Harmonisation of Accounting Standards

Harmonisation of Accounting Standards Accounting Standards are the reliable statements of best accounting practices issued by recognized expert accountancy bodies relating to various aspects of measurements, treatments and disclosures of accounting transactions and events, as related to the codification of Generally Accepted Accounting Principles (GAAP). This report presents harmonization of accounting standards, a brief history, and the achievements so far and some challenges faced by the organizations such as the International Accounting Standard Committee (IASC) that are pursuing harmonization of accounting standards. 1.0 ACCOUNTING HARMONIZATION: Many authors have put together different definitions for accounting harmonization in various ways. It would seem not an easy word to define, as neither the European Commission nor other organs of the commission have explicitly defined the concept of accounting harmonization (Christopher Nobes, 1992). Some have even complicated the whole concept, by attempting to substitute harmonization with standardization, as if to mean that the process is the same, rather than making it more compatible. In practice, harmonization of accounting tends to mean the process of increasing the compatibility of accounting practices by setting bounds for the degree of variations (Nobes, 1992). This can be accepted to be the most suitable definition of the concept. Harmonization of accounting standards has become a highly demanded issue of discussion and debate among accounting professionals around the globe. Accounting Standards are the authoritative statements of best accounting practices issued by recognized expert accountancy bodies relating to various aspects of measurements, treatments and disclosures of accounting transactions and events, as related to the codification of Generally Accepted Accounting Principles (GAAP). These are stated to be the norms of accounting policies and practices by way of codes or guidelines to direct as to how the items, which make up the financial statements, should be dealt with in accounts and presented in the annual accounts. In fact, such statements are designed and prescribed to improve and benchmark the quality of financial reporting. They bring about uniformity in financial reporting and ensure consistency and comparability in the data published by enterprises. These are aimed at furnishing useful info rmation to different users of the financial statements, such as shareholders, creditors, lenders, management, investors, suppliers, competitors, researchers, regulatory bodies and society at large(Shil et al. 2009). The process of harmonization gives the global community a single entity. The diversity of stockholding doesnt matter today if the accounting system can generate general purpose financial statements in real sense. Thus, along with the process of globalization, the awareness of investors in capital markets has increased manifold and the size of investors is multiplying. Foreign institution investors (FIIs) are investing in significant volumes globally, as also are several Indian companies through GDRs (Global Depository Receipts) and ADRs (American Depository Receipts). Hence, the need for harmonization of accounting standards has been strongly advocated globally in order to faster the economic decision-making process(Shil et al. 2009). Wallace, et al (1997) argue that the mission for international harmonization of reporting practices cannot be as easy as looking at a cash flow statement, where you identify different ways of categorizing cash flows, alternative formats of presenting cash flows from operating activities and just many other differences. In addition, several issues such as: the bad debts provision; valuing marketable securities; and the treatment of long-term contracts, can be considered specific and given particular treatment. The role of the Accounting Standards Board (ASB) for example is to issue accounting standards in the United Kingdom. It is recognised as a standard setting body in the UK for the purposes of Section 256(1) of the UK Companies Act 1985 and in Northern Ireland for the purposes of Article 264(1) of the Companies (Northern Ireland) Order 1986.(Mccallig et al. 2010). 1.1 The Need for Harmonization The increased globalisation of capital markets has resulted in a need for international accounting standards. In an increasingly globalised world, it is clear that financial statements of companies operating under different accounting management systems are not easily comparable. This has led to the need and development of the International Accounting Standards Board (IASB) whose stated objective is the development of à ¢Ã¢â€š ¬Ã‹Å"a single set of high quality, understandable, enforceable and globally-acceptable International Financial Reporting Standards (Mccallig et al. 2010) This harmonization is needed due to the globalization of businesses and services and an increase in cross-border investments and borrowings(Zeff 2011). Some of the benefits of harmonization are: It ensures reliable and high quality financial reporting and disclosures in certain cases; it can prove to be crucial to the economic and financial development of a country. It enables a systematic review and evaluation of the performance of say multinational companies having subsidiaries and associates in various countries wherein each country has its own set of GAAP. It makes the comparison of the performance of a company against its domestic and international peers easier and more meaningful. It adds to the international credibility of a company. It is a precursor for accessing international capital markets which can, in turn, reduce the capital cost and consequently, improve the performance of a company. It provides a level playing field where no country is advantaged or disadvantaged by its GAAP. (Mogul 2003) Additional benefits of a global financial reporting framework that can be achieved through harmonization are numerous and can include greater comparability of financial information for investors, greater willingness on the part of investors to invest across borders, lower cost of capital, more efficient allocation of resources; and even higher economic growth not only for companies and organizations but for governments also. 2.0 IMPLEMENTATION CHALLENGES The most fundamental of obstacles to achieving uniform practice is the size of the present differences between the accounting practices of different countries. Using the different types of classifications of accounting systems used in different countries, there are several significant differences even within the equity class, let alone between that class and the other. These differences go to the root of the reasons for the preparation of accounting information(Nobes 2001). Still, there are a couple of strong variants of accounting practices (say, for example, US GAAP, UK GAAP, IAS etc.) over the world existed and practiced simultaneously. These variants are working as threats towards harmonization of accounting practices. However, the profession has also witnessed some improvements in recent years in the process of global convergence putting some ray of hope. International and even local standard setting bodies have come up with projects of harmonization and in most of the cases became successful. The day is not far away when we will observe that accounting world is controlled and guided by a single set of standards giving it a status of legal discipline in true sense(Shil et al. 2009) Implementation challenges at the international and national levels of the objectives of an improved and harmonized reporting system being achieved are still evident. For example the question of how the IASB should cope with the Securities and exchange commissions (SEC) eventual decision to adopt, converge to, or continue to study International Financial Reporting Standards (IFRS) as the financial reporting framework to be used by U.S. issuers? The process of mutual convergence between IFRS and U.S. GAAP, which has been an avowed policy of both the IASB and the FASB since 2002, will surely not extend beyond the terminal dates of the major projects currently heading toward completion.37 Countries that have signed on to IFRS, as well as the leadership of the IASB, believe that the time is nigh for the SEC finally to decide whether to commit to IFRS, or not. If it does not, the IASB must consider the consequences of an IFRS world without the United States. Considering that the U.S. capit al market is still the largest and most important in the world, and the SEC is the worlds most respected securities market regulator (Zeff 2011). 3.0 CONCLUSIONS A significant number of entities and countries around the world have adopted International Financial reporting Standards (IFRS) as their basis for financial reporting, often initially regarding these as a means of improving their quality of information on corporate performance. The benefits of adopting IFRS have been extended to include winning the trust investors, greater willingness on the part of investors and companies themselves to invest across borders, lowering of capital costs to companies, more efficient allocation of resources; and even higher economic growth not only for companies and organizations but for governments also. On the overall one can argue that this approach to financial management can greatly impact the global economy as a whole.

Religious Traditions and History Essay

Polytheism, the belief in many gods, is perhaps the oldest known religion. The best known example is the Greek/Roman mythology, which included Zeus, Apollo, and Aphrodite, among others. One trait that is true of most Polytheistic sects is that there is a god that is above all others. â€Å"All African religions are monolithic in the sense that there is a single High God, who is said to be the creator of the world, and of mankind, and a central source of order and of whoever sense is to be found.† Another example would be Zeus. Most ancient societies believed in gods that were in charge of specific areas, such as rain, fertility, and a god of nature. These types of societies cooperate with nature. This doesn’t mean that all Polytheistic societies revered the natural world. The Romans exploited the natural resources of their surroundings. One common thread in most of these societies is that, compared to other religions, Polytheism is much more tolerant with the individual . Hinduism and Polytheism Hinduism is a religion founded in India around 1000 B.C. The religions practice a form of Polytheism. This religion doesn’t believe in one form of a god. They believe in the authority of the Vedas and Brahmans. These fundamental beliefs differentiate Hinduism from monotheistic, believing in one god, and most of the world’s major religions. There are many different gods in the Hindu religion. The most common are Ganesha, Shiva, Hanuman, Durga, and Lakshmi. What developed was a caste or class system called ‘varnas’. The different castes were assigned a task that was fitting for their class. â€Å"The expansion of towns brought about an increase in the number of artisans who were organized in guilds (shreni).† This system was good for commercial activities. The main goals of Hinduism are life-affirming goals of Dharma (virtue), Artha (success) and Kama (pleasure), while the life-negating goal is that of moksha (release). All except moksha can be done in any part of a person’s life. Confucianism and Buddhism People think that Confucianism and Buddhism are one and the same. Confucianism, which originated in China, teaches honesty, kindness, respect the earth, and good moral character. Confucius had a distain about gods and spirits and preferred to try to understand man. â€Å"Confucius (the Master) is more correctly Kong Qiu or Kong Fuzi (551-479 B.C.). He was the founder of a way of life, philosophy, or religion named Confucianism after a Latinized form of the founder’s name.† Buddhism, which started at about the same time as Confucianism, was started by Siddhartha Gautama, the Buddha. Buddha, which means â€Å"the enlightened one†, which was the name he received from his followers. Buddhism is different from Confucianism in that it didn’t teach about the family or rituals of this world, rather it taught enlightenment which leads to nirvana. There are eight awarenesses of enlightenments. â€Å"Freedom From Desire, Satisfaction, Serenity, Meticulous Effort, Correct Remembrance, Samadhi, Wisdom, and avoiding idle talk.† The Chinese during this time asked the Buddhist monks, why do you not marry? Their answer was â€Å"Wives, children, and property are the luxuries of the world, but simple living and inaction are the wonders of the Way.† The Buddhist’s wanted was to live a simple life and reach enlightenment and thus nirvana. Christianity Christianity is a salvation religion. Christians and Buddhists turned to the idea of salvation around the same time. Salvation means escape your earthly bonds. If you don’t follow a righteous path, meaning free of sin, then you are destined to be cast into the pit of darkness, otherwise known as hell. The new testament of the bible is what guides these true believers. The Catholics say, for instance, that if you sin and repent by going to confession your sins will be forgiven. This is the only way to ensure that the soul is clean. The idea of all Christian orthodoxy is that they follow the teachings of Christ, which has many different interpretations. Thus it follows that when you die you will go to heaven. Some believe that the Earth is 6000 years old and believe that the bible is literally god’s word. They refuse to believe in science, saying that it’s flawed in some way. Others believe that the Earth is indeed older than 6000 years. These Christians believe that the bible is a parable, teaching them how to live everyday life as a Christian. Modern orthodoxy believes that Christian’s are observers of nature, rather than one with the Earth. Religion, Science and Nature Religion has a profound imprint on our natural surroundings. In general, the Eastern and most Polytheistic religions are more reverential toward nature. The Western religions tend to abuse nature. The invention of the plow is a prime example. The West thinks of it as a means to increase the food supply and disregards the environmental impact. The East and the Polytheist refer to it as â€Å"Mother Earth† and treat her much more delicately. The contrast between the two couldn’t be more stark. The East will try to balance their needs with nature. The West uses nature and sometimes destroys parts of it. The idea that we are separate from nature is a Western ideal. The East, in general, believes that we are one with nature and must take care of it. Science in the West was not in tune with medieval orthodoxy. It was interested in facts. The Eastern philosophy used science with a spiritual twist. Fang Yizhi observed of western science, â€Å"use a variety of techniques for swift computations, but they are still out of touch with general principles.† They used the mind and not the natural world. Summary There are many different religions that teach many different methods of how to live your life while on this world. Most worship one god, monotheistic, others worship many gods. Polytheists, which literally mean many gods, roots are seen in Greek/Roman mythology. Buddhism believes that there is no god, just a path to enlightenment. Once they’ve reached enlightenment, they’ve achieved nirvana. Confucianism and Buddhism are from China, but have very different belief systems. â€Å"Confucianism is perhaps best understood as an all-encompassing humanism that neither denies nor slights Heaven.† They believe that they are one with nature. Christians recognize only one god. They are labeled as a salvation religion. They hope to be able to break the bonds of this Earth by living a relatively good life with the reward being heaven. If you don’t accept Jesus into your life, you are destined to eternity in hell. It’s safe to say that the world’s religions have varied belief systems. Some believe in the after-life, while others believe that feel that we are Earth bound only. Most of the world believes in a single god. Polytheism and Hinduism say that there are many gods. They differ from Eastern religions in that they see themselves as observers rather than one with the Earth. The East and West see nature differently. While the West observe nature, the East embraces the idea of being part of nature. This is a very fundamental philosophy that can’t be overstated. The bottom line is that there are almost as many belief systems as there are people on Earth. It includes, but not only, monetary considerations, faith, and devotion. The only ones that know what’s going on, assuming there is an after-life, are the dead and buried. Citations The West and the World, A History of Civilization, From the Ancient World to 1700, Kevin Reilly, 95 2 The West and the World, A History of Civilization, From the Ancient World to 1700, Kevin Reilly, 334 3 The West and the World, A History of Civilization, From the Ancient World to 1700, Kevin Reilly, 146 4 http://ancienthistory.about.com/od/china/f/022808Confucius.htm 5 http://buddhism.about.com/od/basicbuddhistteachings/tp/awarenesses.htm 6 The West and the World, A History of Civilization, From the Ancient World to 1700, Kevin Reilly, 103 7 Kevin Reilly, The West & World: A History Of Civilization from the Ancient World to 1700, Page 349 8 http://www.religionfacts.com/a-z-religion-index/confucianism.htm

Predicitve Analytics

A secondary research paper on Predictive analytics; which is a mix of tools and techniques that support organizations to identify probability in data that can be used find out the future outcomes. The scope this study Is to identify the potential of predictive analytics to leverage advertising, marketing campaign and business development Initiatives thereby understanding the customer behavior. Customer preferences, change, attitudes, purchase behaviors and attaining a high degree of inference in their decisions about what to do differently for each segment, as potential moves have been â€Å"pre-tested. † effective Marketing Satellites + Higher Conversions = More Revenue = Growth & Success! In a tough competitive global marketplace, to have desired return on the marketing initiatives bib organizations are looking forward to have new avenues which could help them to make a better understand about their customer preferences, change, attitudes, purchase behaviors.Earlier the rese arch was archeological, looking at past customer choices and behavior. With the advent f a third-generation approach called predictive segmentation; BIB markets are able to resolve the challenges and take a competitive advantage. It Is a mix of tools and find out the future outcomes. It helps to tune insights about exactly which elements of the service or product offer actually drive customer behavior and thereby giving a high degree of confidence in their decisions about what to do differently for each segment, because potential moves have been â€Å"pre-tested. Predictive analytics technology Incorporates data collection, statistics, modeling and deployment capabilities, and drives the entire segmentation process, room gathering customer information at every interaction to analyzing the data and providing specific, real-time recommendations on the best action to take at a particular time, with a particular customer. The result is more effective customer relationship management st rategies, including advertising and marketing campaigns; upsets and cross-sell Annihilates; and long-term customer loyalty, retention and rewards programs.Current market situation Most BIB companies which tries to get deeper customer understanding and move segmentation beyond traditional way using selects from Industry, size, anemographic views of customers Is not reaching up to the standard. In a top business marketers in the United States, themes pressing concern identified by respondents was â€Å"finding a better way to expand understanding's their customer needs, market segments, and the key drivers of customer value. Companies which have traditionally relied on technological innovation to attain competitive advantage have come to realize that new technology or new product features are not good enough to attract more customers or increase revenues from existing customers. Major challenges 1 . Sales cycles are long and complex offerings. 2. Competitor's offerings and strategies shift so quickly that managers cannot reliably compare the impact of changes in a given marketing 3.Customer relationship management systems cannot easily capture the decisions and actions that led to success or failure with any particular account, because such information is largely anecdotal, not quantitative. The following table represents some examples of the types of challenges solved by predictive marketing for different types of digital marketers: Benefits or Strategic objectives Attained through Predictive Analysis The predictive approach not only produces forward-looking segments; it also gives users a high degree of confidence in their decisions about what to do differently for each segment.By scientifically testing how customers might respond to future offerings, channels, and pricing; companies know how to reach the right customer with the right offer at the right time, through the right channel. 1. Compete – Secure the Most Powerful and Unique Competitive Strong hold A predictive model distinguishes the micro segments of customers who choose your company from those who defer or defect to a competitor. In this way, your organization identifies exactly where your competitor falls short, its weakness. 2.Grow – Increase Sales and Retain Customers Competitively Each customer is scored for their behaviors like purchases, responses, churn and clicks. These scores drive the enterprise operations across marketing, sales, and customer and help the organization to have competitive advantage Aberdeen group in August 2011 (Predictive Analytics for Sales and Marketing: Seeing Around Corners) found that companies using predictive analytics enjoyed a 75% higher click through rate and a 73% higher sales lift than companies that did not SE this technology. Figure below shows the details of the research conducted among 160 test audiences. Source from:- Aberdeen group in August 2011 -Predictive Analytics for Sales and Marketing: Seeing Around Corners) r anking transactions with a predictive model dramatically boosts fraud detection. 4. Improve – Advance Your Core Business Capacity Competitively Whether offering a service or a product, enterprise's central function is to produce and deliver with increasing effectiveness and efficiency. By way of greater efficiency would be able to overproduces/services at cheaper prices. . Satisfy – Meet Today's Escalating Consumer Expectations By offering very targeted offers that have more probability of acceptance.Companies are able to accomplish their marketing objectives and set the customer expectation without increasing their marketing staff or budget. Business application of predictive analytics Most of the organization applies predictive analytics to automate operational decisions, across marketing, sales areas and beyond. Choosing the business application of predictive analytics depends on strategic question or type of decision companies choose to automate. Companies run vari ety of campaigns to accomplish specific goals, such as acquisition, cross-selling, and retention.Predictive analytics creates a range of models, parallel to their business application; table below shows some of the business application and the predictions that companies look forward. Business application: Predictions Customer retention customer defection/churn/attrition Direct marketing customer response Product recommendations what each customer wants/likes Behavior-based advertising which ad customer will click on Email targeting which message customer will respond to Credit scoring debtor risk Insurance pricing and selection applicant response, insured risk Supply chain optimization 1 .Supply chain visibility and cost to serve 2. Demand forecasting Optimization 3. Network optimization: is about analyzing total cost of ownership of a company's supply chain network. 4. Predictive asset maintenance: improving up times, performance and availability of manufacturing assets by predicti ng when maintenance or when a new part is required in order to avoid unplanned down time. 5. Spend analytics: understanding how much a company is spending on different recruitment categories, with which suppliers, and how a company can optimize their spending across all those categories. Invitational campaign approach In traditional campaign approach markets typically use a few basic selections to identify customer behavior while creating a campaign. It was mainly based on internal company processes, rather than focusing on the needs and preferences of its customers. Response to these types of conventional campaigns is generally low often less than one or two percent. Optimizing campaigns with Predetermination In order to optimize marketing campaigns, companies need to be able to answer the four crucial questions like Who should I contact?What should I offer? When should I make the offer? How should I make the offer? Predictive Marketing enables marketers to find the answers quickly , and to create and execute campaigns around this simple but effective process. First, marketing analysts create predictive models; as we have discussed earlier creating models depends on the business application or strategic question in hand companies. These models helps to efficiently find appropriate customers and discover the best timing,channel, and message for each customer.Then, arresters add business information such as contact restrictions, budget guidelines, and campaign objectives. Before sending the campaigns, they verify the projected size and cost of each campaign, as well as the expected response and revenue on each campaign. Finally, the marketers execute the approved campaigns. Select the right audience Using the model campaigner decides the right customer segments to send out the campaign; deciding the target segment using the model typically reduces campaign costs by 25 to 40 percent, while maintaining or even increasing response rate. Select the right channelAt t his stage of the campaign process, marketers determine how best to contact each customer. By using each customer's preferred channel, (based on channel preferences and predicted response) companies increase response rates. Select the right time Consumers today have many choices for meeting their needs. That's why it's critical to reach customers in a timely manner when their behavior indicates an unmet need or a risk of defection or attrition. Predictive Marketing continually scans customer databases for Just such events, and triggers specific campaigns when a need or risk is detected.Some companies increase the frequency of campaigns to improve the chances of reaching customers at an ideal time. These campaigns target fewer customers, but the customers they do target have a high likelihood of response. When the campaigns are finished, they use Predictive Marketing to compare actual results to the projections, and incorporate information that can improve the effectiveness of future campaigns. This process is accomplished in Predictive Marketing two main modules, the Analytic Center and the Interaction Center anticipate the needs and preferences of individual customers.The Interaction Center s used to create, optimize, and execute campaigns based on the customer needs predicted by models created in the Analytic Center. Together, the Analytic Center and the Interaction center enable companies to answer the â€Å"who, what, when, and how' of successful campaign marketing. Marketing analysts create predictive models of customer behaviors and preferences in the Analytic Center. The models are then used by marketers to create and optimize campaigns in the Interaction Center. New interaction data is sent back to the Analytic Center to refine and enhance the predictive models. Select the right offerWhen companies increase the number of campaigns they run, they risk alienating their customers by overloading them with offers. Conventional campaign management tools are not designed to address the potential overlap. Predictive Marketing, however, reduces this risk through a comprehensive campaign optimization process. Predictive Marketing evaluates all of the available campaigns and selects the one that best balances the customer's likelihood to respond with the profit potential of the campaigns. It also takes into account suppressions and contact restrictions, such as â€Å"do not call† or â€Å"do not contact more Han once every two months. This customer focus, combined with the ability to optimize campaigns around restrictions and preferences, has enabled companies to report a profit increase of between 25 and 50 percent. As companies transition from large, unfocused marketing campaigns to highly targeted, event- based campaigns across multiple channels, their marketing departments go through several stages Predictive Marketing enables companies to run more effective campaigns at each stage of the transition. Stage 1: Right customer 2: R ight channel 3: Right time 4: Right offer 1 . ObjectiveSelect the targeted customers For each campaign Select the best channel for each customer Contact each customer at right time Select the best offers for each customer 2. Enabling technology Predictive analytics Channel optimization Event marketing Campaign optimization 3. Strategy Predict who is likely to respond to a campaign and balance that information with against expected revenue Balance each customers channel preference against triggers to select customers Balance the customers likelihood to respond against the profit potential of each campaign 4.Benefit 25 – 40% reduction in direct marketing cost Decreased cost of Interaction Up to double the response to marketing campaigns 25 – 50% profit increase Assessing the impact of campaign decisions After marketers create campaigns, Predictive Marketing eliminates the guesswork of determining which ones to run. This helps marketers know in advance which campaigns are likely to be the most successful at reaching a specific goal, such as retaining at-risk customers or selling a particular product. It also shows which campaigns are not likely to be profitable.By running only the campaigns that have the greatest potential for success, companies achieve positive financial results. Monitoring and improving campaigns Feedback from campaigns enables the marketing department to measure the actual results of campaigns, as well as adjust in-progress campaigns when the initial results are not as positive as expected. Predictive Marketing stores all campaign interaction information, such as the offer made, the campaign used to make the offer, and the models used in the campaign.This enables users to monitor: Campaign-level performance, such as actual response versus expected response, so users can see which segments and groups performed well Customer performance, such as customer profitability, cross-sell ratios, and attrition risk Channel performance, such as expected load on a channel versus planned load, and channel effectiveness for each campaign Predictive model performance, assess which models to continue to use and which to revise or refine.Predictive Marketing uses data from recent campaigns to further refine its models. By tracking the performance of models and campaigns, companies create a â€Å"feedback loop† of information and refinement that enables them to create even more effective campaigns and achieve progressively better results. Integrating with social media Companies are making a transition from a method of listing to engaging in order to capture more value from social media.Among the wide network of customers, predictive analysis helps business to plan it strategically to maximize the value of their social media interaction. Using techniques from data mining and text mining, predictive analytics lets you analyses at historical patterns and make predictions about future behavior for specific individuals. By taking customer data that you hold internally and adding what people have said and done, you can map out what people are likely to do and engage them accordingly.Enhance social media efforts with predictive analytics If you've got a social media game plan for monitoring feedback and engaging customers, consider adding predictive analytics to help you respond to customers in more proactive, targeted ways. As an example, by classifying sentiment (customer's opinion, comments, suggestions or thoughts about the product) in social media data and tying that to customer data, you can predict people who are likely to be favorable prospects with special messages or offers.Here's one way you can get started: 1 . Capture 1,000 comments in the social media sites you monitor. You'll need to determine who to respond to, and how. 2. As its not feasible to respond to all comments, you can use text mining to classify sentiment, and based on the results; follow a 3-pronged response strategy: Send tha nk yoga's to positive comments – reinforce the relationship. Ignore comments with negative sentiment below a certain threshold – in some cases; it's more effective to focus on more receptive customers.For those in between, send an invitation to engage via one-on-one social interaction with a support or sales representative. You can engage customers â€Å"in social† through outworks such as Twitter, Linked or direct them to your online email portal or phone bank. 3. Next, you'll want to measure the effectiveness of your response strategy. After planning your responses, test different messages (A/B testing) for each response type to gauge effectiveness, analyze and understand response rates, and refine your messaging. This testing will inform the engagement strategy you deploy going forward.Adding predictive analytics to your social media efforts lets you capture more value sand ultimately, it can help you gain a deeper understanding of your customers o more effec tively engage them, increasing retention and loyalty A Microscopic and Telescopic View of Your Data Predictive analytics employs both a microscopic and telescopic view of data allowing organizations to see and analyze the minute details of a business, and to peer into the future. Traditional Bal was limited only to create assumptions and find statistical patterns to those assumptions.Predictive analytics go beyond those assumptions to discover previously unknown data; it then looks for patterns and associations anywhere and everywhere between seemingly disparate information. Predictive Analytics-The Future Business Intelligence The market is witnessing an unprecedented shift in business intelligence (81), largely because of technological innovation and increasing business needs. The latest shift in the Bal market is the move from traditional analytics to predictive analytics. Although predictive analytics belongs to the Bal family, it is emerging as a distinct new software sector.An alytical tools enable greater transparency, and can find and analyze past and present trends, as well as the hidden nature of data. However, past and present insight and trend information are not enough to be nominative in business. Business organizations need to know more about the future, and in particular, about future trends, patterns, and customer behavior in order to predictive analytics to forecast future trends in customer behavior, buying patterns, and who is coming into and leaving the market and why.Traditional analytical tools claim to have a real 3600 view of the enterprise or business, but they analyze only historical data, data about what has already happened. Traditional analytics help gain insight for what was right and what went wrong in decision-making. Today's tools merely provide rear view analysis. However, one cannot change the past, but one can prepare better for the future and decision makers want to see the predictable future, control it, and take actions t oday to attain tomorrow's goals.Case study Let's use the example of a credit card company operating a customer loyalty program to describe the application of predictive analytics. Credit card companies try to retain their existing customers through loyalty programs. The challenge is predicting the loss of customer. In an ideal world, a company can look into the future and take appropriate action before customers switch to competitor companies. In this case, one can build a predictive model employing three predictors: frequency of use, personal financial situations, and lower annual percentage rate (PAR) offered by competitors.The combination of these predictors creates a predictive model, which works to find patterns and associations. This predictive model can be applied to customers who are would be using their cards less frequently. Predictive analytics would classify these less frequent users differently than the regular users. It would then find the pattern of card usage for thi s group and predict a probable outcome. The predictive model could identify patterns between card usage; changes in one's personal financial situation; and the lower PAR offered by competitors.In this situation, the predictive analytics model can help the company to identify who are those unsatisfied customers. As a result, companies can respond in a timely manner to keep those clients loyal by offering them attractive promotional services to sway them away from switching to a competitor. Predictive analytics could also help organizations, such as government agencies, banks, immigration departments, video clubs etc. Achieve their business aims by using internal and external data.Conclusion It was found that with the help of predictive analysis, organization were able to resolve one of greatest challenge faced in business organization (to find out the customer expectation, needs, key drivers of customer value and market segments) by way of analyzing transactional and other data to pr edict the likelihood that customer segments will respond to marketing messages. Predictive analytics enables marketers to understand the key factors that drive customer value and loyalty, and attract more customers.

M1- Discuss the Role of Energy in the Body Essay - 679 Words

M1- Discuss the role of energy in the body In our bodies we need energy so that we could do things that are possible such as; move our muscles, talk and all the other things that we do. Without energy all humans would be useless not being able to do anything. Energy is needed to extract the oxygen from the areas in our bodies and diffuse it into our bloodstream. As warm blooded we can only digest food and function if our bodies are at a certain temperature and have enough energy, and energy is required for this. We need energy to move our muscles which also only operate when they are warm. Coldblooded humans use the energy from the environment as well as from their food. Energy is the capacity to do work in our bodies. That means doing†¦show more content†¦Your weight stays about the same if the energy from food matches the energy requirements of the body. All of the chemical processes of the cell are called metabolism. The breakdown or degradation of complex organic molecules to yield simple molecules and energy is called catabolism. Anabolism is the total biosynthetic processes where large complex molecules are made from small simple molecules. Anabolic processes require energy because order is being created and thus work must be done. Overall, both processes of metabolism must occur concurrently because catabolism provides the energy necessary for anabolism. Role of energy in the cells: The body and cells need a constant supply of energy for a variety of reasons. Energy is needed to carry out mechanical work which involves the change in location or orientation of a body part or the cell itself. A major example is the energy required for the contraction of muscles. Molecular transport also requires energy. The movement of molecules from an area of low concentration to an area of higher concentration requires energy since this is opposite to the normal movement of molecules. This process is also called active transport. Examples include the movement of nutrient raw materials into a cell and the movement of waste materials out of the cell. Electrical work is also included under molecular transportShow MoreRelatedAssignment Brief to Break Down Unit 5 Health and Social Care Level 11545 Words   |  7 Pagesorganisation of the body as a whole, and then builds on this to develop a more detailed knowledge of the fine anatomy and physiology of the systems involved in energy metabolism. Functional Skills Development: This assignment will give you the opportunity to develop skills in Level 2 English, Math’s and ICT. The functional skills being improved will be identified at the end of each task. Learning outcomes On completion of this unit a learner should: 1 Know the organisation of the human body 2 UnderstandRead MoreM1,M2, M3 Anatomy and Physiology1612 Words   |  7 PagesM1. 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