The Major Performing Arts Sector in Australia - 803 Words

The Major Performing Arts sector in Australia The Major Performing Arts (MPA) sector comprises ‘28 leading Australian companies in the fields of dance, theatre, opera and orchestral and chamber music’ (Australian Council, 2012: 3) [The list of the 28 companies see the Appendix]. By 1997, this sector encountered great financial and artistic difficulties. In this case, the Australia Government announced the establishment of the Major Performing Arts Inquiry (MPAI) in 1998 and the final report ‘Securing the Future’ was released next year (Australian Major Performing Arts Group). The statistics demonstrates that the MPA sector is developing stably over the past 14 years. The MPA sector’s income is mainly from three sources: box office, government funding and private sector. In 2012, the sector received about $420m income in the aggregate, increasing from $261m in 2001. The box office income amounted to $203m, which increased from $117m in 2001 and occupied nearly 50% of the total income (Australia Council, 2013). The growth of the box office is partly depends on the increase of audience number and partly on the 44% average increase of the sector ticket prices (Australia Council, 2012: 11). Around $140m were from both federal and state governments and the private sector contributed $65m. The 28 companies reported a combined operating surplus of $12.7m in 2012. With the huge amount of income, the MPA sector employed about 8,400 people, including 4,600 artists (Australia Council,Show MoreRelatedThe Arts Administration Is Also Known As Arts Management1593 Words   |  7 Pages The arts administration is also known as arts management industry is seen as a broad and ill-defined career, as the manager gets the opportunity to explore a wide variety of roles within an arts organisation. Arts management revolves around business operations surrounding any arts organisation. An arts manager is an administrator that organise and facilitates with the day to day business activities of an arts company; this could involve writing a business report, working alongside the artisticRead MoreFestivals Essay3916 Words   |  16 Pagescreative and performing arts. Festivals come in different forms including agricultural, cultural, historical, horticultural, and arts festivals to specific audiences and sub-cultures (fringe festivals). Culture is about, and has been used to shape and to govern, identity; therefore as Australia is a multicultural country rich with a complex migrant history. Australia’s identity, as such, is demonstrated as festivals are perceived to be a vehicle for ‘re-imaging’ cities, playing a major role in theRead MoreStrategic Analysis Of Iphone 6 And Ipad 61237 Words   |  5 PagesStrategic Analysis of iPhone 6 and iPhone 6 Plus Background Company Overview Apple, Inc. is a multinational company of American origin that majors in the design, manufacture, and marketing of personal computers, portable digital music players, and mobile communication and media devices (Reuters, 2017). The company also sells a range of related software, accessories, services, networking solutions, and third-party digital content and applications. Apple, Inc. operates in different segments namelyRead MoreAnalysis And Evaluation Of Market Demand For Amari Kartini s Luxury Goods And Jewellery1559 Words   |  7 Pagespower and ambition to display their remarkable economic performance. The governments of the United Arab Emirates, namely Abu Dhabi and Dubai have been known to be expertise in oil and gas revenue alongside with a successful trading and services sectors to construct one of the worlds largest economy. 2.3 Aim: The aim of this report is to assess the level of market demand for Amari Kartini’s Company of sustainable luxury goods when entering into United Arab Emirates 2.4 Scope This report outlineRead Morewesfarmers coopertion Essay3763 Words   |  16 Pagesï » ¿ Current strategy of a division of paramount Australian corporation (Wesfarmers) (Name) (University affiliation) Current strategy of a division of major Australian corporation (Wesfarmers) Wesfarmers is one of Australia’s oldest and most successful diversified companies. It founded in June 1914 as a small farmers co-operative whose primary purpose was to provide services and rural commodities to Western Australias agricultural population, Wesfamers commenced herRead MoreBritish Culture and Society2168 Words   |  9 Pagesstates has resulted in the preservation of distinctive cultures in each of the home nations. Britains culture and creativity is flourishing as never before, whether in creative industries such as advertising, music and film, or in the visual and performing arts. Like the US, Britain is proud of its multicultural heritage and diversity. Multicultural Britain with different communities has helped build todays vibrant Britain and contributed to its economic, social, democratic and cultural developmentRead MoreEconomic Impact Of Tourism On Economic Impact On Tourism3097 Words   |  13 Pages2000). The first part presents literature on The Arts, followed by empirical evidences of measuring the economic impacts analysis of tourism that employed input-output technique. Empirical evidence of estimating tourism’s economic impact using social accounting matrix in section two. The third and fourth sections represent the related literature on computable general equilibrium model and Keynesian multiplier model consecutively. Section One – The Arts In 1995, the Policy Studies Institute publishedRead MoreTourism and Malaysia4126 Words   |  17 Pageswith diverse cultures, traditions and histories, coupled with different landscapes and natural resources; the country has built a strong and fascinating appeal for both local and international tourists. Tourism sector, therefore, is of great importance to Malaysia’s economy as one of the major foreign exchange revenue or earnings second to the manufacturing industry. Introduction Malaysia is a country situated in the Southeast Asia spanning from approximately 1ËšN to 6Ëš45ÃŒ ÃŒ Ã ´N latitude and 99Ëš36Í ´E toRead MorePart A Organisational Review For Lavazza Coffee Company2189 Words   |  9 Pagesand culture†. In addition, offer to supply consumer finest cafà © going experience. Mission We have a sustainability Mission, which shapes our goals for the coming years: To open additional cafà © in NSW and Queensland and to become national brand in Australia in addition, being recognized as an integral part of hospitality industry. Current Approaches †¢ Engaging customer and customer research †¢ Developing and improving product and services Revised vision and mission Vision To be more innovative andRead MoreKatz Managerial Skill1900 Words   |  8 Pagesfirst-line manager. She is a supervisor in a branch of a non-local multinational in United States of America. The organization is a medium-sized restaurant which is in service sector. It has been running for about one and a half years. The interviewed manager has been working in the restaurant since it was opened. Her major duty is supervising the work of her members to achieve the optimum performance. Besides, monitoring the members work becomes her daily responsibility. Evaluation of Katz’s Managerial

Egoism By Thomas Hobbes And Immanuel Kant - 1660 Words

Egoism can be described as the theory of solely acting towards the advancement and good of one’s own self, without any other causes for action. While egoism has been interpreted differently throughout history, the two variants of egoism conceived by Thomas Hobbes and Immanuel Kant are widely considered today to be theoretically bound and consistent. The egoism, described by Hobbes, conceives egoism as a fully psychological motive that is within the minds of all human beings, who think only of their own goals and interests and never of anyone else. On the other hand, the more standard or ethical variant, supported by Immanuel Kant, proposes that people should be motivated to a certain extent, regardless of the factors that currently†¦show more content†¦According to Thomas Hobbes, the human soul is comprised of three key parts. The first being that there is no end to one’s restless desire for power; the second being that there are inherent differences in certai n strengths and passions that hinder individuals to use intellect to settle value disputes; the last being that all desire is relative and without a hierarchy of value. So, to the question, â€Å"Why can’t human beings just achieve happiness and settle?†, Hobbes describes this inability to satisfy oneself with the apparent egoism within each individual. For instance, Hobbes states within the Leviathan that men have the right to all things. â€Å"The liberty each man has to use his own power for the preservation of his own nature, of his own life, and of doing anything, in his own judgment he should conceive to be the aptest means thereto† (Hobbes, Leviathan, XIV, 8). Here, he supports his theory on egoism by stating that every man has the power to maintain his respective life and thus will use the power for his own preservation of his power to reach his desires to the highest degree possible. An example of a person that could be argued to highlight this certain attribute of power that derives from egoism would be a self-driven politician. A politician who always vies for a higher political standing exudes a sense of psychological egoism that pertains to the drive to gain power for his ownShow MoreRelatedTest Bank For Ethics For The Information Age 5th Edition Mike Quinn4321 Words   |  18 Pagestheory is an example of a) relativism. b) objectivism. c) egoism. d) existentialism. e) materialism. 48. Which of the following is an argument in favor of the divine command theory? a) The divine command theory is not based on reason. b) It is fallacious to equate â€Å"the good† with â€Å"God.† c) God is all-knowing. d) Some moral problems are not addressed directly in scripture. e) The Bible has contradictory moral teachings. 49. Ethical egoism is a) not based on reason or logic. b) based on determiningRead MoreEthics And The Principles Of Ethics1608 Words   |  7 Pagesthe outcome. Utilitarianism is the opposite of egoism where the action is driven solely by self-interest. There are two main derivatives of utilitarianism; act utilitarianism which is based on outcomes of individual actions, and rule utilitarianism which focuses more on the outcomes in general of the types of actions. Jeremy Bentham and John Stuart Mill were both instrumental in developing the utilitarian theories (Nathanson, 2015). Thomas Hobbes, John Locke, and Jean-Jacques Rousseau are theRead MoreThe Supreme Court Of Virginia3442 Words   |  14 Pagesunveiling these necessary building blocks: the religious and the secular. Religious theories of moral reasoning hold that there is one â€Å"good† and one standard of rightness. This belief is based on the existence of a Higher Authority. For example, Thomas Aquinas argued that the lex aeterna (eternal law) was God s plan for the universe conceived by divine reason, that the lex divina (divine law) was the revelation of the lex aeterna in the Scriptures, and that the lex naturalis (natural law) was theRead MoreEthc-445 Principles of Ethics Final Exam Answers1948 Words   |  8 Pageswith each description below. 1. (TCOs 2, 4, 5, 6) The idea that the assisted suicide of terminally ill patients should be allowed simply at the patient’s direction reflects what type of ethics? (Points : 5) Hobbes’ State of Nature Rand’s Objectivism Aristotle’s concept of Virtue Thomas Aquinas’ concept of conscience Socrates’ concept of excellence 2. (TCOs 1, 2, 7) What is the moral ideal of temperance? (Points : 5) Exercising control over one’s own desires and inclinations Keeping one’sRead MoreBranches of Philosophy8343 Words   |  34 Pages and its relation to various political systems[8]. In this period the crucial features of the philosophical method were established: a critical approach to received or established views, and the appeal to reason and argumentation. [pic] [pic] St. Thomas Aquinas [edit] Medieval philosophy (c. A.D. 500–c. 1350) Main article: Medieval philosophy Medieval philosophy is the philosophy of Western Europe and the Middle East during what is now known as the medieval era or the Middle Ages, roughly extendingRead MoreMilitary Service Is The Duty Of All Citizens Of A State1768 Words   |  8 Pagesâ€Å"present ruin of Italy† as â€Å" caused by nothing else but the reliance placed on mercenary troops for so many years†. He goes on to argue that â€Å"a republic which has its own citizen army is far less likely to be subjugated by one of its own citizens†. Immanuel Kant furthered this argument in his liberalist writings, particularly Perpetual Peace (1795) and Doctrine of Right (1797). He saw the citizen militia system â€Å"as the ideal defense system of democracies† because they â€Å"make it more improbable that war-proneRead MoreThe Legal, Ethical, And Social Responsibility Ramifications Of Anheuser Busch Inbev s Beer Products4850 Words   |  20 PagesAnalysis The Kantian ethical theory does not agree with the utilitarian ethical theory. Immanuel Kant’s theory is based on deontological moral theory which says that â€Å"the rightness or wrongness of actions does not depend on their consequences† but on whether they fulfill the principle of duty or the basic moral principles (Jackson, 2013). Kant’s basic moral principle is called â€Å"categorical imperative.† For Kant, there is an unconditional command and all of morality depended on it (Hinman, 2012). ThereRead MoreWewewewewe6226 Words   |  25 Pagescommitted, of course — then, conveniently, what they are doing has no relevance to what we ought to do. A famous story is told about Thomas Hobbes, the 17th-century English philosopher, who argued that we all act in our own interests. On seeing him give alms to a beggar, a cleric asked Hobbes if he would have done this if Christ had not commanded us to do so. Yes, Hobbes replied, he was in pain to see the miserable condition of the old man, and his gift, by providing the man with some relief from thatRead MoreSources of Ethics20199 Words   |  81 Pages3- PHILOSOPHICAL: 55 2.31- Contribution Of In Ethics By The Source Of Philosophical Systems: 55 2.32- Contribution of Aristotle: 57 2.33- Contributions By Other Important Philosophers: 58 2.34- Rights Theory: 64 2.35- Contribution By KANT: 65 2.36- Contribution By ROSS: 66 2.4- CULTURAL: 68 2.5- LEGAL SYSTEM: 71 2.6- CODES OF ETHICS: 74 2.61- Company Codes: 74 Code of ethics (corporate or business ethics) 74 code of ethics(business of ethics) 75 Code of conduct

Environment of Marketing Channel †Free Samples to Students

Question: Discuss about the Environment of Marketing Channel. Answer: Introduction: The impact on society from business organizations have changed over the last few decades. Globalization has resulted in large organizations increasing their reach to almost every corner of the world. This expansion has caused the organizations to interact with more people and governments and face newer challenges from time to time. As any organization looks to expand in a sustainable and long-term business, it has to develop a harmony with its ecosystem of consumers, stakeholders, and regulators of the different regions where they operate. The stakeholders are no longer limited to the shareholders or the owners only, but nowadays they also include consumers, regulators, and the environment as a whole. This essay discusses the role of management at BHP Billiton, in managing the stakeholders associated with it and the evolution of relations that has developed between the organization and society during the course of its decades long existence to become a diversified resource behemoth. BHP Ltd. was established in the year 1885 with mining interests in zinc lead and silver. The company was quick to recognize the potential of these resources, which were abundantly available in the city named as Broken Hills.(Anon., 2017) Those days mining companies were less regulated and had a free hand in investing and utilizing the resources. The management of large companies such as BHP went from strength to strength, based on acquisitions or new ventures while the management followed the task of planning the venture, organizing the resources and then leading the venture, after which they had to control the unit accordingly.(Wren, et al., 2002) It merged with Billiton group to become BHP Billiton in the year 2001 .Where BHP was succeeding in its goal to become a diversified minerals and petrochemical company , it had to involve in multiple communities and their sentiments. It has to take decisions responsibly and doing so may not result in pleasant results always. For example , t he company started a AUD 2 Billion mine in western Australia , which bought a lot of progress to the local community , who had soon grown dependent on it(MAYES, 2008).Shortly after its opening , the company had to close the mine after just 9 months of operations , leaving the community and workers in disarray. These kinds of incidences have increased the focus on the role of corporate entities about the society. Other factors, which are emerging, are also equally important; like the opportunities businesses bring to the communities, they operate in. When BHP had started the mine in West Australia, the place had transformed in ways never seen before. Job prospects were increasing, the place had, for the first time, witnessed significant economic activity, which resulted in indirect business opportunities as well. These sorts of effects, which a large organization invariably brings, are also a threat to the stability of a society. Like in case of the mines unexpected closure, the publ ic had to face the consequences of the decision of a corporate entity. Many other such incidences such as the BP oil spill, the Volkswagen emission scandal, the Takata Air Bags problem, or the Global Financial Crisis have given rise to the concept of The Macro Social Environment.(CARROLL BUCHHOLTZ, 2015, p. 6) This Macroeconomic environment analysis can be divided broadly into four categories, which are political, economic, social, and environmental factors.(Achrol, et al., 1983) Organizations as large as BHP Billiton often enjoy favorable political environment, as they are an important source of economic activity. The company , with its over 1,00,000 strong workforce ,of whom about 13000 are from west Australia, is large enough to be politically important , helping it secure a goodwill among the governmental departments. The government sees it as a flag bearer of economic development as it commands the highest market capitalization in Australia, and the long history of presence there has incorporated a sense of belonging among the local community. Economically, the company is well placed currently, with access to low cost capital owing to its reputation; BHP Billiton has an advantage over its competitors in raw materials as well. Moreover, with a cash flow of AUD 14.6 billion, BHP has little worry regarding large investments or near term difficulties. (Anon., 2017) Its major material, nickel, is sourced from its mines at Ravens Thorpe at a competitive cost, resulting in significant gains for the company. These factors and economies of scale have helped the organization develop a stable image and established it as a long-term player. BHP is also on a strong footing socially, as it has a long and fruitful history for the people of the region, it has become a part of life for many people as they are connected directly or indirectly to the company. Very few companies in the world achieve a patriotic identity among its people, like Tata Group in India; BHP Billiton is one such company .Even the name of the company is taken from broken hills, a local area where mining opportunities were first started by the organization. While mining activities traditionally invite more scrutiny from among environment groups and local communities, it helps that the company has a good rapport with the local population and knows the general principals and guidelines that need to be followed while dealing with them. Technologically, BHP Billiton has the resourc es to invest in RD, and it has helped in developing techniques like the use of pressure acid leach in the extraction of Nickel has helped it to improve output, thereby improving cost benefits. Since the company has a large network of operations and has to follow rules and regulations which can change from time to time, BHP has to maintain a strong legal team in order to sort out any issues arising from its operations to avoid any major penalties or hurdles. BHP inevitably has a large role to play in the pollution emissions due to its scale of operations.(Goldenberg, 2013) In this regard, BHP Billiton has been successful in addressing environmental issues. As indicated in its organizational structure, it has a separate committee of director to look into sustainable resources and environment. It has also been right in adopting a policy of allocating one percent of its profits for philanthropic causes, which goes a long way in harboring a healthy image for the organization Thus, the ov erall macro-economic situation for BHP may be healthy on most fronts, and the company seems free to navigate the market according to its strategies. The reason of BHP Billitons immense success can be attributed to these four macro-environmental factors mostly in its favor. The existing challenge its management now has to overcome is to manage the stakeholders in a balanced manner, to achieve sustainable growth in the business and long-term viability. Any person or entity who are affected, monetarily or otherwise, are the stakeholders.(Haughey, 2016) The notion of a stake can be applied to any entity in a manner which it has an interest for the stakeholder. For example, in case of BHP Billiton, environment groups can be considered as stakeholders, since the mining activities of BHP directly or indirectly affect the environment, the environment groups would respond if there were any adverse effects due to the company. The general public who are connected to BHP for their livelihoods , are also stake holders as they are directly affected by the companys outcomes and are contributors to the companys growth. BHP being a large company, it has to face constant scrutiny and apprehensions over its business practices. (Sutton Galunic, 1995) Therefore, it has to deal with the sensitivities of the enquiries in a sophisticated and experienced manner. The public outcry over large scale scandals like that of the Volkswagen emissions scandal has made large organizations like BHP aware that any wrong handling of an issue on their part can result in loss of image and reputation which they took decades to build as was evident in the case of VW.(Gwyn Topham, 2015)Thus, any organization should identify who its stakeholders are, and act accordingly. Just like when an organization makes a decision, the stake holders are affected, the reverse is also true, i.e., if the stakeholders make a decision, an organization may be affected. For example, if the government of west Australia decides that mining activities may affect the scenic beauty and environment, and restricts mining in certain regions, it will directly have an impact on BHPs bottom line. Here, the government is already a stakeholder for BHP, since it receives a sizeable share of taxes and other support from the company. This is precisely what any organization seeks to avoid. If the stakeholders are well informed and their concerns taken into account, it is less likely that they will cause an adverse effect for the organization.(Bowen, 2011) While managing them, stakeholder of an organization can be identified as primary or secondary. Primary stakeholders include the shareholders, employees, management, the customers, suppliers, and other businesses, which provide relevant services like transportation etc. Secondary stakeholders generally include bodies like regulatory authorities, government, civic institutions, social groups or activists, and competitors. (Haughey, 2016, p. 67). While primary stakeholders are directly involved with the company, they have more sway over the organizational matters. They are more easily recognized and their concerns can be addressed in a more direct manner(Spacey, 2017). For example, if customers of company develop a changing preference for a product, the organization can make relevant changes to satisfy the needs. This may not be the case with indirect stakeholders, they may play a greater role in the overall image of the company, but they are indirect in nature. For example, if an environment group finds that construction activities are causing health and other issues in a region, the construction companies may invite scrutiny over their practices, thereby creating negativity around their repute. Thus, the managers are well aware of their extended responsibilities as those not only managing the human resources and business model, but also involving the greater circle of direct and indirect stakeholders. As the responsibility of providing the goals and the overall strategy, the management of any organization has to look for long-term solutions. As managers are more aware of the changing scenario of stakeholders and their importance , their tasks has changed become indispensable .The principal goal of stakeholder management is to ensure that the primary stakeholders get what they expect from the company , while the non-primary stakeholders are also handled reasonably so that they are satisfied(Kennedy, 2011). All these goals should be achieved while keeping the profitability and competitiveness of the firm. Sometimes the management may find it difficult to satisfy all aspects of their stakeholders, these situations require them to priorities the interests of their primary stakeholders, while ensuring minimum discomfort to the other stakeholders, as was the case in BHP Billiton closing one of its mines within nine months of operations.(Lucas Kagi, 2017) Thus, in the current era of connected economies and globalization, the role of management is very crucial to the success of any organization, as they have to take tough decisions for the sake of long-term viability of the company, and at the same time, they have to ensure minimum friction with the immediate stakeholders.(Manning, 2017) Conclusion If the past successes and achievements of BHP is taken into account , it can be seen that the company has efficiently handled most of its decisions so far , and the principal reason behind its sustained profitability is its management of each and every aspect of its business , like its stakeholders , social causes , long term goals and strategies. The fact that it has been a dominant company for such a long time is an example of outstanding management of resources and prompts handling of issues. BHP has been, and continues to be, a light bearer of efficient corporate culture for the whole of western Australian region, and thus it has inculcated a sense of responsibility among its management of the need to perform exceedingly well in order to meet the expectations of its owners as well as the general society. References Achrol, R. S., Reve, T. Stern, L. W., 1983. The Environment of Marketing Channel. In: Journal Of Marketing. s.l.:American Marketing Associtation, pp. 55-67. Anon., 2017. BHP Billiton Ltd. ADR. [Online] Available at: https://www.marketwatch.com/investing/stock/bhp/financials/cash-flow [Accessed 24 August 2017]. Anon., 2017. Bhp.com. [Online] Available at: https://www.bhp.com/our-approach/our-history [Accessed 24 August 2017]. Bowen, R., 2011. brightubpm.com. [Online] Available at: https://www.brighthubpm.com/monitoring-projects/52884-keeping-project-stakeholders-in-the-loop/ [Accessed 24 August 2017]. CARROLL, A. B. BUCHHOLTZ, A. K., 2015. Business And Society : Ethics Sustainabilityand Stakeholder Management. 9 ed. Stamford: Cengage Learning. Goldenberg, S., 2013. Just 90 companies caused two-thirds of man-made global warming emissions. [Online] Available at: https://www.theguardian.com/environment/2013/nov/20/90-companies-man-made-global-warming-emissions-climate-change#start-of-comments [Accessed 24 August 2017]. Gwyn Topham, S. C. C. L. P. S. a. M. F., 2015. The Volkswagen emissions scandal explained, London: The Guardian. Haughey, D., 2016. WHAT IS STAKEHOLDER MANAGEMENT?. [Online] Available at: https://www.projectsmart.co.uk/what-is-stakeholder-management.php [Accessed 23 August 2017]. Kennedy, T., 2011. The PM Coach. [Online] Available at: https://thepmcoach.blogspot.in/2010/08/principles-of-stakeholder-management.html [Accessed 24 August 2017]. Lucas, J. Kagi, J., 2017. Ravensthorpe nickel mine to close due to low market prices, 270 jobs impacted, Australia: ABC net. Manning, M., 2017. Business.com. [Online] Available at: https://www.business.com/articles/tough-decisions-in-a-genuine-way/ [Accessed 24 August 2017]. MAYES, D. R., 2008. Living the Resources Boom:Towards Sustainable Rural Communities. Sustaining Gondwana : Issue 11, August. Spacey, J., 2017. Simplicable. [Online] Available at: https://simplicable.com/new/primary-stakeholder [Accessed 24 August 2017]. Sutton, R. I. Galunic, D. C., 1995. consequences of public scrutiny for leaders and their organizations. in: consequences of public scrutiny for leaders and their organizations. Fontainebleau: INSEAD, pp. 95-79. Wren, D. A., Bedeian, A. G. Breeze, J. D., 2002. The foundations of Henri Fayols administrative. [Online] Available at: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.519.3372rep=rep1type=pdf [Accessed 23 August 2017].

Touro University International Essays (990 words) -

Touro University International James L. White ACC 501 Module 5, Case Assignment Dr. Paul R. Watkins INTRODUCTION The purpose of this report is to read about Steinway and Sons pianos and answer the following questions; do I think Steinway Piano is a good candidate for Activity Based Costing and why? I will also explain what could happen if Steinway Piano does not use Activity Based Costing and finally I will identify several dysfunctional decisions that could be made using traditional cost allocations. By discussing these topics, I hope to offer some knowledge and tools that can be used to help Steinway and Sons in their costing process. I will conclude this report with a brief summary of the entire analysis, highlighting some of the most significant parts that the report contains. ACTIVITY BASED COSTING In an article entitled "Scholars tout benefits of activity-based costing" by Katy Saldarini she explains that, "Activity-based costing is an accounting tool designed to break down in detail the costs of all of an organization's activities. The assumption is that such detailed information will give managers the information they need - and have historically lacked - to make sound business decisions." (Saldarini, 2000) The use of Activity Based costing can help an organization to accurately product cost their product in today's highly competitive market place. In any organization decisions must be made that can most likely have an enormous impact on the life of the organization. Activity Based Costing gives organizations a better accounting method for managers to use to make valuable decisions such as; highlighting inefficiencies so resources can be redirected to be used where they are most beneficial, and to indicate when gradual changes have had a large impact on cost activities. Can Activity Based Costing help Steinway and Sons? Activity Based Costing can be very good tool that can be used for product pricing decisions where manufacturing operations involve large amounts of factory overhead. Some of the benefits include: a management tool that provides better allocation of resources, a applicable to both appropriations and revolving funds, relates total cost (resources consumed) to work accomplished (outputs produced), aligns costs to outputs, thereby increasing cost visibility, and it's useful in forecasting financial baselines. By providing more accurate product cost allocations, Activity Based Costing, aids in setting product prices that will cover costs and expenses. If I break down some of the steps for building a piano by Steinway and Sons I can see the massive amount of work that goes into the production of their product. First the rim is formed (Layers coated with glue, Stack layers into single layer, and Rim is bent), second the sound board is made (formed by hand, carefully tapered by craftsman), third the bridge is made (heavy black graphite applied, tool used to mark points), fourth the wooden brace is made (custom fit, secured into rim), fifth the arms are done (sanded into shape), sixth the cast iron plate is accomplished (fit into the piano, graphite spread over it, lowered into the piano, fitted, raised out the case, and shaved to eliminate gaps), seventh the strings are accomplished (insert with turning pin, machine turns pins, wrap coils around wires, pin placed through one of two hundred holes), eight the hammers are accomplished (glue applied, placed in groove, pressed around wood rod, and rod sliced), ninth the hammer stock is accomplished (sometimes heated by a flame), tenth the damper is accomplished (accomplished by master technician), eleventh the voicing is accomplished (Accomplished by master voicer) and twelfth the tone regulator listens to the piano for pitch and a final inspection is done before sell. With all of these steps Steinway and Sons could definitely benefit from Activity Based Costing by breaking down everything that's done on the line for product pricing. With the amount of steps, man hours, and personnel needed to make a Steinway and Sons piano, Activity Based Costing can have a huge impact on the costing of their pianos. With the traditional way of allocating cost it may only be influenced by one activity level or cost driver. The organization must be able to track down as much of the total fixed costs as possible from the product lines. Without Activity Based Costing Steinway and Sons may not have a realistic cost for their products, they may be losing money by