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Investment Analysis and Forecasting
Overview
In 3–6 pages, complete a ratio analysis using a provided balance sheet and income statement, specify how you would analyze a potential investment, and describe how you would forecast a company’s potential success.
An investment analysis has two fundamental components: 1) A financial analysis, such as reviewing current financial ratios within the company, and 2) a non-financial analysis, which is reviewing a company’s strategic vision, employee satisfaction, et cetera. The first two parts of your assessment provide an opportunity for you to demonstrate both of these types of analyses.
The goal of forecasting the performance of a company is to estimate the financial performance of a company over a selected period of years. When forecasting a company’s performance, similar to an investment analysis, you look at both financial and non-financial factors. This is the focus of the last part of your assessment.
Investment Analysis and Forecasting
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Law of Contract
A.
Outside Settings
Standard Form Sales Contract for Painting Work
This is a binding contract. The manufacturer and the buyer, by signing this contract acknowledge that the painting will be delivered under the cost and conditions presented herein.
This is a contract between the two parties indicated below.
………… (Buyer)
Address:
Email Address:
Phone Number:
Contact Person:
(Insert Name of Manufacturer or Service provider) (Seller)
Address:
Email Address:
Phone Number:
Contact Person:
Business Name and Address
Provide manufacturer name and contact information
Order description
This includes the order details including the quantity and design specifications
Total Cost
Total amount in USD
Deposit
Amount ………………………….. Date paid …………………………..
Deposit paid in USD and date paid.
Balance
Amount ……………………………… Date to be paid ………………….
Balance to be paid in USD, including the expected date of payment
Indicate preferred payment method and account details, for example; bank account.
Order delivery and turnaround time
This provides the time within which the order will be delivered. Order receipt confirmation Upon receipt of the order, the seller shall contact OS Furniture within three days with details on receipt of the order and willingness to execute it. The letter addressed to OS will provide a quotation for the product ordered and the expected time of completion, which should be as carefully matched to OS’ requested delivery time as possible. This will ensure timely delivery to customers. Order delivery An agreement will be done within a maximum of three days after checking logistical issues, at which point a contract between the company and the manufacturer will be signed. The agreement must include the cost, and expected a time of delivery.
Materials and inputs
Manufacturer to provide Special material specifications
Please circle appropriately. The manufacturer is responsible for sourcing materials unless otherwise requested by the customer. In such an event, special arrangements will be made.
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Returns and cancellations
The manufacturer shall provide a return period during which any modifications can be made to ensure standards are met. If the order does not meet OS’ specifications, OS shall issue a refund notice. At this juncture, the manufacturer can choose to redo the order if there is adequate time. If there is no time, the manufacturer will make a full refund to OS.
Agreement
I agree that the above conditions are clear and understand that this is a binding contract.
Signed
Manufacturer
Name of Manufacturer or Service Provider ………………………………………………………
Signed by ….……………………………………………………………………………………..
Title ………………………………………………………………………………………………
Date ………………………………………………………………………………………………
Outside Settings
Signed by …………………………………………………………………………………………
Title ……………………………………………………………………………………………….
Date ………………………………………………………………………………………………
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B.
Image Painting
Standard Form Sales Contract for Painting Work
This is a binding contract. The seller and customer, by signing this contract acknowledges that the painting service will be delivered and paid for under the conditions presented herein.
This is a contract between the two parties indicated below.
Outside Settings (Seller)
Address:
Email Address:
Phone Number:
Contact Person:
(Insert Name of customer) (Buyer)
Address:
Email Address:
Phone Number:
Contact Person:
Description
Product specifications
This includes the order details including the quantity and design specifications. Important Note Ensure description is comprehensive and covers all the requirements including design preference, materials, size, quantity, and others Sample picture may be attached.
Total Cost
Total amount in USD
Deposit
Amount ………………………….. Date paid …………………………..
Deposit paid in USD and date paid. Note: Deposit should be half or more of the set price
Balance
Amount ……………………………… Date to be paid ………………………………….
Balance to be paid in USD, including the expected date of payment Note: Balance to be paid before or during delivery
Date of delivery/collection
Date …………………………………………………… Delivery Insert delivery address ……………………………………………………………… ……………………………………………………………… Collection Preferred date of collection ……………………………………………………………..
-This refers to the agreed date of collection of completed custom-made furniture. -A date range may be provided -Collection is based on completion of payment and furniture will only be collected when the balance is paid -Specify whether furniture will be collected or delivered (please circle tick accordingly)
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Cancellation policy
Order cancellations can only be made within ten days after the order has been made. In this case, a fine of 10% of the total order amount is applicable. If cancellation is made after ten days, a fine of 50% applies to enable the company meets associated losses. Failure to collect furniture within 30 days once due will attract a fine of 100%.
Returns policy
The customer has a right to make returns to correct any design defects. This will be done at no extra cost. To benefit from this provision returns reported within two weeks of delivery and executed within 30 days. After 30 days, the customer will need to pay an extra fee for repairs and transport. Where the client is not satisfied, he or she must prove without reasonable doubt that the design specifications were not met. In that case, up to 100% may be refunded.
Agreement
I agree that the above conditions are clear and understand that this is a binding contract.
Signed
Customer
Name of Customer …………………………………………………………………………………
Signed …. …………………………………………………………………………………………
Date ………………………………………………………………………………………………
Outside Settings
Signed by ………………………………………………………………………………………….
Title ……………………………………………………………………………………………….
Date ………………………………………………………………………………………………
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C.
Outside Settings
Standard e-contract form for internet sales
Description
Name of Customer
Insert full name
Address
Insert full address
Telephone number
Insert telephone number
Product and quantity
Serial Number
Quantity
Insert serial number (s) of the product as provided on the website.
Provide payment details in USD including the amount, date and receipt number or payment confirmation details from the website. Payment shall be made in full before delivery
Delivery will be made within 5-7 days after order receipt. Customer to provide preferred delivery address and date. Note: The preferred date is only applicable when delivery is made after the 7th day. -Specify whether furniture will be collected or delivered (please circle tick accordingly)
Cancellation policy
Order cancellations can only be made within three days after making your order. No charges are applicable in such circumstances. Orders canceled after the three days will attract a fine of 20% of the total order amount to cater for logistical losses. Orders canceled during or after delivery will attract a fine of 50%. Refunds will be made less the amount fined.
Returns policy
The customer has a right to make returns to correct any design defects. This will be done at no extra cost. To benefit from this provision returns reported within two weeks of delivery and executed within 30 days. After 30 days, the customer will need to pay an extra fee for repairs and transport. Where the client is not satisfied, he or she must prove without reasonable doubt that the design specifications were not met. In that case, up to 100% may be refunded.
Agreement
I agree that the above conditions are clear and understand that this is a binding contract.
Please tick above if you agree.
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Part II
Memorandum
To: Outside Settings Co-owners
From: …………………………… (insert name)
Date: April 8, 2018
Subject: Standard Form Contracts and How they Will Help Prevent or Minimize Contract Disputes and Possible Liabilities and Losses.
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A.
LeRoy (2016) that a contract is a guiding document providing conditions under which two parties conduct business. The contract forms the basis upon which any complaints and liability cases are addressed. Accordingly, the standard form sales contract will be instrumental in minimizing contract disputes and possible liabilities with furniture manufacturers after purchase. The contract is an agreement between Outside Settings (OS) and the manufacturers which must be signed before the delivery of goods.
This way, the company will be sure that the manufacturer has received the order and that the furniture will be delivered promptly. It also provides the periods of correspondence during which the order with the manufacturer is made, as well as the delivery period, thus ensuring that customers’ orders are delivered promptly (Goldberg, 2015). This will also avoid cases of lateness and instances where furniture is delivered after the customer cancels their order, thus leading to losses to OS.
B.
The standard form sales contract for painting work will set clear standards on the obligation of the company to deliver and also ensure that customers can keep their end of the bargain (Wang, 2015)). Recently, the company has incurred significant losses due to the cancellation of custom-built furniture, which ends up being sold at lower prices than they originally cost. The contract indicates that the customer ordering for painting work must commit to payment of the painting if they order is not canceled within the stipulated time.
Long Champ (2017) notes that a contract should seek to minimize liability through protecting the company in the form of clear clauses on possible areas of liability. In this case, OS will also avoid liabilities that may arise from customer complaints because all matters related to the order will be based on the contract which the client has signed. Notably, details including costs, design specifications, payment, return, and cancellation are addressed in the contract, thus binding the buyer to the set conditions.
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C.
Internet sales may present significant challenges because there is no physical contact with the customer and transactions are mainly built on trust. The standard form e-contract will solve this problem by providing a binding agreement between the OS furniture and the online clients, thus making it more reliable than before (Legaline, 2017). Online business is often characterized by the existence of non-serious buyers and having a contract increase chances of transacting with genuine buyers.
This will prevent losses to OS through defaulted payments and canceled orders. Unlike in previous orders, the contract will also include additional client details to ensure that OS can efficiently track down defaulters. The e-contract provides conditions for shipping, a return policy and cancellation policy, which further promote a commitment by buyers (Ciacchi, 2016).
It also shields the company in that any losses in logistics are covered through the fines imposed under the returns and cancellation policies. Clear guidelines on dates of the delivery amount paid and applicable fines ensure that contract disputes and potential liabilities are avoided. The fact that OS offers a return policy also means that customer trust is enhanced.
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References
Ciacchi, A. C. (2016). Contents and Effects of Contracts-Lessons to Learn From The CommonEuropean Sales Law. London: Springer.
Goldberg, V. P. (2015). Rethinking Contract Law and Contract Design Rethinking Law series. Cheltenham, UK: Edward Elgar Publishing.
Wang, F. F. (2015). The incorporation of terms into commercial contracts: a reassessment in the digital age. Journal of Business Law (2015), 1-27. Retrieved from bura.brunel.ac.uk/bitstream/2438/11004/1/Fulltext.pdf
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Contract Law
Purpose
The purpose of this project is to create a plan that demonstrates your understanding of contract law. The project requires you to identify and analyze legal issues and to make recommendations based on one or more fact patterns. These issues will relate to the concepts covered in weeks 4 and 5 about contract law. You will also develop skills in developing a PowerPoint presentation, in writing a summary report and using critical thinking to write an in-depth comprehensive analysis.
Outcomes Met by Completing this Assignment:
Recommend appropriate actions in the business environment based on an understanding of sources of law, legal process and procedure, and available remediesanalyze contractual rights, obligations, liabilities, and remedies in the business environment
For Project 2
You may search the internet for sample contracts, but not copy/paste form contracts from internet.The project contracts are to be relatively simple, straightforward and reflect all facts included in the scenario, but only the facts given – it is best to not “over think:” or make the assignment overly difficult.Please review the assigned materials for details about what is to be included in sales contracts.
The best e-contracts are relatively simple, straightforward, clear. Many of you will have been a party to an e-contract, so you can apply your experience, as well as assigned material to create a sample e-contract for the facts given.Contract typically should be specific, very clearly written, and not too complex.
Read the Following Background Information:
The PI owners are anticipating that as the business begins and becomes busy, potential contract-related problems and disputes could arise from purchases of paints and supplies from Naturals, and from sales of supplies and paints to local and internet customers.
For example, the PI owners know from their prior business experiences, that hassles often develop with manufacturers when a company places an email purchase order to which the manufacturer does not reply, but simply ships nonconforming goods or ships orders too late to meet customer needs. Another problem area is related to internet sales where customers often claim the sales contract is confusing or incomplete sometimes resulting in mistakes in orders and cancellations.
These problems can be time-consuming, detrimental to the bottom line, and can create damaging publicity and a negative image for any business.
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Pat and Gale, the lead consultants working with the PI owners, and you, along with the PI owners, Jo, Maddy, and Taylor have discussed these problems and the need to minimize disputes and liabilities for PI arising from its contract agreements. After several meetings, Pat and Gale ask you to develop sample form contracts designed to minimize contract sales disputes and possible liabilities for PI.
Instructions
There are two parts to this project. In the first part, you will create two (2) sample contracts. In the second part, you will write a brief memorandum.
Part I
Create the following two (2) sample contracts for PI that are all consistent with UCC rules regarding sales.
A. Create a standard form sales contract to be used to purchase an order of paint from Naturals. B. Develop a standard e-contract form for internet sales of paint sold by PI to internet customers; include shipping policies and procedures. (PI will be reselling paint it purchases from Naturals via the internet.)
DO NOT use standard form contracts from the internet; this will be obvious and will not receive credit.
Part II:
Write a brief memorandum addressed to the PI owners. Write in depth, comprehensive analysis and explanations to support conclusions.
Explain the following:
Analyze and discuss how the standard form sales contract (created in Part 1. A. above) for purchase of paint from Naturals will help prevent or minimize contract disputes and possible liabilities.Analyze and discuss how the standard form e-contract (created in Part 1. B. above) for internet sales of PI paint will help prevent or minimize contract disputes and possible liabilities and losses.
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Format for Report
Create a Word or Rich Text Format (RTF) document Double-spaced, 12-point font, Arial or Times New Roman No page requirement Include title page with your name, course/section number Use in text citations Include a References list of cited resources Write clearly and concisely.
Use the given scenario and facts to create the sample contracts; do not use contract forms from the internet – that will be obvious and may result in grade penalties. Label each part as follows:
Part I A. B.
Part II A. B.
Review the Contracts and Memorandum
Thoroughly read the contract and memorandum to ensure all required elements are present. Use the grading rubric to ensure that you gain the most points possible for this assignment.
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Food Diary.
Please answer the following questions. (10 points – 5 questions – each is worth 2 points). There should be a minimum of five sentences for each response.
1. Were you surprised at how much sodium you consumed with each meal or was it just what you expected? What foods contributed the most sodium to your meals? Does the amount of sodium affect your choice of foods?
When I first input my food and numbers I was very surprised at how much sodium I take in, but when you first sign up it gives you estimates of how much each nutrient you are supposed to take in so even at the sight of my intake value I was surprised. My protein shake, cereal and even water surprised seeing that they were high in sodium. I currently take the Herbalife Protein Shake and eat Post Cereal Honey Bunches of Oats and they both are extremely high in Sodium.
I was trying to implement low sodium intake but it seems I failed at that. Seeing I did this assignment as soon as I got it, I can see a big difference in how I eat now, and understand more about Nutrition. Yes now the amount of sodium is taken in account for a numbers of foods that I consume. I have cut back on a lot but since I work out I still need quite a bit of sodium in my diet.
Food Diary
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2. Identify the nutrients that you exceeded MyFitnessPal’s suggested daily values. Identify the nutrients
: In my numbers chart I’ve colored coded everything. All the green numbers symbolize I was right on track, red numbers mean I was at least ten over from my goal of that day, and light blue means I need more of it. I exceeded the following nutrients: Calories, Carbs, Vitamin C and Sodium. Of course the worse out of the group was sodium then the second was calories. My intake for Calories was set at 2,100 a day, day 3 I exceeded that by 400.
That was what I call a cheat day. Sodium of course as I stated before but the one that amazed me was Vitamin C. My daily limit for Vitamin C was 100, in which my lowest intake was 145 and highest was 307; I couldn’t believe that was a big negative as I thought you couldn’t get more than enough Vitamins in your body. MyFitnessPal proved that to not be true. The nutrients I needed more of would be Protein, Calcium and Fiber.
The on that shocked me on this was the Protein seeing that MyFitnessPal allotted me 105 of Protein for my daily goal and I did not reach it on either day. The closet I got for my goal was 92 that was on the second day and did not get any closer. I see that I eat more Carbs than anything, I guess that balances out with my work out routine.
Food Diary
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3. Do you think a Food Diary is a useful tool for helping a person meet their personal dietary goals?
I would say yes this is a useful but yet not convenient tool see to the fact that most foods listed are not verified, it can help in a way of keeping a log but it would be more up to you to keep the exact amount of the item and verify the contents with the nutrition label. They have some verified items but I feel the system could be fine-tuned. Other than that I think this application would be a great tool to use and keep track of your eating habits along with your workout plans. This tool to me is like motivational technology but encouraged and produced by you.
This app can give insight in to what you need more and or less of at the same time calculate your workouts into your eating habits. Also this app helps you set realistic goals in timeframes. I kept my time frame at five weeks and for the three days every time I completed an entry it would keep me updated on my weight progress. If you are serious about maintaining a healthy lifestyle and eating right I say yes this app will help you achieve those goals.
Food Diary
4. What did you like and dislike about MyFitnessPal
MyFitnessPal is a very easy accessible tool that you can have on any device. It is good at good track of the food you eat and it even saves it once you put it in for the first time making it so much easier the next time you eat the same thing to just select from your previous items. I also grew interested in how it keeps track of your weight lost and if you gained any while using the app, the only reason I know that because my wife fell in love with the app when I showed her what I was doing for class. She uses it to keep track with her current workout and eating plan, the famous 21 Day Fix.
I also like how it shows you what nutrients you eat too much of and which one you need more of. I don’t like the fact that it doesn’t have enough space to list all the nutrients at once or even an easier way to changeover to see the other nutrients. That is the only thing I dislike about the program, other than that once you learn your way through to operate it, it is self-explanatory and is good for given a breakdown of what is in store for you.
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5. Describe your experience with use a Food Diary for three days (Did you record what you ate or drank immediately using a pen and paper, Smart Phone, iPad, or a laptop? Do you think you could maintain an accurate food diary for a week, a month, three months? Explain your answer.
The Food Diary was awesome, I kept track mostly on my smartphone seeing that I am always on the go. Anytime I ate or drank something I recorded on my phone. It was easy to keep track of everything that way, once I got home I would log into MyFitnessPal on my laptop just to see if everything was correct and it was exactly what I typed. I could keep track for a month probably because after that I will probably be eating the same or at least have a better hold over what I eat and drink.
I would also like the fact that it would help with my workout plan. I haven’t keep track but only for a week dealing with this project but my wife has been tracking everything with this app for over a month now and she loves it. I see that after a while you could lose interest in plugging everything into this program because it becomes repetitive, but if I needed it I know it is a good tool to get me back on track.
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Food Intake Analysis
This week you will complete your second food diary project. Keep a 3 day food diary, input your foods into “SuperTracker” on the www.ChooseMyPlate.gov website. This food diary will look at vitamins and minerals in your diet. Have FUN with this assignment! It is a lot of work, but you will learn a lot about what you eat. Early in my career, we had to do our calculations by hand, it is much easier now! This project is similar to your Food Diary #1, but instead of calories, fiber and macronutrients, we will analyze the micronutrients: vitamins and minerals.
Food Intake Analysis
INSTRUCTIONS:
1. Keep a DETAILED food record for 3 full days, you will write down everything and how much you eat and drink.2. Please save and submit in .doc, .docx or .xl format3. Input and analyze your food diary with the ChooseMyPlate website (SuperTracker), you may use another website for food analysis if you prefer, if so you must use citations.4. Submit in your assignment folder: your food diary for each day plus your daily totals and 3 day average (total the 3 days, divide by 3).
Mandatory nutrients are vitamins A & C and minerals calcium & potassium. To personalize this, you get to choose 4 other nutrients (2 vitamins, 2 minerals) to analyze in your diet, explain WHY you chose these nutrients. Please use a spreadsheet or table format, there is an example attached.5. Write a summary: based on your daily averages, please summarize your 3 day average for vitamins A & C, calcium, potassium plus the 4 other nutrients that you chose (2 vitamins, 2 minerals) a total of 8 micronutrients. How does this compare to recommendations?
This assignment must include all components for full credit: detailed food diary in a word .doc table or .xl spreadsheet ; analysis and summary for 4 mandatory vitamins/minerals plus 4 of your choice (8 total). Each day’s recording/analysis 25 points each, summary 25 points. (3 x 25 points = 75 points; summary 25 points; total 100 points).
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The BMGT 380 course centers on the story of a company, Business Consulting Associates (BCA), a business consulting and research company based in Maryland that advises and conducts research for potential owners considering new business ventures. You and your classmates will be active participants in the story acting as employees of BCA assigned to complete consulting-related and/or research assignments and projects for BCA clients throughout the course.
Your assignments for BCA will concentrate on four categories of business law principles that present significant risks and liabilities for start-up businesses. These legal principles are (1) business structures, sometimes called business forms, (2) tort law, including negligence, premises liability, and product liability, (3) contract law, including Uniform Commercial Code sales and lease contracts and e-contracts, and (4) agency law.
Starting a new business requires extensive preparation, market research, and examination of the legal environment of business. Identifying the nature and scope of legal risks and liabilities that affect business practices and decisions is essential before organizing a business. Exploring ways to prevent, minimize and resolve risks and liabilities is also important in forming a new business. The primary focus for the 380 course and completing assignments for clients of BCA will center on the question: How can a business owner identify and minimize legal risks and liabilities associated with
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Background: Business Consultants Associates (BCA)
After graduating with a B.S. in Management, you have been working for BCA for almost two years as an assistant consultant for Pat Braden and Gale Roth, senior consultants who jointly direct the construction services consulting department for BCA. Pat and Gale have assigned you to assist them in advising their new client, a start-up residential painting company named Painted Images.
Background: Painted Images (PI) Jo, Maddy, and Taylor are friends, business acquaintances, and residents of Maryland. Jo has been the project manager for twelve years for a construction company owned by a general contractor and developer. Maddy and Taylor have owned and operated a small, successful home rehab and “flipping” business for ten years.
After considering several business ventures, the group decided that a residential painting business would be a good fit for their professional experiences, skills and interests and agreed to pursue the possibility of launching a Maryland-based painting business named Painted Images. The three hired a market analyst to research market trends and demands for the painting services industry and confirm whether Painted Images would likely be a viable business in their community. The market analysis showed there is an increased demand for homes services businesses in the region. Consequently, the group decided to move forward with their idea to establish PI.
Business Consultants Associates
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The group is committed to operating and marketing PI as a green business. Most paint contains high VOC (volatile organic compounds) that pollute the air, particularly indoor air. According to the Environmental Protection Agency, VOCs are considered one of the top five hazards to human health, arising primarily from interior paints and finishes. New environmental regulations and manufacturing techniques have led to the development of low-VOC and zero-VOC paints that are durable, cost-effective and less harmful to human and environmental health.
Jo, Maddy, and Taylor plan to purchase all paint and other supplies from Naturals, Inc. (Naturals), a mid-sized manufacturer of zero-VOC paint and chemical free paint supplies. The potential owners of PI are familiar with Naturals as each has purchased from Nautrals for their respective current businesses. PI plans to resell certain Naturals products to PI clients directly for painting jobs, and via internet sales.
PI will be headquartered in a business space in a local shopping center. The PI headquarters will include private business offices, a reception area, and conference meeting and planning space to which potential and existing customers will be invited to discuss proposals for painting jobs, paint products, and to complete contracts for painting jobs. The business space will be open to the public to collect information and inquire about PI services, examine paint displays, and view photos and exhibits from ongoing and past painting jobs.
Business Consultants Associates
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The potential PI owners recently attended a start up business seminar sponsored by the local chapter of the Small Business Administration. Following the seminar, the owners held several meetings to define the nature and scope of the work to be done to prepare a clear plan for the startup business. They realized this process requires time, thoughtful analysis, and clear guidelines as the owners have somewhat different priorities, interests and expectations.
They also recognized that they need for professional business consultants, such as BCA, to guide their start-up for PI. Consequently, the three have hired BCA to advise and guide them through the start-up process for PI. Painted Images Owners
Jo: Jo wants an initial 30%-40% interest in PI, but wants to limit future capital commitment until the business is operating profitably. Jo wants the option to acquire others’ interests if they die or leave the business for any reason. Also, Jo wants to take out money from the business, in the form of salary, benefits, expenses, or dividends, as appropriate, as soon as PI has a healthy net profit margin.
Business Consultants Associates
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Jo is most concerned about liability and knows the other owners are trustworthy and ethical, but wants to limit personal liability in the business to no more than capital contribution. If possible, Jo wants Key Man Insurance for the owners so all will have protection if one owner can no longer contribute to business for any reason. Jo prefers a strong managerial position to make decisions for day-to-day operations. Jo is willing to be involved in day-to-day business operations and wants to play a key role, along with the other owners, in establishing the structure, and the business environment and culture for PI.
Maddy: Maddy wants at least a 25% interest, and prefers to minimize additional investments to protect personal cash assets needed for other business investments. Maddy’s main goal is to realize a return on investment as quickly as possible. Maddy wants to minimize personal liability, especially in the event of bankruptcy or death of any of the other owners. Maddy wants to participate in long-term business decisions, but does not want to be involved in day-to-day business activities. Maddy prefers to hire a general manager to run the business, although is willing to consider having others manage the business.
Taylor: Taylor is enthusiastic about the new business plans and trusts the others and respects their business expertise. Taylor is willing to commit to an investment of 51% interest in PI, but is agreeable to a lesser interest. With a maximum interest of 51%, Taylor would want complete control over business operations. Even with a lesser investment, Taylor wants a strong managerial position and prefers owners with a minority interest to be silent in day-to-day management of PI. Taylor wants to minimize personal liability.
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RFID Technology vs Bar Code Technology
Why RFID Technology is Better than Bar Code Technology
RFID technology is often regarded as a successor of the technology that has dominated for decades. Bar codes have been in place since the second part of the 20th century and are now used in all the spheres where inventory management is relevant (Smith-Ditizio & Smith, 2017). The method enables people to trace the flow of items with a significant degree of accuracy, which made the technology popular worldwide. Bar coding involves the use of the codes usually typed on packages or even items, and readers (Lee, Choi, & Lee, 2017).
RFID technology was introduced later, but it soon became widely used as well (Bibi, Guillaume, Gontard, & Sorli, 2017). This method implies the use of tags and a reader. Both technologies have certain advantages and disadvantages, which makes it difficult for users to chose between the two options. However, the use of RFID is often regarded as more efficient and cost-effective due to various features of the technology (Lui, Ngai, & Lo, 2016). This paper includes a brief discussion of the statement of problem and research questions.
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Purpose of Study
As has been mentioned above, both technologies are now used widely, but people are still reluctant to switch to a more recent method. One of the major barriers to the successful implementation of RFID technology is associated with investment as this technology requires more funds than the bar code method (Bibi et al., 2017). One of the benefits of bar codes is their universality as the vast majority of retailers and manufacturers have adopted this technology. However, to assess the effectiveness and benefits of the technologies under analysis, it is critical to identify the most relevant criteria. The purpose of this study is to identify the benefits of using RFID technology as compared to bar code technology.
As has been mentioned above, both technologies are now used widely, but people are still reluctant to switch to a more recent method. One of the major barriers to the successful implementation of RFID technology is associated with investment as this technology requires more funds than the bar code method (Bibi et al., 2017).
One of the benefits of bar codes is their universality as the vast majority of retailers and manufacturers have adopted this technology. However, to assess the effectiveness and benefits of the technologies under analysis, it is critical to identify the most relevant criteria. The purpose of this study is to identify the benefits of using RFID technology as compared to bar code technology.
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