Management Essay Example | Topics and Well Written Essays - 500 words - 24

Management - Essay Example This is because when a company is operating independently within the market they may be more privy or more â€Å"in the loop† to market information that exists. This could make them more capable of adapting to market changes and could also make them more capable of gaining a competitive advantage through things like innovation. An example of information being lost is if, say, a company has its own program for measuring performance and then has to switch to the program of the company that acquired them. Certain information may not transfer in the same way or may be considered irrelevant by the absorbing company. In this way information could get lost in the mix. This is not only true for information but for the organizational culture and structure of the company as well. Since economic performance is important to any company, implementing performance methodologies that are in line with overall economic performance is crucial to a company’s success. An effective performance methodology should be in line with the company’s overall performance. In other words, anything that influences a company’s economic performance needs to be accurately measured. Once these measurements are in place, a more accurate assessment of the company’s overall performance will be realized. An effective analogy could be to look at a football game. The goal of a football game is to score more points than the other team. All of the other measurements statistical measurements used in football are secondary. Yet it is also important to find out which of these measurements led to one team scoring more points than another team. In this way you can get a better idea of how the team is winning games and focus on improving in those areas that are the most i mportant for success. Finding the optimal transfer price is important because it can help to maximize a firm’s overall profits. Effective transfer pricing is therefore important to the overall economic performance of the

Negligence and tort law Essay Example | Topics and Well Written Essays - 1750 words

Negligence and tort law - Essay Example Where no duty is owed there can be no liability The Structure of Negligence The definition of negligence in ordinary parlance is carelessness. Its strict legal analysis was given by Lord Wright in Lochgelly Iron and Coal Co vs. McMullan (1934): â€Å"†¦.negligence means more than heedless or careless conduct, whether in omission or commission: it properly connotes the complex concept of duty, breach and damage thereby suffered by the person to whom the duty was owed.† Negligence as a tort is that made up of a tripartite element structure: the defendant in being careless must have breached a duty, which results in damage and such damage mustn’t be too remote from the cause, (Feinman 2010, P. 34). To have breached a duty, the defendant must have owed it to the claimant and the defendant himself must have fallen below certain legal standards. The defendant’s actions must be tied to the legal injury suffered by the claimant such injury being worthy of compensati on. A judgement will be centred on these three concepts but that doesn’t necessarily mean that they are separate and distinct, they overlap to a great extent. Virtually anyone can be capable of negligence: an occupier of premises, a driver, manufacturers and retailers. The â€Å"general conception of relations† that give rise to a duty of care is as, per Lord Atkins, between neighbours. â€Å"Persons who are so closely and directly affected by my act that I ought reasonably to have them in my contemplation as being affected when I am directing my mind to acts or omissions which are called in question.†-Lord Atkins, Donoghue vs. Stevenson (1932). The duty of care generally extends only to individuals directly harmed and whose interaction with the tortfeasor is reasonably foreseeable, (University of London 2005, P.14). The conceptual structure of negligence tort has been agreed among scholarly circles to encompass five basic elements: the existence of a duty of a care, breach of this duty, factual causation, remoteness and finally legal injury. Duty of Care Until the recent case of Caparo Industries vs. Dickman (1990), duty of care was established by applying Lord Atkin’s Neighbour test from Donoghue vs. Stevenson (1932) which was at the root of the fault principle in Common Law jurisdictions. Lord MacMillan set out a new category of delict not particularly based on negligence per se but on the implied warranty of fitness of product, (Eren 2007, Para. 4). In Caparo vs. Dickman, the formula currently determining the duty of care as used by courts was founded. In the test, three things must be established: whether the consequences of the defendant’s act were reasonably foreseeable, whether there is a relationship of proximity between the parties, physical or legal and whether in all the circumstances it was just fair and reasonable that the law should impose a duty. In the case, economic loss due to negligent misstatement by a co mpany accountants was held remote as there was no proximity between accountants and those who would rely on their reports, (Smith & Burns