; French Revolution and the Industrial Revolution which both happened in the 18th century! The title ‘The Tyger’ is a symbol which was used in 18th century newspapers, similar to Blake’s symbolic description of the French Reign of Terror. The ‘Times’ newspaper talked about the Reign of Terror as a Tyger: â€Å"a tiger stalking the streets of Paris†. We will write a custom essay sample on Innocence to experience or any similar topic only for you Order Now This ‘Tyger’ was used to symbolize the power, machinery, evil, violence and energy of the revolutions going on at this time. The description ‘Tyger Tyger burning bright’ is a pun because ‘burning’ could be seen to represent destructiveness whilst ‘bright’ is a deep, powerful word for revolution. In the third line ‘What immortal hand or eye, Could frame thy fearful symmetry?’ which has a questioning tone, means that Blake is awestruck on what kind of God would want or allow the French Revolution. In the second verse which talks about Satan’s energy, it starts with a questioning tone about heaven or hell ‘deeps or skies’. The question ‘Burnt the fire of thine eyes’ is addressed towards Lucifer (the Devil). Verse two and three shows the imagery of the industrial revolution ‘In what furnace was thy brain’. Blake says God is a blacksmith who wrestles with power and energy which is beneficial and at the same time destructive. In the fifth verse: ‘When the stars threw down their spears And water’d heaven with their tears: Did he smile his work to see? Did he who made the Lamb make thee?’ This is saying that if there were only good and no evil, there would be no good because there would be no comparison to what is good and what’s not. He basically says man needs a bit of ‘lamb’ (goodness, kindness, peace) and a bit of ‘Tyger’ (power, strength). Blake’s poems don’t just speak about his current times but can apply to nowadays. ‘The Tyger’ is a time symbol of revolution because it can relate to modern society: huge powerful machines such as the nuclear power station. It can relate to the revolution in his time; such as the French Revolution (1789) and the Industrial Revolution but can also relate to more modern revolution; such as the Russian Revolution (1917). Blake did not just dislike the church and revolution but also criticizes and explores the effects of a culture governed by commerce. This can be seen in the poem ‘London’. This poem talks about a London which is overpowered by commerce, government and religion. One of the main places where he enforces this in this poem is on line four ‘Marks of Weakness, marks of woe’ which means the people (London) allow themselves to be controlled by commerce. The word ‘marks’ is also repeated in this sentence twice and once earlier on; this is a politician’s method to repeat the same word three times to enforce his subject. The phrase ‘charter’d street’ in the first line suggests that every street is filled with commerce and instead of a list of freedoms; there is a list of restrictions. This word is also repeated on the second line; ‘Near where the charter’d Thames does flow’ which is saying that every street and river is devoted to making money and even though the river is symbol of peace and freedom, it is a type of harnessed freedom. Blake doesn’t just see London governed by commerce but a corrupt government and monarchy. In the second verse Blake says ‘The mind-forg’d manacles’ which is a metaphor meaning that people’s minds are in chains and people mindlessly accept a monarchy, a corrupt government and the misery of every day existence because the church brain-washes people into not rebelling and to put up with their terrible lives. However, I think Blake’s attacks of the church seem to be of the late 18th century because of his poems such as ‘Chimney Sweeper’, ‘Little Black Boy’ and ‘Sick Rose’. In the chimney sweeper the children are made to think that no matter how dreadful the church is, in the after life you will be with god, and the children will be celebrating this. They are also brain washed from the church and the society of that time to make the children accept their lives as slaves. In the poem ‘Little Black Boy’, black people are indoctrinated from the church and the society to think that white is superior and that black is horrible thing to be and they should look up at the white people. A mother gets told this from the church and so therefore it is passed down the family. These are told to them because they believe the church and think the church is good so they put up with a bad life. This can also be shown in the poem ‘The Sick Rose’. The name Rose is a metaphor for a flower, a name, love, passion, joy and England. It is saying that England is diseased and it’s people are turning unhealthy. This can be shown because it is saying that the priest can’t have sex so they try to stop others. On the other hand it is wrong in saying that attacks of the church seem to be of the late 18th century because there is still racism and social injustice. We are still indoctrinated but in many different ways by adverts, media, technology and government etc. Blake’s poems in the Songs of innocence and Experience can relate to his time but also modern society. His psychic and emotional views about the society he describes are relevant to the 18th century, but they are also relevant today. How to cite Innocence to experience, Essay examples

Becoming a Professional Marketing Administration Assistant

Question: Discuss about theBecoming a Professionalfor Marketing Administration Assistant. Answer: Introduction The primary aim of this assessment is to assess three covering letter and their review and selected two of them for the designation of Marketing Administration Assistant for the pro Publishing. The candidates are selected on the overall basis of their qualification and skills for better communication and knowledge from experience. Depending on these notions, two candidates will be selected and this task comprises of the justification for the selection and rejection of those candidates. Discussion Selection of Mary Ferguson The most important point that is positive about the candidate that she has the experience with the client currently associated with the company and thus, it can be ensured that she can manage their requirement well compared with other candidates. Moreover, her distinction degree in marketing and internship in the respective field make her more suitable candidate, who can communicate with other clients, suggest an idea for developing the relationship with the existing clients, and invite more clients to associate with our company. Marketing administrator assistant must have to possess the ability to lead an entire team and this candidate has those leading characteristics, as she was the Vice-captain in the State High School Netball Team. The extra quality that a suitable candidate for the marketing administrator assistant is required is to organize the event so that they can motivate the team members to work with proficiency. In this context, Mary has the experience of event managemen t, effective communication skills and most importantly organizing supermarket in-store promotions for the leading retail organization like Coles and Woolworths. As mentioned in the cover letter, brand managers of those companies also appreciate her work that she manages an event skilfully that according to the requirement of the pro Publishing will be beneficial. Selection of Christine Chalmers The best thing that is positive about this candidate is that she is a self-learner and has the ability to learn new skills for herself development that she has done through these years. This ability makes her suitable for the designation, as an administrator should adopt flexible attitude for understanding the requirement for the company and the organization. They should also know the use of the social media for an attractive approach to promoting company events and products and this candidate runs her website. She also knows how to maintain copyrights and share information regarding products on a website for the promotion. Christine also self-learned many things like the publishing of books and judging the gaps of the literature used by an author or in the content of the website. Moreover, her ability to learn new technology makes her grab the knowledge of web development software and all the recent updates in the technology. The quality we admire in the desired designation is the a bility to built relationships with clients so that they can convince them to take suitable steps for taking marketing initiatives for enhances sales and performance. This candidate knows that the most important aspect is effective communication skills and the quality needs for the handling marketing skills can be gained through the self-initiatives even though she does not have the degree in marketing. Rejection of Jason Hurley The reason for which this candidate cannot able to select for the position of the marketing administrator assistant is the lack of the presentation skills. However, the qualification in the bachelors in commerce makes the concerned candidate able to attain the concept of the business management but the covering letter does not make many approaches and shows interest for getting selected for the pro Publishing. The experience that this candidate has is suitable for being in the organization that is working in an advertising agency or working as brand managers; however, employee retention is a great concern while recruiting in a top designation for an organization. Jason did not associate even six months in those organizations. In addition to that, the organization where Jason has to spend almost three years of time as a team leader in Pizza Hut, is different from the publishing company and the leadership skills used in that organization is nor similar with the management styles used b y the team leader in the organization from which the recruiting is occurring. Conclusion Three candidates applied for the designation of the marketing administrator assistant- Mary Ferguson, Christine Chalmers and Jason Hurley. The former two candidates are selected while the third candidate is not selected for the concerned designation. The abilities that are more emphasized is the real life experience for organizing events and handling websites so that products can be promoted well and the content of the websites can be attractive. However, the rejection of the third candidates is the lack of experience in the required field and less employee retention with the organization the candidate is associating in his career.

Mansukh Securities and Finance Ltd. Essay Example

Mansukh Securities and Finance Ltd. Essay Company Profile.. We are Investment and Trading Solutions Provider. This has been our core business since more than two decades. Our group was founded in 1988 by Mr. J. U. Mansukhani an Ex. IES officer and U. N. O. advisor with decades of experience in capital markets. We are a Corporate Member of NSE ,BSE, NCDEX MCX and Depository Participant with NSDL and CDSL. Team Mansukh consists of qualified Professionals like M. B. As, C. As,Hardware and Software Engineers who tread the path of customer delight. Thus we are a Classic Mix of Youth and experience. We cater to the Investment and Trading needs of Retail Clients, HNIs, Corporates and Business Partners etc. You can choose your pick from the various Investment and Trading solutions customized to suit your needs. We have offices at more than 200 cities in India and a huge network of VSATs, Leased lines and modems. We use extended C-Band technology of HCL, arguably one of the best providers of VSAT Technology. We offer Equity Trading, Derivative Trading, Depositary services, Internet trading, PMS etc.. For more details about the company visit   www. moneysukh. com  . We are a Delhi based company and currently we are opening up with a new arbitrage setup at our ahmedabad branch. So the current profile is for ahmedabad branch. Profile:-  Doing System Arbitrage in two different markets applying  arbitrage strategies. (Profile would be related to hardcore finance) Designation:-  Derivative Analyst We will write a custom essay sample on Mansukh Securities and Finance Ltd. specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Mansukh Securities and Finance Ltd. specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Mansukh Securities and Finance Ltd. specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Package:   Ã‚  Ã‚   2 Lakh (CTC) per annum (Rs. 15,050/- per month in hand Rs. 19,400/- as performance bonus at the end of one year) There would be monthly incentive depending on the performance after the probation period of 6 months. This incentive part is not included in the current CTC. Selection Procedure:-  1- Online Test 2- Case Study 3- Interview Joining: Immediate Selected Candidates have to sign three years bond  since its a hardcore finance job requires lots of training. Current package would be for one year Annual appraisal will take place based on the performance of the employee. Interested candidates should send their CV at [emailprotected] com Corporate Office: Mansukh Securities Finance Limited Mansukh House, Opp. Mother Dairy, Pandav Nagar, Delhi-92 Ph. No-011-30211888/887Mob:-9312459293 Ahmedabad Office: Part A B, 7th Floor, Trade Centre Stadium Circle, Navrangpura, Ahmedabad – 380009. Regards, Shirish Shah System Trading Head – Ahmedabad Mob: 09958419110

Essay analyzes of The Lover by Abraham B. Yehoshua

Essay analyzes of The Lover by Abraham B. Yehoshua "[She] starts to sort it out, to turn over the day, scraps, feelings, words and laughter, all are like a thin layer of rubbish that [she] gathers up and throws into the basket" (9). In A.B. Yehoshua's novel The Lover, Asya utilizes dreams to release her inner-tensions. Yehoshua employs Asya's dreams as symbolic, prophetic mechanisms that parallel the subtle, emotional conflicts within the characters and her self.Once Asya is deprived of her lover, Gabriel, she is consumed by his absence and immediately begins to dream about him. The first of Asya's dreams described in the novel reflects her unconscious desire to reunite with Gabriel and abandon her family. The dream places Asya within a military encampment as an educator on a fieldtrip, paralleling Gabriel's own military excursion (14). Like the dreamer, the reader is also unable to make the connection between the dream and Gabriel, because both are uncertain of Gabriel's military career at the novel's onset.English: Flag of Israel w ith the Mediterranean sea..."The faces of children from Dafi's class" that Asya encounters are analogous to the "young, boyish faced" men in Gabriel's platoon (14, 297). While Dafi's class attends compulsory education, the soldiers have been forced into military service. Dafi's class also creates a commentary on the Zionist movement. Though the Zionist movement recently catalyzed the creation of an Israeli state, the Israeli's must now defend their independence in the Yom Kippur War. The field trip in Asya's dream exposes the young children to war, corrupting their naivety and innocence. These children must be prepared; they must sacrifice their childhoods for war, because most Israelis believe their independence will continually be contested, regardless of the outcome of the Yom Kippur War.Like Gabriel, Asya is lost within the encampment; she does not understand her purpose, but eventually understands her position with the...

Usability evaluation Essay Example | Topics and Well Written Essays - 3500 words

Usability evaluation - Essay Example Human Computer Interaction (HCI) is a recognized branch of computer engineering which defines various standards to ensure a safe, effective, efficient, appealing and enjoyable user experience while interacting with a computer application or surfing over the internet.Closely related to HCI is the field of usability engineering which ensures user friendliness through effective and efficient Graphical User Interfaces (GUIs) or Web Interfaces. Carroll has narrated the aims and objectives of HCI in these words, â€Å"HCI is the study and practice of usability. It is about understanding and creating software and other technology that people will want to use, will be able to use, and will find effective when used† (Carroll, 2002). The intelligent web design is an inevitable business necessity in this age of e-commerce. More often than not better and efficient web design is a matter of existence for businesses. Carey has pointed out the importance of user-friendliness in web applicati ons, â€Å"Businesses must pay attention to the functionality and usability of Internet-based tasks, because the young consumers of tomorrow’s markets will insist on doing business on the Internet and will be intolerant of dysfunctional and unusable systems.† (Carey et. al., 2003, p.360). Usability Evaluation Methods The methodical approach is a mandatory requirement for evaluating web pages. Heuristic Evaluation, Think-aloud and Performance testing are few among these evaluation methods. Each of these methods uses predefined rules to evaluate the website for its ease-of-use and other usability characteristics and have its relative accuracy in evaluating web sites usability. We can also employ a blend of these methods for evaluation purpose which may give us better insight into various met and unmet evaluation standards. This report will use a discounted heuristic method blended with think-aloud method where needed. The discounted heuristic blended with think-aloud will result in a protocol which will assess the website resources for a predefined set of heuristics and the same set of heuristics may be questioned from the naive users of think-aloud method. Usability Evaluation 1. Resource-I (http://sentencingcouncil.judiciary.gov.uk/) a) Consistency of presentation and controls i. The home page of Sentencing Council is loosely consistent. The hovering effect of various con trols is not consistent, on top level links of Home, Contact us etc. it is simple underlining with same text displayed as the feedback to the user the effect is background color change in menu controls like â€Å"About the Sentencing Council†, â€Å"About Sentencing†, etc. Similarly, the punctuation is not consistent at the site. ii. Blue and Gray colors are used consistently but there are used interchangeably i.e for headings and subheadings. iii. The overall impact of the color scheme and the text is consistent. Font size and style remained consistent over the home page. iv. Image used on home page is not tightly linked with the theme of the site. A keyboard with papers on it does not present a sentencing council perfectly. v. A quite large image of interrogation sign used at home page is a bit misleading it does not take you anywhere and creates a sort frustration for the user. b) Adequate Feedback i. There is not enough feedback provided to the user on home page. i i. Hovering is used to show the expected next click of the user but it is not clearly told where this click may navigate the user. iii. The hovering screen tip text is same as that of the label so it does not provide any additional information to the user. c) Natural organization of the information i. The information on the page is well managed ii. A clear page heading, subheadings, labels and menu bar, title heading are provided to clearly define various sections of information. iii. Each section of site provides only related information d) Contextual navigation i. There is enough contextual navigation available on the home page but without any feedback. e) Efficient

Peer Review PowerPoint Presentation Against Death Penalty Essay

Peer Review PowerPoint Presentation Against Death Penalty - Essay Example The paper ought to have introduced the matter as a regulation within the laws of the land that is not conforming to certain standards of the natural laws and that is not achieving any realistic targets as are expected. The body of the document does not present the information in a properly organized and sequential manner. The writer has failed to give the information with in depth explanations and examples covering all the expected and related cases. The body ought to have involved clear illustrations of the practical related issues in the area of concern ensuring that the illustrations of back up the improper effecting of the legislation and how it has directly affected the parties that have suffered from consequences of the implementation of this legislation. The body reports that the execution of the stipulated regulations of the process fails to achieve goals of handling the situation, however it does not provide the best practicable alternative that can solve the issue amicably. The writer just within the body provides his complaints but does not specifically raise the factual issues in relation to the execution of the regulation. The conclusion is very categorical and on point with direct inference on the opinion of the writer minus making a consideration of the opinions of other likeminded individuals and players in the subject area. The conclusion has failed to provide a concrete explanation and illustration in relation to the issues discussed and is very brief. The grammar has no proper polishing in relation to the clear presentation of the topic of discussion in the subject matter. However, the language used is not very professional and legislative as expected in relation to the subject of concern. I expected that the language of use in this paper would majorly be in relation to legislations and the acts of the government stated and clearly explained with the reasons of non-achievement of the

Assessing financial management within Tesco plc

Assessing financial management within Tesco plc 1.1 Determine how to obtain financial data and assess it validity Tesco is Britains leading retailer. We are one of the top three retailers in the world, operating over 2,711 stores globally and employing 366,000 people. Tesco operates in 11 countries outside the UK Republic of Ireland, Hungary, Czech Republic, Slovakia, Turkey and Poland in Europe; China, Japan, Malaysia, South Korea and Thailand in Asia. Everyday life keeps changing and the Tesco team excels at responding to those changes. Tesco has grown from a market stall, set up by Jack Cohen in1919. The name Tesco first appeared above a shop in Edgware in 1929 and since then the company has grown and developed, responding to new opportunities and pioneering many innovations. By the early 1990s we faced strong competitors and needed a new strategy. We were good at buying and selling goods but had begun to forget the customers. Sir Terry Leahy, who became Chief Executive in 1997, asked customers the simple question what are we doing wrong? . We then invested in the things that matter to customers. For example, we launched our loyalty scheme Club card and Tesco.com, our internet home shopping service. Going the extra mile for customers has been key to our growth. We want to make customers lives easier and better in any way we can. Most plcs have their Annual reports available from their own web sites .. look for Investor Pages or Corporate News etc. Others can be downloaded as PDFs from sites like FTSE, Yahoo Finance etc. It is well known that high employee satisfaction contributes significantly to high customer satisfaction, which drives intent to return, and therefore, financial results. High employee satisfaction expresses itself as enthusiasm in ones work, which directly impacts the experience of the customer. Likewise, high customer satisfaction expresses itself as enthusiasm toward a particular organization, its products or services, which directly impacts the intent to return rate. It is a short leap, then, to understand how a high intent to return rate among customers impacts financial results. But with so many variables affecting employee and customer satisfaction, how does one determine those of greatest importance, so that interventions aimed at increasing satisfaction are of maximum effectiveness? The answer is in the root cause analysis derived from employee and customer survey data, (West, S.J.DR, 2009). 1.2 Apply different types of analytical tools and techniques to a range of financial documents and formulate conclusions about performance levels and needs of stakeholders When implementing human performance improvement, most organizations hope and expect that it will have an effect on the bottom line that there will be a financial benefit that justifies the improvement effort. But human performance is a complex entity, and translating changes in performance into quantitative and financial results is often a daunting task. In the ideal, it is desirable to generate a causal chain of evidence from the intervention to the final financial impact. For instance, consider a simple performance improvement intervention such as a training program. In order for the program to affect the financial bottom line of the organization, we must first assure that the training is in an area that is relevant to the bottom line. It is, after all, possible to do training on topics that are irrelevant to financial performance. Assuming that the training is relevant, we might expect that it first needs to affect the knowledge and skills of the learners. Even if it does, it will not be translated into human performance unless the learner is motivated to use the knowledge. Even if the learner wants to use the new knowledge, there are any number of factors that can prevent them from doing so, or cause them to try under less than optimal conditions. Even if the learner performs perfectly, this performance may not affect the overall performance of the business (e.g., how efficiently departments process products). And, even if there is an effect on busi ness performance, there may not be a corresponding financial impact (depending on how relevant the business performance is to financial results). We see that in most performance improvement contexts, the causal chain from the program to final result is often a long and difficult one. The method described in this paper falls into the class of statistical estimation approaches to financial returns. It has several key advantages over other methods of estimating financial returns: It requires only a small investment of client participant time typically less than one hour to determine reasonable estimates of project-level financial benefits. It calculates boundaries on financial return estimates (i.e., lower and upper limits), rather than just a single value. It integrates financial return estimation with human performance measurement at all levels. In this approach, project costs are estimated using traditional accounting procedures. Project-level financial benefits are estimated by a client participant group using an iterative Delphi methodology. These cost and benefit estimates are proportionally distributed across performance goals and objectives and weighted by observed performance. The performance-weighted financial returns (i.e., Benefit/cost ratio and ROI) can then be presented for each performance objective, performance goal, or the whole project. There are several key assumptions in this approach: Because all financial estimation methods are fallible, it makes more sense to estimate a range of financial return values within which the true value is likely to fall. In statistical terminology, rather than doing a point estimate, it is desirable to do an interval estimate. Following common statistical practice, for each financial return estimate, the 95% confidence interval will be calculated. With this interval, the odds are 95 out of 100 that the true estimate falls within the range. All financial estimates are calculated for a fixed period of time. Typically, returns are estimated on an annual basis. However, for many performance interventions, it is reasonable to expect that the major effects will accrue over time periods longer than one year. If this is the case, it will usually be desirable to estimate the returns for multiple years. Since the costs of interventions are not likely to be distributed evenly over time, it is also necessary to estimate costs for the same time pe riods. Depending on the situation, it may be reasonable to amortize some of the first year costs over a several year period. It is actually quite simple to implement in practice, assuming you have taken the time to develop a performance hierarchy. Once a hierarchy exists, all thats needed is an estimate of total costs and benefits for the project. Total costs should be relatively easy to obtain. Before implementation, one could use the budgeted amount for the program as an estimate. After the program is implemented, one simply uses the accounted costs for the project. To estimate benefits requires the Delphi procedure described earlier. This is a relatively simple process that should be easy to accomplish in less than an hour of participant time. The bottom line here is that a good performance measurement system will enable relatively easy estimation of financial results there is little additional marginal cost to estimating financial outcomes, assuming you have a well-constructed measurement system. The Concept System approach is designed so that the performance hierarchy is correctly constructed. Adding in the estimation of financial returns is then a relatively simple and inexpensive addition that yields critical information about the financial impacts of the performance improvement project, (Trochim .M.K.W, 2009). 1.3 Conduct comparative analysis of financial data Financial analysis refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Based on these reports, management may: Continue or discontinue its main operation or part of its business Make or purchase certain materials in the manufacture of its product; Acquire or rent/lease certain machineries and equipment in the production of its goods; Issue stocks or negotiate for a bank loan to increase its working capital; Make decisions regarding investing or lending capital; Other decisions that allow management to make an informed selection on various alternatives in the conduct of its business. Financial analysts often assess the firms: 1. Profitability its ability to earn income and sustain growth in both short-term and long-term. A companys degree of profitability is usually based on the income statement, which reports on the companys results of operations; 2. Solvency its ability to pay its obligation to creditors and other third parties in the long-term; 3. Liquidity its ability to maintain positive cash flow, while satisfying immediate obligations; Both 2 and 3 are based on the companys balance sheet, which indicates the financial condition of a business as of a given point in time. 4. Stability- the firms ability to remain in business in the long run, without having to sustain significant losses in the conduct of its business. Assessing a companys stability requires the use of both the income statement and the balance sheet, as well as other financial and non-financial indicators. Financial analysts often compare financial ratios (of solvency, profitability, growth, etc.): Past Performance Across historical time periods for the same firm (the last 5 years for example), Future Performance Using historical figures and certain mathematical and statistical techniques, including present and future values, This extrapolation method is the main source of errors in financial analysis as past statistics can be poor predictors of future prospects. Comparative Performance Comparison between similar firms. These ratios are calculated by dividing a (group of) account balance(s), taken from the balance sheet and / or the income statement, by another, for example  : n / equity = return on equity Net income / total assets = return on assets Stock price / earnings per share = P/E-ratio Comparing financial ratios are merely one way of conducting financial analysis. Financial ratios face several theoretical challenges: They say little about the firms prospects in an absolute sense. Their insights about relative performance require a reference point from other time periods or similar firms. One ratio holds little meaning. As indicators, ratios can be logically interpreted in at least two ways. One can partially overcome this problem by combining several related ratios to paint a more comprehensive picture of the firms performance. Seasonal factors may prevent year-end values from being representative. A ratios values may be distorted as account balances change from the beginning to the end of an accounting period. Use average values for such accounts whenever possible. Financial ratios are no more objective than the accounting methods employed. Changes in accounting policies or choices can yield drastically different ratio values,( Web 1, 2009). 1.4 Review and question financial data In November 2007 the Panel identified the areas in the economy considered to be under most strain as the banking, retail, travel, commercial property and house-building industries. The Panels selection of accounts for review in 2008/09 has been biased towards these sectors as annual financial statements and half-yearly accounts have become available. These reviews are continuing and the Panel is in correspondence with a number of companies. The Financial Reporting Council (FRC) has also taken a closer look at impairment and liquidity two aspects of reporting that are of increased significance given the pressure from the restricted availability of credit and reduced expectations for growth in the economy. The FRC is reviewing the goodwill and related impairment disclosures of 30 listed companies with significant goodwill balances at 31 December 2007 and the liquidity disclosures of 30 listed companies that have announced profit warnings or rescue fund raisings in the first half of 2008. The FRC will publish brief reports on its findings later in October. In 2007/08, the Panel reviewed 300 sets of accounts (2006/07: 311) and wrote letters to 138 companies (2006/07: 135) asking for further information about areas of possible non-compliance with the accounting requirements of the Companies Act 1985 (the Act) or the Financial Services Authoritys (FSAs) Listing Rules. At the time of writing this report, all but 17 cases are concluded. On the basis of accounts reviewed to March 2008, the Panel has concluded that the current standard of corporate reporting in the UK is good. The areas of reporting that prompted most questions were those dealing with more complex accounting issues or where the exercise of judgement b y management is most critical. The Panel did not identify any systemic issues requiring immediate remedial action. The Panel does not ask questions about reports and accounts in order to test its judgement against that of management. Directors, with the assistance of their professional advisers, are best placed to apply corporate reporting requirements to the particular circumstances of their companies. The Panel asks directors for additional information or explanations when it needs to clarify the facts and circumstances attaching to specific events, transactions or conditions reflected in reports and accounts. Once these are available the Panel is better placed to consider the thought processes applied to the reporting requirements, particularly the extent to which management has relied on working assumptions that are supported by a realistic appraisal of past performance and experience and future expectations, taking account of risks and uncertainties. It is the Panels experience that reports which clearly set out the companys business model are those which are easiest to understand. The Panel continues to be pleased by the way in which directors co-operate openly and constructively with the Panel and by their willingness to volunteer undertakings to improve the quality of their future annual and halfyearly reports. Company responses to the Panels letters of enquiry continued to be well considered. Directors who answered the questions they were asked, who presented well analysed and comprehensive replies, and who involved audit committees and external auditors in the process will usually have found that the Panel was able to conclude its enquiries after minimal exchanges of correspondence. The Panel published two press notices in the year in respect of companies that had failed to comply with the requirements of the Act. These companies restated comparative amounts in their next set of annual and half-yearly financial statements. UK companies with securities traded on a regulated market have been required since 2005 to prepare their consolidated financial statements in accordance with IFRS. From January 2007, AIM quoted companies have also prepared their accounts in accordance with IFRS as required by the Stock Exchange. The Panels experience is that there has been good progress and that the overall quality of financial statements has improved since 2005. The areas referred to below represent those where there is room for further advances in quality, particularly in the context of the difficult current conditions in the financial markets. Disclosure points that were frequently raised with companies during the period under review are noted at the end of the section. During the year to March 2008, the Panel reviewed the accounts of 10 retail and investment banks reporting under IFRS. The Panel considered compliance with all applicable reporting standards. The Panel identified banks as a priority sector in its accounts selection for 2008/09. Reviews conducted in the current year have concentrated on disclosures of financial risks as required by IFRS 7, the results of which will be reflected in the 2009 Panel Report. Issues raised varied between banks and there was no evidence of systemic reporting weaknesses. Most of the points raised indicated a need for refinement of certain disclosures rather than significant changes in recognition or measurement policies. The Panels remit was extended during the year to cover directors reports, including the business review, for periods commencing on or after 1 April 2006; effectively 31 March 2007 year ends. The following summarised findings therefore relate only to a minority of accounts reviewed in the period to March 2008. Comments on business reviews now feature regularly in the Panels correspondence with companies. The Panels approach to the business review was set out in a press notice published in September 2007 and also in a paper made available on the FRRP website, (Web 2, 2009). 2: Be able to assess budgets based on financial data to support organizational objectives. 2.1 Identify how a budget can be produced taking into account financial constraints and achievement of targets, legal requirements and accounting conventions The modern U.S. budget process dates from the Budget and Accounting act of 1921, which required that federal agencies request their funds from Congress only through the presidents budget. This act reflected in the view that the budget is a financial plan for the government, which has become among the most common ways of characterizing it. Equally frequent is the statement that the budget is ultimately a political document or that the budget process is ultimately a political one. Perhaps because they are stated so frequently, these phrases tend to be passed over, as if their implications were obvious. On reflection, however, the combination of a comprehensive financial plan that becomes a reality with a political process driven by the structure of the US governmental system hardly seems to be a formula for rationally driven, clear and effective budget. That there are shortcomings is not so surprising. The budget is a financial plan, but it is one of extraordinary scope and detail. Modern budgetary practice recognizes three major levels which the budget addresses: Macro economic (concerning the degree to which the budget affects national savings consumption investment and output), Major sector choices or national needs Karen including considerations of both expenditure policy and tax policy), and Detailed program design and execution. Simply put, the budget attempts to cope with this dilemma: people want individual pieces of the budget to be larger but for the total to be smaller. Steps in the Evolution of the Budget Process Budget and accounting act of 1921 established a single federal budget proposed by the president to Congress Post-World War II evolution of fiscal policy incorporated the budget as a factor in determining the direction of the economy Budget and deficit control act of 1973 created a congressional budget process and provided for specific measures for the president to propose and the Congress to act on reductions in approved appropriations. Graham Rodman Hollings provided for automatic cuts in budget outlays in the event deficit targets were exceeded Budget enforcement act provided specific limits for annual appropriations and created zero sum rules for changes to an entitlement programs and revenue measures. A major purpose of Budget concepts is to create a level playing field on which advocates for using the public treasury may meet in fair and open competition. Continuing the familiar analogy, the budget process provides the rules of the game. However, the game may be played by five- year-olds, and there can be as many referees yelling from the sidelines as there are players maybe more. Five-year-olds understand cheating, which is not to be condoned, but they also understand that changing the rules of the game, redefining what constitutes winning and getting a referee to rule in your favor are all excellent substitutes. It is not a coincidence that insiders discuss budget scorekeeping as something that is malleable, (Mathiasen.D,2009). 2.2 Analyse the budget outcomes against organization objectives and identify alternatives. 1. An operating budget is a formal, written plan that aligns the operating requirements with the funding sources of an organization. An operating budget reflects the missions and specific command objectives of the organization, as well as any limitations and controls (e.g., constraining targets, available funds) imposed upon it. An operating budget provides one the means to control obligations and expenditures against approved funding levels. 2. The objective of the operating budget is to provide managers with the ability to plan, organize, staff, and control the operations to accomplish the mission for the fiscal year. 3. There are several factors that are critical to the success of an operating budget. The following is a synopsis of those factors that need to be present to create a positive effect on the process. a. Management Support. Managers at all levels must support the operating budget concept not only in the formulation stage but through the execution stage. b. Guidelines. Guidance must be issued early to allow sufficient time for logical thought processes to take place, and to allow time for establishing milestone dates, specifying targets and limitations, defining terms, formats, and cost categories. c. Periodic Review. Operating budgets must be reviewed periodically to determine that the budget is properly executed. Appropriate adjustments can be made after these reviews. d. Level of Control. The responsibility for budget preparation and execution must be assigned to the level of management that has the responsibility and authority to control costs. Managers should not delegate this responsibility to personnel who do not have the skills and knowledge needed to prepare the organizations operating budget. Budget formulation and execution responsibilities should be incorporated into each appropriate managers performance standards to ensure accountability. Operating Budgeting Process The operating budget process consists of seven phases. Following is a brief description of each phase. Phase 1. Formulation This is the initial phase of the operating budget process. Budget Officers identify policies and guidance from HQUSACE and local areas of concern. Budget Officers will also determine the workload (income and expense), identify targets and limitations (planning and design, supervision and administration, overtime, travel, training, awards, etc.), income estimating guidelines and budget milestones. Phase 2. Review and Analysis Budget Officers review the initial input from the organizations for reasonableness, accuracy, valid assumptions, and past performance. They are also responsible for ensuring rates for departmental overhead, general and administrative overhead, facility accounts and plant accounts are appropriate and reasonable. Budget Officers prepare a proposed budget, identify the impact of alternatives to the proposed budget, make recommendations, and present the proposed budget to the PBAC (Program and Budget Advisory Committee). Phase 3. PBAC Review and Consensus The PBAC will review the proposed budget and alternatives and will determine a recommended budget for submission to the Commander. The PBAC may identify unfinanced requirements, showing their dollar amounts and justifications. Significant changes will be approved by the PBAC and the Commander. Phase 4. Approval The Budget Officer submits the PBAC recommended budget and alternatives for final Command approval. The approved operating budget is made available for execution. Phase 5. Execution Managers obligate and expend funds in accordance with the approved operating budget. Phase 6. Monitoring Operating budgets should be monitored on a monthly basis. Feedback reports are available to managers for monitoring actual performance compared to budgeted amounts. The Budget Officer provides periodic execution reports and analysis to the PBAC and the Commander. As a minimum, mid-year review will be completed. Phase 7. Adjustments Significant operating budget changes identified during the monitoring stage will be summarized and presented to the PBAC and the Commander for approval, (Genetti.A.JR, 1998). 3: Be able to evaluate financial proposals for expenditure submitted by others 3.1 Identify criteria by which proposals are judged The Sustain our Nation experts will be judging proposals using the following criteria: Identifying a Need Does the proposal address one or more of the five key themes? Does the proposal identify a genuine social need without creating issues or problems? User Empathy Have the relevant target individuals and groups been fully consulted in order to identify a legitimate issue? Does the designer fully understand the lifestyle and attitudes of the end user/stakeholders? Sustainability Has the designer considered the triple bottom line: economic, social and environmental factors? Innovation Does the proposal demonstrate a breadth of innovation and creativity? Business planning Are the business/enterprise, its objectives, strategies and market credible? Does the application include viable financial forecasts? Quality of presentation Is the presentation of a professional standard with cohesive narrative and appropriate visuals? (Web 3, 2009). 3.2 Analyse the viability of a proposal for expenditure Calculation of Financial and Economic Viability    Financial and economic appraisal is an important component of any project without which it is incomplete. Increasing awareness about the use of scare resources and the returns obtainable from it makes the issue more important. Financial analysis is used to describe the commercial viability of the project and shows its strength from financial angle. The concept of economic analysis can be considered as an extension of the financial analysis. In economic analysis the concern is on the developmental effect on the society/economy as a whole as against the financial analysis that bothers the interest of the specific entity. In the present report, financial analysis has been done for each market and of each category. Assumptions In the absence of past trends and its proper records it is necessary to make certain assumptions based on the reality of situations for assessing the true viability of any project. For this master plan, following assumptions have been taken:   i) Economic Life of the Project The horizon is important for calculation of benefit and cost of a project. Generally, 20-25 years period is considered proper as economic life of the project. In present case, calculations have been made assuming the economic life of the markets as 20years ending at 2020 A.D.   ii) Growth Period Proposed proposals for market development in Chhatishgarh is very simple. In number of markets, already minimum necessary requirement of construction has been met out and only a small addition or change will take place. In other cases markets would come up in a reasonable time. Therefore, it has been assumed that three-years period will be sufficient for completion of the proposed construction to make the new market yard fully operational. The full revenue in the form of ground rent is expected to flow after a gestation period of three years only.   iii) Occupancy    While making calculations, it has been assumed that all sellers operating in the market at present will shift and occupy space in new market, as they would get better trading facilities. Therefore, 100% space occupancy along with zero leakage of revenue has been considered. Occupancy of space in godown has been estimated for three to six months only in a year since space in godown may be utilized or in demand during harvesting and peak marketing season of different commodities. iv) Income and Expenditure    The main source of income of markets is market fee, leased rent and other sources of income. The income from market fee is assumed and computed at the rate of 1.5% of the value of arrivals expected with the implicit assumption that all the markets will be regulated and there will be a market committee to supervise the market operations and collect the market fee. The growth rate, which has been used for projecting the arrivals, is used for projecting income from this source for next 20 years i.e. up to 2018. Base year value is based on the actual value of arrival for the year 1998-99.   The other main source of income is rent chargeable on buildings. Rent has been assumed at 14% of the cost of construction of trading section and non-trading sections. No change rental has been proposed. While projecting income from this source it would get generate after the gestation period of three years is over. Usually, rent can be increased @10% after every 3 years, which would be, beneficial to the markets. Other income includes fines, sale of forms etc. that has been assumed  £.20,000 per annum and has been kept constant.   Various kinds of expenditure items like establishment cost, repair and maintenance, cost of land, capital cost etc. have to be looked into before preparing cash-flow statement. Establishment cost has been assumed @30% of the market fee expected, as the present staffing plan and expenditure was not available. Repair and maintenance cost has been estimated at 1% of the total cost. A lump sum amount of  £.5000 has been kept as miscellaneous expenditure to meet any contingency. Each market committee has to contribute Marketing Board Fund out of its income. Accordingly, it has been proposed that each market will contribute 10% of its market fee to this fund and the same has been kept as one of the component of operating expenditure. Gross benefits have been worked out for 26 years by deducting total operating expenditure from total income. Net benefits are net of interest payment and depreciation. Depreciation has been estimated by the straight-line method i.e. total capital cost divided by the life of the project assumed a