Learning to become a pastry chef

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Learning to become a pastry chef

Felicia Clark

Senior Project Research Paper

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Fall 00

English 1 Period 1

Word count

Learning To Become a Pastry Chef

Imagine a three layer chocolate wedding cake, with flowing white frosting and a strawberry center. These are just some of the many beautiful creations Pastry Chefs make every day. But not everything is as sweet as what they make in this career. The eighteenth century Pastry Chefs were very different from the Pastry Chefs of today.

In the eighteenth century, a new type of baker was coming up in the world. In fact there were many famous pastry chefs in this era. For example, “Edward Kiddler was a well known pastry-master of eighteenth century London” (“Restaurateurs and Innkeepers”). Many chefs now refer back to Edward. He opened a school, and even wrote a book of recipes for up coming pastry chefs. The name of the pastry chef all came from the common Baker. For instance, “ Confectioners derived their special craft of making sweet pastry’s and candies from the baker” (“ Restaurateurs and Innkeepers”). People wanted sweets and started experimenting with regular recipes. This also wasn’t the skinniest of eras. The rich were the lucky of these days. Thus, “In the middle ages many a fine household retained a pastry cook as part of it’s kitchen staff” (“Restaurateurs and Innkeepers”). Pastry chefs were becoming quite popular. Each chef had a specialty for their employers. Pastry Chefs did other things also. For example, “ Apparently there was more than one way for a confectionery apprentice to earn a living and reputation” (“Restaurateurs and Innkeepers”). They were paid low. They kept it up because it was new and exciting to people. As a result, It was new and very upcoming but the pay was low, things now a days are somewhat different.

Qualifications and schools can be tough, but it’s what they have a passion for. There are some ups and downs for these men and women as far as this career goes. Pastry Chef (alias) Chocolate chef says, “Staffing is a big problem with pastry chefs” (Arts-Pastry Chef). Not many people go into this profession. People just aren’t interested. Most people who have started this profession had already learned to cook, and had a taste for it. This includes Dinelle Kent who explained, “I learned how to cook from my mother, and have enjoyed it ever since.” It can be fun if you understand measurements. There are also instructions to be followed. There is also an art to pastry’s. For example, “ Pastry is a good example of artistic endeavor undertaken in a business environment. People don’t appreciate the kind of work a pastry chef does. Most people look down on the profession until it comes time for their wedding day. The artists that are pastry chefs have a definition for what it is that they do. The definition being, “A job that conjures up images of elaborate cakes, flaky pastries, rich whipped cream, chocolate icing, and anything and everything sweet and delicious” (Cooking Schools). They take these items and make art out of them. They create sculptures and many other things. There are frustrations when creating these delicious masterpieces. One being that, “ It’s frustrating to mess up a recipe, especially when you are making a big batch of something” (Joanne Chang). Even professionals make mistakes sometimes. It just goes to show you that you should really pay attention to the littlest things. In conclusion, the work is hard and you must pay close attention but they are doing what they love.

another factor in being a pastry chef is the schooling, and what is to be done when becoming a pastry chef. In fact, “ Jacquy Pfeiffer started his career as a pastry chef at the age of 15” (Cooking Schools). His father was the owner of a bakery. He was probably encouraged to take over the business, so his father started him early. Jacquy fell in love with his creations. Thus, “ In 15 he became the first person ever to win the national chocolate competition masters of chocolate” (Cooking Schools). It may have been hard work for him but he continued to do it. At a young age he was already well known. You have to work hard for what you want to do. The Chocolate chef says, “ Do well at school because it is most irrelevant” ( Arts-pastry Chef). Most all chefs are encouraging because they know how far they have come, and how much they love what they do. For instance, “ No one knows what they can do till they try” ( Arts-pastry chef). All Pastry chefs have gone to a special school. The schools are called, “ Associate of sciences Culinary arts” ( Arts-Pastry chef). Not all go to this school but a great deal of well known Chefs have. A lot of pastry chefs work at Luxury Hotels, such as “ The Chocolate Chef.”



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Describe a situation where you were faced with making a choice and you chose the wrong choice. What was the outcome? What did you learn from this particular experience?

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Once I had made a big choice for my future. But I thought I was wrong. It was perhaps my first time to notice that I had made a mistake. Because of the wrong decision my life changed, and everything changed. I was regretful but time would never come back. It all happened in this summer. What a wonderful and memorable summer! I graduated from high school in China. Though at that time I knew that my father had got the immigrant visa, I still took part in the Entrance Examinations to University (00), which was thought as one of the most difficult and important examinations in China. To my great surprise I got a fairly high marks in it. High enough to apply for any universities even the top one university in China. Only days to think about it after the result came out. But I didn¡¯t pay much attention on it. I wrote the application form roughly and even chose a disliked program of study. I was so careless because I knew that even if I got the offer I would not stay in China. It was not wrong to choose Canada, but completely wrong to choose a disliked program of study in China. That meant I must leave China and I should choose what I really wanted to learn again in Canada. But who knows that I changed my mind that I wanted to stay in China finally. But it was impossible this time because I chose a wrong program of study. I should have paid highly attention on it! I didn¡¯t know why. At the moment I tore off the University offer my tears moved out. I suddenly recognized that I had missed the most precious thing in the world, which was not only an offer, but a goal and even a dream. I should have been what I want to But I am not. That all because my wrong attitude. I thought it was just a trial and it wouldn¡¯t be true. Both the university and the offer. If I had an ability to modify the history, I would make the choice again. The offer said I majored at Microelectronics in Naikai University, but I didnt want to be an engineer. I could have use my marks to apply for a medicine school and majored at Dentistry. But I didn¡¯t. That all because the wrong choice I made for myself. However, regretting was useless for it could change nothing. But I can not help myself thinking backwards about it. I thought I was a university student but I am not. I am still in high school while my friends are studying in the universities, I felt at the moment that I was achieving my goal then I dropped it. I felt at the moment that my dream was coming true then I let it go. What a pity! All because my wrong decision. I have to back to a secondary school to study in grade 1 again. Everything begins again. What once I pursued is still a dream in my heart, I will pursue it twice. Because I have once missed it. and I will not let it go this time. This particular experience teaches me that With a seriously attitude to make your choice and never make a decision roughly even though you think the choice is not important now. Because nobody knows whether it is important in the future. Or you will be regret if some day you find that what you choose today is important to you but you find you make a mistake. Nothing changes.



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Test

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1. Information systems in context Read pages 6 to 11 and answer the following questions. Exercise 1. 1. What is an information system? A set of information processes requiring participants, data/information and information technology. It performs the 7 forms of information processes.

. List the elements of an information system. Information processes, participants, data/information, IT

. Outline one reason for the environment of an information system to change. The progress in IT

4. List the five functions of hardware. a) Input b) Processing c) Storage d) Control e) Output

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5. What function is performed by the CPU? Directs the flow of data in a computer.

6. What part of the computer coordinates the operations of the input, processing, output and storage? Control unit which is part of the CPU

7. Describe four different types of computers. a) PC b) Midrange c) Mainframe d) Supercomputer 8. How is system software different from application software? System software manages and controls the hardware. Application software is a computer program used for a specific task.



LEARNING ACTIVITIES

1. Which element of an information system does each of the following represent?

a) product sales for the week - Data

b) the operating system � IT Software

c) a manager - Participants

d) a manager producing the sales figures � Information Processes

e) the keyboard and mouse � IT Hardware

f) an annual report. � Data/Information

. A personal computer will work for many years if participants are careful and perform basic maintenance. Outline some rules for the care and maintenance of a computer.

• Virus protection programs.

• Maintaining clean folders.

• Defrag regularly.

• Keep C drive clean to avoid low resource space.

. Write a checklist that a person could use to ensure that they were correctly setting up a personal computer.

• No glitches or errors

• Keeping Start up to a minimum

• Fast and clean opening of folders and applications

• Virus protection programs

• Setting up accounts (Email � Outlook Express etc)

• Getting the Internet working

• Setting up enough User Accounts

• Cords and Power kept clear from liquid or other persons

5. A personal computer can do wonderful things, but at times they cause problems. Fortunately many of these problems are simple operating faults that can be easily overcome. List some possible reasons for the following faults.

a) No display on the screen. Monitor is not installed or plugged into back of tower

b) Software will not start or crashes. Reinstall the Software or read the readme or Manual

c) Unable to save work. Reinstall program again or look in preferences or settings

d) Computer not working. Power is not connected. Make sure everything is plugged in and installed. Check BIOS for any faults or errors (eg. Boot sequence)



1. Information processes

Read pages 1 to 18 and answer the following questions.

Exercise 1.

1. Describe how information was processed 50 years ago. Fifty years ago, sorting, finding and comparing information were all done manually. Data was often represented on paper and stored in filing cabinets. This was a time consuming process.

. List the seven information processes.

• Collecting

• Organising

• Analysing

• Storing and retrieving

• Processing

• Transmitting and receiving

• Displaying

. Describe the steps involved in the collection of data.

• Defining the required data � deciding what data is needed

• Identifying the source of the data � where the data can be found

• Determining how the data will be gathered � what tools with be required.

• Gathering of data � collecting and entering the data into the information system

4. List some of the techniques used to collect primary data.

• Generate their own database

• Conducting surveys or questionnaires

• Observing a system in operation

5. Why is the format of data important to its organisation?

The organisation of data depends on the purpose of the information system. For example, if the information system is used to store and search for large amounts of data, the data needs to be categorised. This will allow it to be stored in a database. Organisation gives some structure to the data.



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Globalisation, causes for demonstration against

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Globalisation

There are a number of key drivers for demonstration against corporate globalisation. A plethora of definitions for globalisation exist. These range from positive definitions such as “a decoupling of space and time, emphasising that with instantaneous communications, knowledge and culture can be shared around the world simultaneously.” (Anthony Giddens, cited at http//www.globalisationguide.org/01.html, 1/08/00) through to more negative definitions such as “a worldwide drive toward a globalised economic system dominated by supranational corporate trade and banking institutions that are not accountable to democratic processes or national governments.” (http//www.globalisationguide.org/01.html, 1/08/00)

The definition of globalisation used for the purpose of this essay is

The term globalization captures elements of a widespread perception that there is a broadening, deepening and speeding up of world-wide interconnectedness in all aspects of life, from the cultural to the criminal, the financial to the environmental. At issue appears to be a global shift; that is, a world being moulded, by economic and technological forces, into a shared economic and political arena.

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(Held, McGrew, Golblatt & Perraton, 00)

One of the most significant objections to globalisation (as defined above) is that it allows people to be taken advantage of. The ethos of consumer sovereignty bestows power on the consumer to influence the behaviour of all suppliers, not least of which are multinational corporates. The constant demand for lower consumer prices motivates corporates to search for ways of doing this, while still maintaining the necessary quality. This constant demand from consumers for lower prices is often with little regard for the consequences of delivering the same products for a lower price.

However, Deeds and Enderwick (17) suggest that consumer sovereignty does not truly exist unless a free, informed and responsible choice is enabled. This more holistic view of consumer sovereignty encompasses the ability for consumers to assume socially responsible behaviour if they so choose.

The situation where communities and workers are taken advantage of is enabled through differing laws that exist in different countries. Labour laws are one important area where legislated constraints vary from nation to nation. Not all countries have minimum wages that are as generous as they are in developed countries. Furthermore, the concept of a maximum number of hour working week is often not applied in developing countries. Governments of developing countries, in their eagerness to attract foreign investment and business, often do not consider the social cost of exploiting workers in their countries. Examples of such exploitation of workers that can occur in developing countries include child labour and sweatshops (Roddick, 000).

Objections levelled at globalisation based on its ability to allow workers to be abused arises also from the fact that often the end consumer has no visibility of the abuse. Furthermore, in some situations the multinational itself may not even know about worker abuse. Where the consumer does not know or care about worker abuse, this enables the corporate multinational to also disregard any worker abuse in the supply chain. Globalisation enables consumer ignorance to worker abuse as the workers are often geographically separated from the consumer. Other barriers which enable this lack of visibility are language differences and control of media in either or both of the supplying and consuming country. Fundamentally, this situation is liable to arise anytime where demand and supply are isolated from one another.

The premise that globalisation deserves objection (in the guise of free trade and capitalism � “Globalization is undeniably a capitalist process” (http//www.globalisationguide.org/01.html, 1/8/00)) under-pinned the views presented by Karl Marx in Das Kapital (1886). He argued that free trade allows different workers to be paid different amounts for the same amount of work. (Chapter 0 � National Differences in Wage, Marx, 1886).

Furthermore, both time-wages and piece-wages allow workers to be exploited. Under these common methods of remuneration, workers are encouraged to earn ever more revenue for the capitalist entrepreneur. (Chapter 18 � Time-wages and Chapter 1 � Piece-wages,

Capital, Volume )

Another symptom of globalisation that provokes resistance is the homogenisation of diverse cultures. This is brought about through globalisation is a number of ways. A good example of the effect of early globalisation resulting in homogenisation of cultures in the colonisation of New Zealand by the British. Under the Treaty of Waitangi, Maori chiefs effectively surrendered their sovereignty to British rule (Grice & Fleming, cited in Monin, Monin and Walker, 1). In subsequent years, the Maori culture waned both through active measures by the British and simply though a lack of incentive to sustain the culture. In the early part of the 0th century, the use of the Maori language at schools was discouraged and was certainly not taught. In this way, the Maori culture (along with other native cultures) became homogenised with the English culture.

Through the effects globalisation, the language of the business world becomes homogenised. In many countries English is emerging as the common language of business. This is due in part to the dominance of the United States and the significant proliferation of US software and television programs around the world. For example, the term “trash can” is part of the American lexicon of the English language. However with the ubiquitous Microsoft Windows software package reaching a significant portion of the developed world, the word “trash can” has become more common usage, especially with younger computer users who have been exposed to the Microsoft Windows from a young age. As a result of this homogenisation, the less dominant cultures, languages and lexicons become obsolete and over time, lost completely. This is one cause for opposition to globalisation.

It is evident that where there is a dominant civilisation, globalisation can have the effect of homogenising other less dominant cultures into its own. This effect can be likened to the biological process of osmosis, whereby matter moves from an area of higher density, to an area of lower density, in effect levelling the density overall to a common level.

Although it can cause conflict, there is significant value in having differing sets of values between different nations. A diversity of perceptions helps to ensure that everyone is valued. For example, different cultures have a different perception of what constitutes beauty. “The Ashanti consider woman, who would be considered downright fat in our culture, to be most alluring” (Roddick, 000). An effect of globalisation is to homogenise the values of the citizens of the world, with the result of unnecessarily excluding many people from social acceptance. Where the perception of beauty is homogenised, as occurs through the proliferation of American and western fashion and beauty magazines throughout the world, then only a tiny minority of people can be considered beautiful. Conversely, the vast majority of people, particularly woman, are disadvantaged as the definition of beauty that is established is unattainable for many women.

Globalisation also leads to unilateral weighting of values through internationalised methods and guidelines such as the United Nations System of National Accounts (UNSNA). This system provides methods for valuing labour and the methods proposed differ from that which may otherwise be used by member nations. For example the value of activities typically undertaken by woman (such as child rearing and housework) are deemed not to be labour of any value (Waring, 188). This homogenisation of values can be very negative as it results in groups of people being unnecessarily and unfairly undervalued. Inevitably, there will be some groups which are in the minority in the global context and therefore may not receive consideration by an international organisation. These groups, when considered by a local organisation, are not longer small minorities, but may in fact be in the majority in the local context. Therefore, application of global values is likely to have the effect of disadvantaging groups that would otherwise receive adequate consideration in a local context.

Uneven distribution of wealth is a symptom of corporate globalisation which underlies many objections heard in recent years. The mitigation of geographic, economic and political barriers to trade between nations perpetuates the wealth of the rich at a social cost to those least able to defend their interests. In practice, this benefits those entrepreneurs with sufficient means, by employing low cost labour at low cost locations. Given that the means of low cost workers are modest, the well supported multinationals have a significantly stronger bargaining position. The gains from such an engagement flow primarily to the stronger party.

This perspective is closely aligned with that presented by Karl Marx in Das Kaptial (1886).His views and philosophy challenged the benefits of capitalism, free trade and in effect globalisation. His ideas were so appealing that a number of significant nations adopted many of them. Russian communism, Chinese socialism and Nazi Germany all bear a value set closely aligned with Marx’s discontent with globalisation.

An implicit set of roles and responsibilities exist for global corporate leaders in the context of globalisation. Frustration and objection arises internationally when these global corporate leaders do not fully acknowledge and commit to these responsibilities. One of these key responsibilities is to support sustainable development. Corporations that subscribe to organisations such as the World Business Council for Sustainable Development indicate at least an intention to promote sustainable development. By considering the impact of the full life cycle of each product and promoting recycling, these businesses are acting responsibly in the global arena (Post, Lawrence & Weber, 1).

It could be argued that globalisation is a far from new concept. A cyclical re-occurrence of it can be seen through history, from the expansion of the Roman empire into regions such as Africa and India, through the Spanish invasion of the Americas, through to the current reduction of borders and barriers. At each occurrence, passionate and often violent objection has been articulated. However, inevitably some trigger results in a de-stabilisation of the order which is required to co-ordinate global activities. A scientific analogy which adds value in this consideration is the concept of entropy that develops as the order in a system devolves into chaos.

So the significant question that remains for the current occurrence of globalisation is what trigger will disengaged the current movement towards globalisation and when will it occur.

References

Deeks, J. & Enderwick, P. (Ed) (17). Business & New Zealand Society. Auckland Longman Paul Limited.

Held, D, McGrew, A. Golblatt, D & Perraton, J, (00). Global Transformations. www.polity.co.uk/global/.

Marx, K. (1867 / 1). Capital. Translated by C. Paul. London J.M. Dent & Sons.

Monin, N, Monin, J & Walker, R. (Eds.). (1). Narrative of Business & Society. Auckland Longman.

Post, J.E., Lawrence, A.T. & Weber, J. (1). Business & Society � Corporate Strategy ,Public Policy, Ethics. Boston Irwin McGraw-Hill.

Roddick, A. (000) Business as Unusual. London Thorsons

Waring, M. (188). Counting for nothing What men value and women are worth. Wellington Allen & Unwin / Port Nocholson.

Bibliography

R. Wilson and W. Dissanayake (Eds.). (16). Global / local Cultural production and the transnational imaginary. .Durham / London Duke University



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Survival of Traditional Chemical Photo Producers in the Digital Age

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Abstract

Shares in Eastman Kodak plunged by a quarter on September 6, after the worlds largest photographic company warned of an unexpected shortfall in earnings. At first glance it would seem reasonable to assume that the rapidly expanding market for digital photography was the culprit, but closer examination reveals that digital photography has had only a small effect. Furthermore, both Kodak and Fuji, who together control 70% of the conventional photo-finishing, will be able to both survive and thrive in the coming digital onslaught.

Introduction

When a new technology is introduced, it generally comes at a premium price. The market for this new technology is usually early adopters , a segment where price is not the object but having the latest technology is most important. Even thought this technology may be superior, the initial costs make it unattractive to the majority of the market. Since the marginal cost of the technology is so high, the demand is very low. The volumes needed to lower the price to a point where the mass market will adapt the technology are often difficult to reach. This concept is illustrated in Fig. 1.

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Fig. 1

Price vs. Demand

Since the startup of the new technology is slow, this will often make the providers of the older technology slow to react, since the threat is growing slow. Often by the time the traditional providers realize that the threat is real, they cannot react in time to participate in the new market.

It would appear to the casual observer that the above scenario is presently being played out in the photography market, as digital photography gains ground and the market value of Kodak declines. It would also appear that Kodak is finished as a long term player in the photography market, that the need for the consumables presently provided by the firm will disappear. Several market analysts have rated Kodak a short sell . However, in reality this giant has been instrumental in creating the digital photography market and will continue to redefine the technology. I will show through market analysis and economic reasoning that Kodak will survive and thrive, and that the present loss in capitalization value is a function of the economic downturn.

Discussion

In order to understand the potential acceptance of digital photography as a replacement of traditional film, one must have an exposure to demand theory and an individuals demand for a commodity. This demand is a function of several parameters price of the commodity, the individual’s income, price of substitute commodities, and the consumers taste. This can be expressed mathematically as

Eq 1

Where Quantity demanded per unit time

Price of Commodity x

Individuals Income

Price of substitute commodity

Consumers taste

The “early adopters” of digital photography had to deal with a very high and a very low , and therefore accepted a low and had a very high Since the quality of early digital cameras was very poor relative to film and the startup costs were very high, was small.

The first digital camera was introduced in 15 by Kodak, a 6MPixel $1,000 professional SLR type, aimed at product photography . The high expense limited it to a few specialized applications where instant results were an absolute necessity and cost no object. The start of the consumer market was in 16 with the introduction of 4 cameras of 0.MPixels at an average cost of $500 . In 17 there were 8 cameras introduced with an average density of 0.5MPixels at an average cost of $68 . These early devices had very poor image quality as compared to even $10 disposable cameras and required an expensive computer and printer to create hardcopy. The resulting was very small and no manufacture made any profit. As a result, there was no perceived threat to the traditional photo processing markets, although Kodak was experiencing stiff competition from Fuji. The following graphs shows, Kodak’s sales revenues and income from this period to present .



Fig.

Kodak Sales Revenue 14 - 000



Fig.

Kodak Income

In 17 Kodak experienced a loss in the commercial divisions as a result of several one time restructuring charges. They also shed nearly 0,000 workers and shifted to higher profit products . As a result, by 18 Kodak was much leaner and increased profits in light of slightly reduced revenue. Clearly at a time when digital photography was growing and it was facing competition from Fuji, Kodak was able to keep sales relatively constant while increasing profits. This is because digital only represents 1% of all cameras in use in the US , with disposable one time use cameras over 0% of the market. Fig. 4 shows how the market has grown in the US over the last 6 years.



The present demand equation for digital will not remain unattractive for the mass market forever. As prices decrease ( ) and quality increases ( ), and the cost of conventional photography ( ) remains constant, digital will eventually dominate the market. It is this long term shift in the demand function which represents the greatest threat. Kodak presently has about 10% of the market for digital cameras; however the potential loss of the consumables used by conventional photography poses the greatest risk to long term growth. The question for Kodak is how to grow its market share of digital bodies and retain the consumable market. There are several directions that Kodak can follow to do both.

FIG. 4

Analysis

There are several problems with digital photography at this point in time, and they all present an opportunity for the conventional producers. The first is the issue of output. Nearly all pictures taken today eventually become prints, and the present infrastructure allows for both very fast turnaround and very low cost. The omnipresent mini lab produces very high quality, usually in 1 hour, at about 5 cents a print. The disposable camera, at usually less then $10, provides higher quality pictures then all but the most expensive digital cameras, without any capital expense. It is this very high degree of convenience provided at very low cost that has allowed film based photography to continue to grow, even as digital grows. Digital provides the promise of instant gratification and easy editing, but at very high startup costs. Although the latest generation of low cost ink printers generates prints very close to analog prints, the cost of the paper and ink is much greater then analog prints. There is also a significant amount of time required by the user to download, “edit” and print the results.

The printing of digital photos onto conventional chemical paper will be a major market in the future and presents a great opportunity for Kodak to maintain a consumable market. The consumer could upload the digital photos to a web based photo processing lab, which would then return the pictures by mail. The consumer would save the cost of the film and maintain the print quality of traditional film photography. The present mini lab network would convert to handle digital formats and provide chemical prints from digital formats. In addition, Kodak has pioneered the Photo Kiosks, labeled as Picture Centers, the small self contained digital printer stands appearing nearly everywhere. They now have new features aimed specifically at digital cameras users who want immediate prints. Kodak manufactures the printers, paper and ribbons consumed by these devices.



Fig. 5

Historical and Calculated Cost per MP

Another area would be in the area of disposable digital cameras. Consider how prices of most digital electronics have followed “Moore’s Law”, where the performance doubles every 18 months for a given price point . The Fig. 4 describes how the cost per mega pixel has dropped since 15 and may continue to drop over time. The calculated cost in Fig. 5 used the equation

Eq

Where next years price

Present price

Equation 4 was derived by modifying Moores Law to fit the historical data from 15 to 001 for cost per pixel. Although not an exact fit for the data, it should provide a basic understanding of how the cost per MPixel will decline in the future. This assumes that there is no major breakthrough in technology, something that is entirely likely given the intense research presently being applied.

The CCD image sensors ( and increasingly CMOS ) used in digital cameras will not follow Moores Law exactly, since embedded into Moores Law is the fact that geometrys of digital ICs keep getting smaller, resulting in continually increasing yields. Digital image sensors cannot get increasingly smaller since they are limited to how small the optics can be made and still have reasonable resolution.

CMOS based sensors hold the promise of very low cost digital cameras since the imager, processing electronics and memory can be integrated onto one monolithic device. Just as calculators have dropped to the point where they are so cheap that they can be given away, so it will be with low end digital cameras. In the early days of electronic calculators, they were several hundred dollars even for very simple versions. They are now less then $1, do to very high degrees of integration and tooling. A properly designed electronic imaging and processing chip, along with a housing, battery and flash would be no more expensive then present throw away cameras. If such a device had a pixel density of MP, then for normal sized prints there would be little loss in quality as compared to present disposable film technology.

Using regression analysis of the historical market data of the US market, we can generate a demand function for low end digital cameras. This will serve as an indication of what the market for a low cost disposable digital camera would be.

Year DigCams Avg Pixel Avg Cost Cost/ Pixel Units sold

In Market ( MP ) ( Millions )

15 1 6 $ 1,000.00 $,000.00 0.005

16 4 0. $ 500.00 $1,666.67 0.1

17 8 0.5 $ 68.00 $1,66.00 0.5

18 4 1 $ 550.00 $550.00 0.

1 50 1.7 $ 74.00 $41.40 1.8

000 6 . $ 61.00 $7.7 6.7

001 .66 $ 40.00 $161.65 8.6

Fig. 6

History of US Digital Camera Market

In Fig. 6 we see what the history of the US Digital Camera market from 15 to present . By any measure it has experienced very fast growth, but this has recently slowed, in part due to a slowing economy. The following is a demand function based upon the regression of the average number of pixels, average cost and units sold.

Eq

Where quantity of digital cameras sold per year

Number of mega pixels

Average cost disposable digital camera

The regression is

SUMMARY OUTPUT



Regression Statistics

Multiple R 0.58858

R Square 0.140065

Adjusted R Square 0.86566775

Standard Error 16556.61

Observations 6



ANOVA

df SS MS F Significance F

Regression 6.007E+1 .01104E+1 17.11057 0.088175

Residual 5.76E+1 1.7575E+1

Total 5 6.55E+1



Coefficients Standard Error t Stat P-value Lower 5% Upper 5% Lower 5.0% Upper 5.0%

Intercept 57776.8 5001.477 0.881405 0.44007 -770471.18 16104.84 -770471.18 16104.84

X Variable 1 7.550685 0.61607 5.08107 0.010406 1.48587 5.667808 1.48587 5.667808

X Variable -77500.77715 5165.874 -1.5008074 0.0441 -410.0756 868.588 -410.0756 868.588

Fig. 6

Regression Analysis

Since a disposable digital camera must have about MP to approach the quality of a disposable film camera for 4X6 prints and must match the price of about $10, plugging both into Eq. yields a demand of 16.78M cameras per year. Combine this volume of cameras with the paper and chemicals needed to produce the prints and this would be a market of about $00M / year. Over time as film is phased out, the demand for the digital disposable will only increase. When this is combined with the growing market for online processing of digital images and the developing market for digital processing by mini labs, one can see that there is significant opportunity for Kodak in the digital age. Furthermore, the penetration of digital photography is only about 10%, which means that conventional photography is far from finished. Although digital is the “hot” gadget, the high startup costs, considerable time requirements for printing and generally poorer quality will limit acceptability for some time to come.

Counter-Arguments

Although digital photography has several drawbacks at this time, it is where all the major camera, consumer electronic and film manufacturers are spending the bulk of the research and development money. The recent advances in quality and reduction in the cost per Mega Pixel have been remarkable. Equally as impressive has been the advances in the quality of low cost ink jet printers, which have been optimized to easily “talk” to digital cameras without the need to first download to a computer, and can now generate output which rivals chemical analog prints. The newer inkjet technology can accept roll paper allowing the user to print continuous series of X5 or 5X7 prints, a major convenience. Although these inkjet prints are presently more expensive, that will change over time.

The argument that there is a market for a disposable digital camera has several problems. The graph in Fig. 4 shows that digital technology will not reach the $10 price point until the year 007, too long from now to carry Kodak through. Furthermore, a semiconductor fab to produce such a camera would cost at least $1B, plus development costs. After all of this capital expense, all that has been accomplished is to replace one technology with another without adding any significant improvement. Such a disposable would not have a LCD display with which to view stored pictures and thus not provide one of the major advantages of digital, to determine if the picture just taken is acceptable. It would be very risky to attempt replacing present disposable technology with a digital version and Kodak would not be wise to expect this to be a long term solution to the changing technology.

The idea that on-line photo-finishing for digital images will ever be more then a niche market and provide a robust outlet for consumables is a long shot. First, since quality digital images are several Mbytes in size, unless the consumer has broad band internet connection, uploads to the photo-finisher will take longer then consumers will tolerate. Second, the consumer will have to wait several days before receiving the prints through the mail. A major aspect of digital, instant gratification is therefor lost. Third, it adds an expense to a process that has as a major feature no additional costs.

Kodak cannot expect the mini-lab to remain the dominate user of consumables in the future, since it requires a trip and additional expense. Over time, as film is phased out, the mini-lab will become obsolete and disappear.



Summary

Kodak is in a unique position in that it was a major player in creating the market that poses the greatest single risk to its future. In time, digital will displace film based photography just as the CD displaced the LP. Kodak is uniquely positioned to participate in this emerging market as both a provider of digital cameras and the photographic consumables. The market for medical imaging products and other industrial photographic products will remain strong, and although they provide a smaller profit margin then the consumer products, they will provide a steady cash flow for the foreseeable future.

http//www.infotrends-rgi.com/press/170011111.html

http//thestreet.multexinvestor.com/download.asp?docid=5787571&sid=&ticker=EK&target=%Fstocks%Fcompanyinformation%Fanalystresearch

Managerial Economics by Salvatore; Harcourt College Publishers, Forth Edition; Copyright 001

page

http//www.dpreview.com/reviews/timeline.asp?start=15

http//www.dpreview.com/reviews/timeline.asp?start=16

http//www.dpreview.com/reviews/timeline.asp?start=17

http//www.sec.gov/cgi-bin/srch-edgar?Eastman+Kodak

Managerial Economics by Salvatore; Harcourt College Publishers, Forth Edition; Copyright 001

page 4

http//www.infotrends-rgi.com/press/001051545.html

http//www.wikipedia.com/wiki/Moores_Law

http//www.infotrends-rgi.com/press/index.html

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Agency Theory and Executive Copensation

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Agency Theory and Executive Compensation

Agency theory essentially involves the costs of resolving conflicts between the principals and agents and aligning interests of the two groups. In this case, agency theory focuses on the on the link between executive compensation and firm performance. Executive compensation can be used to create shareholder value by improvement of a firm’s performance. Management’s role as an agency and their relationship with shareholders often results in a conflict of interest in the area of executive compensation. While management is focused on developing the company through its qualified CEOs, shareholders are interested only in their returns. As a result, differing interests may exist where investment cash flows, financial management and reporting are concerned. These mechanisms are considered to be the lifeblood of an organization yet have often been subjected to agency issues.

Agency costs refer to the reductions in benefits to owners stemming from contracts governing the separation of ownership and control. Examples of agency costs include legal expenses in drawing contracts to control managers’ salaries and the cost of producing annual reports. Managerial expense preference is a special kind of agency cost associated with the tendency of some managers to enhance the benefits received from their institution. (Hannan 180) Some examples include, hiring larger staff, enjoying large travel and expense accounts, and enjoying lavish furnishings. Managers make decisions according to criteria based on whether they receive net benefits from the proposed action. They set asset/liability objectives and owners protect their interests by setting appropriate constraints.

The study of firm governance mechanisms deals with two connected problems that of creating an optimal contract and that of the mode of control between the parties in a situation of exchange. Agency theory focuses on the mechanisms which facilitate the management of conflicts of interest between shareholders (the principal) and top executives (the agent). It is based on three postulates (1) the first is that there is a potential divergence of interest between shareholders and the CEO; () the second is the existence of an information asymmetry which makes it difficult for the shareholders to monitor the activities of the CEO; () the third is that the CEO, as a rational agent, seeks to maximize his or her utility and at the same time has an aversion to risk (Eisenhardt, 18).

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Given the divergence of interest, the principal and the agent can pursue conflicting objectives. Shareholders seek to increase their wealth and the value of the firm, while the CEO can take advantage of his or her position as decision-maker for self-serving purposes even if this is to the detriment of the shareholders’ interest. It is the CEO who decides and takes action. This action not only influences his or her utility, but also that of the shareholders. The problems of information asymmetry are all the more important in situations of dispersal of capital and complexity of the CEO’s activities (Eisenhardt, 18). The shareholders have a limited amount of information concerning both the decisions and actions of the executive and his or her personal traits in terms of capacities, preferences and intentions. By delegating the power of decision to the CEO, shareholders take the risk of adverse selection (a bad choice of CEO) and also take a moral risk (possibility of opportunism on the part of the agent). The control of the agent’s actions therefore becomes the fundamental worry of the principal. To confront this problem, shareholders have recourse to two solutions, or often to a complex balance between the two (1) develop a system of supervision to ensure that the actions of the CEO are not in conflict with the interests of the shareholders; () adopt compensation programs based on measures of performance which safeguard the shareholders’ wealth (Gomez-Mejia & Wiseman, 17). However, supervision of the CEO’s behavior is all the more costly and difficult in situations where his or her activities are non-programmable and the information asymmetry is extensive (Eisenhardt, 18). Developing compensation systems which permit a better alignment of the shareholders’ interests with those of the CEO becomes the most viable control mechanism because it induces a form of “self-control” by the agent (Bloom & Milkovich, 18). According to the normative agency theory, the choice of an optimal compensation program consists in creating a balance between the basic pay linked to behavior and incentive pay linked to performance. The focus of this balance is to provide the appropriate incentives to the agent and optimal risk-sharing between the principal and the agent. This balance is complex because one has to arrive at a combination which permits the incentive pay to align the shareholders’ interests with those of the CEO, without transferring too much risk through the variability of the compensation paid to the CEO (Jensen & Murphy, 10). In order to ensure an effective control of the executive, agency theory presumes that it is necessary to make executive compensation contingent upon the firm reaching its performance objectives, and consequently increasing the shareholders’ wealth. Several choices are therefore made between the components of executive compensation in terms of fixed and variable pay, short and long-term pay, and between the different indicators of performance (share value, profits, and profitability indicators) in order to closely link compensation with the success of the firm (Gomez-Mejia & Wiseman, 17). Linking the compensation of the agent with the interests of the principal supposes (1) splitting the compensation into fixed pay (basic salary) and variable pay (incentive and performance-contingent pay); () having recourse to different forms of short-term incentives, such as bonuses, and long-term incentives, such as stock options; () fixing performance objectives which determine the attribution of incentives; (4) choosing measures of performance (Gomez-Mejia & Balkin, 1). The control which shareholders exert by means of compensation presumes that performance contingent, variable, at risk and long-term pay permit the alignment of shareholders’ interests with those of the CEO. Performance-contingent pay is based on a reinforcement of the link between compensation and performance; this link is called “pay-performance sensitivity” (Gomez-Mejia & Wiseman, 17). A strong link between the evolution of compensation and the evolution of a firm’s performance makes it possible to both control payroll costs and ensure the reversibility of compensation. Since performance can never be guaranteed on account of the potential divergence of interest and information asymmetry, it is therefore essential not to guarantee the level of the CEO’s compensation. Variable pay reinforces contingency with performance and at the same time diversifies short-term and long-term incentives which could motivate the CEO to act in the interests of the shareholders (Bloom & Milkovich, 18). It also permits part of the risk to be transferred to the CEO’s charge in order to favor a mutual adjustment between the interests of the principal and the agent, to make the CEO take responsibility for the consequences of his or her actions and to minimize the decisions which maximize the welfare of an executive having an aversion to risk to the detriment of the enrichment of shareholders (Gomez-Mejia & Wiseman, 17). Having recourse to long-term incentives such as stock options reinforces the identification of the CEO with the firm and its durability, limits opportunistic behavior and the non optimal use of resources, reinforces the elements of uncertainty in the compensation, and strengthens the links between the CEO’s interests and those of the shareholders (Jensen & Meckling, 176).

A study of the financials of Colgate-Palmolive revealed that the CEO for the company had earned a stock option worth million dollars adding to the salary and bonuses. Upon further investigation and comparison it was found that the financial revenue of the CEO for Colgate-Palmolive had actually declined in comparison to the other companies. This establishes the fact that most companies have set high compensations for CEO’s yet do not in effect perform as marginally as the shareholders expect them to. (Hallows 18)

Karen Hallows, (18) mentions an investigation conducted in 8 companies to evaluate the conduct of a CEO governing each of those organizations through a time span of four years. The investigation brought out surprising facts that the annual rate of return measured up to be around 1. percent for those companies, while the CEO of these companies enjoyed an inclined rate in the wage by 8.1 percent, nearly double the annual rate of return of the company. This establishes that CEO’s setup higher wage rates in their own interest against the objectives of the company and the shareholders.

It has been speculated that managers concerned should be aligned with the value of the organization. Armand Hammer founded and ran Occidental Petroleum until his death in 10 at the age of . During the last decade of his life he pursued strategies that were widely criticized and that resulted in dismal share price performance for Occidental while the stocks of other oil companies tripled in value. An example was the building of an art museum for Hammer’s art collection at a cost of $10 million to shareholders. When it became known that Hammer had entered an intensive care unit, the rumor spread that the 1-year-old chairman was critically ill. Based on this rumor, the price of Occidental stock increased from $8 to $1 per share, representing a total gain in shareholder value of approximately $00 million. (Grinblatt 17) This establishes that manager’s attitudes can be insensitive towards stockholder’s investment.

Arguments exist against providing the management with compensation as it is believed that the compensation entitles the management to greater financial gain, introducing a great inconsistency in the organizational wage equality. Jensen and Murphy (14) believe that the wages for management has declined over a period of times when compared to that in the 10s yet their compensations have been on the rise constantly to the extent of being considered exorbitant by the investors.

The classical theory of firm behavior states that managers should concentrate on maximizing the expected benefits to owners, consistent with the risk owners are willing to assume. Managers should ignore their risk/return preferences in making firm decisions. Owners are the ones to set objectives for asset/liability management. (Aghion, 18) In contrast, agency theory is a positive view of managerial behavior. It asserts that by human nature managers, if left unmonitored, will pursue their personal risk/return preferences. Therefore, non-owner managers (agents) and owners (principals) must create contracts to control managerial behavior and align the interests of managers with those of the owners more closely.



References

Aghion, Dewatripont, Rey, (18) “Agency Costs, Firm Behavior and the Nature of Competition” Toulouse Institute

Bloom, M., Milkovich, G.T. (18), “Relationships among Risk, Incentive Pay, and Organization Performance”, Academy of Management Journal, vol.41

Eisenhardt, K.M. (18), “Agency Theory An Assessment and Review”, Academy of

Management Review, vol.14

Gomez-Mejia, L.R., Balkin, D.B. (1), “Compensation, Organizational Strategy, and Firm Performance”, Cincinnati, OH South-Western Publishing Company.

Gomez-Mejia, L.R., Wiseman, R.M. (17), “Reframing Executive Compensation An

Assessment and Outlook”, Journal of Management, vol.

Grinblatt and Titman, (17) “Financial Markets and Corporate Strategy”, McGraw Hill

Hallows, Karen. (18) “Executive Cash Machine How a Pliable System Inflates Pay Levels”, New York Times, November 8, 18

Hannan, Mavinga, (180) “Expense Preference and Managerial Control the Case of the Banking Firm”, RAND Journal of Economics

Jensen, M.C., Murphy, K.J. (10), “Performance Pay and Top Management Incentives”,

Journal of Political Economy, vol.8

Jensen, M.C., Meckling, W.H. (176), “Theory of the Firm Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics

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Avoiding Conflict in the work place

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Avoiding conflicts in the workplace can be very difficult; you will find those who will go to great extremes to avoid these situations. The higher one advances in the workplace the more you find people spending excessive amount of time trying to avoid debates that are vital to any great team.

It is important to differentiate between productive conflict and destructive fighting; and limit it to ideas and thoughts. However, you can have many of the same external characters of conflict, passion, emotion, and frustration-so much so that an outside observer might simply mistake it for an unproductive dispute.

Teams that engage in productive conflict do so only to convey the best possible solution in the shortest period of time. They discuss and resolve issues more quickly and completely than others; as well as emerge from intense debates with no permanent damage to the group; but with an excitement and eagerness to take on the next important issue.

Teams that avoid conflict at all possibility do so to avoid hurting others feelings; this only encourages dangerous tension. When team members do not openly discuss important issues, they often end up striking back with personal attacks, which are far more damaging than any heated argument.

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So many people avoid conflict because they believe they are saving time; when actually healthy conflict is more of a time saver. Teams waste more time and energy arguing, than those that avoid conflict. By avoiding conflict you end up revisiting issues over and over again without resolution.

For a team to develop the ability and willingness to engage in healthy conflict they must first acknowledge that conflict is productive. As long as one or two team members believe that conflict is unproductive, there is little chance that your team will be able to resolve this matter.

Beyond sheer recognition, there are a few easy methods for making conflict more productive

Mining � Any member of the team that is incline to avoid conflict must occasionally assume the role of a “miner of conflict”, someone who exposes hidden disagreements within the team. They must identify sensitive issues among the team and force all team members to work through them. This requires being neutral during the meeting and a commitment to stay with the conflict until it is resolved.

Real-Time Permission � In the process of mining for conflict, team members may need to remind one another not to depart from healthy debate. If you find that team members are feeling uncomfortable with the level of friction it is important to interrupt them and remind them that what they are doing is essential for making conflict more productive.

It can become challenging for leaders to encourage healthy conflict when team members engage in profound conflict. However, by interrupting you prevent the team members from developing necessary coping skills for dealing with conflicts. Therefore, no matter how messy the situation may become it is necessary for the leader to restrain them self from interrupting.

By engaging in productive conflict and being open to members’ ideas and opinions, a team can commit and make reasonable decision knowing that they have benefited from everyone’s thoughts.

Being with a group of people just this weekend for work I have learned a lot about lack of commitment. There is never a time when you will not learn something in the real world today. Lack of commitment has many key points that need to be addressed. In a team environment there are two things that are very important, clarity and buy in. Examples of these are when a problem arises, a resolution is discussed and thought through. So that its members now move forward with a buy in. Even if there is a disagreement among member they all can be confident in the outcome.

There are two great causes for lack of commitment. The first is the desire for consensus and second the need for certainty. This past weekend my team was brainstorming and many great ideas came to light. In the end only one could be put into place. Although everyones ideas were genuinely considerate and thought thru. In the end the entire team supported the final decision made by the team leader.

The need for certainly is also recognized when everyone on the team can be seen and heard. This way there is no lack of certainty within the group which could also cause a malfunction within the team. The team will see no one sided decision making or think otherwise on how the action was put into place by their leader. Delaying of important decision can cause a rift between members as well as changing a decision in the middle of an action. If these are done team members will feel a lack of confidence and also will result in a lack of commitment from your group members.

If a leader makes a firm decision without lack of confidence it will result in a domino effect within the team and further within the organization. Just like this weekend there was an agreement among team members that there would be a team effort of a common goal. Instead of people arguing over who’s was who’s and how many the result was the best weekend in the Region for the company.

Here are some suggestions on overcoming dysfunction within a group. The first is cascading messaging. This is the most valuable disciplines that any team can adopt and only takes a short amount of time to implement. At the end of any meeting a team should review any key decisions made and agree on what needs to be communicated to employees. What often happens that I have found in my group meetings is that the team will learn they are not all on the same page about what has been agreed upon. There is a need to clarify among each other specific outcomes before putting them into action. Also become aware of what needs to remain confidential along with what needs to be communicated quickly and intelligently. When leaving a meeting that has been clearly laid out amongst the team members the leaders will have sent a welcomed powerful message to its employees. Normally the employees are accustomed to receiving inconsistent statements from other managers.

Secondly, one of the things that is common is the understanding of when things are due or a deadline date. Timing is everything. Make sure everyone is on the same page so that there can be a great finish in the end. When needing to overcome worse case scenarios the team can briefly discuss contingency plans up front with each other or bring up the worst case scenario amongst each other so that there can be an easier decision making process. It also gives the team members less stress and reduces many things such as fear and anxiety . The end result is that they realize that mistakes can be overcome and not be devastating.

This team may have created some of their problems by avoiding accountability. When team members do not hold each other accountable for their actions or lack there of, the whole team looses. In many cases one or more of the team members become complacent, even dependant. Leaving the rest of the team to carry their load. This could lead to missed deadlines and all around poor performance. Teams that allow their performance to suffer because of a single individual only allow resentment to build.

To cure this the team should look at why they are not holding each other accountable. Usually it is due to his or her own uneasiness of confronting another team member. Calling an individual out, they feel, will create more problems then quietly ignoring the situation. So they do nothing. The fact is that while they are trying to avoid a confrontation they are creating larger more emotional problems, like resentment.

This team could assign a leader to resolve issues between team members, but that can present it’s own problems. This only really works if the leader encourages the team to hold each other accountable and only steps in when needed. If the team depends solely on their leader for discipline they may hold back when they see a problem. Individual members may not present their issues to the team as a whole so that they can be resolved, again leaving the door open to resentment.

The best solution that I have found is to announce from the start what is expected of the team as a whole and what is expected of each team member. If the guidelines are clear and each person knows what is expected of them, it will be easier for team members to say when someone is not living up to what the team had anticipated. Once all the teams’ standards have been established they should be kept where all members can see and read them clearly; so that no one will be able to overlook or ignore them.

Teams need to learn how to talk to each other in an effective manner. Wayne A. Davis cited in his article, Implicature, one principle and “the four ‘maxims’ specifying how to be cooperative”

The cooperative principle. Contribute what is required by the accepted purpose of the conversation.

The maxim of quality. Make your contribution true, so do not convey what you believe false or unjustified.

The maxim of quantity. Be as informative as required, neither more nor less so.

The maxim of relevance. Be relevant

The maxim of manner. Be perspicuous, so avoid obscurity and ambiguity, and be brief and orderly.

By adhering to these sayings a team will be better able to communicate what they believe to be good and bad without over stating themselves. This may save feelings from being hurt and keep conversations on a more professional level.

Regular reviews are one way that may help. This will let every one know if they are living up to the teams standards or where they are slacking. This will also allow the team to give input and get feedback on their performance. If the team as a whole lives up to their potential between reviews, then maybe a team reward is in order. Note that it is better to reward the whole team, not the individual. This encourages the team to work as a unit. If team members are not held accountable for their work, they are likely to become single minded. Working for their own goals and achievements.

Companies may decide to implement teaming in their work environment but their actions with regard to pay incentives, and reward programs often send a different message. Rebecca Sisco states in her article; Put your money where you teams are (1), “With a limited sum of money to divvy up, managers may rank-order team members to decide who should get the largest increase”. This approach still places the emphasis on individual performance. Employees will continue to focus on their personal goals when employees continue to receive merit increases based on their individual accomplishments.

The other approach she mentions in her article is that “they may choose to give everybody a satisfactory but not outstanding rating, so that everybody gets a moderate, approximately equal amount”. This approach tends to place tension between the employees who feel they handle most of the work load and the employees who are not performing at the same level. Employers spend large sums of money training and re-organizing people into cross-functional teams to; improve performance results, reduce defects, and improve business procedures. But, cross-training does not improve every team member’s performance to be equal with the other members of the group.

For a process so costly to implement, little attention is given to the reward process, which could ultimately aid their efforts to make teaming successful for their organizations. Standard budgets designed for individual merit increases do not provide sufficient monies to supply both, individual and team, reward programs. Employers must increase their budgets to allow more financial incentives for an employee’s contributions to the team’s success.



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Conflict of Interest

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Tim Horgan

PHL 0

MW

Conflict of Interest

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Upon reviewing the facts in the case of Steve Charles, it is clear that he violated the conflict of interest policy or did he? As far as Steve was concerned, he felt that he had done nothing wrong. Evidence does conclude that at no point did Steve Charles intend to profit from Ridgeway’s dealings with DEMC or OIST. The primary point in this investigation was as to whether Steve’s situation was a failure to reveal his personal activities or a conflict of interest. The real question that remains to be unanswered is why didn’t Steve file any kind of report with Ridgeway disclosing his outside investments if he considered himself clean of any conflict of interest?

The case of Steve Charles goes much deeper than just a conflict of interest violation. Steve was involved in not only one, but two companies. Steve had invested in gas and oil properties owned by DEMC (Diversified Energy Management Consultants). His involvement, however was short lived due to the company bankruptcy in 18. The other company was Offshore Instrumentation Specialists of Texas (OIST) which Steve was part owner. It was then found that OIST and Ridgeway worked together in August of 18 which was on an unsolicited basis.

Alex Elon, a long time friend of Steve, had part ownership and operated OIST. Internal Security later found that Alex Elon was consequently involved in a second company was found under the name DEMC. Perhaps the most troubling evidence was that some of the DEMC employees contracted to Ridgeway were under Steve Charles at the time and were in Alan’s Department. However, this information was found only after Steve Charles had terminated his involvement in the first company named DEMC.

Internal Security began questioning Alan’s involvement in the investments which Alan swiftly negated. When asked about Steve’s performance, Alan said that Steve performed better than anyone in the field. At no point did Alan ever question Steve’s ability to fulfill his duties. Alan was also in shock to hear that Steve had not disclosed these investments to him or anyone else at Ridgeway. Alan believed that there was no conflict of interest between the job Steve was hired to perform and his personal interests.

When it came time to question Steve himself, he admitted to all of his personal investments and knew he was guilty of failure to disclose investments under the Conflict of Interest policy. In the session with the Internal Security department, Steve produced evidence of his sale of ownership in OIST in 10. More importantly his recent association with the company DEMC owned by Alex Elon was only coincidental with regards to the use of its personnel on a contract basis.

Following the questioning, Alan was faced with a tough decision. The Conflict of Interest policy states that failure to disclose would result in termination. A meeting would be held with a final report deciding whether punishment would be appropriate. Alan, being Steve’s supervisor, was questioning why Steve did not disclose his personal investments with Ridgeway or Alan. Alan knew that no conflict of interest existed or was Steve just a psychological egoist. There is reason to believe that Steve was acting in his own self-interest because if he was clean of any conflict of interest then why wouldn’t he have just disclosed his investment information and cleared it with Ridgeway.

In the case of Steve Charles it is clear that he failed in telling anyone of his activities outside of the company. I feel however that there was no conflict of interest with respect to Ridgeway, but on the basis of psychological egoism Steve was getting greedy and felt that Ridgeway was not paying well enough for the hard work he maintained. Feeling shortchanged Steve took it upon himself to improve his own well-being and that of his family by making secret investments through investments in similar companies in which he had many contacts. At the same time Steve was very altruistic with regards to his job and maintained a very high level of performance. Alan should see that in Steve’s case that the selfish actions outweigh the altruistic ones and if I were to make the decision I would send Steve elsewhere.





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Kuken

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One morning the husband returned after several hours of fishing and decided to take a short nap. The wife decided to take the boat out. She was not familiar with the lake so she rowed out, anchored the boat, and started reading her book. Along comes the sheriff in his boat, pulls up alongside and says, Good morning, Maam. What are you doing? Reading my book, she replies as she thinks to herself, Is this guy blind or what? Youre in a restricted fishing area, he informs her. But, Officer, Im not fishing. Cant you see that? But you have all this equipment, Maam. Ill have to take you in and write you up.

If you do that I will charge you with rape, snaps the irate woman. I didnt even touch you, grouses the sheriff. Yes, thats true ... but you have all the equipment ... ... Moral Never argue with a woman who knows how to read.

A man sits at a cafe, enjoying an after work aperitif, when a gorgeous young woman walks in. He cannot take his eyes off her. The woman notices his attentive stare and walks directly toward him. Before he can apologize for staring, the woman says, I will do anything for you, absolutely anything, for $100. Theres only one condition. Whats that asks the flabbergasted man. The woman says You have to tell me what you want me to do in just three words. The man considers her proposition for a moment, withdraws his wallet from his pocket and slowly counts out five $0 bills, which he presses into her hand. He looks deeply into her eyes as he says, Paint my house.

Priests on Vacation -- Two priests were going to Hawaii on vacation and decided that they would make this a real vacation by not wearing anything that would identify them as clergy.

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As soon as the plane landed, they headed for a store and bought some really outrageous shorts, shirts, sandals, sunglasses, etc. The next morning, they went to the beach, dressed in their tourist garb and were sitting on beach chairs, enjoying a drink, the sunshine and the scenery when a drop dead gorgeous blonde in a tiny bikini came walking straight towards them. They couldnt help but stare and when she passed them, smiled and said,Good morning Father, Good morning Father, nodding and addressing each of them individually, then passed on by.

They were both stunned. How in the world did she recognize them as priests? The next day they went back to the store, bought even more outrageous outfits -- these were so loud, you could hear them before you even saw them -- and again settled on the beach in their chairs to enjoy the sunshine, etc. After a while, the same gorgeous blonde, wearing a string bikini this time, came walking toward them again.(They were glad mthey had sunglasses, because their eyes were about to pop out of their heads)

Again, she approached them and greeted them individually Good morning Father, Good morning Father, and started to walk away. One of the priests couldnt stand it and said, Just a minute young lady. Yes, we are priests, and proud of it, but I have to know, how in the world did YOU know? Oh Father, dont you recognize me? Im sister Angela!



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Deming

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?Optimization is refers to as an orchestra by Deming. Where by everyone work together as a team supporting each other and not work as a solo. I would agree with Deming on his point of optimization. I really think this society is based on team work and no one can really accomplish something great by himself/herself.

?Adversarial competition is a bad thing for the market because everyone is more focused on the share of market and trying to kill off other competitors. But instead they should be focusing on newer and better products. This is agreeable because as Deming said that the market is not finite and can be expanded.

?Education these days are all base on theory and not much on practical work. Instead we look at previous example and say to our self that we figure out the problem. While it much more complicated than that student must relate example to theory and without theory there is nothing to learn. “Theory is knowledge?said Deming. This is a strong point pointed out by Deming and I think the education system would benefit if they taught by Deming’s ideas.

?Ranking is not a good idea in motivation. Ranking forces people to compete with each other and competition within a firm is not a good idea because back stabbing from other employee will occur. Also by ranking people at different level they perform at the level they are rank so this is idea that would keep employee from motivating themselves. I would say I’m in the middle for this point as I think without ranking there would be chaos. Just not too many level of ranking I think would benefit more than the usually tree type branching.

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?I think is important for everyone to understand the system and work by the system. Not thinking of self interest and make everyone gain and there will be no losers.

?Union is not a bad thing. If negotiation is about optimization of the system to achieve more gain.

?Continual improvement of product is not focusing on competition but better improving you product. This is working for the US market and some auto maker are working together to improve the standard of product. This is the way to go. Only by helping each other can better product be created and introduced



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ZAP and the electric Vehicel industry.

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ZAP and the Electric Vehicle Industry

Case Analysis

MGMT 480

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Andrea Calvert

Danielle Mikolai

Marta Kotonova

Peter Kariuki

ZAP and the Electric Vehicle Industry

Introduction

“ZAP stands for Zero Air Pollution” (www.lahiji.com). ZAP focuses on production of vehicles that run on electric power, keeping the environment in mind. This case is evidence that just a few ideas and love for the environment can give the way to a great product, and many manufacturers followed. Although the economy is not too friendly to manufacturers and retailers now, ZAP can achieve success with proper management of its strengths and opportunities in the market. The following analysis covers the overall industry of EV (electric vehicles), Zap and its position in it, and recommendations for its future strategies.

Analysis of Industry

• The electric vehicles industry is very broad in scope (from military equipment to toys for children), which means that any new idea can find its place with fairly low competition overall. In ZAP’s case, the idea was good because until 14, not many people knew about this opportunity in the market and it was a great way to succeed for Starr and his new company. The barriers for entry were low. The barriers now are much higher due to higher interest for the products from customers and an increased number of companies in this industry.

• Unfortunately for ZAP, the EV industry has many substitutes, especially in the focus that this company has. To name a few regular bicycles, inline skates and skateboards. The presence of substitutes in the industry is a threat for the company (Strickland, Thomson 87, 88). Right now, “the largest segment of the individual transportation industry belongs to the bicycle industry” (Strickland, Thomson C-107). The main reason for this is the cost, especially if manufactured overseas.

• Competition in the EV industry is growing now as well as the number of acquisitions. To acquire a company means to buy off another company and that way gain know-how, increase the number of customers, and lessen competition. ZAP took advantage of this and conducted several acquisitions itself (ZAP acquired EV Systems, CA; Aquatic Propulsion Technology, Inc. and many more). With this move, the company decreased its cost and this money was then used on further research and development.

• Differentiation in the EV industry started to grow with the growth of the interest in it from the customer side. Right now, ZAP is in the top ten of the industry (next to EV Rider, Bikit, Schwinn, etc.), but in order to keep its post, a lot of research is needed. In 000, compared to the sales of electric bicycles in the United States, the sales elsewhere in the world were much higher. This presents a great opportunity for ZAP, but also means a high competition possibility. (Tables C-111)

• Many manufacturers in the EV industry sell their products through the Internet, of which many are publicly traded. Selling products via the Internet reduces costs and is easier to access for customers that do not live in the area of the company or its retail centers. ZAP is not an exception. ZAP started to use the Internet in 17. In addition, using the Internet makes it easier to gather market intelligence on rival firms and potential suppliers and distributors.

• Globalization is a growing trend in the EV industry. Going global increases the number of customers overseas, a company gains valuable resources and lowers its costs, and spreads its business risk, too (Strickland, Thomson 00, C-11,114)). ZAP took advantage of this opportunity and now produces its products in Taiwan, China, etc., where the costs are lower, it opened retail stores overseas and gained more customers.

• Fourth and fifth powers of the forces of competition (Strickland, Thomson 81) are suppliers and buyers. Manufacturers in the EV industry need mainly steel, rubber and plastic in their production. All these industries are highly developed and there are many suppliers for the EV industry, which means that the suppliers do not have high control over their customers because it would be very easy to switch the suppliers, should not the conditions work for the manufacturer. (www.steelnews.com; www.tiretracking.com; www.polyonedistribution.com) The power of buyers in the EV industry is high because they can go to the cheapest producer since there are so many now. The buyer can choose the most convenient one, the cheapest one, or the one that gives him/her the best offer. Also, there are many substitutes in the market, so it would be very easy for the buyer to switch to those.

Analysis of Company

Strengths

• Zappy and Kick accounted for 85 percent of sales in 000.

• In 001, ZAP came up with new electric motor device ZapAdapt, which may be attached to manual wheelchairs.

• ZAP has 14 patents, which is good for legal protection from infringers.

• Compared to 15, in 000, ZAP became more liquid (table c-101). In addition, in 00, ZAP’s cash got even lower, which is great for liquidity and so did their inventories, which lowered costs (http//finance.yahoo.com).

• The public became more aware of ZAP in 000, at the Olympics in Sydney, but also through American sitcoms, TV commercials and news (www.zapworld.com).

• ZAP reduced its cost through moving its production to Taiwan and with this money saved, it could focus more on distribution improvements

• In 001, ZAP had over 100 independent retail outlets, which drew more customers in.

• “Currently, low-speed electric bikes are regulated by the National Highway Traffic Safety Administration (NHTSA), which subjects these bicycles to the same standards as motor vehicles” (www.lahiji.com). This was a great opportunity of which ZAP took advantage and it became its strength.

• “Improved battery technology, worsening traffic congestion, and new community infrastructure (bike lanes, bike racks, secure parking, etc.) were also thought to be major attractions to prospective consumer of electric bikes” (Strickland, Thomson C-10). All this conditions suited ZAP and it turned them into its strength.

• Starr said that “… [ZAP] needs to continue to be a pioneer and a leader in the [EV] industry” (Strickland, Thomson C-10), and right now, the company is present in more than 60 countries. This strategy is being ensured through constant research, development and further acquisitions.

• As the company states itself, ZAP is environmentally friendly, saves money, saves time, helps the economy, combats global warming, and most of all, it is fun (www.zapworld.com).

Weaknesses

• In 001, John Dabels (member of ZAP board of directors) left the company to spend more time with his family. This is a danger to lose important members in crucial moments. ZAP should try to avoid these situations.

• The sales in 001 were very low compared to sales in 000. It improved in 00, but they are still low never the less. ZAP’s weakness is to predict the sales and handle its inventories of some products (improving throughout 00, so to confirm, we have to wait until the end of 00).

• Although on TV and a few events, ZAP still does not have enough advertisement. It needs to reach different ranges of customers (age, status, etc.).

Opportunities

• Customers are out there � talk to them and sell more. There is an opportunity to make a big profit in the EV industry because it is so broad in scope! “In 000, Peter Harrop, a consultant to the EV industry, estimated that industry sales would exceed $6billion in 000 and $6billion by 010” (Strickland, Thomson C-104).

• There are market openings overseas, like in China/East Asia. These countries have major pollution problems, so environment friendly vehicles would be welcome. Plus if products will be manufactured overseas, it would be cheaper to sell there and also, to import elsewhere in the world.

• Focus on the disabled is high nowadays. This is a great opportunity to aim ZAP’s products at. Next to actual helpers, electric vehicle would be great assistance tool.

• Using electric vehicles in military, wildlife studies, underwater world and in law/police is greater than ever. For a policeman, using an electric bike is more convenient than trying to get to needed places with his own power. And it is so much easier for anybody to get to places, especially in a short range, in today’s traffic jams. An electric vehicle is a great alternative to gasoline-powered vehicle, and with the latest advances in battery technology, it is safer, more compact, and more affordable, in addition to its easy and quick charging.

• To sell motors for regular bicycles is a great way to get ‘already taken’ customers.

• Thanks to battery technology, electric automobiles are more practical to produce. A 000 study showed that 45 million cars in the United States drove less than 0 miles per day, which proves that electric vehicles are more practical and faster in the traffic jams, plus they are environmental friendly. This is a great opportunity for higher sales not only here, but also in Europe, esp. in older parts of cities where gasoline vehicles are not permitted to drive.

• In 000, scooters (15 mph) were legalized for roads, which brought more opportunities for higher sales.

Threats

• “An onslaught of new, lower-cost competitors had entered the EV market” (Strickland, Thomson C-5, 7).

• Opportunities for higher sales bring the higher possibility of new competitors.

• Manufacturing of bicycles, inline skates and skateboards is very cheap, especially if they are manufactured overseas.

• ZAP has many competitors now, like Th!nk Mobility (an enterprise of Ford), Mercedes Benz, Trek, Schwinn, Murray, and Giant (China-based manufacturer).

• “Higher electric energy costs had the potential of altering [the perception of the expense to have an electric vehicle] in the minds of consumers” and it still is here today (Strickland, Thomson C-11).



Recommendations

• It would not be good for ZAP to go over twenty products in its product line, unless it would open some daughter companies, so risk would spread.

• To create greater public awareness, ZAP should get its name out more, for example through donations (wheelchairs to homes, mini scooters to orphanages, etc.). Another way would be through rallies/auctions where people could bet or sign up to win ZAP’s products. It would make it more fun and ZAP’s name would become more known, therefore through its new popularity, sales would grow.

• To get its name out, ZAP should advertise its different products on various channels (scuba � discovery, sport channels; Zappy, bikes, scooters � cartoon network, comedy central, and other channels that young people watch; wheelchairs, bikes � soap channels, etc.).

• ZAP should stay in the industry even though its stock price was $1.80 in summer of 00 and it is only $ 1.0 now. Once market conditions improve (lower unemployment, more securities), people start relying on their environmental consciousness more again, but in order to be ready, ZAP must keep its name out on the market and keep supporting its advertising.

Conclusion

The electric vehicle industry is very broad and one company can be like a drop of water in the sea of this industry. Although a small company in the beginning, Starr found the right product to emphasize in the market and ZAP started to grow. With his great idea, he achieved the top, and based on this analysis and its recommendations, ZAP can remain the market leader.

Works Cited

AISA. Steel News. 00. Oct 17 00. http//www.steelnews.com/companies/suppliers.htm

Strickland, A. Thomson, A. Strategic Management Concepts and Cases. McGraw-Hill Irwin. 00.

Lahiji, Chris. ZAP! Bold Rocket Production. 00. Oct 00. http//www.lahiji.com/companies/zapz.shtml.

MPS Solutions, Inc. Tire Industry Links. Oct 17 00. http//www.tiretracking.com/TireIndustryLinks.htm.

Poly One. Industry Resources. 00. Oct 17 00. http//www.polyonedistribution.com/ind/index.asp?session=/1/0+441+AM.

ZAP. Newsroom. 00 ZAP. Oct 00. http//www.zapworld.com/news/reasonszap.htm.

Yahoo!Finance. Balance Sheet. 00 Yahoo. Oct 00. http//finance.yahoo.com/q/bs?s=ZAPZ.OB.

Yahoo!Finance. Historical Prices. 00 Yahoo. Oct 00. http//finance.yahoo.com/q/hp?s=ZAPZ.OB.

Yahoo!Finance. Income Statement. 00 Yahoo. Oct 00. http//finance.yahoo.com/q/is?s=ZAPZ.OB.



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