Research Methodology Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1428 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? 3.1: Introduction In this chapter, the methodology being used to conduct this research will be explained. This will lead to the theoretical framework, data collection and the method of data analysis. 3.2: Research design University of Texas at Austin (2010) states that. Research design is a plan outlining on how to gathered information for an assessment or evaluation which includes identifying the data gathering methods, the instruments to be used/created, and how the information will be organized and analyzed. Research design used to structure the research, in order to show how the important parts of the research, such as the samples of groups and the method of assignment to work together to reach the research question (William, M.K., Trochim, 2006). A good research design can provide valid conclusions and suggestion from the research. (William, M.K., Trochim, 2006). https://www.socialresearchmethods.net/kb/design.php (University of Texas)https://www.utexas.edu/academic/diia/assessment/iar/glossary.php Don’t waste time! Our writers will create an original "Research Methodology Finance Essay" essay for you Create order 3.2.1: The purpose of the study The purpose of this research is to investigate the relationship between CFM and WCM, WCP, WC and CCC and ratio. A descriptive study was initially being undertaken in order to describe the variables of this research. 3.3 Theoretical Framework Independent Variables Gross Profit Net Profit Revenue (sales) Total Assets Total Liability Total Equity Dependent Variables Cash Conversion Cycle Working Capital Management Working Capital Policy Profitability Ratio Liquidity Ratio Figure 14: Research Model for the Research Study Figure 14 is the research model for this research study. The research model had been developed based on the objectives that had been stated down in the chapter 1of this research study. It is the outlines for the research study and it form up by six attributes, namely the independent variables and dependent variables, which is the guideline to conduct the research study. The independent variables in this research study are the six measurement of cash flow. They are gross profit, net profit, revenue, total assets, total liability and total equity. However the dependent variables in this research were CCC, WCP, WCM, profitability ratio and liquidity ratio. The six major features had enabled this research to study the importance of CFM in Tobacco Industry in Malaysia. 3.4 Data Collection Methods According to Saunders et al (2000), there are two types of data; they are primary and secondary data. Secondary data are those data that has already existed or being collected by other researchers for particular purposes and primary data is data that a researcher collects based on his or her own for a specific purpose (Cooper et al 2003). Saunders, M., Lewis, P. Thornhill, A., 2000. Research Methods for Business Students. 2nd ed. Gosport: Pearson Education Limited. Cooper, D.R Schindler, P.S., 2003. Business Research Methods. 8th ed. United States: McGraw-Hill Publication. However, the existed data has made the secondary data the most appropriate sources to be use in this research. Thus, the information needs for this research are accounting data. The secondary accounting data sources can be found in the file or report recorded and reported by accountants. Using secondary data has bringing the advantage of time saving, cheaper, faster and easily accessible while involve in data collection process (Colorado State University, 2010).Those studies employed data from financial statements of sample firms. (Colorado state university) https://writing.colostate.edu/guides/research/survey/com4c2a.cfm 3.4.1: Secondary Data Collection A range of secondary data and information were utilised to obtain the information regarding the definition of cash flow, and the concept of CF in term of WC, planning and control, in order to carry out this research. The Information and data were obtained from various resources. Among the sources, reference books are the major and important sources to on the basic knowledge for Cash Flow (CF) concept. There are substantial numbers of books in the field of financial and management accounting on this topic and valuable literature can be combined by referring to those books as various accounting theorists have explored on this topic. Sources from Butterworths Public Library, Penangs Public Library, and Library in College PTPL Penang are the major information in this research. However, references books do not provide sufficient information in relations to this research. There are some sources from academic journal, newspapers and magazines that provide some other information in t his project. Furthermore, internet web sites are also the importance methods that use to locate the information or sources about the Cash flow Management (CFM) and the company annual report. Normally, internet information will employ World Wide Web because it will provide a useful source to obtain further information regarding to this project. Google is the main internet search engine that being used on this research study. Other than that, Google e-book, e-library of Anglia Ruskin University (ARU) were used to collect the information which written by the author from various country, especially from India and United Kingdom. 96 Using internet resource was unquestionable advantage, where it gives access to internet web sites which contain some valuable articles on this topic. Thus, Internet provides useful sources to collect additional information with regards on this project. In this research study, the data are mostly collected from the financial statements of listed compa nies on the Bursa Malaysia obtained from the Bursa Malaysia Listed Company website for annual reports 2004 to 2009. To focus on the CFM, profitability and liquidity, calculation of management of debtors, creditors, inventory and stock are selected directly from the CFS, balance sheet, and income statement. 3.5: Sample selection The sample size used for this research study was the company in the Tobacco Industry in Malaysia listed on Bursa Malaysia. The sample size for the targeted participants is 80% of the Tobacco Industry in Malaysia. The targeted participants in this research study included two companies in Tobacco Industry in Malaysia, which are British American Tobacco Malaysia Berhad and JT International Malaysia Berhad from year 2004-2009. The samples are selected according to the following criteria: The companies must have completed data for all variables such as cash flow statements, income statements and balance sheets. The companies must have operated during the fiscal year ended December 31. The companies must be listed on the Bursa Malaysia. 3.6: Data Analysis All secondary data obtained from the different sources will be analysed in the order to gain a proper framework. All of these data will be analysed in detailed and summarised in readable and easily interpreted form for addressing the research question accordingly. Data which been collected from the financial annual report will be use to analysed by a few ratio analyses by using the profitability ratios, liquidity ratios, effectiveness of management policies, and cash flow ratios. The results obtained from the analysis are useful in providing answer to the research study. The ratio analyses that bad had been employed in this research study are stated in figure 15. Besides that, the Microsoft Excel also will be using by this research for the purpose to analysis the result of the ratio for these three companies. Broad area of analysis Also known as Ratios Calculation Questions ratio seek to answer Profitability Ratio Earning Capacity Ratio Gross Profit ratio Gross Profit Net sales Is the profit from the sale of product or service sufficient to cover the overheads generated in producing or providing that product or service? Net Profit Ratio Net Profit before tax Net Sales Is the return on the owners investment satisfactory or should alternatives be considered? Return of Equity Ratio Net Profit______ Average of owner equity How effective is the return on the companys investment in these assets? Financial Stability (Liquidity Ratio) Short-term financial stability ratio Cash Ratio Cash_____ Total Assets How much cash in hand the company should hold to meet their short term operation needs? Current Ratio Current Assets___ Current Liabilities Is the company able to pay out the short term debts when required by creditors? Quick Ratio (Acid test ratio) Current Assets Inventory Current Liabilities Can the company meet all its obligations immediately? Long-term financial stability (Solvency Ratio) Debt Ratio Total Liabilities___ Total Assets How financially secure is this company in long term period? Leverage ratio (Gearing ratio) Equity Ratio Total Owner Equity__ Total Assets To what extent the company depend on external finance (Debt/Borrowings)? How much long-term debt financing is being used by the company? Effective of Management Policies Activity ratios Turnover of Inventories ratio Cost of Goods Sold__ Average Inventory How frequent is the inventory being order to generate revenue Turnover of accounts receivable rate Account Receivable X 365 Net Credit Sales How effectively the company collect the cash from debtors to ensure steady cash flow? Any bad debts arise? Figure 15: Table of ratios Total 1022

No Other Beverage Compares to Water Essay - 1054 Words

There are many beverages available to drink through out the day with varying prices. After a long muscle aching work out at the gym, a scorching hot, like the oven, summer day at the beach, or just looking for a cold refreshing beverage to drink through out the stressing day, there is no other choice that fits the requirements of ice cold, thirst quenching, crystal clear water. Ice cold water is not only need to quench your thirst but also, for medical reasons such as proper maintenance and lubrication of your organs and joints. It assists in the purification, removal of toxins, and waste from your body. If you are looking to lose weight, it also contributes to that. Water is a very essential liquid that everyone needs more than they†¦show more content†¦When it comes to replacing essential elements needed from exercising, studies have shown this statement is only true when it comes to extreme exercising over a long period of time, such as a triathlon (â€Å"The Soko† ). Some drinks such as Tiger Woods gatorade may have extra ingredients such as sugar, vitamins, electrolytes or caffeine. Mineral enhanced water typically contains salts and carbon dioxide. These items can cause medical problems if the person is unaware of its contents. The extra sodium can cause fluid retention and swelling or increase blood pressure. These products are not necessary for the additional price they charge consumers. If there is not enough water being consumed there is a chance of dehydration. Dehydration symptoms consist of pounding headaches, lethargy, confusion, weakness, dry chapped lips, and leather like dry skin. People with the highest risk are elderly and small children. As the body ages, normal processes are much slower. Mental awareness combined with use of diuretics, laxatives, and limited mobility increases their risk for severe dehydration. Most elderly people have less food intake which will increase their need to consume water. Babies are at high risk also when they get sick. Increased excretions, vomiting, and diarrhea can quickly put the child in a dehydration state. It becomes important for the parents to watch like a hawk for signs of dehydration such as: cold clammy skin, lethargy,Show MoreRelatedFinancial Report Analysis : Coca Cola And Pepsico1020 Words   |  5 PagesFinancial Report Analysis: Coca-Cola and PepsiCo Coca-Cola and PepsiCo are the most iconic and globally known biggest soft drink companies, and their products and beverages are sold around the world. It seems that their battle in the non-alcoholic beverage drinking industry never ends. Among consumers, it is challenging to decide which of the two leading soft drinks they prefer because the both companies’ products are taking over the soft drink markets by its brand name, and the variety of products’Read MoreData Of A Manage System Essay1638 Words   |  7 Pagesmanage scheme. 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Emergence of Communicative Language Teaching Free Essays

Discuss the three terms â€Å"Approach†, â€Å"Method† and â€Å"Technique† and describe one Approach which provides the basis for a Method and subsequently some Techniques under that particular Method. APPROACH Theories about the nature of language and language learning Theory of language Structural Functional Interactional METHOD Objectives Organization of Content Syllabus Design Roles 1. Learner2. We will write a custom essay sample on Emergence of Communicative Language Teaching or any similar topic only for you Order Now Teacher3. Materials Types of Interaction Types of activities Content Based TECHNIQUEImplementation of the design Classroom Practice Activities behavior’s In English language teaching process, there are terms that teachers need to know. They are approach, method, and technique. About four decades ago (1963) Edward M. Anthony gave us a definition that has admirably withstood the test of time. According to Edward M. Anthony an approach is a set of correlative assumptions dealing with the nature of the language and the nature of language teaching and learning. In other words the word ‘approach’ in ELT refers to different theories about the nature of language and how languages are learned. Let us move on to our second definition – of method. Method is an overall plan for systematic presentation of language based on selected approach. It consists of a number of techniques, arranged in an order. When we talk about techniques we mean specific activities which take place in a classroom. Using flash cards in the classroom is a technique. Techniques must be consistent with a method, and therefore in harmony with an approach too. According to Longman Dictionary of Applied Linguistics, Approach refers to different theories about the nature of the language and how languages are learned. Method refers to a way of teaching a language based on systematic principles. It is an application of views on how language is taught and learned. Technique refers to what takes place in the classroom. The forthcoming analysis focuses on the behaviourist approach, the audio lingual method and different drilling techniques. The Audio-Lingual Method The Audio-lingual method is a style of teaching used in teaching foreign languages. It is based on behaviorist theory. Behaviourist theory professes that certain traits of living things could be trained through a system of reinforcement. The Audio-lingual method was widely used in the United States and other countries in the 1950’s and 1960’s. The theory underlying Audio-lingual method is that ‘language is primarily speech’. If listening and speaking skills were developed, they would form the foundation for developing reading and writing skills. As learning a language is acquiring a certain set of habits, this method recommends that the teachers of English should take up pronunciation practice, pattern drills and conversation practice in their classroom regularly. Another principle that has become the basis for this method is that all of us have learnt our languages by listening to the language spoken by others and speaking it starting with monosyllabic disyllabic sounds. According to ELT experts a second language can be learnt in this way. The Audio-lingual method is a method that deals with a behaviorist theory that uses stimulus, response, and reinforcement. STIMULUSRESPONSEREINFORCEMENT Here are some psychological foundations of the Audio-lingual method. Foreign language learning is basically a process of mechanical habit formation. Good habits are formed by giving correct responses rather than by mistakes. By memorizing dialogues and performing pattern drills the chances of producing mistakes are minimized. Language is verbal behaviour. Language skills are learned more effectively if they are presented orally first, then in written or printed form. An analogy provides a better foundation for language learning than analysis. Analogy involves the process of generalization and discrimination. Explanation of how language functions under certain rules is not given by the teacher. Students should practice a pattern in different contexts and arrive at the analogy between the first and the second language. The teaching of grammar is best done inductively rather than deductively. The meanings that the words of a language have for the native speaker can be learnt only in a linguistic and cultural context and not in isolation. Teaching a language thus involves teaching aspects of the cultural system of that people who speak the language. Dialogues and drills form the basis of Audio-lingual classroom practices. The use of drills and pattern practice is a distinctive feature of the Audio-lingual method. Various kinds of drills are used. Types of Oral Drills Repetition: where the student repeats an utterance as soon as he hears it Teacher: This is the seventh month. Student: This is the seventh month Inflection: Where one word in a sentence appears in another form when repeated Teacher: I ate the sandwich. Student: I ate the sandwiches. Replacement: Where one word is replaced by another Teacher: He bought the car for half-price. Student: He bought it for half-price. Restatement: The student re-phrases an utterance Teacher: Tell me not to smoke so often. Student: Don’t smoke so often! Completion: where the student repeats the utterance in completed form. Techer: I’ll go my way and you go. Student: I’ll go my way and you go yours. Instruction materials in the Audio-lingual method assist the teacher to develop language mastery in the learner. †¢Tape recorders †¢Audiovisual equipments †¢Language laboratory In the late 1950s, the theoretical underpinnings of the method were questioned by linguists such as Noam Chomsky, who pointed out the limitations of structural linguistics. Despite being discredited as an effective teaching methodology in 1970, audio-lingualism continues to be used today. REFERENCES ?Richard. C. Jack and Rodgers. S. Theodore. 2003. Approaches and Methods in Language Teaching . The Press Syndicate of the University of Cambridge. ?Rao Venugopal, K. 2002. Methods of Teaching English. Neelkamal Publications. pvt. ltd ? Allen, B. Teaching English as a Second Language. 1965. ?http//www. mindmeister. com ?http://en. Wikipedia. Org/wiki/audio-lingual-method How to cite Emergence of Communicative Language Teaching, Essay examples

Business Activities to Achieve Result

Question: Describe about the Managing Business Activities to Achieve Result. Answer: Introduction: Zurich insurance group deals with the providence of insurance and other financial services to different individuals and business. Zurich group developing themselves with 130 years of experience in their background, which made them one of the biggest insurance providing group in the world. Their business is expanded among 170 countries all over the world with 60,000 employees. The transaction is done between the 300,000 clients all over the world through the telephone and other online activities. The providence of policies are limited to the properties, cars, accident and life. The potential factor behind their aim is that, they provide financial support to the person or business when these are facing some circumstances. In case of the life and health insurances, people get assurance about the financial support if there is any accidental case or they are not in proper state to do work. Interrelationship between the process and functions of Zurich Insurance Group: Missions and Aims: According to the context of the report, the aim of the Zurich is to maintain the quality of their services. Their service generally includes policies and financial support to the business or to the individual at their circumstantial situation. The Zurich is focusing only into the quality they are offering to their customers for making their organization differentiated from other competitive service providing companies. Mission focuses on the core building block of any organization, here this is clarified by the organization that they are totally dedicated to bring themselves to the position, where they are considered as the best global insurer according to the measurement of their clients (shareholders, employees and customers). There are five major elements, which are the considered as the code of conduct of Zurich: Centricity of the customer, honesty, superiority, creation of values in a sustainable manner, group work (Kirkbesoglu et al.2015) Objectives and culture: The main objective of Zurich is to take care of the risk factors of their clients i.e. their shareholder, individual insurance holders. The organization continuously scans the risk scenery for the identification of the risk elements emerging from different issues. There are specialized expertises to help the clients with their issues related to risks. In case of the service industries, cultural impact is very crucial for them to be involved into their objectives and goals. Nothing is different in case of Zurich also. The organization supports the arts and culture with the excellent audiences. The concept of Zurich from the cultural perspective is that, they supports cultural and artistic atmosphere, as they belief that it is quite mandatory for the working environment. According to the business point of view, clients get more attracted by the cultural perception of the company. Justification of processes to cope up with the objectives: There must be some sort of implementation of ideas to maintain the position in the competitive market. The following can easily explain the methodologies involved into the fulfilling goal: Expectation of the customers: The expectations of the customers in case of Zurich easily meet as Zurich always focus on: 1. The clear identification of the customer needs, 2. Effective procedure and planning, 3. Collection of the right resources for the particular job, 4. Providence of the employee training to make the employee customer focused., 5. Appropriate target setting, 6. Measure of the progress The main target of Zurich is to maintain their quality of the product. This quality delivered to their customer is known as the iQUALITY. This aspect defines what is known as the quality in Zurich. The employees are always reminded that quality is the key part of the interaction they are doing with their customers. The rule followed by the employees of the Zurich is that, the trends going in the market have to be examined by the employees to consider the developmental aspect of the organization. The customer expectation can be easily meet by finding the beneficial rights and elements, analyze the demands of the customer while considering their competitive alternatives (Henschke et al. 2013) Control of Quality: The process maintaining quality also involves the control of the quality. Zurich not only introduces the different aspect for inventing quality among their services but also they invest their time in different aspects of controlling it. This can be done by collecting the feedback response of the customers. Zurich check their providing if they becoming sub-standard to their customer or not, as this will harm their image in the market (Neto et al. 2012) Evaluation of the processes: The above mentioned processes are implemented by the Zurich Insurance group to attract their customers and improvise their business goals in the competitive market. They are mainly focusing in the sector of the controlling the quality of services and meeting the expectation of their customers. This company is based on the providence of insurances to the individual and business holders in their circumstantial situations. They follow iQUALITY control which is totally invented by their employees for maintaining their customer demands in various situations. This approach is much improvised in terms of competitiveness of the marketing. Maintaining the quality of services are very crucial for the getting the attracted towards the customers. Zurich understands their customers by analysing various situations of circumstances. Another additional approach, which is followed by the Zurich, is the TQM. This is the base on the any quality management process. Which guide the organization from diff erent perspective of problematic situation? This aspect is the strong point of Zurich. According to the research findings, it is totally not possible to remove the errors from a business process. At this state of situation one organization should have to check the errors first and then have to recognize the factors those can be improvised and changed for the betterment of the process. According to the judgment of the outputs of Zurich insurance group, their effective measure is the five WHY approaches used to eliminate the errors from the strategic business process. According the above mentioned process involved into the improvement of the developmental aspect of Zurich, it is clear that, all the policies well designed considering the customer demands, which make them appropriate in competitive market (Yakob et al. 2014) Designing of plans by production manager Planning is an activity that is managed by the production manager. Managing production includes determination of schedule of production, sequence of production etc. There are many goals and objectives that are implemented by the production manager in order to produce goods that are good in quality and quantity services. The main objectives of production manager are: To produce right quality: the quality of product that is produced depends on the demand and needs of the customer. The engineering department or the product design specification helps in transforming the needs of the customer. The cost superiority trade off helps in determining the quality of the product. The quality of the product must be within pre-establishment cost (O'Sullivan et al. 2013) To produce right quantity: the number of products that are produced by the organisation should be in right number. If the number of product produced is less in number as compared to the demand, then there will be shortage of products. To determine production schedule: time is one of the most important factors that helps in determining the effectiveness of production manager. There are many factors that determine the appropriate completion of production on time. For achieving the objective, the production manager must implement rules for optimum utilization of inputs. manufacturing To determine manufacturing cost: the cost of the product is established before its manufacturing. At the pre-established cost, it is the task of the production department to produce or manufacture products. Objectives In order to meet the demands and expectation of the customers and to ensure the fact that the customers of Zurich brand have positive experience, it focuses on Identifying the needs of the customer: it is one of the most important tasks before the production manager. The needs of the customer should be identified in order to fulfil them. The quality and quantity of product that is produced depends o the needs of the customer. Therefore it is one of the prior tasks of the production manager to know the requirements of the product. Planning and process that must be effective: the production manager mush involve in planning and implementation of policies that are necessary for proper production of products. Right resource or the job should be kept in right place: the use of resources should be done by the production manager. For achieving the objective, the production manager must implement rules for optimum utilization of inputs. Setting up targets that must be appropriate: the target of the Zurich brand must be kept in mind before implementing polices and rules. The setting of proper targets helps in proper production. As production depends on the target ordered by the customers. : The number of products that are produced by the organisation should be in right number. If the number of product produced is less in number as compared to the demand, then there will be shortage of products. Implementation of strategy Many different types of forms are accepted by the organizational system. For example, an organization like Google can use simple post it reminder or a form of routine or schedule that is assumed by the company. It is very much important to have challenging goals and objectives that can be acknowledged. It is not always good for an organization to set goal and objectives that are unachievable because that can discourage an employee. The earlier set objectives of the company act as a guiding factor. In this type of organization, emphasis is firstly offered on the setting of the objectives (Slack 2015) In order to make the system effective, it is the task of the leaders and employees to comprehend the objectives of their task. The manager of the Google Company does not have always gasped of objectives on which they work. Sometimes they have to work for implementing or setting objectives. The corporate leaders of the company participate in financial marketing, human resources, innovation etc. There must be a good relation between the employees of the organization. For having good relation many strategies are followed by Google. The strategies include: Proper communication Know about the customers Live for the complaints of the customer Building trust among the customers Improvement of customer service Practise of inbound marketing The policies or the rules that are implemented should be done inherently in order to avoid duplication and it is very much essential to have an operational manager.Operational plan through effective planning The production manager took the responsibilities of operational plan. For example, Google has appointed a production manager. It is the task of the production manager to inform the employees of the company about strategic plan. This is helpful for Google as the plan helps in increasing the return to shareholders. The first step that is taken by the production manager is to cut cost. Layoffs are avoided in the next step and it is the task of the production manager to increase the cost by three per cent. It was asked by the manager to help him in planning an operational plan for achieving the goals and objectives of the company. The operational plan that is made by the production manager is very much helpful for Google. The operational plan that is implemented, have detailed information about the operations of the employees. The operational plan includes the daily tasks that are completed by the organization and its staff. The operational plan that is implemented by the production manager of Google includes: To know the strategies and task that have been undertaken To know the persons who have undertaken those tasks To know how much time is needed in the completion of a single task To know how much resources are required in order to complete each strategy. Therefore, it is very much needed to implement the operational planning properly. This is because it helps in increasing the production of the company which will in return help in achieving the objectives of the concerned company (Manzini and Accorsi 2013) Quality Standards for Zurich Insurance group There are several ways to manage the quality. The quality s measured at the end of process to make sure that no sub processes reach to the customers. This process is known as quality control. The method is mostly used in production manufacturing. The process includes testing a sample of the product. Putting things at the right place will be costly. It must be ensured that there must be extra product in order to replace the faulty ones. Cost is also associated in terms of managing and putting the products at the right place (Bagnis et al.2014) iQuality standards are not enough to maintain the quality control approach, in a service industry. This is due to the reason as many services are only realised, as they are delivered to the customers. For example, Zurich can only deal with a claim policy when the customers of thee company claims. Due to the reason, business uses other ways for managing the quality. The quality standards for Zurich insurance group are: Assurance: one of the main approaches is providing quality standards. Quality is not considered as the last processes but it is very much important for Zurich insurance group. This is for meeting the demands and expectations of the customers. TQM: total quality management is necessary for Zurich insurance group. The aim of the insurance company to have Zero defects in their overall process. TQM helps Zurich insurance group in improving both the customers and processes in the business. Quality: Zurich insurance group have an approach to use all the above methods. Firstly the insurance group uses IQUALITY to embody with TQM in order to bring life n the minds of the customers. The second step taken by Zurich is to manage the sampling of customer care such as benefit statement provided by the customers. The experience of the employees will be helpful in measuring the standard quality. Demonstration of quality culture In order to maintain the quality of the processes, a business needs some key measures that will be helpful for them in meeting the standards.. for example, it depends on the measurement that how a company respond to the queries of the customers. Zurichs UK life deals with million calls, emails and letter in a month. This is done in order to answer the queries of the customers. It is very much important of a business to capture regularly the products in order to review the results of the quality. review of the product helps in identifying the problems and the preventive measures that will be helpful in preventing the problem. Identified problems may can arise many problems. Quality framework is used by the Zurich in order to review the results regularly. The insurance company uses many measures that will be helpful and some of its measures are set by the outside bodies such as BSI. UK Zurich is regulated with the help of the Financial Services Authority. This set some rules and regula tion in order to cover all the aspects of insurance business (Thornton et al. 2016) Zurich measures The measures that are taken by the insurance company go beyond the requirements and standards of FSI. The company aims to became the best insurer, which is measured by all the stakeholders if the company. One of the most important aspects of customer focussed business is to know the levels of customer satisfaction. Large customer satisfaction is reflected through repeated business. The company involves in market research with large number of customers. The employee of the company who undergoes market research explains the manager about the different facts. They explain how the company is meeting the demands of its customers. Zurich uses some independent measures for meeting the expectations and demand of the customers. Customers are asked to rate the performance of the company as Zurich has a customer impact scheme. The ratings of the customers are positive, and they show that Zurich has aligned to the objectives of the business. Another measure take by the company is known as inward awards. The measure helps in measuring how well the business of Zurich is delivering. Recent Zurich got a number of awards that clarifies the quality of processes it provides to its customers (Maercker et al. 2013) Report to the manager It is a report written to the customer care of Zurich insurance group foe wider implication of proposed changes. Zurich insurance group deals with the providence of insurance and other financial services to different individuals and business There are wide implications of the strategies that are discussed. The implication helps in managing the quality of the processes. It requires huge investment in the field of management system. The costs that are required for running the large scale customer service are very much significant both in time and money. The future business must be made more quality conscious. As it helps in business recognizing the investment of the customers properly and benefit them by outweighing the amount of cost they have invested. Quality of the product also provides benefits to the business. The Zurich insurance company gain efficient processes. Some benefits cannot be measured but they are important for adding values within the business. In the financial market, product and services are very much similar to customers. It is necessary to produce positive experience among the customers. This will be helpful in renewing the policies and services. New policies will be helpful in changing or renewing old policies. Managing quality should not disappoint customers. It is concluded that a quality of a product does thing what it supposed to do. the main task of the product is to meet the needs and requirements of the target market. There quality of a product depends on the expectation of customers and here few new policies are recommended for future use. Risk assessment Proper analysis and evaluation will be carried out on the requirements of Mr. Audesi, who wants to open a restaurant in the heart of London. Risks are an unavoidable part of any business. Risks are divided into two categories that are controllable and uncontrollable risks. A business plan is analyzed to discuss and evaluate the risk assessment factors. The evaluation and discussion of those risk assessment factors will be helpful for Mr. Audesi. The various risk and challenges are: Market risk: it is a usual factor that market may not grow as expected for a start up business. Therefore, it may cause cash crisis. The entrepreneur may be helping in supplying the product and services to a single consumer and the business of their customers is subject to economic environment. As a result, hostile environment will slow down affecting the business (Pichler et al.2014) Competition risks: in a growing market, low entry barriers attract customers. It is the task of the existing players to retain customers. They do it by superior service or by program related with the loyalty of the customers. Risk related with technology: entire business of this era is revolutionized by the internet. with the help of the internet a customer can measure prices or compare services that are related with quality service etc. manufacturing paradigm is already changing with the help of the 3D printing. As a result, cost will be lower even if a single piece is manufactured. Risk related with finance: cost of finance go high or low according to the supply rate. Management related risk: the serious threat to management is caused by the mal-practices, theft and non-compliance of statutory requirements. Regulatory risk: The laws that are made by the government affect financial viability of the business. Safety and healthy regulation The risk assessment shows the kind of approach that is selected by the business. Risk assessment act as a guide in order to think some of the hazards related with the restaurant business. The risk assessment policy is applied in food preparation and food service areas of the restaurants. Taking an example, of a restaurant, health and safety regulations are applied. Noma is a renowned restaurant of Denmark. The restaurant has well known policies that help in spreading safety and healthy environment (Stier 2013) To identify the hazards in the restaurant Noma, it is the task of the manager to do the following things: Provides maintenance in catering and hospitality Monitoring kitchen, stockroom etc Communicate with the staff of the restaurant Analyses the accident book, in order to know and understand the different types of risk that can occur. This is helpful in spreading safety and healthy regulation throughout the restaurant. Health and safety policies: Health and safety policies are very crucial for starting a restaurant. Health and safety program is defined as the process of considering the safety and health measure of their customers. Here the concerned organization is Noma from Denmark. They mainly follows seven step measures for maintain their safety and health measures. These are discussed as follows: Developing a safety plan while considering the controlling of hazardous condition: As the organization is concerned about their customer demands and other activities for maintaining a restaurant in well designed manner. Inspection of the Workplace: The hygiene can be maintained by monitoring the equipments used in the restaurant. Providence of training to the worker: The business of restaurant requires well trained employees to entertain their customer according to their demands. In this matter Noma is at its best. Interaction between the worker and higher authority: This aspect is very important to maintain the co-ordination between the employees of Noma and they follow it regularly, which make them perfect among all their competitors. Investigation of the incidents: Noma always keep check on the events happening in the organization for correcting the errors and adding up the innovative ideas. Maintenance of records: The record is also very crucial for maintaining the health and safety measures of the organization. The different kind of erroneous issues regarding safety and health measure involve the customers. They can blame the restaurant for providing bad service to them. Safety measures: Safety should the first consideration of any restaurant owner for their consumers. Commitment to the safety measures is mandatory to the business of the restaurant. The customers mostly get attracted to the safety and health measures of the restaurants (Siqueiraet al.2014) Training guidance for the employees: Training is very essential for setting up a restaurant. Proper training to the employees makes the image of the restaurant good in front of the customers. Well-behaved employees with particular sense of approaching the customer make them perfect in their business. The basic concepts of behind the guidelines for the employees of a restaurant are: proper handling of food, well behaved attitude towards the customer, quality of the food, atmosphere of the restaurant, decoration of the place, and at last the location of the restaurant. These above mentioned factors should be maintained to achieve success in the competitive market. the most important aspect among these all are the quality of food and the location of the restaurant. The food served to the customers should be in good quality; decoration of the food sometimes attracts the customers, so it is necessary to decorate the food properly. Alcohol plays an significant role in the liability of the restaurant. Therefore, it is necessar y for the employees of the restaurant to know the age limit of the customer before serving alcohol. 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