Management and financial accounting Essay Example | Topics and Well Written Essays - 500 words

Management and financial accounting - Essay Example The real estate business has experienced a sharp down trend in the recent times. As such, people are on the job of improving their own homes rather than buying or selling of houses. Lofty Heights which is a firm into improving of homes, as such, is expanding vastly taking the advantage of this downturn. Its headquarters are in South Wales but, it is growing nationally with Jeff (owner) as the sales and marketing personnel and Evans (employee) as the financial manager. The company is expanding further to form newer departments in the organizational structure like HR, Customer Service etc. It follows absorption costing for ascertaining its unit costs and is a sole proprietorship business entity as on date. Task – F2 – Management Accounting: Solution – a: Amount of profit budgeted to be made for each of the loft conversions: Particulars 23 31 36 Sales 28,500 39,500 55,500 Less: Direct Costs 7,800 14,500 18,500 Gross Profit 20,700 25,000 37,000 Less: Allocated Fixed O/h's 12,000 12,000 12,000 Net Profit budgeted 8,700 13,000 25,000 Solution – b: Allocated fixed o/h's HR Finance CS Building Planning 2,000 3,000 3,000 20,000 8,000 The fixed overheads are being allocated to the three loft conversion units according to their labor hour utility. But, this type of costing is more suitable only when:†¢There is only one conversion†¢Production is calculated on the basis of normal capacity and †¢There is no inventory.

Booker Jones Analysis Essay Example for Free

Booker Jones Analysis Essay 1. A. If the cost of barrels were to be incorporated into the inventory account (balance sheet), then the cost of barrels used (Income statement) can be reduced. From 1960-1961, Booker Jones increased its barrels produced from 43,000 barrels to 63,000 barrels. That is 20,000 barrel increased in just one year. The cost per barrels is $31.50. (20,000 * 31.50= $630,000) We can reduce the cost per barrel expense from income statement of $630,000. ïÆ'   (-407,000+630,000= 223,000) Therefore, pretax profit would have been $223,000 instead of net loss of $407,000. B. If the change were made retroactively as of June 1, 1959 then Effect on the balance sheet at the end of 1960 Number of barrel in inventory in 1960 is 172,000 (172,000 barrels * . 50 = 5,418,000) $5,418,000 is the increased inventory after incorporated the cost of barrels to inventory. ($5418000 + $4,506,000 = $9,924,000) $9,924,000 is the new ending inventory in 1960 Deferring the Aging costs into the inventory balance would increase the Net Profit in 1960. This would then increase the Retained Earnings account on the balance sheet Effect on the balance sheet at the end of 1961 Number of barrels in inventory in 1961 is 192,000 (192,000 barrels * $31.50 = $6,048,000) $6,048,000 is the increased in inventory after incorporating the cost of barrels to inventory ($6,048,000 + $5,030,000 = $11,078,000) $11,078,000 is the new ending inventory in 1960 Deferring the Aging costs into the inventory balance would increase the Net Profit in 1960. This would then increase the Retained Earnings account on the balance sheet Effect on the income statement for 1960 2. We do not believe that Jones went from a profit in 1960 to a loss for 1961 because they can capitalize the patented barrels as inventory instead of expense it. Because of the 4 years aging life, it makes sense to capitalize the barrels and expense it as the aging process reduced. 7. 1. The original Levi’s Store Channel has a higher return on invested capital, meaning it is a good investment in a long run. Column1 Wholesale Channel Estimate Original Levis Store Channel Estimate Operating Profit before Tax 4 6 Tax at 40% 1.6 2.4 NOPAT 2.4 3.6 Fixed Asset Factory PPE 5 5 Distributed PPE 1 2 Total Fixed Asset 6 7 Non-Cash Working Capital Current Asset 8 12 Current Liability 1 1 Cash 0 0 Total Non-Cash Working Capital 7 11 Invested Capital 13 18 Return on Invested Capital 18% 20% 2. Value Chain Analysis Providing strategic direction – corporate strategy Provide the perfect fit jean for customers Market segment for unsatisfied customers Broaden market segment by offering customized jeans Generating customer demand – sales, marketing and customer service Increase in profit 24% unsatisfied customers Provide more styles, more colors, better fits 4224 possible combination of measurement 400 prototype pairs stock at Kiosk for customers to try on Fulfilling customer demand – supply chain, manufacturing, production Order is transmitted directly to Levi’s factory. Each pair of jeans is individually cut 3 days shipping back to customers (at $5 extra charge per pair) Pull based: responsiveness to actual buying patterns, improve manufacturing, and delivery cycle Need to find ways to fix the 8 months lag between ordering cotton fabric and selling the final pair of jeans. Providing support services – Finance, HR, legal and compliance Need additional finance to pay for trained personal clerks Need to take out loan to finance initial investment of the project In 4 retail store locations

Electrical Resistance of Different Liquids | Experiment

Electrical Resistance of Different Liquids | Experiment After the invention of electricity by Michael faraday many scientists studied the ways of conducting electricity. It was in the middle of 18th century scientists thought about using liquid as a medium of conducting electricity. In 1808 Sir Humphrey Davy conducted electricity using potassium solutions in ammonia. The experiments were to show the electrical conductivity of liquids, but the reason for this was not explained in his experiments. In 1879 F.Kahlrausch proposed that ions are responsible for the conductivity of liquids. Ions are the building blocks of each molecule defined by its electron number. Ions which formed by the decomposition of minerals and other impurities carry current across the liquid and this is directly proportional to the ionic velocities. These findings were scientifically proven by M.M.Wrobleewisky and Olszweski in 1883 by liquefaction of nitrogen and other minerals from a solution under a pressure of 50 atmospheres showing the presence of ions in solute. The experiments conducted by WG Scaife in 1973 on the natural conductivity of liquids showed that at higher pressures of 2500 bars and above the electrical conductivity of polar solutions decreases rapidly. Even though there is a decrease at low pressures which are not practically measurable. Polar compounds like castor oil, sebacate etc. were used for these experiments and were discovered that the double layer formed at the tip of electrodes was the reason behind the reducing nature of electrical conductivity. While experiments on ionic solutions like Diethyl ether, carbon disulphide, benzene etc showed an increasing trend of electrical conductivity with pressure. This was due to the triple ions formed during the experiment. [1] In the experiments conducted by Alexander, Stoppa, Johannes Hunger, and Richard Buchner in 2009, it was found that the electrical conductivity of ionic solutions is higher than a mixture of ionic and polar mixture solutions. The experiment used potassium chloride (ionic) and non soluble oil base (polar) and the experiments were conducted under constant temperature and pressure conditions. The experiment showed a decrease in resistivity of nearly 1 ohm with an addition 5 wt % ionic compound. This experiment proved that the electrical conductivity depends on the charge density (number of ions) and the resistance to the movement of ions known as viscosity of a liquid [Stokes-Einstein, 1906]. The experiment compared the conductivities by increasing the percentage of ionic molecules in the solution. [2] Experiments were conducted by Aresatz Usobiaga, Alberto De Diego, and Juan Manuel Madariaga 1n 1999 to relate temperature with the electrical conductivity in solutions. HCL Solution (ionic solution) was used for the experiments. Under different temperatures close to the room temperature (292-315K) the solution exhibited an inverse proportionality relation to the conductivity. This correlated to the findings of A I Zhakin in 1995 were KCL which is less ionic compared to HCL was used. The experiment with HCL pointed out that at near to room temperatures resistivity was increased by 5-10% with every increase of 5K. The reason for this behaviour was the increase of viscous properties of the solution and viscosity decreases electrical conductivity. [3] In 2006 J. Vilaa, P. Ginà ©sa, E. Riloa, O. Cabezaa and L.M. Varelab conducted experiments on the electrical conductivities of solutions of aluminium chloride, aluminium bromide, aluminium sulphate and aluminium chromide. These compounds are ionic in nature. The experiments were carried out under constant temperature and pressure conditions. Experiments conducted by increasing the density of solutions showed an increasing trend of electrical conductivity by 10 % on each increase of density. Density was increased by adding 5 wt % aluminium salt into the solution. These increasing trends went until the solution is 50% saturated. The reason for the rise in conductivity was explained to be the increase in ion concentration. The more the ionic compounds present the more the conductivity would be. The results also showed that aluminium chloride which is more ionic than other samples will conduct more electricity at any concentration. But for polar compounds the increase in density resulte d in a decrease of conductivity. [4] J. Vilaa, P. Ginà ©sa, J.M. Picoa, C. Franjoa, E. Jimà ©neza, L.M. Varelab and O. Cabeza in 2005 conducted experiments on aluminium chloride and aluminium bromide for the binary relation on electrical conductivity with varying temperature and density. The experiment used 30% and 60 % concentrated solutions over a temperature range of 250-430K. The electrical conductivity increases with temperature, up to 400 times for aluminium chloride and 52 times in aluminium bromide solutions. But the conductivity decreases inconsistently with the increase in concentration. The probable reason for this controversial result could be the change in the properties of compounds with temperature. This showed that temperature had a greater influence on conductivity than density. [5] METHODS AND MATERIALS Overview of the experiment In order to contrast the electrical resistance of different liquids to expose their ionic or covalent characteristics, the following measures were carried out. Description of the procedural steps Firstly the electrical resistance measurement was set up. Then hundred and fifty milliliters of desired liquid was measured and poured in to a clean beaker. After the power supply was switched on, using the multimeter, circuits current was measured. Then at five minutes interval reading was traced again for three times. After this the average of three recordings was determined. Once the current was computed resistance of liquid was found out using Ohms law. Next the steps were repeated for all selected liquids. Subsequently all the selected liquids were cooled to 18 °C. Finally the above steps were followed for the refrigerated liquids. Materials Overview of mechanism The materials used for the experiment are listed below. Digital Multimeter DC Power supply, 250 ml glass beaker Sample solution of 150 ml Orange juice, 0.01% salt solution, 1% salt solution, 2% milk, and mineral water. Table salt Description of principal parts Digital multimeter Multimeter is an electronic tool which can be used for the measurement of voltage, current and resistance. There are two types of multimeters available. Multimeter which comes with digital display is commonly known as DMM (Digital Multimeter).Main parts of a digital multimeter are measuring probes, adjusting knob and digital display. Firstly the probes are used to get connection between points where we need to measure electrical property. One multimeter got two probes for achieving the connection between two selected points. Secondly the adjusting knob is used to select which property need to measure. It is also used to select the range of values of the results. The digital display helps the user to get accurate readings. It also provides information about different settings used for measurement. The multimeter can be switched on by turning the adjusting knob to desired property to measure. The display will provide us the relevant information. To test the DMM, turn the knob to resistance measuring mode and then touch each end of a copper wire to probe tips. Then the display will show resistance which should be almost zero. Results and Discussion The resistances of different liquid solutions prepared for the research were calculated using the Ohms law equation at room temperature. Observations show the average resistance of different liquid ranged from 26.1 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦ to 1728 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦. Among the liquids, orange juice was best conductor (26.1 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦) and distilled water (1728 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦) was the worst. The two salt solutions showed almost the same resistances even though higher concentrated gave us a slightly lower resistance. Orange juice The figure 8 chart shows that orange juice is the best conductor of electricity. The resistance for orange juice was found out to be the least during the experiment. We had an assumption that acids are the best conductors because they are ionic in nature. Acids separate into ions when mixed with water and ions are charge carriers. The electrical resistance computed was 26.1 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦ at room temperature. We had also made another assumption that when refrigerated; the conductivity will increase as the ions move slower related to normal room temperature liquid. After refrigeration, the resistance increased slightly to a value of 26.4 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦. Even though there was only a small decrease in the resistance value from that of the room temperature, our assumption regarding the refrigerated liquids came true. As studies and experiment done by Aresatz Usobiaga, Alberto De Diego, and Juan Manuel Madariaga in 1999 to relate temperature with the electrical conductivity in solutions [3] supports our results in this section. Salt solution The second best conductor is the salt solution. For the salt solution, the experiments were carried out with a concentration of 0.01% and 0.1% salt. The salt crystals in solid state wont conduct electricity because anions (chloride ions) and cations (sodium ions) are held together. But in a salt solution they are free to move around and thus conduct electricity. The main reason behind conducting this research experiment on different concentration of salt is to study whether it is the density or temperature of the solution that affects the electrical conductivity more. We hypothesized that the density of solution would decrease the electrical conductivity. The 0.01% and 0.1% concentrated salt solution exhibited almost the same resistance value of 35.6 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦. But the higher concentrated solution gave slightly less resistance value of 35.3 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦ as compared to the other solution. The resistance value of refrigerated salt solution of 0.01% and 0.1% are 115.2 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦ and 114.1 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦ respectively. As per the assumptions the higher concentrated solution gave slightly less resistance and the refrigerated solution showed great resistance as compared to the room temperature values. This showed that temperature had a greater influence on conductivity than density. [5] Milk The third liquid tested was 2% milk solution. Milk also conducts electricity but only in a small amount as compared to orange juice and the salt solutions. Electrical resistance of the milk solution was worked out to be 210.3 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦ during the experiment at room temperature. Viscosity and density are the other factors that contribute to the poor conductivity of electricity as compared to the above mentioned liquids. The refrigerated resistance value of the milk solution calculated is 211.1 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦. While cooling, the viscosity increases due to the higher voluminosity of fatty acids, proteins, etc. [Website reference: http://www.dairy-science.org/cgi/reprint/80/4/628.pdf]. Thus we came to the conclusion that milk conducts electricity due to their typical covalent bond structure and the presence of fatty acids. Distilled Water Figure 8 shows that distilled water is a worst conductor of electricity. During the research experiment, distilled water showed a resistance value of 1728 kilo à ¢Ã¢â‚¬Å¾Ã‚ ¦. The reason why liquid conducts electricity is due to the free movement of cations and anions in between the electrodes. For example, in our salt solution test electricity was conducted as the salt readily ionizes to sodium cations and chloride anions which can move freely around in the solution thereby transporting electric charges. In the distillation process water is boiled to steam and the steam is again condensed to water. Nearly all the salts present in the water is thus left out during the distillation process. Thus distilled water is pure H2O. Although pure H2O (distilled water) can dissociate into H+ and OH- ions like salt, it ionizes very rarely therefore exhibiting the property of an insulator. [Citation may or may not be given for the above statements made] Thus from the research experiment carried out we concluded that among the liquid solutions chosen, orange juice is the best electrical conductor and distilled water is the worst. From this we understood that orange juice has more ions present than distilled water (pure H2O). Therefore our assumption regarding acidic solution has high electrical conductivity is correct. Adding to the above results, the density and temperature also affects the electrical conductivity. The more salt added to the solution i.e. more ions added, the lesser the electrical resistance. The assumption regarding temperature as a factor affecting electrical conductivity was correct in some measure as some liquid solutions show higher resistance whereas some show almost the same resistance value with the room temperature values. Discount Retailers: Porters Five Analysis Discount Retailers: Porters Five Analysis In a context of post World War II, there was an economic boom in the USA, driven by the baby boom. The families needs increased, and discount retailing stores started to appear. Their main aim was to operate within low prices, to be able to offer everyday products at a very affordable price. In order to analyse the attractiveness of the discount retailing industry in the USA in the 1950s, we can use Porters Five Forces. Porter (1980:3) stated that competition in an industry depends on five basic competitive forces. As seen below in figure 1. Force 1: The Degree of Rivalry According to Ghemawat (2008), the degree of rivalry is the most obvious of the five forces in an industry [â‚ ¬Ã‚ ¦]. It influences the extents to which the value created by an industry will be dissipated through direct competition. With the economic boom, many discount retailers have emerged, especially in big cities (with a minimum population of 100  000). For the already existing supermarkets industry, their customers were used to having a lot of competitors to choose from. That is why the newly emerging discount stores attracted a lot of new entrants. That industry was characterized by an intense competition. The growth of the industry was significant and this factor of high profitability attracted many entrepreneurs willing to open new stores. As a result, in the US cities in the 50s and 60s, the concentration for the discount retail industry was low and the rivalry was intense (factor of industry unattractiveness). The theory says that the rivalry between competitors decreases when the buyers switching costs are high. But in the case of the discount retail industry, the switching costs are almost nonexistent: urban customers have a lot of competitors to choose from and the recent use of the car and the quite low price of the petrol in the 50s allow them to easily change and shop in another store. Also, unlike the supermarkets, discounters sold more or less the same kind of products. The available retailers focused on non-food products, and a competition for price began among the stores, offering a wide variety of household products such as toiletries, appliances, groceries and household goods. Thus, there is a significant rivalry here, characterized by high fixed cost and a lack of product differentiation. However in the 50s, in small towns and rural areas, the competition was not as fierce, as not many discount retailers were willing to open a shop in the countryside. This made that business landscape less competitive. Sam Walton saw an opportunity there, and decided to locate his first Wal-Mart stores there: Our strategy was to put good-sized stores into little one-horse towns that everyone else was ignoring. Force 2: The Threat of Entry Average industry profitability is influenced by both potential and existing competition (Ghemawat, 2008). The Five Forces framework gives 3 basic types of entry barriers: economies of scale, brand identity and capital requirement: Economies of scale: large economies of scale allow providing cheap products to their customers. It is an essential part for a discount retailer, and without it, could represent a real barrier to entrance. Brand identity: the products were standard in nature, and there were little or no differences between discount stores. That means that in the 50s, it was not really a barrier for new entrants. Capital requirements: the threat of entrants is also possible because of the high capital required. Entrepreneurs need high capital (building, equipment) and financial resources to start up a new discount store and this represents a barrier to entry the industry. Moreover, the barrier is much higher when the plan is to set up a stores chain. There are also some other barriers to take into account: Access to distribution: the discount retailer has to find new reliable suppliers, to have a competitive distribution channel. Advertising: it can also be seen as an entry barrier. In order to be known and to attract customers, new entrants need to spend a lot more money on advertisements. In the 50s, the US discount industry was characterized by high price and advertising competitiveness, with little buyer loyalty. To summarize, there were many obstacles for new entrants in the discount retail industry. Force 3: The Threat of Substitutes The threat that substitutes pose to an industrys profitability depends on the relative price-to-performance ratios of the different types of products or services to which customers can turn to satisfy the same basic need (Ghemawat, 2008). Due to the lack of product differentiation and the absence of switching costs, the goods sold in the discount stores can be found in other types of stores. There is a high buyer propensity to substitute. The discount retailer just like any other has to develop strategies to sell at a low costs but this is not the solution. It constantly has to ensure that its products are exactly what the consumer needs. This means that high quality products at an affordable price should also be part of Walt Mat strategy of being competitive, as well as product differentiation. Supermarkets represented a big threat of substitution for the discount stores selling groceries because they were cheaper than the conventional stores chains and they dominated the retail industry in the 50s (Markin, 1968). Force 4: Buyer Power The buyer information availability was almost non-existent. Indeed, nothing in the way of information technology was accessible at that time, either for EPOS (Electronic Point of Sale) use or for more sophisticated applications. The bargaining power of buyers is weak when reduced to a single individual, but the demand as a whole is extremely powerful. However, the fact that there were many discount retail industries made each of them weaker against the buyers bargaining power. That power was high in the USA in the 50s: customers could easily walk away and go to another shop (low switching costs). In the post World War II years, US consumers became educated in the merits of self-service, low price shopping via the spread of supermarkets. The customers price sensitivity was then high, because of the high product standardization, they could find their products in every discount retail. The buyer loyalty was low. Force 5: Supplier Power In the US discount retail industry in the 50s, the suppliers power was much stronger than today, because of the RPM (Resale Price Maintenance). The RPM was legal at this time and gave the right for the suppliers to set the final price of their products (price sometimes printed on the product). It was virtually impossible for retailers to pass on the benefits of more efficient operations to customers via lower prices. Thus, in the 50s the strong suppliers power was a criterion of unattractive industry. After the analyze of the US discount retailing industry in the 50 through Porters Five Forces, it can be inferred that this industry was not attractive, due to the high new entrants barriers, the level of competition in the cities, the threat of substitutes, and the high buyer and supplier powers. However, it is possible to slightly alter this statement: although the competition was tough in big cities, it was easier to set up a shop in the rural areas, where the degree of rivalry was lower. As a consequence, the different threats and barriers that looked like an insurmountable challenge in the cities were no longer impossible to overcome in the countryside. QUESTION 2 Every business has to adopt a business strategy, seen by many authors as the Paradox of Markets and Resources. The strategic management process means defining the organizations strategy. Managers have to make choices and set up strategies for the company that will enable it to achieve better performance. It is also sometimes referred to as a Business Model. Porters theory The Outside-In Perspectives key features are the positioning activities and the Value Chain, which will define a strategy through different business choices. This model is supported by the key protagonist Michael Porter (1996). Porters Generic Strategies  Model According to the chart above, we can identify Wal-Marts positioning strategy. Wal-Marts main strategy is characterized by its low cost policy, accessible to anyone. It can then be put in the cost leadership strategy strategy. However, with particular attentions for its customers (more than its direct competitors), Wal-Mart also plays a differentiation strategy, and delivers an excellent customer service. With the analysis of Wal-Marts value chain given above, a description of its key value drivers can be done. Every companys activities mapped in the value chain can be a possible source of competitive advantage but its the way they are cheaply performed and combined that will create competitive advantage and value for customer. In 1985, Porter suggested the value chain, which regroups functions into support and primary activities. The value chain is divided into 5 primary activities and 4 support activities. These activities can be linked and connected to the value chain to determine some factors of a competitive position and show how these activities add value to the consumer. Wal-Mart: the Value Chain According to the Wal-Mart value chain, two main support activities show that Wal-Mart uses a differentiation strategy through its human resource management and its technology development. The use of the technology is coupled with the inbounds logistics activity and the operations. Indeed, Wal-art was a pioneer in applying information and communications technology to support decision making and promote efficiency and customer responsiveness. (Zarbo, 1998) In the early 1980s, Wal-Mart invested over half a billion dollars to boost its computer and satellite network systems. They added barcode systems, scanners and other near-real-time technology to link cash registers in every store into one unified link. From the instant a sales transaction takes place, data simultaneously flows back and forth from stores world-wide to Wal-Marts distribution centres, its headquarters in Bentonville, and to Wal-Marts suppliers in a continuous, informative loop. In addition to offering Wal-Mart an environment that monitors and shares its current inventory trends with external vendors, this technology, through a sophisticated network which bridges individual stores, identifies the most efficient way to manage the distribution of its products internally. Moreover, a good example of Sam Waltons early understanding of the importance of technology is its current development and use of an automated distribution system known as the Retail Link. This system shares sales information with Wal-Mart suppliers to ensure that customers always find the shelves well stocked at their local Wal-Mart store. Retail Link allows Wal-Mart suppliers to dial-up and retrieve the history of important sales data from the last 56-weeks worth of sales. Over 4,000 of Wal-Marts suppliers access this service averaging approximately 10,000 queries a day (Zarbo, 1998). The large database of purchasing information enables Wal-Mart to set the right item at the correct price and in the right store. Concerning the human resources management at Wal-Mart, it is considered as very efficient. Sam Walton calls his employees his associates. They are an important part of the Wal-Mart family. The relationships between Wal-Mart and his associates are based on respect, high expectations, autonomy, close communication and clear profit incentives. Through its superior management and communication, Wal-Mart created an advantage. The Marketing and Sales activity is also a crucial point for the company. Wal-Mart has been founded on Sam Waltons belief that: There is only one boss: the customer. Indeed, the basic principle of Wal-Mart was to cut prices, and was thus well below its competitors, enhanced by its slogan Everyday Low Prices. This confirms the companys low cost strategy. In summary, the key value drivers of Wal-Mart match each other to lower the costs. Every activity is involved in cost reduction and that is why we can say that Wal-Marts value chain is very coherent with its cost leader positioning strategy and customer focused value for money approach. Barneys theory Firms obtain sustained competitive advantage by implementing strategies that exploit their internal strengths, through responding to environmental opportunities, while neutralizing external threats and avoiding internal weaknesses. Barney, 1991 The Resource-Based View (RBV) focus on strategic resources as the determinants of a competitive advantage. Those strategic resources are valuable because they allow to achieve superior performance (e.g. accumulated knowledge, or resources impossible to replicate). Grant, the key protagonist of the RBV theory focuses on resources, organisational features and capabilities. In the model, resources must be rare, valuable, inimitable and unsubstituable. Although, intangible resources can create the most competitive advantage, as they are harder to copy by competitors. The chart above reviews Wal-Marts tangible and intangible resources. The firm possess many intangible resources, which made its model hard to copy for competitors. So according to the RBV, Wal-Mart has some real competitive advantages here. QUESTION 3 Tetra-threat framework The Tetra Threat Model was first proposed by Ghemawat (2008). This model helps to determine the level of each threat category, in order to try to reduce their impact. This model can be used to identify what are the threats against Wal-Mart competitive advantage, and how it can sustain itself among the other discount retailers. Threat of Imitation Wal-Mart set up large barriers to overcome it: Scale economies: efficient hub-and-spoke distribution system; high volume purchases, strong dealing power with suppliers; national and regional economies of scale. Learning/private information: a significant effort has been made in understanding the operation of the discount retail industry. Wal-Mart has the right know-how to improve its logistics, reduce storage space, and incentive its people to work efficiently. Switching cost/relationship: due to its pricing policy and experience, Wal-Mart is able to offer inexpensive products to its customer (low switching costs). They also possess strong relationships and sustainable contracts with their suppliers (bargain power due to Wal-Marts size and partnership through data sharing and communication networks). Threat of retaliation: Wal-Mart has a strong reputation of fierceness. The local managers ability to adapt their prices to the local competition is a strong advantage to always have the lowest prices on the market. Time lags, upgrading and strategic complexity: the Wal-Mart business has been built upon the years, and accumulated years of knowledge and experience. Thus, they now own a very complex logistics and technologic system, and upgrade it constantly. To summarize, the imitation threat is not a real danger to Wal-Mart. It has raised many insurmountable barriers for its competitors to overcome. They do not have the sufficient knowledge to do it, or it will take them so much time, that by the time they catch up with their goal, Wal-Mart will already be way ahead of them in terms of innovation and technology. Wal-Mart has here a real sustainable advantage. Threat of substitution Substitution reduces the demand for what a firm uniquely provides by shifting the demand elsewhere. It is the most difficult threat to predict. However, Wal-Mart has developed many strategies to overcome that threat. The chain best answer to the substitution threat has been to own numerous substitutes on the discount retailing industry, such as warehouse clubs, supercenters and neighbourhood markets. Its mobility across format is a successful alternative against substitution threat. However, Wal-Mart has demonstrated being very good at scanning the landscape broadly and understanding underlying customer needs. It has continually been studying the competition in order to be responsive in fighting the upcoming threat. Finally, thanks to its low cost competitive advantage, Wal-Marts cheap prices restrain many competitors to enter a fight with the discount retailer giant. Threat of Holdup Holdup refers to customers, suppliers, complementary organizations, or other industry participants capturing value created by the focal company through the exercise of bargaining power. Concerning this threat related to Wal-Mart, two aspects can be distinguished: suppliers and employees. First, Wal-Mart has a total control over its suppliers, even the largest ones (e.g. Procter Gamble), in order to restrain their hold it up value. However, the holdup can be found the other way around: Wal-Mart ask its suppliers to closely integrate into their system and requirements. The requirements that Wal-Mart imposes on its suppliers extends well beyond low prices. Increasingly, the chain has involved itself in its suppliers employment policy (workplace safety, working hoursâ‚ ¬Ã‚ ¦), making Wal-Mart possibly pose a threat of holdup to them. Nonetheless, labor holdup can be considered as a real issue. With a weak percentage of union penetration, employees abuse (low wages, unpaid overtime, discrimination) are widespread. As a result, it depicts a negative image of the company, as well as employee demotivation and turnover. Wal-Mart should take into consideration this aspect to avoid a labor holdup. Threat of Slack Slack tend to dissipate value within the firm, and is not easy to identify. It regroups all form of inefficiency. However, this is not a big threat to Wal-Mart. In fact, there is a high organizational effectiveness within the human resource management. The relationships with the associates is based on respect, high expectations, close communication and clear incentives. Everything is done to motivate the staff and increase their loyalty to the firm. Finally, according to Casadesus-Masanell and Ricart (2007), protection against slack comes from the right mix of incentives and monitoring. As it is drawn in this analyse, Wal-Mart has develop strong responses to threats from imitation, substitution, holdup and slack, setting mechanism which allowed Wal-Mart to sustain its competitive advantage. QUESTION 4 The Dunnings Eclectic Paradigm (1981) of Foreign Direct Investment (also known as the OLI-Model) sets up 3 conditions that a company has to meet in order to engage in foreign operations: Ownership advantages, Location/Country-specific advantages and Internalization advantages. This theory will be used to contrast Wal-Marts entry into the German market in 1997 and into the UK market in 1999, in the following table. Wal-Marts entry into German market UK market Acquisitions (1997 and 1998): 21 stores Wertkauf ($1.04 billion) 74 hypermarkets Interspar (‚ ¬560 million) Both were renamed Wal-Mart stores. Acquisitions (1999): 219 outlets Asda ( £6.7 billion) Kept its name. Ownership Advantages Wal-Mart owns several intangible assets, which will allow it to overcome the costs of expanding abroad. These intangible core competencies are: Dominant clothing/textile and food retailer on the US market Every week, around 100 million shoppers frequent its stores Its 2003 turnover is 3 times bigger than Carrefours, the worlds no. 2 retailer (Knorr and Arndt, 2003) Internationalization experience: more than 1100 outfits abroad, which leads to considerable experience and management learning from a portfolio of stores in diverse markets Wal-Marts Retail Link-system (backbone of its sophisticated inventory management and logistics infrastructure) Operating the worlds biggest private satellite communications system (to track sales, to replenish inventories, to process payments in real-time) Wal-Marts retail proposition of everyday low prices, good customer service, wide assortment and community values High customer service levels, strong organizational culture, efficient logistics operations Location Advantages Location advantages are the factors in a foreign country that lead the company to make profits on its FSAs. Germany accounts for around 15% of Europes $2 trillion-a-year retail market German GNP: ‚ ¬2 trillion 80 million customers: biggest national retail market in Europe Germany is meant to be its bridgehead into Europe After its acquisition, Wal-Mart became the countrys fourth biggest operator of hypermarkets (Knorr and Arndt, 200) Politically stable country Economically powerful with big family incomes Very similar culture and social laws between UK and the US Internalization Advantages A firm possessing an advantage can either use the advantage itself (internalize it) or lease the advantage to other firms. The FDI decision depends on which option presents the best net return. Internalization also allows avoiding transactional costs. Internalization is the option chosen by Wal-Mart in many countries: Closer control by the Wal-Mart management (full control strategy) Economies of scale Sharing of the organizations knowledge and management capabilities to the new business According to the OLI-Model, implementing Wal-Mart stores in those two countries could really help the US firm to set a foot in Europe. Wal-Marts goal is to be the number one in every market in which it operates. Its international retail model equates to the aggressively industrial model. However, despite a bright success in the UK, the German venture has been unprofitable, and led it to exit the country in July 2006. What are the reasons for Wal-Marts failure and success? The reasons for Wal-Marts: Failure in Germany Success in the UK Acquisition of the wrong German companies Acquisition of the adequate UK company First, the German acquisitions have been very costly for Wal-Mart. The German market in renowned for its minimal profit margins and price-led strong domestic competition. Wal-Mart entered Germany at a time when the grocery market was saturated. At the time, Aldi was its major competitor, already holding a strong share of the discount retail segment. Wal-Mart now possessed 2 small disparate retail chains with different organizational structures and a heterogeneous portfolio of stores (the Wertkauf was a highly centralized family store) (Fernie et al., 2006). As a consequence, Wal-Mart did not have enough impact on the German market. For example, nearly 80% of the population did not have access to a Wal-Mart store (bad geographic penetration). Moreover, the patchy geographical coverage of Wal-Marts meant that its nationwide competitors have been able to adopt a zone pricing policy to compete on price in specific local markets. The weakness of the German economy in those years, coupled with the increased prominence of discounters, has reinforced this trend and discounters now account for 30% of the German grocery market and have been growing at 5% per year in a static market. Wal-Marts market share of 1.5% is dwarfed by its major competition (Fernie et al., 2006). There is a strong price competition where price leadership is already occupied by discounters. Asda was already a major discount retailer player before the entry of Wal-Mart. In fact, it was the third major grocer in UK in 1999. Wal-Mart acquired a well-established retail chain and Asdas management had already applied Wal-Mart practices to its corporate culture (Fernie et al., 2006). Asdas marketing, operations and organisational culture mirrored that of the US giant (Burt and Sparks, 2000) and was regarded as good strategic fit. Wal-Mart strategy for UK was to build on these similarities. There has been a high degree of stability throughout the chain during the merger, especially at store level, which facilitated the transition. Wal-Marts takeover also increased Asdas supply chain efficiency and improved its stock availability. Government regulations The German market had a strict legal and institutional framework, often ignored by Wal-Mart. German labor regulations are very different from these in the U.S. : obstacle to embrace the Wal-Mart culture. For example: The zoning regulations impose severe restrictions on the construction of large-scale store Restrictive shopping hours regulations: legal maximum of 80 hours/week store opening hours. Sunday and holidays openings are not permitted Fair trading and antitrust laws contain some important restrictions for retailers pricing policies: it forbids merchants to sell goods below cost on a permanent basis (Knorr and Arndt, 2003) In the UK, the Government was concerned about high food prices and that British consumers were being ripped off by retailers. That is why they were in favour of the creation of a more price competitive environment (Fernie et al., 2006). Moreover, the legal and institutional UK surroundings were not as complex and heavy as in Germany. For example, the legal maximum of a store opening hours was 168 hours/week, and was also allowed to open on Sunday and holidays (Knorr and Arndt, 2003). In the UK, Wal-Mart was able to recreate its 24/7 opening format. Inability to understand the German consumer and business culture The closeness of the UK and the US culture Wal-Mart culturally failed in delivering its Everyday low prices or excellent customer service. Indeed, the expectations are very different from a country to another. The German acquisitions were very different in their organizational structure from the Wal-Mart US model. That is why, when Wal-Mart try to impose its new culture (Anglo-Saxon management level), it led to resistance. Operational errors has been made when remodelling stores to look like US stores, which was not customer wanted (Fernie et al., 2006). Thus, Wal-Marts strategy was contradictory and disoriented to German customers. They didnt see Wal-Mart as a low-price store, due to confusing advertisements. Moreover, German notion of customer service is different from that in the U.S. (e.g. German consumers prefer to pack their own bags and pay by cash), because they hold price and value in much higher esteem than service and quality (Knorr and Arndt, 2003). The British culture was very similar to the American one, and that is why the takeover ran more smoothly in the UK. Also, Asda was already working on a Wal-Marts model, so the consumers did not feel any major difference after the Wal-Mart acquisition. For the British customers, price was a key attribute along with convenience; price is the most important factor in the retail offer. And finally, the UK workforce responded positively to the Wal-Mart way, and the integration was very successful, with good employee relationships (Fernie et al., 2006). Conclusion: When Wal-Mart entered the UK, the economic situation was favourable for a low pricing strategy. Wal-Marts entry created a high competitive environment on prices, and the customers responded well to this new form of discount retail. However, Wal-Mart has failed on every point in Germany. It resulted mostly from a cross cultural inconsideration. Wal-Mart has not been able to adapt its business model to a different culture and ignored the basic key principles of internationalization strategies and intercultural management. The firm should have tried to understand the German surroundings, the market rules and the consumer habits. Thus, they could have shape their business model, the human resources practices and a proper marketing message to fit that local market. Wal-Marts failure in Germany highlighted its inability to select and implement an adequate entry and business strategy. That is why its inability to understand the German retail market and business culture and the consumer needs led it to a bitter failure.

Aircraft Solutions Security Assessment And Recommendations Information Technology Essay

Aircraft Solutions Security Assessment And Recommendations Information Technology Essay The purpose of this assessment is to address weaknesses and provide recommendations on the network security of Aircraft Solutions. Aircraft Solutions is a recognized leader in the design and fabrication of component products and services for companies in the electronics, commercial, defense, and aerospace industry. Aircraft Solutions mission is to provide customer success through machined products and related services, and to meet cost, quality, and schedule requirements. Two weaknesses were found in regards to the companys network security. The first weakness is a hardware weakness; not having an AAA server for user authentication and authorization; second, not having a Network-based Intrusion Detection System (IDS) in use. The recommended solutions are to deploy an AAA server for user authentication and authorization to company resources, and deploy a combination Host and Network-based IDS for overall monitoring of the companys enterprise. Company Overview Aircraft Solutions designs and fabricates component products and services for companies in the electronics, commercial, defense, and aerospace industry. The mission of Aircraft Solutions is to provide customer success through machined products and related services, and to meet cost, quality, and schedule requirements. Much of its equipment is automated to increase production while reducing costs. The companys workforce has a large skill base: design engineers, programmers, machinists, and assembly personnel to work its highly-automated production systems. The company strategy is to offer low-cost design and computer-aided modeling packages to customers to reduce their development expenses. Aircraft Solutions uses Business Process Management (BPM) to handle end-to-end processes that span multiple systems and organizations. The BPM system is designed to connect customers, vendors, and suppliers to share information and maintain a timely business dialogue. BPM also aligns internal business operations with IT support to maintain production in support of customer requirements. Security Weaknesses Two security vulnerabilities were found in regards to the companys network security. The first vulnerability is a hardware weakness; not having an Authorization, Authentication, and Accounting (AAA) server for user authentication and authorization; second, not having a Network-based Intrusion Detection System (IDS) in use. Hardware Weakness AAA Server Aircraft Solution has a need for an AAA server to authenticate and authorize legitimate user credentials for its on-site headquarters, intranet remote offices, and extranet for suppliers, contractors, and suppliers. An AAA infrastructure is required in order to authorize and authenticate users to company resources; access control. AAA servers provide a mechanism for encrypted authentication of users and can be used to control access to the network. Authentication verifies the identity of a user by employing a database of usernames and passwords. Authorization assigns network rights or permissions to an authenticated user. Authorization records or logs network usage of authentication and authorized users. Accounting can be used to record information about security breaches. (Kaeo, 2004) Software Weakness Combination Host and Network-based IDS Aircraft Solutions employs a host-based IDS on the servers in the corporate office. I think having a combination of host-based IDS on critical servers and a network-based IDS by the firewall for each network segment is better. A good strategy for IDS would be to use a combination of host and network IDS. A Network-based IDS provides an overall perspective of your network and is useful for identifying distributed attacks, whereas a Host-based IDS would stop most valid threats at the host level. (Kaeo, 2004) An IDS protects a network like an alarm system. When an IDS detects that something is wrong and sees it as an attack, it can take corrective action itself or notify a management system, which would alert a network administrator to take some action. Intrusion Detection Systems are important not only in terms of stopping an attack, but also in maintaining a permanent time-stamped log of intrusion attempts on a host system. An IDS allows a company to know that they are being attacked and who is attacking them, how they are doing it, and what they might be looking for. An IDS is the watchdog that adds a layer of defense over all network security systems and policies. Definition of Solution Deployment of AAA Server Aircraft Solutions needs to centrally manage who has authorization to remotely access network resources from anywhere, which network resource are those remote users authorized to access, and any related issues. Terminal Access Controller Access Control System Plus (TACACS+) and Remote Authentication Dial-In User Service (RADIUS) are the two protocols for implementing the AAA technology framework. A centralized AAA server that uses TACACS+ protocol will provide a centralized location for Authentication, Authorization, and Accounting for Cisco devices. User authentication on Cisco devices can be done in one or two ways; a local database of users on the server, or by a TACACS+ server.   TACACS+ is a Cisco proprietary protocol that uses TCP as a transport protocol and has the ability to separate authentication, authorization, and accounting as separate services. The AAA server acts as a proxy server by using TACACS+ to authentication, authorize, and accounting for access to Cisco routers and network access servers. The Authentication function of an AAA server can provide access control; this proves a useful function in environments where theres a requirement to restrict access to network devices or applications per individual authenticated user. (Kaeo, 2004) Software Weakness Combination Host and Network-based IDS Aircraft Solutions needs to deploy a Network-based IDS in combination with its Host-based IDS. I think Aircraft Solutions should have a Network-based IDS in order to monitor all traffic to and from the Internet to see how many hackers or other malicious activities are trying to access the companys network. In addition to seeing Internet traffic, a Network-based IDS can see traffic going to a firewall or VPN and to other attached devices. A combination IDS will also enable Aircraft Solutions to better monitor and effectively respond to a security incident by employing real-time capability. A Network-base IDS is designed to sense malicious activity occurring on a network and provides real-time alerting to Administrators to investigate. The lack of not having such a system leaves Aircraft Solutions at risk by not having the ability to see malicious network traffic and relying on system events to be alerted of malicious activity. (Kaeo, 2004) Justification Deployment of AAA Server The vendor solution Id select would be Cisco hardware. Cisco Secure Access Control Server (ACS) would be best suited for use as an AAA Server. My justification for that is Cisco ACS server covers the three main functions of Authentication, Authorization, and Accounting; and the use of TACACS+ protocol is Cisco proprietary protocol. Aircraft Solutions has multiple users that take part in end-to-end processes that span multiple systems and organizations. A Business Process Management (BPM) system is in place to handle all of these processes. Systems are access by users at different levels of need to know and these users are responsible for entering, processing data, and information in order to generate reports to be used for decision-making. Customer data such as project information, computer-aided design, and development models are sorted and stored in designated servers. The Design Engineering department is responsible for reviewing the electronic models, interacting with the customer and making necessary modifications with customer approval, then placing them in an Engineering Release (ER) directory for programming. As soon as these electronic models are released, programmers use them to create production programs. All final programs must be thoroughly verified for accuracy before releasing to the Proof For Production (PFP) directory for manufacturing to make the production first article. From the production floor, machinists download PFP programs directly to their DCNC (Direct Computer Numerical Control) machines for execution. After any further processing completed products are inspected for verification to customer requirements, then they are moved to the shipping department for delivery. Looking at how Aircraft Solutions BPM works, there is definitely a need for central user authentication and authorization. An AAA server with TACACS+ can be used to manage the large numbers of user IDs and passwords in a centralized database, providing a scalable network security solution. (Oppenheimer, 2004). An AAA server will ensure access to design, production, accounting, sales, and HR servers only go to authorized engineers and personnel. An AAA server will also track all users activity and attempts to access network resources; event logging. Example, if someone is trying to access production programs and theyre not authorized it will be logged, allowing for an investigation of the incident if required. Software Weakness Combination Host and Network-based IDS Aircraft Solutions has many users accessing its network, be it suppliers, customers, branch office employees etc A Network-based IDS is needed to protect the network. Similar to a home owner having an alarm system to ward off or to alert them of an intruder. I see an IDS in this fashion. An IDS detects if someone tries to break in through the firewall or manages to break in the firewall security and tries to have access on any system in the trusted side and alerts the system administrator in case there is a breach in security. (SANS Institute, 2001) Here are some advantages of Network-based IDS: Easier to deploy: Network based IDS are easier to deploy as it does not affect existing systems or infrastructure. The network-based IDS systems are Operating system independent. A network based IDS sensor will listen for all the attacks on a network segment regardless of the type of the operating system the target host is running. Detect network based attacks: Network based IDS sensors can detect attacks, which host-based sensors fail to detect. A network based IDS checks for all the packet headers for any malicious attack. Many IP-based denial of service attacks like TCP SYN attack, fragmented packet attack etc. can be identified only by looking at the packet headers as they travel across a network. A network based IDS sensor can quickly detect this type of attack by looking at the contents of the packets at the real time. Retaining evidence: Network based IDS use live network traffic and does real time intrusion detection. Therefore, the attacker cannot remove evidence of attack. This data can be used for forensic analysis. On the other hand, a host-based sensor detects attacks by looking at the system log files. Lot of hackers are capable of making changes in the log files so as to remove any evidence of an attack. Real Time detection and quick response: Network based IDS monitors traffic on a real time. So, network based IDS can detect malicious activity as they occur. Based on how the sensor is configured, such attack can be stopped even before they can get to a host and compromise the system. On the other hand, host based systems detect attacks by looking at changes made to system files. By this time critical systems may have already been compromised. Detection of failed attacks: A network based IDS sensor deployed outside the firewall can detect malicious attacks on resources behind the firewall, even though the firewall may be rejecting these attempts. This information can be very useful for forensic analysis. Host based sensors do not see rejected attacks that could never hit a host inside the firewall. (SANS Institute, 2001) Impact on Business Processes I think Aircraft Solutions will have a positive result from deploying an AAA server and adding Network-based IDS to its network enterprise. The impact to its business processes should be transparent, having little negative effect. Using an AAA server to provide authentication and authorization and accounting gives network administrators an added layer of protection in securing Aircraft Solutions network infrastructure. It allows access to network resources to be better controlled and delegated. An example could be branch office users connecting to the network; they can be screened against the user database and a custom policy that controls what device a user can access and what services on a particular device that a user can access. If a users account is compromised that account can be disabled. Using these two tools to correct the identified security weaknesses is a benefit. The only thing that may be viewed as negative is the access speed may be slightly slower. However, I think a slight decrease in access speed to the user is out weighted by having the access control and network monitoring needed to ensure Aircraft Solutions network infrastructure has a more layered defense. Security trumps a speedy user†¦ Summary In conclusion, I identified two areas of security weakness in Aircraft Solutions deployment of an AAA server and Network-based IDS. These are two tools that are necessary in any network enterprise environment. Implementing these recommendations will better ensure security of the companys resources, better overall enterprise integrity, and provide added layers of defense by having access control over network resources and real-time monitoring of network activity. Figure 1: Revised Aircraft Solutions Network Infrastructure

The Definition of Success :: Definition Essays 2014

"Take up one idea. Make that one idea your life - think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success.† – Swami Vivekananda -- What is success? How can I come successful? There's a library's worth of self-help books on how to become successful. Yet, at the end of the day, each of us decides our own personal definition of success. How will we balance security and adventure, challenge and safety, mastery versus risk-taking?.   Learning expert Dawna Markova's words are simple yet profound: "Each of us is here to give something that only we can offer, and when we avoid knowing ourselves, we end up living numb, passionless lives, disconnected from our soul's true purpose." How do we figure out that true purpose? Sometimes, it comes to us when we quiet the busyness in our hectic lives, when we look inward. For young adults, it often requires moving through the world, engaging in many new and different experiences to find what calls us, what excites us. While you are figuring out how you want to define success, it's useful to build leadership capacities, because the more capacity you own, the more options you will have over time.   Knowing yourself well is one capacity. Speaking effectively is another. So are writing persuasively, speaking a second language, and learning how to read a financial statement. The capacity that seems to be the best predictor of long-term success in the work world is learning agility-the ability to keep acquiring new knowledge, building ever more capacity. We know that adventures, such as traveling to new places and undertaking new projects, build capacity. Real-life work experiences-managing deadlines, receiving/giving feedback, identifying problems, and developing creative solutions-all build capacity and skills. This proves especially true when the work is new and different. Working in teams, interacting with

Privacy in Banking Industry :: essays research papers

How much do trust your bank or other institutions that have access to your financial and personal information? It may be time that all Canadians ask themselves this important question. This is a major issue in today’s world. We are living in the Information Age, and with all the technological advances we experience daily, having access to any kind of information is literally at yours and everybody else’s fingertips. This paper will focus on one of the most significant issues in the news recently that have sparked national interest, which is the issue of Privacy Laws in Canada, specifically within the Banking industry. Privacy issues have taken centre stage in Canada in recent weeks with the public's attention focused on the major privacy breach at the Canadian Imperial Bank of Commerce. As of February 4, 2005, CIBC is now facing a $9 million class action lawsuit from customers whose confidential RRSP and other personal and financial information was made public. A Toronto law firm has filed the suit in the Ontario Superior Court of Justice, after revelations that CIBC had been faxing thousands of their client confidential personal information to unauthorized third-parties and individuals, including a now-famous junkyard in West Virginia. The suit alleges CIBC sent client and other applications over unsecured fax lines to the junkyard between 2002 and 2004 . The documents contained highly personal information including names, addresses, phone numbers, social insurance numbers, bank accounts, GIC numbers and amounts, as well as client credit information. One of people that received this information w as a businessman from West Virginia. Over the past two years, he identified more than 350 Canadian phone numbers that have sent faxes to his fax machine, all of which he believes are CIBC branches. He claims he advised the CIBC of the problem several times, but the faxes continued to come . These CIBC clients entrusted the bank with their sensitive personal information in order to feel secure and to obtain the peace of mind that their financial affairs were protected by a well respected Canadian Bank. The financial information dealt particularly with RRSP plans and other investments which the clients rely on and save for in their retirement years. Rather than bringing them peace of mind that their financial affairs were protected, thousands of people now find that their sensitive information has carelessly been disclosed to unauthorized third-parties and possibly many other random unauthorized civilians.

Lost, Alone but Free At Last

‘Run, get into the house, QUICK!' Hans Wenger shouted out to his family. They were being chased by the German Authorities. Not because they were criminals, but because they were Jews living in Nazi Germany, 1940. They had been hiding from the authorities for almost a year. Hans' family consisted of his wife Anneliese and their three children Leila, 11, Leopold, 9 and Greta, 8, they meant everything to Hans and he would sacrifice his own life to keep them safe. Once the family were safe inside the basement of the old abandoned house Hans sat on the edge of an ancient, mouldy sofa. Greta jumped up onto his knee with an innocent smile on her face. Just the way Hans liked it, his children not knowing how unsafe they were. ‘Daddy, why were those people trying to catch us? Are we in trouble? We always run away from them! Daddy, why?' Hans' face fell, Greta knew something was wrong. It was what he feared the most, and he knew he had to explain somehow. ‘Liebliag, you do know who Hitler is, yes?' Hans looked at Greta, who was shaking her head, her little blonde curls bouncing, ‘well Greta, he is the leader of Germany, which means he gets to decide everything that happens in the country. But, Hitler doesn't like Jews and he wants to make them all move to certain areas and work for him.' Hans dreaded his little girls reply, his heart thumping he waited while watching her mind at work and her little face screwed up in thought. ‘Daddy, can't we stop being Jewish because then we will be safe from Hitler and we wouldn't have to work for him' Greta's face lit up as she said it, as though she had just discovered electricity. Hans felt his tears well up as he watched his daughter, oblivious to life and danger. After the children were all tucked up safely in bed, asleep with the faint sound of snoring, Hans and Anneliese looked on lovingly from the corner of the basement. ‘I would never be able to forgive myself if our children ended up being sent to a death camp, there would be no chance of us surviving as a family, and I've been thinking, and it pains me to say this, but we need to send them away to another country. They're not safe here, and I cannot rest until I know that they are forever free from this danger.' Hans was once again welling up, after saying it aloud, it seemed real as if he was going to lose his children, a thought too painful for him to even think about. ‘Liebliag, I think you're right, they aren't safe and they don't deserve to be put through the torture of a death camp, they aren't physically or emotionally strong enough, I think we should send them to England, it will be hard, but for the best.' Anneliese by now was also fighting back the tears. Sat on the cold, hard floor arm in arm, rocking to and thro, both crying at the thought of the most painful goodbyes waiting for them in the future. The next morning, Hans and Anneliese told their children the news. His heart pounding against his chest, Hans prepared to break the silence, his children's excited faces looking towards him. ‘Dad can we attend school again?' Leila's eyes glistening with hope that she was right and could be reunited with her education and friends. ‘Can we go to the shops on our own? There's a new chocolate bar that I really want to try. The sweet shop down the road is selling them!' Leopold asked excitement in his voice, as he was thinking about chocolate and outings to the sweet shop when he behaves well in school. ‘Are we going to be sent to a special part of Germany for the Jews, Daddy? I don't want to work for Hitler!' Eyes full to the brim with fear, Greta looked scared and vulnerable. She may have been the youngest, but she was definitely the most observant to her parents upset faces. Once again, Hans and Anneliese were sat arm in arm at the corner of the basement, looking at their children's content faces, wondering what amazing dreams they were having about going on holiday for the first time. They were all excited when Hans broke the news, Anneliese sobbing next to him. They'd given up the fight to stay away from them. But it wasn't good enough. They got caught. Now Anneliese and Hans were saying there last goodbyes to each other. Heartbreakingly painful, but it didn't matter. There hearts had already been shattered beyond repair, when they had to say goodbye to there children Leila, Leopold and Greta. Hans and Anneliese were about to board different cattle trains and when they got off, they knew that everything was going to change, and nothing would be the same. Death camps. Even the thought sent shivers up they're spines. They knew that they would never see each other again, which made it harder. But they got separated and pushed away from each other before they even had the chance to say goodbye. ‘This is it' thought Anneliese, ‘I'll just fight for survival, my children will see me again, they're who matter. They deserve to be reunited with at least one parent, but Hans is a fighter he'll fight for survival too.' After a year at Ravensbrà ¯Ã‚ ¿Ã‚ ½ck Concentration Camp for Women, Anneliese's strength had been replaced with weakness. She was now a shy women too scared to talk to anybody after her one and only friend at the camp Klara, died, she was crushed by machinery, as it happened the guards would let no one try and help. Anneliese had to do heavy labour work, from the break of dawn until the sunset at dusk. She got little sleep and ate just about nothing. All Anneliese could think about, no matter how hard she was working, was her children. So many questions were going through her mind. Had they all made the journey to Newquay, Cornwall by themselves? Was Greta still observant to everything around her? Was Leila being educated again? Was Leopold looking after his sisters? Had they learnt English? She thought about how grown up her children would look now, the girls beautiful and her little man handsome, like his father. But every time they were pictured in her head, she fought that little bit more, edging closer and closer to survival and freedom. Four painful years later, Anneliese won her battle. She had survived and she was going to go back to her house. When she got there, she wished she hadn't. She was expecting there to be a few belongings in the basement she'd lived in with her family for so long. But nothing. The walls were now jet black, ash on the floor and just a few remnants of what had been there before. It was obvious that someone had set fire to the basement, most definitely the German Authorities, they knew Jews lived here. Anneliese was determined than ever to find her children in England. In England, Leila was sat indoors about to blow out the candles on the cake, it was her 16th birthday. There was no need for her to think of her wish. It had been the same wish for five years now and it wasn't going to change until it came true. ‘I wish I could see my parents again'. There, she'd wished it once again. But Leila Wenger knew that if she wished hard enough then it would come true. After Leila had unwrapped her presents, she ran upstairs. She was able to read the letter that her mother had written before they left Germany. Leila – Open on your 16th birthday and not a day before Liebliag, this is the hardest letter I have ever had to write, but it's to explain why you haven't had me and your father in your life for so long. We have sent you to England because it was the only place that you would be truly safe. After you leave the country, your father and I will be sent to a concentration camp. This is because of our religion and Hitler the leader doesn't think that Jews are worthy of living. Of course, we are, so never doubt your religion. I don't know if we will ever see each other again, so I have enclosed photos, one of the whole family, one of you, Leopold and Greta and one of your father and I. Never forget us, because we will always be with you. Happy Birthday Liebliag! Ich liebe dich, dein Mutti After Leila had finished the letter she collapsed onto her bed in tears. She now knew that her wish would never come true, her parents were dead and she was the one that had to tell her little sister. How could she tell a 13 year old that her parents were dead? This wasn't going to be easy, she had to be subtle. This was definitely the worst birthday Leila had ever had and she wasn't happy about it. After an hour of crying into her pillow, Leila went downstairs as if everything was normal. ‘Victoria, please may I go out for a walk?' Leila asked Victoria, the kind woman that took Leila and Greta in, and cared for them as if they were her own flesh and blood. ‘Yes of course Leila, but be sure to be back within an hour' Victoria never liked Leila or Greta being outside for more than an hour at a time, there were still people that hated Germans and anything could happen out there. Leila went to the park and sat on the swings, just gathering up her thoughts and thinking about how to tell Greta about the letter. She supposed she ought to tell Victoria as well. It was such a bad day, and her wish is dead, along with her parents. As Leila made her way to the park gate she had no idea who else was in Newquay. The address said Beachfield Avenue, off Bank Street. Anneliese knew that she was close to seeing her children again. She just kept walking along Bank Street, past the bakers and a tasteful shoe shop. There, Anneliese stopped dead in her tracks. The sign on the side of the sweet shop had written on it Beachfield Avenue. Leopold must love living here, a sweet shop so near! She was on a mission, and that was to find her children. She walked at a fast pace along the road counting the numbers as she went 1.. 3.. 5.. she had a little while until she got to 31. As she walked along the road she started preparing what to say. What if her children didn't recognise her? 27.. 29.. 31.. This was it. She was just about to walk up the steps to the front door when she turned around. There behind her was a pretty young girl, couldn't be any more than 16, blonde hair, green eyes. ‘Excuse me.. but you, wouldn't happen to know if.. three children lived here?' Anneliese had never felt so nervous in her life, what if this was the wrong address. ‘Two girls and a boy?' ‘I'm sorry, but do you mean Leila, Leopold and Greta?' The mysterious girl was looking at Anneliese with interest, she had a German accent and there weren't any of those around here. ‘Yes! Yes! Those are the children I'm looking for! Do you know where they are?' Anneliese was now so excited she couldn't help smiling, for first time in years and instantly Anneliese knew everything would be OK. ‘I do know exactly where all three are, but please what is your name?' ‘My name? Well, it's Anneliese Wenger. Why?' ‘It's me Mutti, Leila. I read your letter only 2 hours ago, I thought you were dead' Leila was so happy, excited and joyful. She knew that if she wished hard enough it would come true. Her mother had come all this way to find them. ‘Please Mutti, come inside and meet Victoria, she's the lady that's been looking after us and Greta, she'll be so happy to see you! She always talks about you and father!' Leila was so excited about introducing her mother to Victoria. After a long day Anneliese, Leila, Greta and Victoria sat squashed on one sofa. Greta on her mothers lap, Leila clinging onto her arm and Victoria on the other side of Anneliese, the two of them talking like sisters. The moment was almost perfect. The only thing wrong with the moment was Anneliese had lost a husband and a son, while her children had lost a father and a brother. Hans Wenger died in 1943 at Auschwitz Concentration Camp Leopold Wenger died in 1940 during the journey to England due to poor hygiene