Workplace as learning environment Essay Example

Workplace as learning environment Paper Hence, understanding the conceptualization of learnt knowledge and its application and situated learning processes became focuses for inquiry. However, now governments, enterprises and workers themselves are increasingly concerned about maintaining and developing further individuals workplace competence throughout working life. Therefore, in addition to initial occupational preparation which often relies upon the contribution of workplace experiences, there is a growing realization that as work and occupational requirements constantly change, there is a need for ongoing development throughout working life and through work. The workplace and workplace experiences are seen as being central to this ongoing development (Hearties Grubber, 2004). Moreover, developing the particular requirements for effective work practice within specific enterprises necessitates learning through engagement with particular instances of occupational practices (Billet, AAA). These imperatives have economic, social and personal dimensions that are in some ways consistent and richly entangled, yet can have distinct emphases. Governments want skilful and adaptable workforces to maintain or improve national prosperity and the capacity to deliver social revisions, and for workers to be positioned to resist unemployment. Both public and private enterprises are interested in a workforce able to respond to the changing work requirements in ways pertinent to their workplace needs, in order to sustain the effective provision of their goods and services. Workers need to maintain their capacities for effective performance, and for some (e. . , older workers or those with disabilities, or minority workers), this may have to occur without the direct support of their employers. Moreover, workers may be less concerned with releasing the employers enterprise- pacific outcomes and seek to direct their learning efforts to personal goals, such as career mobility. So, there is a growing and important set of imperatives to understand the ways in which workplaces can support learning to sustain these different kinds of devel opment (Hearties, 2003). We will write a custom essay sample on Workplace as learning environment specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Workplace as learning environment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Workplace as learning environment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer All of this has led to interest in and focuses on workplaces as learning environments in their own right, rather than as environments whose key purpose and contribution is to augment and extend the experiences in and learning from educational institutions. In this way, understanding more about workplaces as sites of learning serves ore than short-term pragmatic economic concerns of increasing business efficiency and national economic goals. Developing and sustaining workers occupational competence stand as important and worthwhile educational goals through being able to support individuals personal and professional advancement. For individuals, this includes enjoying a rich working life, resisting unemployment, seeking advancement and securing effective work and occupational transitions. These goals can be realized through engagement in ongoing learning through work and throughout working lives. They include a consideration of issues associated with identity and how individuals can come to position themselves as competent in changing work and occupational circumstances. Thus, learning for workplace and personal- professional development Come together through a consideration Of learning through work and now stand as a central and growing field of education. No longer is it possible to assume and claim that a robust early education and initial occupational preparation will be sufficient for a long working life. Ongoing learning through working life is now a necessity for most workers, ND essential for those engaged in transitions across work and occupational boundaries. Much of this development will occur, and needs to be extended, through workplace activities and interactions. It is these kinds of social, economic and personal imperatives that are now initiating workplaces being transformed from being seen only as sites of experiences, to needing to be understood as effective, important learning environments. Through these negotiations and activities not only are goods and services generated, but individual learning and the remaking of those practices arise. Aligned to these purposes has been a growing body of scholarship into learning through work. As noted, much of the earlier considerations of workplaces were about the provision of experiences to augment and extend (I. E. , make more transferable) the learning occurring through participation in educational institutions through drawing on models of learning based on occupational practice (Brown et al. , 1 989; Collins, Brown, Newman, 1989). A central concern was also to improve experiences in educational settings with those from the circumstances in which the knowledge is to be applied (Arsenic, 1987). Yet, it is in more recent times that incinerations of workplaces as learning environments in their own right have commenced, for instance, theoretical and procedural considerations of the pedagogic qualities Of different kinds Of work (Colic, 2004; Moreland Jensen, 2006), 2 learning through errors at work (Bauer Mulled, 2007), the active role of the learner (Billet, Bibb), including their subjectivity and sense of self (Somerville Abramson, 2003), the effect of professional practice for the development of tacit knowledge (Klein, 2003), and the complex entanglements between personal interests and capacities and those of the oracle (Hoodwinks Hoodwinks, 2004). Consequently, there is now a growing array of theoretical concepts and investigative procedures being directed to identify the curriculum practices and pedagogic qualities of workplace settings, and also the roles that learners need to play in engaging and supporting this learning. However, these emerging theories and practices remain nascent (Evans, Hoodwinks, Rainbow, Union, 2006), as they require more income passing explanatory frameworks. In particular, there is a need to understand workplace learning from the perspectives of both the workplaces that are generative of and use that knowledge and the individuals who learn and enact it, and the kinds of negotiations that occur between these social and personal contributions to that learning. This includes elaborating theories Of curriculum, pedagogy and epistemology that are premised and explain workplaces as settings in which individuals participate and learn whilst engaged in activities that have social geneses (I. E. , history, culture and situation). Consequently, understanding these processes and outcomes has conceptual and procedural salience for learning per SE. Indeed, whereas workplaces have been used extensively to evolve theory within cognitive and social cultural theory, these sites for learning provide rich bases for developing richer conceptual accounts of learning, unencumbered by a discourse which is premised upon what happens in educational institutions, and how learning is conceived and purposes shaped through associations with those institutions. Indeed, one such advance is the focus of this special issue, that is, to understand ways in which the social and personal contributions to learning are negotiated in the processes of learning through and for work, and the remaking of practice. In doing so, the body of work here represents a contribution to an emerging and important theme within contemporary theorizing about the relationship between the personal and social in both individuals learning and the remaking of social and cultural practices. 2. Relations between the personal and the social in learning Much of the existing research on workplaces, by disciplinary tradition and researcher preference, has focused on either individual or organizational contributions to learning through work and working life. Analyses of individual contributions focused on the cognitive 3 placement of workers and their knowledge creation (e. G. , Streamer, 2006). Conclusions offered concentrated on individual cognitions even in analyses of social interactions at workplaces (e. G. , Balloon, Hackneying, Talkative, Letting, 2004). Research on organizational contributions, on the other hand, described changes in social processes and investigated interaction patterns mediated through the social environments of workplaces (Cole, 2001). However, there are shortcomings in conceptions of and theorizing about workplace learning through only individual or organizational perspectives. One such shortcoming is that less emphasis has been placed on the relationships between the organizational and individual contributions. This raises at least two concerns. Firstly, individual contributions are socially influenced by the organizationally generated demands or tasks individuals have to deal with at workplaces. Secondly, individuals contribute to the social construction of knowledge at workplaces by applying personal constructions of meaning and practice developed in particular life histories and biographies (e. G. , Hoodwinks Hoodwinks, 2004). It is the enactment of these personal instructions that shape the remaking of these social practices at particular lard points in time and circumstances. Therefore, organizational contributions cannot be understood without considering individual bases for learning the remaking of practice when engaging in workplace settings. Moreover, as the construction of meaning is premised on individuals earlier socially- and cue Diurnally-derived experiences, their construal of what they experience and what they construct from that are likely to be personally unique in some ways (Billet Somerville, 2004). So the mediation of what is experienced and earn in workplaces in the immediate experience of engaging in and learning through work is likely shaped through unique combinations and negotiations between personal construal and what is afforded by the workplace setting. In this way, the social forms and suggestions that individuals have experienced earlier, and then through immediate workplace experiences, are exercised with different degree, focus and intensity by individuals construction, agency and interest in the particular suggestion, and how that suggestion is exercised in the workplace setting, the community that rounds it, and the cultural and historical practices it represents. Hence, because of the different ways workplaces afford experiences and the potentially idiosyncratic process of knowledge construction, the relational contributions of the organizational and personal become important to understanding learning as an inter-psychological process. All this suggests that comprehensive conceptual bases for understanding workplaces as learning environments will not be realized without consideration of both the personal and situational, and the relationships between them (Billet, Bibb). Without these bases, the 4 conception of the workplace as a learning environment, and the development Of a workplace curriculum and conceptions Of workplace pedagogies, cannot properly proceed, because they may simply be privileged by just social or personal factors. These include consideration of the workplace as a learning environment on the basis of what they afford learners in terms of contributions to learn the knowledge, rules, and practices required for work and also how individuals come to engage and learn through these experiences. The studies included in this special issue propose that it is insufficient to understand this learning in workplace settings without consideration of both organizational and personal contributions, and, importantly, the relations between them. These comprise the performances of the workplace (I. E. , its invitational qualities), in terms of the access to activities and interactions that are required to secure the knowledge required for performance, which constitutes the social experience. Then, there is the degree by which individuals elect to engage with what is afforded them.

Learn the things, which can make you a respected leader

Learn the things, which can make you a respected leader Traits to Become a Respected Leader Leadership is the trait that can be useful for any modern person, who is a part of any society. It does not matter if you are an employee of a big international company or just a small group of people working together. It will undoubtedly make   you good, if you have the traits of a leader. It does not necessarily mean that these skills are inherent for a manager or a chief; they can be a wonderful supplement for any person within any collective. They will help you to be more productive at work and to coordinate the working process of yourself and of others more efficiently. At any time a job presupposes a team work and cooperation. And the more efficient the colleagues can cooperate, the better result they can eventually bring. A leader is the very person who directs this process of efficient work and controls it. So, being a good leader, you will definitely make your work prosperous, no matter how custom the conditions are. So, below you can find the traits that can make you a respected and appreciated leader within your team. Attentiveness This feature is always of a big value for any person. Being an attentive person means that you can focus on any surrounding things better and thus, perceive the information better. If you are attentive to even minor details, you can better find a solution to any issue in any circumstances. It can also guarantee that any issues can be foreseen and resolved at the initial stage of any project or work. Nice focus on the aim can always ensure that you will reach the goal and will have a success. Communication Communication is an inherent part of cooperation inside any team. Without communicating it is hard to interact and to do something mutually. Mature personal interaction is also a means of better understanding of your colleagues and teammates and having better business and friendly relations inside a team. This process has a great psychological impact on any personnel and influences a lot of things in regard to mutual understanding between people. So, the better you can communicate with others, the more unity you bring to your team. Confidence When you are confident in any situation, it means that you keep the upper hand, ready to cope with any problem. A confident leader brings firmness and stability of the processes in any team. When other colleagues are sure in their manager, it is greatly reflected on the final results and on the very process of the work. If you show confidence, you can easily assure people around you that they will gain what they strive for. Knowledge The more you know, the more options and ways you can have to solve a problem. Knowledge is precious in any kind of activity; it is valuable for anyone under any circumstances. If you have knowledge in what you do, you are a nice specialist and you can be sure that you will gain a success, as you know what to do and how to do it right. Working much and obtaining experience and also gaining knowledge, you become better and more skilled specialist in your job. Having much knowledge, a leader is a respectful source of confidence and trustfulness for all members of the team. Honesty A lie never brings positive results for a good leader. Of course, while interacting with other people, there can be present some small lie, but no mistrust should be present in any team. Indeed, team members should always be able to rely on their leader, trusting him or her all the time. Honest leader is perennially respected by all the subordinates and team members. The above enlightened traits are undoubtedly indispensable for any person, who wants to be a prosperous and respected leader. These character, thinking and behavior qualities will bring you a success and lots of benefits for your work and colleagues around you.

Race and Your Community Research Paper Example | Topics and Well Written Essays - 1250 words

Race and Your Community - Research Paper Example I am an Afro-American, living in a White dominated community in Maryland, US and can vouch from personal experience that the racial discrimination is still very much in vogue, though in a more subtle form! In the community I am living, there are overt and covert means of racial discriminations. There is distinct air of superiority displayed by white members. There are two Churches and blacks are discouraged to attend the Sunday congregation in the Church where the white members go. Once, when I was new to the area and had inadvertently attended the Sunday mass in their church, I could sense the displeasure in their stiff faces and silent stares that had made me very uncomfortable. I had later realized that the Sunday mass was conspicuous in its absence of any black church goer, barring myself, of course. Afterwards, I was subtly informed by the white priest that it would be better for me to go to the other church where I would be able to find more ‘friends’. Maryland has a long history of racial intolerance but after getting educated and gainfully employed, I was fairly certain that the old prejudices against the blacks would have considerably reduced. But living in the present community which has people coming from diverse background but still dominated by white population, was an eye-opener. Few of the Asians and Hispanics, who were my neighbors, were also wary of displaying any open friendly gestures. Though, they talked and were not averse to be helpful when I needed something, they did not come forward to make friends with me, on their own. They had probably been fed erroneous information about us from the white leaders of the community. It has been about a year since I have moved in this area. Two major and many minor religious festivals and occasions have passed. The various community based functions, rallies and charity walks were held during the period. In all those occasions, no invitations for participation

Early years in the uk context Essay Example | Topics and Well Written Essays - 2000 words - 2

Early years in the uk context - Essay Example This England framework is goal based and outlines large number of goals, which children should achieve in their early education. In this essay, there is an outline of comparison of England and Scotland framework of early education. This comparison gives different aspects on various themes. For instance, the education approach of early childhood in England focuses on the individual child- centered approach. On the other hand, in England all children in a class should adhere to uniform approach. In order to make a comparison between the two curriculum policies one needs to consider the aspect of flexibility. This flexibility includes teacher’s interpretation of the framework and guidelines, which appears to be the identifiable difference between these two curriculum policies. In Scotland, the mode of early year’s education, which applies, is 0-8 program while National curriculum is the mode, which applies in England, North Ireland, and Wales. There are some similarities b etween the process of National Curriculum guidance of England and Scotland. In both nations, curriculum activities follow a subject-oriented system (CLARK, 2012:14). In England, educational syllabuses followed decisions from isolated educational working groups, which include everything covering all curricular activities. Contrastingly, in Scotland each review group gave out its ideal decisions in which some were complex map of primary education. Another similarity between the two aspects of early years curriculum is how the isolated working groups were confident, had tight timetables, and fast introduction to pre-schools. Apart from these similarities, the England National Curriculum has been more effective and has more central development than Scotland 0-8 curriculum. A great difference has been due to political influence in England arising from involvement of government in Curriculum policy. However, due to lack of good approaches to National Curriculum assessment in the year 1988 through 1993 led to the establishment of slimmed down curriculum in the year 1995. During this time, the England National Curriculum differed fro Scotland (0-8) assessment program. This was due to the separation primary and secondary stages. There was first and second stage of the 0-8 Scotland Curriculum Assessment program (DELORENZI & ROBINSON, 2005:41). Stage 1and 2 involves five to seven years and seven to eleven years for primary schools and major stages 3 and 4, which involves eleven years to fourteen years and fourteen years to sixteen years for secondary schools. This Scottish form of 0-8 Curriculum and Assessment Program covers a longer time span compared to the England policy of early year’s curriculum. Another difference occurs when comparing the curriculum coverage at each stage of education. The Scotland 0-8 Curriculum and Assessment programme covers all the required concepts of curriculum with the exception of a core curriculum. On the other hand, the England Na tional Curriculum concentrates on subjects such as mathematics, English, and Science as the key subjects. Subjects like technology, history, art, music, geography, and PE are the foundation subjects at first and second stage with an addition of a National language as foundation subject at the third stage. The nature of early years study program of the two systems is of a fussy interest. In En gland, teachers and education officers

Business Systems Hoosier Burger Essay Example for Free

Business Systems Hoosier Burger Essay Improving Hoosier Burger Bob and Thelma Mellankamp wanted to open their own business. They came across Myrtle’s Family Restaurant and saw a sign that said it was for sale. Bob and Thelma bought the restaurant and their own restaurant was brought to life Hoosier Burger Restaurant. The idea was one that everyone dreams of owning their own business but do not understand all the behind the scenes projects that make a business successful. Yes, they have been in business for over 30 years but even they understand that their dream needs some improvement to continue in the market they are in. Bob and Thelma have discussed the idea of a computer system but do not know where to start so Bob wants to bring in a consultant to address some of their weak areas and make suggestions to improve Hoosier Burger. They inform the consultant on how business is ran. This restaurant is behind the curve when it comes to technology. They still do paper trail on every aspect of the restaurant from deliveries, inventories, and point of sale (Valacich, George, Hoffer, 2009). Even though paper was what many companies started out with, it is no longer an approved way to do business. Paper allows too many human errors to come into play where as an electronic record keeping system eliminates a majority of these errors but as with any data†¦you get out of it what you put into it. All this means that if you put inaccurate data into the system then the data you get from the system will also be inaccurate. Hoosier Burger has learned this lesson oh too well. Especially, since they did not order enough vanilla ice cream to cover their own special so they had to run to the grocery store to try to get enough for the sales they were doing on the special (Valacich et al., 2009). Bob and Thelma agreed that it would be  valuable to purchase an information system to assist them in the areas of inventory management, marketing, customer service, food preparation, and point of sale (Valacich et al.). Now that it has been decided on what needs to be addressed with thi s new information system. The systems development life cycle (SDLC) begins (Valacich et al., 2009). The four main steps of this process are (1) planning and selection, (2) analysis, (3) design, and (4) implementation and operation. The first phase is to plan the system out and then select the appropriate system for job. This situation a good point of sale system would give this company the system they need for daily operations and growth. A good POS covers all aspects of the restaurant from the dining area to the kitchen and even the storage areas. With any system, you have subsystems that are called components. Components by themselves do not make a system but when put together they make a complete system. In the case of Hoosier Burger one of the components of the system would be an inventory log or database. This subsystem would track usages and deliveries to ensure that stocks are maintain at the properly level for daily operation of the business. The project development team that Hoosier Burger selected w as based on the weaknesses of the organization. The focus of the new system will be on ways to improve inventory management, customer service, and management reporting. Any one of these weaknesses could cripple the organization. The team needs to get as much information as possible to ensure that they are building the correct system for this organization. I would use the interview process to get as much information from the staff as possible and I would use questionnaire to customer input. Also, I would gather as many reports and logs that I could for supporting documentation but with the current processes. This type of information may not be readily available or available at all. After gathering this information, the process of developing a system to correct their weaknesses begins. You would also want to find out if the company has any upgrades planned so that you could incorporate that into the system. In this case, they want to expand to delivery services and a drive through operation. These expansions do not require a lot of upgrades to the building so these will go into effect immediately to increase revenue for the company. The diagram figure 1 shows the flow of information for the new system. Fig 1. As you can see from figure, the information system that need is robust in nature but simple. The system analyst now needs to break down the different entities the company needs to store information about. These entities have particular characteristics that require information to be stored. There are rules used when attempting to place an identifier for each entity. The diagram will show the changes and specify the component’s needed for each relationship. In the text, an entity is a person, object, place, concept, or event in the user environment of which an organization wants to store data(Valacich, George, Hoffer, 2009). Person entities are usually your employees but can be your customer. Place entities are basically the location i.e. states, regions, countries. Object entities include the machines you use, buildings your work out of, products you produce, and vehicles. Event entities can be considered sales, renewals, registrations. Concept entities include courses, accounts, or work centers. Hoosier Burger needs the ability to store information about their individual entities. The main entity is the customer that frequents the restaurant on a regular basis. They also need to store information about what products the customer is purchasing. Hoosier Burger also needs the ability to store information about the company itself and place entities which are the businesses that order meals from the company. We will now discuss attributes. Attributes according to the text are named properties or characteristics of entities that are of interest to the organization(Valacich et al., 2009). The following attributes should be used for the customer: customer name, customer address, customer phone number, customer’s number of orders, and customer specific orders. These attributes can also be assigned to the business entity by switching out customer with business. Attributes can also be assigned to the end product such as ingredients, price, and amount sold. Identifying the entities require assigning unique identifying  characteristics for the entity type. For example when dealing the with customer entity, you would use an identifier that is easy to use i.e. Customer ID, Customer Name, Customer Address, and Customer Phone. The key when dealing with identifying items is making it user friendly. Once all of these have been put into place, the system analyst now needs to build three working solutions to this company’s weaknesses. The three solutions as discussed in the text are low, medium, and high level. The difference in the three levels usually equates to cost but it also includes how much effort the user has to put into the system and the type of technology used. Time is money and if your employees are having to spend more time with the system than the customer then Hoosier Burger will lose money. All of these factors come into play when developing a system for an organization. The key to success of Hoosier Burger and the project development team is communication and cooperation. The more time these two entities communicate with each the easier it will be for the project team to address the needs of the customer and customer addresses the needs of the project team. It is a two way street. In the end, the job of the system analyst is to develop a system that addresses the wants and needs of the customer while maintaining within the budget. You do not want to sell the customer a â€Å"Corvette† when a â€Å"Camaro† would have done what is needed. Reference Valacich, J. S., George, J. F., Hoffer, J. A. (2009). Essentials of Systems Analysis and Design (4th ed.). Upper Saddle River, NJ: Prentice Hall.

What drove Eliza to change? What does it mean to be high class? Essay

In George Bernard Shaw’s didactic, Victorian play Pygmalion, Linguistics Professor Henry Higgins’s perceptive ears are offended by the sound of Eliza’s lowly, Cockney accent, so he wishes to change it into a flawless, pleasant voice that would blend in among high society. Higgins is a sarcastic and rude character who treats Eliza badly throughout most of the play, sometimes not even acknowledging her presence. This brings up the question of why she tolerates his rudeness. What drove Eliza to change? Change is desired when we face conflicts that must be resolved. Another question this play presents is: What does it mean to be high class? Is it as Henry Higgins says it is, that it is just the proper way of speaking? Can the â€Å"right† sociolinguistics or money or heritage give someone high status? We can wish to change when wanting to improve ourselves, to satisfy others who we hold in esteem, to meet demands placed upon us, but most importantly, a successful change must come from self-motivated reasons. A change forced upon a person is like no change at all. After the pressure, the expectations, the possible threat of that comes with authority, have all been removed, a change can only last if the subject being changed had wanted to be changed in the first place. Initially, she wanted to improve her speaking voice so that she could find a better job, and with a better job, better prospects in every part of her life. She realizes that she can do this with Higgins’s help—she recognizes his expertise in this subject, but he is unwilling to help her until she pays him a high sum that she cannot afford. Higgins’s peer Colonel Pickering’s attention is brought to Eliza’s plight and he feels for her, so he strikes up a wager with Higgins and ... ...see any kind of challenge in Freddy, so he was not of so much interest to her. George Bernard Shaw’s message, though, is that affection for another person should not be disguised as distaste, for eventually, the person we love will move on to somebody else who treats him or her as he or she deserves to be treated. In a way, Eliza’s plan to marry Freddy is a type of poetic justice against Higgins, who, even though exhibits the proper grammar and speech of gentility, is not truly a gentleman. His behavior and attitude are just inexcusable for a heroine like Eliza. From this irony and dark humor in Pygmalion, we learn that we should be genuine and reveal our true feelings for a love interest eventually, even if it is slowly to keep ourselves from being hurt—we do not want to meet Higgins’s lonely fate. He could have had Eliza, but his caustic behavior kept them apart.

General Mills Inc. Understanding Financial Statements

Introduction The case study General Mills Inc. – Understanding Financial Statements focuses on the most basic idea of finance analysis. This case is a brief look into the language that is used in the finance world and a start to interaction with auditors. In this case, KPMG LLP, the public accounting firm that was auditing their statements, had sent two opinion letters. The first letter was ensuring that both parties were aware that General Mills had internal control over financial reporting.The second opinion letter stated that to auditor’s knowledge, General Mills had correctly reported its financial statements. The statements given in this case study are known as the four general financial statements. Displayed in the case are the Consolidated Statements of Earnings from years 2004 to 2006, the Consolidated Balance sheet from 2004 to 2006, the Consolidated Statement of shareholders’ equity from 2004 to 2006, and the Consolidated Statement of Cash Flows from 20 04 to 2006.These general pieces of finance material provide enough information to analyze General Mills over the past two years. Thanks to the financial statements provided, we had the ability to compare the company’s performance in 2005 and 2006, and to see whether the company was still in good standing or not. The following is a basic analysis and interpretation of General Mills financial statements. Concepts a. General Mills is a food company. Its main activities consist on producing and selling ready-to-eat food, as well as doing retail business.These activities take place in the U. S. , Canada, Europe, Latin America and the Asia/Pacific region. b. Consolidated balance sheet, consolidated income statement, consolidated shareholders’ equity, and consolidated cash flow statement are the financial statements that are addressed to external audiences. General Mills submit consolidated financial statements because the accounts represent the company and its subsidiaries. c. The SEC requires that the financial statements for external reporting purposes be prepared quarterly. These quarterly reports are called 10Q reports.Then, SEC requires that these financial statements be done annually. These annual reports are called 10K reports. d. Financial statements are usually prepared by accounting staff; however, the CEO and CFO are the responsible for the accuracy of these statements. Generally, internal and external audiences are interested in the information presented in financial statements. On the one hand, the internal audiences are managers, owners and employees. First, in order to make decisions, managers and owners review the financial reports.Second, financial reports provide a clear view of the financial position and market value of the organization. Third, employees may use financial reports to insure their jobs positions within the company and negotiate possible salary hike and promotion. On the other hand, there are many external agents who ar e interested in the financial reports. First, investors use financial statements to evaluate the general performance and financial strength of the company. This evaluation helps make rational investment decisions.Second, financial institutions like banks and other lending institutions use the reports to assess the weight of debts and decide how risky the company is. Third, partners of the company consider the financial situation of the company in order to revise the contracts and partnership terms. Forth, suppliers are also interested in the financial performance of the company because that helps them decide whether to extend their credit or not. Fifth, government is in concern with the financial reports of this company, because these reports are the only means of verifying if the tax paid is accurate and adequate. . General Mills external auditor is KPMG LLP, an independent registered public accounting firm that issued the two â€Å"opinion† letters that General Millsâ€℠¢ Board of Directors and Stockholders received. The first â€Å"opinion† letter regards internal control over financial reporting, while the second â€Å"opinion† letter concerns financial statements and related financial statement schedule. The first â€Å"opinion† letter confirms that the General Mills upheld valid internal control over financial reporting as of May 28, 2006.The second â€Å"opinion† letter assures that the consolidated financial statements were fairly presented as of May 28, 2006. We see that the time difference between issuing the financial statements and receiving the opinion letters is fair, because audits need few months to gather information and analyze it. Analysis f. g. i. For May 28, 2006: Assets= $18,207 Liabilities + Equity = $11,299 + ($5,772 + $1,136) = $18,207 ii. For 2006, General Mills’ had a proportion of 17. 44% for short-term assets, and a proportion of 82. 6% for long-term assets. So, land, building and equipm ent, goodwill and intangible assets make up the majority of total assets. In other words, General Mill’s major assets are long-term assets, which is explained by the nature of business that General Mill Inc. does. iii. In general, intangible assets are assets that are not physical in nature. Corporate intellectual property (items such as patents, trademarks, copyrights, business methodologies), goodwill and brand recognition are all common intangible assets in today's marketplace.Goodwill is a long-term asset categorized as an intangible asset. The amount of goodwill is the cost to purchase the business minus the fair market value of the tangible assets, the intangible assets that can be identified, and the liabilities obtained in the purchase. In the case of General Mills, the intangible assets could be patents, strong brand name, copyrights, franchises and goodwill. iv. In 2006, General Mills was financed at a proportion of 62. 06% by non-owners and at a proportion of 37. 9 4% by owners. h. i.General Mills recognizes sales revenues upon acceptance of the shipment by its customers. The promotions and estimated returns are not included in the reporting of sales. The coupons costs are registered when distributed and their amounts are based on estimated redemptions. As for trade promotions, they are expensed based on estimated participation and performance levels for offered programs. Concerning returns, the company has a new return policy. However, the company may allow few returns if the product is in good condition to be sold again.The company expenses returns as reduction of net sales. The company’s policy of registering revenues, promotions and estimated returns are conform with GAAP. ii. The common-size income statement of 2006 reveals that General Mills’ major expenses are cost of sales with a proportion of 59. 85%, followed by selling, general and administrative expenses with a proportion of 23. 01%. iii. Between 2005 and 2006: The co st of sales and the selling went up by a small proportion, while selling, general and administrative expenses along with interest expenses went down by 0. 7% and 0. 54% respectively. However, selling, general and administrative expenses went up by 1. 51%. iv. To our opinion, General Mills included these unusual expenses in a separate section in order to avoid misleading the readers about the reason why selling, general and administrative expenses increased. v. During 2006, the company realized profits of 1,090 million dollars, while during 2005 realized profits of 1,240 million dollars. Since the two results are positive, we assume that the company was profitable during 2005 and 2006. vi.The change in net earnings between 2005 and 2006: (1,090 – 1,240) / 1,240 = -12. 1% The change in net earning between 2004 and 2005: (1,240 – 1,055) /1,055 = 17. 54% So, between 2004 and 2005 the net earnings raised by 17. 54%, while between 2005 and 2006 the net earnings decreased by 12. 1%. Excluding the costs of Divestitures and Debt, the net earnings of 2005 and net earnings difference between 2005 and 2006 will be as follow: Net earnings (2005) = 1,240 – (499-137) * 0. 617 = $1,016. 6 Net earnings difference (2005-2006) = (1,090 – 1,016. ) / 1,016. 6 = 7. 22% i. i. In 2006, net earnings are $1,090 while net cash provided by operating activities is $1,771, which means that there is a difference of $681 between these two accounts. This difference can be explained by the fact that some gains or costs don’t generate any increase or decrease in cash flow. For example, depreciation and amortization are costs that don’t change the level of cash flow. ii. During 2006, General Mills used for expenditures $360 million. iii. General Mills paid $485 million for dividends. j.The account on General Mills’ balance sheet that require estimates are the following: * Fixed Assets: Because the life time of a fixed asset is estimated, then depr eciation is estimated as well. Then, the net value of fixed assets –that is historical value – accumulated depreciation – is estimated as well. * Inventories: General Mills uses FIFO method for valuing the inventories in the U. S. and LIFO method for valuing inventories outside the U. S. * Doubtful accounts: these are accounts receivable that the company assumes won’t’ be collected in the future.We assume that all the balance sheet accounts, except long term debts, have estimated values. Conclusion After having studies General Mills’ business environment, and went through the analysis of its financial statements, we assume that this company’s performance for the year 2006 was better than 2005. In order to be more objective, we have excluded the gains and losses from divestitures and debt repurchases costs in our analysis, because these costs are considered as unusual. Thus, the common-size income statement shows that the company did b etter from 2004 to 2005 in terms of net sales and income statements.However, the after-tax earnings from Joint Ventures were much lower in 2006 than in 2005 and 2004. We assume that this decrease is mainly related to the change of the structure of joint ventures, as the company sold many of its subsidiaries. In addition, the income statement reveals an increase of dividends per share from the year 2004 to 2006, which means that the shareholders got higher profits. The information presented in the consolidated and common-size balance sheets was about the assets, liabilities and equity of the company.First, we noticed that the majority of the company’s assets are long-term assets, which we found normal seen the nature of business of General Mills. Second, 63% of the company’s business is run by liabilities, we assume that General Mills is a low risk company and that its cash flows are stable and positive. . ———————— ——————– [ 1 ]. Definition retrieved from: http://www. investopedia. com/terms/i/intangibleasset. asp#axzz2N0pq9ntS [ 2 ]. Definition retrieved from: