SOCY100 FINC331 and BMGT364 WTCC Discussions

Respond to classmates:

SOCY 100

1. (Jordan Fluit)

PART 1: This was a hard one that I tossed around a few times and had difficulty deciding on. I was not sure what the legal process/situation exactly was like that lead up to Scarce’s arrest. Initially I thought that police were trying to investigate/interview Scarce and he refused to answer questioning and was arrested (which is a violation of 5th amendment rights as a person can absolutely legally refuse to speak to police) but it seems as thought he was arrested after refusing questioning from a supreme court case involving the animal rights defacement incident, which does NOT infringe on 5th amendment rights and does legally make one susceptible to being charged with contempt of court (Scarce, 2013). I however, do think jailtime for the offense is ridiculous (it costs an obscene amount of tax money each year to keep just one prisoner in jail, 70,000 dollars in some states), and the judge that freed him early made an excellent point by stating that him staying in jail is not going to make him more likely in anyway to talk or share information (Finer, 1993). I think when I compare this situation to those that therapists/behavioral health experts are subject to I can say that there may be some instances where legally it may be obligated to share information, but even that stance/train of thinking has limitations as behavioral health experts (depending on the state) have limitations on what they HAVE to report to police. I.e., a person being an active or suspected harm to themselves or others, or a person admitting to abuse of a child, adult they have care over, or elderly person are instances that legally have to be reported. However, if someone alludes or even admits to a past crime it isn’t necessarily required of the expert to tell law enforcement (once again depending on the state, and it also depends on the therapist/expert as many may seek to report a past crime regardless of if they have to or not). Maybe something similar could be implemented to prevent issues like the arrests like Rik Scarce in the future, but to me it seems that it was his own personal ethical decision to keep information confidential (similar to how some therapists may inform the police if a patient admits to a past crime, and others may not).  

PART 2: The research tool that could face a variety of ethical issues mentioned this week, I think would be experiments. Social Experiments can offer a vast amount of information about how people view, interact, and function with the people around them and their environments (University of Maryland Global Campus, n.d.), but the method is susceptible to unethical activity if research conductors are not incredibly careful and attentive to the way the experiment is conducted. Unethical behavior has been seen numerous times in the conduction of a variety of psychology based experiments, i.e. the Milgram Conformity Experiment better known as the experiment where an authority figure mad individuals believe they were physically shocking other participants who gave incorrect answers as a means of understanding how the nazi party gained control over Germany, the gender experiments performed on David Reimer a child who endured an extremely botched circumcision, Landis’s Facial expression experiment where he had participants behead rats to study the expression of “revulsion”, the list is endless (Stamp, 2019). If the conduction of experiments can be perversed in the field of psychology I would believe that sociology experiments could also be incredibly unethical if not conducted properly. I would think interviews would be the least likely to be susceptible to ethical issues, Sure you may have the issue of bias of the interviewer (asking leading, offensive, or biased questions or intimidating the interviewee to get desired results) but overall I think if the same questions are pre-scripted and asked in the same mannerisms for all participants with appropriate follow-up questions this could be a very valuable way to gather research. 

References

Finer, J. (1993, November 2). Judge frees sociologist who was jailed for refusing to reveal sources. The Reporters Committee for Freedom of the Press. Retrieved January 22, 2023, from https://www.rcfp.org/judge-frees-sociologist-who-w…

Scarce, R. (2013). Going to jail for research subjects: A conversation with Rik Scarce. ACJS Today, 38(3), 15-21. 

Stamp, C. (2019, September 18). What are the top 10 unethical psychology experiments? Online Psychology Degrees. Retrieved January 22, 2023, from https://www.online-psychology-degrees.org/study/to…

University of Maryland Global Campus. (n.d.). Week 2. How sociologists conduct research. Document posted in UMGC SOCY 100 online classroom, archived at https://learn.umgc.edu

2. (Roger Forde)

I do not think Rik Scarce should have gone to jail for protecting the identity of his research participant. There was no point of when Rik Scarce admitted to being involved in anything his participant did. I do not personally see anything wrong with interviewing participants who have done crimes. His job is not to be an informant. Sociologist do not work for the government and it is not their job/diligence to put people behind bars for their findings. With that being said, there are no situations where a researcher should identify his participants. You cannot offer a participant full confidentiality and still be held liable to reveal who you’ve interviewed which would allow a lack of trust for someone to be interviewing knowing they could be outed. The most ethical approach in my opinion is to come up with new laws that protect not only the participant but also the interviewer so the interviewer does not end up in jail for studying. Government officials but come up with their own evidence to convict someone, not use a researchers evidence then lock them up when they fail to abide. Imagine Congressional inaction! There have been several bills introduced to create researchers’ or scholars’ privilege—a “shield law,” as it’s commonly known—over the last few years, but the bills have never even received a hearing. They’ve been hollow exercises. (Scarce 2013)

After reviewing the different types of research methods, Experiments are the most likely to become unethical. Especially depending on what the experiment are or what it is testing. As the generations change and the social norms change these experiments will have huge effects not only the people they are experimenting on but also to the public this information gets released to. Imagine if researchers start experimenting with the LGBT community such as how they do in school, well one day or even today people would feel isolated just because they were singled out or individualized. Some sociologist researchers might not see the harm or know of the harm they are causing because it might be normal for now, but as seen before, generations change and this will not be acceptable such as the testing of black people. 

Alternatively, secondary data analysis is the least likely to have unethical problems. This research is a second hand research that stemmed from a completion of first hand completed work. I believe this research is more ethical because it can be argued that is research is coming from more of an unbiased view point and contains “nonreactive research”(which doesn’t have an impact on participants).

References 

Scarce, R. (2013). Going to jail for research subjects: A conversation with Rik Scarce. ACJS Today, 38(3), 15-21. 

How sociologists conduct research. University of Maryland Global Campus. (n.d.)  (n.d.). https://leocontent.umgc.edu/content/umuc/tus/socy/socy100/2225/weeks/week-2–2225-/research-methods.html

FINC 331

1.) Jasmine German

Accounting is important because it tracks the financial transactions of a business which serves as the key point of reference when evaluating the financial standing of an organization. The Financial Accounting Standards Board is the governing authority of accounting and exercises its authority through Generally Accepted Accounting Principles which all organizations are required to follow. Though organizations/businesses within an industry follow the same set of principles, they can apply them differently. For example, two companies within the same industry can both report their cost of goods in their financial records as required by GAAP, however, one company can use the First-In, First-out method, and the other can use the Last-in, First-out method. As a society, we value accounting rules because it requires companies they maintain a certain level of honesty for their shareholders and customers. This standard helps customers and shareholders to make informed decisions based on the most accurate information. For instance, GAAP required that businesses in the stock market exchange share their financial statements with the public. If the business is reporting illegitimate information, then many people could make the decision to invest based on false information, and if they later find out, this could cause the business to lose a significant amount of funding. 

“The purpose of a financial ratio is to define a theoretically meaningful relationship between selected activities of the firm’s financial statements that can provide insight into the firm’s financial performance.” (University of Maryland Global Campus, n.d.) 

Companies use financial ratios to help them make decisions regarding strategic planning, compare themselves to their competitors, and access their shortcomings.

Investors use financial ratios to help them make informed decisions about where and when to invest. 

Analysts use financial ratios to discover trends within an organization’s data and use them as tools of comparison. 

References

University of Maryland Global Campus. (n.d). Evaluating Financial Performance. Document posted in UMGC [FINC 331 6383] online classroom, archived at https://leocontent.umgc.edu/content/umuc/tus/finc/finc331/2228/additional-resources/evaluating-financial-performance.html

2.) James DeMoss

Part One: Accounting 

Accounting is an integral part of business that is critical to a company in many ways. Accounting keeps records of all financial information that can be used for decision making, data analysis, disclosures, and most importantly, taxes. It is also useful to communicate company information to investors and lenders who may be deciding to invest money in the company (Powell, 2022). The two types of accounting are financial accounting and managerial accounting. All of which are governed by the FASB (Financial Accounting Standards Board) who also developed the set of procedures and guidelines in the U.S. known as the GAAP (Generally Accepted Accounting Principles). The Financial Accounting Foundation also supports and oversees the FASB (FASB, n.d.). Accounting rules are all followed and accepted throughout the business world, but some can be applied differently yet stay consistent with guidelines. For example, conservative and aggressive polices can make a company appear differently in reports. Conservative accounting policies understate a company’s financial performance which makes a company appear to show improvement. While aggressive policies overstate performance which could lead to a statistical decline in performance over the years (CFI, 2022). They both align with rules and policies but make the company’s health and performance appear different on purpose.  

Accounting policies are so important because they set a standard and framework so companies can provide consistent reporting across years relative to other companies (CFI, 2022). When a company does not follow GAAP, there are many repercussions that can and will follow such as a decline in credibility, criminal penalties and fines, loss of licenses, and even jail time based on the state or federal levels. A real-life example is from the Monsanto Company who produces the product Roundup as some of us may know. The SEC investigated and concluded that the company had insufficient internal accounting controls to properly account for millions in rebates offered to retailers and distributors. Monsanto accumulated substantial amounts of revenue resulting from sales by the rebate programs after Monsanto’s prices had been undercut resulting in significant loss of market share. They failed to recognize the related program costs at the same time. Monsanto misstated its consolidated earnings in corporate filings during a three-year period. This cost the company $80 million in penalties which also included three accounting and sales executives.  

About the FASB. FASB. (n.d.). Retrieved January 22, 2023, from https://www.fasb.org/facts/#:~:text=The%20FASB%20develops%20and%20issues,supports%20and%20oversees%20the%20FASB.  

CFI Team. (2022, December 5). Accounting Policies. Corporate Finance Institute. Retrieved January 22, 2023, from https://corporatefinanceinstitute.com/resources/ac… 

Powell, S. (2022, November 27). Accounting. Corporate Finance Institute. Retrieved January 22, 2023, from https://corporatefinanceinstitute.com/resources/ac… 

U.S. Securities and Exchange Commission. (2016, February 9). Monsanto Paying $80 Million Penalty for Accounting Violations. SEC. Retrieved January 22, 2023, from https://www.sec.gov/news/press-release/2016-25 

Part Two: Financial Ratios 

Financial ratios are immensely important to companies to evaluate performance and be able to compare performance to competitors. The main categories of ratio analysis are liquidity, profitability, solvency, and valuation. Some common ratios are price to earnings ratio, debt to equity, working capital, quick ratio, and return on equity ratio. All of which are used to monitor performance over time to be able to make decisions for the company as an owner or CEO. While for an investor or analyst, the ratios could be used to make decisions for investments, evaluate stocks and performance, and measure current performance against historical data. Financial ratios are really used very similarly across all avenues. They are a critical part of evaluation whether that be internal or external. They reveal a company’s issues and/or positive financial attributes which can be used to make better decisions. 

BMGT 364

1.) Charles White

1. Explanation of Mission Statement Requirements:

           – The mission statement is a focused plan (or statement) that describes what the company needs to do to achieve its vison. It is typically one sentence that sums up the main objective of the company.

2. A Mission Statement for Smithfield Custom Furniture’s New Product Line

           – We strive to be the go-to choice and the leader in quality for long lasting furniture.

3. Explanation of Vision Statement Requirements:

           – A vision statement is backed by the mission statement. It provides a broad statement encompassing the company’s main goal. Or as the lumenlearning reading put it, it is “a statement of an organization’s overarching aspirations of what it hopes to achieve or to become.”

4. Vision statement for Smithfield Custom Furniture’s Product Line

           – To make the highest quality furniture.

5. Application of either of Michael Porter’s two strategies — Competitive Advantage (low cost versus exclusivity) or Competitive Strategy (Five Forces Model)    

           – Michael Porter presented that there are two ways a company can make itself stand apart from the competition. Providing the goods or service at a lower cost or providing something different that justifies the higher price to the customer. If Smithfield sees and predicts that the market is changing, and a pivot to a lower line of furniture would be beneficial, then the pivot should be made.

6. Priority Order/Justification Smithfield’s 3 Next Steps  

           – Step 1: Jonas, you should utilize the SWOT analysis to determine Smithfield’s Strengths, Weaknesses, Opportunities, and Threats. This will help identify where you’re strategically placed within the industry. It will allow you to take a better look internally at the company as a whole, and also identify potential risks external to the company.

           – Step 2: After the SWOT Analysis, you should take a hard look into your vision and mission statements. Developing a concrete vision and mission statement will provide the company a foundation to build upon and a heading to march towards. When your vision and mission statements are clearly defined it helps everyone else in the company know what to work towards.

           – Step 3: After the SWOT Analysis has been completed, and a clear vision and mission statement have been developed, you should focus on strategic formulation. Utilizing the information gained from your SWOT analyses you can set “SMART” goals and objectives based on your company’s strengths and weaknesses. You can identify needs and prioritize time or/and resources to achieve your goals.

References:

Learning, L. (n.d.). Principles of Management. Lumen. Retrieved January 21, 2023, from https://courses.lumenlearning.com/wmopen-principle…

• 2.) Ashley Rumbut
• 1. Explanation of Mission Statement Requirements.
• The mission statement describes what the organization needs to do to achieve the vision. The components of the mission statement define how the organization will be and how it’s different from other organizations within the industry.

Learning, L. (n.d.). Principles of Management. Module 3: Planning and Mission. Retrieved January 21, 2023, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-mission-vision-and-values/

2. A Mission Statement for Smithfield Custom Furniture’s New Product Line

Create quality, economical custom furniture using the finest, most exotic wood.

3. Explanation of Vision Statement Requirements 

A Vision statement is a statement of an organization’s overarching aspirations of what it hopes to achieve or become. It’s a visual image of what the company aspires to become. It should inspire and motivate people to contribute. They should be clear and concise.

Learning, L. (n.d.). Principles of Management. Module 3: Planning and Mission. Retrieved January 21, 2023, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-mission-vision-and-values/

4. Vision statement for Smithfield Custom Furniture’s Product Line

To create affordable custom furniture across the globe

5. Application of either of Michael Porter’s two strategies — Competitive Advantage (low cost versus exclusivity) or Competitive Strategy (Five Forces Model)    

Competitive Strategy

The five forces defined by Porter include:

The threat of new entrants (or barriers to entry). 

This threat is low due to the time it takes to create custom furniture. The individual must find regular suppliers and create a manufacturing and distribution center. They must have an administrative background and purchase retail stores to sell the products.

The threat of substitute products or services. 

Smithfield knows that families move more often and may not desire exclusive furniture. Therefore, they may substitute by using another furniture company. They may use another company if the prices seem too high.

Competitive rivalry within the industry.

Other Furniture companies are rival companies. Typically, the furniture style changes no matter what furniture company is used. If the company is more affordable and less exotic, consumers may choose them.

The bargaining power of buyers. 

Much of the work is limited edition, and demand is higher than supply, limiting buyers’ bargaining power. Therefore, the bargaining power is low within the company.

The bargaining power of suppliers.  

The bargaining power of suppliers is high. The company obtains the most exotic wood. If the price of wood increases or the wood becomes less obtainable, the cost of the wood could increase. If the wood isn’t available, the supplier can increase the price.

Learning, L. (n.d.). Principles of Management. Module 4: Environments and Strategic Management.  Retrieved January 21, 2023, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/common-frameworks-for-evaluating-the-business-environment/

6. Priority Order/Justification Smithfield’s 3 Next Steps 

Vision Statement: To create affordable custom furniture across the globe

Mission Statement: To create quality, economical custom furniture using the finest, most exotic wood

Competitive Strategy: Porter’s competitive strategy uses the Five Forces. This strategy recognizes four types of competitive strategies focusing on overall differentiation and overall low cost. Focused differentiation and low cost.

The Vision statement is first because the mission statement is created as an enhancement to the vision statement. After the vision and mission statement are made, the strategic formulation should be worked through. Once Smithfield completes the competitive strategy, it’s time for implementation, evaluation, and control.  

Learning, L. (n.d.). Principles of Management. Module 3: Planning and Mission. Retrieved January 21, 2023, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-mission-vision-and-values/

Learning, L. (n.d.). Principles of Management. Module 4: Environments and Strategic Management.  Retrieved January 21, 2023, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/common-frameworks-for-evaluating-the-business-environment/