is profit before interest and tax ..!
why? because both lenders and borrowers are rewarded from the profit before deduction of interest and tax.
Getting myself into the finance department group at the residential after all wasn't a bad idea. The discussion kicked start my brain to start thinking "ratios" again.
Friday, 23 July 2010
Tuesday, 20 July 2010
how to pay lah ??
I'm scratching my head thinking the strategy to pay for my next two modules. Ironic enough, it's for B820 Strategy and B821 Financial Strategy. The total cost of the two is over 10K CHF, an amount I simply do not have now. I have applied to withdraw some money from my EPF (Malaysia Employee Provident Fund) account but this will take some time within the next 3 weeks or so before I receive the cheque. Totaling up the major commitments I have between now and October, it's a huge challenge:1. 1000 CHF up-front for revision of family health insurance (although this results in lower future monthly premium) ... due next month
2. 1400 CHF final payment for renovation of my apartment unit in KK ... due next month
3. 18K CHF for 2010 provisionary tax by 31 October
How much is in the bank? About 19K CHF.
Forecast saving from now till end October:
2K CHF x 4 months = CHF 8K
Expected from EPF = CHF 7,4K CHF
So ..
What I have now: 19K CHF
Minus course fee: 11K CHF
Minus contractor: 1.4K CHF
Minus insurance up-front: 1K CHF
Balance: 5.6K CHF
EPF Withdrawal: 7.4K CHF
Balance: 13K CHF
Saving until October: 8K CHF
Balance: 21K CHF
Minus tax: 18K CHF
Balance: 3K CHF <------- DANGER POINT!!!!
Saving until April 2011: 12K CHF (2K x 6 months)
13th month salary Dec 2010: 10K CHF
Balance: 25K CHF
Minus course fee: 9K CHF (FINAL PAYMENT !!! - if I don't fail anything!)
Balance: 16K CHF
Bonus: 8K CHF
Balance: 24K CHF
Saving until October 2011: 12K CHF (2K x 6 months)
Balance: 36K CHF
Minus Tax: 18K CHF
Balance: 18K CHF
13th month salary Dec 2011: 10K CHF
Balance: 28K CHF
Saving until October 2012: 20K CHF
Bonus: 8K CHF
Balance: 56K CHF
Minus Tax: 18K CHF
Balance: 38K CHF
13th month salary Dec 2012: 10K CHF
Balance: 48K CHF
Saving until October 2013: 20K CHF
Bonus: 8K CHF
Balance: 76K CHF
Minus Tax: 18K CHF
Balance: 58K CHF
13th month salary Dec 2013: 10K CHF
Balance: 68K CHF
Saving until October 2014: 20K CHF
Bonus: 8K CHF
Balance: 96K CHF
Minus Tax: 18K CHF
Balance: 78K CHF
13th month salary Dec 2014: 10K CHF
Balance: 88K CHF
Saving until October 2015: 20K CHF
Bonus: 8K CHF
Balance: 116K CHF
Minus Tax: 18K CHF
Balance: 98K CHF
13th month salary Dec 2015: 10K CHF
Balance: 108.4K CHF
Saving until October 2016: 20K CHF
Bonus: 8K CHF
Balance: 136K CHF
pergh! at the current rate it'll take another five years before I surpass 100K CHF savings!
Monday, 19 July 2010
Block 1: The freaking references!! God help me to memorise!
A number of writers referenced in the block are important:
Maslow (year ?) - Pyramid of needs - basic, physiological, and ???
Anthony et. al. (1998) and Young (1999) - organisational responsibilities - profit centre, discretionary cost centre, standard cost centre, revenue centre, investment centre
ANTON, who is YOUNG finished Uni and continue to work at Nexus responsible for COST CENTRE and other centres.
Freeman (1984) - Stakeholder definition - any group or individual who can affect or is affected by achievements of organisation's objectives
Being a FREE MAN in standard 2 could affects or be affected by objectives of the big man !
Rowley (1997) - Organisations respond to interactions of multiple stakeholder, not just one.
ROWING in 3rd year requires many to respond to the lead.
Pappas and Hirschey (1989) - Questioned if managers really works to maximise income of their company (or minimise cost in the context of the non-profit, public organisations). Don't they have any agenda and intentions such as position, prestige etc.? i.e. do they really strive to find the sharpest needle in the haystack?
My pappa bought me hirschey chocolate when I was in form 1 and throw it into the haystack
Sawyer (1991) - organisation has mutiple objectives due to various interest groups within it. If all want to maximise the results of their objectives, conflict of interest is likely to take place. Thus, naturally they will tend to only achieve satisfactory level.
Stewart (1998) - The model of management from commercial organisations cannot apply fully to public organisations. Although there opinions that inclince towards making the two compatible, it is based on simplified perspective. Public organisations do not have customers as such in private organisations. The provision of service is based on assessment of need rather than demand indicator.
Elcock (1995) - There are five categories of users in public sectors: citizens, subjects, consumers, customers, clients. The application of terms from commercial organisations is therefore very loose. This opens up different level complexity of managerialism in public service sector. Citizenship alone does not explain the relationship between users and public service agencies - the relationship is more complex than this. A user is not necessarily a citizen.
The elephant cock in form 2 shot five group of public users.
####
Maslow (year ?) - Pyramid of needs - basic, physiological, and ???
Anthony et. al. (1998) and Young (1999) - organisational responsibilities - profit centre, discretionary cost centre, standard cost centre, revenue centre, investment centre
ANTON, who is YOUNG finished Uni and continue to work at Nexus responsible for COST CENTRE and other centres.
Freeman (1984) - Stakeholder definition - any group or individual who can affect or is affected by achievements of organisation's objectives
Being a FREE MAN in standard 2 could affects or be affected by objectives of the big man !
Rowley (1997) - Organisations respond to interactions of multiple stakeholder, not just one.
ROWING in 3rd year requires many to respond to the lead.
Pappas and Hirschey (1989) - Questioned if managers really works to maximise income of their company (or minimise cost in the context of the non-profit, public organisations). Don't they have any agenda and intentions such as position, prestige etc.? i.e. do they really strive to find the sharpest needle in the haystack?
My pappa bought me hirschey chocolate when I was in form 1 and throw it into the haystack
Sawyer (1991) - organisation has mutiple objectives due to various interest groups within it. If all want to maximise the results of their objectives, conflict of interest is likely to take place. Thus, naturally they will tend to only achieve satisfactory level.
Stewart (1998) - The model of management from commercial organisations cannot apply fully to public organisations. Although there opinions that inclince towards making the two compatible, it is based on simplified perspective. Public organisations do not have customers as such in private organisations. The provision of service is based on assessment of need rather than demand indicator.
Elcock (1995) - There are five categories of users in public sectors: citizens, subjects, consumers, customers, clients. The application of terms from commercial organisations is therefore very loose. This opens up different level complexity of managerialism in public service sector. Citizenship alone does not explain the relationship between users and public service agencies - the relationship is more complex than this. A user is not necessarily a citizen.
The elephant cock in form 2 shot five group of public users.
####
Block 1: The perspectives .. .so, what is it about then?
Having read the whole perspective book of Block 1, here is the summary of my understanding of what it attempts to address:
The block introduces a selected few topics which either the OUBS or business shools in general consider as important, necessary or interesting for MBA. In no particular order and not in the same wordings and categorisations given in the books, they are:
The block attempts to instill the idea of reflecting what ones learn (theories, models, frameowrks) against real scenarios. It also challenges the readers to be critical to the models, theories, frameworks - i.e. why some of them do no work in reality - in some organisations, in some circumstances, in some culture, in some age etc..
There seems to be a strong emphasis (given that it's mentioned many times in the block) that organisations need to look beyond their internal environment and be sensitive to changes in the external environment. Managers cannot be simply reactive, but instead beware of potential disruptions from the external environment --> There is a theory called chaos theory that addresses this.
The block introduces a selected few topics which either the OUBS or business shools in general consider as important, necessary or interesting for MBA. In no particular order and not in the same wordings and categorisations given in the books, they are:
- Stakeholders management (internal, external, satisficing)
- Organisational behaviour
- Organisational structure
- Organisational culture
- External environment (interfacing with organisations, volatility)
- Internal environment
- Human resource management (HRM) - soft HRM model, hard HRM model, european perspective
- Motivation - Maslow's pyramid of needs and .. two others I don't remember now, damn!
- Job Design
- Performance Management Systems
- Social responsibility of commercial companies
- Management control / accounting
- Profit centre, discretionary cost centre, standard cost centre, investment centre, revenue centre
- Conflict management
- Control systems (mechanistic, organismic, closed, open, integrated)
- Information management
- Knowledge management
- Financial analysis - balance sheet, profit and loss, cash flow statement
- Financial ratio analysis (ROCE, ROI etc.)
- Contingency theory
- Marketing - segmentation, targeting, positioning, shift of power to customers, impact of internet, capitalism, socialism, customer satisfaction
The block attempts to instill the idea of reflecting what ones learn (theories, models, frameowrks) against real scenarios. It also challenges the readers to be critical to the models, theories, frameworks - i.e. why some of them do no work in reality - in some organisations, in some circumstances, in some culture, in some age etc..
There seems to be a strong emphasis (given that it's mentioned many times in the block) that organisations need to look beyond their internal environment and be sensitive to changes in the external environment. Managers cannot be simply reactive, but instead beware of potential disruptions from the external environment --> There is a theory called chaos theory that addresses this.
Block 1: The perspectives - Human Resources Management
For human resources management, there are only two points that are important to remember - soft HRM model and hard HRM model. Soft HR model looks at HR management from the point of view of the people. It puts strong emphasis on the needs of employees and their effort in running the business to achieve its objectives in exchange for rewards such as salary, bonus, career development etc.. Hard HRM model on the hand view people purely as resources (or rather machines) to the organisations - the needs of the people are secondary to meeting to the company's objectives. Hard HRM is more common in North America. In Europe especially countries such as Germany and France, the needs of the people are highly protected by unions, hence soft HRM is practised more widely.
Block 1: The perspectives - Financial Management
Management control is management accounting (cost centre control, business control). It sits in between strategic planning (at the top) and operating control / tasks control (in the bottom).
Operating control is about internal control. This to ensure day to day operations are done in accordance with the rules and regulations (internal or external), for examples rules of segregation of duties for critical tasks - a simple example would be the person to records invoice in an ERP system should not be the same person approving it.
For management control to be effective, there needs to be clear financial responsibilities defined in the structure of the organisation. This comes in the form of discretionary cost centre, standard cost centre, revenue centre, profit centre and investment centre.
Operating control is about internal control. This to ensure day to day operations are done in accordance with the rules and regulations (internal or external), for examples rules of segregation of duties for critical tasks - a simple example would be the person to records invoice in an ERP system should not be the same person approving it.
For management control to be effective, there needs to be clear financial responsibilities defined in the structure of the organisation. This comes in the form of discretionary cost centre, standard cost centre, revenue centre, profit centre and investment centre.
Sunday, 18 July 2010
Block 1: The perspectives - Marketing
On marketing, the perspective has been focusing on the importance in involving customers in organisation marketing strategy. A satisfied customer is likely to become a loyal customer. With loyalty comes attractions to new customers and retention of existing customers. The way to address the needs of customers to reach the level satisfaction they need is through customer segmentation. A segment is a cluster or a group of customers that have the same or similar needs.
The main argument of this section is that although the concept of segmentation is highly supported and regarded by marketing specialists, it is nothing more than a snapshot of the situation at a that particular time. The world changes and moves so fast that customers needs continue to evolve while a segment is identified. Hence, it is important for organisations to adapt to this.
The main argument of this section is that although the concept of segmentation is highly supported and regarded by marketing specialists, it is nothing more than a snapshot of the situation at a that particular time. The world changes and moves so fast that customers needs continue to evolve while a segment is identified. Hence, it is important for organisations to adapt to this.
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