INTRODUCTION “Not only had India….set up his own machinery for oil exploration and exploitation….an efficient oil commission had been build where a large number of bright young men and women had been trained and they were doing good work.” -Pandit Janwarlal Nehru to Lord Mountbatten‚ on ONGC (1959) ONGC Group of Companies comprising of ONGC Limited‚ and its subsidiaries ONGC Videsh Limited (OVL)‚ ONGC Nile Ganga BV (ONGBV) and Mangalore Refinery and Petrochemicals Limited (MRPL) organize
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Is there a danger that English as the medium of international university instruction will play as increasingly elitist role in the field of education? Definition: According to David Crystal (2008)‚ “a language achieves a genuinely global status when it develops a special role that is recognized in every country.” (P.3) English will play an increasingly elitist role in the education field means that small group of people who use English as their language has a lot of power or advantages based on
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Nike case Grachya Ovsepyan Alexander Kopenkin 2011 Nike – Globalizing the Sportswear Industry 1. Evaluate Nike’s business strategy. Does Nike have a sustainable competitive advantage? According to the text‚ there are four cornerstones in Nike’s strategy: 1) Deepening its relationship with customers. There are some obvious ways of having a “deep relationship” with customers such as taking into consideration results of various enquiries or following current trends like many companies
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Budgeting and the Planning and Control Process Learning Objectives By the end of this chapter‚ you should be able to: • Describe how the budget is a component of the planning and control process. • Explain the three components of planningmission‚ goals‚ and objectives. • Describe how performance reports relate to budgets. • List the advantages of budgeting. • Describe how budgeting is related to strategic planning. • Describe the budget administration process. INTRODUCTION Have
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Journal of Social Sciences (PJSS) Vol. 31‚ No. 2 (December 2011)‚ pp. 207-214 Beyond Budgeting: The Way Forward? Michael Goode M.Sc Accounting and Financial Management Programme University of Hertfordshire Hatfield AL10 9AB‚ UK Email: m.goode@herts.ac.uk Ali Malik‚ PhD Senior Lecturer and Programme Tutor University of Hertfordshire Hatfield AL10 9AB‚ UK Email: m.a.1.malik@herts.ac.uk Abstract Beyond Budgeting has been proposed as an influential idea that will reinvigorate management accounting
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Contents Introduction Budgeting The Three Periods Forecasting Suggestions Technological advances in the Hospitality Industry Conclusion References Introduction The Newtown Central Hotel runs a 100 bedroom three star city centre hotel part of a global chain. The present report purpose is to evaluate the implementation of a range of strategies in order to achieve profitable room sales‚ looking at the past 3 period’s figures and using group results from the first assignment (yield management
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decades have seen criticisms of budgeting techniques as management cost controlling systems. We have seen many writers mention about the widespread dissatisfaction with the bureaucratic exercise in cost-cutting that budgeting is accused of having become. Budgets are accused of being out of touch with the needs of the modern business and said of taking too long‚ costing too much and encouraging all sorts of perverse behaviour. However‚ it is generally accepted that budgeting is a necessary evil‚ and that
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of planned financial activities over a specific time period. Another way of expressing this is that budgeting is basically a system that allows business to achieve its objectives and goals from time to time. In modern days now‚ developing a budget has become a very crucial step in every business. There are many purposes that can be served by implementing a budget system. Thus through this budgeting process‚ there are 5 major purposes that can be resolved which is planning‚ communication & coordination
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Accounting for Managers 3. BUDGETING When you have completed this section‚ you should be able to: • Explain the benefits of budgeting • Describe a budgeting process • Explain the difference fixed and flexible budget • Prepare a simple flexible budget from a fixed budget • Compute variances from budget and actual data • Prepare a cash budget • Explain the setbacks of traditional budgeting • Explain the problems of budgetary slack • Explain the impact of globalization to the budgeting process
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Budgeting System Paper Line-item Budget System The major advantage of line-item budgeting is its simplicity. Any staff member‚ board member‚ volunteer or interested citizen can pick up the line-item budget of a human service agency and see (a) the source and amount of the agency’s revenues‚ (b) how the funds will be used in terms of staff‚ equipment‚ facilities‚ travel‚ and so on‚ and (c) if the budget is balanced. The major disadvantages of line-item budgeting systems are twofold. First‚ line-item
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