DRM11 : 1.1. MANAGEMENT PROCESS & BEHAVIOUR 1.Elucidate the different theories of motivation with examples.

Motivation is defined as a process of arousing and sustaining goal-directed behavior induced by the expectation of satisfying individual needs. At a simple level, it seems obvious that people do things, such as go to work, in order to get stuff they want and to avoid stuff they don't want. Why exactly they want what they do and don't want what they don't is still something a mystery. It's a black box and it hasn't been fully penetrated. Overall, the basic perspective on motivation looks something like this:

In other words, you have certain needs or wants (these terms will be used interchangeably), and this causes you to do certain things (behavior), which satisfy those needs (satisfaction), and this can then change which needs/wants are primary (either intensifying certain ones, or allowing you to move on to other ones). A variation on this model, particularly appropriate from an experimenter's or manager's point of view, would be to add a box labeled "reward" between "behavior" and "satisfaction". So that subjects (or employees), who have certain needs do certain things (behavior), which then get them rewards set up by the experimenter or manager (such as raises or bonuses), which satisfy the needs, and so on. Classifying Needs People seem to have different wants. This is fortunate, because in markets this creates the very desirable situation where, because you value stuff that I have but you don't, and I value stuff that you have that I don't, we can trade in such a way that we are both happier as a result. But it also means we need to try to get a handle on the whole variety of needs and who has them in order to begin to understand how to design organizations that maximize productivity.Part of what a theory of motivation tries to do is explain and predict who has which wants. This turns out to be exceedingly difficult. Many theories posit a hierarchy of needs, in which the needs at the bottom are the most urgent and need to be satisfied before attention can be paid to the others. Maslow's need hierarchy Theory Maslow's hierarchy of need categories is the most famous example:

self-actualization esteem belongingness safety physiological Specific examples of these types are given below, in both the work and home context. (Some of the instances, like "education" are actually satisfiers of the need.) Need selfactualization esteem belongingness safety physiological Home education, religion, hobbies, personal growth approval of family, friends, community family, friends, clubs freedom from war, poison, violence food water sex Job training, advancement, growth, creativity recognition, high status, responsibilities teams, depts, coworkers, clients, supervisors, subordinates work safety, job security, health insurance Heat, air, base salary

According to Maslow, lower needs take priority. They must be fulfilled before the others are activated. There is some basic common sense here -- it's pointless to worry about whether a given color looks good on you when you are dying of starvation, or being threatened with your life. There are some basic things that take precedence over all else. Or at least logically should, if people were rational. But is that a safe assumption? According to the theory, if you are hungry and have inadequate shelter, you won't go to church. Can't do the higher things until you have the lower things. But the poor tend to be more religious than the rich. Both within a given culture, and across nations. So the theory makes the wrong prediction here. Or take education: how often do you hear "I can't go to class today, I haven't had sex in three days!"? Do all physiological needs including sex have to be satisfied before "higher" needs? (Besides, wouldn't the authors of the Kama Sutra argue that sex was a kind of selfexpression more like art than a physiological need? that would put it in the selfactualization box). Again, the theory doesn't seem to predict correctly. Cultural critique: Does Maslow's classification really reflect the order in which needs are satisfied, or is it more about classifying needs from a kind of "tastefulness" perspective, with lofty goals like personal growth and creativity at the top, and "base" instincts like hunger at the bottom? And is self-actualization actually a fundamental need? Or just something that can be done if you have the leisure time? Alderfer's ERG theory

Alderfer classifies needs into three categories, also ordered hierarchically: growth needs (development of competence and realization of potential) relatedness needs (satisfactory relations with others) existence needs (physical well-being) This is very similar to Maslow -- can be seen as just collapsing into three tiers. But maybe a bit more rational. For example, in Alderfer's model, sex does not need to be in the bottom category as it is in Maslow's model, since it is not crucial to (the individual's) existence. (Remember, this about individual motivation, not species' survival.) So by moving sex, this theory does not predict that people have to have sex before they can think about going to school, like Maslow's theory does. Alderfer believed that as you start satisfying higher needs, they become more intense, like an addiction. Do any of these theories have anything useful to say for managing businesses? Well, if true, they suggest that Not everyone is motivated by the same things. It depends where you are in the hierarchy The needs hierarchy probably mirrors the organizational hierarchy to a certain extent: top managers are more likely to motivated by self-actualization/growth needs than existence needs. Acquired Needs Theory (mcclellan) Some needs are acquired as a result of life experiences need for achievement, accomplish something difficult. as kids encouraged to do things for themselves. need for affiliation, form close personal relationships. as kids rewarded for making friends. need for power, control others. as kids, able to get what they want through controlling others. Again similar to maslow and alderfer. These needs can be measured using the TAT (thematic apperception test), which is a projection-style test based on interpreting stories that people tell about a set of pictures. Cognitive Evaluation Theory This theory suggests that there are actually two motivation systems: intrinsic and extrinsic that correspond to two kinds of motivators: intrinsic motivators: Achievement, responsibility and competence. motivators that come from the actual performance of the task or job -- the intrinsic interest of the work. extrinsic: pay, promotion, feedback, working conditions -- things that come from a person's environment, controlled by others. One or the other of these may be a more powerful motivator for a given individual. Intrinsically motivated individuals perform for their own achievement and satisfaction. If they come to believe that they are doing some job because of the pay or the working conditions or some other extrinsic reason, they begin to lose motivation. The belief is that the presence of powerful extrinsic motivators can actually reduce a person's intrinsic motivation, particularly if the extrinsic motivators are perceived by the

person to be controlled by people. In other words, a boss who is always dangling this reward or that stick will turn off the intrinsically motivated people. Note that the intrinsic motivators tend to be higher on the Maslow hierarchy. Two Factor theory (Herzberg) According to Herzberg, two kinds of factors affect motivation, and they do it in different ways: Hygiene factors. These are factors whose absence motivates, but whose presence has no perceived effect. They are things that when you take them away, people become dissatisfied and act to get them back. A very good example is heroin to a heroin addict. Long term addicts do not shoot up to get high; they shoot up to stop being sick -- to get normal. Other examples include decent working conditions, security, pay, benefits (like health insurance), company policies, interpersonal relationships. In general, these are extrinsic items low in the Maslow/Alderfer hierarchy. Motivators. These are factors whose presence motivates. Their absence does not cause any particular dissatisfaction, it just fails to motivate. Examples are all the things at the top of the Maslow hierarchy, and the intrinsic motivators. So hygiene factors determine dissatisfaction, and motivators determine satisfaction. The two scales are independent, and you can be high on both. If you think back to the class discussion on power, we talked about a baseline point on the well-being scale. Power involved a threat to reduce your well-being, causing dissatisfaction. Hence, power basically works by threatening to withhold hygiene factors. Influence was said to fundamentally be about promising improvements in well-being -- when you are influenced to do something, it is because you want to, not because you were threatened. Influence basically works by offering to provide motivators (in Herzberg's terms). Equity Theory Suppose employee A gets a 20% raise and employee B gets a 10% raise. Will both be motivated as a result? Will A be twice as motivated? Will be B be negatively motivated? Equity theory says that it is not the actual reward that motivates, but the perception, and the perception is based not on the reward in isolation, but in comparison with the efforts that went into getting it, and the rewards and efforts of others. If everyone got a 5% raise, B is likely to feel quite pleased with her raise, even if she worked harder than everyone else. But if A got an even higher raise, B perceives that she worked just as hard as A, she will be unhappy. In other words, people's motivation results from a ratio of ratios: a person compares the ratio of reward to effort with the comparable ratio of reward to effort that they think others are getting. Of course, in terms of actually predicting how a person will react to a given motivator, this will get pretty complicated: People do not have complete information about how others are rewarded. So they are going on perceptions, rumors, inferences. Some people are more sensitive to equity issues than others Some people are willing to ignore short-term inequities as long as they expect things to work out in the long-term.

Reinforcement Theory Operant Conditioning is the term used by B.F. Skinner to describe the effects of the consequences of a particular behavior on the future occurrence of that behavior. There are four types of Operant Conditioning: Positive Reinforcement, Negative Reinforcement, Punishment, and Extinction. Both Positive and Negative Reinforcement strengthen behavior while both Punishment and Extinction weaken behavior. Positive reinforcement. Strengthening a behavior. This is the process of getting goodies as a consequence of a behavior. You make a sale, you get a commission. You do a good job, you get a bonus & a promotion. Negative reinforcement. Strengthening a behavior. This is the process of having a stressor taken away as a consequence of a behavior. Long-term sanctions are removed from countries when their human rights records improve. (you see how successful that is!). Low status as geek at Salomon Brothers is removed when you make first big sale. Extinction. Weakening a behavior. This is the process of getting no goodies when do a behavior. So if person does extra effort, but gets no thanks for it, they stop doing it. Punishment. Weakening a behavior. This is the process of getting a punishment as a consequence of a behavior. Example: having your pay docked for lateness. Apply positive reinforcement Reward (raise above baseline) punishment Stressor (bring down below baseline) Withhold negative reinforcement (raise up to baseline) extinction (stay at baseline)

Reinforcement schedules. The traditional reinforcement schedule is called a continuous reinforcement schedule. Each time the correct behavior is performed it gets reinforced. Then there is what we call an intermittent reinforcement schedule. There are fixed and variable categories. The Fixed Interval Schedule is where reinforcement is only given after a certain amount of time has elapsed. So, if you decided on a 5 second interval then each reinforcement would occur at the fixed time of every 5 seconds. The Fixed Ratio Schedule is where the reinforcement is given only after a predetermined number of responses. This is often seen in behavior chains where a number of behaviors have to occur for reinforcement to occur. The Variable Interval Schedule is where the reinforcement is given after varying amounts of time between each reinforcement. The Variable Ratio Schedule is where the reinforcement is given after a varying number of correct responses. Fluctuating combinations of primary and secondary reinforcers fall under other terms in the variable ratio schedule; For example, Reinforcers delivered Intermittently in a Randomized Order (RIR) or Variable Ratio with Reinforcement Variety (VRRV).

Fixed give reward after first proper response following a Interval specified time period (yearly raise) [short term] punishment (subtract from baseline) (commissions or piecework pay) [medium term]

Variable

give reward after a certain amt of time w/ the amt changing before the next reward (unexpected bonus based on merit) [medium term]

Ratio

give reward after a number of responses, w/ that no. changing before the next reward (team-based bonus) [long term]

Expectancy Theory (Vroom) This theory is meant to bring together many of the elements of previous theories. It combines the perceptual aspects of equity theory with the behavioral aspects of the other theories. Basically, it comes down to this "equation": M = E*I*V or motivation = expectancy * instrumentality * valence M (motivation) is the amount a person will be motivated by the situation they find themselves in. It is a function of the following. E (expectancy) = The person's perception that effort will result in performance. In other words, the person's assessment of the degree to which effort actually correlates with performance. I (instrumentality) = The person's perception that performance will be rewarded/punished. I.e., the person's assessment of how well the amount of reward correlates with the quality of performance. (Note here that the model is phrased in terms of extrinsic motivation, in that it asks 'what are the chances I'm going to get rewarded if I do good job?'. But for intrinsic situations, we can think of this as asking 'how good will I feel if I can pull this off?'). V(valence) = The perceived strength of the reward or punishment that will result from the performance. If the reward is small, the motivation will be small, even if expectancy and instrumentality are both perfect (high).

DRM11 : 1.1. MANAGEMENT PROCESS & BEHAVIOUR 2. Analyse the concept of corporate Social Responsibility with the help of

current day examples. Corporate social responsibility (CSR) promotes a vision of business accountability to a wide range of stakeholders, besides shareholders and investors. Key areas of concern are environmental protection and the wellbeing of employees, the community and civil society in general, both now and in the future. The concept of CSR is underpinned by the idea that corporations can no longer act as isolated economic entities operating in detachment from broader society. Traditional views about competitiveness, survival and profitability are being swept away. Some of the drivers pushing business towards CSR include: 1. The shrinking role of government In the past, governments have relied on legislation and regulation to deliver social and environmental objectives in the business sector. Shrinking government resources, coupled with a distrust of regulations, has led to the exploration of voluntary and non-regulatory initiatives instead. 2. Demands for greater disclosure There is a growing demand for corporate disclosure from stakeholders, including customers, suppliers, employees, communities, investors, and activist organizations. 3. Increased customer interest There is evidence that the ethical conduct of companies exerts a growing influence on the purchasing decisions of customers. In a recent survey by Environics International, more than one in five consumers reported having either rewarded or punished companies based on their perceived social performance. 4. Growing investor pressure Investors are changing the way they assess companies' performance, and are making decisions based on criteria that include ethical concerns. The Social Investment Forum reports that in the US in 1999, there was more than $2 trillion worth of assets invested in portfolios that used screens linked to the environment and social responsibility. A separate survey by Environics International revealed that more than a quarter of share-owning Americans took into account ethical considerations when buying and selling stocks. (More on socially responsible investment can be found in the 'Banking and investment' section of the site.) 5. Competitive labour markets

Employees are increasingly looking beyond paychecks and benefits, and seeking out employers whose philosophies and operating practices match their own principles. In order to hire and retain skilled employees, companies are being forced to improve working conditions. 6. Supplier relations As stakeholders are becoming increasingly interested in business affairs, many companies are taking steps to ensure that their partners conduct themselves in a socially responsible manner. Some are introducing codes of conduct for their suppliers, to ensure that other companies' policies or practices do not tarnish their reputation. Some of the positive outcomes that can arise when businesses adopt a policy of social responsibility include: 1. Company benefits:

Improved financial performance; Lower operating costs; Enhanced brand image and reputation; Increased sales and customer loyalty; Greater productivity and quality; More ability to attract and retain employees; Reduced regulatory oversight; Access to capital; Workforce diversity; Product safety and decreased liability.

2. Benefits to the community and the general public:

Charitable contributions; Employee volunteer programmes; Corporate involvement in community education, employment and homelessness programmes; Product safety and quality.

3. Environmental benefits:

Greater material recyclability; Better product durability and functionality; Greater use of renewable resources; Integration of environmental management tools into business plans, including lifecycle assessment and costing, environmental management standards, and ecolabelling.

Nevertheless, many companies continue to overlook CSR in the supply chain - for example by importing and retailing timber that has been illegally harvested. While governments can impose embargos and penalties on offending companies, the organizations themselves can make a commitment to sustainability by being more discerning in their choice of suppliers. The concept of corporate social responsibility is now firmly rooted on the global business agenda. But in order to move from theory to concrete action, many obstacles need to be overcome. A key challenge facing business is the need for more reliable indicators of progress in the field of CSR, along with the dissemination of CSR strategies. Transparency and dialogue can help to make a business appear more trustworthy, and push up the standards of other organizations at the same time. The Global Reporting Initiative is an international, multi-stakeholder effort to create a common framework for voluntary reporting of the economic, environmental, and social impact of organization-level activity. Its mission is to improve the comparability and credibility of sustainability reporting worldwide. There is increasing recognition of the importance of public-private partnerships in CSR. Private enterprise is beginning to reach out to other members of civil society such as nongovernmental organizations, the United Nations, and national and regional governments. An example of such a partnership is the 'Global Compact'. Launched in 1999 by the United Nations, the Global Compact is a coalition of large businesses, trade unions and environmental and human rights groups, brought together to share a dialogue on corporate social responsibility. The 'Working with NGOs' section offers some insights into the way businesses and lobby groups are working together to mutual benefit. Management training plays an important role in implementation of CSR strategies, and there is a growing number of conferences and courses available on the subject. Organizations that provide such training include Global Responsibility, Business for Social Responsibility and the Corporate Social Responsibility Forum.

DRM12 : 1.2. MANAGERIAL ECONOMICS 1. What is Elasticity of demand? Explain price, cross and Income elasticity of demand used in managerial decision making process. Definition : Elasticity of demand is The degree to which demand for a good or service varies with its price. Normally, sales increase with drop in prices and decrease with rise in prices. As a general rule, appliances, cars, confectionary and other nonessentials show elasticity of demand whereas most necessities (food, medicine, basic clothing) show inelasticity of demand (do not sell significantly more or less with changes in price),Also called price demand elasticity. Uses of Price Elasticity of Demand in Managerial Decision-making The concept of price elasticity of demand has important practical applications in managerial decision-making. A business man has often to consider whether a lowering of price will lead to an increase in the demand for his product, and if so, to what extent and whether his profits would increase as a result thereof. Here the concept of elasticity of demand becomes crucial. Knowledge of the nature of the elasticity of demand for his products will help a business to decide whether he should cut his price in a particular case. Such knowledge would also help a businessman to determine whether and to what extent the increase in costs could be passed on to the consumer. In general for items those whose demand is elastic it will pay him to charge relatively low prices, while on those whose demand is elastic, it would be

better off with a higher price. A monopolist would not be able to increase his price if the demand for his product is elastic. In practice, an accurate estimate of the probable response of volume of sales to price changes is extremely difficult. Moreover, the cost of the statistical analysis required may in some cases, exceed the benefit especially when uncertainty is great or when the volume is too small to provide a reason also return on the amount spend on research. The subjective judgment of certain managers, beyond on years of experience, sometimes exceeds in accuracy the best of the present statistical techniques. Uses of price elasticity can be point out as below: Price distribution: A monopolist adopts a price discrimination policy only when the elasticity of demand of different consumers or sub-markets is different. Consumers whose demand is inelastic can be charged a higher price than those with more elastic demand. Public utility pricing: In case of public utilities which are run as monopoly undertakings e.g. elasticity of water supply railways postal services, price discrimination is generally practiced, charging higher prices from consumers or users with inelastic demand and lower prices in case of elastic demand. Joint supply: Certain goods, being products of the same process are jointly supplied, e.g. wool and mutton. Here if the demand for wool is inelastic compared to the demand for mutton, a higher price for wool can be charged with advantage. Super Markets: Super-markets are a combined set of shops run by a single organization selling a wide range of goods. They are supposed to sell commodities at lower prices than charged by shopkeepers in the bazaar. Hence, price policy adopted is to charge slightly lower price for goods with elastic demand. Use of machine: Workers often oppose use of machines out of fear of unemployment. Machines need not always reduce demand for labor as this depends on price elasticity of demand for the commodity produced. When machines reduce costs and hence price of products, if the products demand is elastic, the demand will go up, production will have to be increased and more workers may be employed for the product is inelastic, machines will lead to unemployment as lower prices will not increase the demand. Factor pricing: The factors having price inelastic demand can obtain a higher price than those with elastic demand. Workers producing products having inelastic demand can easily get their wages raised. International trade: (a) A country benefits from exports of products as have price inelastic demand for a rise in price and elastic demand for a fall in price. (b) The demand for imports should be inelastic for a fall in price and elastic for a rise in price. (c) While deciding whether to devalue a countrys currency or not, price elasticity of demand for a countrys exports would be an important factor to be taken into consideration. If the demand is price elastic, it would lead to an increase in the countrys exports and devaluation would fail to achieve its objective.

Shifting of tax burden: It is possible for a business to shift a commodity tax in case of inelastic demand to his customers. But if the demand is elastic, he will have to bear the tax burden himself, otherwise demand for his goods will go down sharply. Taxation policy: Government can easily raise tax revenue by taxing commodities which are price inelastic.

DRM12 : 1.2. MANAGERIAL ECONOMICS 2. Discuss the concept of National Income. Concepts of National Income There are various concepts of National Income. The main concepts of NI are: GDP, GNP, NNP, NI, PI, DI, and PCI. These different concepts explain about the phenomenon of economic activities of the various sectors of the various sectors of the economy. a) Gross Domestic Product (GDP) The most important concept of national income is Gross Domestic Product. Gross domestic product is the money value of all final goods and services produced within the domestic territory of a country during a year. Algebraic expression under product method is, GDP=(P*Q) where, GDP=Gross Domestic Product P=Price of goods and service Q=Quantity of goods and service denotes the summation of all values. According to expenditure approach, GDP is the sum of consumption, investment, government expenditure, net foreign exports of a country during a year. Algebraic expression under expenditure approach is, GDP=C+I+G+(X-M) Where, C=Consumption I=Investment G=Government expenditure (X-M)=Export minus import

GDP includes the following types of final goods and services. They are: 1. Consumer goods and services. 2. Gross private domestic investment in capital goods. 3. Government expenditure. 4. Exports and imports. b) Gross National Product (GNP) Gross National Product is the total market value of all final goods and services produced annually in a country plus net factor income from abroad. Thus, GNP is the total measure of the flow of goods and services at market value resulting from current production during a year in a country including net factor income from abroad. The GNP can be expressed as the following equation: GNP=GDP+NFIA (Net Factor Income from Abroad) or, GNP=C+I+G+(X-M)+NFIA Hence, GNP includes the following: 1. Consumer goods and services. 2. Gross private domestic investment in capital goods. 3. Government expenditure. 4. Net exports (exports-imports). 5. Net factor income from abroad. c) Net National Product (NNP) Net National Product is the market value of all final goods and services after allowing for depreciation. It is also called National Income at market price. When charges for depreciation are deducted from the gross national product, we get it. Thus, NNP=GNP-Depreciation or, NNP=C+I+G+(X-M)+NFIA-Depreciation d) National Income (NI) National Income is also known as National Income at factor cost. National income at factor

cost means the sum of all incomes earned by resources suppliers for their contribution of land, labor, capital and organizational ability which go into the years net production. Hence, the sum of the income received by factors of production in the form of rent, wages, interest and profit is called National Income. Symbolically, NI=NNP+Subsidies-Interest Taxes or,GNP-Depreciation+Subsidies-Indirect Taxes or,NI=C+G+I+(X-M)+NFIA-Depreciation-Indirect Taxes+Subsidies e) Personal Income (PI) Personal Income i s the total money income received by individuals and households of a country from all possible sources before direct taxes. Therefore, personal income can be expressed as follows: PI=NI-Corporate Income Taxes-Undistributed Corporate Profits-Social Security Contribution+Transfer Payments f) Disposable Income (DI) The income left after the payment of direct taxes from personal income is called Disposable Income. Disposable income means actual income which can be spent on consumption by individuals and families. Thus, it can be expressed as: DI=PI-Direct Taxes From consumption approach, DI=Consumption Expenditure+Savings g) Per Capita Income (PCI) Per Capita Income of a country is derived by dividing the national income of the country by the total population of a country. Thus, PCI=Total National Income/Total National Population

DRM13 : 1.3. ACCOUNTING FOR MANAGERS 1. Marginal costing is essentially a technique of cost analysis and cost presentation. Discuss the statement with reference to the applications, merits and limitations of marginal costing. Defenition: The increase or decrease in the total cost of a production run for making one additional unit of an item. It is computed in situations where the breakeven point has been reached: the fixed costs have already been absorbed by the already produced items and only the direct (variable) costs have to be accounted for. Marginal costs are variable costs consisting of labor and material costs, plus an estimated portion of fixed costs (such as administration overheads and selling expenses). In companies where average costs are fairly constant, marginal cost is usually equal to average cost. However, in industries that require heavy capital investment (automobile plants, airlines, mines) and have high average costs, it is comparatively very low. The concept of marginal cost is critically important in resource allocation because, for optimum results, management must concentrate its resources where the excess of marginal revenue over the marginal cost is maximum. Also called choice cost, differential cost, or incremental cost Features of Marginal Costing System: It is a method of recording costs and reporting profits; All operating costs are differentiated into fixed and variable costs; Variable cost charged to product and treated as a product cost whilst Fixed cost treated as period cost and written off to the profit and loss account

Advantages of Marginal Costing: It is simple to understand re: variable versus fixed cost concept; A useful short term survival costing technique particularly in very competitive environment or recessions where orders are accepted as long as it covers the marginal cost of the business and the excess over the marginal cost contributes toward fixed costs so that losses are kept to a minimum; Its shows the relationship between cost, price and volume; Under or over absorption do not arise in marginal costing; Stock valuations are not distorted with present years fixed costs; Its provide better information hence is a useful managerial decision making tool; It concentrates on the controllable aspects of business by separating fixed and variable costs The effect of production and sales policies is more clearly seen and understood. Variable cost remains constant per unit of output and fixed costs remain constant in total during short period. Thus control over costs becomes more effective and

easier. Standards can be set for variable costs, while Budgets can be established for fixed cost in order to exercise full control over the total activities. Marginal costing brings out contribution or profit margin per unit of output, and clearly brings out the effect of change in activity. It facilitates making policy decisions in a number of management problems, such as determining profitability of products, introducing a new product, discontinuing a product, fixing selling price, deciding whether to make or buy, utilising spare capacity, profit-planning, etc. The distinction between product cost and period cost helps easy understanding of marginal cost statements. Closing inventory of work-in-progress and finished goods are valued at marginal or variable cost only. This method leads to greater accuracy in arriving at profit as it eliminates any carry over of fixed costs of the previous period through inventory valuation. As a corollary to above, since fixed costs do not enter into product-cost, it eliminates the process of allocating, apportioning and absorbing overheads, and adjusting underand over-absorbed overheads. Therefore, the method is simpler to operate. Disadvantages Of Marginal Costing Marginal cost has its limitation since it makes use of historical data while decisions by management relates to future events; It ignores fixed costs to products as if they are not important to production; Stock valuation under this type of costing is not accepted by the Inland Revenue as it ignore the fixed cost element; It fails to recognize that in the long run, fixed costs may become variable; Its oversimplified costs into fixed and variable as if it is so simply to demarcate them; It s not a good costing technique in the long run for pricing decision as it ignores fixed cost. In the long run, management must consider the total costs not only the variable portion;

Difficulty to classify properly variable and fixed cost perfectly, hence stock valuation can be distorted if fixed cost is classify as variable.

The technique is based on the segregation of costs into fixed and variable ones, while many expenses are neither totally fixed nor totally variable at various levels of

activity.Thus, classifying all expenses into two categories of either fixed or variable is a difficult task.

The assumptions regarding behaviour of costs, such as, fixed cost remains static, are often not realistic.

Contribution is not the only index to take decisions. For example, where fixed cost is very high, selling price should not be fixed on the basis of contribution alone without considering other key factors such as capital employed.

Marginal cost, if confused with total cost while fixing selling price may lead to a disaster. Inventory valuation at marginal cost will understate profits and may not be acceptable by tax-authorities. Any claim based on cost will be very low, as it will not have a share of fixed cost.

DRM13 : 1.3. ACCOUNTING FOR MANAGERS 2. What do you mean by functional budget? Discuss any two functional budgets in detail. The cost and income plan created for a particular process or department operating within a business. For example, a functional budget for the manufacture of a product line might include estimated costs of production, marketing, sales, labor, equipment and materials, as well as projected sales income. A functional budget is the budget that is achievable and is related to a specific unit or process or function or department of the organisation. It is a group of related activities aimed at accomplishing a major service or program for which a unit of government is responsible. A functional budget is prepare for a process of function. By functional budgets, we mean budgets that relate to an area of an organisation that produces, or does, something. This is

not necessarily to say that we are talking about manufacturing alone. We can have functional budgets in manufacturing, in commerce, in government. We can have functional budgeting in non profit making organisations too. The key principles of functional budget preparation are Understand the function, process or system you are budgeting Find all of the data you need Separate the values from the volumes Check for interrelationships, understand and use them Check your arithmetic once you have prepared each budget DRM14 : 1.4. BUSINESS ENVIRONMENT 1. Explain the role of fiscal policy in overcoming recession and in achieving economic stability at full-employment level. DRM14 : 1.4. BUSINESS ENVIRONMENT 2. Elaborate the types of International business with examples. International business comprises all commercial transactions ,private and governmental, sales, investments, logistics, and transportation, that take place between two or more regions, countries and nations beyond their political boundaries. Usually, private companies undertake such transactions for profit; governments undertake them for profit and for political reasons.It refers to all those business activities which involve cross border transactions of goods, services, resources between two or more nations. Transaction of economic resources include capital, skills, people etc. for international production of physical goods and services such as finance, banking, insurance, construction etc. A multinational enterprise (MNE) is a company that has a worldwide approach to markets and production or one with operations in more than a country. An MNE is often called multinational corporation (MNC) or transnational company (TNC). Well known MNCs include fast food companies such as McDonald's and Yum Brands, vehicle manufacturers such as General Motors, Ford Motor Company and Toyota, consumer electronics companies like Samsung, LG and Sony, and energy companies such as ExxonMobil, Shell and BP. Most of the largest corporations operate in multiple national markets. Areas of study within this topic include differences in legal systems, political systems, economic policy, language, accounting standards, labor standards, living standards, environmental standards, local culture, corporate culture, foreign exchange market, tariffs, import and export regulations, trade agreements, climate, education and many more topics.

Each of these factors requires significant changes in how individual business units operate from one country to the next. There are number of ways for internationalization / globalization of business. these are referred as foreign market entry strategies. Each of these ways has certain advantages and disadvantages. One strategy for a particular business may not be very suitable for another business with different environment. Therefore it is quite common that a company employs different strategies for different markets. The different strategies are : 1. Imports : Imports is defined as goods and services produced by host country and purchased by parent country. it is reverse process of Exports. 2. Exports : Exports is defined as goods and services produced in one country then get marketed to other country. 3. Foreign Direct Investment (FDI) : Here funds are invested in equity from parent country to a host country. Rich countries invest funds in growth industries and geographic areas of economic development. 4. Licensing : Licensing which involve minimal commitment of resources and effort on the part of the international marketer, are easy ways of entering the foreign markets. Under international licensing, a firm in one country (the licensor) permits a firm in one country permits the firm in another country to use the intellectual property (such as patents, trademarks, copyrights, technology, technical know how, marketing skill or some other specific skill). The monetary benefits to the licensor is the royalty fees, which the licensee pays. 5. Franchising : Franchising is giving right at a parent company (Franchiser) to another company (Franchisee) using his name selling his products, do business in a prescribed manner and get advantage of brands of parent company. 6. Joint Venture : It is a mutual agreement of two or more partners across globe to collectively own the company to produce goods and services. This will be pooling the resources to mutual advantages. 7. Manufacturing in Foreign Country : When a company finds better economy in manufacturing in host country due to lower costs of materials labour or duties the manufacturing is undertaken in host country. The local conditions in host country should support manufacturing and marketing activities. 8. Management Contracts : The foreign country needs management expertise in managing existing or a sick company this method is used. Under management contract the service provided gets fees or shares in the company. The contracts is for a specific period.

9. Consultancy Services 10. Strategic Partnerships : The positive aspect of two companies in different countries are joined together. The resources are pooled together to produce new marketable products. This will put both companies in win-win situations . 11. Mergers : A Corporate Merger is a combining of corporations in which one of two or more corporations survives and works for common objectives. These are several types of mergers with a variety of filing requirements based on number of corporations merging and the type of merger. 12. Counter Trades : Counter trade is a form of international trade in which certain exports and import transactions are directly linked with each other and in which imports of goods are paid for by exports of goods, instead of money payments

DRM15 : 1.5. BUSINESS LAW 1. Explain the rights and duties of the buyer and the Seller, under the Sale of Goods Act. Rights and Duties of the Buyer and Seller according to the Sale of Goods Act-1930 Rights and Duties of The Buyer Sl No Rights To have delivery of the goods as 1 per contract To sue the seller the damages for anticipatory breach of 2 contract To sue the seller for interest where there is a breach of contract on the part of the seller and price has to be refunded to 3 the buyer To reject the goods when they are not of the description, quality or quantity as specified 4 in the contract To repudiate the contract when goods are delivered in installments without any 5 agreement to that effects Duties To accept the delivery of goods, when the seller is willing to make the delivery as per the contract To pay damages for non-acceptance of goods

To pay the price in exchange for possession of the goods

To apply for delivery of the goods

To demand delivery of the goods at a reasonable hour

To be informed by the seller, when the goods are to be sent by sea route, so that he may arrange for their insurance To have a reasonable opportunity to examine the goods for ascertaining whether they are in conformity with the contract To sue the seller for recovery of the price, if already paid, when the seller fails to deliver the goods To sue the seller for damages if the seller wrongfully neglects or refuses to deliver the gods to the buyer

To accept delivery of the goods in installments and pay for them, in accordance with the contract To bear the risk of deterioration in the course of transit, when the goods are to be delivered at a place other than where they are sold To inform the seller in case the buyer refuses to accept or rejects the goods To take the delivery of the goods within a reasonable time after the seller tenders the delivery To pay the price, where the property in the goods are passed to the buyer, in accordance with the terms of the contract

To sue the seller for specific 10 performance To sue the seller for damages for breach of a warranty or for breach of a condition treated as 11 breach of a warranty Rights and Duties of The Seller Sl No RIGHTS

DUTIES To make the arrangement for transfer of property in the goods to the buyer. To deliver the goods in installments only when so desired by the buyer.

To reserve the right of disposal of the goods until certain conditions 1 are fulfilled. To assume that the buyer has accepted the goods , where the 2 buyer To deliver the goods only when applied for by the buyer i) Conveys his acceptance; ii) Does an act adopting the sale; or , iii) Retains the goods without giving a notice of rejection, beyond specified date (or reasonable 3 time), in a sale on approval.

To arrange for insurance of the goods while they are in transmission or custody of the carrier.

To make delivery of the goods in 4 installments, when so agreed To exercise lien and retain possession of the goods, until 5 payment of the price To stop the goods in transit and resume possession of the goods, 6 until payment of the price To resell the goods under certain 7 circumstances To withhold delivery of the goods when the property in the goods 8 has not passed to the buyer To sue the buyer for price when the property in the goods has passed to the buyer or when the price is payment on a certain day, in terms of the contract, and the 9 buyer fails to make the payment

To arrange for insurance of the goods while they are in transmission or custody of the carrier. To ascertain and appropriate the goods to the contract of sale To pass an absolute and effective title to the goods, to the buyer. To deliver the goods in accordance with the terms of the contract To ensure that the goods supplied conform to the implied / express conditions and warranties.

To put the goods in a deliverable state and to deliver the goods as and when applied for by the buyer To deliver the goods within the time specified in the contract or within a reasonable time and a reasonable hour. To bear all expenses of and incidental to making a delivery ( i.e. up to the stage of putting the goods into a deliverable sate To deliver the goods in the agreed quantity.

10

11 12

DRM15 : 1.5. BUSINESS LAW 2. Narrate Intellectual Property Rights. Intellectual property is the area of law that deals with protecting the rights of those who create original works. It covers everything from original plays and novels to inventions and

company identification marks. The purpose of intellectual property laws are to encourage new technologies, artistic expressions and inventions while promoting economic growth. When individuals know that their creative work will be protected and that they can benefit from their labor, they are more likely to continue to produce things that create jobs, develop new technology, make processes more efficient, and create beauty in the world around us. There are three main mechanisms for protecting intellectual property in the United States: copyrights, patents and trademarks. Copyrights Copyrights protect the expressive arts. They give owners exclusive rights to reproduce their work, publicly display or perform their work, and create derivative works. Additionally, owners are given economic rights to financially benefit from their work and prohibit others from doing so without their permission. It is important to realize that copyrights do not protect ideas, only how they're expressed. Patents Patents protect an invention from being made, sold or used by others for a certain period of time. There are three different types of patents in the United States: Utility Patents - these patents protect inventions that have a specific function, including things like chemicals, machines, and technology. Design Patents - these patents protect the unique way a manufactured object appears. Plant Patents - these patents protect plant varieties that are asexually reproduced, including hybrids. Inventors may not assume that their creation is patented unless they apply and are approved for a patent by the US Patent and Trademark Office. This process can be complex and time consuming. It is a good idea to hire an intellectual property attorney to make sure you file the appropriate paperwork and get the patent you need to protect your invention and make it profitable. Trademarks Trademarks protect the names and identifying marks of products and companies. The purpose of trademarks is to make it easy for consumers to distinguish competitors from each other. Trademarks are automatically assumed once a business begins using a certain mark to identify its company, and may use the symbol TM without filing their symbol or name with the government. There are strict laws in place to protect intellectual property rights. When intellectual

property rights are violated, it is important to hire an intellectual property lawyer. An experienced attorney can help you sue for damages that include lost royalties. If your case is successful, the person who violated your intellectual property rights may be required to pay for all of your legal fees in addition to compensating you for using your work without your permission. DRM16 : 1.6. MANAGERIAL COMMUNICATION 1. What are the barriers to communication in an organization Give Guidelines to overcome these barriers. Communication is giving, receiving or exchanging ideas, information, signals or messages through appropriate media, enabling individuals or groups to persuade, to seek information, to give information or to express emotions.This broad definition includes body-language, skills of speaking and writing. It outlines the objectives of communication. It emphasizes listening as an important aspect of communication. Communication is the process where the one person is expressing his or her idea and the other one is listening to the idea being expressed by the one who is talking. That is how you define communication. When this results to have an understanding to both of them, therefore there is already a communication. In other words, when a person is talking, the other person should listen so that he will understand to what the other person is talking about. When a person talks and nobody listens, then there is no communication happening because there is no understanding. The people just heard what the person in front of them is talking but they do not listen to it well that is why they do not understand about the topic. I will give you further examples for you to understand what communication is. Barriers to Effective Communication There are a wide number of sources of noise or interference that can enter into the communication process. This can occur when people now each other very well and should understand the sources of error. In a work setting, it is even more common since interactions involve people who not only don't have years of experience with each other, but communication is complicated by the complex and often conflictual relationships that exist at work. In a work setting, the following suggests a number of sources of noise: Language: The choice of words or language in which a sender encodes a message will influence the quality of communication. Because language is a symbolic representation of a phenomenon, room for interpreation and distortion of the meaning exists. defensiveness, distorted perceptions, guilt, project, transference, distortions from the past misreading of body language, tone and other non-verbal forms of communication noisy transmission (unreliable messages, inconsistency) receiver distortion: selective hearing, ignoring non-verbal cues power struggles

language-different levels of meaning managers hesitation to be candid assumptions-eg. assuming others see situation same as you, Perceptual Biases: People attend to stimuli in the environment in very different ways. We each have shortcuts that we use to organize data. Invariably, these shortcuts introduce some biases into communication. Some of these shortcuts include stereotyping, projection, and self-fulfilling prophecies. Stereotyping is one of the most common. Interpersonal Relationships: How we perceive communication is affected by the past experience with the individual. Percpetion is also affected by the organizational relationship two people have. For example, communication from a superior may be perceived differently than that from a subordinate or peer Cultural Differences: Effective communication requires deciphering the basic values, motives, aspirations, and assumptions that operate across geographical lines. Given some dramatic differences across cultures in approaches to such areas as time, space, and privacy, the opportunities for mis-communication while we are in crosscultural situations are plentiful.

DRM16 : 1.6. MANAGERIAL COMMUNICATION 2. Write Notes on : (i) Oral Presentation (ii) Group Discussion (i) Oral Presentation

Oral Presentation is defined asdelivering an address to a public audience; "people came to see the candidates and hear the speechmaking" Making a good oral presentation is an art that involves attention to the needs of your audience, careful planning, and attention to delivery. This page explains some of the basics of effective oral presentation. It also covers use of notes, visual aids and computer presentation software. Some basic questions to ask about an audience are: Who will I be speaking to? What do they know about my topic already? What will they want to know about my topic? What do I want them to know by the end of my talk? By basing the content and style of your presentation on your answers to these questions, you can make sure that you are in tune with your audience. What you want to say about your topic may be much less important than what your audience wants to hear about it. Planning your presentation

o In an effective presentation, the content and structure are adjusted to the medium of speech. When listening, we cannot go back over a difficult point to understand it or easily absorb long arguments. A presentation can easily be ruined if the content is too difficult for the audience to follow or if the structure is too complicated. o As a general rule, expect to cover much less content than you would in a written report. Make difficult points easier to understand by preparing the listener for them, using plenty of examples and going back over them later. Leave time for questions within the presentation. o Give your presentation a simple and logical structure. Include an introduction in which you outline the points you intend to cover and a conclusion in which you go over the main points of your talk. Delivering your presentation o People vary in their ability to speak confidently in public, but everyone gets nervous and everyone can learn how to improve their presentation skills by applying a few simple techniques. o The main points to pay attention to in delivery are the quality of your voice, your rapport with the audience, use of notes and use of visual aids. o Voice quality involves attention to volume, speed and fluency, clarity and pronunciation. The quality of your voice in a presentation will improve dramatically if you are able to practise beforehand in a room similar to the one you will be presenting in. o Rapport with the audience involves attention to eye contact, sensitivity to how the audience is responding to your talk and what you look like from the point of view of the audience. These can be improved by practising in front of one or two friends or video-taping your rehearsal. Effective use of notes o Good speakers vary a great deal in their use of notes. Some do not use notes at all and some write out their talk in great detail. If you are not an experienced speaker it is not a good idea to speak without notes because you will soon lose your thread. You should also avoid reading a prepared text aloud or memorising your speech as this will be boring. o The best solution may be to use notes with headings and points to be covered. You may also want to write down key sentences. Notes can be on paper or cards. Some speakers use overhead transparencies as notes. The trick in using notes is to avoid shifting your attention from the audience for

too long. Your notes should always be written large enough for you to see without moving your head too much. Visual aids o Visual aids help to make a presentation more lively. They can also help the audience to follow your presentation and help you to present information that would be difficult to follow through speech alone. o The two most common forms of visual aid are overhead transparencies (OHTs) and computer slide shows (e.g. PowerPoint). Objects that can be displayed or passed round the audience can also be very effective and often help to relax the audience. Some speakers give printed handouts to the audience to follow as they speak. Others prefer to give their handouts at the end of the talk, because they can distract the audience from the presentation. (ii) Group Discussion: Group discussion plays an important role in the selection of candidates, especially at managerial level. It has become an important tool in the selection process. In group discussion, the participants may be divided into two groups. A topic is presented to them. For example: Leaders are born and not made. One group may talk in favour of it and another group may talk against it. At times the participants may not be divided into two groups, i.e. there will be only one group. The participants will present their viewpoints on the topic. Accordingly, the selectors may judge the candidates, The following attributes of candidates could be evaluated from the group discussion. Initiative : The ability to take action without being told. The candidate who initiates the discussion shows this attribute. Content : The ability to generate sound ideas. What is important is the quality of talk and not quantity of speech. Persuasiveness : The ability to influence others by sound reasoning, i.e. to sell ones point of view to others. Conflict handling ability : The candidate may also sort out or manage differences or disputed viewports between two or more members of the group to the satisfaction of all. Leadership : The candidate who tasks the lead to start the discussion. He may also guide and encourage others to participate in the discussion. Communication : The ability to express ones thoughts or ideas clearly and concisely.

Group Acceptance : Some participants may dominate to grab the limelight. Such attitude is not desirable. Others must be given a chance to present their viewports. Time Management : The participant who takes a lead to summarise the discussion just before the completion of allotted time for discussion.

DRM17 : 1.7. COMPUTER APPLICATION IN MANAGEMENT 1. Give a brief account on the word processing application in business. DRM17 : 1.7. COMPUTER APPLICATION IN MANAGEMENT 2. Elaborate Management Information System (MIS) and its applications in todays business scenario. Information technology transformed business information systems by enabling speedy and elaborate analyses of business data to generate high value information. Management Information ReportManagement Information Report|ronnieb Businesses need information for taking sound decisions in different situations, for identifying and solving problems and for exercising control over all aspects of operations. Before the appearance of computer information systems, these tasks were mainly based on keen observation and well-developed intuition or hunches. Modern information system management makes it possible to supplement the observations and intuition with solid analytical details. MIS or Management Information System can be simply defined as an information management system that processes the vast quantities of data generated by business transactions and generates meaningful information that helps decision making, problem solving and exercising control. Modern information technology that is based on computers and telecommunication systems make it possible to capture and process data from all over the world, something that is quite significant for global corporations. For example, in a cloud computing environment under which data is captured on the Web, transactions taking place in India or China during the night time in U.S.A. can be reflected in the reports available next morning for managers in America. The scenario of a computer-based MIS outlined in the last section is a far cry from the earlier manually operated systems where transactions had to be entered, processed and reports prepared by hand. Such a manual system will typically need weeks to generate reports and were also vulnerable to errors at several different points. Computers, on the

other hand, could process vast quantities of data doing elaborate analyses and generates reports in almost no time. Computers process data as directed by software programs written by humans. Such application software can tell the computer to analyze the same data in numerous ways and produce different kinds of reports. Different functional managers can get the data analyzed in different ways to suit their requirements and get reports tailored to their objectives. Such elaborate analyzes and dependable reports would have been inconceivable in a manual system. Development of an MIS starts with analysis of user requirements. Users will be many, and their requirements will be varied. Software developers design systems that will capture data into databases in ways that can generate all the different kinds of reports to meet these varying requirements. The software programs will also have modules that will analyze the captured data and generate reports in pre-designed formats as demanded by the users. Additionally, there might be modules that enable users to specify customized contents and formats and generate reports accordingly. Standard reports in pre-determined formats might often prove inadequately relevant to particular problems. Data warehouses and data mining make it possible to do varied types of analyses and generate ad-hoc reports to answer specific queries. These types of analyzes can often reveal unexpected patterns and problems. Overall control is typically exercised by creating standards or targets in different forms and then accumulating data along lines that make it possible to check whether actual performance is meeting these standards and whether targets have been or are likely to be achieved. Standard reports are usually designed to highlight exceptions, whether adverse or favorable. Adverse results point to problem areas and can either be investigated in further detail, or immediate remedial actions can be taken. Favorable variances from original estimates can lead to a better understanding of how things work. Ad hoc reports are typically generated to decide upon the best courses of action. For example, the profitablity of a proposed new product or project can be evaluated, or the consequences of different alternative decisions can be examined. MIS can also be Business Intelligence and Executive Information Systems that summarize internal and external data in easily understood graphic formats. They work with enterprise level data, presenting a total picture. Drill-down facilities allow top managers to go deeper and look at underlying specifics. External information such as industry data help them keep an eye on emerging market trends.

Expert Systems employ artificial intelligence algorithms to learn from past experience. For example, a patient diagnostic system learns from past patterns of symptoms, test results and diagnoses. It can then come up with diagnoses immediately on getting the symptoms and test results. Management information systems or MIS provides managers with up-to-date status reports and also point to problem areas. The system will also typically enable generation of customized decision support reports based on internal operational and/or external market (or other) data. Modern information technology has transformed the management of information systems into Enterprise Resource Planning (ERP) systems that help global corporations manage operations spread all over the world. DRM18 : 1.8. RESEARCH METHODOLOGY 1. Explain the problems to be encountered by researchers in India.

Problems Encountered by Researchers in India Lack of Scientific Training: The research methodology is not systematic. Many researchers undertake research work without having actual knowledge of the research methods. They just look for similar studies and copy the methodologies listed in it. Even the research guides do not have a thorough knowledge of the various methodologies. This scenario warrants the need for some sort of short-term training to be imparted to researchers prior to undertaking research activities. Insufficient Interaction: There is no proper interaction between researchers and the business establishments, government institutions, etc. This leads to a great deal of data going untapped. Interaction programs should be organized between researchers and other institutions on a regular basis. This will highlight what issues need to be researched, what data is required for conducting research, and how the study will be useful. Lack of Confidence: Most of the business establishments are of the opinion that, researchers can misuse the data provided by them. As such, they are reluctant to divulge details of their company. This affects the research studies for which that particular data may be of utmost importance. Thus, confidence-building measures should be adopted, which will convince the business units that their data will be put to productive purposes, and will not be misused in any manner by the researcher. Lack of Code of Conduct: No specific code of conduct exists for the researchers, which leads to inter-departmental and inter-university rivalries. Inadequate Assistance: Researchers in India have to cope with the non-availability of adequate and timely secretarial assistance, which affects the schedule of their research study.

Improper Library Management: The libraries are not managed systematically. Much of the precious time of the researchers is spent in looking for books, reports, newspapers, etc. rather than searching relevant information from them. High Cost of Publishing: Once their research is completed, the researchers have to look for a means to publish it. Publishing in international journals is highly expensive. This discourages most of the researchers from taking up research work.

2.

Explain the contents of a research report in detail.

Contents for preparing research reports Research experience is as close to a professional problem-solving activity as anything in the curriculum. It provides exposure to research methods and an opportunity to work closely with a faculty advisor, graduate students, and sometimes post doctoral fellows and visiting scientists. Research usually requires the use of advanced concepts, a variety of experimental techniques, and state-of-the-art instrumentation. Ideally, undergraduate research should focus on a well-defined project that stands a reasonable chance of completion in the time available. A literature survey alone is not a satisfactory research project. Neither is repetition of established procedures. Research is genuine exploration of the unknown that leads to new knowledge that often warrants publication. But whether or not the results of a research project are publishable, the project should be communicated in the form of a research report written by the student. It is important to realize that science depends on precise transmission of facts and ideas. Preparation of a comprehensive written research report is an essential part of a valid research experience, and the student should be aware of this requirement at the outset of the project. Interim reports may also be required, usually at the termination of the quarter or semester. Sufficient time should be allowed for satisfactory completion of reports, taking into account that initial drafts should be critiqued by the faculty advisor and corrected by the student at each stage. Guidelines on how to prepare a professional-style research report are not routinely available. For this reason, the following information on report writing and format is provided to be helpful to undergraduate researchers and to faculty advisors. Organization of the Research Report Most scientific research reports, irrespective of the field, parallel the method of scientific reasoning. That is: the problem is defined, a hypothesis is created, experiments are devised to test the hypothesis, experiments are conducted, and conclusions are drawn. This framework is consistent with the following organization of a research report: Title

 Abstract Introduction Experimental Details or Theoretical Analysis Results Discussion Conclusions and Summary References Title and Title Page The title should reflect the content and emphasis of the project described in the report. It should be as short as possible and include essential key words. The author's name (e.g., Mary B. Chung) should follow the title on a separate line, followed by the author's affiliation (e.g., Department of Chemistry and Biochemistry, University of South Carolina, Columbia, SC 29208), the date, and possibly the origin of the report (e.g., In partial fulfillment of a Senior Thesis Project under the supervision of Professor Suzanne G. White, June, 2006). All of the above could appear on a single cover page. Acknowledgments and a table of contents can be added as preface pages if desired. Abstract The abstract should, in the briefest terms possible, describe the topic, the scope, the principal findings, and the conclusions. It should be written last to reflect accurately the content of the report. The lengths of abstracts vary, but seldom exceed 200-300 words. A primary objective of an abstract is to communicate to the reader the essence of the paper. The reader will then be the judge of whether to read the full report or not. Were the report to appear in the primary literature, the abstract would serve as a key source of indexing terms and key words to be used in information retrieval. Author abstracts are often published verbatim in Chemical Abstracts. Introduction "A good introduction is a clear statement of the problem or project and why you are studying it." The nature of the problem and why it is of interest should be conveyed in the opening paragraphs. This section should describe clearly but briefly the background information on the problem, what has been done before (with proper literature citations), and the objectives of the current project. A clear relationship between the current project and the scope and limitations of earlier work should be made so that the reasons for the project and the approach used will be understood. Experimental Details or Theoretical Analysis

This section should describe what was actually done. It is a succinct exposition of the laboratory notebook, describing procedures, techniques, instrumentation, special precautions, and so on. It should be sufficiently detailed that other experienced researchers would be able to repeat the work and obtain comparable results. In theoretical reports, this section would include sufficient theoretical or mathematical analysis to enable derivations and numerical results to be checked. Computer programs from the public domain should be cited. New computer programs should be described in outline form. If the experimental section is lengthy and detailed, as in synthetic work, it can be placed at the end of the report or as an appendix so that it does not interrupt the conceptual flow of the report. Its placement will depend on the nature of the project and the discretion of the writer. Results In this section, relevant data, observations, and findings are summarized. Tabulation of data, equations, charts, and figures can be used effectively to present results clearly and concisely. Schemes to show reaction sequences may be used here or elsewhere in the report. Discussion The crux of the report is the analysis and interpretation of the results. What do the results mean? How do they relate to the objectives of the project? To what extent have they resolved the problem? Because the "Results" and "Discussion" sections are interrelated, they can often be combined as one section. Conclusions and Summary A separate section outlining the main conclusions of the project is appropriate if conclusions have not already been stated in the 'Discussion' section. Directions for future work are also suitably expressed here. A lengthy report, or one in which the findings are complex, usually benefits from a paragraph summarizing the main features of the reportthe objectives, the findings, and the conclusions. The last paragraph of text in manuscripts prepared for publication is customarily dedicated to acknowledgments. However, there is no rule about this, and research reports or senior theses frequently place acknowledgments following the title page. Citing References

Literature references should be collated at the end of the report and cited in one of the formats described in The ACS Style Guide or standard journals. Do not mix formats. All references should be checked against the original literature. Never cite a reference that you have not read yourself. Double check all journal year, volume, issue, and inclusive page numbers to insure the accuracy of your citation. Click here for more information on literature citation rules for journals of the American Chemical Society. Preparing the Manuscript The personal computer and word processing have made manuscript preparation and revision a great deal easier than it used to be. Students should have the opportunity to use a word processor and have access to graphics software that allows numerical data to be graphed, chemical structures to be drawn, and mathematical equations to be represented. These are essential tools of the technical writer. All manuscripts should routinely be checked for spelling (programs to check spelling are helpful), and all manuscripts should be carefully proofread before being submitted. Preliminary drafts should be edited by the faculty advisor before the report is presented in final form.