Obstacles In Team Dynamics Essay -- Teamwork

Obstacles in Team Dynamics Abstract Students face obstacles on a daily basis. These may include personal, financial obstacles or obstacles at work. There are many ways to deal with them, and due to human nature, they are dealt with uniquely. Working within a team environment brings its own obstacles. This paper will discuss obstacles in team dynamics and how to overcome them. Obstacles in Team Dynamics By the time people reach adulthood, they have gone through many obstacles in their lives. Perhaps an individual has been passed over at work, had someone close to them die, lost a job, or just lost direction. Those are some of life's many obstacles. As part of a group, there are obstacles that have to be overcome in a team environment. What are they and how does an individual get past the issues that arise in team dynamics? The prevalence of obstacles inserted into a team dynamic increases the likelihood that a team will fail in its mission. What is Team Dynamics? First, we will answer the question, "What is team dynamics?" "A team is defined as a group of two or more individuals engaged in some joint action with a specific mission or goal. Team dynamics are defined as the motivating and driving forces that propel a team toward its goal or mission." (Six Sigma Team Dynamics, The Elusive Key to Project Success). There is usually much diversity in a group. We have different ethnic backgrounds, intelligence, goalsÂ…. Humans in general are non-trusting. Building up trust in a team is not easy. No matter how hard he works, grades could still be low due to poor performance of another team member. Taking individual responsibility for everyone's grades is not an option. I have heard there is no "I" in t... ...g (1997). Learning to Work as a Team Player. Retrieved March 26, 2007, from http://www.rec.org/REC/Programs/EMTC/Insight/vol22/technique.html. Bayt.com. Tips to Succeeding as a Team Player. Retrieved March 21, 2007, from http://jobs14bayt.com/job/career-article-762.adp. Brown, Tom (1992). Why Teams Go Bust. Industry Week. Cleveland. 241 (5) 20. Retrieved March 28, 2007, from ProQuest database. Dearlove, Des (2002). The Secret of Teamwork; [Final 1 Edition]. The Times. London (UK). Aug 8, 2002, pg.7. Retrieved March 27, 2007, from ProQuest database. Ehlen, Dave (1994). Supporting High Performance Teams. Manage. Dayton. Nov 1994 46 (2) 32. Retrieved 18 March 2007, from ProQuest database. Six Sigma Team Dynamics, The Elusive Key to Project Success. Retrieved March 27, 2007, from http://media.wiley.com/product_data/excerpt/71/04712227/0471222771.pdf

Emperor Tewodros Analysis Essay

Tayo Shonubi IB1 History 28/9/2012 Emperor Tewodros of Ethiopia Emperor Tewodros II of Ethiopia’s rise to power began in 1845 with a meticulous rule which to his oppositions favor, ended in dismal failure and led him to commit suicide in 1858, after thirteen years of power. Tewodros was the heir-apparent to emperor Tewodros I, his father’s throne, but after his father’s death, he became the adopted son of his half-brother. He grew to be an accomplished soldier and leader and was then allotted governor of Qwara by the nominal then king of kings, Ras Ali who had ruled since 1832.Tewodros was the leader responsible for reviving the concept of king of kings, and after reforms to his army, he made a determined and driven submission for king of kings. After Tewodros made the realization of his absolute power, he carried out expeditions against Gojjam province where he defeated Biru Goshu in the Ethiopian battle of Taquosha not long after, in 1855, he defeated the provi nce of Tigre was crowned emperor Tewodros II, by Abu Salama, the head of the church of Ethiopia.Tewodros made one of his most grave and major expeditions of his rule in 1856 when he battled against the Wallo Galla and thoroughly thrashed the Muslim community, shamelessly and filled with pride, he moved on to occupy the province of Shewa where he captured an eleven year old boy known was heir-apparent to the throne of Sahle Mariam, the boy later became known as emperor Manelik. Tewodros responded very favorably to European approaches, ‘expecting not their protection and imperialism but assistance in getting technology and arms’.One of his earliest European contacts was Britain. Through his association with the British sprouted a friendship with two Englishmen, Yohannes Bell and Walter Plowdon who were part of the protestant German missionaries. On his journey to eastern Ethiopia, Plowdon was killed, upon hearing this news, Tewodros chose to ‘vent’ by organiz ing an expedition that unfortunately and ironically killed his other good friend, Yohannes Bell. To take over from Plowdon was a man by the names of Duncan Cameron, Tewodros and Cameron did not get along as much as he did with Plowdon.There was a lack of initiative and enthusiasm coming from Cameron’s end. In 1862, seeing as he had an established relationship with the British, Tewodros wrote to Queen Victoria, the then ruler of Great Britain, concerning the setup of an Ethiopian embassy in Britain. Tewodros never received a reply from Her Majesty, and it was assumed that the letter was either overlooked intentionally or failed to reach her. As does every leader, Tewodros came across challenges during his reign.The nobility i. e. the upper class were previously not required to pay taxes, however after Tewodros came into the power, they were required to, this change in the system set the aristocracy against him. Furious about this new obligation, they held riots between 1855 an d 1861, these rebellions were brutally suppressed by his soldiers who looted and massacred their captives. One may try to control another in order for them to convert/conform to their beliefs such that there is less rebellion.Although Tewodros was a believer of the Christian faith, he confiscated church property and land and abolished privileges of the clergy, for his personal gain and in advantage of his new found glory and power. The Ethiopian church leaders began to preach against Tewodros making him lose the support of the majority of Ethiopians. Tewodros was a proud man with a lust for power, one of the largest mistakes he made during his power was his amendment to the law of the church. Ethiopia was a predominantly Christian state, and before Tewodros’ rule, any church within the nation was not required to pay tax.After he came into power, Tewodros felt as though there was not enough tax and he wanted more money coming to him, with this in mind, he lifted this law and m ade it so that churches were required to pay tax and through this, he was indeed getting more money, but simultaneously getting less support. All these events, occurrences and people in one way or another contributed to the rise and fall of Tewodros. However his ways of self-praise, egotistic ways and pride led him to his own defeat.

Athenian Vs. Spartan Women - 2260 Words

Despite Athenian and Spartans being associates of the same influential nation, these two states or ‘Peloi’ and denominations of people in Ancient Greece in (400BC) were substantially different. The women in their own distinct societies endured several problematic issues and experienced inequity, demoralisation and condemnation. The notion of women and their purpose was typically conjectured by men in society, specifically Aristotle who claimed that women brought ‘disorder, were evil, were utterly useless and caused more confusion than the enemy’ . However despite misogynistic, biased and loathsome perspectives of women, both Athenian and Spartan women have all played exceedingly significant roles and contributed substantially to the prosperity of Ancient Greek society in their own inimitable ways. Daily life was one of the most distinguishable factors of Athenian and Spartan women, and it varied depending on social status. The communal job of Athenian women was confinement to daily life in their domain; the home or ‘oikos’, immersing themselves in domestic activities. This notion was verified by ancient writer Xenophon; â€Å"†¦Thus, to be woman it is more honourable to stay indoors than to abide in the fields†¦Ã¢â‚¬  .They were responsible for various jobs in order to support their families including cooking meals and producing textiles. The majority of affluent women had established slave work in their homes; hence they verified their decadence by not partaking in laborious workShow MoreRelatedSpartan Women vs Athenian Women2261 Words   |  10 Pagesmilitary dictatorships are modeled on Sparta. However, history shows us that women had much more liberty in Sparta than in Athens. In fact, the democracy of Athens was available only to free men who wer e citizens of Athens. Moreover, to claim citizenship, an Athenian had to prove that both his parents were astoi. For the father, being astos meant that he was an Athenian citizen, but the mother could not be a citizen. Women were never citizens, but only able to transmit the rights of citizenship toRead MoreComparing The Roles Of Women During Athens And Sparta1445 Words   |  6 Pagesinvestigation will answer the question â€Å"What were the differences and similarities of the roles of women in Athens and Sparta?† This question is relevant due to the fact that the role of women and how they were treated back then are very different than today and we’ve come a long way since then in terms of women’s rights. It’s also important to see the drastic differences between the roles of women from one Greek city to another. The issues that will be addressed are their treatment and roles withinRead MoreAthens V.Sparta Compare/Contrast Essay848 Words   |  4 Pag esAthens vs. Sparta Ancient Greece was comprised of small city-states, of which Sparta and Athens were two. Athens was renowned as a center of wisdom and learning. The people of Athens were interested in arts, music, and intellectual pursuits. Sparta, on the other hand, was recognized for its military strength. A Spartans life was centered on the state, because he lived and died to serve the state. Although the competing city-states of Sparta and Athens were individually different as well asRead MoreSparta Vs Athens Vs. Athens1468 Words   |  6 PagesProfessor Sinclair 13 October 2015 Sparta vs. Athens Although Sparta and Athens were close on the map, they were far apart in many aspects of their civilizations. While having some similarities, the military powerhouse and the intellectual center of Greece had major differences in governments, societies, and cultural developments. The Spartan government was considered an oligarchy (â€Å"oligos† translates to â€Å"few† and â€Å"archia† translates to â€Å"rule†), whereas the Athenian government was a democracy (â€Å"demos†Read MoreAthens vs. Sparta Essay1193 Words   |  5 PagesAthens vs. Sparta During the times of Ancient Greece, two major forms of government existed, democracy and oligarchy. The city-states of Athens and Sparta are the best representatives of democracy and oligarchy, respectively. The focus of the times was directed towards military capabilities, while the Athenians were more interested in comfort and culture. It was the oligarchy in Sparta that put a war-like attitude as its first priority and best met the needs of Ancient Greece. These factorsRead MoreAthens vs. Sparta1146 Words   |  5 PagesDanielle Palawasta Athens vs. Sparta Persuasive Research Paper Henry/Lih- LA/SS- Per. 3/7 Due: 3/22/13 Envision a world where the people are ravenous and yearning for any remnant of food they could obtain, where the society is overrun and no one has a free say. This is the type of society the ancient Spartans would have lived like unlike the ancient Athenians. The Athenians lived a far more diverse life if compared to Sparta. Ancient Athens was better to live in than ancient Sparta due to itsRead MoreAthens vs. Sparta1211 Words   |  5 Pagesï » ¿Athens Vs. Sparta Throughout the ancient world there were two dominating empires. (S) The Athenian City (polis) and the Spartan empire. These two cities were both powerful and famous but significantly different. However, the city of Athens was by far a much more influential and powerful city-state in comparison to Sparta. Although both the city-states had their own strengths such as their government, social structure and their military tactics, Athens was a pivotal city that still to this dayRead MorePericles Funeral Orientation Essay893 Words   |  4 Pagesthe importance and uniqueness of the Athenian government its self (democracy) which created arrogance that eventually destroyed their city-state. Pericles main point was â€Å"these men, who could not bear the thought of losing her, nobly fought and nobly died——these men were worthy of their city——their memory abides and grows† (Thucydides 3). Overall, the funeral orientation was used to honor, give confidence, and create courage and community in addition to Athenian democracy leading Athens to a fatalRead MoreSparta Vs Athens Vs. Athens1722 Words   |  7 PagesSparta vs Athens The two dominating Greek city states, Sparta and Athens, have there own strengths that make them the strongest throughout Greece. Sparta is located in the southeastern Peloponnesus, in an area known as Laconia (Spielvogel 53). Athens is on the peninsula of Attica (Geography). Sparta is know for their immense military might (Spartan Military). Athens is known better for their leading naval force in Greece (Women of the Ancient World). Their government systems were very differentRead MoreAthens V Sparta848 Words   |  4 PagesAthens vs. Sparta The Greek city-states of Athens and Sparta were similar in that they both denied women basic rights, but they are more different because of their culture and political structures. In both city-states, their social structures featured women as minorities. However, their customs and concepts differ tremendously. Generally, Sparta had a very strict military-based state, while Athens focused on the fine arts. Politically, the two city states differed in that Athens had a democracy

Success Story Of One Success - 2912 Words

Introduction Success story, one success for me was last year I finally turned 16 and got my license and that meant I could finally get a job. Getting the job was really easy only because my mom hired me to work for her. My mom owns a logistics company and she told me that really needs help at work because she understaffed which means she needed help with emailing some of her clients. At my job I sit at a desk and answer phone calls from people that are trying to get ahold of my mom. So it sounds like i m an assistant which I guess I am but I still take my job serious and it’s not that easy of a job at first I had to realize that some of the people that I am talking to don t speak english very well so I have to put things in simple terms especially talking on the phone with people from different countries. At my job I work Tuesday, Wednesday, and Friday which doesn’t seem a lot but I work from 1:40 till around 5 5:30 which isn’t that bad I like working where I do and I like working with people I do. That didn’t really explain my success so I will tell you what success I have had after working for my mom. After saving up for about a year I bought my first car. I bought a 2001 Jeep Grand Cherokee Sport and i’m really proud of myself for buying this vehicle. It doesn’t seem like much but I pay for everything on the vehicle from the gas to putting oil in the vehicle. My parents didn’t want us kids on her insurance so I have to pay for that by myself and it’s kind ofShow MoreRelatedAleve981 Words   |  4 Pages2009 Resonant Communications | All rights reserved. The Aleve â€Å"arthritis pain relief† Success Story Taking a Different Approach By Kerry Doyle THE ALEV arthritis pain relief† SUCCESS STORY An In-Depth Look at Marketing Success Introduction—Taking a Different Approach THE ALEVE â€Å"arthritis pain relief† SUCCESS STORY [Year] 2009 The Aleve success story marked a significant shift in the general analgesic market. Prior to Bayer Pharmaceutical’s introduction of Aleve and its identificationRead MoreAnalysis Of The Book Outliers 1189 Words   |  5 Pagesclearly defined how the story of successful people is different in terms of their struggle, their success and their motivation. This book has even compared the success stories of some very successful personalities. There is difference between successful people and extremely successful people. The book has focused on extremely successful people. The books focuses on how difficult is to achieve success and what are the milestones that needs to be fulfilled to be a successful one. Being successful is notRead MoreThe Book Outliers The Story Of Success By Joe Flom851 Words   |  4 PagesThe story of Joe Flom incorporates many aspects of the first half of the book Outliers The Story of Success. Malcolm Gladwell uses comparisons of other families with simil arities of Flom’s story to demonstrate why he is successful. The story of Flom not only has what the previous chapters present but also some new concepts. At the beginning of the chapter Gladwell tells the reader about Flom’s success and then jumps backwards to explain how it occurred. He also explains why some people thrive whileRead MoreLiterary Works about Success788 Words   |  3 Pages In a world full of success gurus and books about success, it becomes ever so more important to describe the one quality that ultimately leads to success. This plague conquered the human minds and pushed us, till we came up with the ideas to sell â€Å"success guiding books† and making money which leads to successfulness. In the story, the house, in which Paul’s family lives in, is personified to be standing for more money: â€Å"And so the house came to be haunted by the unspoken phrase: ThereRead MoreLife Choices In Flowers For Algernon, By Ray Bradbury853 Words   |  4 Pageswe do or do not become will determine in lifes previous events. In all the short stories, the author puts in how the character feels and what there like. In the short stories of â€Å"Charles,† by Shirley Jackson, â€Å"Flowers For Algernon,† by Daniel Keyes, and â€Å"The Drummer Boy Of Shiloh,† by Ray Bradbury. To begin with, in the short story of â€Å"Flowers For Algernon,† by Daniel Keyes, life choices, importance, and success from the pass will effect the present. The life choices in an individuals life mightRead MoreEssay on Outliers: Out of the Ordinary1081 Words   |  5 PagesOutliers: The Story of Success, that the recipe for achievement is not simply based on personal talents or innate abilities alone. Gladwell offers the uncommon idea that outliers largely depend upon â€Å"extraordinary opportunities and cultural legacies† (Gladwell19). According to Gladwell, successful men and women are beneficiaries of relationships, occasions, places, and cultures. The author draws on a different case study in each chapter to support a particular argument concerning success. Despite hisRead More Money and Success, Who Wins Essay example964 Words   |  4 Pages nbsp;nbsp;nbsp;nbsp;nbsp;Great Expectations is the story of a young boy. He is quite poor, but as the tale moves on, he falls in love with a rich and spoiled girl. Despite her cruel ways, he devotes the rest of his life to winning her over. He aspires to become a gentleman with the aid of bundles of money that he inherits and sees this as the only way out of the common life he is leading. The boy connects success and happiness solely with money and possessions. 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One may learn a great deal from reading works of literature. The poem â€Å"Success is Counted Sweetest† by Emily Dickinson is a poem that may bring back childhood memories of a competitive rivalry. The poem speaksRead MoreAndrew Carnegie Self Made Mans Speech Summary1322 Words   |  6 Pagesman has always been a centerpiece of the American Dream, an identity that embodies the belief that anyone can achieve prosperity and success from even the lowest-ranking positions. One of America’s finest â€Å"self-made men† reflects this flawed ideal that fails to account for the variety of factors stacked against an individual. In his speech, â€Å"The Road to Business Success: A Talk to Young Men†, Andrew Carnegie argues that the self made man exists, and it is possible to become a successful businessman

Environmental Benefits Of Wind Energy Essay - 1216 Words

For years the United States has been one of the leading countries in greenhouse gas emissions. Wind energy has the potential to become the base of sustainable energy for America’s future. Although there are a few disadvantages to wind energy, the protection it offers along with the economical and environmental advantages provide many reasons to use more wind energy and less coal and fossil fuels in America. Wind energy can build a safeguard for the United States to protect us from outside adversity and harm. Increasing the number of wind turbines will help the country become less energy dependent. In 2015, the United States imported over 2.5 million barrels of crude oil from the Organization of Petroleum Exporting Countries alone (Wind Vision). Because this group is responsible for over two thirds of the country’s oil imports, This orginiation could sharply increase or decrease the price of oil in America by raising or lowering the price per barrel of crude oil. By introducing more wind energy into the United States we lower our dependence on other countries to provide us with the resources we need to create electricity. Along with the United States becoming less dependent on other countries, America would find itself less susceptible to an increase in the prices of resources due to lack of fossil fuels (Wind Vision). Wind energy acts as a safeguard and stabilizer for any p roblems that may arise with more common forms of energy, namely coal and fossil fuel, both ofShow MoreRelatedClimate Change And The United States928 Words   |  4 PagesOne of the great parts about wind energy is that it has a large amount of positives to the environment and hardly any negative effects. Because wind energy uses the wind for the energy there is no emissions generated from the energy produced. It is estimated that the use of one million kWh of wind power can save around 600 tons of carbon dioxide emissions (Saidur, Rahim, Islam, Solangi, 2011). 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Healthsouth Fraud Free Essays

HealthSouth Fraud Case Review Michelle F. White June 6, 2012 HPA 726 Intro to HealthSouth Fraud Case Review In 2003, HealthSouth was accused of one the largest accounting fraud cases in healthcare history and those involved are still being tried today, nine years later. HealthSouth was founded in Birmingham, Alabama in the year 1984 by a respiratory therapist name Richard Scrushy. We will write a custom essay sample on Healthsouth Fraud or any similar topic only for you Order Now By the year 1999, HealthSouth had grown to house 230 surgical centers, 120 inpatient hospitals, 5 medical centers, 129 diagnostic centers and 1379 outpatient rehab centers and was worth an estimated billion dollars. It was revealed that HealthSouth started their downward spiral in the year 2002, which paralleled the timeframe that Scrushy sold of ~ $100,000 in HealthSouth Stock Options. Within the following 6 plus months to follow, the FBI announced allegations against HealthSouth and opened a criminal investigation for probable SEC violations. The FBI investigation initially uncovered wrong doings from the years 1999-2002 where Scrushy had overstated his salary 1 million + dollars to meet expectations of shareholders and Wallstreet. Unfortunately, this was just the beginning, and as forensic accountants dug deeper, the FBI soon found that HealthSouth’s corporate accountants were adjusting entries to offset liabilities, reduce expense accounts and state elevated salaries to balance their bookkeeping. It was reported ~$373 million dollars of cash on the books was fictitious. It was eventually revealed that all four Accounting Statements were incorrect and that much of the inflated numbers were modifications made to the contractual adjustments and agreements; which in turn, made it fairly easy to hide from outside auditors. The outside auditing firm used by HealthSouth was Ernest and Young, LLP. Ernest Young, LLP not only was hired as outside auditor, but they were also hired as the consulting firm for Healthsouth throughout the fiscal year. Such arrangements are illegal today secondary to the new guidelines implemented during the Sarbanes-Oxley Act of 2002. To further put it into perspective, you must take into account that it has been reported that Ernest Young, LLP earned 3. 6 million dollars for their auditing services at HealthSouth, yet they did not uncover the fraud. Does that create a question to you? The Fraud was uncovered by Forensic Accountants from Pricewater-HouseCoopers who were brought in 2004 by the FBI. Pricewater-HouseCooper were accountable for finding the 1. billion dollar financial reporting discrepancy. Today, nine years later Ernest Young is still under the microscope as the judicial system continues to wade through this fraud case. In Regards to prosecutions, thus far 15 employees pled guilty and Scrushy was brought up on 85 counts of criminal charges, still serving his 7 year sentence today. The consequences to HealthSouth Investors were devasting starting in 2002 upon the start of the investi gation and the removal of CEO Richard Scrushy. (reference chart below)*1 In March 2003, the NYSE stripped HealthSouth of their SP 500 rating and stock values continued to drop from $19. 55 to $. 60 by the end of the investigation. In addition, HealthSouth’s assets and loans were frozen and JP Morgan chase used the assets to pay its bondholders $350 million plus interest. Other companies that share the HealthSouth’s industry vertical were also affected by this fraud case; thus many losing stock value overnight. One of the financial metrics specifically that was a red flag fell under the earnings category. For ten years, reported earnings did not fluctuate and stayed a constant. The goal of a public company is to have a steady rise in earnings versus jagged or flat line earning curve. I question as to why investors did not pick up on the flat line earning curve in addition to EY’s Auditors? Although I do realize hindsight is 20/20 and if my income was continuously increasing, I would most likely not spend much time scrutinizing the Operations Statement. Here are statistics pulled from Hoovers(*2) that provide a visual reference to the Fraud and its trend: Historical Financials Employees Year | Revenue ($ mil. ) | Net Income ($ mil. ) | Net Profit Margin | Employees | Dec 2005 | 3,207. 7 | (445. 9) | — | 24,000 | Dec 2004 | 3,753. 8 | (174. 5) | — | 40,000 | Dec 2003 | 3,957. 6 | (434. 6) | — | 40,000 | Dec 2002 | 3,960. 1 | (466. 8) | — | 51,000 | Dec 2001 | 4,380. 5 | 202. 4 | 4. 6% | 51,537 | Dec 2000 | 4,195. 1 | 278. 5 | 6. 6% | 53,216 | Dec 1999 | 4,072. 1 | 76. 5 | 1. 9% | 51,260 | Dec 1998 | 4,006. 1 | 46. 5 | 1. 2% | 51,901 | Dec 1997 | 3,017. 3 | 330. 6 | 11. 0% | 56,281 | Dec 1996 | 2,436. 5 | 220. | 9. 1% | 36,410 | Dec 1995 | 1,556. 7 | 78. 9 | 5. 1% | 26,427 | Due to acts of fraud like that committed by HealthSouth and Enron (along with several others), the Sarbanes-Oxley Act of 2002 was implemented by the SEC. Although there are pages of guidelines and rules; some of the key points of focus of the SOX ACT 2002 include: 1. It prohibits onsite Consultants 2. Every 5 years firms must change Audi tors 3. External Auditors must certify internal audit controls 4. CEO’s, CFO’s and Officers must sign audits holding them accountable with legal obligation 5. Real Time Disclosure of entries 6. Whistle Blower protection 7. Criminal Penalties for altering entries In Conclusion, HealthSouth’s fraud brought many weaknesses in the previous healthcare accounting methods to light. While many fraudulent participants are paying for their criminal mistakes and wrong doings, there is still a need for additional regulation. Due to the events in the late 90’s and early 2000’s we now have tighter regulations and penalty systems in place to address fraud in all public corporations. References (*1) Bernet, Patrick Michael and Getzen, Thomas E. The Company You Keep: Spreading Effects of Financial Fraud on Investor Trust. Journal of Health Care Finance 29 (2003): 17–28. * * (*2) Source: Hoover’s Inc. http://premium. hoovers. com. HeathSouth Corporation-Historical Financials and Employees * Appendix Each Appendix appears on its own page. Footnotes 1Complete APA style formatting information may be found in the Publication Manual. Table 1 Type the table text here in italics; start a new page for each table [Insert table here] Figure Captions Figure 1. Caption of figure [Figures – note that this page does not have the manuscript header and page number] How to cite Healthsouth Fraud, Essay examples

Cash Management at Richmond Corporation free essay sample

CASH MANAGEMENT AT RICHMOND CORPORATION Everest University Financial Management Dr. John Halstead April 8th, 2011 ABSTRACT Team D researched and worked out three problems to find out how Richmond Corporation, a mail order company which has grown extensively to four states due to being on the internet and because of the wide geographical area of its customers, now has to determined which cash management system will be the best for the company. The team has to provide answers to determine whether Richmond should proceed with the concentration banking system, the total net cash flow will be able to meet payroll and the cost of the transfer being indifferent between the two systems. CASH MANAGEMENT AT RICHMOND CORPORATION Richmond Corporation was founded 20 years ago by its president, Daniel Richmond. The company originally began as a mail-order company but has grown rapidly in recent years, in large part due to its Web site. Because of the wide geographical dispersion of the company’s customers, it currently employs a lockbox system with collection centers in San Francisco, St. We will write a custom essay sample on Cash Management at Richmond Corporation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Louis, Atlanta, and Boston. Steve Dennis, the company’s treasurer, has been examining the current cash collection policies. On average, each lockbox center handles $235,000 in payments each day. The company’s current policy is to invest these payments in short-term marketable securities daily at the collection center banks. Every two weeks the investment accounts are swept, and the proceeds are wire-transferred to Richmond’s headquarters in Dallas to meet the company’s payroll. The investment accounts each pay . 68 percent per day, and the wire transfers cost . 20 percent of the amount transferred. Steve has been approached by Third National Bank, located just outside Dallas, about the possibility of setting up a concentration banking system for Richmond Corp. Third National will accept the lockbox centers’ daily payments via automatic clearinghouse (ACH) transfers in lieu of wire transfers. The ACH-transferred funds will not be available for use fo r one day. Once cleared, the funds will be deposited in a short-term account, which will yield . 75 percent per day. Each ACH transfer will cost $200. Daniel has asked Steve to determine which cash management system will be the best for the company. Steve has asked you, his assistant, to answer the following questions. 1. What is Richmond Corporation total net cash flow from the current lockbox system available to meet payroll? The amount collected each day is $235,000. The amount transferred is total amount collected on a daily bases from the four different locations for a period of 14 days, plus the interest in the amount of 0. 68 per day. Daily collection=235,000 per lock box Number of lock box=4 235,0004=$940,000 Wire transfer cost=0. 20% Interest rate=0. 068% per day Net cash flow =$940,000x. 002=$1,880 $940,000-1,880=$938,120 Future value=present value(1+interest)n Future value=$938,120(1+0. 0068). 4 1. 0068x. 04=1. 0003 $938,1201. 0003=$938,401. 43 for 1 day 2 weeks= $938,401 . 4314 Total net cash flow$13,137,620 2. Under the terms outlined by Third National Bank, should the company proceed with the concentration banking system? Richmond Corporation should proceed with the concentration banking system. By using the concentration banking system, it would be saving Richmond Corporation some money. With the current cash collection policies, using the lock box, it is costing Richmond Corporation a little bit of extra money. Net cash flow=$940,000 Each ACH=2004=800 940,000-800=$939,200 Short term will yield . 075=$939,200(1+. 0075) FV=PV(1+i)n (1. 0075). 04=1. 0003 PV= $939,2001. 003=$$939,481. 6 for 1 day 2 weeks= $939,481. 7614=$13,152,745 3. What cost of ACH transfers would make the company indifferent between the two systems? 1,880+14=26,320 per lock box Concentration banking system=800 per day 80014 =11,200 Over a two week period =26,320-11,200=15,120 15,120/14 Indifferent between the two =1,080 Work Cited Ross, S. , Westerfield, W. , Jaffe, J. , (2010) Corporate Finance, 9th ed. The McGraw-Hill/Irwin