Excellence in Engineering Education :: Education Engineer Educating Essays

How should we describe the excellent engineer and what kind of education is demanded by such a person? Several issues are involved. One of these is the character of our times; that is, the best engineer out of the "science engineering" model of the 1950s may have little value in the early 21st Century. Another issue is the concept of education. How do education and training differ and how is excellence achieved? Finally, clearly, there is the issue of what we would expect of an engineer who is truly excellent. Fortunately for us, ABET (Accreditation Board for Engineering and Technology) seeks to define the excellent engineer and the excellent engineering program by outlining a number of criteria that should be met by any accredited program in engineering education. It is important to note, at the outset, that ABET begins with an overarching criterion that "engineering programs must prepare graduates for the practice of engineering at a professional level." (My emphasis) This must mean something more than mere vocational training. As a professional, the engineer must exercise considerable autonomy and use intelligent individual judgment. The professional engineer can be no mere employee; he/she must become a partner in the development of technology. By its very nature a professional partnership involves certain viewpoints, methods, and standards developed by the community of professionals, who have common interests and objectives, and these must stand independent of those who would employ o r otherwise seek the service of these professionals. Three of the five criteria developed by ABET recognize aspects of the educational institution that, I suspect, all will agree with without much hesitation. Students of high quality must be attracted and served well. Faculty of high quality must be attracted and retained. Educational objectives must be stated clearly and publicly; some form of evaluation must be in place to assure that these objectives are achieved. The one worrisome aspect of the new ABET criteria is what appears to be an overwhelming emphasis on quantitative assessment, phrased in terms of outcomes. While it is one thing to plan for and hope for significant outcomes, it is another to expect that genuinely desirable outcomes will always be so "objective" that quantitative assessment is remotely possible. At the very least, there should be some allowance for the obvious fact that certain outcomes take longer than others to be realized. It is true, of course, that the longer an outcome takes, the more complex are the f actors that contribute to it.

No More Couch Potatoes Essay

There is no doubt that there is too many obese people in this world, and that is clearly a problem, but we are focusing on the wrong things in our searching for a solution. It is not the overweight itself and the thinking of a better look when all the kilos are gone, no, it is a good physicality that is the main drive or motivation that leads to a good and forever being los of weight. Too many of the obese people do not keep being thin when they have lost weight, because they are not supported on their personality, the particularly obese young boy or girl, have being abused and bullied because of their overwhelming weight, and look. That breaks the physical motivation in those young kids, and makes them take a part of this way of being treated, they accepts it and puts on a role as the â€Å"fat dude†. Personality and losing weight has to expand i the same tempo to keep the necessary motivation, not just to loose more weight, but to get a stronger and more confident personality. One of the newest answers to the obesity problem, is the â€Å"TV-cycle†, a bicycle connected to the TV, so to watch television, the kids now has to get a movement in the pedals, if not, the TV will turn off. That is not a way to get rid of the obesity. Treating the obese kids otherwise than regularly weighting kids in average teenage activities is giving them the fat-kid role, and that will not strength their outer persona. Respect and accept from other kids is important to get the essential feeling that creates a confident personality, a person who believes in him/herself. Wathing Tv, playing computer, and eating fastfood, those things are not the main problems, they are just a part of what the physical breakdown effects. Everyone do those things once in a while, and everyone should do it if they want, but everything is healthiest in small doses, and that is on thing that the obese kids has to learn, i a way so it feels natural in their minds to think of exercising, healthy food and so on. Once i had a rule that everytime i eated couch potatoes, i also took an apple from our fruit bawl, and everytime i had been surfing on the internet for too long, i went to my garden and played football. Everyone can do that. Everyone do like some kind of good and healthy food, and everyone do know how to run, kick to a ball, hop, whatever. If we just treat everyone the same, there will be a place to evolve, from overweight to regular weight, and from unconfident to confident about ourselves, and our surroundings.

Disengagement Theory Is The First Formal Theory Of Aging

Disengagement theory is the first formal theory of aging. It was first proposed in 1961 by Elaine Cumming and William Hendry. They both were researchers from the University of Chicago. The two developed their theory in their book Growing Old: The Process of Disengagement. In the book they criticized the implicit theory that people can adjust, be satisfied, and happy in old age. They can also be physically involved and remain active throughout their lives. â€Å"Cumming and Henry argued that normal aging involves a natural and inevitable mutual and inevitable mutual withdrawal or disengagement, resulting in decreasing interaction between an aging person and others in the social system he belongs to.† Because of the inevitability of death, the society and the individual mutually server their ties in advance so that the death of the individual will not be disruptive to the social system. The disengagement theory results in decreasing interaction between aging person and social s ystem. Disagreement occurs when the individual becomes aware of the shortness of life and the amount of time left. The individual wants to disengage by reducing the number of roles the individual plays. One of the most controversial things about this theory would be that the idea of disengagement was a universal meaning. Universal means it happens everywhere and in all historical areas. Inevitable, means that it happens sometimes to everyone. Lastly, intrinsic is cause by biological factors rather thanShow MoreRelated Aging Essays1688 Words   |  7 Pagesare young we never think about what we are going to be like when we are 80 or 90. We just think of the present. Aging is something almost everyone experience’s in their lifetime. Everyone ages at their own rate and time, thus no one has the same experience. Some theorists believe that as we age we become disengage from society, others believe it’s the choices we make that cause disengagement from society. It’s something psychologists have argued for a long time. There is not a lot of research done onRead MoreProblems Faced By Senior Population Essay2310 Words   |  10 PagesOne of the greatest challenges of the twenty first century will be the tremendous increase in the number of older adults throughout the world. Elderly people are the most rapidly increasing age group in Canada. In 2000 there was about 3.8 million Canadians were 65 years older. Statistics of Canada projects that by 2021, it will get doubled (Hick S., 2010, p.270). It is sure that this demographic trend will affect most part of our society, especially the health care needs and the delivery of healthRead MoreAging : A Natural And Inevitable Feat1565 Words   |  7 PagesGabrielle Cardina AGNG 200 9 October 2014 Midterm Question 1) Aging is a natural and inevitable feat that every living organism must muster. Although we accept that aging, no matter the rate, happens, some cannot do so without reason nor a formal explanation. Because of these people, there are theories and ideas that were made up to capture the full frame of growing older. I believe that the act of aging can be perceived in two different ways: physically or mentally. These are two completelyRead MoreEssay on Ashford Soc 304 Discussions3762 Words   |  16 Pagestextbook, address the following: a. Discuss the differences between activity theory and disengagement theory. b. Compare and contrast one of the other theories mentioned in the chapter (i.e., modernization, exchange theory, subcultural theory of aging, etc.) to activity theory and disengagement theory. c. Discuss how the theory that you selected differs from the activity and disengagement theories of aging. d. Contact a person who would fall into one of the categories of old ageRead MoreThe Art of Motivation7625 Words   |  31 PagesThe Art of Motivation: It’s Affects and Applications Part I. Definition and Importance of Motivation Before delving into the topics of motivational theories, the affects of motivation, and motivational tools, etc., it is important to first define motivation and explain why the subject of motivation is so important in the organizational setting today. Motivation Defined The topic of motivation is not something new. For decades, scholars, researchers, theorists, psychologists, and organizationalRead Moreeffect of workforce diversity on employee performance in anorganization6665 Words   |  27 PagesRESEARCH QUESTIONS: 3 1.5 SIGNIFICANCE OF THE STUDY 4 1.6 SCOPE OF THE STUDY 4 1.7 DEFINITION OF TERMS 5 CHAPTER TWO 6 2.0 LITERATURE REVIEW 6 2.1 INTRODUCTION 6 2.2 THEORETICAL REVIEW 6 2.2.1 SOCIAL IDENTITY THEORY 6 2.2.2 EXPECTATION STATE THEORY 7 2.2.3 SOCIAL EXCHANGE THEORY 8 2.3 EMPIRICAL REVIEW 10 2.3.1 Gender 10 2.3.2 Age 11 2.3.3 Ethnicity 12 2.3.4 Education background 13 2.4 CONCEPTUALIZATION 15 2.5 OPERATIONALIZATION 16 2.5.1 Gender 16 2.5.2 Age 16 2.5.3 Ethnicity 16 Read MorePG Japan the Sk-Ii Globalization Project3489 Words   |  14 Pagesall the local product development labs and manufacturing plants was limiting profits. * The ferocious autonomy of national subsidiaries was preventing the global rollout of new products and technology improvements. When relating this to the theory, Walter Kuemmerle has shown that many MNE’s are changing their strategic approach to Ramp;D. in particular international projectors are decentralizing their Ramp;D. In this case of Pamp;G it can also be seen that the Ramp;D departments are locatedRead MoreWho Are You Calling Old? Negotiating Old Age Identity in the Elderly Consumption Ensemble Michelle Barnhart Àà º Lisa Penaloza18943 Words   |  76 PagesCorvallis, OR 97331 (michelle.barnhart@bus.oregonstate.edu). Lisa Penaloza is professor of ËÅ" marketing, Bordeaux Management School, 680 Cours de la Liberation, 33405 Talence Cedex, France (lisa.penaloza@bem.edu), and advisor, Center for Consumer Culture Theory (3CT), Stockholm University School of Business, Sweden. This research was part of the lead author’s PhD dissertation at the David Eccles School of Business at the University of Utah. The authors would like to thank the members of the lead author’sRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pages91 4 Emotions and Moods 97 What Are Emotions and Moods? 98 The Basic Emotions 100 †¢ The Basic Moods: Positive and Negative Affect 100 †¢ The Function of Emotions 102 †¢ Sources of Emotions and Moods 103 Emotional Labor 108 Affective Events Theory 110 Emotional Intelligence 112 The Case for EI 113 †¢ The Case Against EI 114 †¢ Emotion Regulation 115 OB Applications of Emotions and Moods 115 Selection 116 †¢ Decision Making 116 †¢ Creativity 116 †¢ Motivation 117 †¢ Leadership 117 †¢ Negotiation 117Read MoreMarketing Management 14th Edition Test Bank Kotler Test Bank173911 Words   |  696 Pagesstates with respect to bifocal lenses for glasses. Answer: Student answers may vary, but a possible answer includes the following: (1) negative demand—many people dont want to admit they need bifocals, (2) nonexistent demand—when bifocal lenses were first introduced, people didnt know they existed, (3) latent demand—before they were introduced, many people thought such a product would be nice, but didnt think it would ever exist, (4) declining demand—this will occur when something better and more

Bloody Mary and The Virgin Queen - 1970 Words

Bloody Mary and the Virgin Queen Mary and Elizabeth Tudor were both, by all accounts, strong and intelligent women endowed with many of the qualities that mark a successful ruler. However, only Elizabeths legacy is a positive one; her reign has been called the Golden Age of England, and she remains a heroine in popular history and even modern film. Marys reign is scowled at, and seen by most as a brief unpleasant period preceding the glorious ascension of Elizabeth. To account for this, one can examine each sovereigns maternal influences, governing styles, and choices regarding marriage. Maternal Influence Marys mother, Katherine of Aragon, has been described as a staunch woman of misguided principles (Weir 3).†¦show more content†¦She contracted a matrimonial alliance with her nephew Philip, another Catholic monarch (Erickson 331). Their marriage caused a general outcry; the British did not favor Spaniards and feared that, upon their union, Philip would rule England as king; or that, if she died childless, he would seek to seize the throne for himself and his future heirs (337). This seemed a valid fear in light of Marys traditional feminine deference to male authority, but Mary declared that she would wholly love and obey the man she married, following the divine commandment, and would not in any way act against his will, but if he tried to interfere with the government of the kingdom she would have to prevent it at all costs (Erickson 333). For some, this was not enough; and the marriage contract specified that Phillip could not succeed. Thus, Mary was de termined to have a say in her own government. However, faith could guide Mary even if her husband could not, and she began to be very influenced by Catholic Cardinal Pole (Erickson 390). For all men who minimized her authority, Pole was the most blatant (Erickson 390). Pole gave Mary misguided advice concerning the religious conversion of her realm. He assumed that the religious situation in England was not unlike that in Italy, where the Protestant heresy had taken rather shallow root and had been decisively crushed by the Papal inquisition (Erickson 390). He failed to recognize the importance of the fact that a wholeShow MoreRelatedQueen Elizabeth: The Virgin Queen922 Words   |  4 PagesLizzie Scott â€Å"I am already bound unto a husband which is the Kingdom of England.† -Elizabeth I (Add Intro) Queen Elizabeth was famously known as â€Å"The Virgin Queen† for never marrying. She refused to share her power. Queen Elizabeth was born in 1533 and she and her sister were claimed to be illegitimate by her father, Henry VIII since he was looking for a male heir to his throne. Her mother, Anne Boleyn, was executed by her husband Henry VIII for what historians believe was false charges of adulteryRead MoreElizabethan Age Nationalism Essay1512 Words   |  7 Pageslong before she became one of the most famous queens in history. Elizabeth’s grace and poise were honored from the start, but it was her intellect and vigor that ultimately won her the last word. She was their King, this virgin Queen that defined her life with the love of no man but a country of loyal subjects. England prospered in culture and religion as well as establishing itself as a world power, all during Elizabethan times. During the reign of Queen Elizabeth I, nationalism soared due to t heRead More Queen Elizabeth Essay examples1227 Words   |  5 Pages Queen Elizabeth I Queen Elizabeth, the first, proved to be a very good and loyal monarch to England. She brought about many changes, both good and bad. On September 7, 1533 a baby girl came into the world. Back then many parents would have been greatly disappointed to have had a baby girl, rather then a boy. However these parents were glad by the birth of their first child together. These proud parents were the king and queen of England, King Henry VIII and Anne Boleyn. The girl child was namedRead MoreQueen Elizabeth I Of England1040 Words   |  5 Pagesblack hole against her pale complexion. The year was 1587, Elizabeth had gone through so much to be here. Oh, my mistake, I should probably refer to her by her formal name. The Elizabeth of this daring story full of anger and spite is none other than Queen Elizabeth I of England. To tell the full story though, we must travel back some 50 years to when Elizabeth was only 3 years old. The year is 1536, her mother, Anne Boleyn, has failed to produce a son for her husband King Henry VIII. Now here s whereRead MoreAnne Boleyn950 Words   |  4 PagesAna Bolena – Anne Boleyn 1501(1507)-1536 Queen of England 1533-1536 Mother of Elizabeth I Information about the early years of Anne Boleyn is almost non-existence; her birth has been dated from 1501 to 1507. Although information about her parents is abundant. Her father, Sir Thomas Boleyn, was named Sir in 1503. He was fluent with the languages, which allowed him to travel through Europe under the King’s orders and be part of important meetings. He was one of the bodyguards that took theRead MoreA Brief Look at Queen Elizabeth I1189 Words   |  5 PagesMany people, in England, believe that there has always been one queen to stand above the rest. That queen was Elizabeth the 1st. She has made many accomplishments during her reign. From a compromise about what religion England would follow to defeating the Spanish Armada. Elizabeth was born September 7, 1533 in Greenwich England. She was the daughter of King Henry VII and his second wife, Anne Boleyn. Elizabeth had a half sister from the king’s first wife, Catherine of Aragon, and also had a halfRead MoreHenry Viii And The Church Of England912 Words   |  4 Pagesâ€Å"Roundhead soldiers bursting into the home of a Catholic† (Alchin, 2014, p.1). The soldiers would also inconsiderately invade â€Å"the bedroom of the lady of the house (though this could also allude to a secret chapel, with the Lady in question being the Virgin Mary)† (Alchin, 2014, p.1). Moreover, the old man represents a hidden priest or an elderly of the family, who firmly refused to recite the Protestant English prayers to the soldiers (Alchin, 2014, p.1). In response, the British soldiers drag ‘theRead MoreEssay on Elizabeth I1259 Words   |  6 Pages The long, lasting conflict between Queen Elizabeth and Mary Queen of Scots was the fight over t he throne. Elizabeth and Mary we second cousins and Mary thought she deserve the crown. The conflict between Elizabeth and Mary ended up leading to Mary’s death. Elizabeth I, â€Å"queen of England and Ireland, was the most famous of English Monarchs and one of the most successful women rulers in history.† (Row, 243). â€Å"She was not only concerned with politics, diplomacy, and the religious struggle againstRead MoreKings and Queens: The Tudors Essay1228 Words   |  5 PagesThe Tudors consisted of five kings and queens as well as Lady Jane Grey. The family line began when King Henry V passed away and his wife later on remarried a man named Owen Tudor. The Tudors were known as the most powerful, feared, and inspirational line of people to have lived during their time Owen Tudor, worked for the king within his courts as a Welsh owner, during the time of Owen’s marriage, Owen and the queen ended up having a son named Edward and it was said that he was to be the next inRead More Biography of Queen Elizabeth Essay1102 Words   |  5 PagesBiography of Queen Elizabeth Despite being unwanted by her father, King Henry VIII, Elizabeth managed to overcome obstacles and become one of the most powerful woman leaders of her time. Some of her accomplishments were to defeat the Spanish armada, restore peace between Catholics and Protestants, and lead England to prosperity (Ross 146). The period of time during her reign, fifteen hundred and fifty eight to sixteen hundred and three, is often called the Golden Age since it was

The Concept of Liberty in US Political History An...

Introduction This analytical essay is commissioned to highlight the concept of Liberty in US political history along with an in-depth analysis of era which gave rise to several Political Parties in the United States during 1776-1803. Dating back to the era of 1783, in which the American Revolution came to its end, Americans nationals, specifically the white community of America, came in accord with a common perception regarding liberty of politics in the country and perceived the republican government (republicanism) as the best form of government which could stand for the societal good and prosperity while providing secure liberal societal milieu. On the other hand, there was another opposing yet prominent group in that era which was of the notion that these political parties can never serve a constituent of public life in America. This opposing group or faction observed political parties as the symbols of self-centeredness and thus, consider them a hindering factor in the success of the entire American nation. They firmly believed, as revealed by David Ramsay in 1789, that: In no age before, and in no other country, did man ever posses an election of the kind of government, under which he [leader] would choose to live (p.266). Consequently, this idealistic diversification led America to have two different contemplations of political liberty and chaotic perceptions regarding the most appropriate structure of governments to be implemented which can protect publicShow MoreRelatedThe Enlightenment By Locke, Paine, And Kant1492 Words   |  6 Pagesbecause of their faith and if asked to justify themselves, they would not be able too. People brave enough to understand this new paradigm shift like Locke, Paine, and Kant influenced society with their new fascinating philosophies that have influenced us till today. What they did not realize is how corrupt the development of reason would become. Rousseau understood reason and never denied it but also saw its future, which is why he chose compassion over reason. Through Locke’s, Paine’s and Kant’s examplesRead MoreAdministrative Law, Red and Green Light Theories5307 Words   |  22 Pagesnot be understood except in the context of the other. In 1941, Sir Cecil Carr made a similar point in a series of lectures on administrative law given at Harvard University, in the course of which he said: We nod approvingly today when someone tells us that, whereas the State used to be merely policeman, judge and protector, it has now become schoolmaster, doctor, house-builder, road-maker, town-planner, public utility supplier and all the rest of it. The contrast is no recent discovery. De TocquevilleRead MoreEssay on Women Empowerment5257 Words   |  22 Pageshttp://www.onestopias.com/tutorials/sociology/basic-concepts/types-of-societies.asp http://www.cbd.int/decisions/ http://www.preservearticles.com/economics/ http://in.news.yahoo.com/internet-diplomacy-changing-world-highlighted-sonepat-meet-104338539.html http://www.onlinegkguide.com/current-affairs/india/january-2011/ http://www.egyankosh.ac.in/bitstream/123456789/25474/1/Unit-1.pdf http://www.sociologyguide.com/basic-concepts/Definition.php http://epw.in/epw/user/userindex.jsp http://wwwRead MoreEssay on Women Empowerment5266 Words   |  22 Pageshttp://www.onestopias.com/tutorials/sociology/basic-concepts/types-of-societies.asp http://www.cbd.int/decisions/ http://www.preservearticles.com/economics/ http://in.news.yahoo.com/internet-diplomacy-changing-world-highlighted-sonepat-meet-104338539.html http://www.onlinegkguide.com/current-affairs/india/january-2011/ http://www.egyankosh.ac.in/bitstream/123456789/25474/1/Unit-1.pdf http://www.sociologyguide.com/basic-concepts/Definition.php http://epw.in/epw/user/userindex.jsp http://www.indiaonlineRead MoreA Look into the Various Forms of Essay Writing5590 Words   |  23 Pagesorganisational goals is considered to be the style variable; this variable is thought to encompass the cultural style of the organisation. The shared values variable, originally termed superordinate goals, refers to the significant meanings or guiding concepts that organisational members share (Peters and Waterman, 1982). The shape of the model (as shown in figure 1) was also designed to illustrate the interdependency of the variables. This is illustrated by the model also being termed as the ManagerialRead MoreContemporary Ethical Theory Philosophers5014 Words   |  21 Pagesin the group? †¢ Is there a moral difference between doing something that you know will have certain undesirable consequences and doing it with the intention of producing those consequences? On the other hand, a good example of a contemporary essay in moral philosophy that is not a piece of metaethics is included among the readings at the end of the chapter, the piece by James Rachels (1941–2003). In the article, Rachels discusses whether it is true that letting people die of starvation isRead MoreMill vs. Bentham2787 Words   |  12 Pagesmentor of J. S. Mill, is usually considered the founder of British utilitarianism. J. S. Mill adapted Benthams ideas and philosophies to meet the criticism utilitarianism encountered in Victorian times, expressing his version in the essays Utilitarianism (1861) and On Liberty (1859). Although the differences between the ideas of Bentham and Mill are very few, Mills adjustments are important and greatly alter the basic foundations of the system. To fully understand the origins of the ideas and opinionsRead MoreHerbert Spencer Essay13142 Words   |  53 Pages | Herbert Spencer (1820-1903) was an English philosopher, scientist, engineer, and political economist. In his day his works were important in popularizing the concept of evolution and played an important part in the development of economics, political science, biology, and philosophy. Herbert Spencer was born in Derby on April 27, 1820. His childhood, described in An Autobiography (1904), reflected the attitudes ofRead MoreThe Differences in John Stuart Mills and Jeremy Benthams Versions of Utilitarianism2151 Words   |  9 Pagesmentor of J. S. Mill, is usually considered the founder of British utilitarianism. J. S. Mill adapted Benthams ideas and philosophies to meet the criticism utilitarianism encountered in Victorian times, expressing his version in the essays Utilitarianism (1861) and On Liberty (1859). Although the differences between the ideas of Bentham and Mill are very few, Mills adjustments are important and greatly alter the basic foundations of the system. To fully understand the origins of the ideas and opinionsRead MoreAre the Rationalist Approaches Appropriate for the Study of International Relations?3641 Words   |  15 Pageswere initially taught in different fields, such as international law and diplomatic history and international organisations. The importance of studying international relations as an independent rapporteur emerged after the Second World War, precipitated by unprecedented US involvement in global affairs (both during the war and in the subsequent Cold War) and the decline of the European empires in the post-war political situation (Hook and Spanier, 2007). International relations seeks to interpret the

Vendor-specific Objective Evidence Free Essays

Hemo-Tech Case Presentation Outline * 1 Myles Intro: Facts: * 1 Issues: Multiple Element Arrangement * How should revenue be allocated to each deliverable? * What sales price should be allocated to each deliverable? * How are deliverables defined? * 25-4 â€Å"A vendor shall evaluate all deliverables in an arrangement to determine whether they represent separate units of accounting. That evaluation shall be performed at the inception of the arrangement and as each item in the arrangement is delivered. * 25-5 â€Å"In an arrangement with multiple deliverables, the delivered item or items shall be considered a separate unit of accounting if both of the following criteria are met: * a. We will write a custom essay sample on Vendor-specific Objective Evidence or any similar topic only for you Order Now The delivered item or items have value to the customer on a standalone basis. The item or items have value on a standalone basis if they are sold separately by any vendor or the customer could resell the delivered item(s) on a standalone basis. In the context of a customer’s ability to resell the delivered item(s), this criterion does not require the existence of an observable market for the deliverable(s). b. Subparagraph superseded by Accounting Standards Update No. 2009-13 * c. If the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the vendor * 25-6 â€Å"A delivered item or items that do not qualify as a separate unit of accounting within the arrangement shall be combined with the other applicable undelivered item(s) within the arrangement. The allocation of arrangement consideration and the recognition of revenue then shall be determined for those combined deliverables as a single unit of accounting. † * * warranty, update machines * 2 Sandra Alternatives: * Company’s selling price to a different customer * A different company’s selling price of the same product * Selling price of a similar product’s profit margin, applied to the total costs of product * Proportional based on costs * 3 4 Troy Jessie Literature: Multiple-Deliverable Revenue Arrangements: ASC 605-25 * Vendor-specific objective evidence:   ASC 605-25-30-6A * 30-6A Vendor-specific objective evidence of selling price is limited to either of the following: * a. The price charged for a deliverable when it is sold separately ( annually, supplies-$3,000 per box, monitor and test-$600,000 annually) * b. For a deliverable not yet being sold separately, the price established by management having the relevant authority (it must be proba ble that the price, once established, will not change before the separate introduction of the deliverable into the marketplace). Third-party evidence: ASC 605-25-30-6B * Third-party evidence of selling price is the price of the vendor’s or any competitor’s largely interchangeable products or services in standalone sales to similarly situated customers. * screen and report services-$730,000 median price * Estimated selling price: ASC 605-25-30-6C * The vendor’s best estimate of selling price shall be consistent with the objective of determining vendor-specific objective evidence of selling price for the deliverable; that is, the price at which the vendor would transact if the deliverable were sold by the vendor regularly on a standalone basis. The vendor shall consider market conditions as well as entity-specific factors when estimating the selling price. * equipment * 5 6 Kelly Crystal Recommendations * IFRS: IAS 18? Type: Revenue Recognition Subject: Accounting for multiple-element revenue transactions under U. S. GAAP   (specifically identifying deliverables and determining selling price) and exploring the sources of IFRS guidance for such transactions How to cite Vendor-specific Objective Evidence, Papers

Porsche Exposed free essay sample

Do you believe that Porsche’s management is appropriately concerned with stockholder wealth? Does Porsche’s ownership structure work to the benefit or detriment of public shareholders? Although Porsche is publicly traded, the company is controlled by only two stockholders, the Porsche and Piech families. As the quotation by Holger Harter makes clear, the two families hold exclusive shareholder influence over management. An interesting point for class discussion is whether the families actually ever exercise these rights.It is not clear from the information or evidence presented that they influence or direct current management headed by Dr. Wendelin Wiedeking. They may simply agree with current leadership and therefore remain quietly complicit. What this means for minority shareholders is that they do participate in the distributed profits and any and all capital gains (losses) which the traded preference shares provide, but they have no voting rights and therefore no ability to act as owners in whole. We will write a custom essay sample on Porsche Exposed or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page It also explains in part the company’s relatively uncooperative response to the requests of analysts and stock exchanges for more frequent reporting (as well as more detailed disclosure in their financial reporting). A final related component of this governance discussion is the structure of management compensation. The compensation packages of senior management were nearly exclusively focused on the recorded profitability of the firm from year to year, and not on the market’s assessment of that performance, the share price. . In your opinion is Porsche’s current currency hedging strategy protecting it from adverse exchange rate changes? Will it work as well in the long run as in the short run? Evaluate the other hedging strategies available to the firm and compare and contrast alternatives. Exposure: Porsche’s currency exposure is fundamentally a long-term operating exposure arising from where and how it operates its business.Because the company is relatively simple in structure compared to most multinationals, and transparent in the type of currency exposure it incurs, most of its currency exposure can be viewed as a series of transaction exposures, both existing (already an existing account receivable or inventory line item on the company’s balance sheet) and anti cipated(not yet contractually existing, but with a high likelihood that they will occur). Alternatives. There are a number of alternatives, which we cover here in brief. 1) Pass-through. The discussion of exchange rate pass-through is relevant, but not really a hedging solution. Pass-through does exactly what it says, it passes on to the buyer a portion of the exchange rate movement. This is in effect what Porsche has already done to some degree as described previously. As always, at some point the price elasticity of demand for the product changes so that further price increases through pass-through result in declining sales revenue. 2) Diversifying operations. If the company believed that it would be continuing to generate significant proportions of its sales in US dollar markets, it could match these sales values with production values by manufacturing in a US dollar environment. Other auto companies like BMW (produces today in South Carolina) and Mercedes (produces today in Alabama) have pursued this strategy successfully.As each year matures, and the associated options expire, the company has replaced them with a new three-year option position. (The three-year time horizon may actually be longer, but Porsche has not been willing to describe in any adequate detail the nature of how their hedging program is structured or operated. ) 3) Do you think Porsche’s currency hedging strategy reflects a particular bias of management and ownership regarding shareholder value creation? Do you believe that Porsche can continue to predict the future movement of the euro?Students generally seem to come to a conclusion that, although the current hedging program is expensive to purchase and operate, it has done well to date. Also, although other premium-priced automobile manufacturers have chosen to diversify operations, and seemingly successfully maintained the con sumer’s faith in their quality and brand, this is a choice of management, and difficult to second-guess. That said, in the end, the enormity of Porsche’s exchange rate exposure is not going to go away.Hedging it with financial derivatives is inherently a stop-gap measure, and does nothing to restructure or prepare the company for the long-term. Therefore, the possibility of a financing hedge, dollar-denominated debt, should clearly be reconsidered. Post Script. In January 2004 the following article appeared in the Financial Times (Porsche itself did not make any press release related to this issuance). It seems that Porsche was beginning to increase the use of US$debt