Budgets Management Reference to the Budget of Aardvark Company

Budgets Management Reference to the Budget of Aardvark Company Introduction The management of any organization is charged with the responsibilities of steering the company or organization for continuing growth prospects. Most of the management activities involve the functions of planning, organizing, controlling, staffing and directing among others. Budgeting forms a way of controlling the organization’s operational activities as well as the resource allocation through forecasting.Advertising We will write a custom report sample on Budgets Management Reference to the Budget of Aardvark Company specifically for you for only $16.05 $11/page Learn More Ideally, the environment conditions determine the budgeting process. Although budgeting is considered a very key function of management for effective control of performance, some opinions are also raised that budgeting focuses more on the past performance basing budgets on comparisons between the actual and budgeted amounts, which does not conclusively consider the dy namism of the business environment. It is worth appreciating the changes that are diverse in the environment today due to factors of globalization, changes in consumer behaviour and technology among others. Budgeting is worth evaluating in the concept of a changing environment and forms the core part of the organization driving performance and controlling of resources through strategies and the setting of targets. This report presents an analysis of the budget of Aardvark Company. It presents the standards used, ways in which it can be used for staff motivation for the improvement of performance, its strengths as well as the techniques for producing such forecasting. It also considers the behavioural issues of the budget and offers suggestions on how the negative effects can be averted. The Role of Management in Budgeting Management determines largely the performance and growth of an organization. The role of management in budgeting is very crucial due to their disposition in making decisions for the organization. Decision making thus influences the growth of their organization. Managers as leaders have to forge the budgeting process to enable them make crucial decisions that affect the entire organization and would affect the areas of planning, staffing, motivation of staff, performance measurement, and their role of leading and directing (Juchau et al., 2004). Budgeting is an expensive process that involves the various stakeholders for it to be objective and informed. Management thus has the responsibility of financing the budgeting process.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Drucker (2001) asserts of the changing environment of the business and as such suggests that managers have the role of considering the changes in the environment such as the technology, consumer behaviours and globalization. He suggests that managers thus have the role o f ensuring the budget is flexible enough to deal with such changes and that more emphasis is given to competitiveness. The other roles of management in the budgeting process include creating a performance climate, devolving performance responsibility for decision making to operational management, motivation of staff, customers and other stakeholders, supporting transparency in the organization, empowering operation managers, organizing for customer orientation, setting goals through benchmarking, forging for streamlining of the coordination of resource allocation and encouraging the need for innovation (Drucker, 2001). Analysis of Aardvark Company Budget This report analysis covers the format used, standards used, desirable characteristics or strengths of the budget and the behavioural issues addressed. It also offers recommendations of suggestions of how the standards of budgeting can be used in staff motivation for improvements in performance as well as the techniques for the prod uction of forecast estimates and how they can used as standards in budgeting. In addition, the report considers the behavioural issues that arise from the budgeting process and the ways of averting the negative ones. Analysis of Budget Format The budget for the company is a cash budget with monthly actual and budgeted amounts of a cash flow format. The purpose of this cash flow format is to enable the company maintain the cash level requirements. This format takes into consideration the cash changes in the actual sales in cash, accounts receivable, bank income, other incomes, sale of capital investment, payments of income taxes, accounts payable, purchase of merchandise, dividends payable, and other capital expenditure (Cunningham, Nikolai Bazley, 2004). It is a flexible budget to take into consideration the monthly changes in the expected receipts and payments to ensure the monthly surpluses and deficits are provided for. This is the reason for the differences in the actual and bu dgeted amounts from one month to another. The flexibility is to create precaution measures to meet the necessary expenditure such as income taxes and the issue of dividends.Advertising We will write a custom report sample on Budgets Management Reference to the Budget of Aardvark Company specifically for you for only $16.05 $11/page Learn More The budget considers actual cash flow incomes since they represent the actual expected incomes for each month to enable the monitoring of such as debtors and capital investments. This budget is also of a capital nature with the inclusion of capital expenditures. This is to ensure the close monitoring of the investment to determine their benefit to the company and since they are involved in the creation of income. The other purpose for having the flexible nature of the budget is to incorporate the changes in the business environment such as technology, consumer behaviour to ensure the monitoring of the same. This is als o likely to increase innovation on a monthly basis. Additionally, the inclusion of accounts receivable is to provide the opportunities for understanding the behaviours of the customers. This will require the levels of debtors are regulated and it is much more effective to monitor the needs and requirements of the customers. The budget is participative since it includes the expenses as well as the incomes from the whole organizations and provides opportunities for growth (Weygandt, Kimmel Kieso, 2008). Standards of Setting the Budget The prudent consideration for a flexible budget is that it should have the budget reasonably fluctuating from the normal operational levels (Hart, Wilson Keers, 2000). The cash budget requires that the budgeted income is lower the actual income received while the budgeted expenses and payments need to be higher than the actual levels (Anandarajah, Aseervatham Reid, 2005). This is to cater for the surpluses and deficits in the changes in levels. This b udget has a good standard of monthly budgeting so as to cater for the changes expected through out the months. However, from the actual operational levels, the monthly budgets are too tight due to the closeness of the monthly budgets to the normal levels of operations. This for example has some months that are just budgeted as equal to the normal operations and some where the budgeted income is higher than the normal operations while in some the expenses budgeted for are lower than the normal operations. For example, the August month budget has higher cash sales expectations and accounts receivable while the month of June budget has a much lower level of expenses as compared to the normal operational levels. The advantage of this however, is that it does not allow for manipulation of records and costs by management (Steele Albright, 2004).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The setting of the standards has to be a joint cooperation between the management. However, this is normally done by a budget committee that includes the heads of departments together with an executive manager (Anandarajah, Aseervatham Reid, 2005). It is also necessary for the participation of the operational managers and supervisors to be included since they are the actual implementers of the budget. The standards of January used for the setting of the budget are not satisfactory to the extent that they are too tight that they do not provide for opportunities of fluctuations in surpluses and deficits (Weygandt, Kimmel Kieso, 2008). Budgeting as a way of Motivating Staff The process of budgeting is effective in staff motivation though it is faced with conflicts and opposition. This is because it is perceived to minimize the payments to the staff while some targets set are perceived unattainable especially if minimal communication is done. The standards to use for the motivation of staff in budgeting are to ensure the process is as participative as much as possible so as to ensure that the targets are realistic, attainable and with rewards (Parker, Ferris Oatley, 1989). This means that the staffs have to be involved in the budgeting process in some way while ensuring that it is not imposed on them. The budget becomes participative through being comprehensive and clear to the staff in terms of obligations, responsibilities and clarification of expectations through clear communication (Drucker, 2001). The goal of the process has to be in accordance to the mission of the organization while the individual goals have to be incorporated in the goals of the organization (Etherington Tjlsvold, 1998). It is important for the budget to incorporate the feedback standard where there is the possibility of having staff receive feedback of their performance with comparisons on the budget to ensure improvement. Rewards and other incentives are necessary for staff motivatio n especially where the budget presents added responsibilities to them. This is necessary as a motivation for the extra sacrifice especially through working of extra hours and minimized leaves. Further, the budget process has to allow for changes to ensure that the staff are flexible thus motivating them. The staff can be motivated through added challenges that come with new training with the improvement of the working environment. Challenging the workers can be done through appreciating and giving them opportunities for learning and improvement of their work (Hart, Wilson Keers, 2000). Techniques for Forecasting Estimates as Standards for Budget Setting The four main techniques used for forecasting estimates include: appropriation, flexibility of fixed and variable costs, capital budgeting and master budgeting (Anandarajah, Aseervatham Reid, 2005). Appropriation involves setting of maximum expected levels of certain expenditures which is based on the judgement decision of manageme nt. This includes expenses such as advertising and development in research. Flexibility approach includes the fixed costs and the varying costs subject to the changing circumstances that either increase or decrease the value. Capital budgeting on the other hand involves investments of capital nature that takes into consideration the discounted cash flow method. Master budgeting as a technique of forecasting includes all the revenues and expenditures of the organization. The techniques are used individually or as a whole depending on the type of budget. Desirable Characteristics of the Aardvark Company Budget The most desirable characteristic of the budget is the flexibility as it considers the changes in the month. Flexibility is revealed through the use of the cash flow format and the specification of the budget for each month in the trading period. The timeliness allows for flexibility as it takes into consideration the monthly changes that may affect the receipts and payments. Fu rther, it offers accuracy in the months through comparability with the actual results which is a way of creating the variances for adequate changes to be made in the future that go beyond the budgeting process (Neely, Bourne Adams, 2003). The budget is complete in that it includes the capital investments which show how feasible the management plans are in cash terms through the sales and purchases of investments and also illustrations of the financial impact of the policies of management such as the changes in credit policy revealed through the changes in the debtors. Ideally, the budget is complete since it also includes the actual receipts and payments while including the incomes and expenses expected from the whole organization (Cunningham, Nikolai Bazley, 2004). It also provides for the necessary expenditure associated with the business such as taxes and other investment expenses. Since the budget is of the cash format, it is relevant to Aardvark Company due to the nature of b usiness it is involved in (Drucker, 2001). This is through the inclusion of cash sales and making provisions for the accounts receivable and payable for monitoring. It is also relevant since it creates an opportunity for the organization to be able to pay out the dividends to the shareholders thus improving the shareholders value. The relevance of the budget is that it includes all the organization so that the application is participative for all the staff. The Aardvark cash budget has a characteristic of accuracy. This is due to the inclusion of the actual and budgeted amounts for each month which are closely related to the normal levels of operations. The accuracy of the same is seen through the inclusion of the capital investments whose sale or purchase represent an actual cash flow that affects the organization. Additionally, the accuracy is portrayed in the flexibility of the budget amounts from one month to another symbolising the inclusion of the changes in the environment. T his presents the fact that the budget considers such changes and is a likelihood of improving the competitive advantage of the company (Drucker, 2001).The budget also displays consistency in the budget allocations for the months. This consistency includes the factor that the goals of the company are considered. Behavioural Issues Associated with the Budget Plan The behavioural issues identified in this budget are the motivation through the participation and inclusion of the whole organization, participation of staff, rewards, conflicts, responsibility and waste as well as the differences in goals (Etherington Tjlsvold, 1998). Motivation is evidenced in the setting of targets especially the sales while the expenses and incomes are included in the organization budget. The participation of the budget is evident through the expenses and incomes that are basically representative of the whole organization. However, the level of participation of the department and staff in the setting of the targets is not stipulated. This is an issue that can lead to opposition and de-motivation of the staff through the increased control. Another issue is conflicts. These are likely from the lack of clear division of the departments, lack of clarity of the responsibilities, conflicts in the individual and company goals, disputes over the allocation of resources and the blame games incase of lack of attainment of the targets set (Etherington Tjlsvold, 1998). Waste is another issue that is likely to be experienced in this budget. This is because of the perception that the allocated amounts have to be spent. Additionally, the departments are likely to lead to waste especially due to the differences in the allocation of resources. The issue of conflicts as expected from the budget are mainly over allocation of resources, blames games, and goals differences among others. These can be avoided through clear communication of the responsibilities expected from the budget, increasing the pa rticipation of the staff in the budget process to make the targets set realistic and attainable and also ensuring objectivity and fairness in the allocation of resources (Etherington Tjlsvold, 1998). Further, there is also the need for interdependence of goals and the inclusion of individual goals to the company goals. Additionally, the conflicts can be dealt with by offering rewards and incentives for the motivation of the staff. Waste being a negative issue arises mainly from the perception that the allocated resources have all to be used and the overestimation of costs by managers (Steele Albright, 2004). This can be handled by ensuring correct, completeness and accuracy in record keeping, shifting of staff and managers as well as objective and independent auditing. Conclusion This report has provided an analysis of the budget of the Aardvark Company. The analysis has covered the format used, standards used, desirable characteristics or strengths of the budget and the behaviour al issues addressed. The report has also provided recommendations of suggestions of how the standards of budgeting can be used in staff motivation for improvements in performance as well as the techniques for the production of forecast estimates and how they can used as standards in budgeting. In addition, the report has considered the behavioural issues that arise from the budgeting process and the ways of averting the negative ones. Reference List Anandarajah, A. Aseervatham, A. Reid, H., 2005. Prepare and Manage Budgets and Financial Plans. French’s Forest: Pearson Education. Cunningham, B. Nikolai, A. Bazley, D., 2004. Introduction to Business and Accounting. Accounting: Information for Business Decisions. Mason OH: South Western. Drucker, P., 2001. Be data literate: know what to know. In Young, S. (2001). Readings in management Accounting. Englewood cliffs: Prentice Hall Publishers, pp 2- 3. Etherington, L. Tjlsvold, D., 1998. Managing Budget Conflicts: Contribution o f Goal Interdependence and Interaction. Revue Canadienne Des Science de l’ Administration, 15 (2), pp. 142-151. Hart, J., Wilson, C. Keers, B., 2000. Budgeting Principles. 2nd edition. French’s Forest: Pearson Education. Juchau, R. et al., 2004. The Role of Budgets in Decision Making. Accounting: Information for Decisions. Melbourne: Thomson Publishers. Neely, A. Bourne, N. Adams, C., 2003. Better Budgeting or Beyond Budgeting. Measuring Business Excellence, 7 (3), pp. 22-28. Parker, D. Ferris, R. Oatley, T., 1989. The Impact of Accounting Information on Managerial Behaviour and Performance: Accounting for the Human Factor. Sydney: Prentice Hall. Steele, R. Albright, C., 2004. Games Managers Play at Budget time. MIT Sloan Management Review, 1, pp. 61-64. Weygandt, J. Kimmel, D. Kieso, E., 2008. Budgetary Control and Responsibility Accounting; Tools for Business Decision Making. New York: John Wiley Publications.

The Process of Market Segmentation Essay Example | Topics and Well Written Essays - 1500 words

The Process of Market Segmentation - Essay Example This research will begin with the statement that the business environment is highly competitive in the 21st century, as thousands of firms have emerged offering services and products to consumers. Some firms attract their customers through cost-effectiveness or price differentiation, while others aim to grasp their market through providing a unique product/service. While the strategies of firms may differ, the target group that firms are aiming to attract may be similar. All firms must ensure that the product/service that they are offering is different from their competitors in some aspect. In this era, there is no such thing as a standardized product which is suitable for use by all people. Hence, no firm seeks to target the whole market at large and it is highly difficult to target a large potential market with the same product and the same marketing strategies. No products except maybe staple foods such as fruits, vegetables, bread, butter, and other important dietary supplements are aimed at targeting the whole population of consumers and are standardized products. All other products or services are differentiated and conformed to the needs and wants of various target groups. Differentiation refers to adapting the characteristics and marketing of your product/service to fulfill the needs and wants of a particular target market. In order to select the target market for product/ service, a firm must indulge in the process of market segmentation.... This prevents duplication of resources and enables the business to directly target the segment that is more likely to be interested in their product/service offering rather than wasting time and resources upon targeting a massive market that may not be interested in the product/service at all (Yankelovich, 1964, pg. 75-77). Market segmentation allows the business to see the characteristics of its potential customers so that it can create its products according to their needs. For example, after segmenting the market according to the variables of age and gender, a certain cosmetics company found that the most potential lied within the segment of females aged 18-25. This would enable them to customize their products in order to suit the needs of this segment more adequately (Anthanpolusso, 1999, pp. 56-58). Moreover, once markets are segmented, different segments can be made differing offers according to their needs. There may be some segments which may be willing to pay a higher price while others may be price sensitive. Identifying the segments that would be willing to pay a higher price would enable the business to increase its profits. In the same manner, providing the price sensitive segments with initiatives to buy the product might increase the sales and result in more profits for the business (Barnett, 1965, pp. 45-47). Segmenting also allows more opportunities for growth as the same segments can be targeted in different manners. The various customer segments can be given incentives according to the offerings made to them previously. Such schemes include loyalty cards, bonus cards, and other factors. Market Segmentation allows the firm to target the most profitable market segments rather than focusing on less attractive markets. Moreover, it may also allow

In line with China's economic reform, the Chinese judiciary has Essay

In line with China's economic reform, the Chinese judiciary has undergone formalization and institutionalization. What are the - Essay Example It is necessary to mention that China has experienced numerous transformations during the past two decades. An important trigger of judicial system transformation was the upheaval of China’s economics. China’s reform in the judiciary system is triggered by two main factors. The first factor is protecting China’s nation and proving to Chinese people that they are in safety; thus a social stability is guaranteed. The second factor is a market economy would experience a better development under the influence of a credible legal system. Therefore there is a strong background of judiciary system development in China. Nevertheless there are advantages and disadvantages that occurred in the result of the reform introduction. An intention of China to hold a world’s leading position enabled its people to have more contacts with the international society. As a result, a social dislocation instead of a reserved social system occurred in China (Chow, 2009). The matter of human rights is often neglected in different countries because of imperfection of a judiciary system. ... A brief overview of China's Judicial System In historical context, Chinese judicial system has experienced four main periods of changes. During the period of the Communist Party governing (1949 -1956) the main goal was to create a â€Å"socialist legal system† (Kamis, 1997). Further on, in 1954, â€Å"the Organic Law of the People's Courts of the People's Republic of China† was introduced in China. After this period, the people’s courts consisted from: â€Å"the Supreme People's Court, the higher people's courts, the intermediate people's courts, and the basic people's courts† (China’s Judicial Reform, 2001). During the next 10 years (1956 -1966) the legal system in China couldn’t develop properly due to the activities of representatives of the 'Anti-Rightist Movement' and the like organizations. The next decade (1966 – 1976) was marked by a Cultural Revolution in China and has essentially broken under the influence of the revolutionar y processes. Starting from 1979 China has experienced a rapid growth of marketing sector because of high-speed economic development. There was a gradual development of a judiciary system and different people courts were established in China. Therefore, it is clearly seen that judiciary system of China has no options for self-perfection because of historical processes in this country. Therefore there is an urgent need in the reform of judiciary system in order to ‘smooth the sharp corners’. People's courts were wide-spread at different levels and gave hearings to criminal and civil cases. The SPC and the courts of the higher level deal with various cases (both criminal and civil ones). The main role of SPC is to supervise the compliance with the

Pans Labrynth Newspaper Article Essay Example for Free

Pans Labrynth Newspaper Article Essay Yesterday night, police took in 13 suspects who could have been related to the brutal murder of a child. A young female, roughly aged 8 10 years was found murdered outside the famous Labyrinth, El laberinto del fauno. Police have asked around the local area of Bilbao, but have asked the townspeople to come forward, as they might hold the vital information of this case. Policà ¯Ã‚ ¿Ã‚ ½a Juan Marà ¯Ã‚ ¿Ã‚ ½gon states that We want to finish this case within 4 6 weeks, we need the key to solving this murder, but someone out there holds it, not us. Police have told the public, with help from the forensics, they have found fingerprints of the future suspects. The 13 men who are kept in for indepent interviews Have released information about who they are and that they are part of the Spanish Maquis guerrillas. The man and his sister have also revealed a quote from behalf of both of them; We knew the girl, she was very close to us both. Once alone, the woman said The girl was like my own daughter. I used to look after her as my own. I hope the police find out who done such a thing. Later on, Detective Felipà ¯Ã‚ ¿Ã‚ ½ Romerez revealed the names of the woman and her brother. The woman, Mercedes Julientos, and her brother, Frederico Julientos are both suspects themselves. Whilst on the crime scene, forensics had discovered another body, one of a man, who is seemed to be aged 40 or over. During each interview, Mercedes and Frederico have both denied seeing a man at the time of the killing. At the time of the police arriving, Mercedes was holding a very young baby, who forensics say, after eximaning the body of the male, could be related to the male. The 13 suspects, along with Mercedes Julientos, and her brother, Frederico Julientos are all going under for custody of the police. They all will later be taken to court to be proven innocent or guilty. A later date wil be published for the court hearing. If more than 8 of the suspects are found guilty, each could be facing a minimum of 7 years in jail. Other suspects that have been interviewed and released on bail are many who were at the crime scene. 2 of the 13 main suspects have tried to escape, but the cheif of the Spanish police caught both red handed. They have been told that their stunt could effect their hearing and their trial. Police and forensics have partially identified the body as Ophelia Llimero, aged 8. The brother of Ophelia Llimero, is now left orphan, but will be staying with Mercedes Julientos for the time being. Sailinda Hugamos, the neighbour of Videl Llimero, said Ophelia and I were so close. She used to come to my house everyday to eat my homemade famous Salsa. My husband and I will be extremely devestated. The area around the great big fig tree in El laberinto del fauno will be closed off until forensics have fully analysed the whole area, and until further notice. All of the area has been closed off to local people and tourists. Dates for the hearings for the 13 suspects, excluding Mercedes Julientos, and her brother, Frederico Julientos are yet to be decided.

Personal Narrative - Contemplating Death Essay -- Personal Narrative W

Personal Narrative - Contemplating Death "Then, just like that, she was gone. I couldn’t hold back the tears, and I don’t think my sunglasses hid them well. I’ve gotten used to my emotions and I only let it all out when they can’t be stifled, so you know this wasn’t a sigh-I’m-gonna-miss-her moment. The sunshine and warm breeze of Friday afternoon was frustrating; dreary, cold, typical-March days are fitting, appropriate for feeling this way, and how nice it was outside was a slap in the face. I later recalled how just a year prior I reversed the phrase A sunny day is no match for a cloudy disposition on a day like this one. I thought I was okay with everything, so what was it that hurt me? She left so easily; she never thinks about how lucky she is to still see me, not because she doesn’t deserve to, but the fact that I am still here for her to see. If she knew what I’m going to tell you†¦well, speculation is useless. I died this morning on my way to school: the guy behind me tried to stop but he locked his brakes out of panic and only slowed to forty five miles per hour. Of course, this isn’t what killed me; the trauma sustained by my face hitting my steering wheel as the opposite reaction of my head whipping backwards upon impact was my demise. The road to my college is only two lanes, and often there are stoppages as a result of cars waiting to turn left, since the shoulder does not provide sufficient room to pass on the right. The only way to avoid speeding too excessively to stop in time is to pay careful attention to the car in front of you, something the gentleman following me failed to do. He was preoccupied with the midterm he was trying not to be late for, the source of the stress he had calmed with the potent co... ... you forgot your feelings? If you didn't know they were there or that you ever had them, wouldn't your existence end?" "I don't think it's possible to forget your feelings - you can try to ignore them, but you can't control when your emotions begin and end. And you can't 'forget' them either. Love, hate, happiness, sadness, satisfaction, disappointment...these are not ideas created by the mind, they are sensations you must deal with." "So what, she just doesn't deal with them? She pretends they aren't there?" "I guess so...you see that cardinal up on the top branch?" "Yeah...?" "If you only wanted to see the blue sky, that is all you would see. You could know that bright red bird is there right in front of you, but if you didn't want to see it, you wouldn't." "Just like we choose to see light because that's what we want to see..." "It's just easier that way."

Impact of Globalization on Legal Education in India Essay

We are living in the â€Å"Era of Globalization†. Globalization is not a synonym of Global business, but it is more than that. Globalization poses variety of complex trends in the economic, social and cultural fabrics of all societies. We live in an intensely interdependent world in which all immense differences of culture and historical experience are compressed together in instant communication. The international transactions in services are defined as the economic output of intangible commodities that may be produced, transferred and consumed at the same time Traditionally services are viewed as domestic activities due to direct contact between producer and consumer and government monopoly in infrastructure sector. The emerging digitization concept has altered this perception. The ascent of information and communication technology has given rise to e-commerce, e-banking, e-learning, e-medicine and e-governance. So, it is argued that government finds it increasingly difficult to cope up with technology-driven ctivities. Because of that Nowadays Education has turned out to be a commodity of international trade. It is no more a public good on domestic scale, but a private good on global scale. Globalization brings education to the front lines. In the prevailing discourse, education is expected to be the major tool for incorporation into the ‘knowledge society’ and the technological economy. In this paper author is going to see the impact of globalization on legal education in India. As we all know that ‘Law is the cement of society and an essential medium of change. Globalization and Legal Education in India We broadly understand globalization as an ongoing process which entails the free movement of capital, labour, goods and services across national borders. However, these parameters of economic globalization cannot be viewed in isolation from other aspects such as the free exchange of ideas and practices. From this perspective, the legal systems in various countries have a lot to learn from each other – both in terms of institutional design and the evolution of substantive lawswith increasing trade and investment across borders, there is an imperative need for all of us to understand the functioning of international institutions. At the same time, our national legal system must offer a balanced response to the rapidly changing socio-economic realities. We must also bear in mind that in this age of the internet and frequent international travel, judges, lawyers, academicians and even law students from different countries have a lot of opportunities to interact, collaborate and le arn from each other’s experiences. Access to foreign legal materials has become much easier on account of the development of information and communication technology. A few years ago, subscriptions to foreign law reports and law reviews were quite expensive and hence beyond the reach of most judges, practitioners and educational institutions. However, the growth of the internet and globalization has radically changed the picture. The decisions of most Constitutional Courts are uploaded on freely accessible websites Furthermore; electronic databases operated by prominent publishing houses have ensured that judges, practitioners and law students all over the world an readily browse through materials from several jurisdictions. Such easy access to international and comparative materials has also been the key factor behind the emergence of internationally competitive commercial law firms and Legal Process Outsourcing (LPO) operations in India. The present law has to deal with problems of diverse magnitudes and a student of law and an Advocate has to be trained in Professional skills to meet the challenges of globalization and universalisation of law. Legal education should also prepare lawyers to meet the new challenges of working in a globalized knowledge economy in which the nature and organization of law and legal practice are undergoing a paradigm shift. The Law Commission of India defines legal education as a science which imparts to students knowledge of certain principles and provisions of law to enable them to enter the legal profession. Legal Education is the process which equips the future lawyer, judge, administrator, counselor and legal scientists to know how legislative, executive, judicial organs of the government, are designed and how they operates. Legal Education is a technique, arena and platform for rational, orderly and non-violent settlement of disputes and handling of conflicts. Constitutional recognition to legal education and its progress in India The Constitution of India basically laid down the duty of imparting education on the states by putting the matter pertaining to education in List II of the Seventh Schedule. But it now forms part of List III, giving concurrent legislative powers to the Union and the States. Legal profession along with the medical and other professions also falls under List III (Entry 26). However, the Union is empowered to co-ordinate and determines standards in institutions for higher education or research and scientific and technical institutions besides having exclusive power, inter alia, pertaining to educational institutions of national importance, professional, vocational or technical training and promotion of special studies or research empowered by the Constitution to legislate in respect of legal profession, Parliament enacted the Advocates Act, 1961, which brought uniformity in the system of legal practitioners in the form of Advocates and provided for setting up of he Bar Council of India and State Bar Councils in the States. Changed Scenario of Legal Education due to globalization About fifty years ago the concept was that the law schools are meant to produce graduates who would mostly come to the bar, while a few may go into law teaching. But during this period the entire concept of legal education has changed. Today, legal education has to meet not only the requirements of the bar and the new needs of trade, commerce and industry but also the requirements of globalization. New subjects with international dimensions have come into legal education. In the changed scenario, the additional roles envisaged are that of policy planner, business advisor, negotiator among interest groups, expert in articulation and communication of ideas, mediator, lobbyist, law reformer, etc. These roles demand specialized knowledge and skills not ordinarily available in the existing legal education. The National Knowledge Commission (NKC) was, however, established by the Prime Minister of India in 2005 to recommend and undertake reforms in order to make India knowledge based economy and society. The National Knowledge Commission, while deliberating on issues related to knowledge concepts recognizes legal education as an important constituent of professional education. The working Group on legal education, inter alias, identified the problems and challenges relating to curriculum and recommended changes and reforms relating to curriculum . The report recommends the development of contemporary curriculum, which is integrated with other disciplines and also ensures regular feedback from stakeholders . The curricula and syllabi must be based in a multi-disciplinary body of social science and scientific knowledge . Curriculum development should include expanding the domain of optional courses, providing deeper understanding of professional ethics, modernizing clinic courses, mainstreaming legal aid programs and developing innovative pedagogic methods . With the advent of globalization, it has become increasingly important to include international and comparative law perspectives. According to C. Rajkumar, in the era of globalization, we should pay attention in four important factors to improve the standard of legal education. These are: Global curriculum, Global faculty, Global degrees and Global interactions. We have to think globally but act locally. Law is one of the most dynamic subjects of the world. Dynamism is the life blood of law . A law which is static cannot survive for long and will be rejected by people for whom the law will be implemented. So, to keep pace with the changing situation of the world we have also to change, by addition, subtraction, or cancellation, of the existing curriculum of the legal education in India. Otherwise, in future, it will lose its importance and will turn into a relic of the past.

Legal And Ethical Aspects Of Intellectual Property

Legal and Ethical Aspects of Intellectual Property According to Cross and Miller (2012), â€Å"Intellectual Property is any property that results from intellectual, creative processes that are products of an Individual’s mind† (p. 320). There are several rights that are used to help protect ownership of creative processes. Despite only benefiting the greater good in the long term, the utilitarian approach is the best option when it comes to ethical decision making and protecting intellectual property, because the long term benefits far exceed the short term rewards and incentives given to individuals who believe in individualism. There are three major rights that have been put in place to help combat the replication of ones own work. Each right pertains to a certain intangible aspect of a creation. Almost all products have a particular saying or visual representation that is uniquely associated with itself, this is called a trademark. A trademark can be a unique logo, symbol or even a slogan that is associated with a particular creator or company (Cross Miller, p.320). These distinctions are what people around the world use to distinguish ones work from another. This is why it is important that no one else can duplicate or develop similarly associated symbols. If trademark infringement or dilution does occur this could not only cause brand confusion for consumers, but also severely affect the original creator or companies monetary stance and image. Trademark rights can beShow MoreRelatedProtection of Intellectual Property Essay1030 Words   |  5 PagesProtection of Intellectual Property Introduction There is a lot of controversy about intellectual property and its application to software. There are many difficult, fundamental questions that arise, such as exactly what aspects of a piece of software should be protected under copyright or patent. 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