Saturday, September 21, 2019
Why did Islam spread so quicly Essay Classical Empires arose in all cultures, once they had reached a certain level of technology and development. The most famous examples in history are the Persian Empires, the Greek empires of Alexander and his successors, the Roman Republic and Empire, the Mauryan and Guptan Empires in India, and the Chin and Han Dynasties in China. Other classical empires arose in Africa and the Americas, but little is known about these because they lacked a written language or because records were destroyed. They shared similar institutions, policies, histories, and fates. Empires are easier to create than maintain because empires are built on war. Classic empires always began in agriculturally rich areas, and had little need to worry about food. This allowed large populations. The location of their states began on the periphery of more civilized and developed states, but they went on to conquer older civilizations. Their conquests always shifted the focus of civilization and spread its culture. Most classic empires had a society with a strong warrior class and superbly organized and led militaries; their reputations for war and successes in battle served them well. Additionally, classic empires had governmental structures geared for war and were centrally governed. Usually one man made most of the decisions. Once classic empires were established, they had to maintain their conquests. And it is harder to maintain than create. Running empires required the standardization of policies, institutions, weights, measures, laws, and coins. This involved blending the best of the old, new, and foreign traditions and customs. Frequently, this meant road building, suppression of piracy, the building of a bureaucracy, and the construction of buildings to support an empire. The empire was ruled from one large and impressive city, glorified by the rulers. One result was the spread of trade and ideas, and the standardization of diverse cultures into one imperial culture with common institutions. But during the empire, class distinctions were sharpened between rulers, ruled, and slaves. Commerce flourished but was generally limited to two types of commodities Ã¢â¬â foodstuffs and luxuries. Nevertheless, culturally, classic empires were extremely tolerant Ã¢â¬â loyalty to the empire was most cherished and state philosophies and ideas were taught to all subjects. Subjects were to pay taxes and not revolt; they were allowed aÃ measure of self-government. Foreign loyalty to the conquering power was rewarded with admission to the imperial ruling class. And, revolts were punished severely. As historians and texts prove, these conditions made it difficult and taxing to govern such a large state. The ends of classic empires usually occurred in similar manners. The old empire became weak, lazy, and decayed. Old institutions and policies no longer governed well or were even remembered. Frequently, classical empires grew too large to easily maintain. While most empiresÃ¢â¬â¢ decay began from within, they were destroyed by barbarians, who posed a constant threat to the settled empires. Often barbarians simply walked into the old empires, took the land, and settled. Often few people realized or even cared that the old state was dead. But the imperial culture created during the reign of classical empires always survived and was passed down to later g enerations. This culture became the basis for all modern cultural traditions.
Posted by Unknown at 11:23 PM
Friday, September 20, 2019
About the recruitment process Introduction: Recruitment is a process by which a company gets application for their available vacancies. Good recruitment is important to effectual human resource management. It is valuable like as many others human resource management process, as for example training and selection depends widely of the new employees attracted by the recruitment process. Recruitment is also important for whole society because it manipulate job seekers opportunities to getting a suitable job. Not only has that job it works vital parted most peoples lives. Recruitment Methods: Recruitment can be carried out in numerous ways and generally it happens via both formal and informal processes. An informal process depends on the contacts of active workers or on new applicant. Since they threat being biased, word -of -mouth recruitment is not often suitable in public sector. Within business sector, word of mouth recruitment is well known, especially in those societies rated more socialist by Hofstede. International differences in the exercise of informal are considerable. It is also common all over the globe and especially in the developing nations like as Bangladesh, Nepal, Uganda, Bhutan etc. Recruitment of Friends and Family is very easy and cheap as usually. According to Brewster et al (2008), there are four methods of particular relevance to International Human Resource management. Multinational companies follow these methods and recruiting, selecting, employing employees globally.Every recruitment process has some advantages and disadvantages. 1. Headhunting: In this method, recruitment agencies are work as service provider and they supply companies with recruits to put via their own selection procedures. This process is most common for managerial positions in developed countries like as USA, UK etc. Anecdotal data shows that almost 50% of executive searches are now cross-border. The global capability, geographical spread of individual search firms has consequently become difficult. The recruitment agencies may be preferred to internal solutions for many reasons and those reasons given below. a) The recruitment agencies have the specialist nature of recruitment activities. Similarly, its potentially rare use, sometimes mean that almost competent way to start it is to subcontract and it is to expert providers. b) Sometimes multinational companies would like to recruit in a country for the first time where they may not have human resource department to carry on this activity and simultaneously, they may not have local idea that would be essential. For this reason, they take help from the recruitment agencies. c) The recruitment agencies are expert in this section and can do recruitment of higher level or higher skill; employees may take place from a proper prospective employees file. The recruitment agencies operate their activities all over the country or industry. They usually have a list and this is mainly true in the case of multinational companies recruiting in a country where first time. Headhunters is particularly form of recruitment and agencies can be expected to charge a considerable payment for their services. b)Cross national Advertising: Now world is a global village and as part of globalisation, labour migration is more common and accepted all over the world. At present many companies seek to carry out cross border when they recruiting senior staffs. Brewster et al (2008) mentioned that the rising apply of advertising such as targeted outdoor poster sites -airport lounges, airline magazines and journey to work routes. Simultaneously, international, publications like as The Economist magazines, The wall street journals regularly represents some advertisement for high level posts in many organisations all over the world. Although that advertising should consider cultural differences, it may well be the case that the valuable targeting of such advertisement ensures that they are seen more or less totally by people. They are more used to, and accepting of, these multi-cultural messages. c) Internet Recruitment: Today internet is an important source of job and used to cheaply mass market the recruitment messages that organisations interested to forward potential applicants. The electronic recruiting facility is re-shaping the job hunting process and this facility has the likely to cut the difficulty to employment on a worldwide scale. It is proving helpful for global graduate recruitment, attracting MBAs and post graduate level candidates, similarly specific roles such as accounting professionals and IT staff. Brewster et al (2008) mentions some reasons for its popularity in recruitment. 1. Widen recruitment sourcing at relatively low cost a) Fixed cost of designing a website have been incurred, the marginal cost of further website visitor is mostly zero. b) At present internet user has grown highly, not only developed countries but also third world countries .So, now internet allows to firms reach potential applicants anywhere in the globe. c) Similarly, now it is very easy for potential employees to apply for any kind of job and first stage is to fill a web form or email a copy of CV. The main disadvantage of this is that the cheapness of applying by internet sometimes may encourage not only proper applicant but also large amount of unsuitable applicants too. 2. Attract applicant on a more specialised skill match. 3. Target sources of graduate like as MBA career centres. 4. Improve on traditional advertising approaches by targeting particular life style or culture fit groups. Selection Methods: The most common forms of selection methods are given below. Interviews: The way in which interviews are continued are one factor of national culture which radically impact the conduct of the interview and cultural awareness is very essential in this respect. In a simple face to face interview, the assessors may be confronted by considerable problem. As for example can mention here that one American multinational company recruiting managers in South Korea and found that interviewers had to be trained in multicultural awareness. According to the cultural rule of Korea, when asked a good question, to keep silent is known asÃ sign of respect and similarly the better the question ,the longer period of silence the applicant maintains.Moreover,according to the American culture, if anybody ask a good question and receive silence, it is like as ignorance. Not only that face to face interview may produce fairly warped judgements. 2. The monitoring and targeting of disadvantaged groups: In most countries negative discrimination against the interests of at least some disadvantaged group is not legal; similarly a small number of countries positive discrimination in support of interests of disadvantaged may be allowed or encouraged. Staffing practices are stoutly influenced by norms and morals, not possible by the law. As for example, many European countries do ban discrimination on the basis of age, but the application of age restrictions varies considerably by country. It is not applicable in UK but common in Germany. 3. Assessment Centres: Assessment centres are regarded as one of the most strong and suitable selection techniques and it should be expected that they would be used to assess capability for global manager. The major points of assessment centres are help to client companies to determine which candidates are appropriate to be employed. In this sense they offer their customers level of selection capability the may not take home. Assessment centres tend to use different types of tools and these tools are situational interviews, work stimulations and role -playing etc.Some effort also face that units and the successful utilization of their set of tools requires there tools to be significant for the circumstance like as legislative, cultural economic etc, in which the recruitment is taking place. Thus there cannot be one size fits all approach and this causes extensive troubles for them. 4. Psychological testing: The strength of some psychometric testing process is also uncertain. Psychologists state that variability of across settings for the equal type of work and across different of jobs is small .This testing involves asking candidates to full psychometric tests to allow their potential employer to verify the sort of person they are. Psychometric is the field of study concerned with the theory and technique of educational and psychological measurement, which includes the measurement of knowledge, abilities, attitudes and personality traits. The field is primarily concerned with the construction and validation of measurement instruments, such as questionnaires, tests and personality assessments. Those who practice psychometric are known as psychometricians and although they may also be clinical psychologists, they are not obliged to be so and could instead be (for example) human resources or learning and development professionals. http://en.wikipedia.org/wiki/Psychometrics In the hand of competent professionals psychometric tests present an at times positive nearby into the individual features of prospective employees; in the hands of inexpert they are little more than a hazard to the achievement of a company. The table below represents some indications of comparative use of these selection events in diverse countries in the hiring of an employee for a cleric positions. According to the table, 69.6% of Danish companies report that they use interviews, but a small number (5%) of French companies do it. Simultaneously, 43.7% of Spanish companies like psychometric tests, but only 0.9% German firm prefers it. The uses of Psychometric test and Assessment Centre differs from country to country. A German assessment centre would use much diverse equipment to assess much different stuff than would an assessment centre in Canada.
Posted by Unknown at 10:11 PM
Thursday, September 19, 2019
The Traditional Interpretation Refuted The psychology of Aristotle has never been understood in a historically correct way. A new interpretation of the De anima will be proposed in which this work can be seen as compatible with the psychology that can be reconstructed from the fragments of Aristotle's lost dialogues and the De motu animalium and other biological works (in which the notions of pneuma and 'vital heat' play a crucial role) and the doxographical data gathered from ancient writers besides the commentators. In De anima, II, 412b5, where psychÃ ¨ is defined as 'the first entelecheia of a natural body that is organikon,' the words 'natural body' should not be taken to mean 'the body of a living plant, animal or human being' but to stand for 'elementary body.' And the qualification 'organikon' should not be understood as 'equipped with organs' (as it always has) but in the sense of 'serving as an instrument to the soul.' This 'instrumental body' that is inseparably connected with the soul is the seat of desire (o rexis), which physically influences the parts of the visible body. Besides those two corrections there are the words ta merÃ ¨ in 412b18 that should be taken as meaning not 'parts of the body' but 'parts of the soul.' Aristotle is arguing there that even those parts of the soul that are not yet actualized in the embryo of a new living being can be said to be 'not without body.' Do we really know Aristotle's psychology? This question may sound strange at first, since we have a famous book by Aristotle which is called On the soul and we possess quite a bit of information about a lost dialogue, the Eudemus, which was also subtitled On the soul. Yet I propose to argue that Aristotle's psychology has remained unknown up till now. And this is because since the third century AD the text of his extant work De anima has been interpreted in a way that runs completely counter to Aristotle's intentions. What has been held to be Aristotle's psychology is the result of the interpretation of his work put forward by Alexander of Aphrodisias in the third century AD.(1) The situation is comparable with the imaginary situation that Plato's oeuvre had been lost except for his Parmenides and that we only possessed the information of Plotinus for a reconstruction of Plato's thought. To make a convincing case for this revolutionary theory, I will argue three propositions.
Posted by Unknown at 10:33 PM
Wednesday, September 18, 2019
Formatting Requirements for Publications Abstract. In this paper, we describe the formatting requirements for CSCL 2005 publications, and we offer a number of suggestions on writing style for the worldwide CSCL readership. These instructions pertain to the published component of submissions only. Some submissions may require other documentation in addition to the published paper. Keywords: Guidelines, formatting instructions, author's kit, conference publications INTRODUCTION The CSCL 2005 Proceedings will provide a persistent record of the conference, published in both CD-ROM and paper formats. We hope to give the proceedings a uniform, high-quality appearance. To do this, we ask that authors follow some simple guidelines. In essence, we ask you to make your paper look exactly like this document. The easiest way to do this is simply to download this template and replace the content with your own text and graphics, being careful not to add any new styles or redefine the template styles. You may want to open this document in Word and then Save As Ã¢â¬Å"CSCL 2005 Template.dotÃ¢â¬ by saving the Change As Type pull-down list to Document Template. PAGE SIZE All material on each page should be centered on an A4 (8.26 x 11.69 inch) page with 2.5cm (or 1 inch) margins all around. It is important to check these margins even if you use this Word template, because they might have been overwritten by your local settings. TOTAL NUMBER OF PAGES Long papers should be 8-10 pages. Short papers should be 4-5 pages. All other published material, including doctoral consortium abstracts and descriptions of interactive events and workshops, should be 2-3 pages. This includes everything: from the title to the references. FORMATTED TEXT Carefully format your submission using the following styles: Title and Authors The title (Helvetica 18-point bold), authors' names (Times New Roman 12-point bold) and affiliations (Times New Roman 12-point not-bold) run across the full width of the page. We also recommend that you add your e-mail address using the affiliations style. If only one address is needed, center all address text. For two addresses, use two centered tabs or a table (as in this paper), and so on. For more than three authors, you may have to improvise. There should be one blank Normal (10 pt.) line between the title and authors. Abstract and Keywords Place two blank Normal (10 pt.) lines after the title, followed by an abstract of about 100 words. The abstract should begin with the word Ã¢â¬Å"Abstract.Ã¢â¬ in bold, and should be formatted in the Ã¢â¬Å"AbstractÃ¢â¬ style provided in this template (like Normal, but indented 1cm each side).
Posted by Unknown at 11:54 PM
My Incredible Stay in Bolivia As I lifted my heavy suitcase off the wheeled cart, my mind soon went to work reviewing everything I had brought. Considering the mad rush I had to get packed for my ten day stay in Bolivia, I knew there was no way I could have remembered to bring everything. I knew for sure that I had remembered my toothbrush, which is the thing I normally forget. I also mentally went through everything I had packed and to my delight realized I hadn't forgotten a thing! I was so proud of myself! I was part of a twenty-one member team from the United States that went to the largest city in Bolivia to provide humanitarian aid, which included eye exams and refractions. From the Santa Cruz airport, I rode in a small green and white taxi to the small church compound, the place I would be calling home for the next ten days. Stepping out onto the hard packed sandy ground, I silently caught my breath. It was amazing! Breathtaking would be a more appropriate word. Surrounding the small church, were so many different shades of green. The palm trees held a deep sea green color, while the small plants lining the walkway showed a lighter forest green. Plants grew everywhere. Everywhere, including the phone lines! I found out later, that because of the moisture in the air, plants could live anywhere without soil. This explained the hanging plant attached to the phone line directly above the church. A sweet, gentle smell hung in the air. Everywhere I turned, it was there. I soon realized that the smell was coming from a small jasmine bush. The bush had many dainty white flowers and each of them were distributing their fresh scent everywhere. Looking across the street, I could see several more varieties of trees and bu... ... I never fully grasped the power of that statement until I met these people. It is so true. Love bridges that barrier put up between the cultures, and that is enough. The church compound was filled and overflowing with the love these people showed, and to me, there is nothing more special than that. Yes, I will admit, the setting was gorgeous and so different from anything I had ever experience, but the people were what made it memorable for me. When I got back home, I was just as nervous about forgetting something there. I knew I had my toothbrush, and then quickly went through everything else in my suitcase. I was sure I hadn't left anything there, and I was so proud of myself! Then it hit me. I realized I had left something very important there. Something I could not live without. I had left a part of my heart in Bolivia, and I know it will always be there.
Posted by Unknown at 1:15 AM
Tuesday, September 17, 2019
GEZ Bhd is the major oil company in Malaysia has conducted two main businesses, which is the fuel business and the convenience store business. Under the fuel business, the petrol stations sold Petrol Ron 95 (R95), Petrol Ron 97 (R97), and Diesel. Mr Aiman was as an Area Manager is responsible for directing the sales activities of more than twenty petrol stations in the northern region of Malaysia. They are having a difficulty to sustain in the business even though they are in the stable business segment and consistent in the long run. This is due to the lack of knowledge in finance and costing which is it contributed to the business failure. There were disadvantages associated with a petrol station that is the fuel business had a very low profit margin. It was important that operators manage their cash collection very well. Realising the importance of management accounting concepts, Mr Aiman believed that the dealers and their relevant staff should have the knowledge in cost accounti ng. In order to collect data and build financial model, Mr Aiman has sought the advice from Rizal, a trained management accountant. To begin developing a CVP model, Rizal has gathered the necessary data from Baron Service Station (BSS) which is the busiest petrol station in the city. The petrol station had four pumps for petrol and one for diesel and the total number of nozzle was 20. The model that he would develop could be applied by petrol station operators of the same category. Regarding this case, from the cost-volume-profit analysis, Rizal can find that the breakeven point which is how much sales the petrol station of this type should generate from each of the fuel products and the Selesamart. Mr. Aiman also can learn that the importance of differentiate between fixed cost and variable cost so that the petrol stations can sustain their profitable business and growth. DATA ANALYSIS 1. How lucrative is the petrol station business? To determine how lucrative is this business, we need to identified each component with detailed calculation of the income statement which is does include all the revenue acquired, fixed cost and variable cost that related to the both type of the business. Firstly, we required to understand the definition of each component. Fixed costs are defined as expenses that remain more or less unchanged irrespective of the output level or sales revenue, within the relevant period. By definition, there are no fixed costs in the long run, because the long run is a sufficient period of time for all short-run fixed inputs to become variable. Variable costs are defined as expenses that vary depending on the output level or sales revenue of a company within the relevant period. Generally, as a businessÃ¢â¬â¢s output increases, variable costs also increase. The more products a business sells, the more money it spends on materials and manpower to produce those products. We categorized all the expenses into fixed and variable costs and calculate the net profits of Baron S ervice Station for year 2009. REVENUE VARIABLE COSTS FIXED COSTS INCOME STATEMENTS (Partial) As describe in the Calculation stated above, the total contribution margin of Baron Service Station consists of two parts, which are fuel business and SelesaMart business. Total contribution margin is RM1,166,341.94. Contribution margin of SelesaMart business is about more and less 20% of the total contribution margin, which means that SelesaMart business is doing well, in addition, profit of SelesaMart will be higher if it doesnÃ¢â¬â¢t need to pay a 5% royalty to GEZ. From the income statement we can interpreted that this business in lucrative enough with a good control of expenses and Cost related to the operation, where BSS could generate Nett Profit of RM 772,825.94 (Calculation as per as Attachment 1) 2. Since the margin on fuel business is very low (6%) compared to convenience store (20%), do you agree that the convenience store is subsidizing the fuel business? Firstly, the profit margin for fuel business is very low if compared to convenience store. The fuel business only gets about 6% of profit margin for year 2010. Profit = Sales Ã¢â¬â cost = 100% Ã¢â¬â 94% = 6% This is because GEZ Petrol only gain a few portion of profit from the sales of each litre of Ron 95, Ron 97 and Diesel. Below is the profit for each litre of fuel sold by GEZ Petrol Station and the profit margin for each type of fuel. Products Price per litre Cost per litre Profit per litre Profit margin (%) Ron 95 RM1.80 RM1.6856 RM0.1144 6.36 Ron 97 RM2.05 RM1.9356 RM0.1144 5.58 Diesel RM1.80 RM1.7388 RM0.0612 3.40 Besides that, the petrol station also cannot increase the price even though the government increase the price of fuel. In the short run, the margin per litre would remain the same. For example, if the government announced there would be a 40 cents increase in the price per litre, then, operators also have to pay 40 cents higher. So, the profit margin will not increase. Products Price per litre Cost per litre Profit per litre Profit margin (%) Ron 95 RM2.20 RM2.0856 RM0.1144 5.20 Ron 97 RM2.45 RM2.3356 RM0.1144 4.67 Diesel RM2.20 RM2.1388 RM0.0612 2.78 From the above calculation, it shows that the profit margin will not increase due to increase in price. Ã Although the profit margin for fuel business is lower than profit margin for convenience store, but the revenue gain from fuel business is far better than convenience store. For example, from the monthly average sales of RM 1.7 million; where the large portion of this amount is come from fuel business (RM 1.6 million from the revenue), while only RM 0.1 million comes from convenience store. In addition, in year 2009, the sales revenue of the petrol station is RM 20,682,189.60 and about RM 19,251,897,60 of the amount comes from fuel business; which is approximately 93.08% (RM 19,251,897,60/ RM 20,682,189.60) of the revenue. While, only 6.92% (RM 1,430,292/ RMÃ 20,682,189.60) comes from convenience stores. So, in this situation, it show that the fuel business itself are able to sustain the business of petrol station even without convenience store because the convenience store o nly contributed a little portion of their income. Other than that, most of the customers who come to petrol station are to refuel rather than shop at the convenience store. Only a few customers will buy at their convenience store because if someone wants to buy foods or other daily needs, they will prefer supermarket as they have more choices compare to convenience store. So, large portion of revenues or income that flow into the company is from the sales of Ron 95, Ron 97 and Diesel. Even though the profit margin for fuel business is small but the revenue is far better compared to convenience stores. Therefore, the convenience store is not subsidising the fuel business instead both fuel business and convenience store had contributed to sustainability of GEZ Petrol Station. 3. If the government raised the RON95 price to RM2.10, do you anticipate the profitability of the business will be eroded? If the government raised the Ron 95 price to RM 2.1 per litre, the profitability of business will be affected significantly. The changes of RON95 price from RM1.80 to RM2.10 per litre has incremental price of RM 0.3 per litre. In parallel, cost per litre of Ron 95 also will increase RM 0.2788 from RM 1.6856 to RM 1.9644 per litre due to estimation of cost on price proportion of 93.64%. Total Net profit for RM 1.8 (Ron 95) is RM 766,706.02 and had increase to RM 924,046.16 when Ron 95 price increased to RM 2.1. Net profit margin had increase from 3.71% to 3.98%. For Break- even Analysis, the increase of Ron95 price has indicate a better result which only required 3187559.208 litres/ RM 6,936,231.66 compared to 3618188.562 litres/ RM 7,015,784.34 to achieve zero profit. In overall, rise of Ron95 price by government will benefit GEZ petro stationÃ¢â¬â¢s financial performance. It has higher profitability and capable to achieve Break Even Point with a lower output level compared to prev ious price which RM 1.8 per litre for Ron 95. Below are the changes of GEZ financial performance if Ron95 price changed. RON95 (79%) **Assuming the portion of fixed cost between Fuel business and Selesa Mart is based on the average sales of 2009 Price per litre RM1.80 Total Fixed Cost (RON95) Portion between fuel business and Selesa Salaries RM195,720.02 = 1.6/1.7 =94.12% Utility Cost RM35,550.00 94.12% of amount in fixed cost for fuel business Rental RM5,487.38 5.88% of amount in fixed cost for Selesa Mart Insurance Premium RM1,427.61 Stationeries RM1,784.52 Total Fixed Cost RM239,969.53 RON 95 Fixed Cost -Salaries Amount Salary(RM) Total per year Portion Fixed cost- Salaries Station Manager 1 3206 38472 0.9412*0.79 28605.78 Supervisor 1 1674 20088 0.79 15869.52 Cashier 3 950 34200 0.79 27018 Crew 12 812 116928 0.79 92373.12 Clerk 1 960 11520 0.9412*0.79 8565.67 General Worker 2 805 19320 0.9412*0.79 14365.35 Security Guard 1 1000 12000 0.9412*0.79 8922.58 Total 195720.02 Input changed: (Exhibit 3) Original Price New Price 4. If a credit card sale is reduced from 40% to 20%, what is the effect on overall profitability? Nowadays more and more people are using credit card in their daily life. People prefer credit cards because they are convenient to use and it is easier to take them instead of carrying a lot of cash. And if wallet or purse is stolen, we can simply call the creditor and close the credit cardÃ account before anyone uses the card. In GEZ petrol station, petrol operators had to face was the increasing cost of credit card fees paid to bank as more and more of their customers were starting using credits cards. When a driver pays for gas with a credit card, GEZ petrol station must pay an average 1% of the sales price to the bank to process the payments. GEZ petrol station have accounted that the credit card sales are almost 40% of their total sales. Research are made to the Baron Service Stations ( BSS) , a petrol station that was located in a city, in the northern region of Malaysia. It was one of the busiest petrol stations in the city. In year 2009, BSS generated sales revenue of RM 19,251,897.60, 40% of the revenue RM 7,700,759.04 was come from credit card sales and the bank will charge RM 77007.59 from the credit card sales. Those fees are so high, it already slim profit margins and made it hard for stations to make money on gas sales. Otherwise when the credit card sales is reduce to 20% of the revenue RM 3,850,379.52 was come from credit card sales and the bank will charge RM 3,850,3.80 from the credit card sales. For details as below: Credit Card Fees (40%) Product Sales (Litres) Price/Litres Total Revenues Ron 95 8,459,604.00 1.80 15,227,287.20 Ron 97 174,576.00 2.05 357,880.80 Diesel 2,037,072.00 1.80 3,666,729.60 19,251,897.60 Usage of Credit Card 40% 7,700,759.04 Credit Card Fees Charges 1% Credit Card Fees 77,007.59 Credit Card Fees (20%) Product Sales (Litres) Price/Litres Total Revenues Ron 95 8,459,604.00 1.80 15,227,287.20 Ron 97 174,576.00 2.05 357,880.80 Diesel 2,037,072.00 1.80 3,666,729.60 19,251,897.60 Usage of Credit Card 20% 3,850,379.52 Credit Card Fees Charges 1% Credit Card Fees 38,503.80 Baron Service Station Partial of Income Statement for Year Ended 2009 (20%) Fuel Business Selesa Mart Revenue 19,251,897.60 Revenue 1,430,292.00 (-) Variable Cost Raw Material Cost 18,139,478.60 Evaporation Losses 83,613.27 COGS 1,144,233.60 Credit Card Fees 38,503.80 Royalty 71,514.60 Contribution Margin 990,301.93 Contribution Margin 214,543.80 Total Contribution Margin 1,204,845.73 (-) Fixed Cost 393,516.00 Nett Profit 811,329.73 Based on the calculation above, when the credit card sales been adjusted from 40% to 20% it will affect the overall profitability of the company. The income statement showed the increase of net profit from RM 772,825.94 to RM 811,329.73 of RM 38,503.79.When the credit card sales decrease, a 1% fees was charged by the banks also will reduce and this effect the variable cost for the company from before change cost is RM 18,300,099.46 to after change cost of RM 18,261,595.67. The difference between both of the cost and company managed to save is RM 38,503.79. The increasing of the amount in using credit card to make payment in theÃ petrol station will also increase the cost of credit card fees that need to pay to banks, indirectly it will give effect to the profitability of the station. The profit of the station will decrease due to the increasing of cost. If increasing of customers chooses to make payment by cash instead of credit card, then the profitability of the petrol station will increases, because the extra cost on the credit card sales that they bear will be reduce. To cover the problem, petrol stations can shift the cost of credit card charge by charges back the customer when they use cards. However petrol stations need to take risk that they maybe will losing customer. Customer maybe will decide to change to other petrol stations that do not have any charge when they use credit card to make payment. Petrol station also can offer a cash-only discount. This may attract more customer make payment by using cash. 5. What is the appropriate basis to allocate the cashier cost between four products Ron 95, Ron 97, diesel and SelesaMart? To assign the costs of products, we use cost allocation as it is a tool that can helps manager to track the cost that associated more efficient. Costs are allocated to obtain desired motivation because it sometimes made to influence management behaviour and thus promote goal congruence and managerial effort. Instead, it is used to compute income and asset valuations and to justify costs or obtain reimbursement because sometimes prices are based directly on costs, or it may be necessary to justify an accepted bid. From the information given in the case, GEZ petrol station conducted two main business which is the fuel business and the convenience store business, known as SelesaMart. Since GEZ provide joint provide, thus the appropriate basis is sales value at split-off point. The table shown below is the summary of monthly average sales. PRODUCTS SALES PROPORTION AMOUNT Fuel Business 94.12% RM 1,600,000 Petrol Ron 95 79% RM 1,264,000 Petrol Ron 97 2% RM 32,000 Diesel 19% RM 304,000 SelesaMart 5.88% RM 100,000 AVERAGE SALES (monthly) 100% RM 1, 700,000 Table 5.1 Monthly average sales in 2009 The total monthly average sales given is RM 1,700,000 with RM 1,600,000 was generated from the fuel business and the remaining from SelesaMart which in RM100,000. The highest contribution in fuel business in Petrol Ron 95 with RM 1,264,000 and follow with Diesel which is RM 304,000 then Petrol Ron 97 with RM 32,000. Then, we need to calculate total revenue for R95, R97, Diesel and Selesamart. Thus we multiply sales per litre with price per litre to get the amount of revenue. As stated in the case the sales revenue that BSS generated is RM20,682,189.60 that are comprise RM19,251,897.60 of fuel sales and RM1,430,292 of SelesaMart sales. The calculation can be summarizes as the table shown below : R95 R97 Diesel SelesaMart Sales (Litres) 8,459,604 174,576 2,037,072 Ã¢â¬â Price per litre (RM) 1.80 2.05 1.80 Ã¢â¬â Revenue RM15,227,287.20 RM357,880.80 RM3,666,729.60 RM1,430,292.00 Percentage (%) 73.63% 1.73% 17.73% 6.92% Table 5.2 Total revenue and percentage For BSS, they can allocate more cost to Petrol Ron 95 since it contribute the highest revenue which is RM 15,277,287.20 continue with Diesel with RM 3,666,729.60. For Petrol Ron 97 and SalesaMart, BSS can allocate less cost since it contributed only RM357,880.80 and RM1,430,292. In BSS there were two cashiers working at the sales counter. One will concentrate on the fuel transactions, and one for the shop, even though they handle both transactions at times and overall there were 6 cashiers working for BSS. Monthly salary per person for the cashier is RM950. So BSS shall pay RM5,700 to their 6 cashiers and RM68, 400 in annually. The appropriate basis to allocate the cashier cost between the four products RON95, RON97, diesel and SelesaMart is we calculated the revenue for the four products and we divided with the total sales to find the percentage for each products. So the percentage for product RON95 is 73.63%, RON97 is 1.73%, diesel is 17.73% and SelesaMart with 6.92%. The total revenue for Petrol Ron 95, Petrol Ron 97, Diesel and SelesaMart is RM20, 682,189.60. After we find the percentage, we calculated the cashierÃ cost for each product. To find the cashier cost, we multiple the percentage with the total annual salary for the cashier which is RM 68,400(RM 950 x 6 x 12). The result is, for the product RON95 the cashier cost is RM50, 359.58 followed by RON97 is RM1, 183.58, diesel is RM12, 126.58 and SelesaMart is RM4, 730.25. The total cashier cost is RM68, 400. The calculations can be summarize as shown in table below : R95 R97 Diesel SelesaMart Percentage (%) 73.63% 1.73% 17.73% 6.92% Cashier Cost RM50,359.58 RM1,183.58 RM12,126.58 RM4,730.25 Table 5.3 Percentage and cashier cost The choice of method for allocating common costs should depend on the ease of application, the perceived quality of information reported to external parties, and the perceived fairness of the allocation when multiple product managers are responsible for joint products. However, as discussed above, the allocation of common costs is arbitrary, and no method is conceptually preferable to any other method. All methods of allocating common costs across joint products are generally useless for operational, marketing, and product pricing decisions. 6. Is utility cost fixed or variable? What difference does it make to the breakeven point of Ron 95 if it is classified as i) fixed cost, and ii) variable cost? In our opinion utility cost is fixed cost. This is because,Ã the cost will be relatively the same as it was used for all the time. This cost wont effect the unit sold even though it not used. Utility cost as FC Utility cost as VC BEP (RM) 5,024,702.71 4,154,075.59 BEP (UNIT) 2,791,501.50 2,307,819.77 If the utility is fixed cost, the Break Even Point in RM is higher compare to the utility cost as variable cost. Same goes to the Break Even Point in Unit, which is the utility as fixed cost is higher compare to the utility as variable cost. CONCLUSION Regarding this case, from the cost-volume-profit analysis, Rizal can find that the breakeven point which is how much sales the petrol station of this type should generate from each of the fuel products and the Selesamart. Mr. Aiman also can learn that the importance of differentiate between fixed cost and variable cost so that the petrol stations can sustain their profitable business and growth. If the utility is fixed cost, the Break Even Point in RM is higher compare to the utility cost as variable cost which is RM5,024,702.71 compared to RM4,154,075.59 . Same goes to the Break Even Point in Unit, which is the utility as fixed cost is higher , 2,791,501.50 compare to the utility as variable cost 2,307,819.77 To assign the costs of products, we use cost allocation as it is a tool that can helps manager to track the cost that associated more efficient. Costs are allocated to obtain desired motivation because it sometimes made to influence management behaviour and thus promote goal congruence and managerial effort. Instead,Ã it is used to compute income and asset valuations and to justify costs or obtain reimbursement because sometimes prices are based directly on costs, or it may be necessary to justify an accepted bid. From the information given in the case, GEZ petrol station conducted two main business which is the fuel business and the convenience store business, known as SelesaMart. Since GEZ provide joint provide, thus the appropriate basis is sales value at split-off point
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Monday, September 16, 2019
Abstract The balanced scorecard was introduced in 1992 as a performance measurement tool and has developed now to form a strategic management system. This paper uses eight articles, identified in Figure 1 along with extra materials to track and analyse developments in the design and implementation. The paper shows examples of the scorecard in practice and concludes that developments have been beneficial overall. It also highlights problems encountered along the way and further areas for improvement.For years managers have used financial measures to monitor performance however a study carried out in 1990 led to the development of the first generation balanced scorecard (BSC); a strategic planning and management system. By including financial and operational measures,it solved the issue that managers were beginning to reject financial measures during the 1980s and 1990s (Letza, 1996). The BSC originated analysing four perspectives; customer, internal, learning and financial,with focus driven by four questions shown in Figure 2.The BSC encouraged managers to focus on few critical measures to prevent complexity and information overload, however ensured several areas were looked at simultaneously as organisations became more complex (Kaplan & Norton, 1992). Choice around the measures allows adaptability and flexibility when using the model. This is vital in order to keep up with global competition and the ever changing environment. Companies must acknowledge this flexibility and as their strategy changes, so must the measures to stay in line with overall aims. The introduction of the BSC coincided with the recession in the 1980Ã¢â¬â¢s and 1990Ã¢â¬â¢s.Therefore companies will have been more enthusiastic about performance measurement and seen this as a good way to track progress towards strategy, growth and profit. Today, 20 years on, the core perspectives have stayed with the individual measures being adapted and perspectives added depending on the companyÃ¢â¬â ¢s strategic goals. The BSC has evolved from a performance measurement tool enforced by few, to a strategic management tool used worldwide; with the main developments being Ã¢â¬Ëdriven primarily by observed weaknesses in the design process rather than in the architecture of the original ideaÃ¢â¬â¢ (Cobbold&Lawrie, 2002).Financial measures were satisfactory for the industrial era however adapting to change in skills and competencies allowed the scorecard to produce Ã¢â¬Ëricher and more relevant information about activities they are managing than is provided by financial measures aloneÃ¢â¬â¢ (Cobbold&Lawrie, 2002). No individual measure produces adequate information to plan. When planning a journey, the objective is to get from one point to another with lots of dials producing information on the likelihood of succeeding. The fuel gage alone doesn't set the scene however collectively the measures allow a judgements and decisions to be made.For example, to increase the likelihoo d of success you may add more oil or fuel. In business with the objective to boost sales you may increase quality and therefore sales. Introducing operational measures to performance measurement, allows these factors be monitored as the drivers of future financial performance. As the number of measures is limited, companies must identify the factors that are key performance drivers in order to achieve successful implementation. With the first generation scorecard, very little was known about the implementation of the BSC.This meant companies were not gaining the full effects of improved performance. Ã¢â¬ËWhat you measure is what you getÃ¢â¬â¢ (Kaplan ;Norton, 1992). Therefore if you measure things that have no influence, directly or indirectly to profitability and growth then it will be impossible to improve. Hence the measures must be in line with a companyÃ¢â¬â¢s strategic objectives. Kaplan and Nortonintroduced the four processes for managing strategy shown in Figure 3 to e mphasise the need for the BSC to be linked to strategy, but there was no clarity to the importance and effect of this.Many would have good measures in place such as customer satisfaction but would not analyse this further to improve profitability, therefore a wasted opportunity as there was no real vision of making it happen. The design however, was taken on successfully by many companies as it brought everything together in one clear report. Words were kept minimal and visual aids were used to represent and explain measures. This proved effective as few words paint huge pictures, and people are designed to accept pictures and often remember these better.The BSC also looks at the whole organisation as opposed to separate departments therefore bringing all silos together. Many organisations have individual cultures within each silo and therefore departments are often driven towards targets at departmental level as opposed to overall corporate objectives. Therefore it is crucial that all measures are monitored to ensure that the targets are met through the right objectives, and not at the expense of another. For example the production department may increase productivity leading to more sales and potentially higher profits however the quality may slack causing customer satisfaction to fall.This could cause reputational damage leading customers to go to competitors who offer higher quality. The second generation scorecard expanded on this highlighting filtering and clustering as areas of concern. This took the BSC from the measurement system to an integrated management system while still focussing on strategy and performance drivers. Often this involved relating measures to key performance indicators. The second generation scorecard introduced strategic objectives and developed causality further.This development addressed the issue of an Ã¢â¬Ëinability to link a companyÃ¢â¬â¢s long-term strategy with its short term actionsÃ¢â¬â¢ (Kaplan ; Norton, 1996). Add ing phrases to the four perspectivesallowed companies to select measures around their strategic vision. This selection method provided more thoroughness and made implementation clearer and more defined. Causality was included in the first generation scorecard with the four statements shown in Figure 4 but the second generation developed this by indicating relationships between the measures across the perspectives shown in Figure 5; as opposed to just vague links between the perspectives.This increased the urge to Ã¢â¬ËproveÃ¢â¬â¢ links (Kaplan ; Norton, 1996). This could have been bad for companies as employees may have tried to link movements in the performance measures that werenÃ¢â¬â¢t related trying to show one as the causation of one another; simply to reach targets. This would be more common when financial rewards were linked to performance. Even with this is mind, the linkage model became an important part of the BSC design. Introduction of software reporting systems im proved managersÃ¢â¬â¢ ability to react with fast diagnosis and quick interventions when problems occurred.The early software provided by AT;T, and later by companies including IBM; used email and diary programs to fasten this process. Software caused confusion as many believed it would enable design and implementation of the BSC. However, it is performance management software to use after implementation to ensure performance information gets Ã¢â¬Ëto the right people at the right timeÃ¢â¬â¢ (Balanced Scorecard Institute, 2013). As it allowed data to be stored, objectives could be allocated to owners and measures to objectives; allowing managers to make historical comparisons to measure performance accurately over time.It also helped communicate the information effectively and enforced more control and organisation. Some packages allow performance to be measured and tracked at departmental level, project level or the organisation as a whole. This only works if there is strategic alignment throughout the hierarchy. Organisations can then narrow down the specific areas that are underperforming in order to increase focus to improve or divest that part. Although the software has many benefits some find it Ã¢â¬Ëdifficult to adapt to the needs of a growing and dynamic companyÃ¢â¬â¢ (IBM, 2013).Hence, many prefer to use self-developed software however it sometimes lacks required functions and solutions to the cause and effect; as the specialist skills are not there to develop the program. Difficulties still arose in selecting relevant measures and target setting due to conflicting thoughts amongst management. There was also difficulty communicating the linkage model to lower level staff if they did not already have knowledge of the model. This could cause problems when trying to motivate teams as there will be different interpretations of aims and targets; therefore employees working towards different goals.The late 1990Ã¢â¬â¢s saw the third generation and the development of the destination statement (Figure 6) in order to achieve clarification through checking the measures, objectives and targets selected. The destination statement is a form of Ã¢â¬Ëwhat ifÃ¢â¬â¢ analysis that brought the tool closer to company strategy, it's management and implementation. By estimating quantified amounts of consequences and achievementsfor a set future period; companies could easily compare actual achievements to targets and benchmark against others externally, in the case it was to stick with objectives from the linkage model.For example the destination statement would predict a rate of customer satisfaction for 3 years that you could check back against annually. This will identify under achievements, perhaps where you can enhance quality to boost satisfaction; and over achievements where you can identify what successful policies to keep. Management teams could easily relate to the statement to communicate down the hierarchy in order to gain a single interpretation, as it did not include looking at complex strategic objectives. Therefore a reversal of design as it was seen as an early stage in the process, as opposed to the final,making selection of measures and ausality easier. Companies have proven success without financial measures. Svenska Handelsbanken, while not disclosing use of the BSC; have gone over thirty years with Ã¢â¬Ëno budgets, no absolute targets, and no fixed plans' but with specific performance measures in place (Daum, 2001). More recently, in 2003 a new CEO adopted the BSC for Lloyds TSB in order to Ã¢â¬Ëshow employees how their actions impact their colleagues and customers and how this, in turn, translates into our overall performanceÃ¢â¬â¢ (Lloyds TSB, 2013). This linked objectives of 80,000 employees, emphasizing the advantage of aligning the whole organisation.By involving employees at every level in some aspect of the process generates Ã¢â¬Ëacceptance of and commitment to the concept' (War d, 2005). Implementation proved successful to drive the company towards growth and away from being sales and cost driven, which had caused them to lose their strong market position. Ã¢â¬ËThe cause and effect chain of eventsÃ¢â¬â¢ was critical for them to see that would drive the revenue up as opposed to just a target of increased sales (Ward, 2005). As Lloyds are large and have overseas staff they could have faced technical and strategic challenges including cultural conflict and difficulties selecting measures.Companies with a diverse workforce should ensure they measure things that can be influenced and changed by employees. Lloyds also highlighted the point that implementation takes time and resources to ensure thoroughness. A tight deadline imposed Ã¢â¬Ëdanger of completing the task while missing the goalÃ¢â¬â¢ (Ward, 2005). They recognized the importance employees understanding the concept before implementation so brought in a BSC specialist, who had worked closely with Kaplan and Norton to run seminars and lectures; in order to reduce this danger.Not only do employees need to understand the concept and accept the process; they should include feedback including how many employees see it as motivational and effective. If employees do not enjoy what they are doing they will be inclined to only meet targets and not excel further. The strong focus of the scorecard encourages companies to focus on what they really need to measure as opposed to what is easy to measure; resulting in all decisions being made around the strategy. The BSC changed the way people looked at performance measurement. Previously it was seen as a method to ontrol employees but the tool encourages targets in order for employees to work towards. The idea was that employees would adapt their behaviour accordingly to reach goals; hence giving them more freedom, motivation and involvement in the process. However, some may argue that the focus has shifted too far towards operational mat ters that there is not financial involvement. Adaptability should allow those companies to change to their needs. The BSC will vary for each company depending on how dynamic the industry is and what the individual aims and strategy include.Lloyds TSB added a fifth perspective as they felt it was a key driver to the company's strategic direction. Although there are BSC failures, the advances in the design have allowed more successful implementations over the years. There is now more knowledge and literature available because more companies have adopted this management tool; but more importantly there are significant successes documented for teams to learn from. With corporate social responsibility being so highly regarded nowadays due to greater awareness and regulation, modern scorecards have seen a fifth sub-perspective introduced; environment/external.This shows the broader impact on society than is indicated through the customer perspective; hence giving more in-depth analysis. A s long as the process is carefully planned, communicated and regularly monitored it should prove successful however there is always room for improvement with the uncertainty in the ever changing environment. The scorecard, instead of providing single destination outcomes could include risk and probabilities related to various possible outcomes.In conclusion, the economic environment is only going to become more dynamic but the last twenty years has proven that continuous developments should ensure the BSC is kept up to date in order to stay a useful management tool. Figure 1 Ã¢â¬â Main Articles Used Author| Title| Daum. J| Beyond Budgeting: A Model for Performance Management and Controlling in the 21st Century? | Cobbold. I ; Lawrie. G| The Development of the Balanced Scorecard as a Strategic Management tool| Kaplan. R ; Norton. D| The balanced scorecard Ã¢â¬â measures that drive performance| Kaplan. R ; Norton.D| Transforming the Balanced Scorecard from Performance Measuremen t to Strategic Management: Part 1| Kaplan. R ; Norton. D| Using the balanced scorecard as a strategic management system| Letza. S| The design and implementation of the balanced business scorecard| Schneiderman. A| Why Balanced Scorecards Fail| Ward. A| Implementing the Balanced Scorecard at Lloyds TSB| * Full references for the articles are shown in the reference list at the end of this paper* Figure 2 Ã¢â¬â Four Perspectives for Balanced Scorecard Perspective| Why? | Customer| Ã¢â¬Å"To achieve our vision, how should we appear to our customers? | Internal Business Process| Ã¢â¬Å"To satisfy our shareholders and customers, what business processes must we excel at? Ã¢â¬Å"| Learning and Growth| Ã¢â¬Å"To achieve our vision, how will we sustain our ability to change and improve? Ã¢â¬Å"| Financial| Ã¢â¬Å"To succeed financially, how should we appear to our shareholders? Ã¢â¬Å"| Figure 3 Ã¢â¬â The Balanced Scorecard Process Adapted from Ã¢â¬â Kaplan, R. S. and Norton, D. P. , Using the balanced scorecard as a strategic management system, Harvard Business Review, January-February 1996, 75-85. Available from: http://scholar. google. co. uk [Accessed 23 February 2013]Figure 4 Ã¢â¬â First Generation Balanced Scorecard Source Ã¢â¬â Antunes. G et al. , Process improvement measures in social area organisations: A study in institutions for elderly: survey results, The TQM Journal. Available from: http://www. emeraldinsight. com [Accessed 15 February 2013] Figure 5 Ã¢â¬â Second Generation Balanced Scorecard/Linkage Model Source Ã¢â¬â Cobbold, I. C. and Lawrie, G. J. G. , 2002. The Development of the Balanced Scorecard as a Strategic Management tool, 2GC Website. Available from: http://www. 2gc. co. uk [Accessed 19 February 2013] Figure 6 Ã¢â¬â Third Generation Balance Scorecard/Destination StatementAndersen. H. , Effective quality management through third-generation balanced scorecard, International Journal of Productivity and Performance Manageme nt, Available from: http://www. emeraldinsight. com [Accessed 21 February 2013] References Andersen. H. , Effective quality management through third-generation balanced scorecard, International Journal of Productivity and Performance Management, Available from: http://www. emeraldinsight. com [Accessed 21 February 2013] Antunes. G et al. , Process improvement measures in social area organisations: A study in institutions for elderly: survey results, The TQM Journal.Available from: http://www. emeraldinsight. com [Accessed 15 February 2013] Balanced Scorecard Institue, 2013. The Balanced Scorecard & Technology: Strategic Performance Management Automation. U. S. Balanced Scorecard Institute. Available from: http://www. bala ncedscorecard. org/software/balancedscorecardsoftware/tabid/61/default. aspx Balanced Scorecard Institue, 2013. What is the Balanced Scorecard. U. S. Balanced Scorecard Institute. Available from: http://www. balancedscorecard. org/bscresources/aboutthebalancedscore card/ tabid/55/default. aspx Cobbold, I. C. and Lawrie, G. J. G. , 2002.The Development of the Balanced Scorecard as a Strategic Management tool, 2GC Website. Available from: http://www. 2gc. co. uk [Accessed 19 February 2013] Daum, J. H. , Beyond Budgeting: A Model for Performance Management and Controlling in the 21st Century? , Controlling & finance, July 2002. Available from: http://scholar. google. co. uk [Accessed 4 March 2013] Drury, C. , 2008. Management and Cost Accounting. 7th Edition. London: Cengage Learning. IBM, 2013. Balanced Scorecard Software. U. S. IBM. Available From: http://www-01. ibm. com/ software/analytics/cognos/balanced-scorecard-software. tml IBM, 2013. Innovation Center. U. S. IBM. Available From: http://www-01. ibm. com/software/ data/cognos/innovation-center/advisors. html Kaplan, R. S. and Norton, D. P. , The balanced scorecard Ã¢â¬â measures that drive performance, Harvard Business Review, January-February 1992, 71-79. Available from: http://schola r. google. co. uk [Accessed 21 February 2013] Kaplan, R. S. and Norton, D. P. , Transforming the Balanced Scorecard from Performance Measurement to Strategic Management: Part 1, American Accounting Association Accounting Horizons, 15 (1), 75-85. Available from: http://scholar. google. co. k [Accessed 23 February 2013] Kaplan, R. S. and Norton, D. P. , Using the balanced scorecard as a strategic management system, Harvard Business Review, January-February 1996, 75-85. Available from: http://scholar. google. co. uk [Accessed 23 February 2013] Letza, S. , 1996. The design and implementation of the balanced business scorecard. Business Process Re-engineering & Mangement Journal, 2(3), 54-76. Available from: http://www. emeraldinsight. com [Accessed 15 February 2013] Lloyds Banking Group plc, 2009. Annual Report 2008. United Kingdom: Lloyds Banking Group plc. Available from: http://www. lloydsbankinggroup. om/investors/financial_performance/ company_results. asp#2007 Lloyds Banking Group plc, 2013. Performance Management. United Kingdom. Lloyds Banking Group plc. Available from: http://www. lloydstsb-annualreport. com/businessreview/our_people/ performance_management/ Schneiderman, A. M. , Why Balanced Scorecards Fail, Journal of Strategic Performance, January 1999, 6-11. Available from: http://scholar. google. co. uk [Accessed 6 March 2013] Ward, A. , Implementing the Balanced Scorecard at Lloyds TSB, Strategic HR Review, 4 (3), 16-19. Available from : http://www. emeraldinsight. com [Accessed 28 February 2013]
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