The Consumer Protection Act - Free Essay Example

Sample details Pages: 9 Words: 2586 Downloads: 9 Date added: 2017/06/26 Category Law Essay Did you like this example? Summary of Chapter 2: The first part of Consumer Protection Act 1987 is implementing the 1985 EC Directive on Product Liability. Section 2 imposes a new statutory liability on the manufacturer of a faulty product which causes physical harm to a person or other property.[1] The 1987 Act imposed strict liability on manufacturers and producers even in absence of a fault on their part. Many authors, academics and jurists welcomed this no-fault liability approach taken as a result of the 1987 Act.[2] The 1987 Act gave the consumers with a new cause of action in the consumer law context which now exists alongside the causes of action in contract law and in the law of negligence. Don’t waste time! Our writers will create an original "The Consumer Protection Act" essay for you Create order Parliament intended to confirm severe consequences for damages caused by defective goods, hence liability is made strict. Although the claimant need not show fault in the manufacturing process or elsewhere, he will have to prove defect in the product and also that this defect resulted in loss to consumer. Therefore, the two basic requirements a claimant will need to prove in order to succeed in recovering compensation from manufacturers are defective product and the causal link between the defect and loss suffered. According to the definition provided for in Section 3(1) of the 1987 Act, a product is defective if its safety is not such as persons can generally expect. Section 3(1) therefore provides a à ¢Ã¢â€š ¬Ã‹Å"consumer expectationà ¢Ã¢â€š ¬Ã¢â€ž ¢ test that has certain gaps. The law does not state the answer as to what a person should generally be entitled to expect. Neither does the 1987 Act provide specific standard against which the conduct of the manufacturer can be mea sured. Clearly, the focus of the test is on personal safety but in the absence of any concentrated treatment as to the standard to be expected from a product. An attempt to construe the term widely has been taken by relevant case laws.[3] But again few cases have been and therefore it cannot be said with confidence that they laid down strong guidelines. Some recent cases have demonstrated reluctance to treat the Section 3 definition broadly.[4] On the substance of obvious vagueness in the meaning of defect in Section 3(1), the 1987 Act makes references to a rundown of variables that must be considered by the Courts while considering the safety of the item. The Court ought to consider the reason for which the item was promoted, directions and warnings, and what may be sensibly anticipated that would be finished with the item and the time when the item was supplied by its maker. The reality in this way remains that a product will not be flawed just if damage results from the produc t. It can likewise be the situation that the components recorded under Section 3(2), can make a perilous item safe for the purposes of the Act.[5] The Court ought to consider the reason for which the product was advertised, guidelines and warnings, and what may be sensibly anticipated that would be finished with the product and the time when the product was supplied by its maker. The actuality along these lines remains that an item wont be blemished just if damages result from the product. It can likewise be the situation that the factors recorded under Section 3(2), can make a faulty product safe for the purposes of the 1987 Act. The issues with the definition of à ¢Ã¢â€š ¬Ã…“defective productà ¢Ã¢â€š ¬Ã‚  are large in number. The Section 3(1) definition is extremely unclear and the consumer might find it complex to fulfil this unspecified test. Section 3(2) might help a manufacturer escape liability even if damages resulted from his products. The buyers may not have the ca pacity to prove by citing using expert evidence that the product was faulty due to the deficiencies of the statutory meaning of defect. There is a lack of authority in case law regarding resolving the issues as very few cases come before the Courts under the 1987 Act. Then again, it can be contended that the issue with the meaning of defective product is decently supported. Risk is strict and henceforth makers will be considered mindful regardless of the possibility that they are not at fault. Section 3 would then aid the manufacturer to demonstrate that the product is not defective according to the prerequisites of law. From this point of view, apparently, the law strikes a parity leaving something for the maker to contend to support them also. On the other hand, remembering the setting of the Act and intention to protect consumers, the risky meaning of defective product ought to offer ascent to concerns which ought to be tended to as needs be. Common law protection Despite t he introduction of strict liability for defective products by the 1987 Act, common-law liability remains. It is not unusual for an injured party to rely on the tort of negligence, for instance in cases where the claimant has exhausted the limitation period or in a case where the damaged property was intended for commercial use. With a specific end goal to profit from such protection it is not sufficient to demonstrate that the product had a defect any longer. The potential claimant must show that the accused maker owed him/her a duty of care, that this duty was breached by not taking reasonable care, and that this breach was the principle or possibly significant reason for the damage. He/she will then need to show that such harm was reasonably foreseeable. As mentioned above, Donoghue v Stevenson made clear that a manufacturer owes a duty of care to the ultimate consumer of his products. In practice, it will be enough for the claimant to adduce sufficient evidence to justify t he inference of the manufacturerà ¢Ã¢â€š ¬Ã¢â€ž ¢s negligence without being required to specify what caused the defect. Damages awarded in a successful negligence claim are generally intended to compensate for any losses incurred by the claimant as a result of the negligently caused defect. Damages are available for death or personal injury caused to the claimant and for damage to his or her property, other than damage to the defective product itself, which is generally not recoverable. Pure economic loss caused by the defect is not recoverable. Although the usual remedy is compensatory damages, exemplary or punitive damages are available in principle when the defendant has shown a deliberate, total disregard for the claimantà ¢Ã¢â€š ¬Ã¢â€ž ¢s rights, in addition to a very high degree of negligence. Having said that, in practice the courts are reluctant to award exemplary damages. Summary of Chapter 3: Although the 1987 Act provisions strict liability on the manufactur ers, it also provides provisions for defences that might be relied upon by the defendants once the claimant proves loss suffered from defective products. The statutory defences are contained in sections 4, 6(4) and 6(5) of the 1987 Act. It can be safely concluded that the only controversial defence under the Act is the defence stated in section 4(1)(e), the other provisions being fairly simple.[6] Moreover, inconsistency in the judicial approach to this defence poses further problem in relation to the defence. As with the meaning of defect, the reported case laws on section 4(1)(e) defence is very few and hence the guidelines have not been so convoluted. Section 4(1)(e) defence is also known as à ¢Ã¢â€š ¬Ã…“development risk defence.à ¢Ã¢â€š ¬Ã‚ [7] Section 4(l)(e) states that it is a defence if the defendant is able show that the state of scientific knowledge at the time that the product was supplied by the defendant was not such as that a manufacturer of similar products mi ght be expected to have discovered the defect. It seems that the language of the defence suggests it would be available when the defect is not noticeable in the context of the knowledge available. Again, this is a very wide defence which might be invoked by any manufacturer. As knowledge of the producer becomes a major factor in this defence, the strict liability element under the 1987 Act gets reduced. This is why the defence is said to be controversial. However, on balance the defence has justification. It only comes into play once defect is proved by the claimant. The burden of proof lies with the defendant to prove this defence and there is a presumption that manufacturers have knowledge of the defect in the product unless proven otherwise. Therefore, it can be argued that it is not an easy defence to successfully plead because of the nature of burden imposed on the manufacturers. Section 4(1)(e) reveals that the 1987 Act has tried to bring subjectivity into the objective nature of the defence originally provided in the Directive. The defence has been tested, however unsuccessfully, in the Court of Justice.[8] The Court of Justice found that the wording of Section 4(1)(e) is not conflicting with the Union methodology and thus the defence under the 1987 Act was found to have been truly authorized. The Court of Justice, be that as it may, kept up that the UK courts would need to approach the defence in accordance with EU law and case laws judged by the Court of Justice. This perspective was accordingly acknowledged and connected in of A and Abouzaid. The defence would not cover a defect of a known character and thus it has very limited implications.[9] Alternate necessities of Section 4(1)(e) has made it an extremely troublesome defence to argue. In any case, Chadwick LJ has kept up that this defence may confine the part of strict product liability.[10] Other case laws held that the defence can only be relied upon in cases where the risk is unforeseeab le risks,[11] and therefore the scope of pleading the defence is very constricted. On parity, regardless of the fact that the defence looks extremely disputable, there are different adjusting components that are portrayed above in light of which it can be contended that the development risk defence wont make any issue in holding the makers strictly liable for defective products. Conclusion: Strikingly little utilization has been made of the Consumer Protection Act 1987 since its sanctioning on March 1, 1988. Regardless of the appearing appeal to consumers of a compensation framework taking into strict liability without flaw, buyers have for the most part decided to benefit themselves of different remedies. An obvious advantage of statutory product liability regime as opposed to negligence-based product liability is that it establishes a strict liability regime and therefore removes the requirement to prove fault in relation to defectiveness of the relevant product. By the b y, in light of the above discussions, it creates the impression that the UK has a successful consumer protection administration at present. By forcing an extremely strict liability initiative for flawed products on somebody who is regarded to be the maker of the item, the law-making body has been fruitful in lessening number of injuries or deaths caused by defective products. The Act gives, or if nothing else, looks to give, a course for the customer to look for change against the individual who is eventually in responsible for the loss suffered. Part I of the Consumer Protection Act 1987, by implementing the EC Product Liability Directive, introduces strict (no-fault) liability for death, personal injury and damage to personal property caused wholly or partly by a defect in any product.[12] Accordingly the Act makes a radical and expansive legitimate administration for product liability and product safety which is essentially vital to protect consumers. From the start, the Act m akes it all that much less demanding for injured parties to bring, and succeed in, pay claims. The rules supplement existing UK civil law on product liability rather than replacing it.[13] For effectively bringing a claim under the 1987 Act, the claimant would need to demonstrate that he has suffered loss and damage that has been brought about by a defect in the product. Along these lines, the importance of defective product has generous significance in this connection and the same has been depicted, however in dubious and loose terms, in Section 3(1) of the 1987 Act that accommodates an extremely wide consumer expectation test. The meaning of à ¢Ã¢â€š ¬Ã…“defectà ¢Ã¢â€š ¬Ã‚  lies in the grey and is neither clear nor straightforward. It is uncertain as to what persons generally are entitled to expect. Despite the fact that A v National Blood Authority has endeavoured to give the term a more extensive significance, the Court of Appeal chose to translate the term prohibitiv ely in Tesco Stores Ltd v Pollard. Additionally, the purchaser may think that it hard to demonstrate to the Courts fulfilment that the item has been defective because of absence of expert evidence. Besides, the factors under Section 3(2) would need to be considered by the Court while surveying the product defect and this may be to some degree worthwhile for the manufacturers who might have the capacity to demonstrate that they have taken steps to minimise or avoid the danger. These encompassing contentions with respect to the test of defective product have made the law in this admiration truly unverifiable that ought to be a matter of concern in the consumer protection context. The alleged development risk defence accessible for the manufacturers under Section 4(1)(e) of the 1987 Act has been termed as a disputable defence by numerous academics, judges and authors.[14] The defence disputably gives procurement to exception from liability of the manufacturers can demonstrate that t he defect was not reasonably discoverable in the light of accessible knowledge. Seemingly, this some way or another undermines the strict liability framework brought into force by the 1987 Act as the defendants knowledge would likewise get to be to a degree significant while deciding their liability. The Act has attempted to bring some subjectivity into the objectivity of the defence initially gave in the European Directive. Then again, three focuses may be raised while supporting this defence. Firstly, the defence is reliable with the soul and intention of the European Directive and this is expressed by the Court of Justice itself.[15] Besides, the defendant bears a substantial burden in the event that he wishes to argue this defence in light of the fact that the assumption is that the maker knows of the defect unless the proved to the contrary. At last, the defence must be argued in appreciation of unforeseeable dangers,[16] known risks are not covered. Henceforth it can be con tended that the development risk defence does not represent any certifiable risk towards the strict liability administration presented under the Act. The success of the claimants in A and Others has come as a welcome confirmation that despite the inclusion of the development risks defence, some of the reforms has been achieved. 1 | Page [1]Jane Stapleton à ¢Ã¢â€š ¬Ã‹Å"Software, information and the concept of productà ¢Ã¢â€š ¬Ã¢â€ž ¢ (1989) 9 Tel Aviv U. Stud. L. 147 [2] Geraint Howells and Mark Mildred à ¢Ã¢â€š ¬Ã‹Å"Infected Blood: Defect and Discoverability A First Exposition of the EC Product Liability Directiveà ¢Ã¢â€š ¬Ã¢â€ž ¢ (2002) 65 Mod. L. Rev. 95 [3]A v National Blood Authority [2001] 3 All ER 289 [4]Tesco Stores Ltd v Pollard [2006] EWCA Civ 393; (2006) 103(17) L.S.G. 23 (CA (CivDiv)) [5] Consumer Protection Act 1987, s 3(2) [6] The Rt. Hon. Lord Griffiths à ¢Ã¢â€š ¬Ã‹Å"Developments in the law of product liabilityà ¢Ã¢â€š ¬Ã¢â€ž ¢ (1987) 12 Holdsworth L. Rev. 1, 13 [7] Simon Deakin, Angus Johnston, Basil Markesinis, Markesinis and Deakinà ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã¢â‚¬Å" Tort Law (6th edition, Oxford University Press 2008) 739 [8]Commission v UK Case C-300/95, [1997] ECR I-2649; [1997] All ER (EC) 391 [9]Richardson v LRC Products Ltd [2000] Lloydà ¢Ã¢â€š ¬Ã¢â€ž ¢s R ep Med 280 [10]Abouzaid v Mothercare (UK) Ltd [2001] All E.R. (D) 2436, CA [11]A v National Blood Authority [2001] 3 All ER 289 [12]Linda Spedding à ¢Ã¢â€š ¬Ã‹Å"New Product Liability and Safety Regime in the UKà ¢Ã¢â€š ¬Ã¢â€ž ¢ (1988) 16 Intà ¢Ã¢â€š ¬Ã¢â€ž ¢l Bus. Law [13]Linda Spedding à ¢Ã¢â€š ¬Ã‹Å"New Product Liability and Safety Regime in the UKà ¢Ã¢â€š ¬Ã¢â€ž ¢ (1988) 16 Intà ¢Ã¢â€š ¬Ã¢â€ž ¢l Bus. Law [14] The Rt. Hon. Lord Griffiths à ¢Ã¢â€š ¬Ã‹Å"Developments in the law of product liabilityà ¢Ã¢â€š ¬Ã¢â€ž ¢ (1987) 12 Holdsworth L. Rev. 1, 13 [15]Commission v UK Case C-300/95, [1997] ECR I-2649; [1997] All ER (EC) 391 [16]A v National Blood Authority [2001] 3 All ER 289

Aluminum or Aluminium Alloys - List

An aluminum alloy is a composition consisting mainly of aluminum to which other elements have been added. The alloy is made by mixing together the elements when aluminum is molten (liquid), which cools to form a homogeneous solid solution. The other elements may make up as much as 15 percent of the alloy by mass. Added elements include iron, copper, magnesium, silicon, and zinc. The addition of elements to the aluminum gives the alloy improved strength, workability, corrosion resistance, electrical conductivity, and/or density, compared with the pure metallic element. Aluminum alloys tend to be lightweight and corrosion resistant. List of Aluminum Alloys This is a list of some important aluminum or aluminium alloys. AA-8000: used for building wire per the National Electrical CodeAlclad: aluminum sheet made by bonding high-purity aluminum to a high strength core materialAl-Li (lithium, sometimes mercury)Alnico (aluminum, nickel, copper)Birmabright (aluminum, magnesium)Duralumin (copper, aluminum)Hindalium (aluminum, magnesium, manganese, silicon)Magnalium (5% magnesium)Magnox (magnesium oxide, aluminum)Nambe (aluminum plus seven other unspecified metals)Silumin (aluminum, silicon)Titanal (aluminum, zinc, magnesium, copper, zirconium)Zamak (zinc, aluminum, magnesium, copper)Aluminum forms other complex alloys with magnesium, manganese, and platinum Identifying Aluminum Alloys Alloys have common names, but they may be identified using a four-digit number. The first digit of the number identifies the class or series of alloy. 1xxx - Commercially pure aluminum also has a four-digit numerical identifier. Series 1xxx alloys are made of 99 percent or higher purity aluminum. 2xxx - The principal alloying element in the 2xxx series is copper. Heat treating these alloys improves their strength. These alloys are strong and tough, but not as corrosion resistant as other aluminum alloys, so they are usually painted or coated for use. The most common aircraft alloy is 2024. Alloy 2024-T351 is among the hardest of the aluminum alloys. 3xxx - The main alloying element in this series is manganese, usually with a smaller amount of magnesium. The most popular alloy from this series is 3003, which is workable and moderately strong. 3003 is used to make cooking utensils. Alloy 3004 is one of the alloys used to make aluminum cans for beverages. 4xxx - Silicon is added to aluminum to make 4xxx alloys. This lowers the melting point of the metal without making it brittle. This series is used to make welding wire. Alloy 4043 is used to make filler alloys for welding cars and structural elements. 5xxx - The principal alloying element in the 5xxx series is magnesium. These alloys are strong, weldable, and resist marine corrosion. The 5xxx alloys are used to make pressure vessels and storage tanks and for various marine applications. Alloy 5182 is used to make the lid of aluminum beverage cans. So, aluminum cans actually consist of at least two alloys! 6xxx - Silicon and magnesium are present in 6xxx alloys. The elements combine to form magnesium silicide. These alloys are formable, weldable, and heat treatable. They have good corrosion resistance and moderate strength. The most common alloy in this series is 6061, which is used to make truck and boat frames. Extrusion products from the 6xxx series are used in architecture and to make the iPhone 6. 7xxx - Zinc is the principal alloying element in the series starting with the number 7. The resulting alloy is heat-treatable and very strong. Important alloys are 7050 and 7075, both used to construct aircraft. 8xxx - These are aluminum alloys made with other elements. Examples include 8500, 8510, and 8520. 9xxx - Presently, the series starting with the number 9 is unused. What Is the Strongest Aluminum Alloy? Manganese added to aluminum increases its strength and yields an alloy with excellent workability and corrosion resistance. The highest strength alloy in the non-heat-treatable grade is alloy 5052. Aluminum Alloy Classification In general, the two broad categories of aluminum alloys are wrought alloys and casting alloys. Both of these groups are subdivided into heat-treatable and non-heat-treatable types. Around 85% of aluminum is used in wrought alloys. Cast alloys are relatively inexpensive to produce because of their low melting point, but they tend to have lower tensile strengths than their wrought counterparts. Sources Davis, J.R. (2001). Aluminum and Aluminum Alloys. Alloying: Understanding the Basics. pp. 351–416.Degarmo, E. Paul; Black, J T.; Kohser, Ronald A. (2003). Materials and Processes in Manufacturing (9th ed.). Wiley. p. 133. ISBN 0-471-65653-4.Kaufman, John Gilbert (2000). Applications for Aluminium Alloys and Tempers. Introduction to aluminum alloys and tempers. ASM International. pp. 93–94. ISBN 978-0-87170-689-8.

The United States And The World War II - 1537 Words

The United States might not be the perfect country in the world, but it is one of the most victorious countries of today’s world. Our country’s huge history consist of a great amount of important and momentous events that have lead our country into the place we know now. As a country we have had our fair share or triumph crisis and everything in between. But overall the most important event in the history of the United States is the World War II, there is a lot of reason why World War II is one of the most important event. One it lead us to a big important step in technology and it put down the groundwork that allowed post-war social changes involving the end of European colonialism. It also brought the civil right movement and todays†¦show more content†¦The war also cause the mark of the beginning of the atomic age and it was quickly followed by the collapse of the wartime alliance between the United States and the Soviet Union and the beginning of the Cold W ar. World War I cause the situations to start the beginning of the World War II. The ending of the war was a peace settlement, which remove the Central Powers of territory and arms and it was obligatory for them to pay reparations left in Germany, Austria, Bulgaria, Hungary, and Turkey. The peace treaty also disappointed two of the victors, which was Italy and Japan. The war also helped set the stage for the Great Depression of the 1930s and it also harshly disrupted Europe’s economies. World War II transformed the American home front. The war gave a boost in the economy by ending Depression-era unemployment, relocated Americans in unprecedented numbers, and permanently altered the status of women, adolescents, and racial minorities in American life. In addition World War II also had a dramatic impact on women s lives. The most noticeable change that involved during the war was the image of large numbers of women in uniforms, as more than 250,000 women joined the WACs, the Ar my Nurses Corps, the WAVES, and the Navy Nurses Corps. The war also provoked or confronted the traditional appearance of a female behavior, as Rosie the Riveter

How Vehicle Emissions Is Always Being Discussed By People...

The topic of vehicle emissions is always being discussed by people of all different fields. Engineers look at the problem as â€Å"How can we design vehicles to be more fuel efficient?†. On the other hand, environmentalist look at the problem as â€Å"How can we stop this?†. Authors Khan, ABM S; Clark, Nigel N; Gautam, Mridul; Wayne, W Scott; Thompson, Gregory J and Lyons, Donald W from the Department of Mechanical and Aerospace Engineering at West Virginia University in Morgantown have written an article for the â€Å"Journal of the Air Waste Management Association† on the topic of vehicle emissions. The article is titled Idle emissions from medium heavy-duty diesel and gasoline trucks, the most of the contents of the article are results from an†¦show more content†¦Therefore the intended audience is other professionals or students in academic settings. Each author is credible based on their degree and organization. The â€Å"Idle emissions† aut hors write for the Department of Mechanical and Aerospace Engineering which is in West Virginia University, which establishes their credibility to write and discuss the topics in the article. Similarly, the â€Å"Hybrid Vehicle† authors have also established their credibility on the topic by working for the Faculty of Engineering at the International Islamic University Malaysia. Authors from both articles are equal when talking about credibility. The â€Å"Idle emissions† authors are not making an argument, at least not directly. Their article is in the format of a report. The contents are that of an experiment the authors have conducted on certain gasoline/diesel trucks. All trucks varied in age and engine displacement(which is the volume of the engines cylinders). The authors ran all vehicles engines at idle speeds(not pushing down on the accelerator) and while each vehicle was running, they measured the amount of exhaust that came out of each vehicle. Next, they an alyzed the contents of the exhaust. The authors found that certain molecules were emitted more from gasoline vehicles than diesel and vice versa. However, there was a trend in the data collected. The newer model vehicles emitted less than the older vehicles even though the vehicle was the same model. Similarly, the

The Process of Successful Change Free Essays

The Process of Successful Change Norma Taylor HCS 325 July 10, 2012 The Process of Successful Change There are many responsibilities involved with the title of manager. Implementing and rolling out change to your employees can be overwhelming. There are different techniques used to ensure a smooth, uneventful transition to change. We will write a custom essay sample on The Process of Successful Change or any similar topic only for you Order Now Some techniques are not as useful and successful as others, depending on what type of change is involved. Motivational techniques to implement change in a company are not an easy task, but it is possible. Expectancy theory, two-factor theory, goal-setting theory, and equity theory are a few different techniques that I would use in my company. The expectancy theory is a unique way to motivate employees during a time of change. Victor Vroom’s expectancy theory suggests that â€Å"people will do what they can do when they want to do it† (Lombardi Schermerhorn, 2007). This theory depends on three different factors: Expectancy, Instrumentality, and Valence. Expectancy is the belief that working hard will result in a desired level of task achieved. Instrumentality is defined as a person’s belief that successful performance will be rewarded and has other good outcomes. Valance is the value a person assigns to the possible rewards and other work related outcomes. There are pros and cons to the expectancy theory. One pro is that this theory is a commonly recognized for supporting an employee’s decision-making method. A shortcoming of this theory is that it has numerous elements that may make this theory not as successful. For example, this theory does not take the emotional state of the individual into consideration. The individual’s personality, abilities, skills, knowledge as well as previous experiences are factors that may affect the outcome of this model. The expectancy theory of motivation is a â€Å"perception† based model. The manager needs to guess the motivational force (the value) of a reward for an employee. The theory can be difficult to implement in the group environment (Leadership-Central. com, 2012). As a leader using the expectancy theory, I would set realistic goals for the employees. In addition, I would also ensure that they are setting realistic goals for themselves. Failure to set a realistic goal will result in a low motivation as the expectancy will yield a low result. Rewards are a form of motivation to everyone and I would set realistic rewards. As a leader I need to understand what my employee’s value and I would link the reward with the goal. The trick here is to ensure that you operate within your constraints as well as make sure not to exaggerate the reward in comparison to the effort they will need to express. High reward with low effort will create an expectation effect and may work against you. I believe the expectancy theory technique would work well in a small office. Implementing change and offering a reward to committed employees with positive results will give effective outcomes. The two-factor theory is another motivational techniques used in the workplace developed by Frederick Herzberg. This theory states that there are certain factors in the workplace that cause job satisfaction as well as a separate set of factors that cause dissatisfaction. This theory used as a motivational technique can cause great outcomes in the workplace. Job satisfaction can be achieved in the simplest ways. Acknowledging great performance would give employees a sense of job satisfaction at their workplace, thus creating a positive outcome. According to Herzberg job satisfaction can be a sense of achievement, feelings of recognition, sense of responsibility, opportunity for advancement and feelings of personal growth (Lombardi ; Schermerhorn, 2007). Job gratification can indicate a great degree of incentive or productivity with workers. J. Stacy Adams developed the equity theory, which assists in the explanation that wages and environments do not conclude motivation to employees. His theory indicates that the perceived unfairness is a motivating state. When people believe they have been inequitably treated in comparison to others, they will try to eradicate the discomfort and reestablish a sense of fairness to the situation (Lombardi ; Schermerhorn, 2007). As a leader this type of motivation is essential to a work environment. According to Adams’ prediction, he believes that employees would deal with unfairness by changing their work contributions and decreasing their labor. He also believes that employees will ask for incentives, or simply terminate their position in the company because of unfair or unjust treatment compared to fellow employees. Treating everyone equally and fair is a practice required in any type of work environment. Using this tool as a motivation to implement change would be necessary. It would aid in the impartiality of rewards for doing an excellent job during the change as well as the reprimands needed for employees not embracing the change as necessary. In 1960’s, Edwin Locke put forward the goal-setting theory of motivation. This theory states that goal setting is essentially linked to task performance. The theory states that specific and challenging goals along with appropriate feedback contribute to higher and better task performance. In simple words, goals indicate, and give direction to an employee about what needs to be done and how much effort is required. This is one of my favorite theories because I believe that it is the most effective theory to use when implementing a change in a work setting. There are numerous important features in this theory. For example, Edwin Locke states that the employee’s willingness to work toward the attainment of a goal is a main source of job motivation. A clear, difficult, and specific goals are greater motivating factors than having easy, general and vague goals. Specific and clear goals lead to greater output and better performance (Management Study Guide, 2012). Goals ought to be reasonable and challenging to give employees a sense of gratification and accomplishment when attained. The more challenging the goal, the greater the reward, and the higher the employee’s desire are for achieving it. Feedback is a means of gaining reputation, making clarifications and regulating goal. There are many theories to implement change and motivate employees; some may work while others may not. Change in a workplace is a process. As a leader I would start with what would benefit the company. Once the notice of change has been communicated, setting up training would be the next step. Using the goal-setting theory I would let the employees know clearly what is expected from them and continue to implement the change. To motivate the workers and make the change a little more pleasant, I would reward them once the goal is achieved. Change is not always bad, but it is definitely a challenging task, because of the various needs and desires of each individual. References In-Tuition. (2012). Follow These Strategies for Managing Change. Retrieved from http://www. practical-management-skills. com/strategies-for-mamaging-change. htm How to cite The Process of Successful Change, Essay examples

ASX Historical Market Statistics

Question: Discuss about the case study ASX for Historical Market Statistics. Answer: Introduction: 1. Share market is a place where the buying and selling of shares and other securities takes place. There are three parties involved in a share market, the investor, companies whose shares are bought and sold and the brokers who do the buying and selling. For a companys shares to be traded on ASX, it should be listed with ASX. All the buyers and sellers in the share market have uniform information as the ASX requires companies to disclose any vital information likely to affect its share price. Hence, no one investor can take advantage of company information. In a share market there are two prices bid and an offer. If shares are bought of a company, the order is called bid and if shares are to be sold, it is called offer. The ASX has a computerised trading system which matches the bids with offers and a trade is created. The buyer and seller will inform to the stock broker about the quantities and best price of shares they are willing to trade. Or they may also be prepared to take whatever best price is selling in the market. Once buying and selling takes place, the shares will be recorded as bought or sold and the ownership of the shares will be transferred from the seller to the buyer in three days. The shares are traded through a licensed stock broker as they are only authorized to sell in stock market. The brokers charge a brokerage for the services provided which is usually a small percentage of the transaction amount. The current top 20 shares by value as provided on the website of ASX is presented below: Company $ Value traded Woolworths 291,305,380.05 CWLTH Bank 152,107,479.65 ANZ Bank 111,859,506.07 BHP Billiton 109,208,937.53 Westpac 103,152,945.81 CSL 85,058,382.95 Telstra 79,218,155.65 NAT. Bank 78,820,604.01 Newcrest 75,667,764.68 Wesfarmer 72,947,052.13 Rio Tinto 69,608,749.71 Woodside 59,531,824.17 Spark INFR 50,935,054.40 AGL Energy 50,152,765.44 Macq Group 46,676,133.11 AMP 42,448,301.88 Fortescue 41,098,662.69 Stockland 39,395,918.79 Scentre 35,458,955.96 Bramb Ltd. 34,882,361.49 There are 2204 companies listed on ASX as on June, 2016. There were 2223 companies listed on ASX in the year 2008. (ASX, 2016). There has been a decrease of 0.8% in the number of listed entities. 2. Financial accounting is the process of recording, summarizing and presenting the transactions of a company for a specific period in the financial statements which include balance sheet, income statement, cash flow statement and changes in equity. The financial statements are external in nature as they are prepared for third parties i.e. investors, suppliers government etc. since the statements are used by different people, there are certain accounting rules according to which they should be prepared known as accounting standards. The managers of the company can use these statements to evaluate the companys performance. the various tools that can be used by the managers to analyze performance and thereby help in decision making include ratio analysis, break even analysis, contribution margin, cost volume profit analysis and operational leverage. Management Accounting is the process of collecting, measuring and communicating the information in such a way that the information is used by the top management to formulate policies and strategies for the organisation. Also the information helps management to plan and control the operations of the company. (Malik, NA). Management accounting helps the managers in managing the resources and people to create value for the organisation and provides the necessary information which helps in decision making and ultimately leads to attainment of organisational goals effectively. (Kidane, 2012). The various tools include ABC costing, quality management tools, SWOT, PEST, Balance Scorecard, porters five force model etc. (CGMA, 2016) 3. An incorporated business is an entity separate from its owners. Though incorporation involves a lot of paperwork and is an expensive process, however there are many advantages to incorporation which are discussed below: Limited Liability the liability of the owners/shareholders is limited i.e. the shareholders is personally not liable for the companys debts. The shareholder is liable only for the amount that he has invested in the company and a creditor cannot sue the shareholders or directors for any company liabilities, rather he can seek payment only from the company assets. The company exists as a separate legal entity. Lower taxes corporation tax is different from individual tax and is usually lower. Moreover the corporation can reduce its profits by deducting all operating expenses, employee benefits, health benefits and contribution to pensions and retirement plans for employees, thus reducing the profit and therefore taxes. Easier access to capital it is easier to raise capital through issue of shares by corporations. Also corporations can easily avail loans from banks. With so many alternative of capital sourcing, corporation can expand and develop its business. Perpetual existence corporations are separate legal business entity and do not come to an end with the death of its managers, shareholders or directors. As such corporation can undertake long term planning and thereby a favourable financing. 4. In todays competitive world, it is very important to have the basic ethical principles intact in a person in carrying out business. Ethical principles are standards of the right and wrong behaviour of an individual or a company that they should engage or not engage in. In order to be a good business executive, it is important to have a good character and reputation in the company because the ethical practises of senior leaders establish the ethical standards in an organisation. There are twelve ethical principles that one should abide by which include honesty, integrity, fulfilling commitments, loyalty, fairness, caring, respect for others, commitment to excellence, law abiding, maintain company reputation and accountability. In the present case there are three courses of action, ethical issues and principles for each course is discussed below: 1. If the manager declares his interest and steps out of the decision making process, he is being honest and maintaining his integrity as by declaring his interest, he would lose the opportunity to win the tender for his interest company and thus may lose making money. However by stepping outside the decision making process, the manager is not being loyal to the company. A manager is said to be loyal if he can make professional judgements independently. The interest of the company should be over all other personal interests. By not participating in the decision process, the manager is not being committed to the company. 2. If the manager declares his interest and participates in the decision making process, he is exhibiting loyalty, integrity, honesty and fairness ethical principles. 3. If the manager does not declare his interest and continues being part of the decision making process, he is being unethical since he is hiding a material fact from his company which may have an influence in the decision making process. This shows he is dishonest, disloyal and not being fair in his dealings. 4. Declaring his interest and participating in the decision making process is the best course of action for the manager as this would be the most ethical behaviour where he would have been honest by declaring his interest and also loyal by abiding by his duties as a senior business executive. The manager should keep the companys interest above his personal interest in carrying out his duties. Reference ASX, 2016, ASX Tutorial: What is the Share market, accessed online on 26th July, 2016 available at, https://www.asx.com.au/videos/2012/whatisthesharemarket_tutorial/ ASX, 2016, Top 20 Shares by Value, [Online], available at, https://www.asx.com.au/data/dw_sharesbyvalue.pdf [Accessed on 26th July, 2016] ASX, 2016, Historical Market Statistics, [Online], available at,https://www.asx.com.au/about/historical-market-statistics.htm#No. of Companies and securities listed on ASX [Accessed on 26th July, 2016] CGMA, (2016), Essential Tools for Management Accountants, [Online], available at https://www.cgma.org/Resources/Tools/essential-tools/Pages/list.aspx?TestCookiesEnabled=redirect [Accessed on 26th July, 2016] Malik, N.S., (NA), Management Accounting: Nature and Scope, [Online], available at, https://www.ddegjust.ac.in/studymaterial/mcom/mc-105.pdf [Accessed on 26th July, 2016] Kidane, F., (2012), Decision Making and the Role of Management Accounting Function A Review of Empirical Literature, Journal of Radix International Educational and Research Consortium, Vol. 1, no. 4 Josephson, M., (2015), 12 Ethical Principles for Business Executives, [Online], available at https://www.standardizations.org/bulletin/?p=13 [Accessed on 26th July, 2016] Colville, J., (2000), Incorporation: Pros and Cons, Accountancy