UK Revised Combined Code Essay Example | Topics and Well Written Essays - 3000 words

UK Revised Combined Code - Essay Example Following the Enron report, two survey boards were dispatched by the UK Financial Reporting Council (FRC) to audit UK corporate governance2. The two autonomous survey reports - the Higgs Report on Non-Executive Directors and the Smith Report on Audit Committees, were distributed in January 2003 and structure the bases for the modified Code [also see Higgs survey (2003) and Smith survey (2003)]. In this examination the highlights of the reconsidered joined code will be talked about alongside studies to appear and propose whether the usage of this code is probably going to improve the viability of corporate administration for recorded organizations. The updated code contains 14 standards for organizations bolstered by 48 code arrangements. Numerous parts of the reconsidered code have stayed unaltered from the first code despite the fact that there have been numerous significant changes. The code proposes that the board ought to involve free non-official chiefs alongside official executives and the code contains direction on the significance of autonomous executives underscoring on autonomy as a significant measure (Long et al, 2005). It likewise sets out the standard that the job of director and CEO ought not be a position taken by a similar individual (in Combined Code, 2003). The director ought to be autonomous and just in certain uncommon cases, the administrator can likewise be a previous CEO. It has likewise been proposed that the situation of a senior autonomous non-official executive ought to be incorporated. This new situation of senior free non-official executive shows that the chief must be recognized in the yearly rep ort and furthermore be given explicit obligations (Long et al, 2005). Different determinations of the updated code show that every recorded organization ought to have a review board of trustees, an assignment advisory group and a compensation panel. The review and compensation boards of trustees ought to have at any rate three individuals and all the individuals ought to be autonomous non official directors3. Most of the individuals are relied upon to be free non official chiefs and the board of trustees is additionally headed by the administrator who is an autonomous non official executive (Long et al, 2005; Chambers 2005)4. The code likewise indicates that in any event one individual from the review board of trustees must be a money related master or an individual with the applicable budgetary experience and having enrollment with an expert bookkeeping body. The code features on execution assessment and ordinary observing and stresses on the presentation assessment of board individuals and the advisory groups and official executives (Combined Code, 2003; Directors' Remuneration Report, 2002). The yearly report ought to remember an exposure for the presentation assessment process. The outer examiners are significant too and the review panel is given the essential obligation of making a proposal on the arrangement, reappointment and evacuation of outside inspectors. The review board is given the obligation to create and execute strategy on commitment or taking administrations of the outer inspector to flexibly non-review administrations. The Audit Committee states in its report that the

Depression in Elderly

How Poets Describe the Ending of Childhood Innocence :: Childhood Poetry Poems Essays

How Poets Describe the Ending of Childhood Innocence Right off the bat Seamus Heaney is an artist I have considered. He was from a country catholic foundation in Castledawson, County Derry, anyway he did live in a principally protestant zone. He tends to issues, for example, adolescence, familial connections, especially his relationship with his dad and furthermore the character emergency of turning into a writer. For instance in his sonnet, â€Å"Death of a Naturalist† he draws generally on his experience and the experience of his locale trying to speak to the inconveniences in another and diagnostic way. As opposed to this, another artist I concentrated on, Carol Ann Duffy, developed up in a urban situation. She was conceived in Glasgow, Scotland in 1955, anyway experienced childhood in Staffordshire, England and joined in college in Liverpool before moving to London. She likewise addresses issues including beloved recollections in such sonnets as Litany and In Mrs Tilscher’s class. Another writer examined was Ronald Stuart Thomas. He was conceived in Cardiff be that as it may, moved all around after his dad found a new line of work in the Navy. He at last settled in Holyhead in 1918. He started to truly learn the Welsh language, as he needed a feeling of Welsh personality. It appeared significance of being Welsh. Numerous years after the fact R. S. Thomas was estranged from a lot of Welsh nation life by his status as a cleric in the Church of Wales. He felt the prohibition acutely, saying once that an anglicized childhood like his keeps one from regularly feeling one hundred percent at home in Welsh Wales’. He is like Heaney due to his provincial and strict foundations and is additionally a patriot. Each of the three of these artists habitually expound on an individual encounter they had when growing up and how it influenced them, or about the experience of the kid or youngsters and how they think it influenced them. Seamus Heaney composed Mid-term break, which portrays an individual experience for him when his sibling kicked the bucket in a fender bender when he was youthful. He is reviewing a cherished memory. Song Ann Duffy too reviews a cherished memory in her sonnet Litany. She recalled the day at the point when she thought her mom and her mother’s companions were barring her. Likewise R. S. Thomas composed the sonnet Children’s tune, which talks about how youngsters live in their very own universe in which no grown-up can never be a piece of. When expounding on youth the sonnets are review and investigate the past, which concern recollections of the youngster. A few sonnets by these three writers present a child’s point of view of the world, while others show how a grown-up sees their past.

HR google case study Essay Example | Topics and Well Written Essays - 3000 words

HR google contextual analysis - Essay Example In human asset the executives considers hypotheses don't coordinate precisely with the perceptions of the truth. These divergences between the truth and the hypothesis are portrayed by the to a great extent by the disorder hypothesis. Practically all business houses utilize this hypothesis to deal with their inner HR. Be that as it may, some of them apply their own comprehension of the hypothesis and the executives framework. Google is one of those business houses which are progressively worried about applying their own style of tumult the board. This paper attempts to assess Google’s confusion the executives style and its preferences and weaknesses and furthermore attempts to decide whether this system can be reasonably utilized later on. Significance of confusion the executives style: Chaos the board style is definitely not another idea. In 1988 Tom Peter, in his book Thriving on Chaos: Handbook for a Management Revolution, has demonstrated the significance of the hypothesis in the executives speculations. During this time the greater part of the organizations and administrators were in a similar line with respect to their view on disorder in the administration. They have contended that disorder should be stayed away from at any expense. Mayhem in the administration framework was one of the most despised ideas by the supervisors and organizations. Be that as it may, when supervisors have understood that they need to make due in the new, quickly developing world they need to become familiar with the hypothesis and to apply it with regards to their organizations. With the vanishing of the arranged common laborers, electrical sort journalists and mailing posts the requirement for comprehension and need to apply the hypothesis for the development of organizations began to rise. In such manner the organization that has learnt utilized the hypothesis was Goolge. The organization has utilized the hypothesis everywhere in their human asset the board systems an d has expanded its benefits and incomes to extraordinary degree (Googling wild: Can Google’s mayhem the board style guarantee proceeding with progress?, 2007, p.25). Brief history of Google: Larry Page and Sergey Brin, two alumni understudies at Stanford University in California, created Google as a web search tool as a major aspect of their alumni inquire about task. In 1996 Google was first presented as a web crawler in Stanford University’s inside marry locales. From 1998 it turned into the total business organization. After its establishment it turned into the biggest internet searcher organization on the planet. Google and disorder the board framework: Google is an unmistakable case of the organization that has utilized confusion and has prevailing to win benefits from it. With the approach of utilization of new innovations in the organizations the requirement for the hypothesis expanded at an enormous scope. While customary organizations were progressively worrie d about assembling, deal and convey products and ventures, current organizations use advancements everywhere scales and their organizations spread huge zones of organizations. Subsequently, the requirement for comprehension and utilizing the hypothesis is more for them. Fast employments of Internet, mobile phones, fax, copies have made every one of these organizations to apply the hypothesis. Consequently, individuals began to utilize the hypothesis in various inside and outside structures of their business associations. Google comprehends this reality and begins to apply the hypothesis in its human asset the executives segment and have increased enormous advantages. The tumult the executives framework is one of the most significant approaches to deal with the cutting edge working condition â€Å"where data ‘‘storms’’ can make data overload†

Personal Philosophy of Education Essay Example | Topics and Well Written Essays - 750 words

Individual Philosophy of Education - Essay Example The paper in this along these lines offers an astute conversation about chief qualities in an individual way of thinking of instruction that is established on a Christian view. In this close to home way of thinking of training, the central standards are the columns that give a thorough clarification to it. The standards make the way of thinking from a Christian perspective with a characteristic defense dependent on Christian qualities, excellencies and ways (Valmyr, 2009). Training in the easiest clarification is the procurement of information. Be that as it may, in Christianity, extreme information and truth is found in the expression of God. As clarified in the book of Hebrews, extreme information and truth became well known fact and outright and thus it became substance among adherents. Subsequently, the Bible is the definitive hotspot for all guidance and truth despite the fact that it probably won't give satisfactory information about each natural subject that is instructed in our schools. Be that as it may, the Bible stands as the structure of all requests since it gives rules and standards to every one of our parts of lives including instructive and scholarly lives. The Bible hence shows how a few subjects, for example, expressions, science, and arithmetic fit the world that the Almighty God made. The Bible permits us to comprehend that nature reflects Gods character. Subsequently, as Christian instructors, we should sustain a culture of perusing the Bible in understudies for them to comprehend and find the Almighty God since a large portion of the information about Him is found in that Holy book. Christian instructors comprehend that learning is subject to a conviction framework or confidence. The convictions that we harbor are basic in affecting the way in which we retain information and decipher it. In this manner, it is basic for Christian instructors to inspect any fathomable perspective as indicated by the word in the scriptural sacred texts so that our instructive and perspective establishment is in Gods disclosure and not social preferences. Our understudies should likewise be shown the equivalent

How Ballet Can Make You a Better Leader

How Ballet Can Make You a Better Leader Leading a company to business success is not an easy task. Therefore, it isn’t a surprise to encounter countless articles and studies examining the abilities and qualities successful leaders hold. The focus is often not only on accomplished business leaders, but also on auspicious individuals in other sectors. © Shutterstock.com | Eugene MynzulSurprisingly, a hobby that could hold the key to turning you into a better leader is ballet. It is time to explore 1) the origins of ballet and examine 2) the leadership qualities as well as 3) the abilities this 4) dance can teach a leader.THE ORIGINS OF BALLETBefore we examine the qualities and abilities ballet can provide to leaders, lets take a moment to understand the history of ballet. Indeed, once you look into the origins of this dance, you can see it has been attractive to many famous leaders of the past.The dance took its first steps during the Renaissance in Italy around 1500. The word ‘ballet’ has its origins in the Italian word ‘ballare’, which means ‘to dance’. The first dancers wore masks and restrictive and sumptuous clothing. The difficulties dancers had carrying these heavy and decorative clothes led to the dance developing as a form of small hops, slides and gentle turns.From Italy, ballet was brought to France when Ca therine de Medici married the King of France, Henry II. The dance developed greatly in the French ballrooms and it was especially favored under the reign of Louis XIV. According to historians, the king himself liked to dance around. This is indeed an early indication that leaders have found this form of dancing intriguing and helpful.It was under King Louis XIV, that the dance became a professional form of art. His thirst for talent meant ballet wasn’t simply a leisure activity, but a routine that required professional training.In 1661, the first dance academy dedicated to ballet opened in Paris and soon everyone, not just the noblemen, were able to experience a ballet show.The dance quickly spread, with two clear centers forming in Russia and France. These two countries have undoubtedly played a major role in developing the dance to its current form and glory.In the 19th Century, the Romantic Movement became reflected in ballet and the dancers began dancing on the tips of their t oes. It was also when wearing the tutu â€" calf-length, full skirt made of tulle â€" became the norm for ballerinas.In Russia, the popularity of ballet skyrocketed during the 19th century. Russian choreographers added a more classical technique to the dance and made the precision and elegance of the movement the key parts of a ballet display. Part of the quest for showing off the detailed footwork and movement meant the tutu was cut shorter, to its current form.The origins of ballet include a number of strong visionaries, such as Serge Diaghilev and Pierre Beauchamps. Under King Louis XIV, it was a way to highlight power and influence. In Russia, the dance was practiced as a guide to accomplished behavior and the dancers trained to perfection. It’s therefore no wonder the dance can enhance leadership qualities.Before you read about these leadership qualities and abilities that come with training ballet, you can watch this interesting introductory of the development of ballet over time. This YouTube video specifically looks at the pointe work: THE LEADERSHIP QUALITIES YOU CAN LEARN FROM BALLETSo, what are the leadership qualities you could take home from this wonderful dance?FocusBallet is an intense dancing style. If you’ve seen a ballet performance, you know that the dancers must be able to perform complex routines, often without moving away from their spot. This requires focus, as you can’t take your eye of the ball at any point.The same applies to leadership. You need to be present on the ‘here and now’ when making decisions. A good leader must have the ability to focus on the present, while remembering to look forward to the next part.Furthermore, ballet dancers need to focus on a number of details. The greatest dancers have to establish the right exercise routines, follow the right diet and live according to a correct lifestyle (no late-night parties for the professionals!). Creating the perfect performance requires focus on these little details .Similarly, a leader can’t focus on any single aspect of leadership. The focus must be on a selection of details, which help the team to strive forward.PatienceBecoming a world-class ballet dancer doesn’t happen overnight. Professionals often start young and craft their skills for years before reaching their full potential.The style of ballet is also subtle and gentle. The understanding of the movements takes patience and practice. Patience is a key to improve in both, ballet and leadership skills.Leadership skills are not achieved overnight either and ensuring success as a leader will require plenty of patience.PassionSince ballet requires hard work and attention to small details, you’ll need passion to stay on course to mastering it. Ballet is by no means an easy form of art, even though it can be relatively accessible. Ballet lovers and dancers tend to be increasingly passionate about their art and live and breathe it at all times.When you watch a breath-taking ballet perfo rmance, you can see the passion and emotion. You don’t simply stare at the performance; you feel it and live it together with the performer.The same passion is required as a leader. Since you are leading the team , you need to be able to excite others and maintain the same intensity even when things don’t work out as you planned.Leadership and ballet aren’t just about technical perfection. You can be an intelligent and skilful person, yet lack the passion to lead others. In fact, you might be perfectly capable of achieving financial targets, but business isn’t just about money. If you are passionate about the product and the service, you can reach these goals while genuinely improving the world around you.PerseveranceBallet performances require the team to work together. But occasionally, a dancer might miss his or her steps. But this doesn’t and it shouldn’t stop the performance. Other dancers need to persevere and keep going.Furthermore, ballet shows rely on dancers pe rformance â€" even when their mind might be somewhere else. The dancer must be able to set aside his or her emotions and provide the team with a stunning show. This is also what great leaders do â€" they persevere, even when the situation looks dark.As a leader, you’ll know your team is relying on your performance. You are the dancer that needs to show example and show up, even when you’d rather put your feet up and rest.DisciplineThe levels of physical endurance needed for ballet can take many by surprise. Ballerina Misty Copeland told in an interview that during the performance season rehearsals start at noon and last until almost six in the evening, after which you must prepare for the show. The exercise routine is rigorous and when you are preparing for a ballet show, you repeat the same movements over and over again.The same discipline to organize is crucial for leadership. You set the example and if you are lazy, your team will quickly follow suit. You are in charge of org anizing the routine, ensuring everyone in the team follows it and setting the example of hard work.Goal OrientationAs a dance style, ballet is goal oriented, whether or not you are aiming at the top level. Even beginners will set out goals, whether they are about learning a specific move or simply improving their physique. For professional dancers, the goals might be about joining a famous ballet group or learning the routine for the next show.Leaders must be goal-oriented as well. In fact, you’ll often need to work towards multiple different goals. These could be about launching a new product, increasing the revenue stream or reducing the operational costs. You should always aim for something, whether it is a big or a small target. It can help clarify the right path, and help you and the team to stay focused.CompetitivenessBallet is an elegant and romantic dance, yet the professional world of ballet can be brutal. The competition for the best positions within the industry is toug h. Without a competitive spirit, you are unlikely to dance at the Bolshoi Ballet group.Ballet also has to compete with other forms of entertainment. Ever since its invention in the courts of Italy, France and Russia, the dance style has tried to improve and reinvent itself in order to reach a new audience. Ballerina Tamara Rojo told the Guardian,“We’re constantly trying to expand our audiences and reach people that have never thought they would love ballet”.Ballet needs to fight for its audience, as well as to attract new dancers to join its ranks.A leader has to have competitive qualities as well. You need the hunger to reach the top and the appetite to maintain your position. Becoming a team leader in a company doesn’t guarantee you a place in the sun forever. In fact, as soon as you gain that position, there will be a long line behind you waiting for you to slip.THE LEADERSHIP ABILITIES YOU LEARN FROM BALLETAs well as helping with the above leadership qualities, you can a lso gain essential leadership abilities from ballet.The ability to multi-taskIf you’ve ever watched a ballet performance, you know that different things are happening at the same time. The dancers often need to be on top of what the other dancers are doing, while performing their own routine. But the dancer must also perform different choreographies with his or her hands and feet.This type of ability to multitask is essential for leaders. You’ll need to juggle different tasks at the same time. The focus must not be on just the big picture, but also the finer details. Furthermore, you aren’t simply just performing various tasks and scraping by, you are in fact, finishing it all with graze.The ability to deal with different peopleOne of the great aspects of ballet is its ability to bring together people from all walks of life. It’s a sport that attracts young dancers, but there are also groups for older enthusiast. Not to mention how ballet, as a form of art, has fans from dif ferent sections of society.For the dancers, aiming at the top of the profession, reaching the goal often requires them to travel to different parts of the world to train. Moving to a different culture and training with new people isn’t easy â€" good people skills are needed.In today’s interconnected world businesses are also gathering talent from different parts of the world. A leader has to be able to make everyone feel welcomed and find ways to use these differences as an advantage.The ability to let others shineBallet performance isn’t built around an individual performance. For the show to work and to impress the audience, everyone has to play their part. In ballet, you might be dancing at the centre of the stage in one minute and fall into the background the second.Whilst the performance has a lead dancer or two, every member of the group plays an important role in ensuring the performance is going to be a success. A dancer will need to know how to deal with their spot in the sunlight, but also how to support others with their time.The same ability to allow others to shine is crucial for a leader. You might be leading the pack, but you aren’t the only member of the team. In fact, the best leaders are often not the ones basking in glory, but who help bring out the best in other people.The ability to be presentIt’s hard to imagine anything more majestic than a ballet dancer striking a pose. Like we’ve mentioned above, the dancer can wholly captivate the audience and make them feel the passion the dancer has for his or her craft.The posture during the performance is all about the presence â€" the full stretch of the body, the expressiveness of the face ensures the dancer captivates the whole room with his or her presence.In a Huffington Post interview, Japanese ballerina Misa Kuranaga explained the importance of presence by talking about a performance that captivated her. She was watching a performance and felt radiating energy from a dancer, who wasn’t in a leading role.“The way she was performing on stage was so beautiful; she was giving everything she had for that moment, for those five minutes of demonstration,” Kuranaga said.A competent leader can stand out from the crowd in the same way. A leader must be able to capture the room’s attention, with authority, charm and passion. Leading isn’t just about saying and doing the right things; our communication is as much about the verbal cues as it is about the non-verbal cues.If you are looking to learn more about physical presence and its importance to leadership, ballet is a fantastic teacher.The ability to stay on your feetYou can understand the physical requirements of ballet, by simply getting on your toes for a few moments. If that seemed difficult, imagine maintaining the posture for hours, while also gliding around the room in an elegant manner.As well as requiring emotional perseverance, ballet dancers must be in shape. You need a strong body to withstand the physical stress, as well as the emotional drain long hours and disciplined routines can have.The same applies to leaders. The saying “a healthy mind in a healthy body” is a great rule to live by, especially as a leader. Leaders are required to work long hours, withstand the emotional stress and even jet across the country or the world. If you aren’t physically fit, all of this becomes harder.The ability to get things doneThe French King Louis XIV turned ballet into a professional art and the Russians transformed it into a military-like exercise. The dedication of the Russian choreographers and dancers added the effectiveness to this beautiful dance.In ballet, you need to follow your training to become excellent, you learn the routine to a performance, you go on stage, you dance your part, and you walk off the stage until you start the routine again.Leadership follows this same routine â€" the routine of getting things done. Leaders don’t have the luxury of analyzing ever y move for hours or discussing topics until dawn. Leaders must have the ability to know when to practice, when to perform and when to walk off the stage.DANCING TO BECOME A BETTER LEADERThe above qualities and abilities are essential to ballet and to business leadership. Ballet is such an eloquent display of what perseverance, discipline and hard work can accomplish. It highlights the essential aspects of leading, but also working as a part of a group. The ability of the dancers to focus and endure is something valuable every leader, who wishes to accomplish success, should study and learn from. So next time you go experience a ballet performance, remember to look at the show through a new lens.

Theories Methods And Application Of Business Forecasting - Free Essay Example

When a man assumes the responsibility of running a business, he automatically takes the responsibility for attempting to forecast the future and to a very large extent his success or failure would depend upon the ability to forecast successfully the future course of events. Forecasting aims at reducing the areas of uncertainty that surround management decision making with respect to costs, profit, sales, Production, pricing, capital investment and so forth. If the future were known with certainty, forecasting would be unnecessary. Decisions could be made and plans formulated on a once-and-for-all basis, without the need for subsequent revision. But uncertainty does exist, future outcomes are rarely assured and therefore, organized system of forecasting is necessary rather than the establishment of predictions that are based on hunches, intuition or guesses. When estimates of future conditions are made on a systematic basis, the process is referred to as forecasting and the figures or the statement obtained is known as forecast Roles of forecasting in Business The object of business forecasting, is not to determine a curve or series of figures that will tell exactly what will happen, say, a year in advance, but it is to make analysis based on definite statistical data, which will enable and execute to take advantage of future conditions to a greater extent than he could do without them. In many respects, the future tends to move like the past. This is a good thing, since without some element of continuity between past, present and future; there would be little possibility of success prediction. While forecasting, one should note that it is impossible to forecast the future precise there always must be some range of error allowed for in the forecast. Steps in forecasting The business forecasting consists of following steps: Observation and analysis of the past behaviour is one of the most vital parts of forecasting Determine which phases of business activity must be measured Analysing the data Selecting and compiling data to be used as measuring devices Methods of forecasting The important methods of forecasting are as follows: Business Barometers Extrapolation Regression analysis Econometric Models Forecasting by the use of Time series analysis Opinion polling Causal Models Exponential Smoothing Survey Method Choice of Method of forecasting The selection of an appropriate method depends on many factors-the context of the forecast, the relevance and availability of historical data, the degree of accuracy desired, the time period for which forecasts are required, the cost benefit (or value) of the forecast of the company and the time available for making the analysis. These factors must be weighed constantly and on a variety of levels. In general, for example, the forecaster should choose a technique that makes the best use of available data. If we can readily apply one technique of acceptable accuracy, we should not try to gold plate by using a more advanced technique that offers potentially greater accuracy but requires non- existent information or information that is costly to obtain. Furthermore, where a company wishes to forecast with reference to a particular product, it must consider the stage of the products life cycle for which it is making the forecast. Theories of Business forecasting Sequence or Time-lag theory Action and Reaction Theory Economic Rhythm Theory Specific Historical Theory Cross-section analysis Cautious while using forecasting Techniques Forecasting business conditions is a complex task which cannot be accomplished with exactness. The economic, social and political forces which shape the future are many and varied; their relative importance changes almost constantly. It is obvious, therefore, that statistical methods cannot claim to be able to make the uncertain future certain- It does not follow from this disclaimer that statistical methods have nothing to contribute to business forecasting. Lack of a forecast implies a dangerous type of forecast, the mere warning of a possibility of a change is better than no wanting at all as is wisely said Forewarned is forearmed. Also is should be remembered that forecasts are not made just for the sake of forecasting ,that is, they are not ends in themselves. Forecasts are made in order to assist management determine a strategy and alternative strategies. lt may be pointed out that forecasting is much more than projecting a series mechanically. Though future is some sort o f extension of the past. But it can hardly be expected to be an exact replica. Forces responsible for economic change are numerous and complex. They are often difficult to discover and to measure. They may appear in all kinds of combinations and may be constantly changing. The fact that past can never be a perfect guide to the future warns us that forecasting should not be thought of as a routine application of some techniques or theoretical ideas to a list of unchanging variables. Successful forecasting requires expert blending of economic theory with significant statistical expertise and thorough familiarity with the relevant statistical data. Both qualitative and quantitative information must be utilized. As a final word of caution, it may be emphasized that no matter what methods of forecasting are used, it is essential that the forecasts be checked by the judgment, of individuals who are familiar with the business. While it is true that the use of statistical data is an atte mpt to substitute facts for subjective judgment it does not mean that knowledge gained through experience in a given situation should be ignored in favor of quantitative data. It is particularly important to take into consideration any specific plans of the business that might affect the pattern of sales in relation to indicators used for forecasting. More successful forecasting will result by combining with statistical forecasting the judgment and knowledge of current business trends. `Also it is important to emphasize that any forecast should be reviewed frequently and revised in the light of the most recent information. Forecasting is not a one-shot operation. To be effective, it requires continuous attention. Unanticipated developments will often change our picture of the future, or at least clarity it, In terms of any original decisions and actions that have been taken, this rule implies continuous modification wherever necessary. The techniques of flexible budgets has been developed to permit the revision of-the budget estimates and everyone dealing with forecasts should be alerted to the need for constantly checking to see if anything, has happened to change the outlook. Keeping accurately informed about the current level of business is probably the simplest insurance that can be secured against making wrong decisions regarding the fixture. Despite all advances that have been made in the techniques of forecasting, forecasting remains more an art than a science. The value of a forecast lies not merely in its accuracy, but the fact that making it requires a balanced consideration of factors influencing future developments, right or wrong. Further, forecasting should not be regarded merely as a means of peering into the fixture and then accepting what one sees: it needs to be used actively as a way of guiding the firm along the path its management feels is most desirable. Business forecasting will not only help in the short-tem control of operations, its greatest contribution probably will come when it is able to improve short and long-term corporate strategies. Literature View Corporations typically need forecasts that cover different time spans in order to achieve operational tactical and strategic intents.Firms typically use monthly data from the last one or two years to achieve operational or short-term forecasting.Tactical forecasting is generally based on quarterly data from the last five to six years or comparable annual data.strategic forecasting generally requires additional periods in order to make projections for 25 or more years into the future.Tactical and strategic forecasting is made more complex when the issue of seasonality is added to the analysis One goal of a forecasting model is to account for the largest amount of systemic variation in the behavior of time series data set as possible.Moving average,exponential smoothing, and linear regression models all attempt to account for systemic variations.However, each of these models may fail due to additional systemic variation that is not accounted for.In many business time series data s ets a major source of systemic variation comes from seasonal effectsseasonal variation is characterized by increases or decreases in the time series data at regular time intervals, namely calendar or climatic changes.for example, sales demand for beer in the United States has increased over time but tends to vary during the year and to be higher in the spring and Summer months than in the Fall and Winter months(https://www.foodandbeveragereports.com).Therefore time is not only variable that has an impact on beer sales;multiple factors play a role Multile linear regression models are commonly used technique in forecasting when multiple independent variables impact a dependent variable.Beer sales could be considered the dependent variable, while time and seasonal factor could be consiserd indepdent variables, and is represented in the following general model for multiple linear regressions Where is the time and through are seasonal indicators.The Xs denote the independent variab les while the Y donates the dependent variable.For Example the term represents the first independent variable for the time period t(e.g. , etc.).The term denotes the random variation in the time series not accounted for by the model.Since the value are assumed to vary randomly around the regression function the average or expected value of =0 Therefore, if an ordinary least square estimator is employed the best estimate of for any time period t is: Eq(2) represents the line passing through the time series that minimizes the sum of squared differences between actual values() and the estimated values().In the case, when n=1 the equation represents simple regression However if data set contains seasonal variation a standard multiple linear regression model generally does not provide very good results.With seasonal effects, the data tend to deviate from the trend lines in noticeable patterns.Forecasts for future time periods would be much more accurate if the regression model r eflected these drops and ascents in the data.saeasonal effects can be modeled using regression by including indicator variables, which are created to indicate the time period to which each observation belongs. Many publicly held companies are required to submit quterly(data occurring in cycles of three months= a common business cycles) reports regarding the status of their business.It is also very common for quarterly forecasts to be used to develop future quarterly projections.Therfore , if quarterly data were being analysed, the indicator variables for quarterly regression model could be stated as follows Table 1 summarizes the coding structure that we have defined in , and in Eqs.3 through 6.Overall, this coding structure can apply to any time frame the forecaster chooses Table 1 Table 2 Table 3 For brevity purposes, only the quarterly models is illustrated here.The coding structures for the models are contained in Tables 1,2 and 3 Import Bear Sales Example Fig. l displays three views of the partial data set for United States Import Beer sales in millions of barrels (Brls) from January l999 to December 2007 in an Excel spreadsheet. The views are displayed to illustrate the differing setups or data structure that accompanies each seasonal regression model. The data structure or setup in Excel is particularly important when using Excels regression procedure. In other words,how the data is input and in which order it is featured Forecasting is an integeral business activity that is covered to varying degrees in most business scholl curricula.One of the features often uncoverd even in practitioners in the effect of granulizing the data.That is, data occurs annually,semi-annually,quarterly,bi-monthly, and even monthly.While most modelers simply assume that more data is better and Will always chose the most granular data.Monthly data is available for sales for the period 1999-2007.In forecasting data over time, one of the most importa nt perspectives to consider is the level of detail required for the forecast. Figure 1 In this data, the first forecast estimate that should be generated is not monthly but is instead the predictable annual growth in sales as shown in figure 2 Figure 2 Depending on the management requirements, this forecast using simple linear regression may be sufficient.But, in many cases, such as managing inventory that does not have annual capacity, it is necessary to generate a forecast over similar interval.Such models are constructed below:semi annually,quarterly , and monthly Figure 3 Generally one perceives that finer focused data may produce better estimates.But as shown in figure 3, a linear forecst is constructed based upon the summary semi-annual sales actually reduces the overall explanatory power of the model because it introduces more variability.That is, not only is there variability from year-to-year, with more finer data there is also now variability within each year It should be noted that the values of the model are exactly 1/2 of the values of the annual model which would be expected. The two extensions considered next are the addition of an indicator variable for the second half of the year and an alternative definition of the annual increase as pro-rated across the semi-annual periods. We find that in either case, does that finer focus improves the estimated models value. However, the models do allow insight into the monthly characteristics of import beer sales A semi-annual indicator variable is added which has the value of 0 for the first six-month period of any year, and has the value of 1 for the second six-month period of any year. The result of this regression are shown in figure 4 Figure 4 We see that multiple regression with two independent variables Year and Semi-Annual period, does not produce a superior model with regard to .The t-statistics of the model show that the YrIndicator variable is highly statistically significant with a value of 0.672 as wellas the intercept with a value of -1334.61, but that the semi-Annual period is not statistically significant for any practical value of alpha since its t-statistics is only 0.04.Therefore , it is clear that it is not always the case that more and finer granularity to the data produces a superior estimate. One of the most common examples of granularity in time series modeling is using a time trend variables 1,2,3ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦..In the present case, the year variable that was modeled had values 1,1,2,2,3,3ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦(where 1=first year of data,1999; etc.).That is, the year variable captured the annual increase which was not pro-rated across semi-annual periods.If, instead one used not the annual increase but the semi-annual increase, along with the semiannual indicator variable, then similar results obtain as shown in figure 5 Figure 5 Of course, the R-squared of the model and the coefficient of the semi-years variable are products of the annual model.However, what has changed is the statistical sign, scale, and statistical significane of the indicator variable.previously it was positive;in the present model, it is negative.Previously it is of the order 10,000 barrels;presently it is of the order 300,000 barrels.Previously its t-statistics was a scant 0.04;presently its t0statistics is -1.26.Although the indicator variable is not statistically significant for any alpha less than 22%, the drastic change in the variable is important for us to consider Quarterly.The categorical variables for quarters are coded and the resulting multiple regression retains an of 92% and its value is All of these coefficients are highly statistically significant, with Q4 significant to the largest alpha value of 1.8%.The model suggests that the first quarter is the expected lowest sales and the highest sales are expected in the early summer (Q2), followed by slightly lower sales in the late summer (Q3), and continuing this decline to Q4 , still about 1/3 of a million barrels above first quarter sales. This model and the resulting multiple linear regression estimates are shown in figure 6 Figure 6 We have seen that the annual model provided a very good overall estimate of annual increases in sales, but the semi-annual extension did not provide additional information.However, when further granulizing the data to quarterly the estimate was improved further and did provide information that the semi-annual forecast could not.This process is continued for monthly estimates below Monthly.The categorical variables for months are coded and the resulting multiple regression containing the previously determined annual increase and quarterly changes is examined.Usually when modeling nested categorical variables , that one variable must always be left out.In our case, since variable Q2 contains the months April,may, and June, it is necessary in constructing the monthly variables to leave out one of these months.In the present model, the first variable of each quarter is left out and there are no monthly variables for January April,July, and October.The results from a monthly multiple regression are shown in table 4 Table 4 All of the remaining variables are statistically significant except for August and Novermber(shaded in table 4).A final estimation is considered after removing these two variables and the results are shown in table 5.each of the coefficients is statistically significant at leat at the 5% level.The R-squared of the model is 88.1% and standard error s 146,000 barrels Table 5 The monthly model is shown in figure 7 Figure 7 The coefficient values found in the Table 5 provide additional insight.These coefficients are used to construct the seasonal regression equation itself.Not all of the model parameter coefficients are positive for the monthly seasonal models.However, the coefficients are relative to each other within each model.For the quarterly model, it is seen that the Q4(Oct, Nov, Dec) coefficient is lower than the coefficients for Q2 and Q3.This ia also true for the sep and dec coefficients as they are actually negative compared to the other monthly coefficients each of these parameters corresponds to the time frame of the early fall into Winter seasons.In turn, it could be tentatively concluded that some type of winter effect comes from what the coefficients denote within the regression model itself.Within regression models, positive coefficients move in unison with changes in the model parameter. In our case, the coefficient of the Q4 parameter is lower and that the Sep and Dec coefficient s are negative when compared to the other coefficients in the monthly model therefore they provide a damping effect on their predictors.The lower and/or lower coefficients associated with the Q4, Sep, and Dec parameters are mostly likely attributable to the holiday lag and the temperature drop that occurs every year around Nov, Dec, and January, and Feb in the United States.It is well known that beer sales in United States lag during the colder months of each year and the holiday season due to consumers drinking other beverages, both alcoholic,non-alcholic , and consumers drinking other beverages, both alcoholic,non-alcholic and non-chilled Finally, if the annual time trend is pro-rated across the time periods(i.e.1999=1,2000=2, etc.) then the R-squared drops slightly to 88%.Whereas it is natural and very common for us to pro-rate the annual increase per month by using an indexing time variable, it is not required. Interpretations and Analysis of Outputs One advantage to employing Excels regression procedure is the case in interpreting the results of the regression analysis and understanding its statistical quality. To interpret the regression analysis we should begin by checking the values for three statistical measures: the R- Square () statistic, the F-statistic, and the t ·statistic. The value of provides an assessment of the forecast model`s accuracy. Specially, it can be interpreted as the proportion of the variance in Y attributable to the variance in the X variables. Generally, values above 0.7 provide a minimum threshold of accuracy for business models, while values above 0.8 are considered very good. Table 6 presents the values for each of the seasonal regression models, whereas Table 7 presents the F-statistics of each model. According to the analysis any of the proposed seasonal regression models are statistically significant and could be used to effectively develop forecasts for U.S. import beer sales. Howeve r, a good manager needs to know which model produces the best results. The next section illustrates how to construct the seasonal regression equation for the monthly model. Defines and describes error for each model, and discusses model efficacy via error coupled with the regression statistics. Table 6 Table 7 Construction of the Seasonal Regression Equation and Error Calculation From a mathematical perspective, the coefficient values are easily inserted into the original regression model to yield the seasonal regression forecasting equation.The monthly seasonal regression equation can be written as For seasonal regression equation, a forecast for January 2008 will be created.Since the forecasting time period is January 2008, the YrIndicator=2008.Since January falls in the first quarter and is the first month of the year there are no quarterly or monthly indicators in the model and in turn Q2=0, Q3=0, Q4=0, Feb=0,Mar=0, May=0,Jun=0,Sep=0, and Dec=0 Therefore, the seasonal regression model produces the following result The forecast U.S import beer sales for January 2008 are 2.006 million Brls.Calculating the error associated with a forecasting models is cornerstone to determining a models performance.Coupling the error measurement with the regression statistics allows a forecastor to comment on models overall efficacy.A model that performs well on a ll statistical measures and carries relatively low error can be deemed adequate.Error, also referred to as deviation, is defined as the actual less predicted value.Excel can generate error terms for a regression model when prompted Figure 8 We can instruct Excel to automatically calculate the error terms or the residuals of a regression model by checking the residual box in the Regression Dialogue Box.When the regression model is computed via the Regression dialogue Box, the residual output is generated and returned below the regression output.Figure 8 displays a partial part of the residual output for the monthly seasonal regression model within Excel. A standard measure of error in forecasting is mean absolute percentage error or MAPE and is calculated as follows: MAPE Table 8 Using the residual terminology from the Excels regression tool, the formula would resemble the following: MAD= To obtain MAPE for residual contained in figure 8, we first take the abs olute value of each residual in the residual column, divide that absolute residual by the associated actual , and then take an average of those absolute percentage errors Forecasters generally compute error for multiple forecasting models and then compare across each model where the model with the lowest error is considered superior. The MAPE for each of the seasonal models is presented in Table 8. From Table 8, the yearly regression model has the lowest MAPE of the three models. However. it does not provide detail that a manager may need to make decisions in a shorter time frame. Therefore a manager most likely will use the yearly model for long range planning purposes and may use the monthly model for shorter range planning purposes. It is readily apparent from figure 7 that the monthly seasonal regression model fits the actual data very well by accounting for the seasonal trends in import beer sales over time.The figures also visually reinforces the calculated value R-squar ed(0.88) presented earlier.Based on the regression statistics, MAPE and the predicted versus Actual graph , it can be determined that the monthly seasonal model is doing an overall good job of forecasting U.S import beer Sales