Constructivism - 1400 Words

Constructivism Learning Theory Constructivism learning theory is a philosophy which enhances students logical and conceptual growth. The underlying concept within the constructivism learning theory is the role which experiences-or connections with the adjoining atmosphere-play in student education. The constructivism learning theory argues that people produce knowledge and form meaning based upon their experiences. Two of the key concepts within the constructivism learning theory which create the construction of an individuals new knowledge are accommodation and assimilation. Assimilating causes an individual to incorporate new experiences into the old experiences. This causes the individual to develop new outlooks, rethink what were†¦show more content†¦Mediation refers to people intentionally interject items between their environment and themselves, so that they are able to modify it and gain specific benefits. Mediation is the key propoent of Vygotskys theory of constructivism. His theory offers a harmonizing viewpoint to the behaviorist view. Vygotskys theory of constructivism supports that the use of mediators helps the human to alter their environment, and this is her way of interacting with the nature. Vygotskys theory of constructivism also supports that the us e of activity mediators provides a way in which people are able to interact with the nature. Mediation is also defined as the use of certain tools within socially organized activity. There were two phenomena which encompasses the mediated relationship of individuals to their environment. These are 1) Humans use language and physical signs to change social relations into psychological functions between their minds and their environment. The second thing was that higher intellectual progression will actually use symbolic mediation. Apart from learning theories, Piagets theory of constructivism addresses how learning actually occurs, not focusing on what influences learning. The role of teachers is very important. Instead of giving a lecture the teachers in this theory function as facilitators whose role is to aid the student when it comes to their own understanding. This takes away focus from the teacher and lecture and puts it upon the studentShow MoreRelatedConstructivism And Constructivism724 Words   |  3 PagesConstructivism is a type of method that has changed and continues to change with time. It has been stated that due to the fact of the ever-changing definition many have called the definition empty. According to Kretchmar (2017), â€Å"So many different definitions currently exist some scholars believe constructivism has been emptied of meaning altogether.† Sofie M. M. Loyens and David Gijbels (2008), defines constructivism as â€Å"the way in which people try to make sense of situations or, in other wordsRead MoreConstructivism in the Classroom1832 Words   |  8 Pages1. Constructivism is a method that says students learn by building their schema by adding to their prior knowledge by the use of scaffolding (Rhinehart Neas). Because the students are basically teaching themselves new information, the teacher is there mainly for support and guidance for the students. Pro: By using a constructivist approach to teaching, students will be â€Å"fully engaged in their own learning† (Rhinehart Neas). This allows the students to make sense of what they are doing by relatingRead MoreConstructivism : A Learning Theory917 Words   |  4 PagesConstructivism is a learning theory that suggests that because individuals are not blank slates new knowledge is constructed by building upon prior knowledge and experiences (Brandsford, Brown, and Cocking, 2000). Within the classroom setting, constructivism often includes, but not limited to a hands-on activity, group work, and teachers acting as facilitators. At the sight of observation, the learning activity was a guided reading lesson. This reading activity was designed for a small group of fourRead MoreThe Theory Of Education And Constructivism1587 Words   |  7 PagesTwo of the more prevalent theoretical frameworks used in education are constructivism and andragogy. Savicevic (1991) points out that t he popularity of andragogy has spread among practitioners and researchers in many countries, including Hungary, England, Finland, France, Germany, Poland, the Netherlands, and Russia (as quoted in Chan, 2010, p. 28). Constructivism, on the other hand, has become, as O’Neil (1992) observes, â€Å"a new catchword† among educators (as quoted in Oxford, 1997, p. 37). ThisRead MoreEncouraging Constructivism in Todays Classroom Essay1953 Words   |  8 Pagesaside and I feel like constructivism learning theory should be given a try in the classroom. Learning according to the free dictionary is the act or process of experience of gaining knowledge or skill. This knowledge or skill is gained through schooling or study. (The Free Dictionary by Farlex). Constructivism is a philosophy of learning founded on the premise that, by reflecting on our experiences, we construct our own understanding of the world we live in. (Constructivism, 2014). In other wordsRead MoreTheoretical Frameworks Of Learning, Discipleship And Constructivism3882 Words   |  16 Pageschildren learn with a focus on one area from a selection of current priorities drawing on relevant literature, research and practice from a critical perspective This essay will discuss two theoretical frameworks of learning, Behaviourism and Constructivism. Then examine the orginin, need and importance for ability grouping specifically to aid the gifted student. It will then analyse evidence of a child from block School Experience (BSE) 1 and relate theory to practice. Learning can sometimes appearRead MoreEssay about What Is Constructivism3002 Words   |  13 PagesWhat Is Constructivism Watching a young child grow from infancy to toddler hood, we marvel at the amount of learning that has allowed her to understand her expanding environment. Those early years provide the basis for language, physical dexterity, social understanding, and emotional development that she will use for the rest of her life. All of this knowledge is acquired before she even sets foot in school! This child has taught herself by gathering information and experiencing the worldRead MoreTeaching Phylosophies and Learning Theories: Constructivism3051 Words   |  13 Pagesfollow in order to reach students of diverse learning styles; it would be a disservice to the student to only focus on teaching through the paradigm of one theory. Throughout the paper, however, I will discuss examples where the learning theory of constructivism has proved to accurately portray how I best learn new information and also how it will be an appropriate theory to guide me in teaching high school agriculture in a productive learning environment, as well as serve as a tool in managing classroomRead MoreRealism, Liberalism, And Social Constructivism1009 Words   |  5 Pagesanalyze the international system using a variety of theories. Realism, liberalism, and social constructivism are only a handful of lenses through which we view global affairs. Realism suggests that anarchy causes states to fight for survival and the balance of power. Liberalism suggests that while states do fight to survive, anarchy creates an environment conducive to cooperation. On the other hand, constructivism suggests that people constructed this system of international relations and anarchy is whatRead MoreFeminism and Constructivism: A Comparison2645 Words   |  11 Pagesthe traditional rationalist theories of neorealism and neoliberalism to critical re-evaluations. As a result, constructivism is a concept that has emerged as an alternative approach to dominant IR theories. It focuses on the importance of state i dentities in defining and gaining knowledge of state interests, actions and goals. There are theorists who purport that the rise of constructivism allows for a further understanding of another international theory, feminism. This is a branch of critical social

Malcom X An African American Minister And An Activist Of...

Malcom X also known as El-Hajj Malik El-Shabazz, was an African-American minister and an activist of human rights. He was born in May, 19, 1925 in North Omaha, Nebraska, US and was assassinated (multiple gunshots) in February, 21, 1965. He was born in a family of eight, his father Earl Little was a Baptist minister and a supporter of Marcus Gaverys, and a local leader of Universal Negro Improvement Association (UNIA) induced self-reliance and black pride in his children. His mother Louise Norton Little was a house maker. Malcolm Little was effectively orphaned early in life. His father was killed when he was six and his mother was placed in a mental hospital when he was thirteen, after which he lived in a series of foster homes. Malcom Little changed his name to Malcom X for he taught that â€Å"little† was for slaves and chose â€Å"x† standing for lost tribal name. He got married in 1958 to Attallah Shabazz and had six children. I was very inspired by Malcom X’s story. He was a very good public speaker who was able to talk to his audience using facial expressions and body to talk to his audience. He was effective in expressing meaning in his speeches and point of view. He was very charismatic and passionate. Malcom X was a trustworthy man, he was never in things for something else but for he thought they were the right things to be done, very persuasive and able to convince people during his speeches. He was very caring and shown a great concerns in what the black race was facing.Show MoreRelatedWho knew the two most powerful African Americans that influence countless of people in history and700 Words   |  3 PagesWho knew the two most powerful African Americans that influence countless of people in history and wrote their one of many most inspirational work while locked up in jail? Martin Luther King Jr. was incarcerated because the city officials issued a court injunction to prohibit the civil ri ghts marches in Birmingham. Whereas, Malcolm x was arrested for burglary while trying to pick up a stolen watch he had left for repairs at a jewelry shop. The fight for civil right was taken in the 1960s, whereRead MoreMalcom X s Experiences Inspired His Autobiography1223 Words   |  5 PagesMalcom X’s Experiences inspired his Autobiography Considered as one of the greatest and influential in African Americans in history, Malcon Little was born on May 19, 1925 in Omaha, Nebraska, and murder on February 21, 1965 in New York by three Nation of Islam members. Best known as Malcon X, he was also known as El-Hajj Malik El-Shabazz, an American Muslim minister and a human rights activist. Malcon X was a fervent advocate the separation of black and white Americans, and rejected the civil rightsRead MoreMalcolm X : The Man That Does Wonders1443 Words   |  6 PagesMalcolm X: The man that does wonders Malcolm X was a determined activist, a man who fought for what he believed in. He left a strong impression on the hearts of millions. His actions not only motivated others but also urged them to believe in the same ideologies as his. Despite of his struggle with poverty, personal conflicts and his beliefs he followed his dreams of aiding the society and raising their self-esteem. He was born Malcolm Little in Omaha, Nebraska, on May 19, 1925. The seventh childRead MoreA Life Well Lived By Martin Luther King Jr.1535 Words   |  7 Pagesstand up and peacefully fight against injustice. Martin Luther King Jr. was a humanitarian and leader who fought for American rights and for peace, fairness, and kindness. To begin with, Martin Luther King Jr, originally born as Michael King Jr, was born on January 15, 1929. He was born in Georgia to Alberta Williams King and Michael King Senior. Michael King Senior was a minister for Ebenezer Baptist church and changed his name from Michael King Senior to Martin Luther King Sr. Martin Luther KingRead MoreA Brief Note On Civil Rights Leaders And The Media Essay1453 Words   |  6 PagesCOMM 205 Third Research – Civil Rights Leaders and The Media Millie Brasser 11/07/2016 MALCOM X 1925 -1965 Maxlcom X was born on May 19, in Omaham Nebraska, also knows as Hajj Malik Elshbazz, His family lived in in Omahan his father was a preacher of a Baptist church he was an active man where he dedicated himself to preaching to the community of blacks his father Belonged to a movement called Marcus Garvey. Maxlcom X and his family received many threats from the Ku-klux klan group where manyRead MoreBible Versus the Toran12356 Words   |  50 Pages PAGE 20 - 23 VI. THE BIBLE COMPARED TO QURAN PAGE 24-28 VII. FIVE PILLARS OF ISLAM COMPARED TO THE TEN PAGE 29-34 COMMANDMENTS VIII. COMPARING THE LIFE OF TWO AFRO-AMERICANS (1) MALCOM X - ISLAMIC MUSLIM/QURAN PAGE 35-43 8 (2) MARTIN LUTHER KING JR. - CHRISTIAN/BIBLE PAGE 44-48 9 (3) BOTH MENS POLITICAL VIEWS ON VIOLENCE AND PAGE 49-56 Read MoreMalcolm X s Influence On Society1391 Words   |  6 PagesADOLECENT YEARS Malcolm X had accomplished many achievements throughout his time as a religious, fellow activist, however, it had never been something simple to do. Throughout his younger years, he had always been in a battle with race, religion, and who exactly he identified himself to be. When Malcolm’s parents, Earl and Louis Little, had been expecting on the arrival for Malcolm’s birth, Earl had been threatened precisely by many white supremacist groups, causing their family to relocate manyRead MoreEssay on The Civil Rights Movement: Malcolm X1135 Words   |  5 PagesDuring the Civil Rights Movement, there was a famous leader whose protests were peaceful and non-violent. That man was Martian Luther King Jr., but many people have never heard of another Civil Rights leader. Even though his protests were different than King’s protests, he did his part and help with equality. This man was Malcolm Little, more famously known as Malcolm X. After a rough upbringing, Malcolm X l ed protests that differed which ended with his assassination. His protesting didn’t startRead MoreStride Towards Freedom1358 Words   |  6 PagesFreedom touches on not only a huge part of African American/Negro history but also American history with one of the first applications of nonviolent successful protest known to date. A quote Dr. King used to specifically describe this book was â€Å"the chronicle of fifty thousand Negroes who took to heart the principles of nonviolence, who learned to fight for their rights with the weapon of love, and who, in the process, acquired a new estimate of their own human worth. It gives an account for the charismaticRead MoreThe Presence Of Political And Social Messages Essay2371 Words   |  10 Pagesrelationship between Soul music and civil rights movements in the United States. The rise of Soul music was a product of the particular environment of that time in which the musicians who created it lived, a period much paralleled with the Civil Rights Movement (CRM) and Black Power Movement (BPM) (Maultsby, 1983, 54). The objective of this research was to examine any existence of political and social messages delivered in Soul music around the civil rights movement era in America, which would lead

The steps of a strategic learning process Free Essays

Benjamin Franklin once said, â€Å"Tell me and I forget. Teach me and I remember. I involve me and I learn†. We will write a custom essay sample on The steps of a strategic learning process or any similar topic only for you Order Now It shows the importance of learning and education. Knowledge is the only thing in the world that can be forever kept and so we understand the importance of the learning. To achieve learning and/or a desired goal, you must be ready to practice, be motivated, and have proper exposure to every detail of the course content. There is not any existence of life without the process of learning. Readers shall acquire skill through the principles of learning and their use in the school, in this essay. In order to fully comprehend the information learned, practicing and reviewing is crucial. By practicing and reviewing course content, the success of understanding the information will be within arm’s reach. Being able to understand the information will be useful when writing tests or quizzes by allowing memorization of the content. Repeating words or sentences from lessons or homework, is one way to move information from short term to long term memory. As well redoing math problems or homework, which is a great way to better recognize how something is done, or should be done after getting the wrong answer. In addition reviewing notes or homework with a buddy can improve the knowledge of the subject, by having a buddy show the correct answer to the questions or notes that were wrong. Finally the last way of being able to fully understand what has been taught is by reducing the amount of notes taken. Decreasing the size of notes taken can help long term memory skills by reviewing less, and giving the most important information needed. Through having the most important information memorized, for tests or quizzes, this will allow for easy recollection of material learned and will give the correct answer. In conclusion by following the practicing and reviewing methods given, it will ensure full comprehension of the information learned. Motivation is a big factor in student success because motivation drives us to do many things not only at school but at home as well. Motivation can help us succeed at school because it can drive us to take that extra mile in anything we choose. An example of this is if you’re in English class and asked to write a minimum of 3 paragraphs. While most people will do 3 paragraphs, a motivated person will write 5 paragraphs and earn a 90% instead of an 80%. Motivation can be used at home also. An example is if you have a test coming up but don’t want to review until the day before the test. Although this is common for many people, a motivated person will review their notes several days before the test. This is because that person is motivated to be successful and they know that by sacrificing a couple hours each day, they have a greater chance at being a successful student. It’s a fact that students who attend school regularly learn more and are more successful in school than students who do not. People who attend school regularly learn to accept responsibility, an important lesson for a successful life. People who develop good attendance habits in the early grades will be more likely to continue them throughout their school career, as well as into their chosen career. Regular attendance is critically important, because students who miss school miss out on the exposure of course content. As a result, the student is more likely to fall behind, and miss important socialization concepts that enhance the ability to understand and follow directions or, ultimately, plan for the future. Just by being present at school, the student is learning how to be a good citizen by participating in the school community, learning valuable social skills, and developing a broader world view. Learning social skills is just as important as learning history, math, science, and English. To summarize, in order to achieve learning and/or a desired goal, a student must be ready to practice, be motivated, and have proper exposure to every detail of the course content in order to be successful in achieving the best process of learning. Education is so important that there are so many steps and levels to be delt and learnt from in order to achieve goals, and success. To be the best possible learner, follow these steps and put them into use in the classroom so then you can have the right steps of a strategic learning process. How to cite The steps of a strategic learning process, Essays

Accounting for Managers Contribution Margin

Question: Describe about the Accounting for Managers of Contribution Margin. Answer: Introduction: Management account is the process of preparing reports for management and accounts that provide accurate statistical information in time, required by managers to make day to day short term decisions. Management accounting reports show the available cash; sales revenue generated, accounts payable, accounts receivable, outstanding debts, raw materials, inventory, variance analysis and other statistics. The role of accounting is to support competitive decision making by communicating information that helps management plan, control and evaluate the business strategy. According to the (Roszkowska-HoÅ‚ysz, 2013). The ability to develop and use good management, accounting is an important ability for individuals, operation and marketing managers and information technologist. Management accounting plays a key role in organisations. Management accounting is significantly affected by dramatic improvements in computer technology. The current study attempts to evaluate the significance of management accounts in the fast food sector. It further attempts to scrutinise on the balance score card of Steve Roger's Delicacy. Various frameworks are determined to analyse the triple bottom line initiatives undertaken by the management. The theories like the Weighted Average Contribution Margin (WACM), Contribution Margin Ratio (CMR) are initiated to configure the sales lines approaches. Furthermore, the factors like the operating leverage, safety margin and the risk determined are examined to understand the financial efficacy of the chosen business. The entire analysis consists of forecasting for not only next year but also subsequent 2 more years. Balanced Score Card approach: The balanced scorecard approach is a strategic planning and management system that is used worldwide by industry and business, government and non-government organisation to improve internal and external communications, and monitor organisational performance against strategic goals. The approach is originated by Dr Robert Kaplan and David Norton. The balance scorecard approach incorporates the following points to measure a businesss viability. They are as follows: Customer/stakeholder perspective (satisfaction) The main objective of any business is to earn a profit. The profit is gained through lowering costs and increase revenue. The revenue will increase when sales increase, and sales increases when customer are satisfied with the end product. According to the Wilsey (2016), Steve Rogers restaurant should focus on customer satisfaction. The growth and stability of any business depend on the level of customer satisfaction it acquires. In the food, business satisfaction varies from customer to customer, for their varied tastes and preferences. Thus successful business depends on efficiently catering to the different needs of the customer in time. Internal business process Internal business process helps managers to evaluate how efficiently and effectively the business will run Sabry (2014). Employee satisfaction, proper working hours and condition, sanitised environment, etc. Thus internal business process or internal operations is of paramount importance in the smooth running of business. The food business requires utmost care, how the food is made and delivered to the customer, factoring in the time aspect throughout the process (Prez et al. 2013)). The objective of any food business is to earn customer satisfaction. Innovation and learning perspective (Organizational capacity) The smooth running of a business depends on an efficient workforce Shaughnessy (2010). Learning and innovation are great tools for building a skilled workforce. In the food industry, experience and training are crucial as it deals with people's health. The training of trainees should be detailed and proper, and innovation should play a significant role in the training process. Innovation enhances the skill of a worker together with learning. On the other hand, introducing employees with technologically high equipment increases their knowledge about the job (Quesada Gazo, 2007). Ethics is also a major part of the learning process; therefore appropriate ethical conduct helps to build a proper working environment and skilled workforce. Financial/Stewardship (Financial performance) As per the statement of (Pilcher Van Der Zahn, 2010)) the key objective of any business organisation is to maximise their profit, by lowering the cost and increasing sales, earning more revenue. The food industry is thriving nowadays, Steve Rogers restaurant should incorporate initial cost to be incurred, for raw materials, fixed asset, fixed variable cost, administrative and operational expense and marketing and promotional expense, before commencement of business to ascertain the profitability, growth and future prospect of the business. The above points can be explained from Figure 1 below: Figure 1: Balance score card approach (Source: balancedscorecard.org, 2016) Triple bottom line initiatives: According to the (Elenbaas (2015), the framework to measure corporate performance incorporates the triple bottom line approach. Sustainability is one of the goals of businesses, non-profit organisations and government organisations. The triple bottom line initiative underlines three dimensions of performance: Social Environmental Financial Triple bottom line approach differs from traditional reporting frameworks, as it includes environmental and social measures which are difficult to measure. Triple bottom line (TBL) initiatives are also called the three Ps (people, planet and profit). The sustainability of a company and its impact on the organisational world is greatly dependent on profitability, shareholders value, human and ecological factors. The dimensions of performance (social, environmental and financial) can further be elaborated by points stated below. Financial variables Financial variable are variables that deal with the flow of money in an organisation or this case, Steve Rogers restaurant. The business can look at various financial factors. Specific examples include: Personal income Cost of underemployment Establishment size Growth in job Employment distribution Revenue contributing to gross state profit Environmental measures Environmental variables should incorporate measurement of natural resources that reflects the businesses viability. The environmental measures should also factor in air and water quality, consumption of energy and natural resources and solid and toxic waste. Specific examples include Priority pollutants Electricity consumption Fossil fuel consumption Solid waste management Hazardous waste management Social measures Social measures include participation in the community, access to social resources, health, well-being and quality of life. Few vaUnemployment rate Female workforce participation rate Median household income Percentage of educated youth Average communication time Violent crimes per capita Figure 2: Triple Bottom Line Initiative (Source: Barter, 2015, 198) From the above explanation of the three dimensions, Steve Rogerss restaurants management can factor in few of the variable into its business plan to achieve sustainability and a promise of growth (Bohmholdt, 2014)). Sales budget for the products The sales budget contains an itemization of company's sales expectation for a period. The sale budget is presented in a monthly format. The calculation of sales budget is to itemise the unit sales expected in one row and list the expected unit price in the next row. The appendix below depicts the sales budget of two products, Barbecued Shrimp (A) and Sausage Rolls (B) for the FY 2016. It is assumed that the sales have been increasing gradually throughout the year, the price per unit for product A is assumed at $12, and a monthly breakup is shown for each product. The price per unit of product B is assumed at $10. From the appendix below, it is seen that product A (Barbecued Shrimp) contributes to a major portion of sales, which is 65% of total sales. Direct material budget is prepared to calculate the materials that must be purchased, to fulfil the requirements of the production budget. It is presented in either a monthly or quarterly format in the annual budget. According to the Shuai Tang (2014) the direct material budget for product A (Barbecued Shrimp) is significantly higher than product B (Sausage Rolls), it is because Barbecued shrimp enjoys a larger portion of sales margin compared to Sausage rolls. Due to the large sales volume of Barbecued shrimp, the volume of materials used is greater. The cost of materials for each unit in the materials budget is assumed to $1.50. Direct materials are traceable matter used in manufacturing process. The budgeted direct material for product A is $2,99,700 and for product B is $63,180. For both the products, the cost of each unit is assumed at $4.50 and $1.50 per unit for product A and B respectively. The direct labour budget is prepared to calculate the number of labour hours required to produce one unit of a product. The direct labour budget is useful for anticipating the number of employees needed to staff the manufacturing area throughout the budget period. From the appendix below it is seen that the budgeted labour cost is higher in the case of product A, compared to product B. This is due to the difference in sales volume of the two products. The labour hour per unit is assumed at $2 and the cost per labour hour is assumed at $3. Due to the higher sales volume of product A, the direct labour budget of product A is significantly higher than that of product B. Overhead budget shows the assumed cost of all production costs except direct material and direct labor cost. In the case of Steve Rogers Delicacy, overhead budget contains only administrative expense. According to the appendix below an overhead budget is created as a contingent budget, which is calculated at 1% of Administrative expense. The selling expense budget is prepared to estimate the selling expenses that will occur in a given period. From the appendix below, the selling expense budget of Steve Rogers Delicacy depicts expenses, assumed to be incurred over a year. It includes Commission at 2%, which is calculated on budgeted units of sales. This also includes Freight Charges of $200, Advertising of $1,000 and Other Selling Expenses of $500 per month. The administrative budget is prepared to identify the cost of running an operation that is not bound to producing a product or service. The budget provides the management with the power to exercise control over the day to day activities of the business. According to Mervis, 2016, the salaries of the administrative personnel are assumed at $10000 per month and Telecommunication, Repair and Maintenance, Supplies and Other Administrative Expenses are assumed at $150, $120, $500, $300 respectively on a monthly basis. The administrative expense budget for the year 2016 is calculated at $1,32,840 for both the products A and B. Administrative expense budget will also help Steve Rogers Delicacy to make prompt and precise decisions regarding the operation and smooth running of the business. The appendices appended below do not show the projected budget for 2nd and 3rd years. Income Statement shows such calculation. However, the assumption is that the all kind of expenses have increased by 10%, be it fixed cost and be it variable cost. Income statement: The income statement is a report that shows income, expense during a specific period and resulting profit or loss during the same period. It is the first financial statement prepared during the accounting cycle. From the appendix given below, it is noticed that Steve Roger's Delicacy has earned a profit of $26,224 (2%). The sustainability, viability and growth of a company depend on its profit earning capability. Steve Rogers Delicacy income state depicts a sound health of the business. Earning a profit results in investors interest in the business. Earning investors interest is beneficial for the business as it will help the business to expand and grow both financially and geographically by acquiring additional funds and by setting up new branches in new locations. This, in turn, will help the business to increase its goodwill, which ultimately will increase the market share of Steve Roger's Delicacy in the food industry. It has been assumed that the growth in revenue for 2nd year a nd 3rd year is 10% each. Consequently the revenue for 2nd year would be around $1,342,440 whereas the same was around $1,220,400 and the same for 3rd year would be around 1,476,684. It has also been assumed that the expenses will also grow at a steady rate of 10%, same as revenue. Therefore, the revised expenses for 2nd and 3rd year will stand at $13,13,594 and $14,44,953 respectively. Initially, the first years total expenses were $11,94,176. It may be inferred that due to the increase of expenses by 10% each year, profit has also increased by 10% each year. Weighted Average Contribution Margin Weighted Average Contribution Margin (WACM) is the average amounts that group of products contribute to paying the fixed cost of a business. WACMs main weakness is that the projections based on the average margin incorporate the assumption that the product mix sales and margin will apply in the future. The weighted average contribution margin is useful for calculating the number of units that must be sold to cover its fixed expenses. The analysis is also known as cost-volume-profit analysis. According to the Emokaro (2014) the above content can be explained by the appendix below, where the sales price per unit is taken $12 and $10 for product A and product B respectively. The contribution margin is calculated at $1.26 ($12-$10.74) for product A and $2.30 ($10-$7.70) for product B. From the above computation the proportion in product mix is calculated at 65% for product A and 35% for product B. Therefore the weighted average contribution margin of product A and product B is $1.66 (con tribution/unit multiplied by proportion in product mix of product A plus contribution/unit multiplied by proportion in product mix of product B). Contribution Margin Ratio Contribution Margin Ratio (CMR) The contribution margin measures how proficiently a company can manufacture products and maintain low levels of variable cost. It is also known as managerial ratio, as management incorporates this calculation to improve internal procedures in the production process. Contribution margin ratio is calculated by dividing contribution margin per unit by sales price per unit, this is done to analyze weather product A or product B is more profitable for the business. According to the appendix given below the contribution margin ratio of product A is 10.5% and product B is 23%. It means that production of product B will incur more profit compared to product A. Although the sales price per unit of product A is more ($12) than product B ($10), product A contributes less in the business, so it is advisable to stop the production of product A and increase the production of product B to increase profit. Here it may be noted that the Contribution Margin Ratio will increase by 10% each year in 2nd and 3rd year. This is because of the fact that the revenue has also increased by 10% and all the expenses including variable expenses have also increased by 10%. Therefore, the contribution per unit will also stand as before. However, the total sales will increase by 10% in terms of units. Revised proportion in product mix will remain same as before, both in terms of amount and units. Consequently revised WACM will increase by 10% and the same will stand at around 1.83 in 2nd year and at around 2.01 in 3rd year. Sales volume, breakeven points Sales volume in units with respect to breakeven point is the amount of product that needs to be produced or sold to cover total cost of production. In other words breakeven point in units refers to a no-profit no-loss situation. The above statement can also be explained by karimi Torghabeh et al (2014) as the total revenue generated is sufficient to cover the cost of production to arrive at a no-profit no-loss condition. Therefore, from the appendix below the break even sales volume in units are 92,950. This includes 56,940 units of Barbecued Shrimp and 36,011 units of Sausage Rolls. In other words, the break even sales would be $683,277 for Barbecued Shrimp and $360,106 of Sausage Rolls. Since the total sales for the first year is 1,08,720 consisting of 66,600 units of Barbecued Shrimp and 42,120 units of Sausage Rolls, it may be inferred that the break even volume will be achieved within the 1st year. Hence, the concept of break even point may not become relevant in subsequent year s. The breakeven sales volume can be formulated by dividing contribution in units by total fixed cost. It means if Steve Rogers produces one unit more than the breakeven sales volume unit, the company will gain a profit and if the company produces a unit less than the breakeven sales volume it will earn a loss. The breakeven point refers to the revenue needed to cover a companys total fixed and variable expenses during a specific time period. The breakeven is based on assumption that change in expenses of the company is related to change in its revenue. The breakeven point in sales dollars is formulated as fixed expenses divided by contribution margin ratio. Thus from the above explanation it can be incurred that if Steve Rogers Delicacy produces 56,940 units of Barbecued Shrimp (A) and 36,011 units of Sausage Rolls (B), the business will face a no-gain no-loss situation. In other words if the company sells a total of $10,43,383 it will neither gain a profit nor a loss. The operating leverage and safety margin The operating leverage is a measurement of degree to which a firm incurs fixed and variable cost says Hart Tzokas (2000). The company that makes sales with a high gross margin and few fixed and variable cost has much leverage. The operating leverage is used for calculating a companys breakeven point, substantially affecting profits by changing the pricing structure. From the appendix below degree of operating leverage (DOL) is calculated by multiplying total contribution of product A with net profit of product A. Therefore the operating leverage of Steve Rogers Delicacy is calculated at 6.89%. It means with one percent change in sales, the profit of Steve Rogers will change by 6.89%. In other words a degree of change in sales will affect the profit margin by the calculated degree of operating leverage. Since the total contribution and net profit also increase by same proportion i.e. 10%, the DOL ratio remains same. Business concerns are separate legal entities that solely focus on profitability. Businesses also suffer from risks and contingent liabilities, which may occur at any point of the businesses life span. Di Maio et al. (2016) states that for these unforeseen contingencies, any business concern that is at its inception will have to keep a safety margin for its financial safety and soundness. The concept of safety margin arises due to risks in the market that can hamper the smooth running of the business and its future viability (Sherry et al. 2013). According to the appendix below, a safety margin of $1,77,017 is calculated by subtracting revenue at breakeven point from total revenue of Steve Rogers Delicacy. In other words the safety margin is the excess of revenue earned over the breakeven point sales volume. (Ofileanu, Bumbescu 2014) states that safety margin is a mandatory concept in business concerns. The margin of safety (MOS) increases in the 2nd and 3rd year. The MOS will be $2 99,057 in the 2nd year and $433,301 in the 3rd year. Critical Evaluation: The food industry is one of the most flourishing businesses nowadays. Jingjing, (2015) states that people love to eat, and love to surprise their taste buds. Steve Rogers Delicacy should try different mediums in selling their products. Mobile food vehicles are one of the most efficient, easy to reach, easy to handle modes of selling food. They reach a variety of customers in a short period with low operating cost and overhead expenses. According to (Love PhD, 2012), the expansion of business in different areas may prove profitable, keeping in mind customers taste and preferences. Steve Roger's Delicacy should expand its business through online services, catering to customers who like to have their food delivered to their doorsteps. The amount of revenue a business earns depends on few factors that are, the location the business where it is settled, customer taste and preferences and availability of cheap labour. The main objective of an organisation is to earn a profit. The business should perform a market survey, keeping in mind the concept of profitability, to get an idea of customer taste and preferences to a get an estimate about the forecasted profitability and sustainability of the business. According to (Wang et al. 2010) Steve Rogers Delicacy should incorporate canter van services in their business to reach customers beyond their vicinity. Steve Rogers should also include more variety of food items in their menu, to serve to a larger customer base. The increase in customer base will increase the sales volume, resulting in increased profitability. To ensure the continuous and smooth running of Steve Roger's Delicacy the business should take into consideration few factors. The business outlet (restaurant) should be presentable visually to attract more customers. The quality of food should meet high standards, keeping in mind the price quoted. The price should not be too high, as it, may discourage customers, owing to the high priced menu. The infrastructure of the restaurant should be eye-catching so as to attract more customers. The (Henrekson, 2014) states that for any business to flourish, it has to look presentable, as the first impression is the last impression. The quality of food is important, as customer tastes and preferences vary, the profitability and sustainability of the business will depend on the quality of food prepared. Also, the employee must be well dressed and well mannered, so as to cater to a variety of customers. Decision making is a daily activity for any business organisation. The process of decision is a habit and a process as well. The profit or loss of a business depends on effective and successful decision making. According to the (Lusardi, 2012), the following are important steps in decision making process: Identify the purpose of decision making Gathering information Judging the alternatives Analyse different choices Evaluation of different alternatives Selection of best alternative Execution of decision Result evaluation The key results that would impact the future decision-making of Steve Rogers Delicacy are Customer feedback from canter van service Feedback from hospitality Customer's foot fall Quality of food The variety of dishes preferred by customers. Ray, (2008) states that the feedback from customers with regards to canter van service is vital. If the feedback is negative the canter van service will be stopped, and an alternative will be decided, and if the customer feedback is positive, the service will expand to different areas. The customer is the most important factor of any business. Catering to the customers' needs, tastes and preferences are vital. Proper service to the customers earns loyalty and increase the customer base further; poor service to the client will hamper the restaurants business, and as a result may decrease sales and customer support. Management should decide the proper and efficient way to provide proper hospitality, so it may customer footfall ultimately benefiting the business. Customer footfall depends on Steve Rogers Delicacys marketability, presentation and hospitality and food quality. Managements decision-making process should include these four factors so as to increase the businesses viability and profitability. The main asset of a restaurant is its quality of food stated by Santosuosso, (2014). If customers like the quality of food of Steve Rogers Delicacy, the management may decide to increase the quality further so as to attract more customers. Customers taste, and preferences vary widely. Deciding the right items on a menu is an important task. Too many varieties on the menu will increase the cost of sales. So deciding the right variety of food items on the menu is important, keeping in mind the location where the restaurant is situated and the type of customers that come to the restaurant. According to the Kampf et al (2016) Steve Rogers Delicacy has shown promise of profitability, growth and stability by earning a profit margin of 15% in the FY 2016. The investors who are interested in investing in Steve Rogers Delicacy should take into consideration the proposed product mix application into their decision making process. From the appendix below it is seen that product B contributes 25% in total sales compared to product A, which contributes 10.5% to the business. Thus from the calculation below it can be incurred that the production of product B (Sausage Rolls) will prove to be more profitable for the business. From the weighted average contribution margin it can be stated that if the company produce 108720 units of product B by sacrificing product A, the company will earn $69264 more profit. Thus the product mix table depicts that if the company the company computes the WACM to its decision making process, it will have a profitable and a stable future. The (Kane, 20 13), states that though the price per unit of product A is more than product B, product B provides more contribution to the business than product A. So it can be stated that Sausage roll (B) is a more contributing product earning higher profit. In case of subsequent years also, respective profit figures have been calculated. Net profit for the 2nd year stands at $ 105,036 in the proposed situation and $ 115,540 in the 3rd year in the similar context. Conclusion: From the above case study it can be incurred that the decision making process of the management is justified by including the balanced scorecard approach and the triple bottom line initiatives into the businesses projection of profitability and viability. The management has used various methods to come to a sound decision for the proposed investors. The weighted average contribution margin and contribution margin ratio has helped Steve Rogers Delicacy decide which product will be profitable for the business. The breakeven point has helped the business to calculate the safety margin required. Therefore, it can be concluded that the culmination of the calculations in the case study states that product B (Sausage Roll) is more profitable to produce. The investors should look into this factor before investing, as favorable product mix results in increased profitability and sustainability in the long run. References: Barter, N. (2015). W(h)ither ecology? 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