Budget Planning and Control Tootsie Roll Industries

Budget Planning and Control Tootsie Roll Industries About the company Tootsie Roll Industries is based in the United States and it deals with the production of food items that have high levels of Carbohydrates and sugar. The company was established in 1896 and it operates in the confectionery industry. Currently, it is a public company that trades on the New York Stock Exchange with the ticker symbol TR.Advertising We will write a custom research paper sample on Budget Planning and Control: Tootsie Roll Industries specifically for you for only $16.05 $11/page Learn More Currently, the shares of the company are trading at $31.86 per share. Further, the company has a market capitalization of 2.0 billion. At the end of the year 2014, the total revenue of the company amounted to $544 million while the operating income totaled to $84 million, an equivalent of 15.4% of sales. The net income for the year amounted to $63 million. The total assets at the end of the year 2014 amounted to $910 million, while liabilities and equity amounted to $220 million and $691 million. A review of the balance sheet shows that the company has more equity than debt in the capital structure. A review of the trend of the performance of the company over the years shows that the performance of the company has improved. Finally, the company has engaged more than 2000 employees. The paper seeks to analyze various aspects of budgeting for Tootsie Roll Industries. Reasons for budgeting There are a number of reasons why companies need to prepare and manage budgets on a period basis. The first reason is that budgets enable the management to plan for the future (Brigham Michael, 2009). In this case, the budget aids the management in developing a direction for the entity. It also facilitates the development of future policies for the organization. Also under planning, budgets aid management in planning for problems that might arise in the future. Finally, as a way of planning for the organization, budgets helps the managem ent in setting standards that can control the use of available resources (Collier, 2010). The second reason why companies need to prepare budget is that it aids in delivering important information on matters that deal with the capabilities of resources. An example is that a cash budget gives information on the ability of the company to generate revenue and pay for expenses. Further, a budget encourages coordination across various departments and units because the plan for a specific period is communicated to various employees (Brigham Michael, 2009). This contributes to the achievement of the overall objective of the entity. Thus, if the company carries out proper budgeting, then it serves as an effective tool for planning and controlling (Brigham Michael, 2009). Positive outcome The positive outcomes that are likely to be reported when budgets are carried out effectively are reduced costs and improved profits. This is based on the fact that budgets aids in effective management of costs and this has a positive impact on the performance of the company. As a result, the elements in the budget will be equivocal to achievement of the intentions of a company. Besides, the company will be able to track different budget performance matrices over a specified period of time.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Negative outcome The negative outcomes that are likely to be reported when budgets are carried out effectively are resource misuse and inability to track different parameters of performance of a specified period in a company. If budgeting is not done effectively, then there is likely to be misuse of resources since budget controls resource allocation and use in a company (Graham, Smart, Meggison, 2010). This will lead to poor working capital management and low level of sales. This may translate into poor performance since misusing resour ces cannot translate into efficiency. Therefore, it is important for the company to carry out planning for all financial years. Budget plan The company needs to come up with a comprehensive budget plan because it is involved in the production and sale of its products. Therefore, the high-level budget will capture the two aspects of the business and it gives strict control on spending (Brigham Michael, 2009). Thus, the high-level budget plan for the company is summarized in the table below. The plan above brings together all the aspects of the organization in one budget. It ensures that several employees are involved in planning and control of resources. Budgeting phases Budget preparation goes through four distinct phases. The first phase is budget preparation. This stage is quite critical because the resources available in the organization are reviewed to ascertain whether they can enable the company to achieve the desired goals and objectives (Brigham Michael, 2009). The phase is the approval of the budget while the third phase is executing the budget. The final stage is evaluating the budget. This stage ensures that resources are spent in accordance with the budget (Atrill, 2009). All these phases are critical because they ensure that the budgeting process is successful.Advertising We will write a custom research paper sample on Budget Planning and Control: Tootsie Roll Industries specifically for you for only $16.05 $11/page Learn More Methods and techniques of managing budgets Methods managing budgets The first technique of managing budgets is by preparing flexible budgets. These are budget relationships that can be adjusted to various levels of activities. This technique is suitable for performance management (Atrill, 2009). The second technique is by managing variances by exception. These variances can cause significant variations on the results. Managing variances is a technique that ensures that the company stays within th e budget (Hansen, Mowen, Guan, 2009). Techniques of managing budgets The first method of managing budget is drawing parallel budgets from which the most effective budget is picked. This method is necessary in minimize possible risks as a result of dynamics that might affect projections in a single fixed budget (Graham, Smart, Meggison, 2010). The second method of managing budgets is creating a matrix for balancing the actual and projected figures to ensure that the funds allocated for each function are spent within the acceptable degree of variation (Atrill, 2009). Action plan to resolve budget misalignment Flexibility is often compromised in companies facing uncertainty. In real sense, there should be a balancing system that is critical in improving leadership skills, evaluation skills, promoting creativity, and tracking goals (Graham, Smart, Meggison, 2010). Therefore, the basis for flexibility implementation should function on a comprehensive analysis of how budget monitors an y change in variance from expected outcome to facilitate work-life balance in a project (Brigham Michael, 2009). The concept should remain relevant even during economic downturn since an ideal tracker has a moderator within Pareto efficiency matrix (Arnold, 2008). Recommendations for resolving budget misalignments Managing variances by exception This is achieved through variance analysis to resolve budget misalignment. Variance analysis focuses on the difference between the actual and budgeted amounts. It analyzes the total variance between standard and actual result (Graham, Smart, Meggison, 2010). Variances can either be favorable or unfavorable. Variance analysis has a number of advantages. First, it helps in performance management. This is because the management uses results of variance analysis to measure performance against expected results. Secondly, variance analysis improves responsible accounting. Finally, variance analysis encourages management by exemption, that is, ma nagement puts a lot of emphasis on areas with adverse variances (Atrill, 2009). The rationale for this technique is the ability to track the variances that might be detected in budget implementation to ensure that these variations do not affect the overall outcome (Brigham Michael, 2009).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Preparing flexible budgets In line with the main objective to determine the forecast density closest to actual value, it is of essence to resonate upon the principles of relative performance of different competing forecast densities as part of the cost reduction system. In computing this, higher scores are given more priority since they are prone to give positive values. Besides, this model distributes higher probability to values observed (Graham, Smart, Meggison, 2010). From the different densities realized and those forecasted, the sequences of observed results on densities of return are compared from the base line of an average score. Subsequently, in line with the accuracy of equal forecast, the loss differential is expected to be minimal (Brigham Michael, 2009). The rationale for this technique is that the parameters and variables used are aligned to ensure that threshold on model-independent is achieved within competing parameters (Graham, Smart, Meggison, 2010). Thus, thi s is the most appropriate benchmarking for managing a budget. References Arnold, G. (2008). Corporate financial management. New York, NY: Pearson Publishers. Atrill, P. (2009). Financial management for decision makers. New York, NY: Pearson Publishers. Brigham, E., Michael, J. (2009). Financial management theory and practice. New York, NY: South-Western Cengage Learning. Collier, P. (2010). Accounting for managers. New York, NY: John Wiley Sons. Graham, J., Smart, S., Meggison, W. (2010). Corporate finance: linking theory to what companies do. New York, NY: Cengage Learning. Hansen, R., Mowen, M., Guan, L. (2009). Cost management: accounting control. New York, NY: South Western Cengage Learning.

Artist George Catlin Proposed Creation of National Parks

Artist George Catlin Proposed Creation of National Parks The creation of the National Parks in the United States can be traced to an idea first proposed by the noted American artist George Catlin, who is best remembered for his paintings of American Indians. Catlin traveled extensively throughout North America in the early 1800s, sketching and painting Indians, and writing down his observations. And in 1841 he published a classic book, Letters and Notes on the Manners, Customs, and Condition of the North American Indians. While traveling the Great Plains in the 1830s, Catlin became acutely aware that the balance of nature was being destroyed because robes made of fur from the American bison (commonly called the buffalo) had become very fashionable in the cities of the East. Catlin perceptively noted that the craze for buffalo robes would make the animals extinct. Instead of killing the animals and using nearly every part of them for food, or to make clothing and even tools, Indians were being paid to kill buffalo for their fur alone. Catlin was disgusted to learn the Indians were being exploited by being paid in whiskey. And the buffalo carcasses, once skinned, were being left to rot on the prairie. In his book Catlin expressed a fanciful notion, essentially arguing that the buffalo, as well as the Indians who depended upon them, should be preserved by being set aside in a Nations Park. The following is the passage in which Catlin made his startling suggestion: This strip of country, which extends from the province of Mexico to Lake Winnipeg on the North, is almost one entire plain of grass, which is, and ever must be, useless to cultivating man. It is here, and here chiefly, that the buffaloes dwell; and with, and hovering about them, live and flourish the tribes of Indians, whom God made for the enjoyment of that fair land and its luxuries.It is a melancholy contemplation for one who has traveled as I have through these realms, and seen this noble animal in all its pride and glory, to contemplate it so rapidly wasting from the world, drawing the irresistible conclusion too, which one must do, that its species is soon to be extinguished, and with it the peace and happiness (if not the actual existence) of the tribes of Indians who are joint tenants with them, in the occupancy of these vast and idle plains.And what a splendid contemplation too, when one (who has traveled these realms, and can duly appreciate them) imagines them as they migh t in future be seen (by some great protecting policy of government)preserved in their pristine beauty and wildness, in a magnificent park, where the world could see for ages to come, the native Indian in his classic attire, galloping his wild horse, with sinewy bow, and shield and lance, amid the fleeting herds of elks and buffaloes. What a beautiful and thrilling specimen for America to preserve and hold up to the view of her refined citizens and the world, in future ages! A Nations Park, containing man and beast, in all the wild and freshness of their natures beauty!I would ask no other monument to my memory, nor any other enrollment of my name amongst the famous dead, than the reputation of having been the founder of such an institution. Catlins proposal was not seriously entertained at the time. People certainly didnt rush to create a huge park so future generations cold observe Indians and buffalo. However, his book was influential and went through many editions, and he can be seriously credited with first formulating the idea of National Parks whose purpose would be to preserve the American wilderness. The first National Park, Yellowstone, was created in 1872, after the Hayden Expedition reported on its majestic scenery, which had been vividly captured by the expeiditions official photographer, William Henry Jackson. And in the late 1800s the writer and adventurer John Muir would advocate for the preservation of Yosemite Valley in California, and other natural places. Muir would become known as the father of the National Parks, but the original idea does actually go back to the writings of a man best remembered as a painter.

Haier Global Analysis Case Study Example | Topics and Well Written Essays - 1000 words

Haier Global Analysis - Case Study Example Yes. It took Haier some time to establish as a quality player in developed markets. But once it has established itself in those countries Haier was able to retain more margins and introduce some products that are suitable for special segments. This has helped in introducing more products with increasing revenues. It also helped Haier to enter into developing countries with an established reputation in developed markets.Yes. It took Haier some time to establish as a quality player in developed markets. But once it has established itself in those countries Haier was able to retain more margins and introduce some products that are suitable for special segments. This has helped in introducing more products with increasing revenues. It also helped Haier to enter into developing countries with an established reputation in developed markets.But it has faced problems in customizing its products to developing markets. As each market is different in its market characteristics Haier has to deve lop separate marketing strategies.Haier has developed its brand as a niche player in developed countries. This makes it to position in developing markets also easier.   The advantage of branding itself as a niche player and continuously maintaining quality will enable Haier to offer its product line at a premium as well as it can increase sales. The reputation in one product will help other product lines as well.†¢ Develop an International marketing strategy as well as standardization strategy.†¢ Focus on R&D to produce innovative products for customization for the local markets†¢ Focus on Brand promotion as a niche player as well as develop good distribution network for developing markets.As the focus on more number of countries increases, there is a need for developing an International marketing strategy. The International Marketing Strategy enables Haier to develop strategies that on a global level. This helps in identifying countries according their importance a s well as their markets. Identify the markets to understand customers according to their preferences. Key Point #2 Haier has introduced new and more innovative products as an entry strategy into developed markets. It has helped Haier to position itself as a quality player. So it can adopt the same strategy to enter into newer markets. There is also a need to develop customized products to several markets apart from standardized products. This helps it to understand its markets well.(fig: B) Key Point #3 Being a niche player as well as a developing good distribution network are key strategies to

Nursing bridge programs Essay Example | Topics and Well Written Essays - 1000 words

Nursing bridge programs - Essay Example Typical courses that are involved in these online classes include pharmacology, psychology, physiology, anatomy, and microbiology. On passing the course, the LPN will have to take the NCLEX-RN test for one to get the RN title. When one is getting their bridging course online, they are still required to get clinical training from a health facility setting. As with all types of schools, online LPN to RN bridging courses have a disadvantage in that the students have limited instructor and peer interaction, as well as a lack of readily available facilities (Nunnery 30). This problem faced Olivia Medina and Allisan Loya, who completed their courses after retaking an entire semester and failed to complete it altogether respectively. Of the six LPNs taking the bridging course at Lamar College in Texas, only Allison passed and this could be because they are all full time working mothers who do not have time to take part in the practical aspect of their course. It has been reported that while the popularity of bridging online courses has increased overall, the rates of course completion is very low. This has been seen in the case of the students from Lamar College and the problem of online LPN to RN bridging courses is two-pronged. ... However, it is this later group that makes up the highest proportion of online bridging course enrollment (Nunnery 39), which means that they need the most contact with their instructors in order to be successful. Research has indicated that LPN students who enroll in online bridging courses have a higher chance of not completing their course or failing than those who attend traditional courses in the classroom, which leads to loss of their tuition money. In addition, students who have other commitments in their lives and are barely succeeding in traditional classrooms have been found to fall even more behind when taking bridging online courses (Nunnery 40). For this reason, there is a need to improve the online bridging courses for LPNs to RNs, while it may be prudent for those online courses that have a high failure and non-completion rates to require their students to first show adeptness in the traditional classroom setting prior to enrolling them in the online courses. Online br idging courses that do not take the individual requirements of the students into consideration suffer the risk of low completion rates and failures (Nunnery 40), which has necessitated a closer and more personal approach to these students. However, this is much easier said than done. The online bridging revolution for LPNs has been gathering momentum for the last ten years, although evidence shows that their success rates are at least half of what they are for students taking traditional classes. One logical answer to this may be the institution of front door controls for students enrolling in the online LPN to RN bridging courses (Cherry & Jacob 34). This would be in line with the testing that is required for

Eom Draft Essay Example for Free

Eom Draft Essay Although many practices such as resale and consignment of clothing are not widely known in Singapore, they are possible practices that could be adapted and promoted in our culture as an alternative to recycling clothing, making it relevant to our project. The concept of the consignment boutique is for shoppers to â€Å"wear the outfit once, bring it in, get money back and continue their shopping habit†. This encourages the idea of reuse of clothing but keeps the clothing in a fixed circuit, being recycled in the same boutique. Instead, these shops can expand their networks or probably work together with other resale shops and reach out to more buyers and sellers, providing them with a bigger variety as well. Although when reselling it to the different boutiques, varying offers may be made by different boutique owners. These boutiques may standardize the prices to offer according to the number of days from which it was purchased, which will be recorded in a computer system assessable to the owners in the network. The article claims that â€Å"people don’t have a stigma against buying used clothes anymore† but I disagree. In Singapore, many second-hand clothing stalls are not popularly purchased from, due to the social stigma that used clothes are old, unwanted and unhygienic which is usually reflected through how the shops are usually disorganized, unlike those mentioned in the article where ‘the racks aren’t overcrowded’ and the store has a ‘boutique feel’ which appeals to the target demographic. Thrift shops in Singapore could be mirrored to have organized racks for different clothing articles and trends and could hire youth volunteers who would communicate better with the shoppers. This would increase the appeal for used clothing and possibly change the perspective on used clothing. In a consignment, the owners are able to ‘chose what [they] want’ to purchase. This may be unreflective of what the rest of the consumers want. Also, when they are willing to purchase it, the seller may be unhappy with the price of the offer. Therefore, instead of having the retailer as the middle-man, events where people can swap or sell their clothing would be more effective as buyers are able to chose what they want while sellers can name their own prices according to their perceived value for it or allow others to bargain for cheaper prices. The article states that consumers want good deals and are ‘growing tired of mass produced clothing’ therefore resale shops targets the ‘vintage aspect’ to set themselves apart. I agree with this statement as mass produced clothing are widely seen around the market and loses its originality and one-of-a-kind concept which customers define unique. Consumers would be willing to pay slightly more if the article of clothing is not commonly or easily found. Furthermore, the vintage aspect suites current clothing trends and would appeal to the target group of teenagers well. There is also a small number of male shoppers visiting or purchasing from consignment and resale boutiques, possibly because resale boutiques may not appeal to the male demographic widely, as they may come across as more female-centric and may not be as widely known. As the article mentions that the location affects the target demographic, these boutiques can be relocated or expanded to places in the urban areas which have many other male clothing outlets in order to boost its image as a boutique for male clothing as well and attract more male shoppers.

Socrates and His Innocence :: essays research papers

Socrates and His Innocence   Ã‚  Ã‚  Ã‚  Ã‚  Socrates lived such a private life that it lead to the most important revelation of his entire life. He would go about his life doing nothing but self-examination. In examining his life so strenuously others would come to him to be taught, or to have their children be taught by Socrates. They would offer him money and he would refuse. They would do whatever they could to learn anything Socrates had to teach. What they did not know is that Socrates was not teaching anyone he was simply going about his usual life and people just happened to learn from it. This was also why Socrates was put on trial. He was brought up on two charges, one of impiety and the other of corrupting the youth. These two charges set the course for the last month of his life.   Ã‚  Ã‚  Ã‚  Ã‚  Socrates was indicted to a court of law on the charges of impiety, and the corruption of the youth of Athens. Three different men brought these charges upon Socrates. These men represented those that Socrates examined in his search to find out if the Delphic Mission was true. In that search he found that none of the men that promoted what they believed that they knew was true was in fact completely false. This made those men so angry that they band together and indicted Socrates on the charges of impiety and the corruption of the youth. Socrates then went to court and did what he could to refute the charges that were brought against him.   Ã‚  Ã‚  Ã‚  Ã‚  Socrates starts by speaking of his first accusers. He speaks of the men that they talked to about his impiety and says that those that they persuaded in that Socrates is impious, that they themselves do not believe in gods (18c2). He tells the court of how long they have been accusing him of impiety. He states that they spoke to others when they were at an impressionable age (18c5). These two reasons alone should have been good enough to refute the first accusers of how they were wrong about him but Socrates went on. He leaves the first accusers alone because since they accused him a long time ago it was not relevant in the current case and began to refute the second accusers. Socrates vindicates his innocence by stating that the many have heard what he has taught in public and that many of those that he taught were present in the court that day.

Business and Starbucks

1. Why do you think Starbucks has been so concerned with social responsibility in its overall corporate strategy? Starbucks is not only concerned with the success of the company but with the satisfaction of their employees and customers. They realize and show they know without the customers they would not have the business. They ensure farmers are able to make profits by paying more for the coffee; they put the customer first and put them before their profits. When they have employees that are not satisfied, they will not give the company 100% of their ability. They value their employees so they reward them to keep their morale up and keep them happy so they keep the customers happy. 2. What are the most admirable and significant investments that Starbucks is making in its people, products, stores and suppliers? Starbucks offers benefits to employees if they work at least 20 hours per week. This helps single mothers if they cannot afford insurance. They make charitable donations to help farmers and the surrounding communities in effort to help make a name for them. They try to make it more customer-friendly by combining items on their menus so customers can take advantage of being able to get their breakfast and coffee at one convenient place. 3. What do you believe are the most significant ethical criticisms of Starbucks’ leadership and business strategy? Starbucks are everywhere. I have personal issues with big box companies driving out the mom and pop shops. They make it a hard competition for entrepreneurs to try to make it in this economy. I feel they should support the smaller businesses more but realize they will worry about themselves first. 4. Is quality of life in Albuquerque better or worse because of Starbucks? I feel coffee is a very sought after luxury that almost everyone enjoys. I have walked by some Starbucks and have seen people on their laptops studying, visiting with people, and have seen some business people having meetings. I think it could bring a better quality of life to Albuquerque if it has not already. I personally have paid the Starbucks price for coffee and do very much enjoy having that sweet energizing treat every once in a while. Although the economy now does not allow much room for luxury maybe they will rethink their prices in the future to better fit the decreasing economy to keep the customers coming in.