Setting up a partnership problem question - commercial law - Free Essay Example

Sample details Pages: 8 Words: 2465 Downloads: 10 Date added: 2017/06/26 Category Business Essay Type Compare and contrast essay Did you like this example? Mr. Azwan and Mr. Zuhri are undecided whether to set up a company or a partnership. Don’t waste time! Our writers will create an original "Setting up a partnership problem question commercial law" essay for you Create order Before provide any suggestion, Mr. Azwan and Mr. Zuhri have to understand what is the difference between this two types of business. Partnership is a type of unincorporated association, which is an organisation without any legal personality distinct from its members.[1] This kind of business organisation is one of the favourable ways for many professionals, such as doctors, solicitors and accountants, to start their business by contributing their skills and knowledge, capital, and other resources together. Partnership was governed by the law in Malaysia, Partnership Act,1961. Refer from thePartnership Act 1980, partnership has been defined as the relation which subsists between persons carrying on a business in common with a view of profit.[2] Formation of a partnership To form a partnership, there must existing a free consent for all parties, consideration, legal purpose to form a partnership, and must be competencies partners. Under the Section 21 of the Partnership Act 19 61, stated that à ¢Ã¢â€š ¬Ã…“the mutual rights and duties of partners whether ascertained by agreement or defined by this Act may be varied by the consent of all the partners and such consent may be either expressed or inferred from a course of dealingà ¢Ã¢â€š ¬Ã‚ . Partnership is a contractual relationship, which is formalised by written agreement. Partners need to create a contract with each others, and everything stated in the agreement or contract must be cleared and agreed by all of the partners. Once partners have signed the contract, every terms stated in the contract were agreed by partners and need to fulfill and be responsible on it, such as carry on a business together to make and gain profit. Besides that, terms in the contract can be classified in implied and express terms. Implied terms can be varied by the partnership deed, such as management and indemnity, where express terms can be varied by consent from partners. Non-Separated Legal Identity. Partners hip is a not a separate legal identity, and they are existing two or above partners in the firm, who also have the power or authorities to manage the business. Means that they need to obtain the consent from partners before make any changes and decisions which will affected or related to the firm. In partnership, there are two types of partners existed, who can be as an active partner or a sleeping partner. Active partners are those who responsible on the business operation, where sleeping partners are not allowed to take part in the management of the the business and cannot ask for any extra money to pay those debts they owed. Liability Under the Limited Liabilities Partnership Act 2012, partners are the agent who represented their firm and stated that if partners unable to repay those debt, will be borne out of the property of the limited partnership. Limited partnership must be registered with the Registrar of Companies, and all of the partners must signed a statement which information are related to the firm name, general nature of the business, principal place of the firm, full name of each partners, date commencement and lifetime, description of every limited partner, and sum contributed by every limited partners. the firm name must be ended with the words à ¢Ã¢â€š ¬Ã‹Å"limited partnershipà ¢Ã¢â€š ¬Ã¢â€ž ¢. Every partners are liable for the business debt and it is unlimited. Generally, partnershipà ¢Ã¢â€š ¬Ã¢â€ž ¢s obligation or debts are liable for every partners. As partnership firm are those partners agreed to run the business, liable to the liability owed for the business, jointly and severally for tortuous acts and wrongs. The total amount for each partners to pay can be depends on the ratio of how much capital they had been contributed to the firm. Dissolution and winding up The dissolution of a partnership is the process during which the affairs of the partnership are wound up, which means the partnership has already comes to an end. If there are changes occurs in membership, the firm need to be dissolved at the time, even business activities are still carrying on by other partners. Where the firm is dissolved and not carrying on the business activities as before, the firm will be winding up. There are fews reasons for a firm to dissolved. Partnership firm can be dissolved by partners, who determined to leave. Partners choose to leave might because of the performance of business, conflict existed between partners, or else. One of the partners choose to leave, the partnership will be terminated. There are a provision is made to regulate this situation. the death or bankruptcy of a partner will also causes the agreement be terminated. Partnership firm can be dissolved by court order. In section 37 of Partnership Act 1961, there are existing this rules, for the purpose to terminate the partnership agreement. The firms are unable to generate profits or the performance of the partner who are incapable fulfilling the part of his responsible in the contract, partnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s behaviour or conducts already breach the partnership agreement, and also if the court considers that it just and equitable, court will order the firm to dissolved. Therefore, the reasons for Court to dissolve a partnership must be based on those reasons. Timing also become one of the reasons to dissolve the partnership firm, lapse of time. When businessman started their business, will be believed to have an indefinitely life time to run their business. But in the agreement, need to stated down the specified lifetime. Company A company is a legal entity which have a legal personality, separate and distinct from its members and shareholders. Companies Act 1965 is the principal of the legislation to govern the formation and operation of the company. Every company running business in Malaysia need to register to the Registrar of Companies Malaysia, and become a registered company. registered company. Existing Act is to protect the right and interests of shareholders, and also provides facilities for the incorporation of companies, management and winding up. A company must have at least 2 members to manage the business. There are two types of company, which is private limited company and public limited company. Private limited company can only have 50 members and not included employee and subsidiaries. They cannot sell their shares to general publics and it is unquoted. the name at the end of the company is with the words of à ¢Ã¢â€š ¬Ã‹Å"Sendirian Berhadà ¢Ã¢â€š ¬Ã¢â€ž ¢. Public limited company is unlimited on their members. This company will used to selling their shares to raise capital and manage by board of directors who are elected by shareholders. The name of this company is ended with à ¢Ã¢â€š ¬Ã‹Å"Berhadà ¢Ã¢â€š ¬Ã¢â€ž ¢. Formation To form a company, refer to the Companies Act 1965, Section 14, any two or more persons associated for any lawful purpose may by subscribing their names to a memorandum and complying with the requirements as to registration form an incorporated company. the persons who wants to run a business in form of company, need to obtain the approval for the company name. Not all the name are acceptable or some name was already existed, to avoid meet the same name of two companies. When prepare to register and open up a business, registration fees are needed to be paid to government. There also have some certain documents to lodge with the Registrar of companies, such as The Memorandum and Articles of Association, Statutory declarations by promoters or directors, Particulars of directors and registered office, Declaration of compliance, and lastly, the statement of the allotment of shares to the subscribers to the Memorandum. Separate Legal Entity Company is being as a l egal person in its own right. The company has a legal identity of it own, which distinct from its members. The law is separated the law from shareholders, directors, or employees in the company. If there is a wrong is done to a company, company has the responsible to obligate, not shareholders. Liability The liabilities borrowed by the company or be in debt to other parties to run the business is known as the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s debt. The liabilities owed by a company are its own, their members are not liable to pay for the company. For those company who had already registered are having a limited liability, the company do not owned the complete immunity. The limited sum of liability owing was the amount which had already agreed before. If the company are runs out of money, and unable to satisfy their customers, are not allowed to exceed the limitation. Some companies used shares to limit their liability and also by guarantee. People buy shares of the company normall y because of the company have the potential to generate profit and confidence on the higher return. Generally, full price of payment are needed to pay at once. If the investors are allowed to pay half first, another half are liable to the company. Suddenly if the company went into liquidation before they pay the amount of outstanding to the company, they also need to pay at that time to the company. If the shares has already transferred to another person, the person are take over to pay the outstanding amount. Winding up of company Company is Registered under the Registrar of companies and have a legal personality of their own. If the company are going to wind up or in a liquidation, it may be brought into one of two legal process. The ways to winding up can be either because of the court order, voluntary liquidation, and distribution of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. Liquidation by court order. A company winding up by court also known as compulsory winding up. Peti tioners can be creditors, liquidators, the Registrar of companies or the Official Receiver which has stated under section 217(1) of Companies Act 1965. Those parties would became petitioners most probably because of the company unable to pay theirs debt. The Court does the order of winding up which appointed by petitioners. If the court considered that there is just and equitable to wind up a company, the court also will gave an order to the company. This could be based on the objects clause of the company are different with the purpose on foundation of the company. If the purpose are failed to be achieved, the substratum of the company also failed. Beside that, the management of a small company are fall into a deadlock decision which unable to make any decisions, and also lack of confidence to manage the business. The problems must be based on the business matters, rather than a personal matters, and must amount to more than merely being outvoted. Voluntary liquidation. there are two types of voluntary liquidations, which are membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidations and creditorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidations. Membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidation is decided by the shareholders of the company, which appointed by member to liquidator, whether they want to end up the company or continue to run the business. If they decided to end up the business, they can sell off those assets they owned and gain the money. Normally this will be decided in the general meeting. Creditors voluntary liquidation occurs when the company are into liquidation because of insolvent, from the directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ request. This is who those creditors appoint to the liquidator. It was happened when there are the liabilities more than assets in the company, or the company unable to pay off all the debts.Company must have a meeting with their creditors with 14 days to give an explaination of it. Distribution of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. Company need to distribute their assets, which owned by the company, whether the winding up are compulsory or voluntary. Creditors, who the company owed money from them, have the right to sell the assets which he has charge. The assets can be as a mortgage to the creditors. Ultra Vires Doctrine In the simply terms, Ultra Vires means à ¢Ã¢â€š ¬Ã‹Å"beyond the powerà ¢Ã¢â€š ¬Ã¢â€ž ¢ or à ¢Ã¢â€š ¬Ã‹Å"lack of powerà ¢Ã¢â€š ¬Ã¢â€ž ¢ in respect of an act carried out by a person or body.[3] The company has beyond the authority of a corporation to perform, which also meaning that what the company had done was already over their object clause. Those directors have done beyond the restriction. Even though all of the directors in the company are wish to ratify it, but it is not allowed and voided. This doctrine is lack of the legal capacity to incur the responsibility. Ultra Vires has been used in different senses in company l aw. First, ultra vires is used to describe the acts which the action done by the company is beyond its capacity. Second, the agent of the company has carried out an actions which is excess or abuse of their powers, the directors of the company. Third, it is within the capacity and power of the company, but are in violation or in excess of the articles. [4] The development of the Ultra Vires Doctrine is the protects those investors and creditors.It is not to be established yet until the cases of Ashbury Railway Carriage and Iron Company Limited v Hector Riche, (1875). The fact of the case is the company contracted to build a railway line in Belgium, and entered into a contract with Mr Riche to employ him to construct a railway. After Riche had begun work and incurred expenses, the company repudiated the contract. He was left without any remedy becauses the contract was made outside the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s objects clause, which were à ¢Ã¢â€š ¬Ã‹Å"to make and sell, or lend o n hire railway carriages and wagons, and all kinds of railway plaint, fittings, machinery and rolling stock to carry on the business of mechanical engineers and general contractors to purchase and sell as merchants timber, coal, metal or other materials; and to buy and sell any materials on commissions or as agents.à ¢Ã¢â€š ¬Ã¢â€ž ¢ The contract was ratified by all the members of the company, but later on it was repudiated by the company. Riche sued the company for breach of contract. The court held that an ultra vires act or contract is void in it inception and it is void because the company had not the capacity to make it and since the company lacks the capacity to make such contract, how it can have capacity to ratify it. If the shareholders are permitted to ratify an ultra vires act or contract, it will be nothing but permitting them to do the very thing which, by the Act of Parliament, they are prohibited from doing. The contract was beyond the objects as defined in the obj ects clause of its memorandum and therefore it was void. The company had no capacity to ratify the contract. The effect of ultra vires transaction Ultra vires can be classified in contract, borrowings, and In terms of borrowings, which is related to the beyond power of the company in borrowings. The courts have developed certain principles is to protect such lenders. [1]LFB Pg 470 [2]PG 410 [3]136 [4]136

The Ruler Of Germany Adolf Hitler - 874 Words

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Business Capstone Project Synergy Electricity Generator

Question: Discuss about the Business Capstone Project Synergy Electricity Generator. Answer: Risks of Synergy From the video, it clear that the organizations biggest issue at the moment is loss of profitability since 2010. As mentioned by the chief executive officer of the organization, the 2015-16 financial years were a tough one for the organization. He also mentioned that the challenges faced by the organization were mainly because of the changing energy usage patterns by the consumers of West Australia. He also mentioned some other reasons such as difficult economic condition and oversupplied market that are creating problems from the organization. Whatever, the reason is, it is true that slowly but steadily the organization is losing their grip on its market share. From the annual report of the organization it can be seen that the organization is facing challenges that have impacted its bottom line performance with an overall reduction in net profit after tax of $60 million which was nearly 125 million in the last year. This took because of the reduction in revenue of nearly $650 millio n in the year of 2014[1]. In the annual report of the organization it also mentioned that the main reasons behind this low profitability are inclusion of carbon revenue and decline in average electricity prices along with a decline in electricity demand among the consumers. From the video, the thin becomes clearer as in the video it is again stated that the organization has lost 4% profitability in the last year[2]. However, along with the loss in profitability the major risk for the organization is the decrease in demand. It was expected that after 2010, due to excessive use of technologies, the organization will gain more profitability[3]. However, the organization is currently experiencing anything but that. The explanation behind this change is that the consumers and the technological tools have become smarter than expected. Another reason that was explained was the increasing use of solar photovoltaic cells (PV cells) among the consumers[4]. It is stated that nearly 17% which i s 170,000 consumers of Synergy have developed their own power station based on solar energy. Therefore, those consumers are now not buying electricity from the organization or any other organization. Number or such consumers are increasing rapidly. Therefore, the chances are high that in next few years more number of consumers will develop such power stations within their residents and will stop buying electricity from Synergy. This is another major risk for the organization as it will drastically hurt the profitability of the organization in the future. In this situation, it is the high time for the management of the organization to take some steps to deal with the issues. Otherwise, in the near future, it will be impossible for Synergy to cope up with the consumer trend in the power supply industry of Australia[5]. Causes of risks faced by Synergy From the video, it is clear that there are some major reasons behind the fact that consumption of electricity in Australia is reducing day by day. According to the Chief Financial Officer of Synergy main three reasons behind the low consumption of electricity among the consumers are increasing use of smart appliances and use of solar PV cells. Uses of solar energy in Australia: It can be seen that the solar energy system in Australia are popularly used homes and business organizations. Mostly, concentrated solar power energy systems are used to heat water for regular use along with to heat indoor water tanks and swimming pools[6]. Normally, these activities consume a lot of electricity. Using solar power energy is automatically reducing a huge amount of electricity use. On the other hand, in Australia, large scale projects of concentrated solar plants are seen which are responsible for providing electricity to several business organization and homes at a comparatively cheaper price. Besides, the Australian people are also embracing the use of passive solar energy systems at the time of designing and developing new homes. These types of homes are developed with special designs where roofing, windows and the entire architecture is aligned in way that it will face the Sun at unique orientation[7]. In the past, people used sol ar panels as either primary or secondary source of electric power. However, in recent time the price of electricity has increased and as a result, most of the consumers have applied solar panels as their primary and only source of power. From the video, it can be found that nearly 170,000 consumers have developed solar panels in their roofs. The number is also growing rapidly as more consumers are shifting to solar panels from conventional electricity. There are some major reasons behind these issues faced by the leading electricity producing organization of Australia. Those reasons will be mentioned in the next section of the report. Energy efficiency First compulsory regulatory energy efficiency measures of Australia were announced in the year of 1990. These rules and regulations were compulsory for Mandatory Energy Performance Standards (MEPS) for any type of refrigerator and freezers. From then, these standards are extended to a very wide range of residential and commercial appliances and equipments. To the new buildings and infrastructures that were built in Australia, analogous energy efficiency requirements were applied mandatorily. According to (), data was collected to measure the impact of such rules and regulations on the electricity consumption by the people of Australia. It was found that between 2006 and 2013, these mandatory rules and regulations reduced annual demand for electricity by 10.5 TWh or almost 30% of the total TWh reduction. In addition, the home appliances manufacturing companies including companies that manufacture air conditions, freezers and refrigerators started to manufacture products that are more energy efficient than ever[8]. It means those products consume lesser amount of electricity in order to provide expected services. That was another reason that the energy consumption was reduced. Another major reason was increased price of electricity. 2009-2010 was the time when the effect of carbon price on electricity prices became a major national and political issue. During the same year, it was seen that prices of electricity was rapidly increasing because of higher network prices. This became the political issue in Australia and also became a major preoccupation of political debate. As a result of the political attention that was given to the electricity prices, the consumers also started to pay more attention than they had previously done to their expenditure on electricity. Once the consumers started to realize that the price of electricity has increased has increased rapidly, they started to limit their consumption. The outcome showed up strongly in the overall electricity demand figures from 2011. This data or information absolutely matches with the statement of Chief Financial Officer of Synergy[9]. In the video, he continuously stated that the situation related t o electricity consumption drastically changed from the year of 2010. He also stated that due to high price of electricity the organization expected higher profitability. However, the equation and the expectation entirely went wrong as consumers started to look for alternative solutions and started to limit their electricity consumption. The organization never anticipated such behavior of the consumers which led the company to a loss[10]. Recommended solutions In order to deal with the problems, the Synergy and its management will have to take some steps[11]. In the current scenario, there are recommendations are provided below from which the organization can select the best solution to improve their current situation in the market. Strategies to improve sales revenue Once the organization will be able to identify and evaluate main profit drivers in the current scenario, they will be able to establish strategies to grow them further without even increasing the overall cost. If the organization is looking to make the business more profitable, then it will have to find out ways to increase sales revenue as well as decreasing cost[12]. In order to decrease the organizational cost the management of the organization will have to increase productivity of the employees. In order to that, it is necessary to recognize and reward employee contributions with employee performance reviews. Employees can also be trained so that their sales skills can be improved. They must be taught to upsell products so consumers can make multiple purchases at one time. Besides, for the organization it is also important to conduct surveys with the consumers to develop new products. For example, if the demand of solar panels is high among the consumers of Australia, then Synergy can develop a separate and new unit to develop and enhance solar panels. On the other hand, it is seen that the organization is mostly conducting business on Western side of Australia. If the demand for electricity is decreasing in that region, the management of the organization will have to find new consumers[13]. Market researchers can be conducted to make sure if t he organization can expand their business in new areas. Besides, as it is already stated that due to increased price of electricity, the consumers are adapting alternative measures, the organization can identify strategies to reduce the price of electricity to attract the consumers once again[14]. As an immediate step, the management of the organization can deliver price discounts and can conduct promotions to increase the base of consumers. Strategies to decrease cost In order to provide lower electricity price, it is necessary to crease the overall organizational cost of the organization. The organization can start with decreasing stock control which is a good way to streamline the business. On the other hand, the organization can also ensure that it has the right suppliers for the business[15]. Negotiation is always a productive policy for better prices or discounts for buying in bulk. Synergy management can also benchmark its business which will help the organization to compare its cost with similar businesses in the industry to understand whether they are demanding too much from the consumers or not[16]. References Allouhi, A., Y. El Fouih, T. Kousksou, A. Jamil, Y. Zeraouli, and Y. Mourad. "Energy consumption and efficiency in buildings: current status and future trends." Journal of Cleaner Production 109 (2015): 118-130. Al-mulali, Usama, Hassan Gholipour Fereidouni, and Janice YM Lee. "Electricity consumption from renewable and non-renewable sources and economic growth: Evidence from Latin American countries." Renewable and Sustainable Energy Reviews 30 (2014): 290-298. Bahadori, Alireza, and Chikezie Nwaoha. "A review on solar energy utilisation in Australia." Renewable and Sustainable Energy Reviews 18 (2013): 1-5. Buckman, Greg, Jon Sibley, and Richard Bourne. "The large-scale solar feed-in tariff reverse auction in the Australian Capital Territory, Australia." Energy Policy 72 (2014): 14-22. Harries, Tim, Ruth Rettie, Matthew Studley, Kevin Burchell, and Simon Chambers. "Is social norms marketing effective? A case study in domestic electricity consumption." European Journal of Marketing 47, no. 9 (2013): 1458-1475. Hayat, Muhammad Adnan, Farhad Shahnia, and Ali Arefi. "Comparison of the electricity tariffs and bills across the zones of Australian power distribution companies." In Power Engineering Conference (AUPEC), 2016 Australasian Universities, pp. 1-6. IEEE, 2016. Helbig, Sean. "The road toward sustainable energy in Western Australia: what legal and policy settings could make the South West Interconnected System renewable?." Australian Environmental Law Digest 2, no. 3 (2015): 32. Ma, Chunbo, and Michael Burton. "The Public's Preference for Green Power in Australia." In Australian Agricultural and Resource Economics Society Conference, Port Maquarie. 2014. Ma, Chunbo, and Michael Burton. "Warm glow from green power: Evidence from Australian electricity consumers." Journal of Environmental Economics and Management 78 (2016): 106-120. McKerracher, Colin, and Jacopo Torriti. "Energy consumption feedback in perspective: integrating Australian data to meta-analyses on in-home displays." Energy Efficiency 6, no. 2 (2013): 387-405. Prasad, Abhnil A., Robert A. Taylor, and Merlinde Kay. "Assessment of solar and wind resource synergy in Australia." Applied Energy 190 (2017): 354-367. Santamouris, Matheos, Constantinos Cartalis, Afroditi Synnefa, and Dania Kolokotsa. "On the impact of urban heat island and global warming on the power demand and electricity consumption of buildingsA review." Energy and Buildings 98 (2015): 119-124. Shahbaz, Muhammad, Aviral Kumar Tiwari, Ilhan Ozturk, and Abdul Farooq. "Are fluctuations in electricity consumption per capita transitory? Evidence from developed and developing economies." Renewable and Sustainable Energy Reviews 28 (2013): 551-554. synergy.net.au. 2017. "Welcome To Synergy". Synergy. https://www.synergy.net.au/. Tayal, Vanessa Rauland. "Barriers and Opportunities for Residential Solar PV and Storage MarketsA Western Australian Case Study." Global Journal of Research In Engineering 16, no. 7 (2017). Yang, Liu, Haiyan Yan, and Joseph C. Lam. "Thermal comfort and building energy consumption implicationsa review." Applied Energy 115 (2014): 164-173.

The Game Of Golf Essays - Golf, , Term Papers

The Game Of Golf Activty: The Stress-Relase of the Game of Golf As a male in this crazy world, I need a form of stress-relase that won't be destructive on me or anybody else. The game of golf might be boring to others in the sense of, all the golfer does is hit the small, white ball into the hole. True, in essense, this is all the game is about, but the difficulty level unmatched. Just hitting the ball won't make it magically go into the hole. A person must know excatly what is going on at the present time to determine what shot has to be made. This is what is the stress-relase for me. Just tring to determine what shot has to be made, at what angle or at a certain force, takes my mind off what has been stressing me. Having been playing golf for five years, in the begining, the game itself was a stressor. I din't want to play much because I wasn't good the minute I picked up a golf club. Having absolutly no patience, my clubs were thrown many a day. It took me at least a year and a half to compete with anybody. But as I persevered, I relized that I wasn't that bad of a golfer. This enlightenment showed me that is I was to stick with something, that I could be good with a little pratice. As I would go to the golf course, I realized that my problems would seem smaller because I would take a few hours out of my day and not think of it. I guess a person, looking from the outside, would say that golf is a form of escape for me. Regetfully, I would have to agree. If a problem has been on my mind and I can't seem to get my head clear, sure I grab the golf clubs and head out to the course. If I didn't have is simple game of putting the small, white ball into the hole, I know for a fact I would be a nervous wreck. Sports and Games

buy custom Why an Increase in Medical Radiation essay

buy custom Why an Increase in Medical Radiation essay Medical radiation is a discipline in healthcare or medicine that is growing very fast. It has continually accepted the improvement in technology, digital imaging and instrumentation. Because of the increased improvements in technology, medical radiation has become one of the most advanced and dynamic areas of clinical medicine today (National Research Council, 2000). Even though there has been an increase in complaints of the harm that radiation has on human bodies, medical radiation of the right dosage is beneficial to human beings. As long as radiation is not abused then it can be of great benefits to human beings. Patients are usually constantly exposed to radiation rays. This occurrence is, however, the most popular with cancer patients who have to undergo the radiation process as part of their treatment. There has been an increase in the use of medical radiation in many medical centres even though there have also been improvements in technology. The increase in medical radiation doses is because of the many health benefits that radiation has on patients such as cancer ones. Patients are constantly exposed to radiation rays from diagnostic examinations even though the level or rate of exposure is generally low (National Research Council, 2000). The medical radiation doses have therefore increased because of the justified benefits of accurate diagnosis of the disease at hand. There has not been any valid and solid proof of radiation causing any harm especially at the low levels of exposure under which the diagnostic radiological examinations are carried out. According to Oxtoby (2007) there have been only theoretical evidence and no practical evidence of the harm caused by medical radiation. Even the theoretical evidence shows low cancer risks because of the low levels of radiation rays that are used during the examinations and diagnoses in medical radiation. Medical radiations have low risk levels as compared to the natural r adiation. The radiation doses given to patients should be regulated to ensure that they are not exposed to a lot of radiation rays which might be harmful to them. It is, however, very difficult to determine the right dosage for medical radiation. The dosage for medical radiation also varies between different cases of different patients. The dosage will also change depending on different variables that will have an effect on the whole radiation process, for example, the settings of the machine that is used to produce the radiation rays (Oxtoby, 2007). If the machine is set to produce more rays then the risks of exposure and harm from radiation rays will be more as compared to when the machine is set to release or produce little rays. Doses in Medical Radiation The radiation doses given to normal individuals or patients are different to that given to pregnant women. In medical radiation, high doses are given so that the cancer tissues can be destroyed. According to Powrie (2010) it is usually very tricky and challenging to give a dosage that is enough to destroy the cancer cells but at the same time not too much to have a negative effect on the patient or to be harmful to the patient. Special care is usually given to women who are pregnant. This is because of the sensitivity of the embryo to radiation. It is, therefore, advised that if there is a possibility of anothe option rather than radiation to be used on pregnant women then the other option should be fully utilized. If radiation dosage is necessary for the pregnant woman then precautions should be taken to ensure that the embryo is not affected or that the dosage is as little as possible to reduce the risks of exposure (Powrie, 2010). For patients who have a child bearing history or t he women who have had children before, a pregnancy test should be administered to them before they undergo any medical radiation process or examination. The dosage is usually regulated in different ways, for example, some techniques are usually used to focus the radiation dose only in the areas where the radiation rays are intended to reach while, on the other hand, administering lower doses to the normal tissues that are not affected. The radiation rays that are placed in direct contact with the tissues should be in very small quantities so as to avoid any harm that may be caused on the other healthy tissues that are around the cancer tissues. Risks of Medical Radiation Exposure There has been a constant debate on whether exposure to radiation rays is harmful or beneficial to human beings. The fact is that radiation can cause harm even though not practically proven and it also has its benefits. Every amount of radiation has an element of risk in it and, therefore, the greater the amount the greater the risk. The risks of harm from radiation as earlier mentioned depend on different factors such as the size of the dosage and the rate at which the dosage is administered. Other factors include the type of radiation ray that has been administered or prescribed and the age and health of the individual that is getting the dosage. Small doses of radiation usually increase the risk of getting cancer. Warrell (2003) explains that these risks are, however, small as compared to the risks posed from other factors different from radiation such as flying in airplane or driving a car. The risks of getting cancer from exposure to radiation rays is very small when the individ ual is exposed to other harmful factors such as smoking and alcohol which might also lead to the patient getting cancer. Many people, however, usually misperceived the risks of getting cancer from radiation exposure. This is because of the negativity that has been there towards the use of radiation for medical purposes. National Research Council (2000) believes that the effects of radiation on patients of human beings are divided into two categories, namely, stochastic and non-stochastic effects. The stochastic effects will be there even at low dosage of radiation because they do not have a threshold in which they occur. The non-stochastic effects occur only when the dosage exceeds a certain threshold for example if the radiation dosage is higher than normal. These effects are, however, not as severe as the stochastic effects. The risk of harm from radiation rays is different in different parts of the body. This is because different parts of the body have different levels of sensitivity towards the radiation rays. For example, radiation rays administered on the hand will have a different effect than the radiation dose administered on the reproductive areas. The effects in the reproductive area will be bigger because the reproductive area is more radiosensitive than the hand and, therefore, will bbe more and easily affected by the radiation dosage (Warrell, 2003). Managing Risks of Exposure to Radiation Radiation rays should be applied to only affected areas. This will help in reducing the risk of harm to other areas which are not affected. There should, therefore, be valid reasons why radiation dosages should be administered to a patient. For example, the patient has to be confirmed to be having cancer tissues before administering the radiation dose. A mere speculation is not enough reason and this may increase the risks of exposure. A justification is, therefore, needed for a radiation dose to be administered. The radiation dose should also be administered to the affected areas only by using the most dose effective settings on the machine administering the dose. This will ensure that very low levels of radiations are administered. Risks of exposure can also be reduced through consultations between patients and physicians before any dosage of radiation is administered Reasons for Increased Use of Medical Radiation There has been an increase in the use of medical radiation despite the constant developments in the technological fields that can be used instead of the radiation process. The growth has been caused by the increased usage of medical radiation or the increased use of radiation in medical services. The most well-known use of radiation for medical services is x-rays. X-rays are usually used to determine whether bones are broken. Yarbro (2011) further explains that other branches of radiology used for medical purposes are the mammography, computerized tomography which is popularly known as the CT scan and nuclear medicine. Cardiology is also another field of medicine where radiation is used. Radiation is also used for treatment of diseases such as cancer. The increased use of radiation technology in medical field has been because of the various benefits that radiation has on the field of medicine. X-ray is the field of medicine that uses radiation the most in detecting whether bones are broken or not. Despite the developments of new ways of detecting and treating broken limbs, the use of radiation rays is very important and almost mandatory in the confirmation that the limb is actually broken (Yarbro, 2011). Other technologies and methods might be important in speculating but it is the radiation rays that will confirm whether the limb is broken or not. There has also been an increase in the use of radiation despite the development of other methods and modern technologies because of the ability to control the risk of exposure of patients or healthy tissues to radiation rays. There are several ways in which the risk of exposure can be reduced when radiation is being used. The dosage of radiation is usually monitored and controlled throu gh the settings of the machine that is administering the radiation rays. This usually helps in reducing the levels or radiation rays that are administered to the affected areas and this will reduce the effects of the radiation rays on the healthy tissues that are surrounding the healthy tissues. Medical radiation will, therefore, be used more frequently even though there are new technologies that have been developed. This is because of its accuracy and its effectiveness in its treatments. Buy custom Why an Increase in Medical Radiation essay

Nurse Prof Essay

Nurse Prof Essay Nurse Prof Essay HLTEN- Work in the nursing profession Assessment Task 2 CPD is the means by which members of the professions maintain, improve and broaden their knowledge, expertise and competence, and develop the personal and professional qualities required throughout their professional lives. CPD is defined as the education of health care professionals following completion of formal training. CPD consists of any educational activity which helps to maintain, develop or increase knowledge, problem-solving, technical skills or professional performance standards all with the goal that nurses can provide better health care. CPD includes 'formal' activities, e.g. courses, conferences and workshops, as well as self-directed activities .seminars, checking notice boards at work and ongoing research skills.Nurses are required to participate in at least 20 hours of continuing nursing professional development per year. One hour of active learning will equal one hour of CPD. It is the nurse responsibility to calculate how many hours of active learning have taken pl ace. The CPD must be relevant to the nurse context of practice. Nurses must keep written documentation of CPD that demonstrates evidence of completion of a minimum of 20 hours of CPD per year. Documentation of self-directed CPD must include dates, a brief description of the outcomes, and the number of hours spent in each activity. All evidence should be verified. It must demonstrate that the nurse has: Identified and prioritised their learning needs, based on an evaluation of their practice against the relevant competency or professional practice standards B) Developed a learning plan based on identified learning needs C) Participated in effective learning activities relevant to their learning needs D) Reflected on the value of the learning activities or the effect that The Board’s role includes monitoring the competence of nurses; the Board therefore conducts an annual audit of a number of nurses registered in Australia. The board also makes sure that they check the nurses’ criminal history for the protection of patients and their families. The Criminal history registration standard set out the factors the National Board will consider in deciding whether a health practitioner’s criminal history is relevant to the practice of their profession under the Health Practitioner Regulation. The standard has ten factors that they use when considering the outcome. The nature and gravity of the offence or alleged offence and its relevance to health practice. The more serious the offence the greater its relevance to health practice, the more weight that the Board will assign to it. The period of time since the health practitioner committed, or allegedly committed, the offence. The Board will generally place greater weight on more recent offences. Whether a finding of guilt or a conviction was recorded for the offence or a charge for the offence is still pending. In considering the relevance of the criminal history information, the Board is to regard to the type of criminal history information provided, the considered types are: Convictions Findings of guilt Pending charges The sentence imposed for the offence. The weight the Board will place on the sentence will generally increase as the significance of the sentence increases, including any custodial period imposed. The ages of the health practitioner and of any victim at the time the health practitioner committed, or allegedly committed, the offence. The Board may place less weight on offences committed when the applicant is younger, and particularly under 18 years of age.. Whether or not the conduct that constituted the offence or to which the charge relates has been decriminalised since the health practitioner committed, or allegedly committed, the offence. The Board will generally place less or no weight on offences that have been decriminalised since the health practitioner committed, or allegedly committed, the offence. The health

Characteristics of Millennial Generation Research Paper

Characteristics of Millennial Generation - Research Paper Example These children grew up in a period of increasing safety measures such as school lockdowns, car seats, and signs of body on board. These children are rarely left unattended to and are sheltered from taking care of their conflicts. Their parents advocate for them and spare them from experiences regarded unpleasant. American history movement on youth safety has focused on the millennial generation. Millennial are goal-oriented, confident and motivated in the future and in themselves. Millennial expect education institutions to push them to greatness. This group brags about their potential and power (Haugen 34). They are optimistic and feel connected to their guardian. They sacrifice their identities to be inside the team. Millennial prefers leadership of egalitarian but not hierarchies. This generation has formed a generation that is tight-knight. Millennial dislike standing out among their age mate, they prefer being part of the group. They are against selfishness and are directed towards volunteerism and learning. Grade point of this generation has risen and crime is falling. This group is oriented to hard work, getting good grades and involvement in co-curricular activities. They portray education as the key to a higher paying job and success (Haugen 44). Millennial always focus on their career since their grade school. They also focus more on the achievement of the world t han their personal development. Millennial generation are pressured; filled with activities that are structures. Additionally, they have problems of time management despite having more time for homework. Consequently, the millennial have pressure to make it in life. They have been pushed to succeed, avoid risks, and maximize on opportunities. Millennial are respectful and conventional; do not question authority. They believe on the nation to handle their issues and fear being seen as non-conformist. Their music, cultural marking, and clothing are

B2B Marketing Strategy Essay Example | Topics and Well Written Essays - 750 words

B2B Marketing Strategy - Essay Example Also, there should be a target of assigning the necessary resources to the segments that are being profitable. This strategy might not be immediately very profitable, as there will probably be some more inherent costs, even though some profit is expected, which will help in the company's actual financial situation. It is essential to start thinking about producing and marketing new products with the same characteristics which the actual consumers need. The products that the customers want to be on the market should be concentrated on, rather than continuing to offer the same customized products. I have learned from this simulation that in order to create demand, there has to be adequate investment in hiring of sales offices, web centers, customer service, promotions and advertising. I feel that for better profitability, there must be good relations with suppliers and customers. "Effective change requires reinforcing new behaviors, attitudes and organizational practices" (Kreitner & Kinicki, 2004). Also, having the right products, in the exact moment seems to require quite some time, and I think this is another important issue to be considered. When an organisation has produced the right product or services, they would want to deliver it according to current products and happenings in the actual market, and also according to what the competition is doing. I think it is important for the company to examine what the priorities are, and to review the currently established brand service prices. Effectiveness of Strategy According to Kreitner and Kinicki, there are three stages in this strategy or model of planned change, and this strategy is instrumental in initiating, managing and stabilizing the change process. The three stages of planned change are unfreezing, changing, and refreezing. Unfreezing focuses on creating the motivation to change, changing focuses on providing employees with new information, behavioral models and new ways of looking at things. Refreezing is the final stage used to help employees integrate the changed behavior into the every day process of doing business. Once employees are provided the opportunity to exhibit the new behavior, positive reinforcement is needed to reinforce the desire change (Kreitner & Kinicki, 2004) Works cited Kreitner, R., Kinicki, A. (2003). Organizational behavior 6e. New York: The McGraw-Hill Companies. Retrieved February 12, 2007 from University of PhoenixResource, MBA520 Resource optimization website http://forio.com/pdasim.htm

Chemistry Research Part 1 Acids Essay Example for Free

Chemistry Research Part 1 Acids Essay Ethanoic acid is non-toxic and is a weak acid [4], meaning it will not do any damage to most surfaces as it does not corrode or bind to other metals, therefore can be easily removed through washing or rinsing it [2]. Disadvantages: Ethanoic Acid is the slowest de-scaler of the three acids, and is therefore the least effective. It also may cause an unpleasant smell, and can have a negative effect on the taste of coffee [6] meaning one would need to spend longer time rinsing and cleaning the machine thoroughly to ensure that the taste of the coffee is not affected. Citric Acid Advantages: Citric acid leaves behind zero toxic residues and has just enough acidic concentration to descale without etching or damaging household surfaces in any way and there are no volatile compounds or products that harm the environment. Disadvantages: Because citric acid is a weak acid, it wont remove heavy build-up of scale very quickly. It is also a powder hence it must be dissolved for use. It also works best with hot water meaning there will be higher energy consumption. Even when used with hot water, citric acid is not as effective at descaling as Sulfamic acid. Sulfamic Acid Advantages: Sulfamic acid is the fastest de-scaler It dissociates into hydroxonium ions more readily in aqueous solution than the others, therefore giving a greater concentration of atoms that are able to react with the calcium in lime scale. It is safe to use because it does not produce chlorine gas [5], which can be toxic. Sulfamic acid also has a low volatility. Disadvantages: Sulfamic Acid can be an irritant to eyes or skin and is the most expensive of the de-scalers. Q2) How these de-scalers remove limescale Limescale forms when hard water is heated above 61Â °C or when it is left to evaporate on surfaces such as taps and showerheads. Hard water is water that contains high quantities of calcium and magnesium ions. These hardness minerals, in the form of calcium carbonate and magnesium carbonate, precipitate out of hard water to form limescale [1]. Therefore, to clean or remove limescale, something needs to dissolve or soften calcium carbonate and/or magnesium carbonate, so it can easily wash away. Acids cause mineral deposits such as rust to oxidise, thereby weakening them and making it possible to simply wash them away. Lime scale removers work by chemically reacting with the lime scale to form safe chemicals and ions. Lime scale is Calcium Carbonate, and when broken down by strong acids, produces Calcium Chloride, Water and CO2. These are much safer, and can be washed away with water, to remove the CaCl from the area. Bibliography [1] http://www.dynapipe.co.uk/how-to-remove-limescale.htm [2] http://www.coffeehomedirect.com/how/to/clean/a/coffee/maker/with/vinegar [3] http://www.ehow.co.uk/how_7404899_delime-coffee-maker.html [4] http://incarinsurance.org/advantages/advantages-and-disadvantages-of-using-ethanoic-acid-as-a-descaler-.html [5] http://uk.answers.yahoo.com/question/index?qid=20130123013345AA71LkB [6] http://www.p4c.philips.com/cgi-bin/dcbint/cpindex.pl?scy=ZA;slg=ENG;ctn=HD5405/60;dct=FAQ;refnr=0092154;view=aa12_view_partial.html;session=20120502004843_66.249.71.242;faqview=1

Identity on the Internet :: Technology Computers

Identity on the Internet Before the internet, there was only the computer, large ones that take up a whole room. The computer then was seen only as a tool, and then a few years later there was the personal computer which made it more accessible and more interactive. The PC was a kind of evolutionary step which enabled us to have wider relationships. But these relationships did not appear yet until PCs started to become interconnected. This is where internet comes in. At first it was only a military tool, used by the States to connect their military branches and easily share their data. That was until someone saw the commercial value and the great potential of the net. In the article of Sherry Turkle, she described a new world where we have started to populate over the years with several mirrors of ourselves. The cyberspace is exactly that strange new world people have inhabited with the help of technology like the personal computer. With our lives now inside the screen and our personal selves cannot be determined by the other end then the internet, we gain the ability to recreate ourselves virt ually in the new world. We now have the ability to create characters will may or may not reflect our own identity. With MUD or multi user domains the characters we play can even have emotions that can be conveyed to a large number of other players residing in the cyber world. Through the interactions we have with players around the world, our real life personas, Turkle pointed out, go to â€Å"sleep† and our characters materialize inside the virtual domain. Players often border between real life (RL), a term coined by several MUD enthusiast and their cyber worlds and as a result there are several analogies that will work for this topic. Let’s take Play by Email (PBeM) as an example; this will be discussed further later on. The author is the player in cyber world and the interaction in the game is in the form of writing and the computer is the converter of simple words into the character’s actions, thoughts and feelings. Anonymity is a window to a new character. The internet also gives a person a chance to explore his other desires. He may be a man in RL but plays a woman in the game. She maybe a lawyer but plays a bartender.

Pet Peeve

Food! Oh my god I love food, and you can kind of tell. There so many different kinds. I enjoy the great satisfaction when I’m full. The only thing I don’t really like about food is seeing it in people’s mouths or hearing them chewing on their food. This is probably one of the things that irks me the most. If you want to make me leave a room, I have just clued you into a very simple way it can be done. Once I was at the theaters with my sister and two brothers going to see the movie Battle of Los Angeles. My sister asks if I can go get her some snacks and me being the kind person that I am I had no problems with that. I came back with couple of snacks some M&Ms, Reece’s Pieces, and chocolate covered raisins, my favorite. About halfway into the movie my sister grabs a handful of Reece’s Pieces, shoves it in her mouth and starts munching. CRUNCH! CRUNCH! CRUNCH! While her mouth was still full she makes a comment on the movie and SPLAT! Landed right on my face. She saw what she had done, not a big deal she apologized and I forgave her. Next, me and my mother went to a restaurant to eat breakfast. Everything was going all good. We were talking about her work, but once again someone had to talk while their mouth was full! She cuts a small piece of her pancake with her fork puts it in her mouth starts talking. I then look at her with a disgust look in my face and right when she said, â€Å"WHAT?! †I felt a piece of her food landed on my mouth. GROSS! I literally lost my appetite and didn’t really want to eat no more. I didn’t really say anything because if I did I knew she would of overreacted and got mad so I kept my mouth shut this time. Once more! When I thought that this wouldn’t happen to me again†¦ well at least not until awhile, but it did! About a couple days from my last incident it happened again, but this time it was worse. I didn’t even know the person. I was minding my own business talking to my friends then I hear this disgusting sound kind of sounded like a deer gnawing off its own leg? I turned around to see some guy eating an apple chewing with his mouth open. I really tried minding my own business really trying not to be the bad guy and say something, but then I felt something kind of wet, hit the back of my neck and couldn’t help but tell him. Of course I wasn’t rude about it I just told him if he can chew with his mouth close because it’s disgusting and a piece of it flew out of his mouth and landed on the back of my neck. Obviously he didn’t care or was too embarrass because he didn’t even speak. Couldn’t even say sorry at least. Some people are just rude these days. They should really start using their manners and close their mouth and keep it shut when they are eating. Its disgusting and nobody wants to see that! If they wanted to know what they are eating they would of asked! After all this had happen to me I really am annoyed with people who talk with their mouth full, chews with their mouth open, or chews really loud.

Flood Measuring System Essay

This chapter includes a brief overview on experimental research and the process that led to the selection of the research design used in this study. Additional topics addressed in Chapter 3 are: research locale, and instrumentation. Research Design An experimental type of methodology was used to conduct this research. An experimental method of research is a systematic and scientific approach to research in which the researcher manipulates one or more variables, and controls and measures any change in other variables(http://explorable.com/experimental-research.html). The method is appropriate to this study since it aims to overcome the present condition of our country, specifically the areas near Pamantasan ng Lungsod ng Maynila during rainy days. The technique that the researchers will use under experimental method is developing a device that monitors the height of the water using sonar sensor and sends it to the server by the means GSM module. Then the data received by the GSM will be sent to the application created for android phones via internet. The purpose of employing the experimental method is to overcome the present condition of the areas near Pamantasan ng Lungsod ng Maynila during rainy days. The researcher opted to use this kind of research considering the desire to acquire data from the device that the researchers developed so as to formulate rational and sound conclusions and recommendations for the study. Block Diagram Flood Monitoring Unit Server Android Application Research Locale The researchers will conduct the study to three different areas near Pamantasan ng Lungsod ng Maynila, these areas are selected to inform the students of the said university if the route they will take is still passable or not. Instrumentation An instrument was developed to monitor the flood in three different areas near Pamantasan ng Lungsod ng Maynila. This section will discuss the instrument and its development. The first step in developing the instrument was to make a prototype that will monitor the height of the flood on the said areas. It consists of a sonar sensor, Gizduino and GSM module. The sonar sensor is enclosed in a container with a hole at the bottom that will sense the height of the water measured in inches. It detects the height of the flood with respect to the ground as its basis. The maximum flood level itcan detect is six feet which is equivalent to 72 inches and it only reads data in whole number. It is SIM dependent.The GSM module will send the data gathered to the server. Then the server will analyze the data and relays it to android applicationvia internet. The following will be the list of materials to be used in constructing this project. 1. Microcontroller The Gizduino is a microcontroller board based on the ATmega328 and ATmega168. It has 14 digital input/ output pins, 6 analog inputs, a 16 MHz crystal oscillator, a USB connection, a power jack, an ICSP header, and a reset button. It contains everything needed to support the microcontroller; simply connect it to a computer with a USB cable or power it with a AC-to-DC adapter or battery to get started. it is an open source computing platform based on simple input/output (I/O) board and the use of standard programming language; in other words, it is a tool for implementing a program you have designed. Gizduino is programmed using the IDE (Integrated Development Environment). Gizduino is ideal for beginner programmers and hobbyists because of its simplicity compared to other platforms. It is a multiplatform environment; it ca run on Windows, Macintosh, and Linux. It is programmable via USB cable, which makes it more accessible and allows communication with the computer FEATURES & SPECIFICATIONS †¢ Microcontroller: ATmega168 or ATmega328 †¢ User Interface: USB Port, DC Jack, ResetButton, ICSP Port, Shield Connection Port †¢ Debugger Port: ICSP †¢ Power Input: External:8V-12V USB:5V †¢ DC Power Output: 3.3V †¢ PCB Size: 2.7 x 2.1 inch †¢ On-board Crystal: 16MHz and 12MHz 2. Sonar Sensor A US-100 Ultrasonic Sonar isa low cost compact ultrasonic sonar (distance measuring) sensor with up to 3.5-meters range. A host microcontroller circuit determines distance by triggering the US-100 and then measuring the echo time indicated by the pulse width output of the sensor. Temperature compensatured for accurate ranging even on varying ambient temperatures. FEATURES & SPECIFICATIONS †¢ 40KHz Ultrasonic sonar †¢ 2cm – 350cm sensor range (Temperature compensated) †¢ TTL Trigger input †¢ TTL Echo output 3. GSM Module GSM/GPRS module is used to establish communication between a computer and a GSM-GPRS system. Global System for Mobile communication (GSM) is an architecture used for mobile communication in most of the countries. Global Packet Radio Service (GPRS) is an extension of GSM that enables higher data transmission rate. GSM/GPRS module consists of a GSM/GPRS modem assembled together with power supply circuit and communication interfaces (like RS-232, USB, etc) for computer. GSM/GPRS MODEM is a class of wireless MODEM devices that are designed for communication of a computer with the GSM and GPRS network. It requires aSIM (Subscriber Identity Module) card just like mobile phones to activate communication with the network. Also they have IMEI (International Mobile Equipment Identity) number similar to mobile phones for their identification. A GSM/GPRS MODEM can perform the following operations: 1. Receive, send or delete SMS messages in a SIM. 2. Read, add, search phonebook entries of the SIM. 3. Make, Receive, or reject a voice call. FEATURES & SPECIFICATIONS †¢ Quad Band GSM/GPRS †¢ Text and PDU Mode †¢ TCP/IP stack †¢ GPRS class 10: max 85.6 kbps downlink †¢ Standard AT Commands (GSM07.07, 07.05, & SIMCOM enhanced AT commands) †¢ Analog audio port †¢ UART (TTL) serial port †¢ Debug Port †¢ RTC backup †¢ Charger interface

Free Essays on War & Peace

â€Å"All’s fair in love and war† said Francis Edward Smedley. Such could be the summarization of – according to critics – the greatest classic of our time, L.N. Tolstoy’s War and Peace. Themes of dedication to one’s homeland, war strategies, fate, bravery, rebirth, religion and love are portrayed in the novel as seen both through the eyes of the aristocracy and the peasantry. The theme that carries throughout the entire novel is the coming together of the classes to protect their motherland. â€Å"There were some that adopted all the army procedures and had infantry, artillery, a staff, and the conveniences of life; some consisted only of Cossack cavalry; others were scratch groups of foot and horse, of landowners and peasants, and remained unknown. A deacon commanded such a band, which captured several hundreds prisoners in the course of a month. There was also Vasilisa, the wife of a village elder, who slew hundreds of the French.† All mingled, rich and poor, those who were armed and those who were not properly equipped fought with equal fervor. A rising of the nation in such a manner, a merging into an indivisible strength and will in war strongly contrasted the division of classes in peace. At war, â€Å"the gulf between the ‘two nations’, the gentry and the peasantry, and between the patriotic and unpatriotic elements of the gentry was greatly narrowed.† Tolstoy revered this idea because he believed in patriotism, brotherhood, and spreading of wealth. Tolstoy overthrows the idea of war strategies and leaves everything to fate and spirit, â€Å" †¦ the strength of an army depends on its spirit.† The spirit does not recognize boundaries of classes, but sweeps the entire nation and creates a mass of fighting peasants and counts, women and children. Tolstoy tenaciously held on to his belief that â€Å"the common people, wo... Free Essays on War & Peace Free Essays on War & Peace â€Å"All’s fair in love and war† said Francis Edward Smedley. Such could be the summarization of – according to critics – the greatest classic of our time, L.N. Tolstoy’s War and Peace. Themes of dedication to one’s homeland, war strategies, fate, bravery, rebirth, religion and love are portrayed in the novel as seen both through the eyes of the aristocracy and the peasantry. The theme that carries throughout the entire novel is the coming together of the classes to protect their motherland. â€Å"There were some that adopted all the army procedures and had infantry, artillery, a staff, and the conveniences of life; some consisted only of Cossack cavalry; others were scratch groups of foot and horse, of landowners and peasants, and remained unknown. A deacon commanded such a band, which captured several hundreds prisoners in the course of a month. There was also Vasilisa, the wife of a village elder, who slew hundreds of the French.† All mingled, rich and poor, those who were armed and those who were not properly equipped fought with equal fervor. A rising of the nation in such a manner, a merging into an indivisible strength and will in war strongly contrasted the division of classes in peace. At war, â€Å"the gulf between the ‘two nations’, the gentry and the peasantry, and between the patriotic and unpatriotic elements of the gentry was greatly narrowed.† Tolstoy revered this idea because he believed in patriotism, brotherhood, and spreading of wealth. Tolstoy overthrows the idea of war strategies and leaves everything to fate and spirit, â€Å" †¦ the strength of an army depends on its spirit.† The spirit does not recognize boundaries of classes, but sweeps the entire nation and creates a mass of fighting peasants and counts, women and children. Tolstoy tenaciously held on to his belief that â€Å"the common people, wo...

3 Sentences with Punctuation Problems

3 Sentences with Punctuation Problems 3 Sentences with Punctuation Problems 3 Sentences with Punctuation Problems By Mark Nichol Commas serve a vital function as a fundamental organizing tool within sentences, acting as buffers that keep syntactical elements in place and as signals that indicate relationship. Often, however, they are incorrectly located, omitted, or inserted, adversely affecting comprehension. After each of the sentences below, a discussion explains why a comma is misplaced, missing, or extraneous, and a revision demonstrates the correct placement. 1. They are becoming engaged early in the business development or RD stage, and in some cases, evaluated as a potential acquisition targets. The first comma in this sentence is placed as if to separate two independent clauses, but the statement has only one clause, interrupted by a parenthesis, so the first comma must be moved to mark the beginning of the interjection: â€Å"They are becoming engaged early in the business development or RD stage and, in some cases, evaluated as a potential acquisition targets.† 2. Such a project should be treated as a business-transformation opportunity, creating large-scale initiatives that require attention and buy-in throughout the organization and should not be considered just another project. This sentence is punctuated as if everything following opportunity is a subordinate clause, but the clause ends at organization (and is inserted within the sentence as a parenthesis), so a comma must be inserted after it: â€Å"Such a project should be treated as a business-transformation opportunity, creating large-scale initiatives that require attention and buy-in throughout the organization, and should not be considered just another project.† 3. Financial institutions should make certain that such information is used accurately and responsibly, and that privacy, discrimination, and other legal risks are appropriately addressed. Here, the second of two phrases is unnecessarily set off from the first: â€Å"Financial institutions should make certain that such information is used accurately and responsibly and that privacy, discrimination, and other legal risks are appropriately addressed.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Punctuation category, check our popular posts, or choose a related post below:Farther vs. FurtherConnotations of 35 Words for Funny PeopleAppropriate vs. Apropos vs. Apt

The Legacy of Rome Essay Example | Topics and Well Written Essays - 750 words

The Legacy of Rome - Essay Example For a long period of time Rome used to be the main epicenter of art and architecture for the whole world (Claridge, 61-70). The Roman architecture initiated the use of shapes like domes, arch and the vault. Rome became the most important centre during the Renaissance period. Now let’s have a look on the other aspects of the Roman Legacy. In the seventeenth century, and throughout the entire of the eighteenth, the written works of Rome practiced a majestic influence over European taste. The customary record of the root of written works at Rome, acknowledged by the Romans themselves, is that it was altogether because of contact with Greece (Garwood, 33- 35). The writing time came in the first place, and is signalized by the names of Cicero, Sallust, and Caesar. The commended authors were currently basically men of activity and high position in the state. The standards of the dialect got settled; its syntactic development was altogether comprehended, and its particular genius wisely acclimates to those manifestations of creation in which it was characteristically equipped for outperforming (Edwards, 114-117). The flawlessness of verse was not accomplished until the time of Augustus. The Roman engineering is still mesmerizing and versatile in nature (Caldwell and Caldwell, 123). The first thing the Romans did after entering another locale, in the wake of winning the war that picked up them their new domain, was develop ways and extensions (Dyson, 217-220). The history of Roman law could be separated into three frameworks of technique: that of legis actiones, the model framework, and cognitio additional ordinem. Throughout the republic and until the bureaucratization of Roman legal strategy, the judge was normally a private individual (iudex privatus). He must be a Roman male native. The gatherings could concur on a judge, or they could select one from a record, called collection iudicum. They went down the agenda until they establish a judge

International Justice Cooperation Essay Example | Topics and Well Written Essays - 4000 words

International Justice Cooperation - Essay Example Human beings at birth are necessarily good and his identity is defined entirely by events that occur thereafter as popularly adhered by the Tabula Rasa Theory. Contrary to this, man is considered neither good nor bad at birth but the forces acting for and against him molds him into what he is to become. The greater need for self-gratification has blanketed the goodness and differing individual personalities has created an offensive attitude to the civilized society. On the incidence of crime, low self-control may predispose criminal acts such as forcible rape, terrorism, stealing among others. Violent crimes however do not necessarily account for the possibility of low self-control acting alone on the individual. A variety of factors is believed to enhance the incidence of the violence in mankind that tends specifically recruit others to form a stronger criminal group. Recognizing the increasing scope, intensity and sophistication of crimes brought about by globalization as a mattress for drug operations, trafficking of arms and humans and laundering, has made the UN acknowledge the true nature of crime prevention. Efficient criminal justice systems have set standards and protocols that require cooperation to counter international syndicates. It is not surprising that at times even our own police force is pressured to deal with crimes beyond their territories and jurisdiction. In the process they have tried to wither the stringent rules other territories endeavor in order to protect that safety of their citizens albeit accused of crimes. Sometimes, even our justice system turns a blind eye and a deaf ear towards this common problem besieging the society. All forces should work hand in hand down to the lowest ranks of the state police to the highest echelons of the countries justice system in order to curb the massive criminal forces acting against positive development and in particular to the populace. Weakness in our justice systems serves to only strengthen the urge to continue the spate of crimes knowing that the legal system inhibits cooperation between judicial authorities that exploit criminality to their advantage to the detriment of the society. Alternative approaches to reform and behavioral modification should give rise to a discussion on a multi-disciplinary approach and theories to prevent the recurring incidence of criminal deviation before it has a chance to spread itself like a malady that afflicts everyone Akers (1991)1. The Center for International Crime Prevention2 is the United Nation's arm for crime prevention, justice and reform. They work with the member states to strengthen laws and promote criminal justice systems to combat the threats of organised crimes such as terrorism, corruption, drugs, human trafficking and so on. Based on the rule of law, effective justice systems ensure the respect for human rights in the national and international levels. The Criminal Justice Reform Unit assists States in developing strategies to reform all the aspects of their criminal justice systems, with particular emphasis on vulnerable groups3. It is understood that strategic information-sharing, institutional capacity-building and mutual support in law enforcement, training and extradition measures are necessary for countries to break up the thriving global empire of organized

Identifying a Problem and Developing a question Assignment

Identifying a Problem and Developing a question - Assignment Example Once a patient has a catheter placed in his or her system, the level of risk rises significantly to a daily incidence of 3-10% of bacteriuria. As such, nearly 10% to 30% of the patients that undergo short-term catheterization, between two to four days, develop bacteriuria, and similarly become asymptomatic. According to Friedman and Rhinehart (1999), nearly 90% to 100% of the patients who undergo long-term catheterization equally develop bacteriuria. Nearly 80% of nosocomial urinary tract infections relate to catheterization. Currently there is little knowledge about CA-UTIs judging with its vast prevalence, especially among the women. Urinary tract infection comes up through a number of complications, such as sexual intercourse, poor personal care, diabetes, bowel incontinence, pregnancy, problems emptying the bladder completely, and the blocked flow of urine, having a urinary catheter, as well as kidney stones. This problem is diverse across numerous places because of the lack of knowledge of the disease (Gould, 2014). Most health practitioners are usually unaware of the risks that may arise due to the patient’s long-term or short-term catheter usage. Consequently, this lack of information may promote the development and prevalence of the disease within the community. This possibility of an education deficit brings about more challenges to the treatment and management of the problem. The scope and impact of the problem is far worse than it projected because most of the cases are not always recorded. Elphern (2009) argues that the urinary tract infections (UTIs) are some of the most common nosocomial infections. In fact, CA-UTI accounts for nearly forty percent of the reported infections especially for patients under acute care hospitals (Elphern, 2009). In addition, nearly 80 percent of the UTIs are more associated with the presence of an indwelling urinary catheter. In most cases, a catheter associated UTI increases the

Lost in the labyrinth Essay Example for Free

Lost in the labyrinth Essay Emily is sitting in the park thinking about the argument she had just had with her mum and how she didn’t mean anything she had said to her. She all of a sudden realised the time â€Å"oh no I’m ten minutes late now mum will be even more annoyed with me† she says. Emily quickly starts to run home trying not to run into people or things. She arrived home but to her amazement there isn’t an angry mum waiting to tell her off at the front door. â€Å"Mum† Emily shouts â€Å"mum† but there was no reply so she shouts again â€Å"mum are you there†. Emily starts to look around the house but she can’t find her anywhere â€Å"ok then if she’s not here there will be a note† thinks Emily. So she begins looking for a note but there isn’t one anywhere. Emily then spots something on the floor â€Å"what’s this† says Emily. To her surprise it was her favourite book on the floor â€Å"I’m sure I didn’t leave this here† says Emily confusedly. Emily picks up the book and looks at the open page and there was her mum in the picture on the page and in shock she drops the book on the floor. Then Emily remembered the story in her book about the pixie king who desperately wanted a wife and who had a secret labyrinth. Emily starts crying and mutters to her self â€Å"why my mum out of all the people he could pick why my mum. When she had finished crying she turned around and there was the pixie king staring at her and laughing. â€Å"What have you done with my mum?† she cries. â€Å"If you really want to know ill take you there just close your eyes† says the pixie king. Emily closes her eyes. Emily opens her eyes and finds her self in a dusty field where all the grass is dead and in the distance she spots at the entrance of a labyrinth. The pixie kind returns and says â€Å"your mum will be turned in to my wife and will forget you and everything unless you get there in time which you wont,† laughs the pixie king. The pixie king vanishes â€Å"well how hard can it be† says the pixie king. The pixie kin g then reappears and says â€Å"oh and one last thing you have till 12:00 to get to my castle and give your mum this apple it will be too late†. Emily take the apple he gives her and as soon as she takes it he vanishes. â€Å"First I need to get to the labyrinth,† thinks Emily and she starts her walk to the labyrinth. Finally Emily arrives at the gates of the labyrinth â€Å"well this is it† Emily says worriedly and with a big deep breath Emily enters. Emily gives a sigh of relief â€Å"this isn’t so bad† Emily says. The labyrinth is brightly a colour and everywhere she looks there is different types of berries. â€Å"Yum just what I need† Emily says in delight. She reaches out for some strawberries. â€Å"NO NO NO don’t eat them do you have no common sense† says a voice from no where â€Å"Hello who said that† shouts Emily. Out of nowhere a pink and purple butterfly appears and says â€Å"it was me† â€Å"you can talk† says Emily in shock â€Å"of course I can talk says the butterfly†. â€Å"Fine then but I do have common sense and I know that when your hungry your suppose to eat† â€Å"oh you must be new around here I’m Pippy. You can’t eat those berries they make you forget,† says the butterfly. â€Å"Hello I’m Emily and thank you† thanks Emily. â€Å"One last thing how do you get to the pixie kings castle† asks Emily â€Å"well first you go left and I’m really sorry but you’ll have to work out the rest because I don’t want the king after me but if you ever need help just call, bye† says pippy and fly’s of. Emily follows pippy’s instructions and goes left. Emily then notices that every single path she takes is a different colour. Emily continues walking and when she turns the corner she hears an â€Å"oww†. She looks down and notices a worm wearing a black jacket and a top hat â€Å"this place just gets stranger and stranger† mutters Emily. â€Å"I’m not weird and you just kicked me which hurt† shouts the worm â€Å"I am very sorry† apologises Emily â€Å"are you ok† â€Å"yes yes I’m fine, I’m wiggle† replies the worm. â€Å"Hi wiggle, I’m Emily† says Emily â€Å"do you know the way to the castle† asks Emily â€Å"yes you go left and follow the path† says wiggle â€Å"thank you† says Emily thankfully. Emily turns left and follows the path. Emily arrives at the end of the path but she comes across a dead end. â€Å"Well that’s great,† she says. A voice from nowhere then says, â€Å"well you shouldn’t trust strangers† Emily turns around and sees wiggle. â€Å"Why would you do that† Emily says Shockley â€Å"well I couldn’t really tell you the way, I mean who knows what the pixie king would do to me but I’m telling you it wouldn’t be nice?† says wiggle. â€Å"Fine then I’ll do it by my self, GOOD BYE† shouts Emily. Emily goes back down the path and turns the corner and she sees a little pixie wearing a red and green outfit jumping on ladybirds. â€Å"Hey stop† Emily shouts at him â€Å"why should I there horrible things† replies the pixie. Emily picks up the ladybird, the ladybird pricks her. â€Å"Oww it pricked me† she drops the ladybird. â€Å"Well what do you expect† the pixie says â€Å"well not that† says Emily. â€Å" Who are you any way† asks Emily â€Å"who me† says the pixie â€Å" I don’t see any one else around† says Emily â€Å"oh I’m pixel† replies the pixie. â€Å"Please can you help me get to the castle† asks Emily.

Essay --

1. Why choose seasonal sales promotion as key KPI for Global electronic retail Seasonal sales promotion has grown substantially in recent years because it encourages people to buy more. There are few benefits for this growth in sales promotion for global electronic retail. ï  ¬ First consumers have easily accepted seasonal promotion as part of their buying decision criteria therefore they have a reason to look electronic product up constantly. ï  ¬ Second it is an opportunity to attract customer’s attention for global electronic retail and bring in new business in the sense of inheriting marketing themes with each season, holiday or event. ï  ¬ Third seasonal promotions focusing mainly on short term growth in sales which will immediate bring in additional revenue and increase margins. ï  ¬ Fourth it motivates and stimulates sales staffs. Create a sense of urgency: the promotion won’t last longer than the season/event. 2. The reason setting seasonal promotions could be based on the benefits above, but when decide to setting the target of seasonal promotion figures, the list of things below need ...

Principles and Practises for International Management Essay

To achieve the new worldwide revenue objectives I will have to convince the senior management to increase the workforce in my department to share my responsibilities, as they are not one person’s cup of tea. I will have to ensure that this workforce consists of serious individuals who are capable of working towards the achievement of a single goal with common mindset. I will have to make sure that local people are hired in the country’s international units, as they would prove to be helpful in making the company adapt to the culture of the foreign countries. Along with them and the few employees in the company who were not born in this country, I will try to identify with the countries in which our company has spread its operations. This can be done by in depth analysis of the countries’ political, sociological, demographic and geographic features. I will also have to be well prepared to communicate effectively across different cultural barriers and languages. I would urge the senior management to master skills to effectively manage cultural diversity in workforce. It has been rightly pointed by Rue and Byars that â€Å"Achieving success in international business demands that a firm’s human resource practices be adapted to country norms. † (1992, p. 130) The company would also have to thoroughly study the international market and design its marketing strategy accordingly. In no way should the company disrespect the local culture in which it is operating. Instead, it should try to blend the local culture with its corporate identity and be always consistent in this. Guidelines for the company staff should be designed in such a way that there is no scope of inconsistency or confusion across borders. The employees should be trained, keeping in mind the trends set by the flourishing multinational companies. They should be encouraged to perform their best. The international business units should be given similar autonomy as the local units, both in crisis situation and at decision-making times. In the words of Leandri â€Å"†¦hold local operations accountable to the corporate office yet give them enough autonomy to make necessary decisions. † (2000, para. 9) By making the company adapt to the demands of international expansion and by developing my own communication skills and potential of working in diverse work environments, it will not be hard to gain the payoffs that international business offers.

European Influence on Japan & China Essay

The European arrival had an effect on both China and Japan. China and Japan had some similar and different reactions to the arrival of the Europeans. In China and Japan, the European arrival affected the technologies and economies of both societies similarly, whereas the reason of isolation differed in these societies. The technology of the European’s following their arrival penetrated both the Japanese and Chinese societies. In China, in order to gain the elites interest in the Christian religion, the Jesuit missionaries introduced the technology of cannons and clocks. In Japan during the 1950s, the Portuguese technology of clock and gun making, influenced society strongly. The Japanese and Chinese both openly accepted the new European technologies because they felt they needed to accept the technologies to keep up with the Europeans, who seemed more technologically advanced. In both China and Japan, people were being converted to Christianity. They were being converted from top to bottom. Once a year, China and Japan, were able to trade with the Europeans. They isolated themselves and traded with each other. Japan and China also had some different reactions to the European arrival. They had different reasons for isolating. After Zheng He died, the Chinese government decided to close the ports, except two. The Chinese and the Europeans exchanged goods once a year for the next 400 years. China agreed with the isolation because the scholar gentry saw the voyages as a waste of resources. They rather spend the money on defending China. Japan grew doubts with the European intentions, that both merchants and missionaries might subvert the existing social order. This led to official measures to restrict foreign activities in Japan. Under Ieyasu and his successors, the persecution of the Christians increased to isolate Japan from outside influences. In the 1630s, all the Japanese ships were forbidden to trade or even sail overseas. By the mid-17th century, Japan’s retreat into almost total isolation was complete. A major difference was after Japan isolated themselves, an elite group still remained interested in the Europeans. Unlike the Chinese who looked down on the Europeans and ignored what they had to offer and stay isolated with them. The Chinese and Japanese had similar and different reactions to the arrival of the Europeans. Both of these societies had a technology advancement. Also, they both isolated themselves from the Europeans and instead they traded with each other. They had different reasons for isolating. Also, an important difference was that in Japan, a group remained interested in the Europeans. This differed from the Chinese because after they isolated, they didn’t want anything to do with the Europeans.

Should the primary objective of management be to increase the wealth of shareholders and owners

Should the primary objective of management be to increase the wealth of shareholders and owners Introduction Management has become a very important aspect that assists businesses in strategizing on growth and improving performance. Business oriented organizations are often made up of different groups of people who contribute to the general outcomes of the business. The entrepreneurs and shareholders are among the people who form the business organization. These two groups hold substantive amount of financial assets of the business. Are these the main shareholders of the organization? This is one of the main questions in the minds of managers. This issue complicates the exercise of management. However, management is a wide concept especially when applied to business firms.Advertising We will write a custom essay sample on Should the primary objective of management be to increase the wealth of shareholders and owners? specifically for you for only $16.05 $11/page Learn More There are different aspects of management that concentrate on various functions w ithin the firm. For instance, there is finance management that centers on finances of the organization. Shareholders and business owners often concentrate on this function (Geoffrey, 1994). Shareholders of the organization are often interested in the financial worth of a firm. This is because this is what assures them of getting tangible returns out of the investments they make in the firm (Beurden and Go ¨ssling, 2008). Therefore, the essence of management in the firm is not only to increase the wealth of shareholders and business owners. Management is a large function that concentrates on the wellbeing of the entire business. The stakeholders include: Shareholders, employees, the real business owners and the general corporate environment that benefit from the business outcomes. An ethical model of doing business is discussed in this paper. This helps in explaining the essence of sustainable business practices that form the core of management in a business firm. Management, as an organizational exercise, concentrates on the sustainability of the business. Therefore, the increase of the wealth of the shareholders is just one of the many factors of sustainability in the organization. Shareholders always remain interested in the general financial outcomes of the organization. This is because they gain significantly when the firm makes a lot of wealth (Geoffrey, 1994). However, there are many parameters to whether firms are accumulating more wealth or not. This leads to a different aspect of management in the organization. The accumulation of wealth is often an end product of the entire management exercise within the firm (Cosans, 2009).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Overview of the role of the business – wealth maximization and corporate social responsibility in management For a long time in history, it has been argued by experts and scholars of business management, that the main purpose of establishing business firms is making profits. This is a rational argument because no one can invest in a business venture without the motive of making money or wealth that comes in terms of profits. It is also assumed that when a business firm is making profits, the firm is most likely to benefit the society through increased employment. Nevertheless, it should be noted that business firms operate within the environment and should respect and contribute to the wellbeing of the environment (Chapman III and Whitmore, 1974). Business owners and other shareholders should not concentrate on the accumulation of wealth alone. They should also focus on the environment that helps the business in making the wealth. There are inconclusive debates regarding the extent to which management of firms has to embrace social responsibility. This is in respect to businesses that they manage. It is argued that social responsibility is critical to businesses because it paints a good picture of the business. In turn, this helps the firms to attract customers hence, fetching more profits (Hite and Vetsuypens, 1989). According to Chapman III and Whitmore (1974), there is a lot of interest in researching about the profit motives of businesses visvis the management through the aspect of embracing corporate social responsibility. It is evident that businesses are managed to maximize on profits. However, profits cannot be generated for a long time if all business practices are not structured in a way to cater for the needs of the environment in which they operate. Therefore, maximizing wealth for any business cannot be easily separated from the aspect of corporate social responsibility (Smith, 2003). However, it is argued that, due to the prevailing competition in the business environment, modern firms respond by concentrating on activities that directly increase the wealth of business. There is an inconclusive debate on whether this works well for the sustainability of profits in these organizations.Advertising We will write a custom essay sample on Should the primary objective of management be to increase the wealth of shareholders and owners? specifically for you for only $16.05 $11/page Learn More Firms that operate on a large-scale struggle to define ownership and control in the pursuit of organizational objectives. These objectives often center on the creation and sharing of the wealth of the organization. The shareholders and business owners are often characterized by a common aspect. In most cases, they are interested in making as much wealth as possible from the business. Unfortunately, this often puts them at loggerheads. This happens at times when they fail to concur on how to share the profits or business wealth. To make significant gains from business, the business owners will mostly pursue objectives that are considered to be inconsistent with the motives of the share holders. The shareholders’ main objective is geared towards maximization of wealth (Chapman III and Whitmore, 1974). Manager and shareholder conflicts have remained elusive. This has led to firms engaging in contracts and market control mechanisms that aim to reduce conflicts. This aims at reducing what is referred to as managerial opportunism, on the part of the business owners. Notably, wealth maximization remains to be a critical issue in the management of business firms. Shareholders always monitor the operational functions of the organization. Therefore, they can always be updated on the amount of wealth being accumulated by the business (Hadani, Goranova and Khan, 2011). This affects the direction of management within firms. The whole exercise of management is highly watered down due to loss of objectivity in management. Management should not be subjective, and needs to be objective in its operations. The management should concentrate on wholesome aspects that are likel y to make the internal and external environment of a firm favorable. Wealth maximization should be regarded as one of the strategic issues in the management exercise, as opposed to the main issue in the organization (Wilcke, 2004).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More There are several theories that attempt to explain the essence and main purpose of business firms. Most of the theories focus on corporate governance, executive compensation policies and practices, and the social and economic performance of firms. One of these theories is the shareholder theory, which is derived from economics. This theory centers on the purpose of firms. Most firms aim at creating wealth for firm owners while ignoring the interaction of the firm with many other areas. The other areas include the role of the firm in enhancing societal development by engaging in societal roles (Ghoshal, 2005). There is also another stakeholder theory that pays attention to both the creation of wealth in firms and maximization on the role of the firm in discharging its roles within the society. This theory is an extension of the first theory because it considers the management of firms as an elaborate exercise that focuses on the entire business environment. Therefore, this is the mos t preferred theory in modern management because it considers other functions like corporate social responsibility. These other aspects are regarded to be equally important for the success of the organization. This theory contrasts with the argument presented by Friedman, which the major aim of creating firms is to make money and not enhancing the moral or social development of the society. Moral and social developments are activities that should be enhanced by the government and other not-for profit agencies (Husted and Salazar, 2006). Friedman argued that the engagement in moral and social issues by firms leads to the diversion of resources. In turn, this minimizes the wealth maximization motive of firms. However, businesses exist in the society, and it is obvious that the society has an impact on the performance of firms. The management of firms cannot be secluded from the society. This is because business firms exist and are supported by the same society where they exist. Therefo re, the management should consider the aspect of societal development as they strive to establish the right channels of maximizing wealth or profits (Pfarrer, 2010). Bejou (2010) has noted that the corporate social responsibility is important in improving the management practice in organizations. This is because it adds a human touch to the profit objectives of firms. Good management practices are not only evaluated basing on the wealth accumulated by the firm, but also on adherence to ethical standards, respecting the law and maintaining good corporate citizenship. However, the standardization of the corporate social activities for companies remains a problem. This is because the standards are not set based on empirical findings and explanations. Companies may act as if they actively engage in corporate social responsibility. On the contrary, there are some companies that attach very little value to these activities. Business challenges and the role of shareholders Enhanced corpora te accountability is advocated in the turbulent business environment characterized by major difficulties like financial crises. This undoubtedly calls for responsibility on all people who make up business organizations. Firm shareholders have acquired considerable say in business firms to help in enhancing accountability. This is achieved through enlisting and overseeing the corporate affairs of business firms. Management visions of firms are crafted to go beyond the aspirations of shareholders in business firms. In fact, the management exercises embrace inclusive and sustainable strategies by engaging shareholders and stakeholders in making and abiding by the sustainable decisions. Leading firms in private and public sectors within the United States and the United Kingdom are embracing this practice. Firms in the private and public sectors are enlightened on this shift within the management paradigm (Shaw, 2009). Shaw (2009) noted that stakeholders are not only increasingly recogni zed in terms of the financial goals of goals of organizations, but also as part of the corporate plan crafters and implementers for firms. Corporate governance rules and principles in organizations are considerate of the interests of shareholders and stakeholders. Wealth maximization does not remain a norm because it used to be in ancient organizations. It is included and considered when organizations are making management decisions. Major management decisions are reached where the interests of business owners and shareholders intersect with the agreed corporate social values of firms. Efforts to encourage sustainability no longer lie with few individuals in the organization. This has been spread to include organizational shareholders. While profit maximization remains important for organizations, shareholders are slowly being discouraged from inclining their minds towards wealth maximization. They are being encouraged to focus on corporate development of the organization as a means through which the wealth of firms is maximized. Shareholding in business firms remains to be one of the emergent orders of investment. As the shareholders are taught to participate in the corporate affairs of the business, the management exercise is improved and made holistic. Financial risks often eliminate related risks within a firm. Financial rewards are considered as the end products of the management practice for shareholders and investors. However, this is not regarded as the leading factor in management (Harper, 2010). When firms focus on maximizing the stocks of shareholders, the firm is focusing on the support of a positive internal environment. The individuals who are mostly featured in this instance are employees working in different sections of the organization. This includes the production, marketing, and administration sections of the organization (Baker and Powell, 2005). This aims at increasing the price of shares on the stock so that the firm can make considerable profits. The profits should be distributed to shareholders and the business owner. However, the profits are no longer shared amongst the shareholders and business owners in whole. Instead, some of the profits are also invested in the society in terms of promoting a supportive environment for business. Without a supportive environment, the stock price of the company cannot rise. In other words, the corporate social responsibility is becoming an important facet of business management as it helps in fetching opportunities to enhance profits for a business organization. Corporate environments are crafted as part of the long-term management objectives of organizations. The long-term earnings are based on how the management sets an environment that is receptive and supportive to the firm. Therefore, all aspects of management should be given priority. This includes human resource management, financial management, corporate governance, marketing management and public relations. Raising the shareholders wealth brings about the positive prospects of organizational growth. However, it is derived from collective, organizational management that focuses on facilitating the entire departments of a firm (Moyer, Mcguigan and Kretlow, 2009). Research has shown that those organizations that focus on maximizing the social welfare in the society where they exist are bound to make significant profits. These firms maximize on participation in corporate social responsibility. The shareholders are derived from the business environment that is cultivated by the management. Many organizational managers have realized the essence of enhancing social welfare as this boosts the number of people who will be interested to invest in the firm. In other words, the way firms manage their operations is a precursor to the attraction of investors or shareholders of the firm. The success of corporate firms cannot be directly attributed to the maximization of shareholder value in the firm. Nonetheles s, this can be attributed to the successful management of the firm. On the other hand, maximizing the wealth or value of shareholding in a firm is still relevant because a firm is likely to lose its capital if the shareholders withdraw (McSweeney, 2008). Nowadays, organizations focus on the stakeholders rather than narrowing down and focusing on the business owners and the direct shareholders. Stakeholders are affected too, and this affects the operations of a firm. They have direct and indirect contribution to the general performance outcomes of a firm. Organizations are highly influenced by the general stakeholders more than the shareholders. Stakeholders include direct and indirect customers. Other stakeholders are the organizational employees, suppliers and distributors of the firm and the local communities. There is also the media, competitors, business partners, financers, and the government. The government comes in as business regulators and policy makers. In fact, organizati ons are defined in terms of stakeholders. A firm is defined as a composition of stakeholders. Therefore, all interests of stakeholders have to be given preference by the management of the firm. Managers are required to run the activities of the firm to benefit the entire firm. The rights of participation in decision making, as well as interests of all stakeholders should be safeguarded by organizational managers. In most instances, the interests of the firm owners and the main shareholders are compromised by the management of firms. This is meant to accommodate the interests of other stakeholders of the organization. An example of such a decision is cutting the prices of products in favor of customers (Fontaine, Haarman and Schmid, 2006). The resolution of conflicts of interest in firms is resolved by the management team. Conflicts often arise in organizations regarding the finances of a firm. Shareholders of organizations consider themselves as the prominent parties of the firm. Ho wever, strategic and financial management functions point to the importance of both the shareholders and other stakeholders of an organization. Firms have to cater for the interest of stakeholders and shareholders. The degree of concentration on the interests of the two groups is what theories of strategic and financial management are yet to agree. However, there seems to be an agreement that stakeholders and shareholders are of high value to firms, and should be regarded as critical by the management (Beurden and Go ¨ssling, 2008). Therefore, each of these groups is given preference when addressing organizational matters that are directly related to each. Firms are administered in the interest of the entire environment, and this includes the owners, shareholders and stakeholders. Therefore, organizational structures are being crafted so as to be accommodative to the interests of the shareholders, stakeholders and business owners. The management structures are not just based on th e interests of organizational shareholders and stakeholders (Vilanova, 2007). The concept of maximizing the shareholder value in the organization has been given a lot of emphasis by modern organizations. However, this is being checked to ensure that it does not derail the entire management function in organizations (The Chartered Institute of Management, 2004). According to Ahlstrom (2010), the profit making motive matters a lot for firms and has to be encouraged. Firms cannot operate without thinking on how they will make significant profits rather or else they risk failing to meet the definition given to business firms. The way firms conduct their activities has led to enormous criticisms. This makes them appear as if they are only interested in maximizing profits for the firm owners and shareholders. Firms that embrace good management practices end up achieving economic and societal goals. Firms have to be innovative by focusing on the broader picture of the business. This helps them meet their financial goals, as well as the social goals. Social goals end up stimulating a good economic environment for a firm. Apart from attaining financial goals, corporate social responsibilities are considered as important components of management (Beurden and Go ¨ssling, 2008). Conclusion From the ancient times, the goals of establishing firms have been entirely revolving around the maximization of wealth or profits. This made organizations to be seen as tools of enhancing profit maximization. However, there is a realization that firms should consider the entire environment in which they exist. Therefore, organizational management has become elaborate and increasingly proactive so as to enhance economic and social outcomes of a business firm. Maximization of wealth for business owners and shareholders are only reflected in the economic outcomes of business management. Otherwise, businesses are managed to achieve financial and social outcomes. Therefore, management cann ot be geared towards the realization of financial or economic goals only. The social aspect is equally important. Reference List Ahlstrom, D 2010, ‘Innovation and Growth: How Business Contributes to Society’ Academy of Management Perspectives, vol. 24, no. 3, pp. 11-24. Baker, HK, and Powell, GN 2005, Understanding financial management: a practical guide, Blackwell, Malden, Mass. [u.a.]. Bejou, D 2011, ‘Compassion as the New Philosophy of Business,’ Journal of Relationship Marketing, vol. 10, pp.1–6. Beurden, P and Go ¨ssling, T 2008, ‘The Worth of Values – A Literature Review on the Relation Between Corporate Social and Financial Performance,’ Journal of Business Ethics, vol. 82, pp. 407–424. Chapman III, FM and Whitmore, GA 1974, ‘Beyond Shareholder Wealth Maximization: Introduction,’ Financial Management, vol. 3, no. 4, pp. 25-34. Cosans, C 2009, ‘Does Milton Friedman Support a Vigorous Business Ethi cs?’ Journal of Business Ethics, vol. 87, pp. 391–399. Fontaine, C, Haarman, A, and Schmid, S 2006, The Stakeholder Theory. Web. Geoffrey, P 1994, ‘Shareholder wealth maximization: business ethics and social,’ Journal of Business Ethics, vol. 13, no. 2, pp. 125-134. Ghoshal, S 2005, ‘Bad management theories are destroying good management practices,’ Academy of Learning Education, vol. 4, pp. 75-91. Hadani, M, Goranova, M, and Khan, R 2011, ‘Institutional investors, shareholder activism, and earnings management,’ Journal of Business Research, vol. 64, pp. 1352–1360. Harper, HV 2010, Enlightened Shareholder Value: Corporate Governance Beyond the Shareholder-Stakeholder Divide,’ Journal of Corporation Law, vol. 36, no. 1, pp. 59-112. Hite, GL and Vetsuypens, MR 1989, ‘Management Buyouts of Divisions and Shareholder Wealth,’ The Journal of Finance, vol. 44, no. 4, pp. 953-970. Husted, BW and Salazar, J 2006 , ‘Taking Friedman Seriously: Maximizing Profits and Social Performance,’ Journal of Management Studies, vol. 43, no. 1, pp. 75-91 McSweeney, B 2008, ‘Maximizing shareholder-value: A panacea for economic growth or a recipe for economic and social disintegration?’ Critical Perspectives on International Business, vol. 4, no. 1, pp. 55 – 74. Moyer, RC, Mcguigan, JR and Kretlow, WJ 2009, Contemporary financial management. South-Western/Cengage Learning, Mason, OH. Pfarrer, MD 2010, What is the Purpose of the Firm?: Shareholder and Stakeholder Theories. Web. Shaw, W 2009, ‘Marxism, Business Ethics, and Corporate Social Responsibility,’ Journal of Business Ethics, vol. 84, pp. 565–576. Smith, NC 2003, ‘Corporate Social Responsibility: Whether or how?’ California Management Review, vol. 45, no. 4, pp. 52-76. The Chartered Institute of Management Accountants 2004, Maximising shareholder Value Achieving clarity in decision-mak ing: Technical Report. CIMA, Great Britain. Vilanova, L 2007, ‘Neither Shareholder nor Stakeholder Management: What Happens When Firms are Run for their Short-term Salient Stakeholder?’ European Management Journal, vol. 25, no. 2, pp. 146–162. Wilcke, RW 2004, ‘An Appropriate Ethical Model for Business and a Critique of Milton Friedmans Thesis,’ The Independent Review, vol. 9, no. 2, pp. 187-209. Should the primary objective of management be to increase the wealth of shareholders and owners Introduction Business administrators and scholars often debate about the goals that managers have to achieve. It is often believed that these professionals should be mostly concerned with the wealth of owners and shareholders.Advertising We will write a custom essay sample on Should the primary objective of management be to increase the wealth of shareholders and owners? specifically for you for only $16.05 $11/page Learn More Such an assumption can seem quite plausible, because every company will cease to exist provided that it does not bring revenues to its investors. However, it also has to create the value for customers, community and employees. Without it, the very sustainability of this organization can be put under threat. Moreover, a manager who thinks only about financial benefits, can compromise his/her ethical principles. This paper is aimed at showing that maximization of profits can be possible only if the management of a company strives to foll ow both ethical and legal rules. Their main goal is to create value for customers, employees, and the society in general. They should not focus only on the needs of owners or stockholders. This is the main thesis that should be discussed. The first section of this paper will analyze theoretical origins of the belief that the primary objective of management is to maximize the wealth of owners. In particular, it is necessary to focus on the works of Milton Friedman and the way in which his ideas could be misinterpreted. Moreover, this section will show that long-term profitability of businesses is impossible without ethics and social responsibility. The second section will identify the benefits of creating value for various stakeholders. Finally, the third section will examine the dangers of thinking only about financial performance and profitability.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Le arn More Profits as a core objective of management The idea that wealth maximization should be the top priority for managers has been discussed in the works of many economists. One of them was Milton Friedman who argued that businesses had to concentrate on their profitability (Friedman as cited in Cosans 2009, p. 391). This argument could be very appealing to many corporate executives because by adopting this approach they could resolve or even dismiss many ethical dilemmas and problems. Moreover, many business administrators assumed that a company could do whatever it deemed necessary provided that these actions did not contradict the law (Cosans 2009, p. 392). Therefore, this business philosophy frees an organization and its managers from many restrictions and obligations that can be related to the rules of ethics. This is why it enjoyed popularity for a long time. Even now many business administrators apply this principle, even though they can speak about corporate socia l responsibility of their companies. Unfortunately, many business administrators and even scholars simplify the ideas of Milton Friedman. In fact, he did not exclude ethics from the functioning of companies. He said that the activities of a profit organization â€Å"should be conforming to the basic rules of society† (Friedman as cited Cosans 2009, p. 393). Overall, he placed emphasis on such issues as compliance with the law, unacceptability of deception, and openness of the company (Friedman as cited Cosans 2009, p. 396). This entity was not allowed to disregard the needs of other stakeholders such as customers or workers. This is why ethics and profit seeking should not be separated from another. Thus, even if managers believe that their main task is to increase the wealth of owners and stockholders, they should not try to achieve this objective at any cost. Business administrators or corporate executives have to reconcile the needs of an organization with legal and ethica l standards; otherwise their work can hardly be viewed as successful.Advertising We will write a custom essay sample on Should the primary objective of management be to increase the wealth of shareholders and owners? specifically for you for only $16.05 $11/page Learn More Thus, those managers pursuing profits at any cost should not suppose that many scholars support this approach. There is no way in which one can reject the restrictions of business ethics. Ethical aspects of businesses continue to attract the attention of many scholars and many of them believe that ethics and responsibility are necessary for successful functioning of markets or even entire economies. For instance, William Shaw (2009) admits that businesses are driven by self-interest, yet, he also points out that by following only economic players can achieve long-term benefits only if they follow a certain set of rules (p. 568). To a great extent, the situation reminds the so-called priso ner’s dilemma in which a player has to sacrifice some of his/her interests in order to succeed (Shaw 2009, p. 567). For instance, car manufacturers have to place much emphasis on the safety of their customers, even though they have to incur extra expenses and even recall many cars. Provided that they choose to neglect this issue, they can simply lose the trust of their clients. In this regard, one can mention the notorious case of Ford Pinto. The management of Ford Corporation chose not to recall the car that had a poorly designed gas tank (Danley 2005, p. 234). When this information was revealed, the reputation of Ford Corporation suffered a severe blow. More importantly, their revenues began to decline. This case illustrates that ethics has to be an inherent part of businesses activities, because without them, no form of cooperation will be possible.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The thing is that business activities are premised on long-term cooperation and the formation or partnerships or alliances (Solomon 1999, p. 18). They can hardly exist provided that partners think only about their self-interests. Apart from that, this example shows that companies are dependent on many stakeholders, for instance, customers. Although, they do not own stocks of a company, they can strongly influence this organization. In this context, the term stakeholder can be defined as every person or organization that can affect a company is affected by it (Fassin 2012, p. 85). This is another reason why profit maximization cannot the sole objective of managers. On the whole, managers should not assume that ethical decisions always run against the self-interest of a company or individual. This is the assumption that only harms many businesses. Profitability and responsibility toward various stakeholders are quite consistent with one another. This is the main issue that business ad ministrators should consider. Such scholars as Bryan Husted and Jose Salazar (2006) argue that modern firms should not be forced to behave in a socially responsible way (p. 75). Under such circumstances, they will act as â€Å"coerced egoists† (Husted Salazar 2006, p. 76). Most likely, the managers of these organizations will only speak about social responsibility without actually practicing it. The main argument of these authors is that the ethical principles should be imbedded into the strategies of an organization. In their belief, the goals of stakeholders and stockholders do not oppose one another. In fact, one should draw a line between them. Managers should remember that it is possible to increase the wealth of stockholders without compromising ethical and legal norms. The following two sections will discuss various rationales for behaving in a socially responsible way. Creation of benefits for stakeholders At this point, it is necessary to demonstrate why managers sh ould pay attention to the needs of various stakeholders. First, even if a person assumes that the task of a business is the maximization of profits, there is still no clear-cut strategy for attaining this goal (Shaw 2009, p. 573). The need to increase revenues does not actually show the path that managers should take. Thus, one still has to evaluate alternative strategies that are available to the company. Some of them can correspond to the standards of corporate social responsibility while other cannot. In his article, David Ahlstrom (2012) points out that the most successful companies have some features in common; in particular, they are willing to create innovative goods or services that benefit customers and society (p. 12). These organizations create employment opportunities in the community and make the lives of people more comfortable. In other words, these companies strive to create value for various stakeholders. They have some of the following characteristics: 1) the empow erment of employees; 2) customer orientation; 3) the adoption of eco-friendly technologies; 4) accountability of corporate executives (Bejou 2011, p. 3). These are the most distinctive traits of these organizations. Among them one can distinguishing such corporations as Apple Inc, Google, ATT and many others. They occupy leading position in their markers. These examples are important because they show that a responsible behavior of a company does not necessarily harm its financial performance. Furthermore, one should take into account that people’s attitude toward businesses have evolved within the last fifty years. According to David Ahlstrom (2012), contemporary societies expect companies to bring benefits to the community (p. 22). These organizations should be accountable to both governmental organizations and community in general (Smith 2003, p. 63). Thus, a company that is driven only by self-interest will find it difficult to achieve success. The idea that revenues are the only goal of a business, could be acceptable thirty or forty years ago. However, it cannot be easily tolerated by people who live at the beginning of the twenty-first century. In the modern world, corporate social responsibility is a norm that an organization should adhere to. This is one of the issues that corporate executives should not overlook if they want to be successful in the workplace. It is hardly permissible to assume that advanced societies will tolerate pure pursuit of profits at the expense of the entire community. Furthermore, it is necessary to point out that for-profit organizations influence and can be influenced by a variety of people or organizations. Among them, one can single out stockholders, customers, governmental organizations, employees, trade unions, environmental organizations and so forth. Admittedly, stockholders occupy the most important place, because they invest capital in a company. Any company will simply go bankrupt provided that their needs are not fully met. Their prosperity should be the main priority for management. However, one should not disregard other stakeholders, such as customers or workers. They can affect the public image of an organization, its revenues, and internal performance. Without their commitment the very sustainability of a company can be jeopardized. Those business administrators, who focus only on the wealth of stockholders, can forget that their companies depend on other people, for instance, customers whose attitudes can profoundly impact the sales rates every company. Such corporate executives can actually lead the companies to stagnation. Therefore, managers should determine the way in which certain stakeholders can affect a company. In this way, they can better develop long-term strategies of this business. The main point is that businesses and stakeholders are interdependent entities and they have to find solutions that benefit each side. Additionally, one should note the majority of succe ssful companies are those ones which were able to win the trust of loyalty of the employees who are very influential stakeholders. If these people feel that they are valued by the organization, they will be more likely to be committed to the goals that the management sets (Bejou 2011, p. 4). They will be willing to defend the reputation of a business. More importantly, these people can hardly accept an idea that they are treated only as means for increasing the wealth of shareholders. If they realize that the management does not attach much importance to their needs, they will fewer incentives to work harder. The management will be able to motivate them only with the help of financial rewards or punishments. Moreover, one can even expect them to violate the rules that the management sets. Employees can also be considered as stakeholders and they can shape financial and organizational performance of every company. For instance, they can affect the company’s relations with its clients. Therefore, a good manager will try to find a compromise between the needs of these people and the interests of stockholders. This is one of the main tasks that corporate executives should try to cope with when they will develop long-term strategies of companies. When discussing the need for corporate social responsibility, one should not focus only on ethical considerations. It is also possible to mention economic rationale for adopting this strategy. The study carried out by Pieter van Beurden and Tobias Gà ¶ssling (2009) shows that companies, which adhere to the principles of CSR, usually yield better results (p. 409). These authors identify various forms of corporate social responsibility, namely, philanthropy, accountability to the public, environment protection, and promotion of diversity in the workplace (Beurden Gà ¶ssling 2009, p. 409). These scholars found a positive relationship between the ethical behavior of an organization and its financial performance. Soci ally responsible business activities can positively affect market return, share price appreciation, and stock performance (Beurden Gà ¶ssling 2009, p. 411). Surely, in each case, the degree of positive influence varies, but there is a marked correlation between business ethics and improved performance. Moreover, the researchers single out other benefits of corporate social responsibility (CSR). For instance, Jacqueline Cramer and Fred Bergmans (2003) identify the following advantages that CSR can bring: 1) a good reputation that is earned through ethical business practices; 2) improved energy efficiency that can be achieved through the use of alternative energy technologies; 3) greater commitment of workers; and 4) the trust of customers (p. 50). Some of these benefits can be measured quantitatively, in particular, economic efficiency, in turn, some of the advantages are intangible. Yet, in each case, CSR can give a company competitive advantage over its rivals. Yet, this goal can be attained only if managers strive to reconcile the needs of different stakeholders who do not necessarily have to be owners or shareholders. A good company should be able to identify the ways in which it can influence others; they also have to think about the possible impacts of stakeholders on their performance. This knowledge will help this organization acquire and retain leading positions in the market. The following section will focus on the risks that managers take when they focus only profitability. The drawbacks of disregarding corporate social responsibility Some corporate executives may be reluctant to follow the principles of CSR because possible advantages do not always yield numerical measurement. This is why one should mention that increased emphasis on the revenues can actually harm a company in the long-term. The thing is that such an organization can become unwilling to adopt new business models or technologies. In many cases, corporate executives pay attention on ly to the short-term profitability of their businesses and overlook the needs and values of other stakeholders. Secondly, they can overlook the risks that are associated with the pursuit of profits. Such corporate leaders can overlook the dangers to which their companies can be exposed to (Christopoulos, Mylonakis, Diktapanidis 2011, p. 11). They often forget that in most cases such a strategy only harms a business. For example, one can mention such a company as Lehman Brothers. This management of this corporation was primarily concerned with the increase of short-term profitability (Christopoulos, Mylonakis, Diktapanidis 2011, p. 11). Very little attention was paid to the obligations that Lehman had toward investors and their interests. Yet, they did not to assess the threats to which they were exposed. As a result of this policy, many employees and investors lost their money. One can even argue that the recent financial crisis can largely be explained by unscrupulous policies of many businesses and unwillingness to think about long-term growth of businesses. Thus, managers should remember about the dangers of looking only at financial performance, and disregarding the social performance of a company. As it has been said before, profitability of a company and ethical behavior are usually inseparable from one another. It should be noted that the majority of modern companies are not monopolies. Only such organizations can dictate their terms to the customers and sometimes even to the entire community. Nevertheless, the number of such monopolies was reduced to a minimum. As a rule, contemporary businesses have to face severe competition. They have to differentiate themselves among others only by creating a distinct value for the customers. Provided that this goal is not achieved, a company will become stagnant or simply lose its positions in the market. Those companies that are driven by the pursuit of profits often fail to identify the needs and values of cus tomers. Therefore, it will be difficult for this organization to differentiate its products from those ones manufactured by its competitors. In the future, the revenues of this company may decline. Thus, mere pursuit of revenues can actually be self-defeating because it does not allow a company to create innovative products. Thus, managers should take this possibility into account and minimize such risks. Furthermore, one should not forget that businesses can be affected by governmental organizations. For instance, there are environmental agencies, departments of labor, internal revenue services, trade commissions, and so forth. They are able to impose fines on the company or develop regulations that can restrict the activities of many businesses. These institutions have the capacity to coerce every company. Besides, those businesses that disregard the rules of ethics often have to face many lawsuits. Sometimes, the costs of these lawsuits can be devastating for an organization. Thu s, there is a distinct and economic need to think about the needs of the community, customers, or employees. Loss aversion may not be the most ethical reason for behaving in a socially responsible way, but even in this way one can see that an unethical business is more likely to fail. Managers, who are concerned only with revenues, run the risks of violating the law and losing money. So, one can argue that there are legal reasons for thinking about corporate social responsibility. Conclusion This discussion indicates that profitability of an organization should not be separated from ethical considerations because without them businesses will not be able to achieve sustainable growth. Secondly, even if managers assume that their task is to increase the revenues of owners or stockholders, they should not forget that this goal can be achieved only if they meet the needs of various stakeholders, namely employees, customers, governmental organizations, and the community in general. They are capable of boosting the financial performance of a company, but they also can ruin it. The most rational strategy for a business is to accept the idea that self-interest should be restricted by ethical constraints, especially the necessity to promote the wellbeing of a community. Overall, special attention should be paid to customers, workers, and governmental organizations since they are the most influential stakeholders. The managers have to find a way in which the financial goals of a business can be made consistent with the principles of corporate social responsibility. References Ahlstrom, D 2010, Innovation and Growth: How Business Contributes to Society, Academy Of Management Perspectives, vol. 24 no. 3, pp. 11-24. Bejou, D 2011, Compassion as the New Philosophy of Business, Journal Of Relationship Marketing, vol. 10 no. 1, pp. 1-6 Beurden, P, Gà ¶ssling, T 2008, The Worth of Values – A Literature Review on the Relation Between Corporate Social and Financial Perf ormance, Journal Of Business Ethics, vol. 82 no. 2, pp. 407-424. Christopoulos, A, Mylonakis, J, Diktapanidis, P 2011, Could Lehman Brothers Collapse Be Anticipated? An Examination Using CAMELS Rating System, International Business Research, vol. 4 no. 2, pp. 11-19. Cosans, C 2009, Does Milton Friedman Support a Vigorous Business Ethics?, Journal Of Business Ethics, vol. 87 no. 3, pp. 391-399. Cramer, J Bergmans, F 2003, Learning about Corporate Social Responsibility: The Dutch Experience, IOS Press, New York. 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