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Planning

2020-05-28T03:31:00.002-07:00

Concept:

We already know what planning is, it is the deciding of what is to be done in advance. It is the groundwork for all future plans of the organization. Planning bridges the gap between where the organization currently find itself and where it wishes to be.So in essence business planning comprises of setting objectives for the organization and developing a plan of action to achieve these objectives. Once the objectives are set, the managers and workers can have a clear vision of what to work towards.Managers are a very important part of the function of business planning. Planning requires innovation, creativity and multi-tasking from the managers. And planning is a function that managers of all levels must perform, i.e upper, middle and lower management.

Importance of Business Planning

Planning is an important function of management, it tells the manager where the organization should be headed. It also helps the organization reduce uncertainty. Let us take a look at some important functions of planning.

1] Planning provides a sense of Direction

Planning means coming up with a predetermined action plan for the organization. It actually states in advance what and how the work is to be done. This helps provide the workers and the managers with a sense of direction, a guidance in a way. Without planning their actions would be uncoordinated and unorganized.

2] Planning reduces Uncertainty

Planning not only sets objectives but also anticipates any future changes in the industry or the organization. So it allows the managers to prepare for these changes, and allow them to deal with the uncertainties. Planning takes into consideration past events and trends and prepares the managers to deal with any uncertain events.

3] Planning reduces Wastefulness

The detailed plans made keep in mind the needs of all the departments. This ensures that all the departments are on the same page about the plan and that all their activities are coordinated. There is clarity in thought which leads to clarity in action. All work is carried out without interruptions or waste of time or resources,

4] Planning invokes Innovation

Planning actually involves a lot of innovation on the part of the managers. Being the first function of management it is a very difficult activity. It encourages the manager to broaden their horizons and forces them to think differently. So the managers have to be creative, perceptive and innovative.

5) Makes Decision=Making Easier

In business planning the goals of the organization have been set, an action plan developed and even predictions have been made for future events. This makes it easier for all managers across all levels to make decisions with some ease. The decision-making process also becomes faster.

6) Establishes Standards

Once the business planning is done, the managers now have set goals and standards. This provides the manager’s standards against which they can measure actual performances. This will help the organization measure if the goals have been met or not. So planning is a prerequisite to controlling.

Disadvantages of python.

2020-05-27T10:15:00.001-07:00

What are the drawbacks of Python?

Disadvantages of Python are:

Speed

Python is slower than C or C++. But of course, Python is a high-level language, unlike C or C++ it's not closer to hardware.

Mobile Development

Python is not a very good language for mobile development . It is seen as a weak language for mobile computing. This is the reason very few mobile applications are built in it like Carbonnelle.

Memory Consumption

Python is not a good choice for memory intensive tasks. Due to the flexibility of the data-types, Python's memory consumption is also high.

Database Access

Python has limitations with database access . As compared to the popular technologies like JDBC and ODBC, the Python's database access layer is found to be bit underdeveloped and primitive . However, it cannot be applied in the enterprises that need smooth interaction of complex legacy data .

Runtime Errors

Python programmers cited several issues with the design of the language. Because the language is dynamically typed , it requires more testing and has errors that only show up at runtime .

Features of python.

2020-05-27T05:57:00.000-07:00

Features of Python

There are many features in Python, some of which are discussed below –

1.Easy to code:
Python is high level programming language.Python is very easy to learn language as compared to other language like c, c#, java script, java etc.It is very easy to code in python language and anybody can learn python basic in few hours or days.It is also developer-friendly language.

2. Free and Open Source:
Python language is freely available at official website and you can download it from the given download link below click on the Download Python kyeword.
Download Python
Since, it is open-source, this means that source code is also available to the public.So you can download it as, use it as well as share it.

3.Object-Oriented Language:
One of the key features of python is Object-Oriented programming.Python supports object oriented language and concepts of classes, objects encapsulation etc.

4. GUI Programming Support:
Graphical Users interfaces can be made using a module such as PyQt5, PyQt4, wxPython or Tk in python.
PyQt5 is the most popular option for creating graphical apps with Python.

5. High-Level Language:
Python is a high-level language.When we write programs in python, we do not need to remember the system architecture, nor do we need to manage the memory.

6.Extensible feature:
Python is a Extensible language.we can write our some python code into c or c++ language and also we can compile that code in c/c++ language.

7. Python is Portable language:
Python language is also a portable language.for example, if we have python code for windows and if we want to run this code on other platform such as Linux, Unix and Mac then we do not need to change it, we can run this code on any platform.

8. Python is Integrated language:
Python is also an Integrated language because we can easily integrated python with other language like c, c++ etc.

9. Interpreted Language:
Python is an Interpreted Language. because python code is executed line by line at a time. like other language c, c++, java etc there is no need to compile python code this makes it easier to debug our code.The source code of python is converted into an immediate form called bytecode.

10. Large Standard Library
Python has a large standard library which provides rich set of module and functions so you do not have to write your own code for every single thing.There are many libraries present in python for such as regular expressions, unit-testing, web browsers etc.

11. Dynamically Typed Language:
Python is dynamically-typed language. That means the type (for example- int, double, long etc) for a variable is decided at run time not in advance.because of this feature we don’t need to specify the type of variable.

Impact of government policy changes on business and industry

2020-05-27T01:39:00.002-07:00

Impact of government policy changes on business and industry:

1. Increasing Competition:

Firms are now facing competition not only from existing players and new local entrants but also from the multinational competitors.They have to compete with the rest of the world. Market orientation and liberalization has created the situation of all round competition.

2. More Demanding Customers:

Increased competition has widened the choice of customers in respect of goods and services. Thus, the customers have become more demanding. Consequently, many new schemes are being evolved by companies to attract the customers in highly customer oriented markets.

3. Rapidly Changing Technological Environment:

Rapidly changing technological environment helps the firms to improve their goods and services, equipments and methods in order to face the competition and survive in the market. Moreover, producers are now using world class technology. This leads to more investment in Research and Development (R & D), Innovation Product Development etc.

4. Necessity for Change:

Since the market forces have become very dynamic, the firms have to continuously change their activities to survive in the market. They have to modify their existing policies and operations from time to time as proactively as possible.

5. Need for Developing Human Resource:

To compete with the foreign firms, Indian companies must have highly skilled, trained and competent human resource. Therefore, huge amount of money is now being spent on the training and development of employees.

6. Market Orientation:

Today the market has become consumer oriented. Thus, the firms must study the market situation first and then produce goods according to the demand of the customers. Accordingly, the firms now plan production on the basis of market research, need and want of customers.

7. Loss of Budgeting Support to the Public Sector:

The reduction in the financial help by the Central Government to the public sector enterprises has made these enterprises realise that they have to generate their own resources to survive and grow.

Economic environment in India

2020-05-27T01:31:00.002-07:00

Economic environment in India:

The economic environment relates to all the economic determinants that influence commercial and consumer compliance. ‘The term economic environment indicates to all the external economic circumstances that affect purchasing practices of customers and markets and hence influence the production of the business.’

As a component of economic reformations, the Government of India declared a new industrial system in July 1991. The extensive characteristics of this system were as follows:

The Government decreased the number of enterprises below mandatory licensing to six
Many of the businesses held for the public sector under the initial policy, were justified. The purpose of the public sector was defined only to 4 industries of vital importance
Disinvestment was conducted in case of many public sector industrial companies
Policy towards foreign funds was expanded. The percentage of foreign equity partnership was extended and in many ventures, 100 percent Foreign Direct Investment (FDI) was allowed
Automatic approval was now given for technology transactions with foreign firms
Foreign Investment Promotion Board (FIPB) was established to support and channelise foreign financing in India

Liberalisation:

The economic reforms that were presented were directed at liberalising the Indian business and trade from all redundant restrictions and limitations. They indicated the end of the licence-permit-quota raj. The liberalisation of the Indian business has taken place with respect to:

Eliminating licensing terms in most of the industries excluding a shortlist
Freedom in determining the range of marketing activities i.e., no constraints on development or consolidation of business pursuits
Dismissal of restraints on the transportation of commodities and services
Freedom in deciding the cost prices of commodities and services

Privatisation:

The new set of economic changes intended at proffering a prominent position to the private sector in the nation-building rule and a diminished role to the public sector. This was a withdrawal of the growth policy attempted so far by Indian directors. To accomplish this, the administration redefined the role of the public sector in the New Industrial Policy of 1991, approved the policy of proposed disinvestments of the public sector and determined to the loss-making and weak industries to the Board of Industrial and Financial Reconstruction (BIFR).

Globalisation:

Globalisation implies the combination of the different economies of the world heading towards the development of a united (closely-knitted) global marketplace. Till 1991, the Government of India had followed a course of stringently controlling imports in price and quantity terms. These laws were with respect to:

Licensing of imports
Tariff limitations
Quantitative constraints

The new economic reforms directed at business liberalisation were focused towards import liberalisation, export improvement through rationalisation of the tax structure and changes with respect to foreign exchange so that the nation does not remain separate from the rest of the world.

Class 12 English (Vistas) Chapter 3 Journey to the end of the Earth by Tishani Doshi

2020-05-26T22:49:00.001-07:00

ourney to the end of the Earth Introduction

The lesson revolves around the world’s most preserved place, Antarctica. Not many people have been there but out of the few that have, Tishani Doshi is one of them. A south Indian person who went on an expedition with a group of teenagers affiliated with ‘Students on Ice’ programme who takes young minds to different ends of the world. Thus, it gives an insight into how Antarctica is the place you should visit to have a glimpse of the past, present and the future in its realist form.

Journey to the end of the Earth Summary

For a south Indian man travelling to Antarctica from Madras, it takes nine time zones, six checkpoints, three water-bodies and just as many ecospheres to reach there. Tishani Doshi travelled to the Southern end of the Earth along with an expedition group named ‘Students on Ice’ that provides opportunity to the young minds to sensitise towards the realistic version of climatic changes happening in the world. According to the founder of the organisation, we are the young versions of future policy makers who can turn the situation around. Antarctica is one of the coldest, driest and windiest continent in the world. As far as the eyes can see, it is completely white and its uninterrupted blue horizon gives immense relief. It is shocking to believe that India and Antarctica were part of the same supercontinent Gondwana, that got segregated into countries giving rise to the globe we know today. Antarctica had a warmer climate until then. Despite human civilisation around the globe, it still remains in it pure form. Being a south Indian sun-worshipping guy, it was unimaginable for the author to visit the place that constitutes world’s 90 per cent of ice, a place so quiet that it is only interrupted by snow avalanches. It is a home to a lot of evidences that can give us a glimpse of the past and at the same time, Antarctica helps us foresee the future. The place gives an awakening to threatening alarm that global warming is actually real. Who knows if Antarctica will be warm again and even if it does, will we be alive to see it?

Journey to the end of the Earth Lesson and Explanation

EARLY this year, I found myself aboard a Russian research vessel — the Akademik Shokalskiy — heading towards the coldest, driest, windiest continent in the world: Antarctica. My journey began 13.09 degrees north of the Equator in Madras, and involved crossing nine time zones, six checkpoints, three bodies of water, and at least as many ecospheres.
Ecospheres- parts of the universe habitable by living organisms

In the beginning, the author talks about his journey to one of the coldest, driest and windiest continent on Earth; Antarctica. He went there on a Russian research vessel known as the Akademik Shokalskiy. The author is a South Inidan man who began his journey from Madras. On his voyage, he crossed nine time zones, six checkpoints, three water-bodies and just as many ecospheres.

By the time I actually set foot on the Antarctic continent I had been travelling over 100 hours in combination of a car, an aeroplane and a ship; so, my first emotion on facing Antarctica’s expansive white landscape and uninterrupted blue horizon was relief, followed up with an immediate and profound wonder. Wonder at its immensity, its isolation, but mainly at how there could ever have been a time when India and Antarctica were part of the same landmass.

Expansive- covering wide area in terms of space or scope; extensive
Profound- very great or intense
Isolation- separation
Landmass- a continent or other large body of land

It took him about 100 hours of combined travelling by car, aeroplane and then a ship to reach the continent. So, when he first set his feet on the continent, he felt utmost relief for it was all white as far as the eyes could see. The sight of the blue horizon was also very comforting. Next emotion that followed was that of wonderment. He was astonished by the fact that there was once a time when India and Antarctica were geographically connected.

Part of history

Six hundred and fifty million years ago, a giant amalgamated southern supercontinent — Gondwana — did indeed exist, centred roughly around the present-day Antarctica. Things were quite different then: humans hadn’t arrived on the global scene, and the climate was much warmer, hosting a huge variety of flora and fauna. For 500 million years

Gondwana thrived, but around the time when the dinosaurs were wiped out and the age of the mammals got under way, the landmass was forced to separate into countries, shaping the globe much as we know it today.

Amalgamated- combine or unite to form one structure
Supercontinent- a former large continent from which other continents are held to have broken off and drifted away
Thrived- prosper; flourish

Millions of years ago, there was a supercontinent known as Gondwana, from which Antarctica and India are supposed to have been parted off. The situation however was completely different from how it is right now. There were no humans and the climate was warmer which gave rise to huge varieties of flora and fauna. Gondwana flourished for 500 million years until dinosaurs got extinct and human beings came into existence. The huge continent was then forced into segregation to form countries and the world as we know of it today.

To visit Antarctica now is to be a part of that history; to get a grasp of where we’ve come from and where we could possibly be heading. It’s to understand the significance of Cordilleran folds and pre-Cambrian granite shields; ozone and carbon; evolution and extinction. When you think about all that can happen in a million years, it can get pretty mind-boggling. Imagine: India pushing northwards, jamming against Asia to buckle its crust and form the Himalayas; South America drifting off to join North America, opening up the Drake Passage to create a cold circumpolar current, keeping Antarctica frigid, desolate, and at the bottom of the world.

Cordilleran folds- an extensive chain of mountains or mountain ranges
Precambrian granite shields- large areas of relatively low elevation that forms part of continental masses
Mind-boggling- overwhelming; startling
Frigid- very cold in temperature
Desolate- (of a place) uninhabited and giving an impression of bleak emptiness

According to the author, if one wants to have a glimpse of history and from where we have originated along with where we are headed, Antarctica is the right place. It is the best place to research and understand about mountain ranges and low elevation continents, ozone and carbon, evolution and extinction. It is capable of giving an insight of the future and that can be really startling.

For a sun-worshipping South Indian like myself, two weeks in a place where 90 percent of the Earth’s total ice volumes are stored is a chilling prospect (not just for circulatory and metabolic functions, but also for the imagination). It’s like walking into a giant ping-pong ball devoid of any human markers — no trees, billboards, buildings. You lose all earthly sense of perspective and time here. The visual scale ranges from the microscopic to the mighty: midges and mites to blue whales and icebergs as big as countries (the largest recorded was the size of Belgium). Days go on and on and on in surreal 24-hour austral summer light, and a ubiquitous silence, interrupted only by the occasional avalanche or calving ice sheet, consecrates the place. It’s an immersion that will force you to place yourself in the context of the earth’s geological history. And for humans, the prognosis isn’t good.

Surreal- unusual; bizzare
Austral- relating to the Southern Hemisphere
Ubiquitous- everywhere; pervasive
Avalanche- snowslide
Calving- split and shed
Consecrates- make or declare sacred
Immersion- submerge
Prognosis- a forecast of the likely outcome of a situation

It was a very different experience for the narrator as being a South Inidan sun-worshipping man, it was hard for him or anyone else to imagine living in a place where 90 percent of the Earth’s total ice volumes are stored. Not only biologically or physically difficult, but also for imagination. A place untouched by humans and their inventions, it gives an experience that makes you forget about all the other things. From small creatures like midges and mites to huge creatures like blue whales and icebergs as big as countries, everything can be found in Antarctica. Days are never ending with sun light all the time falling on the Southern Hemisphere. It is such a quiet place interrupted only by falling mass of snow rapidly down a mountain. It is a setting that forces you to ponder upon earth’s geological history and helps you foresee future which for humans, doesn’t seem very pleasant.

Human Impact

Human civilisations have been around for a paltry 12,000 years — barely a few seconds on the geological clock. In that short amount of time, we’ve managed to create quite a ruckus, etching our dominance over Nature with our villages, towns, cities, megacities. The rapid increase of human populations has left us battling with other species for limited resources, and the unmitigated burning of fossil fuels has now created a blanket of carbon dioxide around the world, which is slowly but surely increasing the average global temperature.

Paltry- petty; insignificant
Ruckus- a row or commotion
Etching- engraved
Unmitigated- unconditional

Human life on earth has been since petty 12,000 years which converts into a few seconds on the geological clock. In merely this less time, humans have managed to exploit each and every resource, thereby creating a chaos in the nature. The ever increasing human population is robbing other species of the necessities for survival. Not to forget about the unlimited exploitation of fossil fuels that have created a blanket of carbon dioxide around our planet which is further increasing the average global temperature, thus leading to global warming.

Climate change is one of the most hotly contested environmental debates of our time. Will the West Antarctic ice sheet melt entirely? Will the Gulf Stream ocean current be disrupted? Will it be the end of the world as we know it? Maybe. Maybe not. Either way, Antarctica is a crucial element in this debate — not just because it’s the only place in the world, which has never sustained a human population and therefore remains relatively ‘pristine’ in this respect; but more importantly, because it holds in its ice-cores half-million-year-old carbon records trapped in its layers of ice. If we want to study and examine the Earth’s past, present and future, Antarctica is the place to go.

Pristine- in its original condition; unspoilt

Global Warming and climate change are high priority concern these days. Questions like melting of Antarctic sheet, disruption of Gulf Stream ocean and how the world will end still remains unanswered. Regardless, Antarctica remains an important part, not only because it is untouched by humans, but also because of the ice-cores half-million-year-old carbon records trapped in its layers of ice. According to the author, if one wishes to study and analyse Earth’s past, present and future, Antarctica is the place to go.

Students on Ice, the programme I was working with on the Shokaskiy, aims to do exactly this by taking high school students to the ends of the world and providing them with inspiring educational opportunities which will help them foster a new understanding and respect for our planet. It’s been in operation for six years now, headed by Canadian Geoff Green, who got tired of carting celebrities and retired, rich, curiosity-seekers who could only ‘give’ back in a limited way. With Students on Ice, he offers the future generation of policy-makers a life-changing experience at an age when they’re ready to absorb, learn, and most importantly, act.

Carting-

The author has been in Antarctica on an expedition with ‘Students on Ice’, a programme that takes young minds to the ends of the world which helps in inspiring them to work towards our planet. It was started with the vision of providing life-changing experiences to ‘the future generation of policy-makers’ to learn about the planet at a very early age. The initiative was introduced by Geoff Green who got tired of his regular job once he got rich and wanted to give it back in some way.

The reason the programme has been so successful is because it’s impossible to go anywhere near the South Pole and not be affected by it. It’s easy to be blasé about polar ice-caps melting while sitting in the comfort zone of our respective latitude and longitude, but when you can visibly see glaciers retreating and ice shelves collapsing, you begin to realise that the threat of global warming is very real.

Blasé- unimpressed with or indifferent to something because one has experienced or seen it so often before

The programme has been immensely successful in implementing its vision by the way people get affected by seeing the real scenario because it is very easy to sit at home and talk about real issues, but actually seeing glaciers retreating and ice shelves collapsing, it gives you a glimpse into the future. It tells you that the very threat of global warming is real.

Antarctica, because of her simple ecosystem and lack of biodiversity, is the perfect place to study how little changes in the environment can have big repercussions. Take the microscopic phytoplankton — those grasses of the sea that nourish and sustain the entire Southern Ocean’s food chain. These single-celled plants use the sun’s energy to assimilate carbon and synthesise organic compounds in that wondrous and most important of processes called photosynthesis. Scientists warn that a further depletion in the ozone layer will affect the activities of phytoplankton, which in turn will affect the lives of all the marine animals and birds of the region, and the global carbon cycle. In the parable of the phytoplankton, there is a great metaphor for existence: take care of the small things and the big things will fall into place.

It is one of those places with limited biodiversity and thus, has a less complicated ecosystem. As a result, little changes in its environment can have drastic effects. For instance, the microscopic phytoplankton are grasses of the sea that sustains the entire Southern Ocean’s food chain. Now, it has been recently concluded by scientists that a further depletion in the ozone layer can affect the activities of these single-celled plants and affect the marine life altogether. Thus, in this case, the saying comes true, “Take care of the small things and the big things will fall into place.”

Walk on the Ocean

My Antarctic experience was full of such epiphanies, but the best occurred just short of the Antarctic Circle at 65.55 degrees south. The Shokalskiy had managed to wedge herself into a thick white stretch of ice between the peninsula and Tadpole Island which was preventing us from going any further. The Captain decided we were going to turn around and head back north, but before we did, we were all instructed to climb down the gangplank and walk on the ocean. So there we were, all 52 of us, kitted out in Gore-Tex and glares, walking on a stark whiteness that seemed to spread out forever. Underneath our feet was a metre-thick ice pack, and underneath that, 180 metres of living, breathing, salt water. In the periphery Crabeater seals were stretching and sunning themselves on ice floes much like stray dogs will do under the shade of a banyan tree. It was nothing short of a revelation: everything does indeed connect.

Nine time zones, six checkpoints, three bodies of water and many ecospheres later, I was still wondering about the beauty of balance in play on our planet. How would it be if Antarctica were to become the warm place that it once used to be? Will we be around to see it, or would we have gone the way of the dinosaurs, mammoths and woolly rhinos? Who’s to say? But after spending two weeks with a bunch of teenagers who still have the idealism to save the world, all I can say is that a lot can happen in a million years, but what a difference a day makes!

For all it took for him to travel from Madras to Antarctica, the nine time zones, checkpoints and various bodies of water, the author pondered upon the capability of nature to maintain its balance. He wondered what it would be like if Antarctica, the place that houses over 90 percent of world’s ice, becomes warm again. He wonders if we will be there to see it if it ever happens but who knows! Thus, by seeing the spirit of teenagers who still are left with the courage to save the world, he talks about the uncertainty of events that can happen over a million years.

Dimensions of business environment

2020-05-26T03:09:00.002-07:00

Dimensions of business environment:

Meaning -
Dimensions of or the agents forming the business environment involve economic, social, legal, technological and political circumstances which are contemplated properly for decision-making and enhancing the achievement of the trading concern. In distinction to the precise environment, these aspects manifest the prevailing environment which often affects many companies at the same time. However, the administration of every business can profit from being informed of these dimensions rather than being unbiased in them. A concise argument of the multiple factors comprising the global environment of the company is provided below:

A) Economic Environment

- The economic environment consists of an economic system, economic policies and economic conditions prevailing in a country.
- Interest Rates, Taxes, Inflation, Stock Market Indices, Value of Rupee, Personal Disposable Income, Unemployment rate etc. are the factors which affect the economic environment.

Example: A rise in the disposable income of people due to a decrease in tax rates in a country creates more demand for products.

B) Social Environment

Social Environment consists of social forces like traditions, values, social trends, level of education, the standard of living etc. All these forces have a vast impact on business.
Tradition: It refers to social practices that have lasted for decades, such as Ugadi, Deepavali, Id, Christmas,etc.,
Impact: More demand during festivals provides opportunities for various businesses.
Values: It refers to moral principles prevailing in the society, such as Freedom of choice in the market, Social Justice, Equality of opportunity, Non-discriminatory practices etc.
Impact: The organisations that believe in values maintain a good reputation in society and find ease in selling their products.
Social Trends: It refers to a general change or development in the society, such as health and fitness trend among urban dwellers.
Impact: Health and fitness trend has created demand for gyms, mineral water etc.

C) Technological Environment

- It consists of scientific improvements and innovations which provide new ways of producing goods, rendering services, new methods and techniques to operate a business.
- It is very important for a firm to understand the level of scientific achievements of a particular economy before introducing its products.
- Technological compatibility of products also drives the demand for manufactured products by a company.

Example: E-commerce has changed the scenario of doing the business, buying goods and availing services at the click of a mouse or through mobile, Digital India initiative by the government and move towards a paperless society.

D) Political Environment

- It means that the actions were taken by the government which potentially affect the routine activities of any business or company on a domestic or at the global level.
- The success of business and industry depends upon the Government’s attitude towards the business and industry, Stability of Government, Peace in the country.

Example: Political stability and central government’s attitudes towards business, industry and employment, has attracted many national and international business entrepreneurs to invest in India.

E) Legal Environment

- It includes various laws passed by the government, administrative orders issued by government authorities, court judgments as well as decisions rendered by the central, state or local governments.
- Understanding of legal knowledge is a pre-requisite for the smooth functioning of business and industry.
- Understanding the legal environment by business houses help them not to fall in a legal tangle.
- The legal environment includes various laws like Companies Act 2013, Consumer Protection Act 1986, Policies relating to licensing & approvals, Policies related to foreign trade etc.

Example: Labour laws followed by companies help them to keep away from penalties.

The Tiger King Summary Class 12th English

2020-05-25T22:25:00.001-07:00

ntroduction

The story ‘The Tiger King’ is a satire on the pride and stubbornness of those in power. The writer takes us to the days of autocratic and eccentric kings. These kings lived under the thumb rule of British, hence they fear them. Most of the time the rulers were not interested in serving the people and working for the welfare of the public; instead they spent their time in foolish pursuits. They flouted all laws and bent them to suit their selfish interests. The Maharaja of Pratibandapuram tried to belie what was written in his fate. The chief astrologer had predicted that the cause of his death would be a tiger. The King tried his best to belie the prediction. His campaign of tiger-hunting was very successful. All his strategies and wise plans worked till he killed 99 tigers. But the hundredth tiger eluded him till his death. The irony of fate brings quite an unexpected end of the Maharaja. The hero who killed ninety nine tigers couldn’t kill the only one that was left. The last tiger he thought to be dead survived. The King’s bullet had missed its mark. Ironically, the hundredth tiger which caused his death was not a ferocious beast of blood and flesh. It was a wooden tiger. One of the slivers of wood pierced his right hand and caused infection and a suppurating sore. It ultimately led to his death.

Theme

Animals and birds are as much part of the nature as human beings. The destruction or haphazard killing of one species may not only lead to its extinction, but it will adversely affect the ecological balance. Those animals which serve as food for the wild animals, will increase in large number, if the beast of prey are wiped out. Each species, howsoever fierce, deadly, ferocious or poisonous has its role in maintaining ecological balance in nature.

Characters

The Tiger King: a hero of the story, the Maharaja of Pratibandhpuram, also known as His Highness Jamedar, General Khiledar-Major, Sata-Vyaghra samhari, Maharajadhiraja Visva Bhuvana samrat, Sir Jilani Jung Jung Bahadur, M.A.D., A.C.T.C., or C.R.C.K.

Crown prince: a ten day old baby who later became the Maharaja of Pratibandhpuram.
Chief astrologer: a royal foreteller of the state.
Durai: means “chief, leader” in Tamil.
A British high ranking officer & his secretary
Dewan: a chief administrative office of the Maharaja.
Duraisani: the wife of the high ranking British officer, a greedy woman who takes all the 50 or so diamond rings for herself.

Summary

The Maharaja Sir Jilani Jung Jung Bhadur was called “Tiger King”. When he was just 10 day old, he asked intelligent questions to the astrologers and was told that he would be killed by a tiger. He uttered “Let tigers beware!” No other miracle took place, the child grew like any other Royal child drinking white cow’s milk. He was taught by an English tutor and looked after by an English nanny. He watched English films. When he was 20, he was crowned as king. It was then the prediction of his death by the tiger reached the Maharaja’s ear and he in turn to safe guard himself killed a tiger and being thrilled he told the astrologer who replied that he can kill 99 tigers but should be careful with the 100th. He pledged that all other affairs of the state would be attended after killing the hundred tigers. Then he started killing tigers. None except Maharaja was allowed to hunt tigers. A high-ranking British officer visited the state that was fond of hunting tigers and his wish was declined. The officer requested for getting a photograph with a tiger killed by Maharaja and this request was rejected. So to please the officer’s wife, he sent 50 diamond rings expecting that she would take one or two, instead she kept all the rings costing 3 lakh rupees and sent ‘thanks’ to the Maharaja. But his state was secured. In 10 years, he killed 70 tiger and didn’t find any in Pratibandapuram so he decided to marry a girl from royal state which had more tigers to complete his target. Whenever he visited his in-laws, he killed 5-6 tigers. So he killed 99 tigers and was feverishly anxious to kill the 100th but couldn’t find. News about the presence of a tiger near a village proved disappointing. He asked his Dewan to find the tiger otherwise face his anger. Now the Dewan was afraid of losing his job so he visited ‘People’s Park in Madras’ and brought an old tiger and placed it in the forest and informed the Maharaja. The Maharaja took great care and shot the tiger and left the place with great triumph. The bullet did not hit the tiger but out of fear the tiger had collapsed. Now the staff killed the tiger and brought it in grand procession. It was the third birthday of the Maharaja’s son and he wanted to buy a present from the toyshop. He bought a wooden tiger which was poorly carved. While the Maharaja was playing with the prince, a tiny sliver of the wooden tiger pierced his right hand which later on caused his death. Thus the hundredth tiger takes his final revenge upon the “Tiger King”.

Gist of the lesson:

The Maharaja Sir Jilani Jung Jung Bhadur was called “Tiger King”

. · When he was just 10 days old he asked intelligent questions to the astrologers and was told that he would be killed by a tiger. He uttered “Let tigers beware!”

No other miracle took place, the child grew like any other Royal child drinking white cow’s milk, taught by an English tutor, looked after by an English nanny and watched English films.

When he was 20, he was crowned as king. It was then the prediction of his death by the tiger reached the Maharaja’s ear and he in turn to safe guard himself killed a tiger and being thrilled he told the astrologer who replied that he can kill 99 tigers but should be careful with the 100th .
From then on he started killing tiger and none was allowed to hunt tigers. A highranking British officer visited the state that was fond of hunting tiger and his wish was declined.
The officer requested for getting a photograph with a tiger killed by Maharaja and this request was rejected.
So to please the officer’s wife he sent 50 diamond rings expecting that she would take 1 or 2 instead she kept all the rings costing 3 lakh rupees and sent ‘thanks’ to the Maharaja. But his state was secured.
In 10 years he killed 70 tiger and didn’t find any in Pratibandapuram so he decided to marry a girl from royal state which had more tigers to complete his target whenever he visited his in-laws he killed 5-6 tigers. So he killed 99 tigers and was feverishly anxious to kill the 100th but couldn’t find news about the presence of a tiger near a village proved disappointing.

Now the Dewan was warned of his danger so he visited ‘People’s Park in Madras’ and brought an old tiger and placed it in the forest and informed the Maharaja.
The Maharaja took great care and shot the tiger and left the place with great triumph the bullet did not hit the tiger but out of fear the tiger had collapsed. Now the staff killed the tiger and brought it in grand procession it was the 3rd birthday of the Maharaja’s son and he wanted to buy a present from the toyshop. He bought a wooden tiger which was poorly carved. 97

While the Maharaja was playing with the prince a tiny sliver of the wooden tiger pierced his right hand which later on caused his death. Thus the hundredth tiger takes his final revenge upon the “Tiger King”.

class 12 english vista chapter 1 the third level

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he Third Level Introduction
The Third Level by Jack Finney is about the harsh realities of war. War has irreversible consequences thus leaving people in a state of insecurity. It is also about modern day problems and how common man tends to escape reality by various means. In this story, a man named Charley hallucinates and reaches the third level of the Grand Central Station which only has two levels.

The Third Level Summary
The story revolves around a 31 year old man named Charley, who experienced something weird. One day after work coming from the Subway, he reached the third level of the Grand Central station (which doesnâ€™t actually exist). He reminisces the entire experience with his psychiatrist friend Sam. Charley thought he experienced time travel and had reached somewhere in the eighteen-nineties, a time before the world saw two of its most deadliest wars. As soon as he realised what time he is in, he immediately decided to buy two tickets to Galesburg, Illinois; one for himself and the other for his wife. Unfortunately, the currency used in that century was different. Thus, the next day he withdrew all his savings and got them converted even if it meant bearing losses. He went looking for the third level but failed to find it. It worried his wife and the psychiatrist Sam who told him that he is hallucinating in order to take refuge from reality and miseries of the modern world which is full of worry. Charley thus resorts to his stamp collection in order toÂ distract himself when suddenly one day he finds a letter from his friend Sam who had gone missing recently. Sam wrote that he always wanted to believe in the idea of third level and now that he is there himself, he encourages Charley and Louisa to never stop looking for it.

See: Journey to the end of the Earth Class 12 English Lesson 3

The Third Level Lesson and Explanation
THE presidents of the New York Central and the New York, New Haven and Hartford railroads will swear on a stack of timetables that there are only two. But I say there are three, because Iâ€™ve been on the third level of the Grand Central Station. Yes, Iâ€™ve taken the obvious step: I talked to a psychiatrist friend of mine, among others. I told him about the third level at Grand Central Station, and he said it was a waking dream wish fulfillment. He said I was unhappy. That made my wife kind of mad, but he explained that he meant the modern world is full of insecurity, fear, war, worry and all the rest of it, and that I just want to escape. Well, who doesnâ€™t? Everybody I know wants to escape, but they donâ€™t wander down into any third level at Grand Central Station.

Stack- a pile of objects, typically one that is neatly arranged
Timetables- a schedule showing the departure and arrival times of trains, buses or aircraft
Waking dream- an involuntary dream occuring while a person is awake
Wander- walk; roam

The story begins with the mention of a third level at the Grand Central Station (which only has two levels in real). The protagonist himself is aware that even the Presidents of New York Central and the New York, New Haven and Hartford railroads would express great confidence in the existence of only two levels but he himself has been to the third level. Considering the entire scenario, Charley, the protagonist had a word with his psychiatrist friend. He explained that Charley was experiencing a â€˜waking dream wish fulfillmentâ€™ or in other words, hallucination. According to the psychiatrist, Charley was unhappy (the fact her wife did not like). Upon explaining further, it became clear that it is the burden of all the modern problems that is pushing him to experience the apparent perception of something not present. He tends to escape the reality. Charley agreed with what his psychiatrist friend had to say but he still found it a bit odd to have been to the third level of the Grand Central Station.Â

But thatâ€™s the reason, he said, and my friends all agreed. Everything points to it, they claimed. My stamp collecting, for example; thatâ€™s a â€˜temporary refuge from reality.â€™ Well, maybe, but my grandfather didnâ€™t need any refuge from reality; things were pretty nice and peaceful in his day, from all I hear, and he started my collection. Itâ€™s a nice collection too, blocks of four of practically every U.S. issue, first-day covers, and so on. President Roosevelt collected stamps too, you know.
Refuge- the state of being safe or sheltered from pursuit, danger or difficulty

Charley begins to believe in the possibility that he has been experiencing all this to escape the harsh realities of the modern world. His friends agreed to it as well. Even his stamp collecting is a sort of asylum he resorts to in order to feel protected. On the other hand, he starts thinking otherwise. His grandfather started his stamp collection but in those days, they had not seen the consequences of war and there was peace, harmony and security. His grandfather must have not been insecure. The collection, moreover was amazing, with blocks of four of practically every U. S. issue. Even President Roosevelt collected stamps.

Anyway, hereâ€™s what happened at Grand Central. One night last summer I worked late at the office. I was in a hurry to get uptown to my apartment, so I decided to take the subway from Grand Central because itâ€™s faster than the bus.

He starts explaining what exactly happened and begins with how he chose to take the Subway to his apartment instead of the usual bus after a late night shift. He did this in order to save time.

Now, I donâ€™t know why this should have happened to me. Iâ€™m just an ordinary guy named Charley, thirty-one years old, and I was wearing a tan gabardine suit and a straw hat with a fancy band; I passed a dozen men who looked just like me. And I wasnâ€™t trying to escape from anything; I just wanted to get home to Louisa, my wife.
Gabardine- a smooth, durable, twill-woven worsted or cotton cloth

He describes himself as an ordinary man of 31 dressed in a tan gabardine suit and a straw hat with a fancy band. It was so ordinary that he could see other similar men at the station. He explains how he was in his normal state of mind not wanting to escape from anywhere. All he wanted was to be with his wife Louisa at that hour. He still doesnâ€™t understand why this happened with him.

I turned into Grand Central from Vanderbilt Avenue, and went down the steps to the first level, where you take trains like the Twentieth Century. Then I walked down another flight to the second level, where the suburban trains leave from, ducked into an arched doorway heading for the subway â€” and got lost. Thatâ€™s easy to do. Iâ€™ve been in and out of Grand Central hundreds of times, but Iâ€™m always bumping into new doorways and stairs and corridors. Once I got into a tunnel about a mile long and came out in the lobby of the Roosevelt Hotel. Another time I came up in an office building on Forty-sixth Street, three blocks away.

Suburban- residential
Ducked- lower the head or body quickly
Arched- curved
Bumping- knock or run into something

Charley comes to the part of the incident where he entered the Grand Central from Vanderbilt Avenue and took the stairs to the first level where one boarded trains like the Twentieth Century. Then he went down another floor to reach the second level from where the suburban trains leave. From there he entered an arched doorway and got lost. It was nothing unusual for him because even if he had come to that station a thousand times, there were occasions he bumped into new corridors and doorways. Once he entered the wrong lobby and reached Roosevelt Hotel and another time in an office building which was three blocks away.

Difference between average profit and super profit

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Methods of Valuation of Goodwill

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Various ways are used in the valuation of goodwill. However, the valuation methods are based on the situation of an individual company and different practices of the trade. The top three processes of valuation of goodwill are mentioned below.

⇨ Average Profits Method – This method is divided into two sub-division.

Simple Average – In this process, goodwill evaluation is done by calculating the average profit by the number of years it is called years purchase. It can be calculated by using the formula. Goodwill = Average Profit x No. of years’ of purchase.

Weighted Average – Here, last year’s profit is calculated by a specific number of weights. It is used to obtain the value of goods, which is divided by the total number of weights for determining the average weight profit. This technique is used when there is a change in profits and giving high importance to the present year’s profit. It is evaluated by using the formula. Goodwill = Weighted Average Profit x No. of years’ of purchaseWeighted Average Profit = Sum of Profits multiplied by weights/ Sum of weights

⇨ Super Profits Method – It is a surplus of expected future maintainable profits over normal profits. The two methods of these methods are.

The Purchase Method by Number of Years – The goodwill is established by evaluating super-profits by a specific number of the purchase year. It can be estimated by applying the below formula. Super Profit = Actual or Average profit – Normal Profit

Annuity Method –Here, the average super profit is taken as an annuity value over a definite number of years. A discounted amount of super profit calculates the current value of an annuity at the given rate of interest. The formula to be used here is.
Goodwill = Super Profit x Discounting Factor

⇨ Capitalization Method – Under this method, goodwill can be evaluated by two methods.

Average Profits Method – In this process, goodwill is measured by subtracting the original capital applied from the capitalized amount of the average profits based on the average return rate. The formula used is mentioned below.
Capitalized Average profits = Average Profits x (100/average return rate)

Super Profits Method- Here, the super profit is capitalized, and the goodwill is calculated. The formula applied is. Goodwill = Super Profits x (100/ Normal Rate of Return)

Classification of goodwill / feature

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Classification:

(a) Purchased/Acquired Goodwill:

Purchased goodwill arises when a firm purchases another firm and when payment is made in excess of net assets acquired for that purpose; such excess payment is known as Purchased Goodwill. The same has also been corroborated by AS 10 (Accounting for Fixed Assets).

Treatment of Purchased Goodwill as per AS 10 (Accounting for Fixed Assets):

Goodwill, in general, is recorded in the books only when some consideration in money or money’s worth has been paid for it. Whenever a business is acquired for a price (payable either in cash or in shares) which is in excess of the value of the net assets of the business taken over the excess is termed as Goodwill. Goodwill arises from business connections, trade name or reputation of an enterprise or from other intangible benefits enjoyed by an enterprise. As a matter of financial prudence goodwill is written-off over a period. However, many enterprises do not write off goodwill and retain it as an asset.

Treatment of Purchased Goodwill as per AS 14 (Accounting for Amalgamation):

Goodwill arising on amalgamation represents a payment made in anticipation of future income and it is appropriate to treat it as an asset to be amortised to income on a systematic basis over its useful life. Due to the nature of goodwill it is frequently difficult to estimate its useful life with reasonable certainty. Such estimation is, however, made on a prudent basis. Accordingly, it is considered appropriate to amortise goodwill over a period not exceeding 5 years unless a somewhat longer period can be justified.

(b) Inherent/Latent Goodwill:

It is practically the reputation of a firm which has been acquired by the business over a period of time. It is not purchased for cash consideration. That is why; it is not recorded in the books of accounts like Purchased Goodwill. This type of goodwill depends on a number of factors, viz, supplying goods and services at reasonable price to the society etc. Accountants are not concerned about it.

Inherent/Internally Generated Tangible Assets — As per AS 26:

Internally generated goodwill should not be recognized as an asset. In some cases, expenditure is incurred to generate future economic benefits, but it does not result in the creation of an intangible asset that meets the recognition criteria in this statement.

Such expenditure is often described as contributing to internally generated goodwill. Internally generated goodwill is not recognized as an asset because it is not an identifiable resource controlled by the enterprise that can be measured reliably at cost.

Difference between the market value of an enterprise and the carrying amount of its identifiable net assets at any point in time may be due to a range of factors that affect the value of the enterprise. However, such difference cannot be considered to represent the cost of intangible assets controlled by the enterprise.

Importance of business environment

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Importance of business environment:

Points that would help us to understand the importance of business environment are: 1. Enabling the identification of opportunities and getting the first mover advantage 2. Helping in the identification of threats and early warning signals or Radar effect 3. Tapping useful resources 4. Coping with the rapid changes 5. Assisting in planning and policy formulation 6. Improvement in performance.

Each business firm has to exist, survive and grow in relation to the various forces of the business environment. Since business firms have no control on these forces, it has to adapt itself according to these forces.

1. Enabling the identification of opportunities and getting the first mover advantage:

Business environment provides many opportunities to the firms to improve their performance. The firms which are able to scan these opportunities at an early stage get maximum benefit and can leave their competitors behind.

For example, scientific research has come out with an energy efficient light bulb which lasts at least 20 times more than a normal bulb. General Electric and Phillips had identified this discovery and are coming up with their new bulbs.

2. Helping in the identification of threats and early warning signals or Radar effect:

Environment understanding helps an enterprise to recognize qualitative information in advance, which can be used to prepare it for facing likely challenges.

For example, if any new multinational company is entering the Indian market, the manager of an Indian firm dealing with same product as that of the multinational company, should take it as a warning signal. He should handle this threat proactively & well ahead of the launch of MNC’s product, take measures like improving the quality of his product, heavy advertisement etc.

3. Tapping useful resources:

Business requires many resources like raw materials, tools, equipments, finance, labour etc. for performing business activities. These resources are known as inputs. Business environment provides all these inputs to the business firms for carrying out their activities and also expects something in return.

The firms supply their output to the environment, for example goods and services to the customer, payment to investors on account of money invested by them, payment of wages to the workers and so on. Thus, we can say that business firms depend fully on the environment, for supplying inputs and for receiving their outputs.

4. Coping with the rapid changes:

Business environment is very dynamic. One can see changes like new technologies, fragmented markets, more demanding customers, heavy global competition and so on. Thus, in order to efficiently cope with these changes, managers must understand the environment and should adopt appropriate courses of action at the right time. It helps management become more sensitive to ever changing needs of customers. As a result, they are able to respond to such changes effectively.

5. Assisting in planning and policy formulation:

Business environment brings both threats and opportunities to a business. Hence, understanding of environment helps the management in future planning and decision making. For example, competition increases with the entry of new firms in the market.

The management has to draft new plans and policies to deal with new competitors. Environmental awareness provides intellectual stimulation to planners in their decision making. They can make changes in their plans efficiently and effectively.

6. Improvement in performance:

Environmental awareness provides a continuing, broad based education for management. Objective qualitative information generated by such understanding provides a strong basis for strategic thinking. The enterprises that monitor their environment closely can adopt suitable business practices not only to improve their performance but also to become leaders in the industry.

Concept of Injections.

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Injection

Meaning:-It is an addition to the circular flow of income. It increases the size of circular flow.

Injection = I+G+K

I=Investment

G=Government purchase

K=Exports

(Expansion)

Leakages

Meaning:-It is a withdrawl from a circular flow of income. It reduces the size of circular flow.

Leakages=S+T+M

S=Savings

T=Tax

M=Imports

(Contraction)

For stability in income

L=S

S+T+M = I+G+K

Business environment

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Meaning of business environment:

The word ‘business environment’ indicates the aggregate total of all people, organisations and other forces that are outside the power of industry but that may affect its production. According to an anonymous writer- “Just like the universe, withhold from it the subset that describes the system and the rest is environment”. Therefore, the financial, cultural, governmental, technological and different forces which work outside an enterprise are part of its environment. The individual customers or facing enterprises as well as the management, customer groups, opponents, media, courts and other establishments working outside an enterprise comprise its environment.

Features of business environment:

(A) The totality of External Forces

Business environment includes everything which is outside the organisation.
If we add all these forces, they will form a business environment.

Example: When Pepsi and Coca-Cola got permission to set up their business in India, it was an opportunity for them and threat for local manufacturers like gold spot, camp-cola etc.

(B) Specific and General Forces

Specific forces are those forces which directly affect the operational activities of the business enterprise.
Example: Suppliers, Customers, Investors, Competitors, Financers etc.
General forces are those forces which indirectly affect the functioning of business enterprises.

Example: Economic, Social, Political, Legal and Technological conditions.

(C) Inter-relatedness

Different forces of business environment are interrelated to each other.
One component of the business environment affects the functioning of other components.

Example: The increased life expectancy of people and awareness of health consciousness has increased the demand for many health products like diet coke, olive oil and so many health products.

(D) Dynamic Nature

- The business environment is dynamic in nature and keeps on changing in terms of :

(a) Technological improvement,

(b) Shifts in consumer preferences,

Example: Many established companies in FMCG (Fast Moving Consumer goods) sector are focusing on producing the goods with natural ingredients with the entry of ‘Patanjali Products’.

(E) Uncertainty

- The changes in the business environment cannot be predicted accurately because of future uncertainties.
- It is very difficult to predict the changes in the economic and social environment.

Example: There has been a sharp decline in the prices of Android smartphones due to the entry of many new companies.

(F) Complexity

All forces of the Business environment are interrelated and dynamic which makes it difficult to understand.
Complex nature of Business environment can be understood if we study it in parts.
Example: Increase in goods and service tax to 15 % would increase the revenue of the government (economic), which would help the government to improve social being of people (social) and reduce the personal disposable income of rich people and thereby controlling inflation.

(G) Relativity

- Business Environment differs from place to place, region to region and country to country.

Example: In China, the electricity to the industry is provided at cheaper rates as the consumption increases and hence, it leads to mass production whereas, in India, it is otherwise, higher consumption of electricity leads to costly electricity which results in lower production & higher cost of production.

Factors Affecting the Value of Goodwill (7 Factors)

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1. Locational Factor:

If the firm is centrally located or located in a very prominent place, it can attract, more customers resulting in an increase in turnover. Therefore, locational factor should always be considered while ascertaining the value of goodwill.

2. Time Factor:

Time dimension is another factor which influences the value of goodwill. The comparatively old firm will enjoy more commercial reputation than the other one since the old one is better known to its customers although both of them may have the same locational advantages.

3. Nature of Business:

This is another factor which also influences the value of goodwill which includes:
(i) The nature of goods;
(ii) Risk involved;
(iii) Monopolistic nature of business;
(iv) Benefits of patents and Trademarks; and
(v) Easy access of raw materials, etc.
4. Capital Required:
More buyers may be interested to purchase a business which requires comparatively small amount of capital but rate of earning profit is high and, consequently, raise the value of goodwill. On the contrary, for a business which requires large amount, of capital but the rate of earning profit is comparatively less, no buyer will be interested to have the business and, hence, goodwill of the said firm is pulled down.
5. Trend of Profit:
Value of goodwill may also be affected due to the fluctuation in the amount of profit (i.e. on the basis of rate of return). If the trend of profit is always rising, no doubt value of goodwill will be high, and vice versa.
6. Efficiency of Management:
ADVERTISEMENTS:
The efficient management may also help to increase the value of goodwill by increasing profits through proper planned production, distribution and services. Therefore, in order to ascertain the value of goodwill, it must be noted that such efficiency in management must not be stopped.
7. Other Factors:
(i) Condition of the money market;
(ii) Possibility of competition;
(iii) Government policy; and
(iv) Peace and security in the country.

Significance of circular flow.

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Significance of circulars flow.

Following are the reasons for significance of circular flow:-

(1).Knowledge of Independence:-circular flow make help to understand interdependence between difference sectors of the economy.

Example:- it tells us about the interdependence between producers and hospitals.

(2).size of econome:-The magnitude of circular flow determines the size of National income. More the magnitude more is the National income and vise versa.

(3).Level of economic activity:-circular flow through its information on various macro variables, tells about the level of economy. This activity in the economy. This activity include investment, production, distribution and consumption of goods and services of levels.

(4). Injections and Lekages:- circular flow gives us information on injection like investment government spending expants lekages like stalking for and Impact.

The four Sectors of economy.

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The four Sectors of the Economy.

From the macro point of view, economy is divided into four Sectors such as:-

Household sectors:- consumer goods and services households are the owners of the factors of production.
Producer sectors:- Including those engaged in production activities (land, Labour, capital expenditure, etc..)
Government sectors:- Acting as a welfare agency in maintaining law and order defence and other services of public welfare.
The external sectors:- or raw rest of the would engaged in exports and imports of goods and services and flow of capital between the domestic country and other countries of the world.

Fayol's vs Taylor's - A comparison

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Fayol's vs Taylor's - A comparison:

F.W.Taylor and Henri Fayol are associated with the classical management theory. Both of them contributed immensely towards the study of management as a discipline. The principles of Taylor and Fayol are mutually complementary to each other in following terms:

Concern– Taylor’s principles and techniques are concerned with workers efficiency while Fayol’s are concerned with the overall efficiency of management.

Focus – Both Taylor and Fayol advocated division of work and specialization. Taylor’s techniques follow bottom upward approach, whereas Fayol’sare based on the top downward approach. Taylor’s techniques are mainly with production activities, whereas Fayol’s have relevance in all functional areas. Taylors’ techniques are more specific while Fayols’ are more general and flexible in nature.

Beginning– Taylor started with improving the efficiency of operational workers at the shop level and later gave the principles if scientific management, while Fayol began by describing the functions of top management and then proceeded downward.

Emphasis – Taylor emphasized on standardization of work, methods and tools, time and motion study and scientific training of workers. But Fayol stressed upon the principles and theory of general administration and also the functions of managers.

Comparison Chart – Comparison between Taylor and Fayol Approach

BASIS FOR COMPARISON	HENRY FAYOL	F.W. TAYLOR
Meaning	Henry Fayol, is a father of modern management who laid down fourteen principles of management, for improving overall administration.	F.W. Taylor, is a father of scientific management who introduced four principles of management, for increasing overall productivity.
Concept	General theory of administration	Scientific Management
Emphasis	Top level management	Low level management
Applicability	Universally applicable	Applies to specialized organizations only.
Basis of formation	Personal Experience	Observation and Experimentation
Orientation	Managerial function	Production and Engineering
System of Wage Payment	Sharing of profit with managers.	Differential Payment System
Approach	Manager’s approach	Engineer’s approach

Key Differences Between Fayol and Taylor’s Theory of Management

The difference between Fayol and Taylor’s Theory of Management, are explained in the points presented below:

Henry Fayol is a father of modern management who enunciated fourteen principles of management, for improving overall administration. As against, F.W. Taylor is a father of scientific management who developed four principles of management, for increasing overall productivity.
Henry Fayol introduced the concept of General theory of administration. F.W. Taylor laid down the concept of Scientific Management.
Henry Fayol emphasized the working of top level management, whereas F.W. Taylor stressed on the working of production level management.
Fayol’s management theory has universal applicability. Unlike Taylor, whose management theory applies to a number of organizations only.
The basis of formation of Fayol’s theory is the personal experience. Conversely, Taylor’s principles rely on observation and experimentation.
Fayol is oriented towards managerial function. On the contrary, Taylor focussed on production and engineering.
The system of wage payment determined by Taylor is differential piece rate system, while Fayol stressed on sharing of profits with managers.
The approach of Taylor is termed as Engineer’s approach. In contrast, Fayol’s approach is accepted as manager’s approach.

Nature of Goodwill /// Need for Valuation of Goodwill:

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We have to treat goodwill in accounting terms as an asset. It is not a physical asset because we cannot see or touch it. Despite this, we treat it as an intangible asset because we derive some value from it.

According to Accounting Standards, an intangible asset must contain the following features. Since goodwill contains all these characteristics, we can conclude that it is an intangible asset.

It must have characteristics of assets. This means that it must have some clearly identifiable value.
The asset must have future economic benefits. The firm must be able to expect and predict what value they will get from it.
Its value must be measurable. It is not an asset if we cannot measure its value in monetary terms.

Need for Valuation of Goodwill:

If any new partner takes.
Any old partner retires from the firm.
There is any change in the profit-sharing ratio among the partners.
Any partner dies.
Different partnership firms amalgamate.
Any firm sale, and.
Any firm converts into a company.

Fayol's principles of management

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Henri fayol's:
Henri Fayol is claimed to be the real father of modern management. He was a Frenchman born in 1841 and was working as an engineer with a mining company. He improved the condition of the company from virtual bankruptcy to high success. From his practical experience, he developed some techniques. He brought out some 14 basic management principles, which he felt, could be used in all managementsituations, irrespective of the organizational framework.
He wrote a book entitled, General and Industrial Management, in French that was later on translated into English. It is now considered as one of the classics of management literature. The book mainly covers the aspects of the immutable and repetitive character of the management process and the concept that management can be taught in the classroom or the workplace. He also laid down the principles of management, which he deemed important for any organization.

Fayol's principles of management:

1)Division of Work: This is the principle of specialization, which is very well expressed by economists as being a necessary factor for efficiency in the utilization of labor.

2)Authority and Responsibility: In this principle, Fayol conceives authority as a combination of official authority deriving from a manager’s official position and personal authority, which is compounded of intelligence, experience, moral worth, past services, etc.

3)Discipline: Holding the notion that discipline is ‘respect for agreements which are directed as achieving obedience, application, energy and the outward marks of respect’, Fayol declares that discipline requires good superiors at all levels, clear and fair agreements and judicious application of penalties.

4)Unit of Command: This is the principle, which states that an employee should receive orders from one superior only.

5)Unity of Direction: According to Fayol, the unity of direction principle implies that each group of activities having some objectives must have one head and one plan. As distinguished from the principle of unity of command, Fayol perceives unity of direction as related to the functioning of personnel.

6)Subordination of Individual Interest to General Interest: In any group, the interest of the group should supersede that of the individual. When the interests differ, it is the function of the management to reconcile them.

7)Remuneration of Personnel: Fayol perceives that remuneration and methods of payment should be fair and also should be able to afford the maximum satisfaction to employee and employer.

8)Centralization: Although Fayol does not use the term, Centralization of Authority, his principle definitely refers to the extent to which authority is concentrated or dispersed in an enterprise. Individual circumstances determine the degree of centralization that gives the best overall yields.

9)Scalar Chain: Fayol thinks of the scalar chain as a line of authority, a chain of superiors from the highest to the lowest ranks. And, because it is an error of a subordinate to depart needlessly from the lines of authority, the chain should be short-circuited.

10)Order: Breaking this principle into material order and social order, Fayol thinks of it as a simple edge for everything. This organization is the principle, which refers to the arrangement of things and persons in an organization.u

11)Equity: Fayol perceives this principle as one of eliciting loyalty and devotion from personnel with a combination of kindliness and justice in managers while dealing with subordinates.

12)Stability of Tenure of Personnel: Finding that instability is both the cause and effect of bad management, Fayol points out the dangers and costs of unnecessary turnover.

13)Initiative: Initiative is conceived as the process of thinking out and executing a plan. Since it is one of the keenest satisfactions for an intelligent man to experience, Fayol exhorts managers to sacrifice personal vanity in order to permit subordinates to exercise it.

14)Esprit de corps: This principle implies that union is strength and an extension of the principle of unity of command. Fall here emphasizes the need for teamwork and the importance of communication in obtaining it.

What do you mean by goodwill? ////Features of Goodwill:

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goodwill definition. ... Goodwill arises when a company acquires another entire business. The amount of goodwill is the cost to purchase the business minus the fair market value of the tangible assets, the intangible assets that can be identified, and the liabilities obtained in the purchase

Q What is the meaning of goodwill in account?

Goodwill in accounting is an intangible asset that arises when a buyer acquires an existing business. ... The goodwill amounts to the excess of the "purchase consideration" (the money paid to purchase the asset or business) over the net value of the assets minus liabilities.

Features of Goodwill:

1. Goodwill has no existence separate from business, i.e. goodwill cannot exist independently of business. It is attached to the business.

2. Goodwill can be sold or purchased with entire business. It is valuable only when entire business is sold or purchased

3. The value of goodwill and the assessment of its existence is based upon subjective judgement of the valuer, inspite of different methods of its valuation.

4. It is difficult to place an exact value to goodwill since its value fluctuates from time due to changing circumstances of business.

Accounting for partnership firms- fundamental (flow chart)

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Differential piece wage system

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Differential piece wage system:

Differential Piece wage System was introduced by Taylor, the father of scientific management. The underlying principle of this system is to penalise a slow worker by paying him a low piece rate for low production and to reward an efficient worker by giving him a higher piece rate for a higher production. Taylor was of the view that an inefficient worker should have no place in the organisation and he should be compelled to leave the organisation by paying him a low piece rate for low production.

Taylor proceeded on the assumption that through time and motion study it is possible to fix a standard time for doing a particular task. To encourage the workers to complete the work within the standard time, Taylor advocated two piece rates, so that if a worker performs the work within or less than the standard time, he is pad a higher piece rate, and if he does not complete the work within the standard time, he is given a lower piece rate.

Thus, if the standard production has been fixed at 8 units per day of 8 hours (taking normal piece rate as Re 1), the higher piece rate for 8 units or beyond may be Rs 1.20 per unit and the lower rate for an output of less than 8 units per day, may be 80 P. per unit.

Hence, Taylor decided to give a large reward to those who would complete the work within or less than the standard time and much less wages to those who would not complete the job within the standard time. The system is very harsh to the inefficient workers because they earn much less wages on account of lower output and lower rate.

Moreover, minimum wages are not guaranteed under this method. Another drawback of the system is that if a worker just fails to complete the work within the standard time earns much less wages than a worker who just completes the job within the standard time. Therefore, the system is now almost out of use.

Illustration :

Calculate the earnings of workers A and B under Straight Piece-rate System and Taylor’s Differential Piece-rate System from the following particulars:

Normal rate per hour = Rs 1.80

Standard time per unit = 20 seconds

Past Adjustments & Guarantee

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What is past adjustment?

In such cases, instead of altering the final accounts which have already been closed, the firm rectifies the error or omission by passing an adjustment entry in the beginning of the financial year. Such adjustments are called past adjustments as they relate to past period.

Past Adjustments & Guarantee

After closing the accounts, sometimes it is discovered that there is omission of salary, distribution of profits in the wrong ratio, omission of interest on capital or drawings, etc. Old accounts cannot be altered, so an adjustment entry is passed.
For this, we will compute the amount already recorded and the amount that should have been recordedand finally compute difference between the two amounts.
Debit who received excess and credit who received short. Before closing partnership accounts, certain errors/ omissions are discovered, which are to be rectified before closing t...
These errors are discovered after closing Profit & Loss account but before preparing Profit &Loss Appropriations account.
A partner or partners can enjoy the right to have minimum amount of profit in a year as per the terms of partnership agreement.
Guarantee may be provided in an existing profit sharing ratio or in some other agreed ratio. This guarantee may be provided by one partner or by all the partners.
For this we calculate the actual share of profits of all partners and record it in inner column of P & L Appropriation A/c, add the shortage amount (guaranteed amount – actual share of profit) to the guaranteed partner’s share. Finally we distribute the shortage among guaranteeing partners in their agreed ratio.