Supply Chain Management Executives †Free Samples to Samples

Question: Discuss about the Supply Chain Management Executives. Answer: Introduction Inventory management is one of the top areas of concern for most of the supply chain executives. Effective inventory management is what separates best in class companies from laggards (Wagner, Kemmerling, 2014). Inventory management comes into picture because no matter how many models were developed and research is conducted in the area of demand forecasting, forecasts are always unpredictable and there is always c challenge in balancing supply and demand. If the company increases the supply anticipating huge demand, then the holding and carrying costs will go up and there is also huge risk of obsolescence due to short life cycle of products in this age of rapid change in technology. At the same time, if the company decreases its supply anticipating low customer orders, then there is opportunity costs and loss of profits as well as it is also possible that company may permanently lose the customer in future sales. As a result, there is a tradeoff between manufacturing excessive inventory of finished good items as well as keeping the low supply of finished good items. Similarly, each time, manufacturer placed orders with suppliers for raw materials requirements, it incurs an ordering costs like preparation of requisition, conversion of requisition to purchase order, approval of purchase order, supplier communication costs. Thus, it will be easy to believe that manufactures will try to reduce the frequency of orders by placing orders with large quantities however there is a tradeoff here also. For instance, if manufacturer places order for large quantity, holding or carrying costs will increase as bigger space will be required to hold extra inventory. Holding costs are the costs related to storage facilities, insurance, breakage, more security, taxes and so on. Thus, there are multiple tradeoffs that manufacturers has to face in effectively managing the inventory (Sarkar, Chaudhuri, Moon, 2015) . To be more precise, Inventory management answers the questions of how much quantity should be ordered in a given order and when the order should be placed such that manufacturer will maximize its customer service and at the same time by lowering its inventory investment. It would be correct to say that inventory management is one of the most important concerns for organizations. The objective of organizations is to have an automated inventory management system in place that would ensure that there are no stock outs and at the same time inventory holding cost is also minimal. Over a period of time, many models were developed for managing the inventory and each model has its own pros and cons. There is no one model that suits all the organizations and organizations are using appropriate models based on their requirements. Also, most of the organizations are using more than one model or combination of models to manage their inventory. Below are some common models that are used to ma nage the inventory: Min-Max ordering technique In this technique, maximum and minimum inventory levels are defined for each item and as soon as the item quantity falls below the minimum level, buyer will be notified and system will suggests to place an order for the quantity that will again make the stock levels to maximum. The biggest drawback of this type of technique is that it does not take into account the lead-time of the item. As a result, this technique is not very common. However, this technique is used within the same organization for replenishing item from one department to another. This technique is an old technique and organizations rarely use this technique to manage their inventory management and operations management problems. This strategy is built so as to overcome the weakness of Min-max technique i.e. it uses the lead-time of items in suggesting the order quantity and timing of the order. In this technique, when the inventory levels falls to the reorder point, order is triggered for replenishment. At the reorder point, on hand inventory is equal to the sum of the quantity required during the lead-time period and safety stock. The idea is that order quantity will be received on the day when on hand quantity becomes equal to safety stock (Moon, Shin, Sarkar, 2014). Thus, company will never have to use their safety stock unless there is some real emergency. However, the quantity of the order is actually calculated by Economic order quantity (EOQ). Economic order quantity calculated the quantity of items that company should buy in order to minimize its total inventory costs including ordering costs and holding costs. There is a tradeoff between ordering costs and holding costs. As one increases, the other one will decrease. In economic order quantity, total cost is calculated and then minimized to get the order quantity. The cost is minimized when the ordering cost is equal to holding cost (Cobb, Johnson, 2014). This is a very useful model for businesses. There are certain assumptions like demand is relatively constant or known over time, lead time is known, item is purchasable in batches, holding cost is directly proportional to number of units stored, shortages are not allowed. It is not advisable to use this tool when the shelf life of the item is less, there are restrictions on batch size of the order or in make to order environment. The diagrammatic representation of Economic Order Quantity can be shown as: Period Order Quantity Economic order quantity assumes that the demand is constant over a period of time. This assumption is not at all suitable in a real world because demand is highly volatile. Thus, Period order quantity is more acceptable when the demand is lumpy; there are restrictions on minimum order by suppliers and so on. In this technique, order is placed for the quantity, which is sufficient to meet the demand of period which is equal to EOQ divided by average weekly usage (Chen, Cardena-Barron, Teng, 2014). This strategy is further optimization over EOQ as it can reduce the carrying costs when the demand is not uniform. Inventory accuracy is another important concept in area of Inventory management. It refers to how closely the quantity of inventory in system matches to the actual physical quantity lying in the warehouse. For example, often it is possible that systems quantity is different than actual quantity. This happens due to theft, misplace of items, forgot to update issued and returned items into the system. This is a very dangerous problem because often the customer promising is done based on the quantity present in the electronic system. Now, if the quantity is promised but physically the item does not exists, it will results in poor service levels. Therefore, it is very important that at a given point of time, your system quantity and physical quantity at warehouse should match. In order to improve accuracy, organization can periodically count the item quantities physically and correct the system quantities. It can count the high cost critical items more frequently as compared to low cost items. This is the age of competition and globalization. During such times, companies are bound not to charge the high price for their products because customers has high bargaining powers in most of the areas due to the increased competition. As a result, companies are looking back to cut their costs and improve their business processes so as to improve the margins. Effective inventory management can helps the companies is saving a huge amount of money and thus directly contribute in the bottom line of the company. This is a reason that inventory management has become one of the most important area of concern for the executives and industrial engineers. There are many costs with keeping the excessive inventory. Ordering and holding costs are the most obvious and visible costs but they are not only the tip of the iceberg. There are much more problems which are hidden under the iceberg due to excessive inventory that actually has the huge impact on the profitability of the organization. For example, if the organization is maintain too much inventory and fulfilling the customer orders from the finished goods inventory, many problems remains unexposed in the system. Even if the bottleneck resources are not utilized to the maximum as they control the capacity of the entire factory, this problem will remain hidden (Gungor, Evans, 2017). Also, most of the problems like long changeover times, poor quality, frequent reworks, poor layouts, poor job scheduling, poor business processes and many more will not be exposed if the organization is maintain too much inventory because there will never be sense of urgency to fix the problem when inventory is already available (Gupta, Iyengar, 2014). As a result, organizations will continue to spend higher money due to poor quality and inefficient processes and not able to realize their true potential. This is the age of Lean manufacturing. Lean manufacturing treats inventory as one of the 7 types of waste as it hides the other problems from surfacing (Bhasin, 2015). Sea level is like inventory level and it is hiding the problems under water. As the company started reducing its inventory levels or sea level, more and more problems will be surfaced and the company has to deal with those problems so as to sail smoothly. The aim of the Lean systems is to have zero inventory i.e. just in time however this strategy is not possible in some of the industries. But the thumb rule is that organizations should aim to reduce their inventory as much as possible. This reduction in inventory will expose the hidden problems in the company and as the company will work towards hidden problems, it will gradually improve its financials. For example, during the time of low inventory, customer orders needs to be filled from manufacturing and thus job scheduling, quality everything should be right so tha t it is possible to manufacture it in expected lead time. Financial implications of Inventory There is huge financial implications of maintaining inventory. Inventory is the big portion of the Asset part of the balance sheet. If the companies effectively manage the inventory and reduce its investment into inventory, it can invest the saved amount at some other place and can earn the better interest (Elking, Paraskevas, Grimm, Corsi, Steven, 2017) or they can prepay the loan or they can simply pay back the money to their suppliers and get the discount of 2-3%. It is because most of the suppliers charges some interest rate which is hidden from the buyer if the buyer agrees to pays after few days. Therefore, most of the suppliers will agree for a discount if a buyer will pay them upfront (Hoberg, Protopappa-Sieke, Steinker, 2017). Also, inventory turnover is the important parameter that the company can target in order to reduce the inventory. This parameters calculates the number of times organization is able to sell its inventory in a given year (Feng, Li, McVay, Skaife, 2014). More it is, better it is for the organization. Also, this parameters varies based on the industry. So, it is important that the organization that is planning to use this parameter should take the best in Class Company in its industry and then set the targets based on that. Conclusion As the organizations are finding it difficult to increase their topline due to massive competition, they are focusing more on improving their operations internally to improve their financials. Having excessive inventory is too much expensive for the organizations and reducing the inventory is also increasing the risk of stock outs. Thus, inventory management has become very important to balance the demand and supply and savings arise from inventory management is directly transformed into bottom-line of the company. This is the reason that inventory management is one of the most important area of concern in most of the corporation. References Bhasin, S. (2015). Lean Process Requirements. InLean Management Beyond Manufacturing(pp. 51-102). Springer International Publishing. Chen, S. C., Crdenas-Barrn, L. E., Teng, J. T. (2014). Retailers economic order quantity when the supplier offers conditionally permissible delay in payments link to order quantity.International Journal of Production Economics,155, 284-291. Cobb, B. R., Johnson, A. W. (2014). A note on supply chain coordination for joint determination of order quantity and reorder point using a credit option.European Journal of Operational Research,233(3), 790-794. Elking, I., Paraskevas, J. P., Grimm, C., Corsi, T., Steven, A. (2017). Financial dependence, lean inventory strategy, and firm performance.Journal of Supply Chain Management,53(2), 22-38. Feng, M., Li, C., McVay, S. E., Skaife, H. (2014). Does ineffective internal control over financial reporting affect a firm's operations? Evidence from firms' inventory management.The Accounting Review,90(2), 529-557. Gungor, Z. E., Evans, S. (2017). Understanding the hidden cost and identifying the root causes of changeover impacts.Journal of Cleaner Production. Gupta, S., Iyengar, C. (2014). The tip of the (inventory) iceberg: while most retailers focus on the inventory that is visible in their stores and distribution centers, too few pay attention to the hidden costs of high inventory.Supply Chain Management Review,18(6). Hoberg, K., Hoberg, K., Protopappa-Sieke, M., Protopappa-Sieke, M., Steinker, S., Steinker, S. (2017). How do financial constraints and financing costs affect inventories? An empirical supply chain perspective.International Journal of Physical Distribution Logistics Management,47(6), 516-535. Moon, I., Shin, E., Sarkar, B. (2014). Minmax distribution free continuous-review model with a service level constraint and variable lead time.Applied Mathematics and Computation,229, 310-315. Sarkar, B., Chaudhuri, K., Moon, I. (2015). Manufacturing setup cost reduction and quality improvement for the distribution free continuous-review inventory model with a service level constraint.Journal of Manufacturing Systems,34, 74-82. Wagner, S. M., Kemmerling, R. (2014). Supply chain management executives in corporate upper echelons.Journal of Purchasing and Supply Management,20(3), 156-166.

Case Study and Lecture Notes on Conagra Foods INC And Corning INC

Question: Case study on Conagra Foods INC and Corning INC. Answer: Conagra Foods INC Conagra Foods INC, a registered company in USA, is one of the largest companies dealing in providing best packaged foods to the consumers in North America. Approximately 97% of Americans uses the products of the company. In the year 1919 the company was known by name of Nebraska Corporation and in the year 1975 by name of Delaware Corporation. (Page 1 of Form 10K). With the focus of increasing the core operations and expansion in the Industry, the company has announced to acquire the RalCorp Hlodings INC in the year 2012 and completed the same in 29th of January 2013. Ral Corp Holdings INC is the manufacturer of private brand products consisting of Cereals, processed foods like pasta, toast, etc. The company has two segments one is Food Group and other is frozen bakery group. The acquisition of Ralcorp holdings has made the Conagra Foods INC as parent company with 100% acquisition of Ralcorp. Amount of $4.75 billion has been paid as purchase consideration along with the assumed liabilities. (page 69 of Annual Report) The acquisition has been planned from November 2012 and the purchase has been made step wise. Corning INC - Corning INC, a registered company in USA, is the leader in the World in the industry of companies manufacturing the glass. Earlier it was known by the name of Corning Glass Works. The company has around seventy factories located in approximately fifty countries where the manufacturing is done and operated in different five segments. (Page 2 of Form 10K 2013). In order to have synergies, the company has acquired the remaining 42.50% shares of Samsung Corning Precision Materials on 15th of January 2014. Samsung Corning Precision Materials deals in manufacturing of LCD glass in Korea and gives royalty to the Corning INC for the use of Patents, Trademarks and Copyrights given by the latter to the former company. The purchase consideration includes issue of shares to the shareholders of the target company by which the shareholders become owner of 2300 shares. It consists of 1900 shares being issued from preferred stock of the company and 400 shares issued in cash. (page 74, Annual Report2014) Purchase has been made step wise. In the year ending 30th September 2013 the Corning INC has increased their share of ownership from 50% to 57% . In order to increase their holding and in order to have profits the company has completed the acquisition in the beginning of 2014. (page 71 ,Annual Report2014) The name of Target Company now has been changed to Corning Precision materials. Consideration also includes the amount on the basis of future revenues and on the basis of the quantum of future sales. (page 74, Annual Report2014) ALLOCATION OF ACQUISITION DIFFERENTIAL - As per the accounting policies, standards and related GAAPs, the differential amount between the purchase price and the net asset value calculated on the basis of fair value is either transferred to the Goodwill or transferred to Capital Reserve. In both the companies, the differential amount has been transferred to Goodwill. Conagra Foods INC - As at the acquisition of Ralcorp by Conagra Foods INC, the differential amount $4.35 billion. Due to the acquisition of Ralcorp Holdings, the differential amount has been allocated to Goodwill amounting to $4.35. (Page 49 of Annual Report) As Goodwill and other intangibles are expected to give future benefits with indefinite lives the same has not been amortized in the financial statements. (Page 12 of Annual Report) The goodwill and other tangible having definite lives though not being amortized annually but are evaluated annually for impairment. Yes, there have been impairment losses reported in the financial statements of $602.20 million. (Page 97 of Form 10K) Corning INC - On the date of acquisition of Samsung Corning Precision Materials, the differential amount is $125 million. (Page no 76 of Annual Report) The aforesaid amount has been allocated to the Goodwill. (Page no 76 of Annual Report) Goodwill is not amortized rather it is tested for impairment at each and every reporting date. Goodwill is not amortized as it has indefinite lives for years to come. Impairment loss of $6.5 billion has been recognized in the year under Goodwill. (Page no 78 of Annual Report) ACCOUNTING POLICIES - Accounting policies are the standards, rules and guidelines which shall be followed while accounting for any transaction entered into by the company for the reporting period. The policies have been defined for each and every item whether relating to the Capital item or Revenue item or an item which has been due but has not occurred. Conagra Foods INC US GAAP along with the IFRS (International Financial Reporting Standards) has been followed by the company. The investment made by the company in an entity in which the company enjoys 50% or less than 50% ownership rights are uncontrolled entities. The financial statements of these entities are consolidated in the books of accounts of the company either on the basis of Equity method or cost method. (Page 45 of Annual Report). In the said company, equity method has been adopted. Also while acquiring any business of any company, the company adopts the method of acquisition where the assets and liabilities of the target company are mentioned at fair values. The fair value is the value at which each asset will fetch in the market. The excess of purchase price over the net assets so acquired measured at fair values is recognised as Goodwill. (Page 48 of Annual Report) Corning INC US GAAP along with the IFRS (International Financial Reporting Standards) has been followed by the company. To account for the investment in investees, the company adopts equity method and reviews each investment for impairment if any at reporting date. It is done on the basis of three factors available. First is inability to recover the amount of investment, second and most important is that the inability of investees to justify their income in accordance to the amount carried in the books of account and third one is unprecedented suit or insolvency. (Page 92 of Form 10K) Every company whenever proposes to acquire or merge the target company, the company has to project the cash inflows, outflows, synergies gain to be earned, etc. Conagro Foods INC Due to acquisition, the following has been observed: The main aim of the company in the earlier years was to reduce the long term debt to the best possible extent. Through this acquisition the company had been successful in achieving the reduction in the long term loans of the company and the same has been reported in the annual report. (Page 2 of Annual Report) The goodwill and brands, trademarks and other intangibles has been significantly increased by $4.35 billion and by $ 2.17 billion respectively. The Property Plant and Equipment has been increased by $1009 millions. The other current assets including cash and bank balances and other assets have been increased by $1265.40 million with the corresponding increase in the liabilities of $3719.90 million. In the income statement, the sales from operation have been increased by $1.25 billion which includes $0.92 billion from Food Group and $0.32 from Bakery segment of Ralcorp. Also the basic earnings per share and diluted earnings per share has been increase from $1.13 and $1.12 in 2012 to $1.88 and $1.85 respectively. Therefore, there has been double digit increase has been observed in EPS. (Page 1 and Page 39 of Annual Report) The acquisition has generated cash inflows of around $1.4 billion since acquisition as mentioned in the annual report. Yes, the acquisition has increased the exposure of the company towards the revenue and expense item in foreign currency. In respect of expenses, the company has foreign currency exposure of $21.60 million before tax and $13.5 million after tax during the year under acquisition. (Page 19 of Annual Report) Loss in case of derivative has been mentioned in the Income Statement from Ralcorp both segments Food Group and Bakery Products amounting to $0.3 million each respectively. Corning INC Due to acquisition, the following has been observed: The motive of the company with the acquisition is to capture more market in Asia. With the acquisition of remaining 42.50 % Samsung Corning Precision Materials, the company has captured market in Asia as the target company has been the leader in Asia for glass manufacturing. In acquisition the company has acquired Property, Plant and Equipment of amounting to $3595 million, Inventory of $105 million and other current assets including cash and bank balances, trade receivables and other assets amounting to $ 561 million. Fair value of the Samsung Corning Precision material has been valued at $3718 million and the difference amount has been recognized as Goodwill of $125 million in the balance sheet of the consolidated entity. (Page 74 of Annual Report) The revenue has been increased from $7819 in the year 2013 to $9715 in the year 2014. It shows that the acquisition has generated synergy gain. But on the other hand the royalty income that is being received by the company from the target company Samsung Corning Precision Materials has been discontinued due to purchase of remaining shares of the company. (Page 55 of Annual Report) The net increase in cash and cash equivalents as per the Statement of Cash Flows has been increased from negative $284 million in the year 2013 to positive $ 605 million in the year 2015. The increase in cash equivalents has been welcomed by considerable increase in the cash inflows from the operating activities, investment activities and financing activities. (Page 58 of Annual Report) Yes the company has foreign currency exposure as a result of acquisition. Though the parent and the company subsidiary to it are separate legal entity but the GAAP requires the accounts of both the companies to be clubbed under the parent company and it will be known as Consolidated Financial Statements. The same fact has been reported by IFRS 10 on Business Combinations. The Consolidated financial statements should be prepared and filed with appropriate authorities and included in the annual report which is to be presented to the stockholders of the company including shareholders, banks, financial institutions, government authorities, etc. As per the disclosure requirements the company shall disclose the following: All the assets and Liabilities shall be clubbed in the financial statements of the acquiring company. The income of acquired company shall be reported and clubbed under the income of acquiring company. The expenses of the target company shall be adjusted in order to give correct figure of goodwill after loss of impairment if any and fair values after amortization if any. The investment in entities other than subsidiary and in which the company does not possess any controlling interest, the accounting books shall not be consolidated in the parent company. Conagro Foods INC The unaudited pro forma financial statements for 12 months for the year ending 2011,2012 and 2013 has been prepared but it is not in detailed format. Only figure of Net Sales, Net income from continuing operations, Basic earnings per share and diluted earnings per share. (Page 50 of Annual Report) A note on the Foreign Currency translation reserve has not been shown in the financial statements. A note has been given for acquisition in the annual report detailing the acquisition made by the company. The method adopted for the purchase of the company and the way in which the purchase consideration has been paid. (Page 2 of Annual Report) Corning INC All accounting policies have been separately disclosed relating to the business combination pertaining to investment in other entities and acquisitions. The unaudited pro forma financial statements been disclosed for twelve months for the year ending 2013 detailing the net income, basic earnings per share, diluted earnings per share, number of shares, fixed asset and current assets and Purchase price. The differential amount has been shown as the Goodwill. As per the IFRS 10 and GAAP, both companies have disclosed necessary notes to accounts detailing the amount of purchase consideration, mode of the payment, detail of net assets acquired at fair values consisting of Fixed Assets, Current assets and other assets and liabilities, necessary statements including statement of cash flows, statement of amortization of assets, statement of impairment loss if any, etc. Both companies has disclosed the accounting policies relating to business combination, acquisitions, goodwill, foreign currency translation and other policies and requirements of the accounting relating to acquisition of the target company. Conagro Foods INC In the beginning of the annual report of the company, it is at first addressed to the shareholders of the company that the Financial Year 2013 has been the year of success and transformation due to the acquisition that we have made and the focus that we have kept at every time on the main objective and core ides of the business. (Page 1 of Annual Report) From the aforesaid lines, it is very clear that the company is very much willing to acquire the Ralcorp Holdings INC which has been pending for so long. In 2012 the company has decided to capture the market of private brand owners and since then they are in the wave of acquiring the private brand owners. Since Ralcorp have goodwill in the market, the acquisition of the same has led drastic change in the goodwill of the company. Ralcorp holdings INC have two segments one is Food Group and second one is Frozen bakery products. Ralcorp Holdings was private brand manufacturer of products. Through the acquisition of the said company the Conagro Foods INC have captured the large share of the market. Through this acquisition, the company has extended their business in the field of frozen bakery products also. With the expansion view in mind and keeping five core areas of focus the business has enjoyed a very tremendous growth in the working of the company in terms of its cash inflows and net income. This has led to increase in the earnings per share of the company and has emerged as the one of the largest private brand food company in America. Further in the second page of the annual report of the company, it has been very well mentioned that the customers in todays era go for the products for private brand owners as they assumes the sense of having hygienic product and better product. To capture those customers the company has already acquired bar, pretzel and other businesses. But the acquisition of Ralcorp has led innovative changes in the company. With this acquisition the company has announced to the shareholders that by the Financial Year ending 2017 the company has expected to have many opportunities of sales and business growth along with that have forecasted that the company as per the projections have expected to achieve the savings in cost of around $300 millions apart from increase in the revenue from operations amounting to $4.5 billion. The above shows that the acquisition has led the company to move in every sphere of the market having different segments. Corning INC In the first page of the annual report the company while addressing to the shareholders has said that the company has completed the acquisition of the Samsung Corning Precision Materials successfully. It depicts that the company was very enthusiastically waiting for the said acquisition. As the company has serving the customers for the last so many years, this acquisition made the company to enter into new segments. In order to achieve the increase in revenue from operations, the company wants to acquire the said company. As the target company has total market share in Korea and Asia, the acquirer company wants to capture whole of the Asia. Therefore, the acquisition was very well planned and has been executed step wise from 50% in 2012 to 57% by September 2013 and now 100%. Company has disclosed that in order to have growth in each segment of the company, it is decided to emphasize the focus of the company towards the business acquisitions which led to the development of the segments currently operating and secondly to enter into new business areas which are emerging as boon for economy and will acts as a profit centre for the company. Due to the acquisition the company has mentioned that the company has realized the gains from synergies amounting to $100 million in the year of 2014. Further it has been forecasted that these synergies will be higher and higher in the future. It has created a positive framework that the acquisition of the Samsung Corning Precision Material has been landmark asset that the company has created and which will generate the economic benefits to the company in the near future. The company has manufactured and launched new products with the integration of Corning Precision Materials. The product is known by the name of Gorilla Glass 4 and for the same the company has received Innovation award from one of the BMW supplier as applicable for light weight vehicles. The said achievement exhibits that the infusion of two companies has increased the saving of manufacturing cost, increase the new research and development activities which in turn led the company to manufacture different and innovative product and thus increasing the market share. These achievements has created good image in the eyes of the customers which is regarded as the positive effect of the acquisition. Conclusion Acquisition made by both the companies has been recorded as the considerable event in the history of the company records. Conagro Foods INC has become one of largest private brand owner in the North America and Corning INC has captured the whole market of Asia. The major effect has been welcomed with open hands by the Conagro Foods INC as now the company is the only private brand manufacturer of the Food and Frozen bakery products. Prior to the acquisition the company was not in the business of manufacturing frozen bakery products but since the acquisition the company has extended its business operations to the aforesaid segment. Along with the focus on key areas the company has now started focusing on this new segment of frozen bakery products. The company has obtained an increase in goodwill by $4.35 billion and $2.17 billion of trademarks, brands and other intangible assets. The operations have been considerable increased as the sale has been increased by $1.25 billion. The size o f operations has been increased as compared to Corning INC. Yes, Conagro Foods INC has provided the better quality of information in the financial statement. It has provided the figures in detail along with the self explanatory Pro forma of the financial statements considering that as if the acquisition has been made in the beginning of the last year. The annual report has been prepared and drafted in very detailed format stating all the relevant figures regarding acquisition made by the company and also forecasting the future benefits that the company will achieve along with the future course of action that the company will follow. The company has described their key areas through the name of Recipe which in itself indicates that the company will be having the business relating to the Food. Though the company Corning INC has presented their financial statements in the better but is not better as much as the company Conagro Foods INC has presented. In my opinion, the company Corning INC has been in the phase of increasing the more value to the shareholders of the company. The company has paid the dividend to each shareholder as detailed in the first page of the annual report. The company has basic earnings per share of $ 1.80 and Diluted earnings per share $ 1.83 after distribution of dividend whereas the company Conagro Foods INC have basic earnings per share of $ 1.85 and Diluted earnings per share $ 1.80. From the aforesaid figures, it is clear that the shareholders will invest in that company which has bright prospects in the future. Also the company has earned synergies before tax amounting $100 million due to acquisition and expects to have the higher synergies in the future. Further the stock price of the company has been increased by 30% and has been performed out rightly in the index market. With this the company has announced increase in the common stock by 20% and has introduced the system of Share Repurchase. The above depicts that the company has been working good and provides benefit to the shareholders by providing maximization of the wealth of the shareholders. References conagrafoods.com/ Official Website of Company1, accessed on 08-06-2016. Official Website of Company 2, accessed on 08-06-2016. Higgins K, 2011, Clearly IFRS IFRS 10 Consolidated Financial Statements, accessed on 09-06-2016. EY, 2013, Applying IFRS - IFRS 10 Consolidated Financial Statements, EC Staff, 2011, International Financial Reporting Standard 3 Business Combinations Kepple P, 2014, Business Combinations and Non Controlling Interest Application of the IFRS GAAP and IFRS Standards .

What Does Persuasive Essay Topics Personal Experience Mean?

What Does Persuasive Essay Topics Personal Experience Mean? Make a correct research, and it'll boost up your results. As tempting as it might appear to skip past the extra info and go straight to the list of persuasive essay topics, don't do it. The multiple topics could be found, for instance, in the dissertation abstracts international database. There are several persuasive essay topics to select from to finish your high school or college assignment. When prior brainstorming is finished, you might begin drafting your essay. The goal of brainstorming is to aid you in getting ideas. Just comply with the guidelines stated above, and you're going to be well on your way to writing a great persuasive essay. To assist you do that, here are some tips. You should utilize APA reference tools to help in writing your essay the right way or seek the services of an expert essay writer that could write the essay employing the APA reference tools. In addition, it is an excellent place to polish your essay up and correct small grammar, spelling and other forms of mistakes. The reader ought to take the author's side by the close of the reading. Be attentive to the size it must be and get started writing the narrative essay outline. Put simply, you want to understand the goal of your persuasive essay. You still must make an outstanding bit of writing. You have to know all facets of financial topics as soon as you choose them. To choose which subject you're likely to discuss, it's crucial to see the complete collection of good persuasive speech topics from the special area of study. Since you can see, lots of the topics listed are new and deal with the present issues happening in the World today. Begin with general subjects that you are conversant with then narrow down to a certain topic. To help students just like you find debatable topics, we've gathered a wide selection of ideas on various subjects and academic levels. In any case, the shortage of appropriate grammar makes the listeners drop respect to the speaker. Normally, students get the tough time hoping to organize their essay and grab each of their thoughts together. The teachers don't always assign the specific topic. You could be given the topic straight away by your professor, or you might be free to decide on the topic yourself. Students are accustomed to the fact which their professors give them with the assignment's topic. In such a circumstance, a student must decide on a suitable topic to write about. Imagine your item of paper for a location where you can freely express your emotions and discuss considerable moments and reflect their effects on your life. Even in the event you don't have a great deal of experience in any particular field, you can come across remarkable stories that might be a foundation for you narrative essays. So, it's a remarkable foundation for assorted epic stories! After you settle on this issue and select the position on which you will base your essay, the remainder of the job can then begin. Persuasive Essay Topics Personal Experience Fundamentals Explained Every next education level will demand increasingly more of writing, so experts think it is far better to begin once possible. Use the assistance of true academic experts and receive the service you have earned! You should have your reasons, and our principal concern is that you find yourself getting an excellent grade. Often it's important to go beyond your own wisdom and experience. Year round school isn't a good idea. Every student demands help with homework from time to time. Many students think that it is a waste of time. A college student sometimes takes a larger challenge and chat about political, cultural or societal problems.

Personal Narrative Essay Examples - Writing For College Is Useful For Students

Personal Narrative Essay Examples - Writing For College Is Useful For StudentsWhen you're looking for personal narrative essay examples, you can find them in many ways. One of the best ways is to go online and do a search for sample essays with a personal message attached.All students need a bit of motivation. A brief plan for their work will be the first thing that they write down so that they can keep it straight in their heads. For some students it's possible to write it all out but others would like to have someone write it for them.What is writing for me good for? The answer, if any, is unknown. Some people like to make a big deal about their writing because it makes them feel important and a bit self-conscious.This is fine if students need it, but when it comes to college writing it isn't quite so necessary. And how can you show your writing skills when you aren't making a major speech about your pieces? This leads us to one of the biggest reasons why personal narratives are ve ry useful in college.The writers on these websites are there to help, but don't get hung up in comparing yourself to other students as the primary reason you want to look for college level essay examples. You can find examples on these websites for students that use their personal essay as a personal diary.Writing for college gives students a chance to make an impact on their classmates. They can talk about things that they find interesting and should not be censored, or shy away from any controversial topics. Those who are uncertain about this should research it before the semester starts so that they can take the proper steps to ensure that their personal narrative essay is anything but one of the dreaded 'diary entries'.Even if you've never written a big deal on this scale, you can still benefit from a little writing for college. Sometimes a small personal statement can also provide a place for reflection on writing for college.Writing for college examples is valuable and can be used by anyone at any time. Of course there are lots of rules and regulations in education, but it doesn't matter if you have more important things to worry about than how to write for college.

The distinction between great and mediocre art

The distinction between great and mediocre art is often subjective and it often cannot be accurately determined by any qualitative or quantitative measurement. The articles presented in this packet touch upon a series of questions such as artistic taste, evaluation of art, and creative courage.Advertising We will write a custom critical writing sample on The distinction between great and mediocre art specifically for you for only $16.05 $11/page Learn More The central idea that the authors emphasize is that artists and critics should focus on what they consider to be beautiful, but not on the assessments made by other people who often can be biased, prejudiced, or simply superficial. Both evaluation of art and creativity require freedom of mind, courage, and ability to go beyond the limits of convention. This is the main idea that permeates each of the readings. The idea that the value of art cannot measured objectively is eloquently illustrated in the a rticle by Jamie Katz who shows that how a seemingly ordinary painting can be transformed into a real masterpiece only because its authorship was attributed to Diego Velazquez (Katz, 62). The main paradox is that for a long time, this picture did not attract the attention of art critics or historians, even though it was not hidden or concealed from them (Katz, 61). It grew to fame only because a single person liked it and conjectured that it could have been created by a famous Spanish painter. The issue is that the painting, itself remained unchanged; it did not acquire any new qualities. Although the author does not pose the question explicitly, the readers may ask themselves what might have happened to this painting if its authorship had not been ascertained. This example suggests that the value of an artwork is often determined on the basis of very subjective criteria.Advertising Looking for critical writing on art? Let's see if we can help you! Get your first paper with 15% OFF Learn More This is why people should primarily pay attention to their own feelings about a certain work of art, rather than to the authoritative opinions of critics. The thing is that these people often change their opinions. People, who prefer to blindly follow popular trends, deprive themselves of an opportunity to see the value of art. This idea is also reflected in the article Alice’s Wonderland written by Rebecca Mead. This author tells the story of a woman who attempts to establish her own art collection. Alice Walton did not wish to buy pictures that were popular among other art collectors or dealers; she decided to collect the paintings that she liked, namely those ones dedicated to American history (Mead, 34). Certainly, Alice Walton could have made a different choice, for example, she could collect artworks that were praised by critics. Nevertheless, such a choice would run contrary to her own artistic sense. Again, this article illustrates an idea that people should be more independent or courageous when forming their judgment about a work of art. Unfortunately, very often people are rather unwilling to make their own judgment about paintings, films, books, or musical compositions. This is a problem that has been relevant at any time or place. Moreover, it manifests itself in various areas of art. Thus, this argument can be equally applied to people who are engaged in creative work. Adam Gopnik whose article focuses on van Gogh’s life and work, shows that an artists â€Å"bets his life† on his work (55). Moreover, not every person has the courage to depart from existing tradition and create art forms as it was done by Vincent van Gogh who was appreciated only by a very few people, for instance, Paul Gauguin. He was an artist who realized that his paintings would not enjoy popularity during his lifetime. Moreover, he did not expect that his works would earn his material prosperity. In this article, Adam Gopnik descri bes his life as â€Å"making something that no one wants in the belief someone someday will† (55). This quote indicates that art requires courage and determination, and these are the qualities that not everyone possesses. Under such circumstances, an artist has to follow instinct, intuition, and understanding of art. The choice made by Vincent van Gogh may not look very attractive to many artists who may prefer short-term popularity to the mere prospects or hopes of long-term recognition.Advertising We will write a custom critical writing sample on The distinction between great and mediocre art specifically for you for only $16.05 $11/page Learn More The majority of people are more likely follow an established trend instead of creating their own artistic style. Probably, the only thing that motivated van Gogh was hope that someday his paintings will find their audience. Such hope is not sufficient for the majority of people. Creative courage is i mportant for every form of art, including cinematography. In his article Method Man, John Lahr discusses the life and work of Elia Kazan. This person was able to find a new approach to filmmaking and it enabled many actors to show their best qualities. Moreover, he helped many writers such as Tennessee Williams to improve their creative work (Lahr, 54). He can be regarded as a person who shaped modern cinematography, even though his methods were very popular. Yet, the example of Elia Kazan shows that creative work can sometimes be the only thing that can defend a person. His testimony in HUAC (House Committee on Un-American Activities) ruined his reputation among other actors and directors (Lahr, 90). For many people, Kazan’s testimony equaled to betrayal of people who trusted him. It is possible to provide several arguments in favor or against this decision. The ethical aspects of this testimony can be disputed from various perspectives. Yet, Elia Kazan justified it by his w illingness to continue his work that he enjoyed most of all. His films enabled him to withstand the criticism that he faced because of his testimony in HUAC (Lahr, 91). Again, one can remember about Adam Gopnik’s claim according to which an â€Å"artist bets his life† on his work (55). This argument can be applied to Elia Kazan did not want sacrifice his work for the sake of his reputation and even friendship with many other people. Such a step can be taken only by a very few people. For such individuals their creativity and their work are probably the only things that make their life truly valuable.Advertising Looking for critical writing on art? Let's see if we can help you! Get your first paper with 15% OFF Learn More Creativity and art critique require courage, determination, and sometimes even willingness to become isolated from others. An artist has to ready for misunderstanding or lack of appreciation. His or her understanding of art has to be the major guide. Similarly, people, who want to make their own evaluation of art, must be able to take independent decisions that may run contrary to popular opinion. Such decisions also require courage and willingness to adhere to one’s artistic taste. Moreover, these articles also illustrate that an artist is a person who is willing to stake his life and reputation on his or her work. Works Cited Gopnik, Adam. â€Å"Van Gogh’s Ear: the Christmas Eve that changed modern art†. The  New Yorker 4 Jan. 2010: 48-55. Print. Katz, Jamie. â€Å"The Painting in the Cellar† Smithsonian Magazine 10 Apr. 2011: 61-66.  Print. Lahr, John. â€Å"Method Man: Elia Kazan’s singular career† The New Yorker 10 Dec.  2010: 88- 94. Print. Mead, Rebecca. â€Å"Alice’s Wonderland† The New Yorker 27 Jun. 2011: 28-34. Print. This critical writing on The distinction between great and mediocre art was written and submitted by user Stephanie Vargas to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Tips to Mastering College Essay Writing

Tips to Mastering College Essay WritingThere are a number of tips to help you master the writing of your college essay. Here is a look at some of them.You will find that all writing has different levels of difficulty and that writing your essay will also have that level of difficulty. The first thing you will want to do when you write your essay is to determine how difficult you would like it to be. The student you are writing for, along with the professor or the class, will give you hints as to what level of difficulty you should try to achieve.The next thing you will want to do is to try and outline your essay. Just about everyone has an outline of their essays. It's easy to fall into the trap of just writing the whole thing up, but it makes sense to think about what you really want to say. If you don't know exactly what you want to say, then you will just end up doing some paraphrasing.As you begin writing, try to look at it from all angles. Be as objective as possible when analyz ing your material, but remember that writing an essay is often not about coming up with the best arguments, but about coming up with the most creative and persuasive statements. So, while it may be true that you have to come up with the most accurate facts in order to make a good case, make sure that you don't give too much importance to accuracy.Research is a very important part of writing a college essay. Sometimes, it is more important to get an idea right than to get an idea right 100%. Always try to write in a way that will get your ideas across. You want to be able to present them in such a way that people will understand them.When you are writing, try to keep in mind the fact that a great time comes from doing things that are spontaneous. You can become stuck in a rut, but if you are writing things that you find exciting, then you will be surprised by how much more enjoyable your essay will be. Don't try to cram every idea into the essay.In conclusion, you will find that writ ing a good college essay is not difficult to do. There are a number of tips and tricks to help you. As you begin your assignment, you will want to be as interested in your own thoughts as you can. Be creative, and most of all, take your time.Hopefully, these tips will help you write your essay with a little more ease. Remember, just because it is an essay doesn't mean that it is supposed to be filled with a number of facts and figures.

Probelm Solution Essay Examples and Sample Quizzes

Probelm Solution Essay Examples and Sample QuizzesIf you want to pass the TOEFL examination, you must have experienced the problem that you cannot seem to figure out which subject matter to teach your practice test. One of the possible answers would be to prepare to do a Probelm Solution Essay Examples and Sample Quizzes. You can easily do so with the help of the many good online articles that provide useful information on this topic.As you may be aware, one of the ways to approach a book that contains testable knowledge and strategies to pass the TOEFL is to use a Probelm Solution Essay Examples and Sample Quizzes. With the use of this training book, you can easily find the relevance of certain subjects to your syllabus. The information contained in the book will help you understand the common problems students usually face during their TOEFL examinations.After taking a test question questions, your first task is to determine what is the best approach to analyze the problem. Since y our focus is on the TOEFL test, you must learn the approach to analyze the test question questions. This is the first step towards preparing your own strategy and doing your own test preparation. Once you have understood the approach to analyze the problem, you should also learn the tips and tricks about how to correctly choose the TOEFL test questions.You will learn how to focus on the patterns of behavior of people and decide to look for samples or references about a certain situation or question type. This is a simple but critical approach that you must employ when you want to select the test question questions that are most appropriate to your study approach. The next step is to read the test questions and phrases out loud until you get familiar with the structure and language.Online guidance in this area is vital and one of the reasons for why it is essential to take the approach of online strategy and practice tests. Online practice tests give you an opportunity to answer the questions and write the essay as many times as you want. As you pass through your practice test, you will get the chance to improve your strategy and choose the proper test question.There are many ways to prepare for your test questions. You can look for more tips in the internet to get more ideas and resources. Most online articles on Probelm Solution Essay Examples and Sample Quizzes provide tips for choosing the test question and prepare a good plan of action. Make sure that you read the tips and learn the strategies from the article before you enroll for the TOEFL test.In order to learn and master your craft, you must have the drive to explore all the possibilities to try and find the best way to get through the exam. You need to find the best approach that would provide you with the best chance to pass the test. When you consider the different approach to prepare your test, you can easily come up with a good plan and identify the best TOEFL preparation for your test.