A Brief Note On Diabetes And Pregnancy Among First Nations...

1. When reviewing â€Å"Diabetes in pregnancy among First Nations women† by Oster, Mayan, and Toth (2014) for its relevance to nursing/healthcare, the purpose of the study, research questions, and significance were made very clear. The purpose of the study was to acquire a deeper understanding of the perspectives held by First Nations women with the intention of discovering more culturally appropriate interventions to prevent and treat diabetes in pregnancy among this group (Oster, Mayan, Toth, 2014). The study is relevant to nursing in that its questions focus on the Aboriginal woman’s lived experience of diabetes in pregnancy and what she believes contributes to a healthy pregnancy (Oster et al., 2014). At the core of nursing care is†¦show more content†¦By implementing a person-centered approach to care, healthcare providers such as nurses can work with First Nations women who are pregnant to help them acquire the knowledge necessary to manage their di abetes and to connect traditional and mainstream health practices that will support these women to make positive lifestyle changes in attempt to control their diabetes throughout pregnancy (Oster et al., 2014). 2. After examining the literature review within Oster et al. (2014), both strengths and weaknesses were observed. Quantitative research was used to explain the inherent difference in health status among First Nations and non-First Nations populations. A measured decrease in the age of diabetes diagnosis and higher fertility rates among First Nations individuals (Oster et al., 2014) alluded to the urgency of exploring effective care options for pregnant Aboriginal women with diabetes in order to mitigate the growing â€Å"epidemic† (p. 1469). The qualitative studies used were also significant as they identified a disconnect between traditional and Western views to be explored and bridged in attempt to deliver effective Type two diabetes health care to First Nations people (Oster et al, 2014). Referencing quantitative and qualitative studies to demonstrate the importance of identifying culturally appropriate Type two diabetes care for First Nations women who are pregnant co uld be seen as a major strength of the

The Financial Ombudsman Service Essay - Free Essay Example

Sample details Pages: 7 Words: 2025 Downloads: 7 Date added: 2017/06/26 Category Law Essay Type Essay any type Did you like this example? The Financial Ombudsman Service The Financial Ombudsman Service (FOS) is stated to be The official independent expert in settling complaints between consumers and businesses providing financial services. It is a public body that was established by Parliament and is authorised to deal with a very broad range of complaints in areas ranging from banking and insurance, to loans, credit and hire purchase and savings and investments. The standard it applies when determining complaints, is what in the opinion of the ombudsman is fair and reasonable in all the circumstances of the case ; with the ability to award fair compensation for loss or damage. Indeed, the FOS has come to enjoy a considerable reputation due to its efficiency, independence, and impartiality when dealing with complaints, dealing with almost a million enquiries, settling over 150,000 disputes a year, and settling a third of cases within three months. Don’t waste time! Our writers will create an original "The Financial Ombudsman Service Essay" essay for you Create order In fact, in the latest six-monthly (between 1st January and 30th June 2010) complaints data released on individual financial businesses, the FOS received 84,212 new complaints and upheld an average of 44% of complaints in favour of consumers. The FOS has therefore demonstrated a strong complaints-handling performance with cases usually settled informally. Moreover, consumers are still free to reject a FOS decision and take their case to court instead if they so wish. Given such credentials, it might seem to be the case that consumers having complaints relating to insurance are well protected under the FOS regime. However, it is submitted that the draft Consumer Insurance (Disclosure Representations) Bill (the Bill) recommended by the Law Commission (LC) is of significant practical benefit to consumers, and brings a great deal to the table in relation to insurance contracts. In fact, if enacted the Bill would represent a watershed in the law governing disclosure and represen tation in consumer insurance contracts. Inherent difficulties stem from the fact that this area of law is governed by archaic legislation in the form of the Marine Insurance Act 1906 (MIA 1906). The main difficulty is that the MIA 1906 stipulates that A contract of marine insurance is a contract based upon the utmost good faith, and, if the utmost good faith be not observed by either party, the contract may be avoided by the other party. In fact, this principle of utmost good faith or uberrimae fidei is of antiquated origin and imposes very strict disclosure requirements on the part of the assured to an insurance contract. Thus, the assured must disclose every material circumstance which is known to the assured , with the assured being deemed to know every circumstance which, in the ordinary course of business, ought to be known by him. Furthermore, material circumstance is expounded as including Every circumstance is material which would influence the judgement of a pruden t insurer in fixing the premium, or determining whether he will take the risk. The relevant test was elucidated upon further in Pan Atlantic Insurance Co Ltd Another v Pine Top Insurance Co Ltd where the House of Lords held that the test of materiality of disclosure required any relevant circumstance to have had an effect on the mind of a prudent insurer in weighing up the risk, i.e. objective in nature. However, a certain degree of subjectivity was also attached to the test in that it was also held that an insurer would only be entitled to avoid an insurance policy if the material non-disclosure or misrepresentation had actually induced the making of the policy. Finally, every material representation made by the assured or his agent to the insurer prior to the making of a contract must be true or the insurer may also avoid the contract, even for honest mistakes leading to untrue material representations. Consequently, if the assured fails to disclose all such material inf ormation the insurer may avoid the contract and refuse to pay out for any claim under the insurance contract. Thus, whilst this strict duty of disclosure may have been pertinent for commercial merchants at the turn of the twentieth century, it is difficult to justify the policy behind its continuation into a twenty-first century replete with a plethora of insurance contracts taken up by ordinary lay consumers. Its often harsh and unfair effects are exemplified by the case of Lambert v Co-operative Insurance Society Ltd. In Lambert, the Court of Appeal held that an insurer was entitled to avoid an insureds policy on the basis that the insured had failed to inform the insurers that her husband held previous convictions, even though she had not been asked this. Nevertheless, the convictions were held to constitute material circumstances which should have been notified to the insurers under the prudent insurer standard. Even whilst acknowledging the point in law proved by the defe ndants, the judge professed that they would be acting decently if they were to pay her nonetheless, even adding that It might be thought a heartless thing if they did not, but that is their business, not mine. Even in 1975 one can see the excessive nature of the uberrimae fidei standard acting to the detriment of the innocent party. It is one thing for Parliament to set out insurance requirements precluding any misrepresentation at a time when the insurance market was in its infancy (following the Lloyds Act, 1871); it is quite another to continue to impose such draconian standards on millions of ordinary consumers a century later. Indeed, as recognised by the LC: We think the time has now come to update the law to meet the needs of a different century ; with it identifying five main problems with the existing law. Firstly, it found that consumers were only able to obtain justice from the FOS and not from the courts, as the courts were forced to apply the unfair rules. Mor eover, the LC stated that the compulsory jurisdiction of the FOS was limited to awards of ÂÂ £100,000. This effectively sets a dual standard depending on whether the consumer is rich or not, with those individuals insured for figures in excess of ÂÂ £100,000 (e.g. buildings or life insurance) forced to take their chances in courts with much stricter standards. The LC noted the FOS would decline to hear cases which required cross-examination of witnesses, so cases venturing into complex areas or involving third parties again ostracised consumers. Secondly, the LC considered the current rules were unacceptably confused, with many consumers not realising a right to complain to the FOS, and with the resulting muddle leading to a loss of confidence in the insurance industry. Thirdly, the LC believed the legal system penalised some vulnerable groups and cited problems experienced by older individuals, those with criminal convictions , or even those with Multiple Sclerosi s (owing to early but undiagnosed symptoms leading to a rejection of critical illness insurance claims). Fourthly, the LC believed the system imposed an inappropriate role on regulators, as the FOS and Financial Services Authority were forced to effectively act as policy and rule-makers. Additionally, the courts were systematically forced to reach unfair decisions. Finally, in the face of across-the-board European Union harmonisation, it stated that it was difficult to justify the present incoherent layers of law to an international audience. The LCs recommendation for reform of the onerous legal position in which the strict letter of the law had been overlain by successive layers of self-regulation, FSA rules and FOS guidelines , took the form of the recommended enactment of the Bill. Under the Bill, a consumer insurance contract (CIC) is defined as one entered into by an individual wholly or mainly for purposes unrelated to the individuals trade, business or profession. T he Bill replaces the duty of utmost good faith by instead stipulating that: It is the duty of the consumer to take reasonable care not to make a misrepresentation to the insurer in any disclosures or representations made by the consumer to an insurer prior to entering into, or varying, a CIC. Reasonable care is said to be determinable in the light of all the relevant circumstances. This includes things such as the type of consumer insurance policy in question, and its target market ; the insureds produced or authorised explanatory materials or publicity ; the clarity and specificity of the insurers questions ; and whether or not an agent was acting for the consumer. Also the Bill, prevents contracting out of these obligations by putting the consumer in a worse position , or the use of basis of the contract clauses, namely clauses which convert consumer representations into warranties, breach of which automatically terminates insurance cover. The Bill also provides for bala nced insurers remedies for different types of misrepresentations. For example, an honest and reasonable misrepresentation by the assured does not affect the validity of the insurance contract whereas a deliberate or reckless qualifying misrepresentation allows the insurer to avoid the contract, refuse any claim and keep any premiums paid (unless good reasons exist why they should not be kept). However, the insurers remedies for any careless representations are based on what the insurer would have done if the consumer had complied with the reasonable care duty. This ranges from avoiding the contract to proportionate reduction of a claim (because the insurer would have charged a higher premium). Although widely accepted, the proposed reforms are not without criticism. For example Soyer has argued that the reasonable assured test for materiality is nebulous and has not been previously tested; that the availability of proportionate remedies may lead to uncertainty as well as being open to criticism from theoretical and economic perspectives; and that statutory control is not practical and undesirable. Nevertheless, it is submitted that such criticisms are weak in the face of the currently manifestly unfair application of dated insurance law principles which are adversely affecting consumers. The law is clearly in need of reform and the proposals set out in the Bill clearly represent a fairer, more balanced and transparent process relating to consumer insurance contracts. Butcher has even suggested that to talk of insurance contracts as being contracts of good faith tends to be either useless or positively harmful to a coherent development of the law. He considers good faith to be a redundant concept, with rules now in place which have gone a good deal further than necessary to maintain good faith relations, and which have provided insurers with a weapon which produces the opposite results of what good faith would demand. Whilst it is true that the s ervice provided by the FOS is currently invaluable to thousands of insurance consumers across the UK, it cannot be a viable substitute for properly focused and balanced reforms. The Bill achieves this and it is submitted there is no reason to delay its enactment. Bibliography Achampong, F. (1987) Uberrimae fides in English and American insurance law: a comparative analysis. I.C.L.Q., 36(2), 329-347. Bennett, H.N. (1993) The duty to disclose in insurance law. L.Q.R., 109(Oct), 513-518. Butcher, C. (2008) Good faith in insurance law: a redundant concept? J.B.L., 5, 375-384. Hird, N. (1998) How to make a drama out of a crisis. J.B.L., May, 279-287. Soyer, B. (2008) Reforming the assureds pre-contractual duty of utmost good faith in insurance contracts for consumers: are the Law Commissions on the right track? J.B.L., 5, 385-414. Soyer, B. (2009) Reforming pre-contractual information duties in business insurance contracts one reform too many? J.B.L., 1, 15-43. Steyn, J. (1992) The role of good faith and fair dealing in contract law: a hair-shirt philosophy? Arbitration, 58(1), 51-56. Tarr, Julie-Anne and Tarr, A.A. (2001) The insureds non-disclosure in the formation of insurance contracts: a comparative perspective. I.C.L.Q., 50(3), 577-612. The Financial Ombudsman Service (2010a) [Online] Available from: https://www.financial-ombudsman.org.uk/. [Accessed 1st December 2010]. The Financial Ombudsman Service (2010b) About us. [Online] Available from: https://www.financial-ombudsman.org.uk/about/index.html. [Accessed 2nd December 2010]. The Financial Ombudsman Service (2010c) ombudsman releases latest complaints data on individual financial businesses. (14th September) [Online] Available from: https://www.financial-ombudsman.org.uk/news/updates/complaints-data-Sept-10.html. [Accessed 2nd December 2010]. The Law Commission (2009) Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation. Law Com No 319, Cm 7758, SG/2009/255 (December).

A Buddhist and Christian Look at Life After Death Free Essays

A Buddhist and Christian look at Life after Death: The XIV Dalai Lama and Heschel views on the stages of death. In each religion every one dies a different way. I wanted to write about life after death because everyone has their own interpretation to where we go when we die. We will write a custom essay sample on A Buddhist and Christian Look at Life After Death or any similar topic only for you Order Now No one really knows the true answer until we die and then what? The question that is raised today is which religious concepts of life after death should we follow? In my paper I will talk about how His Holiness the XIV Dalai Lama and rabbi Abraham J. Heschel address the concept of life after death from their faiths. In Buddhism, Buddhist does not believe that during their lives they do not live and die once, instead they are a part of a continuous cycle which is known as samsara. Samsara can bring many births, deaths, and rebirths all according to how karma is played out in their lifetime. A person’s karma can play a very important role in a person’s life as to what their next life will become. The only way that Buddhist can become free from the cycle of samsara is by reaching a state of nirvana. When I hear of heaven or paradise, I often understand it as a place where a person goes to after they have died. However, Buddhists believe it is possible to dwell in nirvana or state of bliss, when still alive. My interpretation of this is that our experience in life when reaching nirvana can be a heavenly experience. In order to reach the state of nirvana which is a state of enlightenment one has to have removed all the desires which promote selfish attitudes, like, greed, hatred and etc. and the idea that all things in life do not change. By doing these things Buddhist has to come to the realization of The Four Noble Truth and practice The Eight Fold Path (48). How to cite A Buddhist and Christian Look at Life After Death, Essay examples

Management Accounting and Control

Question: Discuss about the Management Accounting and Control. Answer: Original Budget Statement for 9000 Units In this solution we will prepare original budget statement of Procter and Gamble Company which is engaged into manufacturing and distribution of beauty and personal care products. This company is engaged into manufacturing and distribution of beauty and personal care products under various premium brands like Pantene, Gillette and Olay. Company is leading company has significance in this industry. Since recent years company is under performing so that its management is afraid of losing their presence in the market and trying to do more efforts to get previous reputation in the market. This time company is under performing in the comparison of its competitors company like LOreal, Unilever, which are also number one companies of respective industry. company is worried about is performance because in The Chinese market its product are of low quality but in country like India where this industry is emerging these products are so high level that citizens are not willing to buy these products. Hence company is researching on a product which is of mid range hence company is planning to launch its new product which is Alpha 577 this is mid range product and have quali ty to fulfill all the requirements of customer. For this product company estimated that it would sale 10000 units in a month but in reality there is sale of 9000 units. So there is budgeted statement for 9000 units on the basis of budgeted cost. Company - Procter Gamble Statement of Original budget for the month of October (Based on actual sold unites i.e. 9000 Units) Elements of statement Workings Amount Sales: 9000*88 792,000.00 9000 units @ Euro 88 per unit Less: Variable Cost of product Materials (Direct) : Direct Material A: 2 K.g. per unit @ Euro 10 Per K.g. 2*10*9000 180,000.00 Direct Material B: 1 K.g. per unit @ Euro 15 Per K.g. 1*15*9000 135,000.00 Labour (Direct) 3 Hours @ Euro 9 per hour 3*9*9000 243,000.00 Variable Overhead Expenditure 3 Hours @ Euro 2 per hour 3*2*9000 54,000.00 Total Variable cost of product 612,000.00 Contribution on product (Sales - Variable Cost of Product) 180,000.00 Less: Fixed Overhead Expenditure 120000*9000/10000 108,000.00 Budgeted profit on actual units i.e. 9000 units Contribution - Fixed Overhead Expenditure 72,000.00 Statement of variance analysis for Procter and Gamble In this solution we will prepare variance analysis statement of Procter and Gamble Company which is engaged into manufacturing and distribution of beauty and personal care products. This statement will reflect the difference between budgeted results and actual results of company. This company Procter and Gamble is engaged into manufacturing and selling of beauty and personal care products under various premium brands like Pantene, Gillette and Olay. Company is number one company and has major significance in this industry. It has major part of revenue of this industry as well as has engaged many customers for its companys brands. Since many years the Company is not performing according to its past performance because of major changes in management and some wrong estimations made by company in past. Hence its management is afraid of losing companys reputation and importance in the market and industry and trying to do more efforts to get previous reputation and importance in the market. This time the Company is under performing in the comparison of its competitors company like LOreal, Unilever, which are also leading branded companies of beauty and personal care products industry. The Company is worried about is performance because in The Chinese market its pro duct are of low quality but in country like India where this industry is emerging these products are so high level that citizens are not willing to buy these products. Hence company is researching on a product which is of mid range hence company is planning to launch its new product which is Alpha 577 this is mid range product and have quality to fulfill all the requirements of customer. Now company prepared standard costing card for this product and estimated that it will sell 10000 units in month of October. When actual results were received that it sold 9000 units and there are other difference in what the company estimated and what the company received after actual performance so now company has asked us to prepare a statement of variance analysis so that it can further analysis the results and can take necessary actions. So following is the statement of variance analysis of Procter and Gamble Company for the month of October which is based on 9000 Units: Company - Procter Gamble Statement of variance analysis of Budgeted Profit and actual profit on the basis of 9000 Units Elements of Variance Formula to be used for calculation of variances Workings Find out Variance Nature of Variance i.e. Favourable or Unfavourable Direct Material Variances Direct Material Usage Variance Standard price per unit of material (Standard quantity for actual units - Actual quantity of actual units Materials: A: 10 (2*9000 - 19000) B: 15 (1*9000 - 10100) (26,500.00) Unfavourable Direct Material Price Variance Actual quantity purchased for actual units ( Standard price for per unit of material - Actual Price for per unit of material ) Materials: A: 19000 (10-11) B: 10100 (15-14) (8,900.00) Unfavourable Direct Material Cost Variance Direct Material Price Variance + Direct material usage variance -26500 + -8900 (35,400.00) Unfavourable Direct Labour Variances Direct Labour Efficiency Variance Standard labour rate per hour ( Standard hours worked for actual units - Actual Hours worked for actual units) 9(27000-28500) (13,500.00) Unfavourable Direct Labour Rate Variance Actual Labour worked hours (Standard rate per labour hour worked - Actual labour rate per hour worked) 28500 ( 9 - 9.60 ) (17,100.00) Unfavourable Direct Labour Cost variance Direct Labour Efficiency Variance + Direct Labour rate variance -13500 + -17100 (30,600.00) Unfavourable Variable Overhead Variances Variable Overhead Efficiency Variance Standard variable overhead rate per hour worked ( Standard variable hours worked for actual units - Actual Variable hours worked) 2(27000-28500) (3,000.00) Unfavourable Variable Overhead Expenditure Variance Actual Variable worked hours for actual Units ( Standard Variable Overhead rate per hour for actual units - Actual Variable overhead worked hours) 28500(2-1.825) 5,000.04 Variable Overhead Cost Variance Variable Overhead Efficiency Variance + Variable Overhead expenditure Variance 3000+5000.04 2,000.04 Favourable Fixed Overhead Variances Fixed Overhead Expenditure Variance Budgeted Overhead for budgeted units - Actual overhead 120000-116000 4,000.00 Favourable Fixed Overhead Efficiency Variance Fixed overhead absorption rate per hour ( Standard production hours for actual units - Actual Production hours) 4(27000-28500) (6,000.00) Unfavourable Fixed Overhead Capacity Variance Fixed overhead absorption rate per hour ( Actual Production hours - Budgeted Production hour for budgeted Units) 4(28500-30000) (6,000.00) Unfavourable Sales related variances Sales Volume Variance Standard profit per units for actual units ( Actual Sold units - Budgeted Sold Units) 8(9000-10000) (8,000.00) Unfavourable Sales Price Variance Actual Units Sold ( Actual selling price - Standard selling price) 9000(90-88) 18,000.00 Favourable Some important explanations: Due to inefficiency of production manager in production of product the Company over use material A for manufacturing of product. But in case of material B Companys manager of production department applied its knowledge and achieved target of reducing the quantity of material B with maintaining the quality of product. In purchasing the material A company paid excess rate in comparison of standard rate per unit of material. For this variance purchasing manager of purchase department will be responsible. Since this product is new for company as well as its labour hence for manufacturing this products labour took extra working hours in comparison to what the company expected in standard costing for this we cannot direct make responsible labour department head because all know that product is new and labour will take more and more hours to do this work. Further labour man also charged higher amount what the company expected because for manufacturing the new product labour also devoted extra time as well as extra efforts for this they charged extra wages. Since variable overhead are incurred in connection with labour. As labour work machine is also used hence if labour hours are increasing this will increase variable overhead hours due to which there is unfavourbale condition of variable overhead efficiency variance. Since it was first year so these differences may be accepted but after some time it will be better if all these variance convert into positive results. Company controlled its fixed overhead expenditure hence it achieved at target of reducing the fixed overhead expenditure. By promoting the product and due to past reputation of the company, it succeeds to sell the product at the rate which is higher than budgeted selling price. Reconciliation statement for budgeted results and actual results After getting budgeted profit and actual profit it is necessary to reconcile to find the calculation mistake and to get the overall reason of difference in budgeted profit and actual profit. For making the reconciliation statement we take budgeted profit and actual profit and then adjust both the profits with variances like material variances, labour variance, variables and fixed overhead analysis and sale variances. In reconciliation we always start with budgeted profit and then adjust various variances and finally we get actual results. If there is any mistake then our profits will not be reconciled. So following is the reconciliation statement of Procter and Gamble Company: Company - Procter Gamble Statement of Reconciliation for budgeted profit and actual profit Budgeted Profit for 10000 units 80,000.00 Sales Volume Variance (8,000.00) Standard Profit on 9000 units 72,000.00 Sale Price Variance 18,000.00 Standard Sale for 9000 units 90,000.00 Total Cost Variances Material Usage variance (26,500.00) Material Price Variance (8,900.00) Labour Efficiency Variance (13,500.00) Labour Rate Variance (17,100.00) Variable Overhead Efficiency variance (3,000.00) Variable Overhead Expenditure Variance 5,000.04 Fixed Overhead Efficiency Variance (6,000.00) Fixed Overhead Capacity Variance (6,000.00) Fixed Overhead Expenditure Variance 4,000.00 Actual Profit (Working Note) 18,000.04 Working Note Calculation of Actual Profit for 9000 Units Company - Procter Gamble Statement of actual profit on 9000 units Details Amount Sales of 9000 units @ Euro 90 per unit 810,000 Less: Variable Cost of product Direct Material used in product Material A: 19000 k.g. @ 11 Euro per k.g. 209,000 Material B: 10100 K.g. @ 14 Euro per K.g. 141,400 Direct labour cost 28500 Worked hours @ Euro 9.60 per hour 273,600 Variable overhead 52,000 Total Variable Cost of product 676,000 Contribution of product i.e. sales - variable cost of product 134,000 Less: Fixed Cost 116,000 Actual profit for 9000 units 18,000 Solution 3 Analysis report on importance of variance analysis for directing the attention of management into business Executive summary This analysis report on importance of variance analysis is concerned to management that management should analysis variance report of company and should give proper attention into business so that any unfavourable variance cannot be repeated in future. When starting operation of forthcoming years every company made an estimation of cost and sale on some technical basis which is called standard costing. In this standard costing on the basis of past performance, present stand of company, future plans and market conditions it prepares an estimation about the future. But due to many reasons company cannot meet its planned costing hence there may be variations in standard costing and planned costing hence it is necessary to find out the deficiencies and responsible persons so that such responsible person may give more attention in business of company. In this report, we will discuss importance of variance analysis of management by taking an overview of variance analysis report of company Procter and Gamble for October month. In this company there are many variances so we will find out the reasons and then will give some major points which will describe importance of variance analysis. Variance analysis shows mirror to management of company about their performance so that if there is any unfavorable situation they can take reasonable steps to avoid unfavourable situation. Without variance analysis management will not know about their performance and they will do work without any purpose which may cause loss to company. Summary about Procter and Gamble Company Procter and Gamble Company is a leading company in manufacturing and distribution of beauty and personal care products. It is engaged in manufacturing of many brands like Olay, Pantene, Gillette etc. these products have their own importance in market. Recently company reported that its performance was not so good according to its expectation and reputation and its competitors company like LOrel or Unilever is performing very well. Hence company is afraid of its competitors and wants to do some innovative to come back in its past performance. So now company is planning to introduce a new product which is also a beauty and personal care product for which company did market analysis and expect about its production and sale. This new product is Alpha 577 for which company expected that it will be able to sale 10000 units but company sold 9000 units of this product. So there is one variation of sales units. Apart from this there are many other variations like material, labour, variable an d fixed overhead etc. Variance Analysis Meaning of Variance in standard costing is difference between standard results and actual results. When any company prepares variance statement of difference between budgeted results and actual results then motive of company is to find out the favourable and unfavourable condition in business. (The Economic Times, n.d.) Mere calculation of variance is not sufficient until management will not know about their performance. So analysis of variance is necessary. (Bragg, S., 2014) In present era variance analysis is essential part of companys analysis reports. Company appoints experienced professional who analysis the standard and actual results so that results can be communicated to management for improvement. Significance of the variance analysis for directing the attention of management into business of the company As described above that merely calculation of variance analysis is not sufficient for the company as by calculation only company will get the results but after analysis the results it will enter into depth of companys performance and will decide the responsibility of the management so that management will motivate for further improvement and managers who are doing well will motivate to do more and more excellent work. In this section we will take reference of Procter and Gamble Companys variance analysis for better understanding Following is the some major points which will describe the importance of variance analysis for directing the attention of management into business of company: Finding out weak areas: By doing variance analysis management find out that where the company got unfavourable variances and what are the reasons of getting such unfavourable variances. In variance analysis management go into depth of variance and take a detailed analysis of companys overall performance. If there is need of new technology or there is requirement for change in management for betterment than it will take quick actions. (Ramiah, B., 2014) For example in this company there is unfavourable condition in Material B in both the situation like it may be price variance or it may be usage variance. So now manager of Material B will be responsible for this variance hence material B is the weak area off company so company will take detail analysis of this material and may try to replace it with new material. 1. Assignment of responsibility to concerned person: By doing depth analysis of variances we find that which manager is responsible for this difference. If it is not fault of manager then we will do another analysis to find out the correct reasons. In absence of proper analysis we will consider manager of respective department as defaulter and we may take necessary actions against him which will cause loss to company. (Finance Management, n.d.) 2. Motivation to management personnel: If there is favourable condition i.e. we get favourable variance that does mean that because of efforts of managers the Company gets this target so the company will fascinate the manager and it will motivate him to do work with more and more efforts and intelligence. (Ahmad, S., n.d.) 3. Major decisions may be taken on time: By analyzing the variance company will get the knowledge that what are the areas which are required for major improvements. So that management will prepare future plan. If company does not prepare variance analysis statement it will not focus on weak areas and overall company will be affected. So by this company will take necessary actions. (Siddiqui, F., 2015) Conclusion In this report we present importance or significance of variance analysis for any company so that it may direct the management for giving attention in the companys operations. Analysis of variances means that after calculation of variance the Companys management should review that where the difference and what are are the reasons of such difference. because in absence of proper variance analysis management will do work without any special attention and weak areas may be left without improvement and if there are personnel who did work will not be motivated and it may be possible that they will not try to do more work with efficiency due to ignorance of company toward their work. In this company also analysis of variance is very necessary. In case of labour variances we cannot make responsible the manager of labour department because company is launching new product and new product will take more time and efficiency in comparison of old products hence by analysis only it will now the exact reason of these variances. For favourable sale price variance, company will be able to motivate the manager of sale department which will motivate him to do work in future with lot of energy and motivation. Hence it is concluded that variance analysis are very important for company and companys management and it give an extra confirmation about performance of the company and it is like mirror which shows the performance of the company to the management. References Bragg, S., 2014, What is varianceanalysis?, available at https://www.accountingtools.com/questions-and-answers/what-is-variance-analysis.html [Online] [Accessed on 13/07/2016] The Economic Times, n.d., Definition of 'Variance Analysis, available at https://economictimes.indiatimes.com/definition/variance-analysis [Online] [Accessed on 13/07/2016] Ramiah, B., 2014, The importance of variance analysis, available at https://www.linkedin.com/pulse/20141007165410-20768213-the-importance-of-variance-analysis [Online] [Accessed on 13/07/2016] Finance Management, n.d., Variance Analysis, available at https://www.efinancemanagement.com/budgeting/variance-analysis [Online] [Accessed on 13/07/2016] Ahmad, S., n.d., Managerial Usefulness/Importance of Variance Analysis, available at https://www.accountingdetails.com/usefulness_of_variances.htm [Online] [Accessed on 13/07/2016] Siddiqui, F., 2015, The Role of Variance Analysis in Businesses Management, available at https://fareedsiddiqui.com/index.php/tag/importance-of-variance-analysis/ [Online] [Accessed on 13/07/2016]