Product Risk And Uses Of Standard Deviation Finance Essay - Free Essay Example

Risks and returns are the two most important concepts in the investing world. The concept of return, which is the profit on investment, is a very clear subject to many investors but the risk is often vague. Several approaches had been employed over times to measure the risks associated with investment portfolios. Standard deviation is a popular basis for risk measurement used for investment purposes (Today Forward, 2010). Standard deviation hence helps to tell a story behind a data and the concept the normal distribution of data (Niles, 2010). This though has been a scary and sometimes complicated topic to people, students and practitioners as well (Niles, 2010; Williamson, 2010). Standard deviation was first discovered and used by a renaissance scientist in Victoria London, Karl Pearson in 1897 in his quest to help his friend Weldon to use the measure of variation to understand the evolution process and to use empirical evidence of natural selection to find out how new species emerged (Magnello, 2005). USES OF STANDARD DEVIATION Standard deviation is defined as a measure of dispersion of a set of data from its mean (Investopedia, 2010). It is calculated as the square root of variance. The more spread apart the data, the higher the deviation. It is also seen as a measure of variability among the values of a frequency distribution (Taylor Francis, 2009). Standard deviation, also known as historical volatility is also seen as the mean of the mean (Niles, 2010). However, in finance, standard deviation is applied to annual rate of return of an investment. This enables investors to measure and estimate the expected volatility of an investment over a period under consideration (Investopedia, 2010). The standard deviation is therefore given by the formula: where ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢ = Standard deviation; ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å" = the sum of; and = means the mean (mathsrevision.net, 2010). Standard deviation assesses the degree of how the values are dispersed around the mean. It estimates the me an by assessing the error to which the mean of the sample is subject. In addition, it finds probability of events occurring in a given period (Manager-Net, 2008). In finance, the most common use of standard deviation is to the measure risk of holding a portfolio or security. It however, represents risk associated with a given security such as stocks, bonds, etc. Risk is an important factor used to determine how to efficiently manage a portfolio of investments as it determines the variation in return on the asset or portfolio and gives the investors a mathematical basis for investment decisions (Hedge funds Index, 2010). Standard deviation shows how close various values are clustered around the mean. When the standard deviation is small, the values are therefore tightly close together and the bell-shaped curve is steep. On the other hand, the bell curve is relatively flat when you have relatively high standard deviation. This is expressed graphically below (Niles, 2010). The re d area on the above graph represents one standard deviation from the mean and this account for about 68% of the people in this group. Two standard deviations from the mean are represented with green and accounts for about 95% of the people while three standard deviations from the mean are represented with blue and accounts for 99% of the people (Niles, 2010). STANDARD DEVIATION AS A RISK INDICATOR Standard deviation is also seen to have some outstanding qualities. Fitzgerald (1999) points out that standard deviation is used to estimate how accurate the sample mean is as an estimate of the population mean. In addition, it can also be used to convert scores which are calculated on different scales to scores on standard scale known as standard scores and this in turn gives an accurate idea of its relative importance or size. This, he said has several advantages for the decision maker. In statistical analysis, standard deviation is the most widely used measure of variation. Not only that, it is regarded as an excellent means of summarizing the extent of concentration of dispersion of values and it is relatively easy to use (Social Studies 201, 2006; Sharma, 2007). It also plays a very important role in comparing skewness and correlation (Sharma, 2007). Standard deviation also provides additional understanding of the future volatility of a funds performance, comparable to volatil ity of other funds in the sector or benchmark for the fund. The higher the volatility, the higher the average returns (CFP, 2005). In risk measurement, standard deviation is seen as important in modern portfolio theory and tin risk quantification by way of price volatility for asset classes and securities. In the measure of spread, standard deviation is very useful in that if the mean and standard deviation of a normal distribution are known, the percentile rank linked with any given score can be computed and it is also mathematically traceable (Hyperstat online contents, 2010). However, standard deviation also has its defects. It is believed to be difficult to calculate and interpret. It is also a mathematical construction which may be difficult to explain intuitively (Social Studies 201, 2006). More weight is however given to extreme values and less weight to those near the mean. (Sharma, 2007). Ibrahim et al, 2006, believes that standard deviation is influenced by extreme scor es. Arguably, while some critics believe that standard deviation offers a valuable tool for comparing one type of risk and is found useful in getting a general idea of available risks, others believe that it fails to reflect the true position of what happens in the capital markets in terms of how returns are distributed around the mean (JP, 2006). Standard deviation is also flawed in that in the calculation, it assumes a normal distribution and this normal distribution seems to work well in physics and general statistic and not risk. This is because it fails analysing the tendency of investment return to suffer fat tail distribution which constantly hunts the investment world. This simply means that less than normal events can and do happen once in a while and the basic concept of standard deviation does not cover this (JP, 2006; Glogger, 2008; JP Morgan, 2008/09). JP, 2006 also believes that standard deviation should neither be neglected nor used exclusively in risk measurement as the real world imperfections demand that a collection of flawed risk measures can be put together to outline the overall risk available. Carther, 2007 also points out the importance of standard deviation in reporting a funds volatility. It indicates a tendency of funds to drastically rise and fall in a short period of time. She however sees the calculation as intimidating though useful. There has been a contention however on the reliance of standard deviation as a measure of portfolio risk. This is because it is seen as being inconsistent. It is also said to assume symmetric distributions as it treats desirable upside movements as if they were as undesirable as downside movements (JP Morgan, 2008/09). This has called for alternatives in measure of risk. ALTERNATIVES TO STANDARD DEVIATION JP Morgan, (2008/09), sees Conditional Value at Risk (CVaR95) as it defines the average real portfolio loss (gain) in relative to the starting portfolio in the worst five percent of scenarios which is based on 10,000 simulations. Unlike standard deviation which sees risk as being only a one standard deviation event and fails to capture the fat left tail effects, CVaR95 is seen to have overcome this drawback as it captures both the asymmetric risk preferences of investors which is the fear of loss being greater than the gain and the incidence of fat left tails which is prompted by skewed return distributions (JP Morgan, 2009/09). The absolute mean deviation is regarded as the most direct alternative for standard deviation. This is the average of the absolute differences between each score and the overall mean. In a realistic situation where some of the measurements are in error, the mean deviation is seen to be more efficient than standard deviation. Though the standard deviation and mean deviation are not used for same measurement, standard deviation is always greater than the mean deviation, and there is more than one possible mean deviation to standard deviation and vice versa, the mean deviation is seen to be simpler to compute than the standard deviation (Gorard, 2004). Sharpe ratio derived in 1966 by William Sharpe has been popular in risk/return measures in finance. It is given by the formula; Source: https://www.investopedia.com/terms/s/sharperatio.asp Gaurav and Kat (2002) point that one outstanding quality of Sharpe ratio is its simplicity in performance evaluation. This is done by calculating the highest expected return for a given standard deviation that is attainable which is the sum of interest rate and the product on the Sharpe ratio of market portfolio and standard deviation in question. An unlimited number of normally distributed funds can therefore be evaluated using this (Gaurav and Kat, 2002). Sharpe ratio also shows if a portfo lio return are due to result of excess risk of good investment decision, as the higher the Sharpe ratio, the higher the risk adjusted performance and vice versa (Vishwanath and Krishnamurti, 2009). Arguably, in as much as Sharpe ratio is simple, popular and easy to calculate, the drawback is that it is a restricted measure in the mean-variance frame work and it does not give a full picture of the fund performance (Jiang and Zhu, 2009.) It also assumes that the risk free rate is constant and this is not true. In addition, it can be problematic when it uses standard deviation to calculate the ratio of asymmetric return as standard deviation is most appropriately used to measure strategies that has approximate symmetric return distribution. In addition the Sharpe ratio is based on historical data and historical data are not reliable because past performance is not always an indicator for future results (Quantshare, 2010). Jensens Alpha is also an alternative measure of risk to stand ard deviation. It however, measures the degree to which a stocks average return exceeds the expected return, given the firms beta. Source: https://www.investopedia.com/terms/j/jensensmeasure.asp The outstanding quality of Jensens alpha is its ability to do a hypothesis test rather than comparison of the results (Beck et al, 2007). Similarly, the Treynor ratio looks like the Sharpe ratio, the difference being that the Treynor ratio uses Beta as a measurement of volatility. Treynor relies on Beta and this simply implies an assumption that non-systemic risk can be mitigated by diversification. As a result, the ratio has a limited utility in evaluating non-diversified portfolios. Treynors ratio is calculated as (Average Return of  the Portfolio Average Return of the  Risk-Free Rate)  /  Beta of the Portfolio Source: https://www.investopedia.com/terms/t/treynorratio.asp Comparatively, these measures are not suitable in all scenarios. Jense ns and Treynors ratio are not suitable for evaluation of hedgefunds as it gives no opportunity for the investment to be repriced and this, as a result can make investments appear less risky than they are. In addition, the rewards to risk ratios will most likely run for this portfolio in the premium collection cycle until a leveraged loss is sustained (Zigler, 2007). Conclusion Conclusively, in the investment world, risk is very important and cannot be separated from return and performance. Every investment, however involves some form of risk which can either low or high. Risk is therefore quantifiable both in relative and absolute terms and a good understanding of risk will help an investor or financial services make better financial decisions (Lamb, 2008). Beck, K and Niendorf, B. 2007. Good to Great, or Great Data Mining. (Online). Available from: https://69.175.2.130/~finman/Orlando/Papers/GreatDataMining.pdf. (Accessed 25th October, 2010). Carther, S. 2010. Understanding volatility measurements. (Online). Available from: https://www.investopedia.com/articles/mutualfund/03/072303.asp (Accessed 15 October, 2010). Certificate in Financial Planning (CFP), 2005. CF2: Investment and Risk. London. BPP Professional Education. Gaurav, A and Kat, H M. 2002. Generalization of the Sharpe Ratio and the Arbitrage-Free Pricing of Higher Moments. ISMA Di scussion Papers in Finance 2002-15. (Online). Available from: https://www.icmacentre.ac.uk/pdf/discussion/DP2002-15.pdf. (Accessed 21 October, 2010). Glogger, M. 2008. Risk and Return. (Online). Available from: https://university.akelius.de/library/pdf/risk_and_return_martin_glogger.pdf (Accessed 12 October, 2010). Gorard, S. 2004. Revisiting a 90-year-old debate: the advantages of the mean deviation. Online. Available from: https://www.leeds.ac.uk/educol/documents/00003759.htm. (Accessed 20th October, 2010). Graeme, P. 2010 Standard Deviation. (Online). Available from: https://moneyterms.co.uk/standard-deviation/. (Accessed 08 October, 2010). Fitzerald, J. (1999). The Uses of Variation. (Online). Available from: https://www.actualanalysis.com/vary.htm (Accessed 10 October, 2010) Hedge fund Consistency Index, 2010. Standard Deviation (Online). Available from https://www.hedgefund-index.com/d_standarddev.asp. (Accessed 10th October, 2010). Hypersat Online Contents, 2010. Standard Deviation and Variance. (Online). Available from: https://davidmlane.com/hyperstat/A16252.html. (Accessed 20th October, 2010). Ibrahim, A.S and Mikhail N.N.H. 2006. Measure of Dispersion (Variability). Online. Available from: https://www.seci.info/amalsamy/Epi%202.1.pdf. (Accessed 10th October, 2010). Investopedia, 2010. Standard Deviation. (Online), Available from: https://www.investopedia.com/terms/s/standarddeviation.asp. (Accessed 05th October, 2010.) Jiang, G J and Zhu, K X. 2009. Generalized Sharpe Ratios: Performance Measures Focusing on Downside Risk. International Research Journal of Finance and Economics. ISSN 1450-2887 Issue 30.pp. 134-136. (Online). Available from: https://www.eurojournals.com/irjfe_30_10.pdf. (Accessed 15 October, 2010). JP, 2006. In Praise of Volatility. The Capital Spectator; Investing, Asset allocation, Economics the search for the Bottom line. 12.10.2006 (Online). Available from: https://www.capitalspectator.com/archives/ 2006/10/in_praise_of_vo.html. (Accessed 15 October, 2010). JP Morgan, 2008/09. Alternatives to Normality; Some lessons from the credit crisis. LV-JPM3044. PP 4. (Online). Available from: https://www.jpmorganassetmanagement.co.uk/Institutional/_documents/JPM3044%20Alternatives%20to%20normality%20paper%20indd%20125.pdf. (Accessed 25th October, 2010). Lamb, K. 2008. Measuring and Managing Investment Risk. (Online). Available from: https://www.investopedia.com/articles/08/risk.asp. (Accessed 20 October, 2010). Magnello, M.E, 2005. Karl Pearson and the Origin of Modern Statistics: An Elastician becomes a Statistician. The Rutherford Journal; The New Zealand Journal for the history and Philosophy of Science and Technology. Vol 1.(Online). Available from: https://www.rutherfordjournal.org/article010107.html (Accessed, 05th October, 2010). Managers-net, 2008. Standard Deviation and Variance. (Online). Available from: https://managers-net.org/stddev.html (Accessed 05 October, 201 0). Mathsrevision.net, 2010. Standard Deviation. (Online). Available from: https://www.mathsrevision.net/gcse/pages.php?page=42 (Accessed 10 October, 2010). Niles, D. 2010. Standard Deviation. (Online). Available from https://www.robertniles.com/stats/stdev.shtml. (Accessed 05th October,2010). Quantshare Trading Software, 2010. Sharp Ratio- Part 2. (Online). Available from: https://www.quantshare.com/sa-90-sharpe-ratio-part-2. (Accessed 25th October, 2010). Sharma, J.K. (2007). Business Statistics. India: Dorlin Kindersely PVT. Ltd. (Online). Available from: https://books.google.co.uk/books?id=tVkYRf0ydE8Cpg=PA147lpg=PA147dq=disadvantages+of+standard+deviationsource=blots=RE9brmrb4ssig=NUe_zuXTriNB65PYkpQ-xsiVMCEhl=enei=OXfDTMuOB5HQjAfwx526BQsa=Xoi=book_resultct=resultresnum=4ved=0CCcQ6AEwAzgU#v=onepageq=disadvantages%20of%20standard%20deviationf=false. (Accessed 12th October, 2010). Social Studies 201. (2006). Standard deviation and variance for percentage distributi ons. Journal of Social Studies. Section 5.10, pp 259-264. (Online). Available from: https://uregina.ca/~gingrich/o2306.pdf (Accessed 12th October, 2010). Taylor Francis, 2009. Standard Deviation from the Dictionary of British Education. (Online). Available from: https://www.bookrags.com/tandf/standard-deviation-5-tf/. (Accessed 05th October, 2010). TodayFoward; The Simple Way to Plan, Manage, and Organize Your Money, 2010. Understanding Standard Deviation as a Measure of Risk. (Online). Available from: https://todayforward.typepad.com/todayforward/2010/04/understanding-standard-deviation-aka-risk.html. (Accessed: 07th October, 2010). Vishwanath, R and Krishnamurti, C (2009). Investment Management: A Modern Guide to Security Analysis and Stock Selection. Heilderberg, Library of Congress. (Online). Available from: https://books.google.co.uk/books?id=oowq_PkME3UCprintsec=frontcover#v=onepageqf=false Accessed: (20 October, 2010). Williamson, D. 2010. Accounting Business Spr eadsheeting. (Online). Available from: https://www.duncanwil.co.uk/stdev.html (Accessed 05th October, 2010). Zigler, B. 2004. No Pain, No Gain: Risk-adjusted returns in action. (Online). Available from https://registeredrep.com/advisorland/career/no_pain_no/. (Accessed 21 October, 2010).

Dna Is Not A Bodily Fluid - 957 Words

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Camila Velasquez. Hum-101-12. Professor David Winner. May

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Is The Vice President s Comments About Cost And Schedule...

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While at the company, I spentRead MoreCost Accounting134556 Words   |  539 PagesSolutions Manual for COST ACCOUNTING Creating Value for Management Fifth Edition MICHAEL MAHER University of California, Davis Table of Contents Chapter 1 Cost Accounting: How Managers User Cost Accounting Information Chapter 15 Using Differential Analysis for Production Decisions Chapter 2 Cost Concepts and Behaviour Chapter 16 Managing Quality and Time Chapter 3 Cost System Design: An Overview Chapter 17 Planning and Budgeting Chapter 4 Job Costing Chapter

Design And Cross Pollination Of Fields And Practices

It is believed that due to the high level of risk undertaken by the client and intrusted in the designers that it is now a safer option to put the contractors in the driving seat rather than the architects who simply provide the design (Jamieson.C, 2010and that larger multidisciplinary practices containing architects, surveyors and contractors would be even more prevalent in fifteen years time because they are able to carry the risk on behalf of the client (Jamieson.C, 2010). So surely if architects are no longer trusted or believe in themselves there is no longer a need for them to carry out certain duties or training? If an architect no longer carried the same responsibilities then there is no need for them to work in the same methods.†¦show more content†¦Weston believed that ‘the stylistic postmodernism of the 1980’s (risk), had threatened to reduce architecture to a stylish fad.’ He believed that the risk architects felt upon themselves meant that â €˜In its place it was argued the case for buildings that are monumental and anti-heroic, and grounded in the familiar routine and environments of daily life( Weston.R, 2011). Due to the amount of money and time needed to be invested into building architecture the industry can take astronomical hits during financial crisis such as the credit crunch in 2008. Risk plays a huge part in the way we build and create architecture. For the architect, a great deal of risk is encountered by intrusting the client to pay for our services. One London based boutique architecture practice described â€Å"our main threat is not being paid for the work we do- particularly the brief making part- but we never turn down unpaid work because It might lead to paid work in the future†(RIBA the future for architects, 2010). But it is not just the architects who feel the ‘risk’, it is also the clients who are effectively putting their money, land or property and quite often their reputa tions at stake, so there is a lot riding on the architects back to make the whole operation run smoothly. The guardian stated that in 2008 ‘40% of architects lost their jobs’ causing many practicing Architects to brake off into different fields. For example in the 1970’s, 50% of architects

Global Reporting Initiative Sustainability â€Myassignmenthelp.Com

Question: Discuss About The Global Reporting Initiative Sustainability? Answer: Introducation Premier investment operations have had both positive and negative impacts on the environment and society. Positively this company has supported two organizations, the RSPCA and Paw Justice which deals with animal welfare.(Hedberg, 2013) Additionally, this firm has extended its support on education sector by supporting children charities, organizations and education programs. Negatively, this firm has registered some impacts in the environment such as pollution and resultant infections as a result of the effects of water pollution.(Bodnar, 2011) Animals welfare support As much as peter alexander has recorded his expertise in pyjamas, additionally, he become famous for his dogs, and he has also recorded a huge support in animal safety groups. For the last eleven years peter alexander has worked diligently to Royal Society for the Prevention of Cruelty to Animals (RSPCA) in Australia.(Bodnar, 2011) Fundraising activities aimed at raising cognizance for animal donations has been the core concern in this scenario. Under the RSPCA project, Peter has recorded a $548,000 support for shelters which take care of approximately 140,000 animals on yearly bases to supporting liberation, restoration and rehoming undesirable, vagrant and wounded animals. In the year 2014, following the management presence of peter alexander in the New Zealand, a partnership was established with the NZ animal charity Paw Justice giving a support of close to $41000 over the last 3 years. Paw Justice works to stop the misuse of violent animals and has been an influential in directing the New Zealands public devotion on the need to reorganize animal welfare regulations done by youth education awareness and the promotion for pets.(Hedberg, 2013) The involvement with these two organizations, RSPCA and Paw Justice continues to be the key role under the support of Peter Alexander brand. Several items have been produced across the year such as Playing cards and chocolates and all the sales made out of these goods were directed to support these charities. These activities by premier investments can be considered as positive impacts on the environment since animals play a crucial role in retaining the World's ordinary surroundings by predating upon vegetation and some other animals, pollinating various plants, and exhaling CO2, which green plants require for live.(Forneti, 2014) Additionally, animals help to fertilize plants via their droppings, which offer nutrition for plants, and seed-dispersal inclinations, which help plants to scatter through habitats. Once they die, animals also act as diet for microorganisms and additional minerals for plants.(Hedberg, 2013) Education support Premier investment under Smiggle brand has registered a considerable support in the education sector. This support has been directed to childrens donations, organizations and education platforms.in addition it has supported uncountable community fundraising functions both locally and abroad, for institutes, sporting activities and educational levels. This can be considered as a positive social impact of this company. Waste and recycling Premier investment has a broad recycling and justifiable practices across its networked stores, distribution and support centers. The distribution sector executes on-site salvage systems for recycling the used packs and adheres to sustainable packaging procedures. All the carton packaging makes use of recycled content. These cartons are also re-used to facilitate renewal of stock or if need be, the waste packaging is compressed and unruffled for recycling.(Forneti, 2014) The company has affiliated with Orora to collect and process in line with their recycling procedures. This is a positive impact to both the environment and society since it reduces pollution and resultant diseases. Contrally to the positive impacts premier investment has registered to both the environment and social life, it also has significant negative impacts. Environmental pollution Packaging management has been a major problem not only in premier investment company but to all the companies under operation, Thousands of whales, fowls, seals and turtles are die each year from malleable bag litter in the marine surroundings as they often slipup plastic for food such as jellyfish. Plastics, once consumed, cannot be absorbed or passed by an animal so it remains in the gut causing death. Human diseases Environmental pollution affects not only the animals but also the human population. The wellbeing effects of interacting with polluted water can vary from no physical effects to severe diseases or even death.(bodie, 2012) Some of the impacts of interacting with dirty water can be immediate, or not discerned for many years. These consist of gastrointestinal and stomach diseases like: nausea Key GRI disclosures relevant to the stakeholders of Premier Investments It entails the assessment on the health and welfare impacts of firms products and services. Under this disclosure, the organization is entitled to give an account on the percentage of substantial products and services for which health and welfare impacts are evaluated for improvement. It helps to point out the existence and the range of organized efforts to discourse health and welfare across the existence of a product or service. In reporting the information the organization will also be supposed to describe the criteria used to carry out the assessment.(Hahn, 2012) Disclosure 102-6(the market served). The organization will be required to give a report on the geographical locations where products and services are distributed, the sectors attended and kinds of customers and recipients. This information is very important to customers to update them on where to buy products from a given company.(Hahn, 2012) Under this standard, the organization is required to report on the typical hours of teaching that the organizations employees have gone through during the reporting time by gender and the kind of employee. This disclosure helps in providing understanding into the scale of an organizations commitment in training and the degree to which the commitment is made across the entire employee fraternity. Under this scenario, training is used to refer to different kinds of vocational training and directives, paid education leave catered for by the organization on behalf of its employees and education taken externally and paid for in whole or in part by the organization. It does not include the on-site coaching by supervisors.(Hahn, 2012) The firm will be required to give an account on direct monetary value created and circulated on an accumulations basis. The elementary components of the organizations international setups will also be anticipated such as revenues, running costs, employee salaries and benefits, payments to resource providers, expenses to government by country and society investments. Lastly the net economic value (direct economic value generated less economic value distributed). (Hahn, 2012) it is also advisable for these reports to be given separately based on country, regional or market levels and the criteria used for defining significance. Comparing premier investments and Myer in reference to environmental performance information Premier investment recognizes the significance of vitality proficient, low natural impact lightning frameworks and has clung to new redesigned lightning guidelines to ably oversee vitality utilization in every one of its stores. This has brought about a venture to store systems and moved up to LED lighting. (Hedberg, 2013) This activity has therefore implied less warmth consequently decreasing the general warmth stack on stores and lessened speculation on cooling necessities. This has prompted an extreme lessening in progressing upkeep and light substitution. This standard has been executed for all new store fit-outs. Similarly, Myer has come up with an Energy Controlling Tactic, with an aim of decreasing energy strength by 10 to 15 percent by the year 2018, from a standard of 190 as per FY2013.it has embarked on a major project program with the goal of attaining this objective, with projects comprising of: Lighting effectiveness upgrades, Encroachments to building regulations, Heating and Refrigeration system maintenances and upgrades, Hotness and time-clock adjustments, Energy data checking and reporting to all the stores on Education and performance change.(bodie, 2012) Waste recycling Premier investment has implemented a widespread salvaging and justifiable practices through the set-up of its stores, dissemination centers and support locations. The supply firms carry out on- site reclamation systems for recycling used packing and follow viable packaging procedures. (Hahn, 2012)All carton packagings makes use of recycled content. These cartons are salvaged to facilitate the renewal of stock. Similarly, waste and recycling is one of the Myer commitment aimed at reducing waste and increasing recycling of packaging Benefits of GRI guideline compliance to premier investments Australian retail businesses decision to comply with the GRI guidelines will bring about benefits to premier investments potential investors, current shareholders and other stakeholders in several ways. Below is an evaluation of how this decision will be beneficial. (Forneti, 2014) Firstly, compliance with disclosure 201-1 whereby all the organizations are entitled to present a report on direct economic value generated (revenue), its economic value distributed and at the end presents its net economic value status; this information is very crucial for potential investors to make a choice on the organization to invest. Definitely a potential investor will opt to invest in an organization that has a large net economic.(Forneti, 2014) Secondly, under the disclosure 419-1 where the organization is entitled to give a report on total financial value of major fines, total number of non-financial authorizations and the cases taken to an organization through clash resolution. This information can similarly be used by potential investors to make a choice on the appropriate organization to invest since this information enables the investors to differentiate between the financial stable organizations and those not secure enough to invest in.(Forneti, 2014) According to disclosure 418-1, where organizations are required to give a report on the total number of confirmed complaints received from the customers, external parties and regulatory bodies, customers will always make use of this information in a case where several organizations produce same goods and services to make a choice on which organization to purchase products from.(Forneti, 2014) Thirdly, on disclosure 416-1 regarding health and welfare impacts of items and services, an organization is entitled to give a account on the percentage of noteworthy of product and service sorts for which health and welfare effects are evaluated for improvement. Availability of this information from different organizations producing same products can be used by customers to make choice on which organization to buy products from.(Forneti, 2014) Conclusion. Performance assessment will help an organization to understand diverse sides of its business processes on one hand where by scrutinizing performance in a certain period will assist the organization to forecast their future business enactments. This information obtained on business progress can be used by number of parties, different stakeholders who include shareholders, creditors, workers, tax authorities, government, media, etc. All the mentioned parties can use this data of performance evaluation with a goal to evaluate the business operations of the organization, future of the organization and can play a role towards decision making procedure of the organization as evaluation will bring a vibrant image on the organizations economic health level, the financial feasibility, productivity and resource management. Also with the right data investors and shareholders will be able to make the accurate decision in terms of their investments where proper prospects can be recognized regardi ng the prospective of positive outcome of it. Advertising and promotion Both costs are variable in that, the insurance cover will always fluctuate depending on the countries security status. Licenses and permits will also fluctuate depending on the currency fluctuations. Advertising and promotion fee in addition will change depending on the level of the business. Break-even analysis simply refers to the correlation between the budget volume and returns at different levels of an action, with stress directed on the break-even point. This state is where the corporate makes neither gains nor losses, simply meaning the money gained from sales is equal to total money expended to produce the products for sale. Considering the case of premier desirability of opening up new stores in new territories, this tool is ineffective because of several reasons.(Hahn, 2012) It assumes the sales prices to be constant at all the output levels, this is not the case in this scenario considering the fact that these stores will have been established in different countries which have different business regulations such as tax rates, currency value etc. It assumes that the production and sales are the same; this is Contrally to the real situation bearing in mind that this will be a new product into the markets of these countries and it is likely to take time for it to be known. Before that time, the production will definitely remain higher than the sales. A balanced scorecard Perspective Objective Measures Financial 1.increase profit 1.increase revenue per user 2.decrease operating costs Customer 1.market expansion 1.improve end user experience 2.improve clarity of offering Internal Business Processes 1.improve information services 1.improve ease of use for end users 2.improve offering selection Learning and Growth 1.improve knowledge and skills 1.improve technology 2.improve content supply Finding the breakeven In its naivest terms, breakeven ensues when the corporate is neither getting profit nor loss of money. In other words, Income = total expenses Calculation of revenues Blast wash ($30*8000units=$240000) Faded wash ($30*10000units=$300000) Ripped and scuffed ($35*7000units=245000) Total revenue p.a= ($245000+$300000+$240000=$785000) Calculation of expenses Blast wash (8000*15=$120000) Faded wash (10000*10.5=$105000) Ripped and scuffed (7000*16=$112000) Total expenses=$337000 Other expenses incurred (200000+80000+150000+110000) Total= ($540000) Assuming the total units sold (blast wash, faded wash and ripped) to be X 785000 *X = ($540000 +$337000) X=877000/785000=1.117 units. References bodie, m. . (2012). management of financial guarantees. Bodnar, H. m. (2011). Financial risk management. Forneti, G. (2014). GRI suatainability and reporting. Hahn, L. (2012). Legitimizing negative aspects of GRI-oriented sustainability. Hedberg, v. m. (2013). global reporting initiative sustainability.

Pak Railway Thesis free essay sample

Railways,  lifeline  of the country, is a  national  state-run transport service. It is under the administration of federal government and its head quarter is in Lahore. It is an important source of  transportation  throughout Pakistan. It carries millions of passengers throughout the country. It used to carry huge freight in Pakistan. This cheap and safe mode for passengers is now facing a number of issues. A number of services of Pakistan Railways have been cancelled, suspended or terminated and many more will be suspended in near future because of mismanagement and shortage of locomotives, fuel and money. The chapter of all major services, from Lahore to Karachi, has been closed. It is pertinent to mention that all  AC serviceshave been stopped. The incompetent administration has failed to attain locomotives from any quarter of the world. Passengers are suffering due to mismanagement of administration. Pakistan Railways decision to suspend goods  train  service due to severe shortage of locomotives and fuel is another blow to this organization. It is now basically financially bankrupt organization. In other words it is on the verge of financial collapse. The political interference, nepotism, corruption, poor maintenance of tracks bridges and mismanagement in almost every field are the major causes of failure of Pakistan Railways. Pakistan Railways purchased 69 completely built locomotive units from China under 2003 agreement. These are about 37% cheaper than the European locomotives but considered to be faulty. It is stated that 32 of these have already been scraped. Dong Fang  Electric  Corporation  has been severely criticized for producing low quality locomotives. The other viewpoint is that misuse of the machinery was the major cause of the failure of Chinese locomotives. According to Sheikh Rashid, the former railway minister, crankshafts of locomotives worth Rs10 million were damaged because of the use of substandard lubrication oil. It may be mentioned here that normally a locomotive consists of six traction motors while the Pakistan Railways is operating them with only three or four motors. This is the major cause of mid-way breakdown of trains. The passengers, in such a case, have to wait for a long time till repair or replacement of faulty  engine  takes place. Naturally trains are too late and passengers can be seen sitting at platforms with their  luggage. A number of trains lack facility of light at nights because of the failure of the  generators  and ill attitude of management. Another reason that prevents people to go by  train  is increase in corruption by the ticketing officials. The reservation of birth is an uphill task. There are  complaints  that reservation is confirmed after receiving bribe of hundred or more rupees by passengers. Pakistan Railways is no more the best choice to travel for the passengers. Haji Ghulam Ahmed Bilour, federal minister for Pakistan Railways, is a very controversial figure. He is considered to be somewhat responsible for the deteriorating situation of Pakistan Railways. His viewpoint is that the whole railway system is obsolete. He complains that half of the total locomotives are out of order. Almost 86 % bridges are more than 100 years old. The trains, tracks and machinery are outdated or faulty. He says that Pakistan needs 25 to 30  engines  annually. He is now making a plan to repair, hire or lease locomotives in collaboration with the private sector. Moreover, he believes that a bailout package can be helpful to overpower the crisis. According to him delay in funds to Railways is the root cause of the crisis. He accuses the federal  government for  not releasing remarkable funds for the betterment of Pakistan Railways. All his plans may end in failure because of corruption in the management, financial problems, his ill-advised attitude and lack of vision. The efficiency of the railway minister is evident from its almost nil performance. He believes that two mafia gangs are very strong in Pakistan Railways but finds himself incapable to take any action against them. He seems to be too weak to solve the issues and problems faced by his ministry. The Chief Justice has expressed his disapproval for the high-ups of Railways in the following comments: â€Å"Ninety metric tons of  silver  worth millions was sold for mere Rs28,000 as scrap, while  a light bulb  worth Rs60 is being purchased at Rs400, whereas absence of maintenance turned expensive locomotives into junk one by one, besides a Grade-18 officer, a blue-eyed boy of the railways minister, is promoted to hold a Grade-20 post of secretary purchase. In the words of Chief Justice â€Å" the electricity wires meant for  electric  trains from Lahore to Khanewal have been stolen. † Moreover, he observed that â€Å"tickets were sold in advance outside  ticket  counters and tickets were not available at railway stations. † It is also in the notice of the apex court that land mafia has grabbed Pakistan Railways land in different areas of the country. He has already order ed the railways to approach the Sindh administration in this connection. Nonetheless, everybody knows the efficiency of the present Sindh government. Railways needed Rs2. 2 billion to pay the salaries and pension to its protesting employees but the government has not released enough money to overpower the deep financial crisis. The economy of the country is under severe pressure and the poor administration seems to be unable to solve the problem. The apex court has already remarked â€Å"Railways should take steps to make it functional as early as possible. † Sheikh Rashid Ahmad, former railway minister, blames corrupt officers of the department for the present situation in Pakistan Railways. According to him only 156 locomotives out of 500 are in normal working condition. According to his statement 15,000 freight  wagons  are not plying in the country and the business has gone in the hands of the private sector. He claims that 200  coaches  and several locomotives, imported from China, could have been manufactured in the local Carriage Factory in Islamabad. Due to imported  coaches  and machinery several labourers have lost their  jobs  or sent on forced leave. A limited number of loaders have been appointed by the administration on the platforms to carry the  luggage  of the passengers. It is stated that a particular amount of money is received by the administration as a bribe from these poor loaders. In return they are allowed to receive hundred rupees from the passenger to carry the  luggage. A private firm has been working under the contract to transport goods including medicines,carpets,  furniture and  electronic appliances through Pakistan Railways. The monopoly of this firm is an obstacle in the free trade of different goods. Pakistan Railways should create competitive atmosphere to provide the customers with more facilities. Pakistan Railways losses have reached billions of rupees. It seems difficult to bring trains back on tracks in the present circumstances. The situation may not change unless corrupt high-ups are removed, suspended and dismissed from the services. To restructure and modernise Pakistan Railways under the present administration seems to be the dream of a mad man. Pakistan Railways is sinking in the sea of corruption as no serious efforts are being made to eradicate it from this department. PAKISTAN RAILWAY CRISIS AND ITS SOLUTIONS Among the means of transportation railways are the cheapest and safest mode for passengers and goods. It also helps in growth of economy for the country. A plan for a rail system in  Pakistan  was first proposed in 1858. A survey for railway line was initiated by Commissioner of Sindh ,Sir Henry Edward Fere in 1858. It was proposed that a railway line from  Karachi  City  to Kotri, steam navigation from the Indus /Chenab up to  Multan  and from there another railway to  Lahore  and beyond be constructed. Thus, it was on 13th May, 1861 that first railway line was opened for public traffic between  Ã‚  Ã‚  Karachi  City  and Kotri, the distance of 105 miles. The line between  Karachi  Cityand Kemari was opened in 1889   and   by 1897 the line from Kemari to Kotri was doubled. Since 1861 when the first railway line was laid down between  Karachi  and Kotri, the expansion of the railway network by the British came at a rapid pace up until 1947. The driving factors for this growth were strategic and economic in nature. For instance to stop the invasion of the Russians from the West, the British built the Khojak tunnel, the fourth largest at that time, in seemingly inaccessible areas of Balochistan to reach Chaman railway station.