The 2002 failure of Enron corporation and Arthur Anderson Co, their Essay

The 2002 failure of Enron corporation and Arthur Anderson Co, their auditors - Essay Example This study discusses what happened with Enron, defines the problems that plague the high profile corporation, present solutions and alternatives, as well as give a sweeping opinion on how the problems could have been solved or avoided in the first place from this researcher's perspective alone.Enron Corporation was an American energy company and considered as one of the world's leading electricity, natural gas, pulp and paper, and communications group of companies. It claimed $111 billion revenues in 2000 and Fortune magazine accorded it "America's Most Innovative Company" for six consecutive years, employing around 21,000 people. Enron started out as Northern Natural Gas Company in the early 1930s at Omaha, Nebraska. It became an organized holding company Internorth in 1980s, and then it purchased Houston Natural Gas in 1985 of which Kenneth Lay became the chief executive officer. The merged company was named Enron and was involved in transmission and distribution of electricity and gas throughout the United States. It also engaged in the development, construction and operation of power plants, pipelines, and other infrastructure worldwide. It later market and promoted communication bandwidth commodities and other "derivatives" and grew in opulence behind inflated, fraudulent and non-existent financial reports. Enron declared bankruptcy in late 2001. By 1995 accountants at Arthur Andersen knew Enron was a high-risk client who pushed them to do things they were not comfortable doing. Critics have identified the complicated management approach as one of the culprits that caused Enron's collapse. Initially, the company performed extensive diversification to expand its product and service lines. Because of the strategy, the company experienced robust growth and gained reputation as a multi-dimensional firm. In addition, the firm continued to evolve its business model. Considering the unpredictable circumstances and calculated risks, Enron was successful on paper. This was reflected in the financial reports suggesting the extent of growth in the financial capability of the company. Specifically, the level of stocks reported by the company has skyrocketed. The information provided by the Enron 10-K annual report suggests that it was only in 1997 that the company experienced a decline. According to James Hecker, one of the investors of Enron, Andersen had knowledge on the nature of Enron's operations. The company even branded Enron as a high risked firm that is willing to do all means required to achieve its goals. Moreover, Hecker described the relationship of the Andersen employees to Enron. In the exact words, Hecker said: "Managers in the doorway, thinking out of the box. And I was thinking to myself, I'll bust by butt and then I'll bust my rocks (Schepp, 2002)." This satire showed how generously the employees of Andersen working for Enron were compensated and provided with great incentives. Moreover, Hecker described Enron as a lovely face and a fragile place. Basically, Hecker has knowledge on the true status of the company. Hecker even mentioned in the satire that the managers will soon bring their alibis to court. Precisely, Hecker highlighted the events that will happen years later

Essay qestions(Middlehood and Adolescence) Example | Topics and Well Written Essays - 2250 words

Qestions(Middlehood and Adolescence) - Essay Example The nature vs. nurture argument highlights the importance that family, society, and education play in conditioning the growth of the human individual psychologically. In â€Å"Adolescence,† John Santrock (2007) identifies six different factors that determine well being, and these can be related across the various schools of psychology and sociology related to human development theory. The intellectual assets are a combination of the genetic expression in the individual physical structure, brain, nervous system and general body health. The debate on the importance of education, positive family or community support systems, and social resources all relate to the stages of body development from infancy into puberty and the specific types of thinking that are developed in personality, also as related to the emotional imprinting. The psychological development must also be recognized as being unique in the different stages of human growth, and this has been recognized in Western psychology primarily since Rousseau. The nature vs. nurture argument has a broader application in behaviorist conditioning, Freudian neurosis, or the DSM related psychological disorders as they arise through conditioning, genetics, and other factors. Social assets relate to the nurture arguments and sociology, social psychology and other fields of analysis that relate the family, community, cultural, and structural support of the human individual in the growth cycle. Continuity can be seen in the steady progression of growth proceeding physiologically, as well as the development of complex knowledge systems such as science, math, arts, literature, and language. Continuity is part of the education process and growth patterns until adulthood and elderly stages. Discontinuity relates to the abrupt appearance of language, physical movement like walking, running, driving, sexuality, etc. This is seen in a

Civil Engineering Essay Example for Free

Civil Engineering Essay Introduction The growth and development of population, the economic and commercial progress, have made the people to be in touch. Also, for the sales of products was necessary to build bridges as an alternative way to those people who didn ´t have boats to transport their products. The bridges have been an amazing advance into the civil engineering field. As the time passed, the bridges were needed for transportation and to be used as communication routes. The bridges have been changing as needed, either to make them more efficient or innovative. Now day civil engineers are not only involved in the measuring, or resistance, but also they care about the aesthetic. There are different types of bridges that marked not only the history but the progress in society. The bridges vary depending on the material with which it is built and the shape they have. Types of bridges: Wood: These bridges are quick to build, and are not too expensive, yet are very resistant and durable, plus they need constant and expensive maintenance. For the ease of being built and cheap were the first bridges that people used. Stone: They are very resistant, compact and durable. Currently construction is very expensive. They do not need much maintenance, since they are very well resistent weathering agents. Metallics: They are built quickly, are expensive and have corrosion as an against factor. Also, their maintenance is expensive. Concrete and steel: They allow varied designs, often support precast, they are resistant, and maintenance costs are low. The functions that bridges have are: Aqueduct: They are used for water conveyance. Viaducts: They are built to have automobile transit. Footbridges: Built for the use of pedestrians only. The way bridges resist their efforts: Beam: They consist of horizontal elements that are supported at their ends on supports or pillars. The force transmitted through the pillar is vertically downwards and, therefore, they are subjected to compression, the beams (horizontal elements) tend to bend as a result of the loads on. Arc: It has 2 divisions. Top board, and Lower board. They consist of a curved section  which rests up on supports or brackets and covering a light or empty space and depending on whether they are above or below the board, is where the arcs are located. Hanging: They consist of a board by hanging by a large number of straps, two large cables that are anchored at the ends of the bridge and held by large towers of concrete or steel. Conclusion: The bridges have served as communication routes, and have had a lot of impact on society and commerce. Bridges are very important in the area of civil engineering, because their work as engineers is to build and make sure that their work is good to use, and efficient. In addition, the bridges have made the civil engineer to worry about the design of buildings and to show them that is important the aesthetic and how innovative is the work.

Defining and Experiencing the Humanities Essay Example for Free

Defining and Experiencing the Humanities Essay I am currently having trouble defining humanities in my own words after reading week one’s overview. Unfortunately after reading this week’s readings and watching the assigned videos, I am still unclear as to what humanities really is. The week one overview while well written was merely a string of questions and what ifs, that honestly left me with even more questions than I started with. Is this an art appreciation class, a literature class, maybe history? Could it possibly be all these things and more? I am still not sure but I am very certain I look forward to finding out. My selection of a cultural event that I have attended (and participated in) is the War for Empire event at Ft. Dobbs in Statesville, NC. This event is the largest event at Ft. Dobbs each year. During this event there are several encampments that showcase different aspects of life on the North Carolina frontier during the mid-18th century. There are Cherokee and Catawba encampments that demonstrate music, dance, and other forms of art such as finger weaving. The native interpreters also discuss clothing, food, and social norms associated with their people. There are also many Anglo (European) encampments which demonstrate things such as period cooking, beer crafting, tailoring, and furniture and once there was even a cobbler (awesome). Other sights to be seen are weapons and tactics demonstrations, the clothing and equipment used by the common soldiers, laborers and farmers of the North Carolina frontier during the Seven Years War.

Strategic Thinking In Logic Versus Creativity Commerce Essay

Strategic Thinking In Logic Versus Creativity Commerce Essay It is mutually agreed that the converses of intuition and analysis generate tension during the strategic thinking process. Researchers and contributors to strategic management making the case for logic argue that for strategy to be effective, the strategic thinking process must involve extensive formal analyses and objective collection and processing of data both from within and without the corporation (Hill and Jones, 2007; De Wit and Meyer, 2010). Rational reasoning enables managers gain an accurate perspective on the different options available before identifying the strategic option that best serves the organisations cause: achieving its goals and objectives. Logical analysis encompasses assessing internal and external risks, strengths and weaknesses, market need and so on; so that strategy can be thought out to fit each of the above factors. In contrast to logical thinking, creative thinking involves taking a leap of imagination (De Wit and Mayor, 2010, p. 60) without any logically defined reason for taking such a leap. Creative thinking is a divergence from the rules governing rational argumentation towards problem-solving. Strategic thinking from this perspective is therefore not governed by previous arguments or analyses, but is the generation of action plans using intuition (Hill and Jones, 2007). The strategy thinker will use intuitive judgement to derive a vision for the future. Proponents of this approach argue that it is the best way to define problems and generate innovative solutions since rationality has the potential to frustrate the process of generating novel insight, which, they say, should be the objective of strategic thinking (De Wit and Meyer, 2010). See (appendix A) Apple Inc. case study. Strategic Formation: Is strategy deliberate or emergent? From the dichotomy of rational versus creative thinking, the paradox of strategy deliberateness versus emergency arises. The deliberate doctrine opines that strategy creation ought to follow a coherent series of steps, a coordination of efforts, strategic resource allocation and utilisation and a prior, systematic programming of all processes and activities in the organisation (De Wit and Meyer, 2010). Strategy is a deliberate, systematic attempt to achieve fit between an organizations internal and external strengths and weaknesses, threats and opportunities (Sadler and Craig, 2003). The paradox of deliberateness and emergence comes courtesy of the cognitive school of thought. Managers who prefer logic in strategic thinking certainly believe that strategy formation is a deliberate process; whereas those who prefer intuition would go for the opinion that strategy formation is an emergent process. Managers who believe in emergence understand the process of strategy formation as anchored in an organisations capacity and willingness to stay open to new opportunities or trends, maintaining flexibility to changes in the internal and external environment being able to cognitively discern emerging ideas and concepts and the socio-political and cultural factors; and acting in response (Clegg et al., 2005; De Wit and Meyer, 2010). Strategy thus becomes a reactive process. The deliberate school of thought maintains that strategy has to be crafted; that responding to internal and external factors cannot solely be used to provide an organisation with a roadmap for achieving i ts objectives and realising its vision. See (appendix B) United Parcel Services (UPS) case study. Strategy Renewal: Is change Discontinuous or Evolutionary? Organisational change is an integral element of the strategy process. Strategy aims to outline an organisations plan for achieving its objectives. Sometimes, there are abrupt changes in the internal and external environment, shifts in production or project implementation life-cycles or changes in organisation dynamics (De Wit and Meyer, 2010). With such eventualities, the organisation has to renew its strategy. The paradox of revolution (discontinuous change) and evolution (continuous change) is occasioned by the two approaches to strategic renewal. Continuous change advocates for an evolutionary approach in increasing productivity and operational efficiency (Watson, 2000). Continuous change is feasible with emergent strategy formation since change motivators are everyday observed changes or trends in the internal and external environment. On the contrary, discontinuous (revolutionary) change involves performing a radical surgery to an organisations strategy. Unlike evolutionary strategic change, discontinuous change does not involve continual improvement of an organisations corporate strategy: strategic renewal is achieved by making distinct transformations from one strategic approach to another (De Wit and Meyer, 2010). Whether strategic renewal is achieved through revolutionary or evolutionary change is dependent on specific factors. In project management for example, revolutionary change is a suitable approach since typically, projects have predefined implementation timelines and budgets (Whittington, 2000). Continuous change becomes appropriate when the organisation undergoing change wants to maintain or improve its operational efficiency and competitive advantage in the long run. However, when organisations continuously evolve their strategies to maintain a competitive advantage, increase productivity and operational efficiency, counter the effects of changes in the external and external environment and meet changing customer or client requirements, revolutionary change is still unavoidable (De Wit and Meyer, 2010). Every once in a while, an organisation has to initiate revolutionary changes, processes and projects that wholly transform their strategic outlook and business processes. See (Append ix C) Ferrari case study. Conclusion From the analysis done in this report, it is evident that strategy dichotomies or the paradoxes arising from strategic thinking, strategy formation and strategy renewal are closely interrelated. They arise due to the diversity in the contexts with which strategy is interpreted and understood. Effective corporate strategising, it appears, must be conducted by applying opposing perspectives alongside each other. For example, some specific case may call for a combination of logical and creative thinking in strategy formation whereas others may call for logic only (Clegg et al., 2005). Effective managers should be able to identify which approach will be most effective for each specific case.

Smoking Cigarettes Essay -- Argumentative Persuasive Example Essays

Thank you for your warm welcome. Good afternoon. David, thank you for your introduction. To David, Dr. Cynthia Callard and all the others in the organization known as Physicians for a Smoke-Free Canada, thank you for having invited me to be part of this day. Also, thank you for giving me this opportunity to speak with you about our common commitment against smoking. And let me also say how much I admire the work that has been done by the members of the Physicians for a Smoke-Free Canada. As David mentioned, because of the nature of your profession, you see up close and first hand the effects of tobacco use. You have seen its toll and you have decided to move beyond treating its symptoms to confronting its causes and by bringing your insight and your efforts from your practices to the public domain. You have made a real difference and I want to express today, on behalf of the government of Canada, our gratitude and admiration for the efforts that you have made in this important area. I know there are other groups present here today, health groups committed to reducing the level of smoking in Canada, people who have spent their time and their energy speaking out and acting. By doing so, you have earned the respect of Canadians by helping us better understand the impact of tobacco use. The example that you have set, whether through individual action or membership in groups, by speaking out, organizing, acting, and raising public awareness of these issues, you have demonstrated once again that in order to effect positive change it is not necessary to run for Parliament or to hold a senior public position. Someone once said that the highest office in a democracy is the office of citizen and by your commitment and by your actions you have fully discharged the responsibilities of that office and you have made Canada a better place. What brings us all here together is National Non-Smoking Week. This week also draws attention to the many people and groups that are active in anti-smoking initiatives. The commitment that each of you brings to non-smoking is shared by my provincial and territorial colleagues, family doctors and specialists, medical and health associations, and by municipalities, voluntary groups and individuals across Canada. As that range of participants shows, National Non-Smoking Week is very much rooted in our communities. Across Canada,... ...adversary. Smoking is addictive. Its influence sometimes seems pervasive. It is part of the daily ritual of almost seven million Canadians and it is going to take a sustained and a long term effort by all partners to achieve our public health goals. But those challenges give us every reason to get down to work and I am here today to tell you as Canada's Minister of Health that I am fully committed to our common cause. Over the years, the partnership between health ministers and health groups has produced some very substantial gains on the subject of tobacco use. Smoking bans that were thought of as radical 20 years ago are now commonplace. Public awareness of smoking risks has never been higher. And our new Tobacco Act sets a world standard for anti-tobacco legislation. It is now up to us, those of us in this room, those whom we represent, and me, as Minister of Health, to sustain that effort and to make further progress, step by step, to use all available tools as shrewdly as we can, and above all, to speak with one voice in serving notice on those who have a different interest that we shall continue until we prevail. Thank you very much for having invited me here today.

in a few days :: essays research papers

In a Few Days†¦ A year has past and now we stand on the brink of returning to a world where we are surrounded by the paradox of everything, yet nothing being the same. In a few days we will reluctantly give our hugs and, fighting the tears, say good-bye to the people who were once just names on a sheet of paper, to return to people that we hugged and fought the tears the say good-bye to before we ever left. We will leave our best friends to return to our best friends. We will go back to the places we came from and go back to the same things we did last summer and every summer before. We will come into town on that same familiar road, and even though it has been nine months, it will only seem like yesterday. As you walk into your old bedroom, every emotion will pass through you as you reflect on the way that your life has changed and the person you have become. You suddenly realize that the things that were most important to you a year ago does not seem to matter so much anymore, and the things you hold highest now, no one at home will completely understand. Who will you call first? Where are you going to work? Who will be partying with you on Saturday night? What has everyone been up to? Who from college will you keep in touch with? How long before you actually start missing people barging in without calling or knocking? Who will go with you to Dunkin Donuts at 5 a.m., if you get the urge? Who will go clubbing with you after hours? How long until you adjust to sleeping in a room by yourself, or how long before you realize that you best friends are not in the bed next to your room? Then you realize how much things have changed, you realize that the hardest part of college is balancing the two completely different worlds you live in, trying desperately to hold onto everything all the while trying to figure out what you have to leave behind. In the matter of one day’s time, we will leave our world of living with our best friends, walking across campus to eat at the UC, instant messenger being on 24/7, 8:00 a.m. classes (well, not for you), and perpetual procrastination, to a world that will seem foreign to us despite the fact that we have lived in it for nineteen years.