A1 Cava - 2459 Words

Unit 301 Understanding the Principles and Practices of Assessment |1.1 Explain the roles functions of: | |initial assessment in identifying learner needs | |formative assessment in tracking learner progress | |summative assessment in assessing learner achievement | |The initial assessment pin-points the learners individual needs. This can lead to additional support being†¦show more content†¦It is positive, tending to stress what a learner can do rather than what they | |cannot. | |1.2 Explain the following key concepts and principles of assessment: | |assessment as a process of making judgments of learners’ knowledge, skills and competence against set criteria | |what is meant by validity and reliability | |the role of evidence in making assessment decisions | |what is meant by evidence being authentic, sufficient and current | |the importance of objectivity and fairness to learners | |the importance of transparency for the learner | |There are many principles of assessment should be valid, Validity ensures that assessment tasks and associated criteria effectively | |measure leaner’sShow MoreRelatedSystemic Lupus Erythematosus ( Sle )1591 Words   |  7 PagesSystemic Lupus Erythematosus Systemic lupus erythematosus (SLE) is an autoimmune disease that affects multiple tissues and systems and with significant variable clinical features and organ involvement (Cava, 2010). It is characterized by a chronic, relapsing, inflammatory and often febrile multisystemic disorder of connective tissue with wide spectrum of involvement of skin, joints, kidneys and serosal membranes. The exact etiology is noknown, but it represents failure of the regulatory mechanisms

Native American And Native Americans - 1292 Words

In the United States, Native Americans are considered to be people whose pre-Columbian ancestors were indigenous to the lands within the nation s modern boundaries. These peoples were composed of numerous distinct tribes, bands, and ethnic groups, and many of these groups survive intact today as sovereign nations. The terms Native Americans use to refer to themselves vary regionally and generationally, with many older Native Americans self-identifying as Indians or American Indians, while younger Native Americans often identify as Indigenous. Which terms should be used to refer to Native Americans has at times been controversial. The term Native American has been adopted by major newspapers and some academic groups, but has not traditionally included Native Hawaiians or certain Alaskan Natives, such as Aleut, Yup ik, or Inuit peoples. Indigenous American peoples from Canada are known as First Nations. Since the end of the 15th century, the migration of Europeans to the Americas has led to centuries of exchange and adjustment between Old and New World societies. Most Native American groups had historically lived as hunter-gatherer societies and preserved their histories by oral traditions and artwork, which has resulted in the first written sources on the conflict being authored by Europeans. At the time of first contact, the indigenous cultures were quite different from those of the proto-industrial and mostly Christian immigrants. Some of the Northeastern andShow MoreRelatedNative American And Native Americans1137 Words   |  5 PagesNative American Displacement Long ago on the great plains, the buffalo roamed and the Native Americans lived amongst each other. They were able to move freely across the lands until the white men came and concentrated them into certain areas. Today there are more than five-hundred different tribes with different beliefs and history. Native Americans still face problems about the horrific history they went through and today s discrimination. The removal of American Indian tribes is one of theRead MoreNative American And Native Americans1221 Words   |  5 Pages1607, the Native Americans have been treated poorly by the Europeans. The settlers came and stripped the Natives of their land by wars that the Natives were not equipped to fight. Native Americans were forced to move towards the west into uncharted territory and many died on the journey. The American government later made many promises to the Native Americans that were unkept, which had a very troubling effect on their communities. 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Buffalo were an important symbol in the Native Americans live they used buffalo as their main food source and they use the skin to make clothes and teepee covering , bones for silverware and hunting tools like arrow. The Native Americans makeRead MoreNative American And The American Of Native Americans1451 Words   |  6 PagesThe Native American population has suffered many tragedies at the hands of the United States government, from their first interactions through the mid-twentieth century. Government policies concerning American Indians worked in conjunction with the prejudices harbored by the majority of the white population in the United States to suppress Native American liberties and strip them of their cultural identity. These policies gave little to no regard for Native American customs, personal expression,Read MoreNative American And Native Americans950 Words   |  4 Pages countries went through imperialism, reconstruction and wars to pursuit their freedom. 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Some of these Native American groupsRead MoreNative American And Native Am ericans2248 Words   |  9 PagesThe Native Americans, their origin and similarities with Native Finns Native Americans, the first settlers of the Americas arrived to the continent about 15 000 years ago. Crossing a land bridge between Asia and America during the ice age. It was not just one group that spread across the continent, but small groups of migrants for a long time period. The land bridge which the migrants used to cross between the continents does not exist today, but is instead known as the Bering Strait. All of theRead MoreNative American And Native Americans1832 Words   |  8 Pagessettlements and still maintain a sense of self and native cultural identity. Many of the hardships experienced by the Native American Indians were the results of empty promises made by European settlers who used foreign laws, religion, and language barriers to oppress those Indians who were willing to conform. 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The financial statements in assessing a company’s performance and prospects. Free Essays

Introduction Revenue is a key element to the users of the financial statements, in assessing a company’s performance and prospects. However, revenue-recognition standards in U.S GAAP differ from those in IFRS, and both sets of requirements are considered to be in need of improvement. We will write a custom essay sample on The financial statements in assessing a company’s performance and prospects. or any similar topic only for you Order Now In June 2002 the FASB and the IASB started a joint project to clarify those principles and to create common revenue-recognition standards that companies can apply across various industries and transactions. It aims to remove inconsistencies and weaknesses in existing revenue-recognition standards and practices and to provide a more robust framework for addressing revenue recognition issues. In this report we are going to analyze the main problems that are involved in the revenue-recognition, the views that have been taken into concern by the two boards and assess the appropriateness of the project and their thinking. Main Problems involved in revenue recognition: Problems arise in both US.GAAP and IFRS. As far as it concerns the US.GAAP, many standards exists that define an earnings process inconsistently. At this case the concept of an earning process might not be precisely defined and people often disagree on how it applies to particular situations. Take into consideration a cable television provider. Does its earnings process involve only the provision of a cable signal to the customer over the subscription period or is the service of connecting the customer to the cable network an additional earnings process? According to the Statement No. 52 of FASB,Financial Reporting by Cable Television Companies, ‘an entity accounts for connection services as a separate earnings process and recognizes revenue for them when rendered (but only in an amount equal to direct costs).’ The fact that entities apply the earning process differently to economically similar transactions makes the usefulness of the approach questionable. There are also some gaps in guidance and conflicts with asset and liability definitions. There is not for example a general standard on recognizing revenue for services. More guidance is needed because the earnings approach sometimes leads to misinterpretation of an entity’s contractual rights and responsibilities in financial statements. Such approach accounts for revenue with little consideration of how assets and liabilities arise and change over the life of a contract. As with the US.GAAP, revenue-recognition standards in IFRS could lead to misinterpretation of the financial statements since the recognized amounts might not represent the economic reality. This due to the fact that revenue-recognition of a sale, depends mostly on when the risks and rewards of ownership of the goods are transferred to a customer. This could lead a firm to recognize a good as inventory even after the customer has obtained control over it. This is inconsistent with the IASB definition of an asset which depends on the control of the good and not on the risk and the rewards of owning the good. IFRS also lack guidance in transactions that involve the delivery of more than one good or service,that is a multiple element arrangement. IAS 18 does not state clearly how or when a firm entity should segment a single transaction into components. Guidance is also needed on the measurement of the elements of such arrangements. As no particular measurement target exists, entities apply various approaches to comparable transactions, that lessens the comparability of revenues across entities. This comparability is also being reduced by the non-existence of a clear distinction between goods and services. There is also inconsistency between IAS 11 and IAS 18. Between those two there is not a clear and straightforward principle to apply in changing and complex transactions. The IAS 11 principle states that an economic entity should recognize revenue as the activities required to complete a contract that takes place. The IAS 18 on the contrary, states that revenue should be recognised only when an entity transfers control and the risks and the rewards of ownership of the goods to the customer. The views taken by the two boards Both IASB and FASB are pursuing an approach that focuses on changes in assets and liabilities rather than concept of realization and earned. The approach was chosen because the realization earned approach involves recognising late debits and overdue credits that do not meet the definitions of assets and liabilities. Through this approach revenue-recognition would result from changes in assets and liabilities rather than from satisfaction of the realization and earned criteria. The basic principle of the new proposed model is that an entity should recognise revenue when it transfers goods or services to a customer in the amount of consideration that the entity expects to receive from the customer. There have been suggested five key-proposals for this model. The first is concerned with identifying the contracts with the customer. A company could combine two or more contracts together if the prices of those contracts are interdependent. Equally, a company could account a single contract as two or more contracts if some goods or services are priced independently of other goods or services. The second is how to identify the separate performance obligations. A contract is all about promises to provide goods or services to a customer. Such promises are called â€Å"performance obligations†. An entity would account for a performance obligation separately only if the promised good or service is distinct. A good or service is distinct if it is sold separately or if it could be sold separately because it has a distinct function and profit margin. The third one is how to determine the transaction price. The transaction price is the amount of deliberation an entity expects to obtain from the customer in exchange for transferring goods or services. This price would reflect the company’s probability weighted estimate of variable consideration in addition to the effects of the customer’s credit risk and the time value of money. The fourth one is how to allocate this price. A company would allocate the transaction price to all separate performance obligations in proportion to the standalone selling price of the good or service underlying each performance obligation. The last one is how to recognize revenue when a performance obligation is satisfied. An entity should recognize revenue when it satisfies a performance obligation by transferring the promised good or service to the customer, which is when the customer obtains control of the promised good or service. The amount of revenue recognized is the amount allocated to that performance obligation in the transaction price allocation step. Reasoned Critique Many entities criticized the proposed model, but we will take into account the views of ’’Big 4’’. PriceWaterhouseCoopers agree with the board’s objective to define certain principles for revenue recognition that would provide clearer and more consistent guidance. There are however some concepts of the proposed model that according to their opinion, are ambiguous. According to them, ’’the boards should consider a more practical approach in areas such as: (1)identification and separation of distinct performance obligations; (2)measurement and presentation of the impact of credit risk on revenue;(3)the impact of the time value of money on revenue recognition; and (4)accounting for warranties.’’ The changes in those areas should benefit the adopting entities at a greater level in comparison with the incremental processes, systems and other costs that may occur. KPMG believes that it’s a critical that the new standard provide a framework capable of addressing the broad range of current and emerging revenue recognition issues. Despite the substantial changes in all areas, there are still some that lack revision or need further development. According to KPMG those areas are ‘’the concept and indicators of transfer of control, identification of distinct performance obligations, determination of the transaction price for transactions with variable consideration, consideration of collectability in the determination of the transaction price, recognition of onerous performance obligations, and identification of constructive performance obligations.’’ The boards should test the proposed model effectiveness to assess where it’s capable of being applied to various types of transactions. Ernst Young strongly believe that the five-step model will help entities to apply those principles. They are concerned however, about the application of the proposed model and the consequences of it. The organization notes: ‘’A new standard on revenue will impact all entities and the consequences of some aspects of the model are only the beginning to become apparent. It needs to be given further consideration to the potential effects of the proposed model, including the subsequent accounting for transactions and that constituents need more time to consider the proposals and comment further on them.’’ Finally Deloitte follows a more negative attitude towards the whole project. The organization disagrees with certain aspects of the Exposure Drafts proposals and they are more skeptical with the proposed model. The organization notes: ‘’ Our main concern with the ED is that the material in relation to ‘control’ is neither well developed nor clearly explained-we believe that the ED’s proposals on how the transaction price should be allocated between performance obligations and on how to account for contract modifications that are judged interdependent, should be modified.’’ The proposed model seems to be rather controversial. The clarity and the effectiveness of certain concepts seem to be questioned. A reasonable reaction, in my opinion, since many entities and accounting firms would be hesitant in the beginning. The same applies and for both IASB and FASB. A concept project of such scale as the revenue recognition joint-project, will have major difficulties in its conceptual framework. As long as, it stays in theory and is not tested under real circumstances, it will always have those who opposed to it. It needs to be field tested to ensure that is capable of being applied normally. There are many aspects that need to be revised and change. The Boards should take into account the results of the application of the proposed model and seek ways in which the adaption and transition would be smoother and better. Conclusion There are some serious implications in the revenue recognition process. For that reason, the two Boards proposed some views to help in eliminating those problems. Those views have been criticized by the world as for their strengths and weaknesses and the effectiveness of the proposed model has been questioned. Nonetheless, FASB-IASB joint revenue recognition project is a significant effort, which is crucial for the future accounting standards. As Sir David Tweedie, chairman of the IASB,said: ‘The proposal by the two boards is the result of our intensified joint efforts. It is an important step towards a single global principle-based standard that would make it absolutely clear when revenue is recognized and why,’’. How to cite The financial statements in assessing a company’s performance and prospects., Essay examples

Rosewood Hotels And Resorts free essay sample

Check with your professor for any additional instructions. o Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: o Analyze the importance of customer life time value. o Evaluate the role of consumer behavior and perception in the marketing mix. Use technology and information resources to research issues in marketing in a global environment. o Write clearly and concisely about marketing in a global environment using proper writing mechanics. Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric Abstract Rosewood hotels Resorts, a privately held company was established in 1979 by Caroline Rose Hunt Trust Estate. In 1980, rosewood managed its first hotel, The Mansion on Turtle Creek, and old mansion in Dallas Texas. The Mansion was saved by Ms. Hunt, the daughter of H. L. Hunt, a Texas oil Tycoon. Rosewood, with the help of Hunt transformed the property into a world class hotel and restaurant. They ventured on to transform many existing properties to include Little Dix Bay, Virgin Islands, the newly built Lanesborough in London, and Las Al Paraiso in Mexico. This paper discusses the pros and cons of the Rosewood Hotels moving from individual brands to a corporate brand, discusses the general concept of CLTV and a wide variety of elements to differentiation, operational issues, and brand management. Additionally, this paper discusses how one assumption affects the results with an explanation that demonstrates an understanding of the concepts being applied Pros and Cons of Rosewood Hotels moving from individual brands to a corporate brand Rosewood hotels Resorts were so distinctive; each could thrive on its own name, without any corporate identification, in other words, the â€Å"cookie cutter approach†. John Scott, Rosewood’s newly appointed CEO and Robert Boulogne, vice president of sales and marketing considered a new brand strategy to boost the company’s growth. Since Rosewood Hotels Resorts had minimal brand recognition with its guests, John Scott and Boulogne decided to unifying the hotels owned by the company are to promote the corporate Rosewood Brand prominently. To effectively show results of individual versus corporate branding strategies, Scott and Boulogne conducted a qualitative analysis considering pros and cons of each branding strategy, and a quantitative analysis to estimate the impact of Rosewood’s corporate branding strategy on customer lifetime value (CLTV). From the research conducted by Rosewood, the most obvious and immediate pro to a corporate branding strategy is the projected increase in multi property stay guests from 5% to 10%. This has the potential to not only increase revenues but also brand awareness, recognition and word of mouth referrals. other advantages of Rosewood Hotels moving individual brands to corporate brand are increased brand wide usage, increased brand recognition, connection among properties, good positioning for competition, increased market/share, increase brand awareness, promotion of cross property usage, increased return visit, brand loyalty, increased revenue and building customer life values However, there are disadvantages of moving from individual brands to a corporate brand for Rosewood Hotels. This moment canned the â€Å"cookie cutter approach† of doing business. Other disadvantages of having a corporate brand is â€Å"no sense of place† philosophy, loss of uniqueness, less differentiation, potential loss of brand equity, loss of discretion, guess and management resistance to change, increased marketing cost, competition tougher among corporate branded hotels, and change in the corporate culture is challenging. To ensure they were making the best decision to move corporate branding for Rosewood Hotels, Scott and Boulogne used the guest revenue and expense data to show the potential benefits, greater customer life value (CLTV) would outweigh the marketing a n operations cost connected with corporate branding. To accomplish this, Boulogne calculated and forecasted the CLVT for six years with and without a Rosewood brand to determine how the branding strategy would affect profit per quest. CLTV can be separated into three categories, aggregate metrics, program evaluation metrics, and customer-level targeting tools. Aggregate CLTV metrics is an ideal metric for identifying the profitability of customer segments and for tracking segment performance over time. Segments with high CLTV represent the most important customers. Segments with low or negative CLTV indicate that change is needed in the way the business markets to and services these customers (Koppock, 2002). Calculating the CLTV impact of a proposed marketing program is essentially the same as running a business case by calculating the ROI of the program. The important thing to remember is that positive incremental CLTV is the key criteria for program valuation. Avoid thinking, If these customers are worth $500 in CLTV, then I can certainly afford to spend $100 on retention. The purpose of marketing is to increase CLTV, not to spend, (Koppock, 2002). And Customer Level CLTV was previously mentioned for cable TV providers include several elements that represent customer-level actions (retention, upgrading, cross-purchasing, payment, servi ce calls). Building predictive models for each of these customer actions allows an individual level assignment of CLTV. This information can be used for differentiated marketing in several ways: Identify individual customers who are not profitable and change the customer relationship to improve profitability (reduce service levels, increase price, etc. ) or minimize the customer relationship (accept attrition, end proactive marketing). Customer Lifetime Value Calculator Rosewood hotels Resorts used a value calculator to show how the assumption affects the results of moving from the â€Å"cookie cutter approach† to corporate branding Rosewood Case Analysis http://www. cribd. com/doc/64121596/MKT-Rosewood-Case-Analysis ROSEWOOD HOTELS AND RESORTS CASE Strategic issues and problems: The following report will describe and analyze the case of a private hotel management company called â€Å"Rosewood Hotels and Resorts†. Rosewood hotels have 12 distinctive hotels worldwide with a strong brand image that makes each property unique. The dilemma found in this case is whether to keep the current i ndividual branding strategy or create a corporate branding strategy, without undercutting the distinctiveness of each hotel. To do so the following points will be covered: ( ( ( Recommendation on individual versus corporate branding strategies. Qualitative analysis considering pros and cons of each branding strategy Quantitative analysis estimating the impact of Rosewood’s corporate branding strategy on customer lifetime value (CLTV) Recommendations: As we will observe in the qualitative analysis there are many disadvantages if the new strategy is implemented. However from an economic point of view we will see that implementing a new branding strategy is better for the company as the NPV per guest is higher (see quantitative analysis). Taking into account the Customer Lifetime Value Model Rosewood should implement a corporate branding strategy. However to minimize the disadvantages it would be essential to keep the name of some emblematic hotels such as â€Å"Carlyle† in order for the clients to remain loyal. These hotels can add the name â€Å"Rosewood†, to keep its clients aware that they belong to this chain. I find it useful to separate the uses of CLTV into three categories: 1) aggregate metrics, 2) program evaluation metrics, and 3) customer-level targeting tools. Aggregate CLTV Metrics:  CLTV is an ideal metric for identifying the profitability of customer segments and for tracking segment performance over time. Segments with high CLTV represent the most important customers. Segments with low or negative CLTV indicate that change is needed in the way the business markets to and services these customers. CLTV for Program Evaluation:  Calculating the CLTV impact of a proposed marketing program is essentially the same as running a business case by calculating the ROI of the program. The important thing to remember is that positive incremental CLTV is the key criteria for program evaluation. Avoid thinking, If these customers are worth $500 in CLTV, then I can certainly afford to spend $100 on retention. The purpose of marketing is to increase CLTV, not to spend it. Customer Level CLTV:  The definition of CLTV previously mentioned for cable TV providers includes several elements that represent customer-level actions (retention, upgrading, cross-purchasing, payment, service calls). Building predictive models for each of these customer actions allows an individual level assignment of CLTV. This information can be used for differentiated marketing in several ways: Identify individual customers who are not profitable and change the customer relationship to improve profitability (reduce service levels, increase price, etc. ) or minimize the customer relationship (accept attrition, end proactive marketing). †¢ Identify the drivers of CLTV and create programs that improve CLTV (marketing triggers, retention programs, etc. ). †¢ Identify high value prospects by cloning the profitable customer base (find prospects with similar characteristics)