Wednesday, July 31, 2019

BTEC national diploma in business 2013-2014 Essay

|Unit Title: Managing Business Information |Unit Code: 26 | |Lecturer: Gaye Snook | | | |Assignment Title: Managing Business Information | |Assignment: 1 | | | |Principle Objectives Assessed: | |1 Understand the importance of information to organisations | |2 Know how organisations use business information | |3 Be able to maintain an information system | |4 Be able to produce information to support decision making in organisations. | | | |Key Skills Competence: | |N3.1,3.2,3.3 | |C3.1a, 3.1b, 3.2, 3.3 | |ICT3.1, 3.2, 3.3 | |Date Set: September 2013 |Date Due: December 2013 | | | |Scenario – You are responsible for the information management with The Box Company a company manufacturing storage boxes. You are asked to | |firstly write a report about the effective management of information. You are also asked to carry out practical tasks for information | |management and to report and present the findings of you information interrogation. | | | |Task 1 | | | |Write a report following an investigation of The Box Company, covering the following points | | | |Describe the characteristics of the information that The Box Company needs | |(this addresses P1) | | | |Characteristics: types of information (qualitative, quantitative, primary, secondary); quality of information (valid, complete, accurate, | |timely, fit-for-purpose, accessible, cost-effective, intelligible) | | | | Explain the sources of information needed in The Box Company | |(this address P2) | | | |Sources: internal (financial, HR, marketing, purchasing, sales, manufacturing, etc); external (government, trade groupings, commercially | |provided, databases, research, competitor information) | | | |Describe how information is used for three different purposes in The Box Company (this addresses P3) | | | |Purposes: record transactions and activities; monitor, control, co-ordinate and plan activities; analysis (patterns, trends); prediction | |(extrapolation, what if?) | |Describe the legal and ethical issues the organisation must consider in using business information | |(this addresses P4) | | | | Data Protection Act 1998, Computer Misuse Act 1990; ethical issues (privacy, access, organisational IT protocols, codes of practice from the | |Information Commissioner’s Office(ICO) and the British Computer Society (BCS) | | | |Explain why business information is important to the success of an organisation, giving several examples of how it is used to help decision | |making | |(this addresses M1) | | | |Decision making (operational, tactical strategic); administration; promote efficiency; develop competitive advantage; increase market share; | | | | | |Write a report to evaluate how a selected organisation could improve the quality of its business information to support decision-making. | |Prepare a presentation of the information and your recommendations. You will be assessed on the appropriateness of the formats chosen. | |Remember to justify your recommendations in your report. | |(this addresses D1) | | | |Tracking fast and slow moving sales will suggest to a retailer how to adjust its product range. Monitoring staff absence will allow | |absenteeism patterns to be identified and absence reduced. Improving the quality of the information will improve the business. | |A senior manager will be likely to understand information presented in a formal report, a junior assistant may be better able to assimilate | |information in a visual format. A poor choice of format hinders communication of the message. | | | | | | | | | | | |Task 2 | | | | You are required to conduct practical exercises on a data management system. You do not need to create this system; your tutor will provide | |this for you. Undertaking the following tasks, format the given data management system into a professionally presented and useful system by | |completing the following tasks | | | |Format Table | |Add grid lines | |Add formatting to headers | |Format cell type (i.e. text/numbers) | | | | Add validation rules to appropriate cells | | | |Add profit column (use formula) | | | |Update Table | |Add new sales for next three months | |Customer 128 has gone out of business, delete this customer | |Add customer 129 – Boxes R Us, 145 Station Road, Maidenhead, Sl4 9UY, 07788 6589652. Anticipated demand from this customer will be 30 of | |product B each month from July | |Change contact for customer 125 to 07799 8745698 | | | |Following the above, in the presence of your tutor who will observe you, interrogate the system to provide analytical data e.g.: | | | |a. Total sales per product | |b. Total profit per product | |c. Total sales per customer | |d. Total profit per customer | |(this addresses P5) | | | | | |Task 3 | | | |Building upon task 2, produce information that can be used to support the following business decision. Scenario – the company is thinking of| |launching a new product, however, due to the capacity of the production line it can only do this if is stops making one of the existing | |products. Use the above analysis in task 2 and the details on the potential new product use to justify your decision proposal. | | | |A ) Produce information in four suitable formats to support decision making This can include the following: using an electronic organiser | |to arrange a meeting to discuss the information, including an agenda of items/issues to discuss; circulating supporting information, as | |attachment to email; producing a report outlining the key findings of your analytical data and producing tables etc to highlight the main | |findings. | |(this addresses P6) This will be supplemented by observations from the tutor. | | | |B) Compare the features of different types of software in producing information to support business activities, e.g. word processing, | |spreadsheets and databases, commenting on the appropriateness of using each for a given purpose. (This addresses M2) | | | |C) Analyse the information from above and explain the significance to the organisation of the information that has been obtained from the | |system. Propose appropriate actions to respond to the given scenario, which must be supported by the information generated. (This addresses | |M3) | |Tutor Signature: GAYE SNOOK | Date: | |Pre-Verified: |Internally Verified: | | | | |Date: |Date: | Assessment and grading criteria In order to pass this unit, the evidence that the learner presents for assessment needs to demonstrate that they can meet all the learning outcomes for the unit. The assessment criteria for a pass grade describe the level of achievement required to pass this unit. Assessment and grading criteria To achieve a pass grade the evid  |P1 describe the characteristics of the |M1 explain how business information is |D1 recommend how a selected organisation | |information needed in a selected |used for different purposes in a selected|could improve the quality of its business| |organisation |organisation |information to support decision making. | |P2 explain the sources of information | | | |needed in a selected organisation | | | |P3 describe how information is used for | M2 compare the features of different | | |different purposes in a selected |types of software used in producing | | |organisation [RL, CT] |information to support business | | | |activities | | |P4 describe the legal issues an |M3 analyse information produced in | | |organisation must consider in using |different formats to support business | | |business  information |decision making. | | |P5 input and manipulate the data entered | | | |into data management software [CT, TW, | | | |SM] | | | |P6 produce information in suitable | | | |formats to support business decision | | | |making. [IE, CT, SM] | | |

Tuesday, July 30, 2019

Teamwork: Communication and Group

Communication is essential throughout our daily life, both in our personal life and professional life. Communication skills are vital when we are working towards a common goal as a part of a team (Kearney-Nunnery, 2008). By observing and evaluating yourself when in interaction with others, we can learn how to communicate effectively. Group work demonstrates our capacity to communicate effectively, share and reflect on our opinions, gain trust for group members, and resolve conflicts. A team can be defined as â€Å"a group of individuals who work together to produce products or deliver services for which they are mutually accountable (Tyrer, 2004). Teamwork is described as â€Å"a dynamic process involving two or more [health professionals] with complimentary backgrounds and skills, sharing common [health] goals (†¦ ). This is accomplished through interdependent collaboration, open communication and shared decision-making (Ream & Xyrichis, 2007). † â€Å"Effective collab oration can lead to effective teamwork (Canadian Health Services Research Foundation). † One of the most commonly used methods to assess our performance is through writing a reflective evaluation. In this assignment, I have been asked to reflect on my communication patterns and experiences whilst working within a group. This semester we were asked to work in small groups of 4 – 5 students to prepare a 20 minute information session on the ‘completion of documentation’, and perform a presentation in front of the class. In this assignment I will demonstrate my understanding of group dynamics and communication skills, reflect on my experience during the group activity, and briefly explain how the member contributions were divided up for the group presentation. Team members are described as â€Å"having complementary skills, being committed to a common purpose and holding themselves accountable for their performance (Tyrer, 2004). † These descriptions make it clear that teams are about working together as a group, and each member of the team has a purpose within the group, in working towards a common goal. Team members share goals and are mutually held accountable for meeting them (Canadian Health Services Research Foundation). † To be effective, team members must be flexible and tolerant. For successful teamwork, there must be open and effective communication between all of the team members. Open communication means that all members of the team have their chance to share ideas without being criticized. Establishing such communication between all members is vital for productivity and achievement of goals. â€Å"If effective, the team is more likely to utilize the full range of diverse knowledge and skills available (Tyrer, 2004). † Because the team is held collectively accountable, integrating with one another is expected and included in the responsibilities of each member. Unequal levels of participation between the members of the team may inhibit the smooth running of a team (Caldwell et al). Group working allows people's individual skills and knowledge to merge, which compensates in areas where individual members are lacking. â€Å"It has been argued that teamwork offers greater adaptability and creativity than any one individual can offer, while promoting job satisfaction and staff retention. (Ream & Xyrichis, 2007)† Many variables affect teamwork and team performance on group assignments; including the individual characteristics and personalities the students, the mode of delivery, and understanding of what teamwork involves. During the group work activity I learned how to work with different personalities. Everyone approached the topic differently. I think each group member brought a unique perspective to the group, which helped to create ideas and allowed the group to discuss each angle with each other. Although our group did not have a clear leader chosen at the start of our group work, I believe Rebecca held many of the essential qualities of a group leader. â€Å"The leader has the responsibility to develop team processes (for example, clarity of roles and support for the team) and create favourable performance conditions for the team (Canadian Health Services Research Foundation). Our group decided to divide the topic of ‘completion of documentation’ up into categories with subheadings (e. g. reasons for documentation, history of documentation, forms of documentation, errors in documentation, etc. ); each group member was then responsible for writing a paragraph on one bullet point, ensuring we distributed the work fairly among the group. However, we did all of the b rainstorming as a group and used group meetings to create outlines for the designated points each person was to follow. Once a draft was written, each group member edited it and gave comments, but final adjustments were left to the writer’s discretion. This was to ensure that our categories flowed nicely. We then met as a group and collectively created a PowerPoint presentation with the information we had gathered, instead of having one person doing the majority of the work. In between group meetings, we kept each other updated on our progress via emails. This allowed us to exchange information and share resources. We used email to keep in touch with team members as an easy way to get a hold of other members of the team in the fastest way possible. I found this effective as we were able to maintain contact during our busy weeks. Although I thought communicating via email was appropriate due to the colliding schedules of the group members, more direct observation of the team at work together as a group would be helpful in my assessment of the effectiveness of teamwork behaviours, and the writing of this paper. More frequent team meetings dedicated to the group presentation may have resulted in better communication, which could have allowed for better transfer of knowledge and therefore may have increased our team performance during the presentation. During group meetings, all members participated actively, trying to express their point of view. I think everyone had equal opportunity to voice their opinions and incorporate their ideas into the presentation. I thought working in a group setting was really valuable, which enabled us to expand our communication skills, and become more aware of our behaviour in group situations. In summary, Teamwork is the interaction or relationship of two or more people, who work interdependently towards a common goal. Team-based methods of working have many advantages. Team working has been viewed as a valuable way of improving performance, and quality of working life in a health care setting. Teamwork will accomplish a task more effectively and efficiently than an individual effort. Working in a team requires effective communication. For teamwork to be successful, it is important that every member of the team has patience or tolerance for the opinions of the rest of the team members. When members respect each other’s opinions, there will not only be an increase in productivity, but in teamwork itself. The development of an effective team requires a positive attitude and commitment toward teamwork, along with an understanding of what teamwork involves. REFERENCES Caldwell, K. , Atwal, A. , Copp, G. , Brett-Richards, M. , & Coleman, K. (2006). Preparing for practice: how well are practitioners prepared for teamwork. British Journal of Nursing, (15) 22, 1250-1254 Canadian Health Services Research Foundation. (June 2006). Teamwork in healthcare: Promoting effective teamwork in healthcare in Canada. Policy synthesis and recommendation. Retrieved October 13, 2010 From: Http://www. Chsrf. Ca/Research_Themes/Pdf/TeamworkSynthesisReport_ E. Pdf Kearney-Nunnery, R. (2008). Advancing your Career: Concepts of Professional Nursing (4th ed). Philadelphia: F. A. Davis. Tyrer, J. (2004). What lessons can we learn from effective teamwork? Nursing & Residential Care. 6 (2), 86-88 Xyrichis, A. & Ream, E. (2007). Teamwork: a concept analysis. Journal of Advanced Nursing: Theoretical paper. 61, 232–241.

Monday, July 29, 2019

Advanced Financial Reporting and Regulation Essay - 1

Advanced Financial Reporting and Regulation - Essay Example The problem with this approach arises when the market for the asset becomes illiquid. This sets in the use of complex models that the company must come up with through the help of a specialist. These assets are grouped as Level three assets. During the financial crisis, there was a fall in the prices of mortgage and related securities. The result was illiquid markets for them and banks marked down their assets largely. This made banks have a great problem in meeting up their capital requirement. The critics claim that money could have helped solve the crisis that existed at that time. However, banks obtained cash through the sale of assets that further made a downward trend in the prices of assets. This led to an economic downturn and became a cycle. This is the main reason, critics of fair value accounting claim that it had a hand in the financial crisis that occurred. Most critics have distinguished mark- to-market accounting a mechanism through which fair accounting can contribute to the financial crisis. There is a link between bank regulation and fair value accounting when trying to evaluate how fair value accounting can lead to a crisis. Fair value depends on the market prices, which are not consistent and sometimes can deviate due to some reasons. The distorted prices can cause a bank to write down its assets to match the distorted prices. As a result, the regulatory capital of the bank would be depleted and it may force the bank to sell assets at lower prices. If the lower prices in the distressed bank become relevant to other banks, it can result to regulatory capital problems and write-downs even for sound banks (Laux and Leuz, 2009). Laux and Leuz (2009) found out that by the management paying attention to the company’s earnings might create the contagion problems. The management can sell their assets at relatively low prices that result to a contagion effect to the other banks. This makes other banks price their assets

Sunday, July 28, 2019

On killing Essay Example | Topics and Well Written Essays - 1500 words

On killing - Essay Example Grossman has utilized Milgram’s experiment of obedience as his research base. According to Milgram’s findings, humans obey authority and inflict pain on the subject without the rational evidence, but only due to obligatory requirement. Thus, Freud’s intuitive theory of human nature contradicts with this dichotomy, which emphasis that undue submission and pressure by authority evokes rebelliousness in the subordinates (Grossman, p.142). The author also lays an emphasis on the dichotomy of human intrinsic defence mechanism; this enables individuals to either fight for their survival in a threatening environment or escape from it, which is either due to fear or strategic aversion of killing another human being (Ibid, p.143). Another unanticipated fact about killing in a war is that without a leader’s direction, soldiers often feel without a sense of direction. Hence, become incapable of determining their own action, which shows the abrupt nature of humans to require authority, set path for direction and specific guidelines to react or respond in certain situations (Ibid, p.145). Leaders possess or influence subordinates in both physiological and psychological manner. Their presence can persuade subordinates to act in the most violate manner and can also impede them from violation. The repute of a leader or authority, the nature of demand of killing from the authority and authenticity of leader’s command act as the sound and rational bases for a subordinate to follow the commandment of a leader without consolidating it with his own belief or values (ibid, p.145). In addition, the author has also signified the importance of posture and submission process along with killing or fleeing mechanism in the time of war or life threatening situation. The hostility of a being is detected through its basic nature, posture or level of fear. Thus, one can determine that a baboon and rooster do not tend to attack

Saturday, July 27, 2019

Human Computer Interaction Essay Example | Topics and Well Written Essays - 1500 words

Human Computer Interaction - Essay Example This research is mainly aimed at designing and developing an attractive system. In this report I will provide a detailed analysis of the CDROM Encyclopaedia development and renovation. There are several CDROM Encyclopaedia areas available and offering a better and effective knowledge on different fields. The intended system is aimed at offering a detailed knowledge on the specific field. Its enhanced development and designing will promote and make it popular among the people. Encyclopaedia is a special type of computer system that needs to be designed with a greater care. These systems are designed to help the people for taking detailed and in-depth information about a particular field. This report will offer detailed and comprehensive overview of the main areas regarding the system design and analysis. The main goal of this report is to suggest a system that fulfils all the necessary needs and requirements of the better system regarding its operations and working.

Discussion Essay Example | Topics and Well Written Essays - 250 words - 67

Discussion - Essay Example porter, a country through its government may require pre-shipment inspections on/ for inspection certificate to confirm that the price being charged by the exporter is commensurate with the true valley of the goods or services [to be shipped]. This therefore parries away the danger of substandard goods infiltrating a country. The same also assuages attempts to escape the payment of custom duties. This is always the case if the shipment being made is of high value, as was previously mentioned. In some cases, an inspection certificate may be required in some countries, for a specific type of goods. For instance, on the one hand, in Kuwait, an inspection certificate is required whenever there is an importation of a regulated product whose value exceeds 3,000 dollars. On the other hand, Mexico requires an inspection certificate for goods such as textiles, shoes, bicycles and shoes, if only these products fail to qualify for NAFTA. Conversely, shipments to Kuwait and Saudi Arabia must contain an inspection certificate for a small number of

Friday, July 26, 2019

Macroeconomics in Today's Society Essay Example | Topics and Well Written Essays - 750 words

Macroeconomics in Today's Society - Essay Example All these stakeholders use macroeconomics in a variety of ways to achieve different and at times conflicting purposes. In general, macroeconomics provides the rationale for a range of questions, and solutions for a number of domestic and global concerns. They include reasons for different levels of income in different countries, causes for the rise and fall in general level of prices at different periods of time in a country, explanation for the expansion and contraction of employment and production in certain period of time than others, justification for consumption and conservation, saving and investment, borrowing and lending decisions, etc (Mankiw 204). In brief, macroeconomics provides the different stake holders with basic economic principles, instruments and various options to deal with specific economic issues. (a) Macroeconomics provides the government in a country with monetary and fiscal policy tools to control and regulate growth in incomes, employment, wages, interest rates, saving, investment, inflation, distribution of resources and produced goods and services, etc. (b) Macroeconomics offers individual firms to use their managerial skills to deal with tax rates, interest rates, etc., to plan their pricing policy, capita... (d) Researchers and academicians make cross country comparisons by utilizing macroeconomic situations in different countries to explain the causes and effects of a specific macroeconomic policy on the economic performance of a country, its welfare implications, and debate about the need for environmentally sound and sustainable development strategies. (e) International organizations utilize the macroeconomic variables of a country to shape a country's structural adjustment programs, and emphasize the need for fiscal prudence and balanced growth. (f) Non-governmental organizations, using the macroeconomic indicators, draw the attention of national governments, international bodies and the society at large towards unequal distribution of scare resources, and advocate the need for establishing a just society. (g) International investors base their investment decisions on the macroeconomic fundamentals of a country. If the macroeconomic fundamentals are strong, in their perceptions, they invest and vice versa. (h) Multilateral credit agencies and financial institutions offer financial assistance to countries depending on the merit of macroeconomic performance of a country. Depending upon the degree of risk involved, they charge a premium on their credit. (i) The opposition political parties in a country pick on the ruling government by using the macroeconomic parameters, in addition to political factors. (j) Non-governmental organizations create public awareness on the macroeconomic situations, and opt for advocacy in trying to establish a new social order, guided by the principles of justice. Macroeconomic policy tools consist of monetary and

Thursday, July 25, 2019

ENTERPRICE RESOURCE PLANNING Research Paper Example | Topics and Well Written Essays - 2250 words

ENTERPRICE RESOURCE PLANNING - Research Paper Example The intention of this study is an information requirements determination as core and very major as one of the major interactive activities in system development. Organizations now compete in the global marketplace with the use of technology and communications. No matter what industry type or what the size of the company is, the right choice of tools will help the company in organizing expenses, analyzing sales, responding to customers, manufacturers, suppliers and partners. The risk of a schedule flaw in system management is of great importance. Scheduling is the process of arranging the events of the project in given time ranges. Risk of this occurring can be high only when the developer concentrates on a particular process more than the others. This could result to non-completion, poor product due to hurried process, and ignoring of some crucial procedures in the product’s scope. The probability of this happening is a 2, kind of a low rating, given the involvement of a super visor that will help the developer keep up to the schedule. Resource allocation is one of the trickiest ventures in any given project. The major resources that could be required in the student projects is travelling to and fro the respectable institutions, and maybe paying up for some services such as SMS servers and hosting services. The risk for this is 4, quite a high probability given the financial situation that students stand. The developer might later realize that the specifications given or found are not exactly comprehensive. Refiguring or restructuring the design to match new specifications is quite tricky. The probability for this happening is 5, given the probability of requirement inflation, usually another risk. This is the worst risk that could be expected in any project, as it would combine each of the other risks as aforementioned. This could only thus be possible if the other risks have a high probability of happening. The probability could thus be the average of e ach of the other risks. This would result with the inadequacy of the Software Requirement Specifications document, usually done after the requirements of a given system have been analyzed. The developer might later realize that the design or rather system requires additional requirements for better functionality. This automatically alters the design and thus schedule. The probability fo

Wednesday, July 24, 2019

Managing organisational behaviour Essay Example | Topics and Well Written Essays - 2250 words

Managing organisational behaviour - Essay Example The concept of distribution of ‘power and pay’ was first introduced by Frederick Winslow Taylor in the early twentieth century. According to him, the total planning and control of an organisation should be in the hands of the owner and the worker should simply perform as per the commands of the owner (Robbins and Coulter, 2006:58). He further added that this concept would lead to maximum productivity and maximum profits and therefore it was widely accepted all over the world. It still continues to be used today in big organizations and banks where senior level executives hold explicit power and enjoy exorbitant income in comparison to their employees (Kular et al, 2008). However, before the analysis, understanding the concept of Organizational Behaviour, Taylor’s ‘Scientific Management’ theory and the ‘Needs Theory’ in brief is deemed necessary. Organizational behaviour is a subject that is concerned with studying the actions of people at work. It focuses on the fact that managers need to understand the elements which influence how employees work. Also, a manager’s success depends upon how well he can manage employees’ behaviour and gets things done through them (Robbins and Coulter, 2006: 372). ... He incorporated his concepts in his book, The Principles of Scientific Management (1911) which became a guide book for every manager in every company across the world especially UK and US. Soon ‘Taylorism’ spread to every corner from the workplaces to larger and bigger organizations and became one of the most acceptable patterns of working in the twentieth century (‘Frederick Winslow Taylor Criticism’, 2011). While working in a factory as an engineer, Taylor realized that workers lacked efficiency and wasted a lot of time. He started a series of time management studies and brought forward a system of work which would accomplish organizational goals efficiently without wastage of time. His theory consisted of four main principles – to determine the most efficient way to perform each task; assign work to every worker according to his capability; closely scrutinize each worker’s performance and empower the management for planning and control of th e organization (Walonick, 1993). In other words, he suggested that it is the sole responsibility of the manager to make a complete plan of every single task that every single worker needs to accomplish and also plan the procedures and means to fulfil the task. According to him this system would lead to maximum profitability. Every single business house organized themselves according to the principles of ‘Taylorism’ and the top executives and managers were handed full control of the employees and the workplace, thereby curbing the independence of the employees (Pizzigati, 2004:159). The main objective of Taylor was to achieve maximum satisfaction and profit for the owners as well as to provide

Tuesday, July 23, 2019

Conceptual Definition of Alcoholism Assignment Example | Topics and Well Written Essays - 250 words

Conceptual Definition of Alcoholism - Assignment Example Categorizing indicators like family income, family size, values orientation, peer interactions and alcohol dependency (which are indicators of social, cultural and economic dimensions) may have measurements using "scale" and cab be interpreted as "very high", "high", "average", "low", and "very low". The aim of a good measurement is to avoid error component as much as possible, and this can be achieved by establishing validity and reliability measures. Validity is the measure of accuracy; to measure what really is to be measured. The content, criterion, or construct validity are the types of validity. Validity can be established by the use of standardized or quality assured instruments of data. Finally, reliability measures the extent to which a measure is error free (Dipboye, Smith, & Howell, 1994). Pilot testing of instruments and reliability testing of data collected are some ways to ensure reliability.

Monday, July 22, 2019

The Impact Of Global Climate Change On The U.S Market Essay Example for Free

The Impact Of Global Climate Change On The U.S Market Essay â€Å"In the history of science, no subject has been as meticulously reviewed and debated as global warming† (Weart, Spencer cited in Doughton, Sandi 2005). Yes, it is true that climate change, commonly referred to in literatures as Global Warming has grown from an environmental issue, to moral and ethical one. Today, with the debate over the issue is continuously being placed on headlines in broadcast and print media, climate change heats up to a serious political issue and then as an inevitable economic issue. Due to economic considerations, the United States, with President Bush refused to sign in the Kyoto Treaty which compels signatory countries to reduce carbon dioxide emission. For Bush, to sign in the treaty would mean compromising the United States economy due to the fact that the compliance requirements will be too expensive and that it would â€Å"hobble the economy† (Lynch, David 2006). Europe and Japan have already adopted the Kyoto Treaty in 1997. Despite Bush’ stand on the issue of global warming, economists and business analysts have positively pointed to the benefits of climate change to the world’s economy and indeed agreed that climate change has indeed provided a sound business opportunity for specific industries. Lynch, in the March 31, 2006 online issue of the USA Today, has cited several companies that recognized the business opportunity offered by the issue on global warming. Planktos is a small Silicon Valley company developed a business idea of selling its carbon-eating phytoplankton to countries in Europe which have plans of cutting down the carbon-dioxide emission. In 2005, the company had initially made a sale of $1.3 million to Solar Energy Ltd., based in Vancouver despite the fact that the product was still at the testing stage (Taylor, Chris, 2006). Another well-established company, the General Electric Company, has also recognized the huge business opportunity for signing up in the Kyoto Treaty. GE adopted a project called â€Å"Ecomagination Initiative† which focused on developing and producing environment-friendly technologies that it sees will make a sound market share for them. As early as 1988, DuPont started to stop making use of chlorofluorocarbons in their products and had reduced its carbon dioxide emission by 72% by the year 2003. What started as an effort to address our carbon footprint has turned out to be financially a very good thing (Fisher, Linda cited in Lynch, David 2006). One more thing that has improved in today’s view of climate change is that more and more private companies have recognized the truth of global warming and that there really is the need to take action at the most immediate time possible. Lynch reported that there are already forty companies who are joining business council organized by the Pew Center on Global Climate Change, among them are IBM, Whirlpool, John Hancock and Boeing. These companies did not seem to make a significant appeal to the United States economy which currently has not so far started taking economic steps to encourage the business community to curtail or at least curb their carbon dioxide emissions. The United States government might have good reasons to do so. Setting aside examples taken by European companies, government and private U.S. sector made estimates that Kyoto Treaty would cost its economy about $125 billion to $400 billion out of its $13 trillion annual cost (The USA Today, March 31, 2007). On the issue of economic impact of climate change, the United States got an ally in the person of Sir Nicholas Stern, a former World Bank Economist. Stern estimates that at the worst case scenario, â€Å"Global warming could cut the worlds annual economic output by as much as 20%† or at least 1% of the annual economic output (BBC News, October 27, 2006).   Mercer Investment Consulting survey resulted to a 44% institutional investors agreeing that climate change is very important or somewhat important in economic terms, while 14% said it would take five years more before the issue becomes significant (The USA Today, March 31, 2007). Looking back at the issue, climate change has divided even the scientific community, the climatologists in particular, into believers and skeptics. Do the Kyoto signatories belong to the believers’ side and the United States on the skeptics’ side? What is the truth behind the issue of global warming? What is in it that made it so controversial even in the field of science? According to recent results of Time, ABC and Standard polls, the Americans 85% believe that global warming is true and is happening right now (Taylor, Chris 2006). However, in the science world, results of surveys relative to the issue generally implies that the scientific community recognizes that there the world’s climate is changing and is warming. Skepticism is however a normal part of the scientific community. â€Å"Skepticism plays an essential role in scientific research, and, far from trying to silence skeptics, science invites their contributions. So too, the global warming debate benefits from traditional scientific skepticism† (Hansen, James 1999). So when skeptics are persistent on denying the threat of global warming while others agreed, the scientific community expects it. . â€Å"Such challenges eventually strengthen our understanding of the subject, but it is a never-ending process, as answers raise more questions to be pursued in order to further refine our knowledge†, said Hansen. One well-known researcher at the University of California, Naomi Oreskes found that there is bias on the part of the skeptics especially on the issue of global warming. â€Å"Few skeptics publish in peer-reviewed journals, which check for accuracy and omissions† (Oreskes, Naomi cited in Doughton, Sandi 2005). Doughton also stressed that most skeptics get government funding for their researches which also affect the objectivity of their research results. Regardless of the presence of the skeptics, there are evidences that climate change is real and that the scientific community recognizes its occurrence and serious threat. Oreskes of the University of California found that out that 1,000 studies published between 1993 and 2003, randomly selected by Oreskes, all point to the same conclusion that people are warming the planet (Doughton, Sandi 2005). The skeptics offer alternative causes of climate change, such as natural forces that mitigate the effects of greenhouse gases, although Doughton stressed that they were not so far able to explain these well. The Intergovernmental Panel of Climate Change (IPCC), a body of reputation established by the United Nations in 1988, finally have released its official stand on the issue in 2001:   There is new and stronger evidence that most of the warming observed over the last 50 years is attributable to human activities (The Seattle Times, October 11, 2005).   The IPCC reviews scientific reports every five years by 2,000 scientists, by the governments of every member country and the United States is not exempted. In 2006, the United States National Center for Policy Analysis released its official statement relative to its position in the 1992 UN Global Warming Treaty held at Rio de Janeiro, which calls for the voluntary greenhouse gas emission reduction of member countries. NCPA made a cost analysis of the economic impact of the said treaty to the US economy and were summarized as follows (National Center for Policy Analysis, No. 213, September 6, 1996): Commitment to greenhouse gas emission reduction would consequently reduce US’ Gross Domestic Product y $200 billion annually. It is important to stress that the computation was based only on 10% greenhouse gas emission reduction rate based on 1990 records. The treaty would force the government to increase prices of gas by 60 cents per gallon in order to cover for the 10% reduction quota. The same also requires the government to double the price of heating oil (Burnett, Sterling 1996). The 1992 Rio commitment would cause half million Americans to lose their jobs in the next 14 years, according to the study conducted by DRI/McGraw Hill. In a separate study conducted by Constad Research Inc., 1992 Rio commitment would cause the United States to close 1.6 million job opportunities in nine years of its implementation. The above statements were made and released during the administration of Bill Clinton, who favors the Rio commitment. These could have been the same basis used by Bush who, unlike Clinton, opposed the updated version Kyoto Treaty. Even as UN member country, Bush has not yet signed into the treaty to cooperate with Japan and Europe on the effort of halting the effects of climate change. Let us consider that the technological changes in the United States economy would be expensive when it finally decided to make commitment to the Kyoto Treaty. Let us also assume that the cost analysis of the skeptics is accurate. But still, this writer believes that the cost of inaction would overturn the cost expensive cost of taking action for the US economy. This is based on the study prudently conducted by the University of Maryland, of which the results were summarized in Five Lessons as follows: Lesson 1: Economic Impacts Will Occur throughout the Country- All sectors of the economy will be negatively affected by climate change especially the agriculture, energy and transportation sectors.   The University of Maryland cited examples of forest fires which is blamed to global warming, cost California (Oakland, 1991) and the counties of San Diego and San Bernardino in 2003 over $2 billion damages. In 1997, floods in North Dakota and the Midwest in 1993 cost $1 billion and $6-8 billion in agricultural losses respectively (University of Maryland, p.3). Lesson 2: Economic Impacts Will Be Unevenly Distributed across Regions and Economic and Social Sectors – the study calculated that the maple sugar industry in the Northeast will suffer 15%-40% of revenue losses due to reduced sap flow. The dairy industry in California will suffer about $287-$982 million losses due to changes in temperature. Changes in temperature are also seen as one significant cause of the spread of pests and disease (University of Maryland, p.4). The adverse effects of the spread of spruce bark beetle which struck Alaska costs $332 million annual loss in its timber industry. Lesson 3: Negative Climate Impacts Will Outweigh Benefits for Most Economic Sectors – New York’s agricultural industry for example would be severely affected by the severe shortage of water supply especially in dry seasons wherein the Central Valley of the said state depends on their economic resources. Climate change would then expect to result in $6 billion losses. On the other hand, Texas will suffer losses up to $6.5 billion in 2030 and $10.13 billion in 2090 (University of Maryland, p.5). Lesson 4: Climate Change Will Place Immense Strain on Public Sector Budgets- due to the damages of frequent flooding and storms, the government would naturally be forced to allocate more funds for the rehabilitation of the damaged properties. Aside from this, the budget allocated for disasters or that part of the budget called calamity fund will necessarily increase as there will be more people to be rescued and relocated to safer areas. According to the calculation of the study, rise in sea levels by 20 inches in the year 2100 would require the federal government to allocate $23-$170 billion for damages in coastal properties. Increased global warming is also estimated by researchers to cost Washington State about 50% increase in fire-suppression in 2020 and over 100% increase by 2040 (p.6). Lesson 5: Secondary Effects Can Include Higher Prices, Reduced Income, Job Loss – damages in the agricultural sector would normally increase the prices of its products and therefore would be too heavy for consumers to carry. Reduced income in climate affected sectors, for example in the timber industry, in the aquaculture sector, in the amusement centers (beach resorts) would force investors and business owners to cut down on their expenses and so their employees too. More people will the lose their jobs as more and more economic sectors will be affected by the damages brought about by calamities attributable to global warming. Let us weigh things objectively. We have seen that both taking action and of non taking action would cost the United States economy significant amount of dollars. But we have seen the evidences that the cost of not taking action surpasses the costs should the US economy take action now. Technological changes to cope up with the Kyoto commitment quota are one-time investment efforts that will save millions, maybe billions of lives and trillions of properties and future revenues. The truth of the occurrence of global warming has already been well-established as well as the evidences of its adverse effects to different sectors of our society. If the US government is concerned about its economy for hesitating to sign in the Kyoto Treaty, they should seriously consider the economic opportunities taken by European companies as well as the Japanese nation over the issue.    WORKS CITED    Burnett, Sterling H (1996). US National Center for Policy Analysis. â€Å"Global Warming Treaty Costs for the U. S. Brief Analysis No. 213†. September 6, 1996. Retrieved on November 24, 2007 from http://www.ncpa.org/ba/ba213.html Doughton, Sandi (2005). â€Å"The Truth about Global Warming†. The Seattle Times, October 11, 2005. Retrieved on November 24, 2007 from http://seattletimes.nwsource.com/html/nationworld/2002549346_globewarm11.html â€Å"Global Warming Threat to Growth†. BBC News, October 27, 2006. Retrieved on November 24, 2007 from http://news.bbc.co.uk/1/hi/business/6093396.stm Hansen, James (1999). â€Å"The Global Warming Debate†. Retrieved on November 24, 2007 from http://www.giss.nasa.gov/edu/gwdebate/ Lynch, David (2006). â€Å"Corporate America warms to fight against global warming† .The USA Today, May 31, 2006. Retrieved on November 24, 2007 from http://www.usatoday.com/weather/climate/2006-05-31-business-globalwarming_x.htm Taylor, Chris (2006). â€Å"Why global warming is good for business†. CNN News Online, April 17, 2006. Retrieved on November 24, 2007 from http://money.cnn.com/2006/04/13/technology/business2_futureboy0413/index.htm University of Maryland (2007). â€Å"The US Economic Impacts of Climate Change and the Costs of Inaction†. A Review and Assessment by the Center for Integrative Environmental Research (CIER). October 2007. pp.1-7