Compound helicopter Literature review Example | Topics and Well Written Essays - 3000 words

Compound helicopter - Literature review Example The Nelson Speed Limit holds true for helicopters even today. 3 Although helicopters have achieved what is considered the â€Å"Holy Grails of powered flight,†4 because of their ability to fly vertically, their limited capacity in speed and maneuverability have led aircraft builders to explore ways to augment performance metrics. One of the solutions offered by research is the compounding of the basic design of conventional helicopters with additional components to help achieve better speed and efficiency. Background: Compound Helicopters A compound helicopter is a conventional helicopter that has undergone modification with the addition of several components for the purpose of augmenting and enhancing basic performance metrics such as lift-to-drag ratio, propulsive efficiency and maneuverability.5 The most overt additions in a compound helicopter are fixed wings.6 Compound helicopters are often called hybrids because they are a combination of conventional helicopters, which a re powered by rotors, and fixed wing aircrafts like planes, although some compound helicopters do not have wings. Compound helicopters have the important capability of conventional helicopters - VTOL (vertical take-off and landing).7 What additional features precisely make a helicopter compound has not been unanimously agreed however. John Watkinson, for example, described a compound helicopter as one in which the production of forward thrust in cruise is not up to the rotor but by some other device while Ray Prouty depicted them as having wings and a propulsion device, which could be a jet engine, ducted fan, or propellers for the purpose of alleviating the rotors from lifting or propelling tasks.8 Leishman simply defined it as one in which additional parts are appended for the purpose of enhancing and augmenting basic performance metrics.9 Figure 1 shows a diagram of a compound helicopter with a four-blade main rotor atop its body as is commonly found in conventional helicopters. However, fixed wings or flaperons can also be observed attached to its fuselage. Fixed wings function to off-load most, if not all, of the rotor’s duty to lift the helicopter at high speed. The presence of a ducted propeller at the rear can also be observed, which likewise serves the function of taking away from the main rotor the task of driving the helicopter forward. Some compound helicopters may or may not have either fixed wings or a propulsion mechanism other than the main rotor, but all additional appendages in a compound helicopter serve the purpose of driving it at speed not available to conventional helicopters.10 Fig 2 Diagram of a Compound Helicopter11 2.0 History of Compound Helicopters The first known compound helicopter was developed in Germany in the 1930s by Anton Flettner, but two other models were also developed in that part of the world. The Fl 184 had two airscrews, fitted with propellers at each end facing at opposite directions, and attached to either s ide of the helicopter fuselage. The airscrews functioned to counter the torque effect of the three-blade rotor and helped the aircraft propel forward. The Wn

Most multinational corporations (MNCs) need not enter foreign markets Essay

Most multinational corporations (MNCs) need not enter foreign markets to face the challenge of dealing with multiculturalism. Explain your answer - Essay Example For the purpose of analysis, the notion of cross-culturalism is explored with Hofstede’s dimensions with discussion of the cases of Wal-Mart and Google to reach to the conclusion that expansion in foreign markets is almost never in the long run interest of multinationals. Research bears witness to the fact that differences in cultures across countries account for differences in management and leadership styles of MNCs today (Gerstner & Day, 1994). In today’s globalized world, it is imperative for MNCs to appreciate and adapt to diversity in cultures and mould their management styles accordingly in terms of cognitive information processing and emotional, behavioral and motivational mechanisms (Earley, 2006). Considering the fact that many developed (western) nations are setting up businesses (as MNCs) in the less-developed (Asian/ Eastern) societies, it is increasingly important for managers to appreciate and understand the differences that exist between the eastern and western societies. Research by Hofstede (1980, 1991, and 2001) identifies key dimensions that account for variation between the Eastern and Western cultures, including masculinity, power distance beliefs, uncertainty avoidance and long term orientation. On one end of the continu um are the Eastern societies that rank high in terms of high power distance beliefs, collectivism, long term orientation and conformity. On the other end lie the Western societies that are more work-oriented, have low power-distance beliefs and are inherently individualistic in nature. Furthermore, increased influence of multinational corporations has given rise to the need for interaction amongst employees and managers of different cultures (Adler, 1983). This has given birth to the concept of cross-culturalism which attempts to examine the attitudes, behavior and relationships across managers (and people in general) of

Study on the Prediction of Corporate Bankruptcy

Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy. Study on the Prediction of Corporate Bankruptcy Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy.

organizational behavior Essay -- essays research papers

I.  Ã‚  Ã‚  Ã‚  Ã‚  The Meaning of Money in the Workplace A.  Ã‚  Ã‚  Ã‚  Ã‚  Money and Employee Needs 1.  Ã‚  Ã‚  Ã‚  Ã‚  Money is an important factor in satisfying individual needs. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Money is a symbol of status, which relates to the innate drive to acquire. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Financial gain symbolizes personal accomplishments and relates to growth needs. 4.  Ã‚  Ã‚  Ã‚  Ã‚  People value money as a source of feedback and a representation of goal achievement. 5.  Ã‚  Ã‚  Ã‚  Ã‚  Compensation is one of the top three factors attracting individuals to work for an organization. B.  Ã‚  Ã‚  Ã‚  Ã‚  Money Attitudes and Values 1.  Ã‚  Ã‚  Ã‚  Ã‚  Money tends to create strong emotions and attitudes, most of which are negative, such as anxiety, depression, anger, and helplessness. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Money is associated with greed, avarice and occasionally, generosity. 3.  Ã‚  Ã‚  Ã‚  Ã‚  People with a strong money ethic believe that money is not evil; that it is a symbol of achievement, respect, and power; and it should be budgeted carefully. 4.  Ã‚  Ã‚  Ã‚  Ã‚  Cultural values seem to influence attitudes toward money and a money ethic. a.  Ã‚  Ã‚  Ã‚  Ã‚  People with Confucian work values are more likely to carefully budget their money but are also more likely to spend it. b.  Ã‚  Ã‚  Ã‚  Ã‚  People in countries with a long-term orientation give money a high priority in their lives. c.  Ã‚  Ã‚  Ã‚  Ã‚  Scandinavians, Australians, ad New Zealanders have a strong egalitarian value that discourages people from openly talking about money or displaying their personal wealth. C.  Ã‚  Ã‚  Ã‚  Ã‚  Money and Social Identity 1.  Ã‚  Ã‚  Ã‚  Ã‚  People tend to define themselves in terms of their ownership and management of money. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Couples tend to adopt polarized roles regarding their management and expenditure of money. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Men are more likely than women to emphasize money in their self-concept. 4.  Ã‚  Ã‚  Ã‚  Ã‚  Men are shown to be more confident managing their money and are more likely to use money as a tool to influence and impress other. II.  Ã‚  Ã‚  Ã‚  Ã‚  Reward... ...urally occurring   Ã‚  Ã‚  Ã‚  Ã‚   feedback at regular intervals. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Includes designing artificial feedback where natural feedback does not occur. E.  Ã‚  Ã‚  Ã‚  Ã‚  Self-Reinforcement 1.  Ã‚  Ã‚  Ã‚  Ã‚  Includes the social learning theory concept of self-reinforcement. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Occurs whenever an employee has control over a reinforcer but doesn’t â€Å"take† the reinforcer until completing a self-set goal. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Also occurs decide to do a more enjoyable task after completing a task that you dislike. F.  Ã‚  Ã‚  Ã‚  Ã‚  Self-Leadership in Practice 1.  Ã‚  Ã‚  Ã‚  Ã‚  People with a high degree of conscientiousness and internal locus of control are more likely to apply self-leadership practices. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Self-Leadership can be learned. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Training programs have helped employees to improve their self-leadership skills. 4.  Ã‚  Ã‚  Ã‚  Ã‚  Organizations can encourage self-leadership by providing sufficient autonomy and establishing rewards that reinforce self-leadership behaviors.

Complying with International Accounting Standards

Title: Contrast and compare the method and footing upon which Nike Corporation studies on foreign currency deductions in footings of IAS 21 and all other relevant IAS IFAS ordinances. In the event if the company reports harmonizing to international criterions, discourse the deductions in relation to the criterions applied in the Home state of the corporation. Introduction Globally, there are figure of accounting criterions, most of all, two primary accounting criterions are International Accounting Standards implemented by the International Accounting Standards Board ( IASB ) and the Generally Accepted Accounting Practice of the USA, which is implemented by the Financial Accounting Standards Board ( FASB ) . Accounting Standards are set of accounting regulations that govern the manner in how the histories ( fiscal statements ) of a corporation is displayed At an international degree, it is the duty of The International Federation of Accountants ( IFAC ) to regulate accounting organic structures in regard of conformity with accounting criterions. The aim of the federation is to â€Å"develop and heighten world-wide accounting profession with consonant standards†1 and integrated coordination within the profession. Where a concern has an international dimension, it must adhere and follow with the international accounting criterions. In add-on, conformity with IAS will help international concerns and international investors to interpret the relevant accounting information of the internationally trading concern. For illustration, to contrast a Gallic company with an Australian company it is needed for each company to expose their accounting information in an suitably comparable method. DEFINITION OF IAS IAS include a figure of criterions, each criterions trades with assorted accounting issues associating to foreign minutess and other minutess that do non hold a domestic component and therefore necessitate to be regulated at an international degree. International Accounting Standard 21 is used for the prescription of the standard signifier of including foreign currency minutess and foreign operations in the company’s fiscal statement. Additionally, it prescribes the interlingual rendition of fiscal statements into a presentation currency. The troubles underscoring this rule are finding the employment of an exchange rate and the describing the effects of alterations in exchange rates in the fiscal statements. Following are some of the cardinal accounting nomenclature used under IAS 21.8: Functional currency/measurement currencyis the currency of the primary economic environment in the legal residence of company’s operation. Presentation currency is the currency in which fiscal statements are presented. Exchange difference is the difference ensuing from a transition of certain units of a one currency into another currency at a different exchange rate. Foreign operation relates to the activities that are based in another state other than the coverage endeavor this include a subordinate of the parent company, associate, joint venture or a subdivision. The measuring and presentation of fiscal statements under IAS 21 was superseded by IAS 21 ( revised 2003 ) ; this alteration is the effect of the effects of alterations in Foreign Exchange Rates. This was effectual on one-year fiscal periods get downing on or after 1stJanuary 2005. ISA 17 requires that revenue enhancement related issues must be compiled in fiscal histories in conformity with the IAS by exposing assets taken on rentals on the balance sheet 2. Under IAS 29.39 ( B ) and 40 corporations are under duty to place the use of methodological analysis in using IAS 29 as a revelation policy of the accounting criterions 3. ISA 39 is used for the measurement and valuing assets and fiscal liabilities that in foreign currency. ISA 21 concerns the exchange rates in change overing foreign currency fiscal assets and liabilities into national currency by utilizing the end-month exchange currency rate 4. APPLICABILITY OF IAS International Accounting Standards are set of elaborate list of regulations prepared for comptrollers and companies for the conformity in the production of accounting statements. International Accounting Standards Board ( IASB ) under ( SIC 30.7-14 ) permits some endeavors in other states in a hyperinflationary environment like the USA to utilize USA dollar other than utilizing the measurement currency. In the event that a corporation applies this allowance, the corporation must guarantee that impacts of hyperinflation are suitably addressed ( ISA 21.36 ) 5. However, must follow the right process by repeating the local-currency IFRS fiscal statements to the mensurating unit current at the balance sheet day of the month [ IAS29.7-8 ] [ SIC-19.5-9 ] , so, utilizing the year-end exchange rate, to interpret the fiscal statements into the stable currency for all periods presented. SIC 19 articulated that the commissariats for fiscal information must be utile to reflect the pecuniary kernel of the cardinal events and fortunes that are relevant to that company. Furthermore, the use of currency to mensurate points in the fiscal statement must be tailored to supply information sing the company. The measuring of foreign currency points must be treated as foreign currency in the fiscal statement and the construing of fiscal statement. Inevitably, there are no commissariats under the International Accounting Standard 19 for corporation to randomly take to accommodate steps for the turning away of repeating fiscal statements that are treated in the currency of a â€Å"hyperinflationary economy† . Hyperinflationary economic system has the undermentioned component: the accretion of non-economical assets in a stable foreign currency ; the look of well stable foreign currency is known as a financial sum, these being capital goods, rewards and rent. Price index interconnects to pricing, pay of workers and the involvement rates. Under IAS 29.3 ( a ) ( vitamin E ) the cumulative rising prices rate over three old ages will near or transcend 100 % . Finally, the pricing of recognition gross revenues are measured in a manner that compensates for the awaited loss of dickering power during the recognition period. As an illustration, lets assume that a British company as a step of its points in the fiscal statement uses the British lb as an appropriate currency under the IAS 21. In add-on, the company restates the same fiscal statements under the rule of IAS 29, which the fortunes indicate that the British lb is the currency of â€Å"hyperinflationary economy† . On the contrary, the company is non precluded from change overing the fiscal statements to be presented in Gallic francs. AMERICAN STANDARDS The Generally Accepted Accounting Practice ( USA ) is the accounting criterions that are used with the United States of America to regulate USA corporations. These criterions are distinctively different from IAS as â€Å"U.S. accounting criterions have become â€Å"rules-based, † filled with specific inside informations in an effort to turn to as many possible eventualities as possible†6. Subsequent to the execution of the Sarbanes-Oxley Act of 2002 in an effort to turn to the job, required the SEC to analyze the practicableness of a principles-based accounting system. It was concluded that, feasibleness of a principles-based attack could reflect minutess at a true economic substance 7. Within the USA legal power there is a local monopoly for the authorship of fiscal coverage criterions for public companies. The statutory authorization over fiscal coverage criterions is vested in the Securities Exchange Commission ( SEC ) and the authorship criterions are delegated to the Financial Accounting Standards Board ( FASB ) . Most USA based corporation use the Generally Accepted Accounting Practice. In the initial contemplation of criterions, GAAP is principles-based systems that pose troubles, which tend to originate when specific criterions come up for consideration. However, non-adoption of cosmopolitan criterions of accounting have caused great troubles to build the cost and benefits of typical and consonant fiscal coverage to get at efficient solutions. In add-on, this has created farther jobs for users of fiscal information because of the complexness in understanding the fiscal statements of abroad corporations. However, there is concrete grounds that figure of states use the USA accounting criterions as a benchmark to manner criterions appropriate for their ain economic system. It is articulated that the Accounting Standards Board ( IASB ) , the FASB and the SEC are the best patterns in the universe. This is the ground environing USA determination non to accommodate cosmopolitan accounting criterions. In add-on, U.S. permits companies to accommodate to looser By and large Accepted Accounting Principles. In the contrary, the president of the SEC and the FASB and IASB have reached a consensus in 2002 on working together toward a greater convergence between U.S. Generally Accepted Accounting Principles and international accounting criterions. International Standard International Accounting Standards are used in fixing fiscal studies. It was the Lisbon Council of European Union ( EU ) to advance a sole, lasting and liquid fiscal market by the version and enforcement of a individual and united set of fiscal coverage criterions. The intent of the ISA was to set up and continue quality criterions for all individuals who used such fiscal information. The acknowledgment of the heightening globalization made tremendous demands for a better and higher quality international accounting criterions. The European Commission favoured the proposals for IAS and challenged the SEC determination to disapprove the use of ISA in the USA markets. SEC concerns over the possible acceptance of ISA was in regard of the jobs that may originate by the non-correspondence of histories between different corporations may put some companies at a disadvantage with their opposite numbers. CONFLICTING Practices In June 2001, the displaying of trade names and other rational belongings on the balance sheet of USA based corporations was titivated under the USA GAAP ( Generally Accepted Accounting Practice ) . This was the consequence of a proficient differentiation in accounting policies of USA GAAP and IFRS ; the differentiations were in relation to the amortization of good will, negative good will and hedge accounting 8. Although, the overruling benefit of using IFRS is comparable to USA based corporations. Once, the users of accounting information such as investors, stockholders and other corporation faced intensive troubles in trying to construe and understand histories of abroad companies due to the use of diverse pecuniary linguistic communication. But the current accounting policies of IFRS purposes to turn to and help in the determination doing procedure of those who are effected by accounting policies and possible investors. Huge figure of corporation are faced with figure of trouble in regard of taking the right signifier of accounting criterion. Predominantly, big figure of USA companies, autumn into this class ; the ground behind this being that USA has its accounting criterions that are non parallel with the international accounting criterions. This conflicting factor between the two accounting patterns render it incompatible for USA companies like Nike to do commissariats taking to follow with both accounting patterns. However, in accounting pattern this is impracticable and impracticable unless an endeavor compiles two sets of histories that comply with both patterns. To turn to this conflicting domination on many investors and others likewise, USA committee is coming to footings with accepting the demand for high quality fiscal coverage model. As the turning insensitiveness in globalization of companies and for the protection of the activities and involvement of investors, loaners and companies, the Commission is heightening its engagement in a figure of forums to set up a universally accepted fiscal coverage model 9. However, the SEC’s supervising and disposal for the equity of fiscal studies submitted by corporations will go on under the competitory government. At present, non much revelation on societal and environmental issues is required of US companies in contrast to demands emerging in Europe and elsewhere around the universe. However, a former legal research in 1999 by Williams suggested that the SEC coherently has the authorization to necessitate such revelations. The job being that insufficient action has been taken to implement a authorization for societal and environmental revelations by companies in the USA. US companies are neglecting to describe on environmental and societal tendencies and events that possess material impact. Consequent to the findings of a research on non-compliance with revelation regulations ; Sarbanes-Oxley attempted to better the rightness of fiscal studies and ethical criterions of companies † 10. Problems exist in this country because of â€Å"t oo many different criterions, increasing costs of coverage, fright because of Kasky v. Nike, inquiries about materiality, and the fact that confirmation procedures are immature†11. NIKE CORPORATION Nike is one of the top athleticss retails in the universe ; the company’s aim is to make concern with contrast mills that persistently illustrate conformity with Nike’s criterions and that operates in a lawful mode. Nike is the lone company that has created its ain criterions, programmes and activities to place reference and study issues of conformity in contract mills to assist find development. Presently, there are no industry-accepted indexs for mensurating Next’s public presentation. Neither there are any standard coverage conditions in regard of contract mills, which can be by and large accepted. However, Nike has its ain creative activity of mensurating its ain criterions, programmes and activities to place reference and study issues of conformity in contract mills. The concerns over whether Following Corporation complies with any accounting criterions is an unreciprocated inquiry. Another cause of concern is that â€Å"the hearers besides use questionable research methods, of which Nike merely makes the consequences public that do non harm its reputation†12. Over the old ages Nike had been capable to case in relation to its legal duty over the conformity of its providers with local labor Torahs and the accounting patterns that were used to immune its repute. These sorts of allegations will necessarily form on the heads of consumers. Then the â€Å"Nike ‘s success, like that of so many modern companies, is all about keeping trade name values and the value of the brand†13. Fortunately, engineering is at manus to assist companies pull off this hard undertaking. Clearly, unless staff have the necessary preparation and accomplishment non merely to execute their responsibilities aptly but besides in conformity with the company ‘s ethical and concern criterions, good administration and conformity will non be achieved. That applies merely every bit much to providers as it does to the primary trade name proprietor – and it goes right to the bosom of good corporate administration 14. In 2003, Nike adopted the Financial Accounting Standards Board Statement 142 for the appraisal of its Goodwill and other touchable assets 15. In relation to the revelation of sections of an endeavor and related information, Nike has adopted Statement of Financial Accounting Standard No131 ( 16 ) . However, far from over these steps are merely in conformity with the USA GAAP and non with the IAS. NIKE’S Accounting Policy Harmonizing to the accommodations on the fiscal statements of Nike, there were accommodations associating to the transition and interlingual rendition of foreign functional currencies into USA Dollars. This is reflected by the inclusion of the accommodations of foreign currency interlingual renditions and a constituent of accretion of the comprehensive income/losses in shareholders’ equity. It is apparent from Nike’s histories, that the coevals of transactional income and losingss as an effectual facet of accounting of foreign exchange on the recording of assets and liabilities of the company is denominated in a typical currency other than the currency that is applicable for the company are recorded in other disbursals. However, the inside informations of these generational minutess are non recorded in the period of their happening. However, under IAS 29, 26 and 30 it is required to describe the consequence of hyperinflation, which must be restated in footings of the mensurating unit current at the balance sheet day of the month. That the historical cost income statement by and large recognises grosss and disbursals at monetary values current at the dealing day of the month. Nonetheless, IAS provide a degree of flexibleness in following different accounting standards17. Already, Nike was capable to figure of cases because of its falsified information on its histories ensuing from the intervention of labour workers around the universe. The legal proceedings in June 2003 involved allegations that Nike made â€Å"false statements in public dealingss materials† 18. The troubles underscoring for Nike in the adoptability and conformity with a chosen set of accounting criterions is that Nike has operations in the USA as its legal residence of abode ; therefore, Nike is required to adhere to USA GAAP. In other words, the obstruction caused by conformity with USA GAAP means that Nike can non pick to roll up its fiscal studies in conformity with the IAS. Nike represents fiscal statements in USA dollars instead than the measurement currency but it guarantee that the impact of hyperinflation under ISA 21.36 is adequately dealt with in the fiscal statements. This enables Nike to do conformity steps for GAAP and IAS 21. Supervision OF COMPLIANCE WITH ACCOUNTING STANDARDS In the USA, it is the duty of the SEC to oversee corporations on their conformity of the accounting criterions. In the event of unjust coverage, the SEC will go on to raise inquiries with the corporations and their hearers. A corporation will be capable to disciplinary action in the event of a failure to follow with the altered coverage or auditing triggered by the unfairness in describing. In the event of relentless unfairness and non-compliance regardless of the conformity of studies to the adapted set of fiscal criterions, the SEC ( regulator ) will bespeak the incorporators of the accounting criterions to undertake the quandary. Disciplinary action against USA hearers are functioned and segmented among the authorities and self-regulatory administrations both at federal and province degrees. Where a USA corporation adapts International Accounting Standards, SEC has the authorization to necessitate that corporation to obtain an accounting study audited by the hearers who are capable to a regulative government that is acceptable to the SEC. However, if a corporation failed to follow with accounting criterions and have produced deceitful histories misdirecting investors and other history users so the corporation’s comptrollers are capable to condemnable liability. The treatments in 2004 over the Parmalat dirt due to non-compliance with accounting criterions made Accounting Bodies realise that â€Å"fraud knows no national boundaries† Donaldson. Furthermore, he added â€Å"the lesson from Parmalat is a lesson for the demand of cooperation between United States and regulators around the universe that is precisely what we are naming for now† 19. Decision Despite of troubles arise by figure of typical accounting criterions, there are besides advantages behind the devilling frame ; the handiness of different accounting criterions has made gradual and steady betterments in the efficiency of corporate administration and in the apprehension and construing of company histories. However, on the other terminal of the spectrum, there were and presently are underscoring troubles in the use of different accounting criterions. First, there are issues that are cause for concern particularly the issue of retreating corporations to taking to follow accounting criterions from a wide scope of picks instead than modulating on the domestic pattern of accounting criterions and curtailing the adoptability of other criterions. There are typical differences between the accounting criterions at an international degree and USA degree, this renders it intensive for most international companies that wish to hold operation or those that already have operations and those corporation that intend to raise financess in the USA capital market as they are required to adhere to the USA GAAP. This same quandary includes Nike Corporation as it has USA operations. 1Fiscal Reporting Alexander D and Britton A 2002 6Thursdayedt p159 2hypertext transfer protocol: //www.newagebd.com/2005/jan/27/busi.html 3hypertext transfer protocol: //www.pwcglobal.com/Extweb/service.nsf/0/5A7896B9AA1585B785256C76005A20C0? opendocument # nine 4hypertext transfer protocol: //forum.europa.eu.int/irc/dsis/accstat/info/data/en/IAS and ESA95.htm 5hypertext transfer protocol: //www.pwcglobal.com/Extweb/service.nsf/0/5A7896B9AA1585B785256C76005A20C0? opendocument 6hypertext transfer protocol: //www.nysscpa.org/cpajournal/2004/804/essentials/p34.htm 7hypertext transfer protocol: //www.sec.gov/news/studies/soxoffbalancerpt.pdf 8hypertext transfer protocol: //www.bcccc.net/index.cfm? fuseaction=Page.viewPage & A ; pageId=1172 & A ; nodeID=3 & A ; parentID=1170 & A ; grandparentID=885 9hypertext transfer protocol: //www.nysscpa.org/cpajournal/2004/804/essentials/p34.htm 10hypertext transfer protocol: //www.bcccc.net/index.cfm? fuseaction=Page.viewPage & A ; pageId=1172 & A ; nodeID=3 & A ; parentID=1170 & A ; grandparentID=885 11Williams, Cynthia A. 1999. The Securities and Exchange Commission and Corporate Social Transparency. Harvard Law Review, 1197, 1998-1999, 112: 1197-1298. 12hypertext transfer protocol: //forum.europa.eu.int/irc/dsis/accstat/info/data/en/IAS and ESA95.htm 13hypertext transfer protocol: //www.atkisson.com/wavefront/wavefront03.html 14hypertext transfer protocol: //www.cleanclothes.org/companies/nikecase.htm 15hypertext transfer protocol: //www.prnewswire.co.uk/cgi/news/release? id=125570 16hypertext transfer protocol: //biz.yahoo.com/e/050406/nke10-q.html 17hypertext transfer protocol: //forum.europa.eu.int/irc/dsis/accstat/info/data/en/IAS and ESA95.htm 18hypertext transfer protocol: //www.citizenworks.org/news/index.php? id=119 19Meeting in Brussels 2004 Bibliography TEXT BOOK Fiscal Reporting Alexander D and Britton A 2002 6Thursdayedt Financial Times Prentice Hall Williams, Cynthia A. 1999. The Securities and Exchange Commission and Corporate Social Transparency. Harvard Law Review, 1197, 1998-1999, 112: 1197-1298. Web sites hypertext transfer protocol: //www.newagebd.com/2005/jan/27/busi.html hypertext transfer protocol: //www.pwcglobal.com/Extweb/service.nsf/0/5A7896B9AA1585B785256C76005A20C0? opendocument # nine hypertext transfer protocol: //forum.europa.eu.int/irc/dsis/accstat/info/data/en/IAS and ESA95.htm hypertext transfer protocol: //www.pwcglobal.com/Extweb/service.nsf/0/5A7896B9AA1585B785256C76005A20C0? opendocument hypertext transfer protocol: //www.sec.gov/news/studies/soxoffbalancerpt.pdf hypertext transfer protocol: //www.bcccc.net/index.cfm? fuseaction=Page.viewPage & A ; pageId=1172 & A ; nodeID=3 & A ; parentID=1170 & A ; grandparentID=885 hypertext transfer protocol: //www.nysscpa.org/cpajournal/2004/804/essentials/p34.htm hypertext transfer protocol: //forum.europa.eu.int/irc/dsis/accstat/info/data/en/IAS and ESA95.htm hypertext transfer protocol: //www.atkisson.com/wavefront/wavefront03.html hypertext transfer protocol: //www.cleanclothes.org/companies/nikecase.htm hypertext transfer protocol: //www.prnewswire.co.uk/cgi/news/release? id=125570 hypertext transfer protocol: //biz.yahoo.com/e/050406/nke10-q.html hypertext transfer protocol: //www.citizenworks.org/news/index.php? id=119 Meeting in Brussels 2004

School Improvement Plan

U10a1: School Improvement Plan by Robin R. Bailey The School Improvement Plan in Full Fulfillment Of the Requirements of ED 7852- Principalship March 15, 2013 |Address: |6647 S. Maryland Ave Unit 3E | |City, State, Zip: |Chicago, IL 60637 | |Phone: |773-655-5508 | |E-mail: |[email  protected] du | |Instructor: |Dr. Jeff Ronneberg | Table of Contents Abstract†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg. 3 School Improvement Committee†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg. 4 Data and Gathering Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg. 5 Environmental Scan of the Sch ool and Community†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg. 7 Goals and Objectives†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg. 10 Resource and Community Development†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg. 13 Monitoring and Assessing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg. 18 Expected Outcomes†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg. 20 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦pg. 21 Abstract Herzl Elementary School of Excellence is located in Chicago, IL. Herzl has a population of 492 students who are: Black (481), Hispanic (6), Asian/Pacific Islander (1), White (1), and Two or More Races (3). The goal is to improve student achievement in reading and mathematics. Herzl Elementary School is committed to preparing students for the future by including real world activities into students’ daily lessons. Herzl is also using research based strategies in every lesson to enhance learning and improve student achievement.Committee Development, Data Gathering and Analysis Part 1 -School Improvement Committee Mrs. D†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Principal Ms. R. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Assistant Principal Mr. A. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Assistant Principal Ms. C†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Chair Ms. L†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Special Education Teacher Ms. M†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Kindergarten Teacher Ms. B. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Second Grade Teacher Ms. P . †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Fourth Grade Teacher Ms. P†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Sixth Grade Teacher Mr. A†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Eighth Grade Teacher Mrs. V†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Parent Ms.S†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Community Leader Rath et al. (2008) states, â€Å"Effective leaders surround themselves with the right people and build on each person’s strengths† (p. 21). The purpose of the School Improvement Committee is to serve in an advisory role to me as the principal. The committee advises on an as needed basis with the budget, school safety, standards and behavior, and school improvement surveys. The School improvement committee helps me establish communication links within the school community and works closely with staff and other organizations to provide successful outreach.The committee has a broad based representation of the school community and employee groups. This effective site- based school team, not only enhances the strengths of me, but it gives empowerment to all stakeholders in the school. Sorenson et al. (2011) proposes that effective site- based schools starts with a team-oriented approach that allows principals to give power to their employees and therefore encourages a collaborative decision- making and problem-solving process (p. 135). Part 2 – Data Gathering and Analysis County: Cook County Grade Span: (gr ades PK-8)Total Students: 548 PK |K |1 | |Students |250 |298 | Students with disabilities: 17. 1%English language learners: 0. 4% Free lunch eligible: 518 Reduced-price lunch eligible: 8 Collecting the data is a planned, purposeful process. Valuable data guides the school improvement team in developing improvement goals for the benefit of all students. The four types of data we collect and use as indicators of school or district success and progress are as follows: achievement data, demographic data, program data, and perception data. The data helps support the vision and mission of the school.The school improvement team collects, evaluates, and analyzes data to strategically find strategies, resources, and research methods for effective instruction. Some of the data that is collected are the demographics, End of Grade testing, Adequate Yearly Progress (AYP), ISAT, NWEA, REACH assessments, teacher observations. The school improvement committee team collected data using the data guid es provided by the Illinois Department of Education. Staff members, parents, and students were asked to complete surveys concerning their attitudes toward the Herzl School of Excellence environment and academic progress.All staff members were also asked to list parent involvement, technology usage, and professional development. Random samples of teachers were taken to chart parent communication and classroom interruptions. The planning team analyzed ISTEP+ and NWEA test scores. Teachers participated in district wide curriculum alignment meetings where they streamlined the district’s curriculum and developed quarterly benchmark tests. After analyzing the student data, it was concluded that there is a high population of students on free/reduced lunch.While reviewing STEP and ISAT data the school improvement team recognized a trend of low scores in the areas of reading comprehension, writing application and math problem solving. They also identified these areas of concern previo usly when compiling data for the existing School Improvement Plan. The team is currently using NWEA to assess student growth from fall to spring. The initial student scores have reinforced our findings in relation to STEP & ISAT, but this data is not conclusive due to the number of assessments taken and our understanding of the data.Furthermore, students did not make AYP in reading and math. African American and economically disadvantaged students did not make AYP in math and reading. Environmental Scan of the School and Community Herzl School of Excellence is influenced by many policies and procedures that are determined through the Federal Government, the State of Illinois and the District of Cook County. The Illinois General Statues were created to help establish provisions for the school districts across Illinois.Once the regulations are established, sent to the Department of Instruction and then the districts receive the regulations and are to implement the provisions. To show accountability, a school improvement plan must be created. The regulations and the community are a major factor that helps drive the School Improvement Plan. Submission of a School Improvement Plan (SIP) is required by federal and state regulations for schools that are in academic status. The plan must cover two fiscal years (e. g. FY 2010 to FY 2012) and must be revised every two years while the school remains in status.Illinois schools in status that do not submit a school improvement plan the previous year must submit an improvement plan as required by Public Law 107-110, the No Child Left Behind Act of 2001, section 1101 et seq. , and Section 2-3. 25d of the School Code, 105 ILCS 5/2-3. 25d. Revisions are then required at the expiration of the two-year plan while the school remains in academic status. Districts are required to submit restructuring plans on behalf of schools after the fifth calculation of not making Adequate Yearly Progress. A School Improvement Plan is optional for schools that are not in academic status.The Illinois State Board of Education members that represent our school district have helped shape our school and community. Our district representative assessed our need for our school and encourages the community to get involved with the school and school system. The goal for our Board is for the student to have a sound education. This includes having policies to address the relationship between the school system and community. The policies address the following: a) Building a safe and inviting learning environment b) Increased extracurricular offerings c) Improving student attendance ) Renovated facilities At Herzl Academic progress is monitored through the reading & math benchmarks, NWEA, REACH, ISAT, and classroom bi-weekly assessments. The results indicate that Herzl must continue to work on reading comprehension instruction/ guided practice and math extended response at all grade levels. After analyzing the data it was concluded tha t students would benefit from the instruction and individualized attention that could be provided in differentiated instruction in the classroom, effective intervention practice and team teaching of regular and special education teachers.Herzl needs to increase math manipulatives and purchase additional resources for science and math classroom and provide professional development for teachers in math and science. AYP concluded that in the sub group all students did not make AYP on the ISAT. Herzl must achieve a 10% increase overall, in subgroup ALL, in ISAT scores on reading for the two consecutive years to meet AYP Safe Harbor targets by 2013. North Lawndale demographics overview †¢94. 3% African American †¢Population: 41,768 †¢Median Family Income: $15,549 †¢Median Age: 26. 1 †¢27. 0% high school graduates 19. 1% have greater than 12th grade education North Lawndale suffers from a high unemployment rate (13%) and jobless rate among 20-24 year olds (59. 4%) . 34. 6% of residents between 18 and 24 years of age lack a high school diploma or GED. Many unemployed residents lack the basic skills and qualifications to secure livable wage jobs, especially those who attended Chicago public schools. Many North Lawndale residents are employed in repetitive, low-wage jobs that have almost no room for learning or growth and extremely limited earning potential.While North Lawndale is plagued by crime, vacant housing and unemployment, a strong web of social service organizations have affected positive changes in the area in recent years. After sponsoring a class of sixth graders in the neighborhood in 1986, the Steans Family created The Steans Family Foundation in North Lawndale that continues to contribute to the community today. The foundation's main focus areas are education, strengthening families and community development. Additionally, Homan Square has turned the former world headquarters of Sears, Roebuck and Co. nto a hub for the North Lawnd ale community. The former site of abandoned buildings, manufacturing plants and parking lots now features a vibrant community center offering education, medical services and health and wellness opportunities for all North Lawndale residents. This site is also home to new housing developments and two new schools. Goals and Objectives Part 1- Generating Goals and Objectives Herzl School of Excellence has based its needs off of the data that has been collected from the previous school year and the current school year.The areas that the school improvement team determined to be of concern were literacy and the learning environment. Sorenson et al. (2011) state, â€Å" Effective planning buys time , prepares leaders and teams to meet adaptive challenges, allows everyone to collaborate and encourages trust† (p. 146). The School Improvement Team at Herzl School of Excellence has designed goals and objectives based off of the data that has been collected and analyzed. The School Impro vement Team has designed goals and objectives to correlate with the District goals and Common Core Standards to help guide teachers in creating strategies for student improvement.These goals and objectives are aligned with Common Core Standards. Sorenson et al (2011) suggests, â€Å"When the principal and team prioritize goals and objectives as an expectation of the curriculum review and assessment process, it becomes apparent that certain instructional enhancements are necessary to build a strong academic program† (p. 74). The priorities for Herzl School of Excellence are literacy and school environment. First, the goals and objectives for literacy are as follows: School Improvement Goal 1: Herzl will work to increase students’ achievement in the area of literacy.Our goal is to increase our staff’s knowledge and skills in the area of literacy instruction (understand and implement best practices in the area of vocabulary development). It is our intent that this will ultimately increase the number of students meeting and exceeding grade level expectations in literacy development. Objective – Every student will excel in rigorous and relevant core curriculum that reflects what students need to know and demonstrate in a global 21st century environment. †¢ We will use the NWEA, ISAT, and IA as a measure of attainment.Our goal is to increase the number of students performing in the meets and exceeds level in literacy development. †¢ We will gather baseline data to determine the number of students currently not meeting grade level performance. Part 2 – Researching Strategies †¢ The administration will attend a conference on best practices in Spanish vocabulary instruction. The administration and staff will analyze data from CBMs, ISEL, the NWEA, ISAT, and IA to identify specific students needing extra support in literacy. The building administration and the LSC will provide professional development on best practice on vocabulary instruction. †¢ Each grade level team will develop a goal and action plan as a means to increased student achievement. †¢ The Learning Support Coaches will work with all grade level teams to identify resources, instructional support and feedback based on assessment data and their team goals. †¢ Target students will be given an opportunity to participate in an after school literacy program designed to meet their individual needs. Parents will be informed of their child’s literacy progress. School Improvement Goal 2: Herzl will continue working toward â€Å"Building Community: Acceptance for All† to create a learning environment where all people (students and staff alike) feel respected, valued, and supported to accomplish the mission of Herzl School of Excellence. Our goal is to build community, acceptance for all. This is a direct alignment with our District’s diversity goal. Our outcome is to increase students’ elements of inne r wealth (feelings of belonging, valued and having a level of competency to succeed). There is an observed need to develop a learning environment where all students and staff feel respected, valued, and supported to accomplish the mission of the Herzl School of Excellence. †¢ The administration and staff will develop a perception survey that will measure students’ feeling of belonging, feeling being valued and having a level of competency to succeed. Once baseline data has been collected, we will determine the target population and desired increase in these attributes of their inner wealth. A post survey will be administered to determine growth over time. The administration and staff will collect and analyze behavioral data on our target students (identified by the perception survey). Data will be collected during the months of November, December, January and February. Behaviors include their interactions with peers and staff, their willingness to participate in class, a nd their ability to be self-directed. The desired outcome will be an increase in positive behaviors. Part 2 – Researching Strategies †¢ The administration and staff will complete the culturally responsive questionnaire to determine next steps in professional development. Students will complete the perception survey (October and March). †¢ Staff and parents will be trained to apply the Nurtured Heart Approach as a means to increase our awareness and skills to help children increase their inner wealth. †¢ Administration and staff will create and conduct assemblies that promote character traits (Persistence, Respect, Ownership, Welcoming behaviors and Leadership). †¢ Target students will participate in a mentor program (Check-in/Check-out system). A mentoring program will begin in October and continue throughout the school year. Our school counselor will work with administration to educate our Herzl community on the purpose of â€Å"Building Community; Accep tance for All† and the strategies used at school. Resources and Community Involvement Step 1- Identifying School Resources Epstein developed the action team approach for school, family, and community partnerships to ensure that school, family, and community representatives shared responsibility for the development, implementation, and evaluation of partnership practices (Epstein & Hollifield, 1996). Herzl will use this approach when implementing the School Improvement Plan (SIP).Epstein’s framework of five types of family and community involvement — parenting, communicating, volunteering, learning at home, and decision making will help us build partnerships and improve the school environment and support student learning. Action Teams for School-Family-Community Partnerships consist of six to twelve members including family members, teachers, administrators, other school staff (i. e. , counselors, nurses, parent liaisons), community representatives, and students i n the upper grades, selected to serve two-year, renewable terms.As an ILT member one of my jobs is to identify the school resources that will help manage Herzl’s School Improvement Plan. The resources needed to help with the school improvement plan first start with the funds that are provided by the state of Illinois and the Chicago Public School District, IDEA funding for instructional equipment and staffing and community. Herzl Elementary School is committed to the integration of technology as a teaching tool and technology use to overcome limitations of time and distance imposed by the geographical isolation of the community.A long-range technology plan has been developed and approved by the State of Illinois. In previous years, through grants and a successful bond issue, the district has replaced three to four computers in every elementary classroom, has constructed one twenty-one station computer labs, one twenty-two station computer lab, one twenty-four station computer lab and networked the entire building. Technology is pertinent to the School Improvement Plan because it allows the school to be managed efficiently and effectively. The School Improvement Plan will focus on: 1.Providing staff development in the integration of instructional technology. 2. Maintain funding to finance hardware, software, and teacher training to upgrade school-to-work application classes at the middle school and high school levels. 3. Make technology integration a component of every alignment process. 4. Update the long-range technology plan. Step 2 – Incorporating Community Involvement Wilmore (2002) accentuates the importance of community partnership. He implies that it should be a give and get partnership; one where interests and needs are being met by all stakeholders.This kind of partnership in which community is valued and input is often sought and taken into consideration (Wilmore, 2002). As the Principal, my staff and I will reach out to the community a nd maintain collaborative partnerships. It is my role, as principal, to work towards gaining the support and trust of those partnerships by not taking advantage of their efforts and work with students and the school (Robbins & Alvy, 2009). Our staff will rally out to our civic groups, churches and local businesses to create a collaborative partnership with our school.We will create technology nights, family fun days, parent curriculum night, and other community events to get our community involved with our school. As a result, local businesses will get additional clientele and the civic groups and churches will receive advertisement for their groups. The School Improvement Team has discussed how to make sure parents are involved with the community and get important information out to our parents because it has been proven that increased parent and community involvement will impact student achievement.Family Involvement Strategies: †¢ â€Å"Back to school night† †¢ D isseminate school information and news †¢ Families meet teachers and support staff †¢ Community partner open house – parents have an opportunity to meet all community and business partners and gather information †¢ Parent Teacher Organization (PTO) †¢ Host of â€Å"Back to school night† †¢ Recruits new members †¢ Liaison between parents and the school †¢ Manages parent volunteer pool †¢ On-going school-parent communication †¢ Bi-Monthly progress reports to parents Monthly school contact: newsletters, emails, phone contacts, teacher notes and letters home †¢ Monthly Parent Events †¢ Celebrate parent involvement & recognition Business Involvement Strategies: †¢ Administration will continue to build relationships with new businesses around the community and nurture and support existing business partnerships †¢ Quarterly meetings with business partners to discuss strengths and weaknesses as it relates to shar ed goals †¢ Continue the sharing of resources: human, fiscal and facilities †¢ Volunteers to tutor & MentorPolitical Involvement Strategies: †¢ Stay abreast of federals and state legislation and policies †¢ Build and sustain relationships with school board and central office †¢ On-going dissemination of school activities and events to the school board and central office Our team has created a partnership with the newspapers to showcase our successes with the school. We have representatives to communicate with the local newspapers to not only showcase students but serve as an educational resource for the paper.In having this collaboration with the local news, we are establishing positive communication to our community, as a result, our teachers are becoming more trustworthy, parents are more respectful to the teacher and the school is promoting a highly effective school-family-community relationship. Our school will work closely with agencies such as social s ervices, and behavioral management agencies for the safety of our students. This will ensure that they receive their education on a daily basis.Wilmore (2002) states, â€Å"We must reach out to multiple stakeholders, including families, social service agencies, and the media to create collaborative partnerships in which everyone gives and receives† (p. 78) These resources support student achievement by empowering students, and parents to become aware of their needs and educate them on what and how they can achieve success in their lives. With these resources, we plan on incorporating the community into our classrooms as a resource depending on their experiences and skills to help our students to be independent and to be global competitors in the 21st century.ACTION PLAN I. Collaborate with families and the community a. School Calendar will be created to manage parent, community and business stakeholder meetings –monthly meetings and quarterly meetings for businesses i. Post on school’s website for accessibility to all stakeholders b. Ongoing communication from administration, school, teachers and staff –see above c. School event calendar –parent and community invitations d. Strategic plan – strategies outlined in a systematic progression for the entire school year II. Responding to community interest and needs . Collaborate with the community stakeholders and facilitate a community needs assessment at the beginning of the school year to support the community and the goals of the school simultaneously b. Share facilities and resources with stakeholders i. Community forums, meetings, events etc. ii. Create a â€Å"Community Learning Center† –after school activities etc. iii. Support organizations with volunteers –reciprocity c. Build relationships with community organizations –diverse group of organizations that represent the student demographics i.Provide opportunities to celebrate diversity and educate the school and community in cultural diversity ii. Encourage community and parent involvement in the schools III. Use of school and community resources a. Use the community needs assessment and SIP to collaboratively allocate community stakeholder resources to meet the needs of the community and the school b. Develop a collaborative action plan that aligns with the school’s SIP to use as a framework for collectively allocation the school and community resources IV. Solicitation of support and new resources . The chair of each sub-committee and the administration team will be responsible for researching information regarding new resources and support. The chair will submit the information to administration on a quarterly basis. i. The administration team will be responsible for soliciting the new support and resources—build relationships. ii. The administration team will report back to the CIP quarterly. Monitoring and Assessing Herzl Elementary School is a data driven school that will be constantly monitoring students through formative and summative assessments.Dufour and Marzano (2011), emphasizes that with more monitoring there will be more achievement and effective monitoring will focus on test scores and teacher practices that will led to the test scores (p. 119). Our school will continuously collect data through numerous amounts of assessments. Our school will be reviewing data that are aligned with the Common Core Standards. Our assessments include the NWEA testing which allows us to look at student’s improvement over the course of the year, the ISAT test which tests grades third through eighth in reading, math, and science, and the RTI nd literacy instruction. RTI not only evaluate the needs of students but it recommends different learning techniques on students to become more proficient in their content areas. Internal Review Visits will be conducted. Internal Review Visits are opportunities for self-reflection, self-mo nitoring, and a conversation with outside observers about school improvement at the school — a â€Å"snapshot† of the school’s school improvement process, products, results, and plans.A consultation team examines the school profile data and the School Improvement Plan – to include the implementation of the plan – and provides feedback and recommendations to the staff to enhance their school improvement process and products. To improve Goal 1- To monitor and assess the implementation for effectiveness, teachers will also monitor the students on a daily, weekly, quarterly and annual basis. The data that will be used for the effectiveness of the reading proficiently will be reading logs, reading observations, teacher feedback, tutoring logs and feedback.These assessments will be used on a daily and weekly basis. DAR, K-8 assessments, and report cards will be visited on a quarterly basis and EOG testing and summative assessments will be visited on an a nnual basis. Based on the results of the assessments, the school improvement team will determine in additional teacher training is required. There will also be increased teaching tools and collaboration between classroom teachers and media coordinator/technology facilitator.We will also see what is needed to improve record keeping in book circulation, team planning minutes, and flexible grouping within the classroom and in team grade collaboration. There will also be more focused objectives for in-school tutoring programs and teachers will providing specific goals and objectives for children involved in this program so that it can be better assessed. To Improve Goal 2 – To monitor and assess our â€Å"Building Community: Acceptance for All† the administration and staff will complete the culturally responsive questionnaire to determine next steps in professional development.Students will complete the perception survey (October and March). Staff and parents will be train ed to apply the Nurtured Heart Approach as a means to increase our awareness and skills to help children increase their inner wealth. Administration and staff will create and conduct assemblies that promote character traits (Persistence, Respect, Ownership, Welcoming behaviors and Leadership). Target students will participate in a mentor program (Check-in/Check-out system). A mentoring program will begin in October and continue throughout the school year.Our SFCP will work with administration to educate our Herzl community on the purpose of â€Å"Building Community; Acceptance for All† and the strategies used at school. Effective classroom assessment and monitoring to enhance student achievement will be a collaborative effort and Herzl Elementary School. Teacher, Teacher Assistants, Literacy Coachers, Media Coordinator, Technology Facilitator, Tutor Coordinator, and the RTI team will be utilized for the success of the student. By working collaboratively with the staff, the sc hool will continuously convey the â€Å"shared vision† of the school for the success of all students.Through collaboration we will ensure high levels of quality student learning through our core beliefs, vision, and mission, goals, and data analysis. We will plan the way that enables the realization of excellence. (Robbins and Alvy, 2009, p. 120) Our teachers’, students and staff are continuing to grow and learn. The School Improvement Plan provides a foundation for the school and teachers’ to have focal points of what they should be teaching. In the next three years we expect our students to have significant growth. With collaboration, professional development, tools and resources, and teacher leaders, our school will be successful.Expected Outcomes In Grades 3-8, 29% of the students will achieve proficiency on the 2013 ISAT Math test. In Grades 3-8, 54% of the students will achieve above proficiency on the 2013 ISAT Math test. In Grades 3-8, 68% of students wi ll achieve learning gains on the 2013 ISAT Math test. In Grades 3-8, at least 58% of the lowest 25% will achieve adequate progress on the 2013 ISAT Math test. Herzl School of Excellence school culture either will supports quality professional learning. Herzl will develop and sustain a positive, professional culture that nurtures staff learning for everyone in the school.With a strong, positive culture that supports professional development and student learning, Herzl will become a place where every teacher makes a difference and every child learns. References DuFour, R. , & Marzano, R. J. (2011). Leaders of learning: How district, school, and classroom leaders improve student achievement. Bloomington, IN: Solution Tree Press. ISBN: 9781935542667. Epstein, J. L. , & Hollifield, J. H. (1996). Title I implications for comprehensive school-family community partnerships: Using theory and research to realize the potential. Journal of Education for Students Placed At Risk, 1(3).Rath, T. , & Conchie, B. (2008). Strengths based leadership. New York, NY: Gallup Press. ISBN: 9781595620255. Robbins, P. M. , & Alvy, H. B. (2009). The principal's companion (3rd ed. ). Thousand Oaks, CA: Corwin Press. Sorenson, R. D. , Goldsmith, L. M. , Mendez, Z. Y. , & Maxwell, K. T. (2011). The principal's guide to curriculum leadership. Thousand Oaks, CA: Corwin Press. ISBN: 9781412980807. Wilmore, E. L. (2002). Principal leadership: Applying the new educational leadership constituent council (ELCC) standards. Thousand Oaks, CA: Corwin Press.