Thursday, May 21, 2020
Agency Costs On The Investment Performance Of Australian Pension Funds Finance Essay - Free Essay Example
Sample details Pages: 5 Words: 1566 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? In Australia, the superannuation industry has undergone a rapid expansion since the introduction of a compulsory pension system in 1992. Superannuation assets grew from $245 billion to 942 billion in 10 years (Benson et al., 2010). Investors and consumers now have vast choice in their ability to pick a pension fund, ranging from non-profit funds, such as corporate, public sector and industry superannuation funds, and for-profit retail funds. However, there was a dearth of empirical studies which aimed to clarify any systematic differences in the performance of these respective funds. This is an important policy consideration as even small differences in cost and returns can have large remuneration ramifications in the long term. Bateman (2001) identified that a 1% change in costs could lead to a 22% change in returns on retirement. As such, it is crucial to analyse potential differences in returns between fund types and ensure retirees maximise their retirement in come savings as performance ultimately affects welfare (Clark and Unwin, 2008). Systematically lower net returns will reduce final retirement savings. This can increase reliance upon the public pension system than would have otherwise been required under lower cost and higher return funds. In Coleman et al.s (2006) article, the authors utilised a large cross-sectional database which encapsulated not-for-profit and for-profit funds, elaborating on prior studies which tended to only consider for-profit providers. The article aimed to gain understanding of the performance of the Australian superannuation industry from 1997 to 2002, evaluating in terms of risk, returns and expenses, and what factors in particular were the determinants of investment performance. The core approach to these questions adopted a fund type comparison to enable the authors to ascertain whether the varying characteristics between not-for-profit and for-profit affected fund net return and performance. Desp ite the adoption of a prudent person approach according to the Superannuation Industry (Supervision) Act 1993, the driving force behind potential disparities was hypothesised to be agency costs which manifest due to variations in the trustee board structure. In not-for-profit funds, consisting of the corporate, public sector and industry funds, equal representation is required from members of the fund and employers. In contrast, for-profit funds are non-representative and trustee board members are often employees of the professional financial institution who provide and manage the fund. As such retail funds are expected to have much higher agency costs which emerge in various ways. Without member representation, having only employees of the company on a trustee board creates conflicts of interest as the company aims to make a profit from providing superannuation services, whilst simultaneously attempting to maximise their customers retirement savings. Unlike not-for-profit funds whi ch have established customer bases originating from industries of work, retail funds need to create networks and entice employees into their fund, often through commission-based financial planners. Commissions involve more cost for consumers, but more earnings for planners than fee-for-service charges. As retail funds are the only fund type that pays commissions, it creates an incentive for financial planners to advise their clients into retail funds, and encourages purchase of other financial products which is driven by commission, not independent and sage advice. Effective fund choice is further limited by agency costs which generates high exit fees to deter customers transferring their pension to another fund, another result of how retail funds have no established customer base. By dissecting performance through fund type, various features within each fund type could be assessed for any material effect on performance, such as size and economies of scale, returns over time and benefit structure. It is presupposed that for funds with a larger amount of financial assets, any fixed costs involved in administration and management, both of the fund and individual accounts, would be spread out over a greater volume of cash, resulting in lower average costs. Likewise, large funds should be able to negotiate more competitive fees due to the increased influence and bargaining power they can attain due to their size. Using return on assets, volatility on returns and expense ratios as a measure of performance Coleman et al.s (2006) analysis found that not-for-profit funds outperformed for-profit funds, with not-for-profit funds reporting significantly higher risk-adjusted returns. The difference in returns amount to an estimated 228 to 318 basis points per annum (Coleman et al., 2006). Another significant finding was that for-profit retail funds have significantly higher expense ratios than not-for-profit funds, which helped to drive the difference in net returns between the fund types. The higher expenses for retails funds were associated with marketing and networking costs which aim to establish and expand their customer base. Performance across fund types was also assessed in terms of risk-adjusted performance using the Sharpe ratio and Jensen alpha, both of which are measures of the returns received relative to risk taken. In terms of risk-adjusted performance using the Sharpe ratio, retail funds again had a statistically significantly lower performance, with a ratio 20-30% lower than not-for-profit funds. The alternative measure of the Jensen alpha also recorded significant differences between not-for-profit and for-profit funds. The greatest disparity occurred between the industry and public sector funds with the retail funds in the multiple index model with market timing. This suggests industry and public sector funds have more active management of their asset allocation to take advantage of fortuitous market movements. The res ults were concluded to be consistent with the hypothesis that agency costs exist to create differential performance between not-for-profit and for-profit funds (Coleman et al., 2006). The lack of a representative trustee board creates behaviour that fails to minimise expenses, resulting in lower returns for for-profit funds. That fund features such as size and benefit structure were not significant determinants of performance simply allows greater explanatory power to be attributed to agency costs for the stark performance between not-for-profit and for-profit funds. This study expands upon prior studies to provide a quantitative figure on the adverse effect of agency costs upon superannuation funds. Whilst Coleman et al. (2006) published a thoroughly researched articles, there are some methodological issues that emerged. A chronic problem was the underreporting of expenses where external expenses were often deducted from the gross return on assets. Therefore explicit figures of external management costs were often unavailable yet still need to be taken into account for the expense ratio. To remedy this, external costs were estimated using the average management ratio reported in the annual returns of 25 pension funds during 2001 or 2002, which is at least on par with (Rice and McEwin, 2002) or is a conservative estimate (Clare, 2001) compared to other studies. This would be more accurate if the sample taken was representative of the superannuation industry and not skewed towards particular cost functions of any fund type. However, it homogenises costs between fund types, which is far from the truth according to Coleman et als results. Subsidies in corporate funds also posed problems, possibly leading to an underestimated expense cost. This is difficult to correct for as subsidies may not be used uniformly, providing only a caveat for potentially understated corporate expense figures. The articles sample time period from 1997 to 2002 may also detrimental ly affect the results. Its relevance to the current superannuation industry can be questioned due to the introduction of the Superannuation Choice Act No. 82 in 2005. Future research should determine whether member fund choice has affected performance or fees. Fund behaviour may have altered in order to gain competitive advantage, e.g. increased advertisements to attract and retain members. The survey period of 7 years is sufficient to observe several peaks and troughs, however, whether these trends are an accurate estimation of performance throughout a members lifetime is uncertain. In Coleman et al. (2006), the results of the Jensen alpha multiple index model suggested that corporate and public sector funds had more active management which allowed them to reap higher returns throughout the sample period. This contrasts Drew and Stanford (2003), who subscribes to the Efficient Market Hypothesis which states that securities markets are informationally efficient. Hence, profit is alr eady maximised and active management strategies are futile. A longer time frame of study should be adopted in the future in order to ensure the long term trend is captured, particularly since retirement savings is also a long term goal. Whilst Coleman et al. (2006) delivered a thorough analysis of investment performance by fund type, they acknowledged that they the experiment was not completely controlled. Differing allocation strategies can influence investment growth and this would create bias in the results if fund types were correlated with particular asset allocation and growth trends. For example, where retail funds tend towards more conservative asset allocation than not-for-profit funds (Ellis et al., 2008). Evidence of the alignment of asset allocation in the data was displayed by the high correlation between fund performance with a known balanced asset allocation. However, Ellis et al. (2008) improve the analysis further by directly controlling for asset allocation thro ugh analysing performance by investment option. This controls for the varying risk preferences and financial products utilised by fund members, synchronising fund type analysis. Ellis et al.s (2008) results showed that expenses and taxes were the only significant determinant of investment performance. It confirms Coleman et al.s (2006) findings, where net return relative to a benchmark return for retail funds in a standardised default option significantly underperformed the other fund types. Underperformance and higher costs in retails funds reflect the agency costs associated with for-profit funds as the trustee board struggle between attaining pension fund growth and earning profit. Hence Coleman et al.s (2006) are evidently robust and exposed the varying performances of pension fund types. DonÃ¢â¬â¢t waste time! 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Wednesday, May 6, 2020
Feminism is for everyone bell hook is a famous feminist author who wrote the book Ã¢â¬Å"Feminism Is For EverybodyÃ¢â¬ hooks attempt to create a quick, simple start on feminist history, theory, and politics to the masses who receive a misinformation, misunderstood, and maligned version of the feminist movement. Hooks says Ã¢â¬Å"To understand feminism it implies one has to necessarily understand sexismÃ¢â¬ .We define feminism as the advocacy of women s rights on the grounds of political, social, and economic equality to men.Where she simply define and shows that being feminism does not mean women have to become mean or they are better than men,she simply saying that men and women need to be equal like the civil right movements. The book begins with a brief statement of feminist political positions, then discusses some history of the movement.She discusses the change in the movement from personal to groups where women have close relationships with one another and began to feel pe rsonally empowered by their participation in the establishment of large, and how some women feel like they are working for the high middle-class women.Every single time it doesnÃ¢â¬â¢t matter you a women or men, you will always have someone in the higher level than you.hooks feel like it will very exciting for the women who have the power to work with other so they could build each other up..Hooks views the formation of large womenÃ¢â¬â¢s organizations as the beginning of a stage where the movement took on the role ofShow MoreRelatedFeminism Is For Everyone By Bell Hooks And Men And Feminism750 Words Ã |Ã 3 PagesWhat is Feminism? Feminism. The f-word. This word has many different connotations. The dictionary definition of feminism is the doctrine advocating social, political, and all other rights of women equal to those of men (dictionary.com). The simpler, more stereotypical, definition is policies that are pro-women and anti-men. Before this class all I ever heard, was that the stereotypical feminist is a woman who hates all men and everything about men. She probably does not shave (ever) and she is mostRead MoreThe Black Imagination By Bell Hooks837 Words Ã |Ã 4 Pagesauthor bell hooks brings our attention to her opinion of the impression colored people would have on about white people. Bell hooks opens her article by informing us about the times of slavery and how black people would gossip about what they have observed of the white folk. This knowledge was shared for their survival and easier living as domestic servants. Now, however, colored and white people live coherent with one another but hooks ar gues that even now the hatred still exists. Hooks explainsRead MoreExplanatory And Dig Deep By Sheryl Sandberg793 Words Ã |Ã 4 Pagesversions of the definition of feminism, the importance of a Ã¢â¬Å"life partnerÃ¢â¬ , and how women are to achieve things in life. In contrast, Bell Hooks, feminist and author, responds to SandbergÃ¢â¬â¢s book with an opposing view on the issues of modern feminism. The definition of Feminism is very different to every person. Each interpretation is influenced by individual thought on feminism, based on their unique life experiences. Sandberg never gives a black and white definition of feminism but instead, builds upRead MoreA Rhetorical Analysis Of Gender Equality Essay1347 Words Ã |Ã 6 Pagesexactly is it? Well to answer that, it is the view that everyone should receive equal treatment and not be discriminated against based on gender. Today, most women are getting treated differently compared to men. Whether it is based on pay gap, power, or strength the problem comes up. Men think they are stronger and better than women and this upsets women because it makes them feel like they donÃ¢â¬â¢t have a place in this world. This is where feminism comes into place. I chose this topic because I can relateRead More Expanding Feminist Activism Essay1263 Words Ã |Ã 6 Pages Expanding Feminist Activism I chose this topic mainly because of interest. When thinking about the idea of feminism aside from all stereotypes one would think the struggle for womens rights. The idea sounds unified in saying and one would assume most women were involved. For a long time the womens movement applied to just white upper class females. I found a source on extremist women, which focused on the powerful ideas of white supremacy. This article was geared toward white women, and theRead MoreFeminism And The Age Of Media1337 Words Ã |Ã 6 PagesMy Change in Defining Feminism It was my honor to take ENGL 1102 with Dr. Allukian this semester. ENGL 1102, Feminism in the Age of Media, is a course focus on the theoretical world of feminism: feminism definitions and its presentations in real life. Through the reading of various feminist theories by famous pioneers such as bell hooks and Sandra Bartky, I gradually understand the concept of feminism. The further practices of integrating my learning with practices such as making videos and presentingRead MoreThe Women s Movement And The Development Of Feminism Essay1702 Words Ã |Ã 7 Pagesspark of the womenÃ¢â¬â¢s movement and the development of feminism in the twentieth century. According to feminist writer, bell hooks, in Ã¢â¬Å"Introduction: Come Closer to Feminism,Ã¢â¬ hooks identifies that feminism is for everyone because Ã¢â¬Ëfeminism is a movement to end sexismÃ¢â¬â¢ (hooks 10). In other words, implying that it is not men that are the problem but the behavior and ideals sexism itself because wo men and men are both capable of being sexist. Feminism is not just about women getting equal rights as menRead MoreAnalysis Of Bell Hooks And Frantz Fanon1401 Words Ã |Ã 6 PagesBoth philosophers, bell hooks and Frantz Fanon, address the problem of equality. In Feminism is for Everybody, hooks defines feminism as a movement to end sexism, sexist exploitation, and oppression. Hooks begins by stating feminism is for everybody (2000) and that it is an attempt to end sexism though reform feminism. In Ã¢â¬Å"Racism and Culture,Ã¢â¬ Fanon investigates whether ending racism is due to cultural relativity. In the book by Gloria Anzaldua Borderlands/La Frontera, she describes the personalRead More Keeping Close to Home by bell hooks Essay1265 Words Ã |Ã 6 Pagesacademically based, bell hookss essay Keeping Close to Home: Class and Education is an essay that I consider to be very touching. While arguing in her essay that the rich class and the working-class should come to respect an d understand each other, bell hooks employs three elements of argument: ethos, pathos, and logos. With her usage of ethos, hooks relates her experience as an undergraduate at Stanford. Providing an experience from a time before she went to Stanford, hooks uses pathos to inspireRead MoreAnalysis Of The Poem Aint I A Woman 1079 Words Ã |Ã 5 PagesAlonia Lewis Canonical Text Prof. Barnes March 16, 2016 In 1992, Bell Hooks published Ã¢â¬Å"Aint I a WomanÃ¢â¬ after working on it for several years. Ã¢â¬Å"Aint I a WomanÃ¢â¬ is a book detailing the lives of Black women in America from Slavery to the present and their relation to feminism. Hooks felt that there was an absence of books about the African American woman that were available. While there were books about individual African American women and their experiences in the oppressive American system, she
string(67) " responsibility over specific territories referred to as branches\." Downstream Ã¢â¬â From Refinery to Customer The downstream sector encompasses the refining, storage, distribution and marketing of petroleum products: Ã¢â¬ ¢Refining Process: Crude oil is processed and refined into more useful products; Ã¢â¬ ¢Storage: The products from the refining process are stored at depots via pipeline, land (trucks rail) and sea (barge/vessel). These storage facilities are also called tank farms or terminals Ã¢â¬ ¢Distribution and Marketing: Petroleum products are distributed from storage locations to the end-user directly or through retail outlets The major products produced by a refinery are, Kerosene, Premium Motor Spirit (Ã¢â¬Å"PMSÃ¢â¬ Ã¢â¬â Gasoline), Automotive Gas Oil (Diesel), Fuel Oils, Liquefied Petroleum Gas (LPG), Lubricating Oils, Naphtha and Tar Figure 1. Ã¢â¬â Schematic Representation of the Downstream Business ? The Nigerian Downstream Sector The Federal Government of Nigeria (Ã¢â¬Å"FGNÃ¢â¬ ) participates in the activities of the oil industry (upstream and downstream) as well as actively supervising it due to its strategic importance to the economy. We will write a custom essay sample on Downstream Petroleum Industry or any similar topic only for you Order Now In the downstream industry, FGN regulates and participates through the following agencies / bodies: Nigerian National Petroleum Corporation (Ã¢â¬Å"NNPCÃ¢â¬ ) Ã¢â¬âNNPC has powers and operational interest in refining, petrochemicals, product transportation and marketing. NNPC has nine wholly-owned subsidiaries, two partly owned subsidiaries and nineteen associated companies that manage the upstream and downstream activities. Those relevant to the downstream business are the Pipeline Products Marketing Company (Ã¢â¬Å"PPMC), Kaduna Refining Petrochemicals Company Limited (Ã¢â¬Å"KRPCÃ¢â¬ ), Warri Refining Petrochemicals Limited (Ã¢â¬Å"WRPCÃ¢â¬ ) and Port Harcourt Refining Petrochemicals Limited. Department of Petroleum Resources (Ã¢â¬Å"DPRÃ¢â¬ ) Ã¢â¬â DPR is an arm of the Federal Ministry of Petroleum Resources and has responsibilities for the following: Ã¢â¬ ¢Issuing of permits and licenses for all activities connected with petroleum exploration, production, refining, storage, marketing, transportation and distribution; Acting as an agency for the enforcement of the provisions of the petroleum Act, NNPC Art or any other enactment. Petroleum Products Pricing Regulatory Agency (PPPRA) Ã¢â¬â The PPPRA came to being from a Special Committee that was set up to review Petroleum Products Supply and Distribution (SCRPPSD) drawn from various stakeholders and other interest groups to look into t he problems of the downstream petroleum sector. The functions of PPPA are: Ã¢â¬ ¢To determine the pricing policy of petroleum products; To regulate the supply and distribution of petroleum products Ã¢â¬ ¢To create an information databank through liaison with all relevant agencies to facilitate the making of informed and realistic decisions on pricing policies Ã¢â¬ ¢To moderate volatilities in petroleum products prices, while ensuring reasonable returns to operators Ã¢â¬ ¢To establish parameters and codes of conduct for all operators in the downstream sector. Petroleum Equalisation Fund (PEF) Ã¢â¬â The PEF fund board was established to equalize the transport cost arising from the distribution of petroleum products to all parts of the country i. . the cost of transporting products from source to point of sales. This is to ensure that petroleum products are made available in all retail outlets at uniform prices in Nigeria, and to avoid shortage of petroleum products. Petroleum S ubsidy Fund (PSF) Ã¢â¬â is a pool of funds budgeted by FGN to stabilise the domestic prices of petroleum products against the volatility in international crude and products prices. CBN is the custodian of the fund, while PPPRA administers it. Claims from / payment into the fund is subjected to duly verified volume of products lifted out of the approved depot and sold in-line with recommended open market prices. ? Marketing Companies The Nigerian downstream industry is comprised of two groups of marketing companies: Major Marketers Ã¢â¬â The companies in this group include AP Plc, Conoil Plc, Mobil Oil Plc, OANDO Plc, Total Nigeria Plc and Chevron Oil Nigeria Plc and accounted for 71% of total petroleum products sold. They belong to trade association called Major Oil Marketers Association of Nigeria (MOMAN). Independent Marketers Ã¢â¬â The Independent marketers, comprises largely indigenous petroleum marketing companies. The FGN introduced the Independent Marketing Scheme in 1978 because of petroleum products shortage of the 1970s and the lack of sufficient investment by major marketing companies in the rural areas. This led to the establishment of the Independent Marketers Association of Nigeria (IPMAN) in 1982. Membership is open to every independent marketer duly licensed and authorised to operate by the NNPC or other appropriate organisation in charge of this function. The trade group of these companies is referred to as the independent Marketers Association of Nigeria (IPMAN). Examples of Independent marketers are Zenon Petroleum, Capital Oil Gas and Ascon Oil Gas. OANDO Marketing Limited (Ã¢â¬Å"OMLÃ¢â¬ ) Oando Marketing Limited one of the companies within the Oando Plc group, is a leading oil and gas marketing company with over 500 retail outlets and a commercial clientele base that cuts across all industry sectors such as manufacturing, construction, oil gas and telecommunications in Nigeria and the West Africa sub region. OML has been in the business of marketing and supply of petroleum products since 1956. OML markets a wide range of products including Premium Motor Spirit (PMS), Automotive Gas Oil (AGO also known as Diesel), Dual Purpose Kerosene (DPK), Aviation Turbine Kerosene(ATK), Low Pour Fuel Oil (LPFO), Lubricating Oils and Greases, Insecticides, Bitumen, Chemicals, Liquefied Petroleum Gas (LPG, also known as Cooking gas) and Oando insecticide Products and Uses AGO Ã¢â¬â fuel for some vehicles and marine vessels as well as for powering generators; PMS Ã¢â¬â fuel for most vehicles; DPK Ã¢â¬â fuel for cooking stove and used as a solvent to produce specialized products for road construction; ATK Ã¢â¬â fuel for aircraft; LPFO Ã¢â¬â fuel for power generation and for heating; Lubricants Ã¢â¬â lubricating oil for vehicles and equipments; Bitumen Ã¢â¬â used in the construction industry for paving roads; LPG Ã¢â¬â used as cooking and heating gas. Departments The departments in OML can be classified under the following: Core Ã¢â¬â Retail, Commercial, Marketing, Operations Logistics and Engineering Terminal. Support Ã¢â¬â Finance, Corporate Services (HR, HCM, Legal and Procurement Services), ICA, EHSQ, Service Standards and Corporate Marketing Communications. ? Retail Business Management and sales of Oando products to customers via sales outlets (over 500) nationwide is the function of the retail department. The sales focus is centred on the Total White Products (PMS, AGO and HHK), while Lubricants, Liquefied Petroleum Gas (LPG) and Insecticide sales provide a diversified revenue source for the team. Structure Sales is managed by Branch Managers located across the country, with each having responsibility over specific territories referred to as branches. You read "Downstream Petroleum Industry" in category "Essay examples" Their activities are coordinated by Branch Coordination Managers and the department is led by the Chief Sales Officer Ã¢â¬â Retail, with overall responsibility for all activities. Retail Outlets Ã¢â¬ ¢Company Owned Service Station (Ã¢â¬Å"COSSÃ¢â¬ ) Ã¢â¬â The stations under this category are owned by OML and dealers are appointed to operate the stations on OMLÃ¢â¬â¢s behalf. Ã¢â¬ ¢Third Party Owned Ã¢â¬â These are outlets owned by third parties, which carry OMLÃ¢â¬â¢s colour and brand. OMLÃ¢â¬â¢s main responsibility is to supply these outlets with petroleum products and on their part the owners of the outlets agree to operate in accordance to standards agreed by both parties. There are two types of third party outlets: oGallonage Ã¢â¬â The stations and equipment under this category are fully owned by the third parties, while OML brands the outlets and supply products to it. oLoan Delivery and Equipment (Ã¢â¬Å"LDEÃ¢â¬ ) Ã¢â¬â Here, OML provides equipments such as pumps, generators and canopies, as well as branding and supply of products. The retail outlets also serve as business opportunities via Non-Fuel Revenue (NFR) activities (such as Quick Service Restaurants) that maximize the returns on shareholders investments, improve asset utilisation and maximize our medium-long term capital gains. Commercial Department The core function of the commercial department is the sale of products (AGO, PMS, DPK, ATK, LPFO, Lubricants, Bitumen and LPG) to large volume end users hinged on effective relationship management. Sales are usually made in bulk to clients most often on pre-determined trade terms basis. Structure Sales is managed by Branch Managers located across the country, with each having responsibility over specific territories referred to as branches. Their activities are coordinated by Commercial Service Managers, based in the head office in Lagos. The department is led by the Chief Sales Officer, with overall responsibility for the activities above as well as for the below-mentioned specialized units: Ã¢â¬ ¢Marine Unit Ã¢â¬â sale of petroleum products to (and management of relationship) upstream oil gas companies as well as their service providers; Aviation Unit Ã¢â¬â sale of ATK and management of relationship with airlines. Services The commercial department offer a arrange of services in conjunction to the products it markets as it realized that customers want much more than just the products. Examples of such services include: Vendor Managed Inventory (Ã¢â¬Å"VMIÃ¢â¬ ) Scheme Ã¢â¬â The Oando In-Support scheme (our in-house model of the VMI) is a means of opti mizing customers supply chain, whereby Oando becomes responsible for maintaining the inventory level of petroleum products at its customersÃ¢â¬â¢ location. The major benefit of this to the customer is that it can focus on its core function while Oando manages petroleum products inventory. For Oando, the VMI scheme allows it to secure Oando Sea Station Ã¢â¬â This is a Ship-to-Shore and Shore-to-Ship service station that provides fuels and lubricants for shipping companies, marine logistics companies operating in the Niger-Delta coastline as well as energy services organizations providing support to the upstream exploration and production companies operating in deep water coastal shores of Nigeria. Supply Contract Ã¢â¬â This service allows customers the opportunity to enjoy a fairly stable price regime at a committed volume over a period of time. It is a modified form of In-support suitable for customers whose operations cannot permit full inventory take over. Marketing The core function of the marketing department is to initiate business deals and provide platforms to enable the sales departments (retail commercial) effectively achieve their goals and objectives. Structure The department is led by the Head, Marketing with overall responsibility for the following units: Lubricants Unit: The Lubricants unit is responsible for marketing OandoÃ¢â¬â¢s lubricants by creating product awareness through marketing promotions and supporting sales drive of lubricants in line with OandoÃ¢â¬â¢s goals and objectives. The unit also develops a high calibre technical sales support function while ensuring product quality assurance, cost management and service delivery to customers. A core responsibility of this unit is constantly identifying and initiating new/additional product lines for various target consumer markets. LPG Unit: Ã¢â¬â The LPG Unit is primarily aimed at sourcing for product, providing support and devising innovative selling methods to the sales team to ensure they meet their volume and margin targets as well as satisfying their customersÃ¢â¬â¢ needs. The team also provides the sales team with market intelligence to ensure that they strategically positioned to make sales. The unit, in addition, serves as an interface between the sales team and other support units within the organization i. e. Logistics, CCU, Engineering and EHSQ. Non-Fuel Revenue (NFR) Unit: Ã¢â¬â The Non-Fuels Revenue (NFR) unit is a strategic initiative developed to complement the shrinking margins on sales of fuel products and tap into the emerging opportunities of Non-fuel business from Retail outlets. Non-fuel offerings in retail outlets can also serve as a customer pull to increase fuel sales. Some NFR offerings include: Quick Service Restaurants (Ã¢â¬Å"QSRÃ¢â¬ ), Automatic Teller Machines, Rent contribution from dormant assets (warehouses and offices), Income from Telecom Mast sites, revamp and increase lube bay rentals lubes contribution to stations and car wash operation. Bulk Products Unit Ã¢â¬â The Bulk unit is responsible for developing and executing marketing plans to support the sales team in achieving their objectives in the sales of Bitumen and LPFO. The unit provides useful information about the construction sector of the economy, market trends, competitorsÃ¢â¬â¢ activities and consumer preferences that helps in taking business decisions. It also provides back-end support for improving the quality of service delivery in our Vendor Managed Inventory (VMI) concept. ? Operations Logistics Department The Operations Logistics (Ã¢â¬Å"OLÃ¢â¬ ) department is primarily responsible for product sourcing and distribution to customers. OL is also responsible for product storage via warehouses and LPG Plants, and Lubricants blending via the Kaduna Lubricants Plant (Ã¢â¬Å"KLPÃ¢â¬ ). Management of products at the terminals is handled by Engineering Terminals department. Structure The department is structured into four units, each with a head responsible for activities in the unit. Overall departmental responsibility is with the General Manager, Operations Logistics. Logistics oInbound Ã¢â¬â supply planning and product receipt; oTrade Procurement Products Ã¢â¬â product sourcing; oOutbound Ã¢â¬â handles product received from NNPC depots; oFleet Ã¢â¬â Management of relationship with transporters. Ã¢â¬ ¢Customer Care Unit oScheduling Ã¢â¬â handle delivery request and schedule the trucks; oDispatch Ã¢â¬â prepare the trucks for trips; oFleet Ã¢â¬â work with the tran sporters; oCall Center Ã¢â¬â handle inquiries and complaints. Ã¢â¬ ¢Warehouse LPG Plant oWarehouse Ã¢â¬â storage locations for Lubricants and Oando Insecticide before final distribution to customers. Lubricants are received at the warehouses from KLP, while with Oando Insecticide (currently being imported), product is received into Apapa for distribution other warehouses. Currently, OML has 14 warehouses across the county. oLPG Filing Plants Ã¢â¬â storage locations for LPG. Currently OML has 7 plants across the country. Ã¢â¬ ¢Kaduna Lube Plant Ã¢â¬â consists of two blending plants both located in Kaduna with combined capacity of 55 million litres per annum producing various range of lubricant products for commercial and retail customers. Terminals Engineering Department The Engineering Terminals department is responsible for managing infrastructural assets across board inclusive of the operations at storage terminals. Structure There are two main units: Ã¢â¬ ¢Terminals Ã¢â¬â are storage locations (exclusive of warehouses and LPG Plants) where products are received, stored and eventually distributed. The following are the terminals owned by OML: oApapa Terminal 1; oApapa Terminal 2; oApapa Joint Venture (with Total Nigeria Plc); oOnne Terminal, Port Harcourt; oPort Harcourt Terminal. Each of these locations is headed by a Terminal Manager TM who reports to the Head of Terminals Engineering. OML also stores product at third party locations such as Lister. Currently, Oando Terminals has capacity for holding various products as follows: oPMS Ã¢â¬â 80 Million Litres; oAGO Ã¢â¬â 33 Million Litres; oLPFO Ã¢â¬â 5. 67 Million Litres; oHHK Ã¢â¬â 5 Million Litres; oBitumen Ã¢â¬â 10,000 Metric Tonnes. Ã¢â¬ ¢Engineering Ã¢â¬â execution of capital projects and maintenance of equipments and facilities. The activities in this unit are grouped as shown below: oProject Ã¢â¬â oversees capital projects less than N100M oRetail Network Maintenance Ã¢â¬â oversees maintenance and deployment of retail outlet equipment Retail Facility Maintenance Ã¢â¬â oversees maintenance of retail outlet infrastructure oTerminal Depot Maintenance Ã¢â¬â oversees maintenance of facilities and equipments at terminals and depots Support Departments Environment, Health, Safety, Security and Quality Assurance (Ã¢â¬Å"EHSSQÃ¢â¬ ) Ã¢â¬â reduce operational and accident cost, elimin ate down time, ensure total compliance with regulatory and statutory requirements, deliver world class quality products and services to enhance customer satisfaction, while guarantying sustainable development in line with the Oando vision. Internal Control Audit (Ã¢â¬Å"ICAÃ¢â¬ ) Ã¢â¬â safeguarding OMLÃ¢â¬â¢s assets, ensuring operational efficiency, ensuring compliance with applicable laws and regulations and ensuring the accuracy and reliability of financial reporting. Service Standards Ã¢â¬â ensures and monitors service standards across various locations. Finance Ã¢â¬â provide OML with financial support for business and operational planning. OML Finance (head office) is divided into three main units namely: oTreasury; oManagement Information System; Financial Control. Corporate Services Ã¢â¬â supports OML business via the following services: oLegal Ã¢â¬â provide OML with cost-effective and efficient legal services support to and manage the inherent risks in OMLÃ¢â¬â¢s businesses; oProcurement Ã¢â¬â assist OML in the acquisition of goods and services; oHuman Resource Ã¢â¬â provide OML with effective people management solutions. Marketing Communications Ã¢â¬â promote OMLÃ¢â¬â¢s marketin g initiatives through strategic product promotion and sales promotion. How to cite Downstream Petroleum Industry, Essay examples
Saturday, April 25, 2020
The following are a few examples of thank you letters found on the career and job search advice website Ã¢â¬Å"Quintessential CareersÃ¢â¬ : http://www. quintcareers. com/ A Free General Thank You Letter Sample Mr. Archie Weatherby California Investments, Inc. 25 Sacramento Street San Francisco, CA 94102 Dear Mr. Weatherby, Thank you for taking the time to discuss the insurance broker position at California Investments, Inc. , with me. After meeting with you and observing the companys operations, I am further convinced that my background and skills coincide well with your needs. I really appreciate that you took so much time to acquaint me with the company. It is no wonder that California Investments retains its employees for so long. I feel I could learn a great deal from you and would certainly enjoy working with you. In addition to my qualifications and experience, I will bring excellent work habits and judgment to this position. We will write a custom essay sample on Thank You Letter Samples or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page With the countless demands on your time, I am sure that you require people who can be trusted to carry out their responsibilities with minimal supervision. I look forward, Mr. Weatherby, to hearing from you concerning your hiring decision. Again, thank you for your time and consideration. Sincerely, John Oakley A Thank You Letter that Stresses Fit Dr. Steven Page Rolling Hills School Health Clinic 5 Main Street San Francisco, CA 94102 Dear Dr. Page: Thank you so much for taking the time to interview me today for the social worker position. I felt a wonderful rapport not only with you, but with the whole Rolling Hills School Health Clinic staff. I am more convinced than ever that I will fit in beautifully as a member of the team and contribute my skills and talents for the benefit of schoolchildren in the Rolling Hills district. I can make myself available for any further discussions of my qualifications that may be needed. Again, Dr. Page, I very much appreciate you and your staff taking so much time to talk with me about this exciting opportunity. Sincerely, John Oakley A Thank You Letter that Builds on Strengths of the Interview Dr. David Kresgee Great Fault Labs 5 Main Street San Francisco, CA 94102 Dear Dr. Kresgee: Id like to thank you for talking with me about the research- assistant position in your seismology lab. I truly appreciate all the time and care you took in telling me about the job and learning more about me. Im so pleased that you agree that my senior research project in seismology provides me with excellent experience for this position. I am eager to bring my passion for seismology to the research-assistant position, and I am convinced the knowledge and experience Ive already cultivated make me the best researcher for the job. I very much look forward to learning of your decision soon. Please feel free to contact me if you need more information about my qualifications. Thank you again for the exhilarating interview. Sincerely, John Oakley A Thank You Letter that Entices the Employer Note: This letter is a bit lengthy, but it does a good job of summing up the strengths of the interview and enticing the employer with the idea that hiring this candidate means that more ideas and innovations cannot be far behind. Ms. Sentra Nessen Dayton Sumner Memorial Art Museum 203 Harbor Street Baltimore, MD Dear Ms. Nessen: I want to thank you for taking the time to interview me yesterday for the position of assistant director of the Dayton Sumner Memorial Art Museum. You, Mr. Dawson, and Dr. Acquino exuded warmth, and I know we could all have an excellent working relationship. As I further studied the job description for the position, I grew even more confident that I could take the museum to new heights of success. With the resources Ive gathered, I am ready to hit the ground running with grant-writing. The 15 percent bonus for grants brought in is an excellent incentive, and I would devote a significant portion of my time to this important venture. I also have a number of great ideas for community and media relations and am excited by your interest in bringing more schoolchildren to the museum. As I mentioned when we met, I would like to use my fine arts degree and journalism minor to enhance the museums identity while at the same time meeting the needs and expectations of the community. I believe I can make a significant contribution to the fundraising effort, and I am particularly interested in exploring a corporate donor program. I am convinced I could bring a new degree of organization to the museum, including sinking my teeth into making the workspace far less chaotic and far more functional. More importantly, Id like to get communications on track so that newsletters and invitations are sent out on a timely basis. I have some ideas for making the newsletter more userfriendly. I feel it is extremely important to maintain close communication between the board and director, and I am committed to doing so. Ms. Nessen, I thank you again for considering me for this position. I look forward to the possibility of working with you. Sincerely, John Oakley A Thank You Letter that Aims at Damage Control Mrs. Walter Mellish Greenley Corp. , Inc. 1010 Madison Avenue New York, NY Dear Mrs. Mellish: Thank you for the time you took to interview me for the seminar leader position. After our interview, Im convinced that I have the three ingredients youre looking for in your workshop/seminar leaders. I know you expressed some concern in our meeting that I have not worked in a personnel department. I want to stress, however, that I have participated significantly in the hiring process for my sorority and have a solid record of achievement in my human-resources classes. As for your requirement for public-speaking experience, my having been leader of new-student orientation groups at my college for three years, along with outstanding grades in my public-speaking classes, qualify me nicely. Finally, I have enclosed some writing samples to further demonstrate the third ingredient, my communications skills. Thank you again, Mrs. Mellish, for this wonderful opportunity to interview for the seminar leader position. I promise you I wont let you down if you give me the chance to show what I can do. I eagerly await the next step in the process. Sincerely, Jane Oakley A Thank You Letter that Mentions Interview Afterthoughts Ms. Tess Bonwitt Razzle Magazine 1010 Madison Avenue New York, NY Dear Ms. Bonwit: Id like to thank you for the time you spent talking with me about the marketing-research analyst position you have open at Razzle magazine. I am very excited about this position and convinced that my marketing training equips me more than adequately for the job. I meant to mention during the interview that last summer I attended a three-week intensive seminar on SPSS, the foremost marketing-research software package. I know the job description mentions the ability to use SPSS, and I wanted to make sure you knew that I am extremely well-versed in the use of this software. Please contact me if you have any questions about my ability with this program or about any of my other qualifications. As you know, my work-study position in the institutional research office here at Rutgers provided an excellent background for marketing- research work. I look forward to hearing from you soon about the position, and I again thank you for meeting with me. Sincerely, John Oakley A Thank You Letter Following Interview with an On-Campus Recruiter Ms. Lacy Stilwell Holbrooks, Inc. 100 Fifth Avenue New York, NY Dear Ms. Stilwell: Thanks so much for talking with me today about the position in fashion merchandising at Holbrooks. I was truly inspired by the energy and dedication to the company that you brought to our interview. I am positive that I have what it takes to bring the same kind of energy and dedication to your company. As I mentioned, Holbrooks has been my first choice for fashion since before I was a pre-teen. I bought the suit I wore to our interview at Holbrooks! My education has equipped me for this job, and my enthusiasm will ensure my success. My internships with several local apparel stores have taught me a great deal about meeting the needs of target market segments. I would like to take the next step in this process and discuss the position further with you at your office in the Long Beach store. I plan to contact your secretary on Friday to schedule a mutually convenient time to meet. Again, Ms. Stilwell, I thank you most sincerely for your time, your energy, and the inspiration you gave me to launch my career at Holbrooks. Sincerely, Jane Oakley A Free Sample Thank You Letter for a Career/Job Fair Mr. Gary Barnett Aerial Communications, Inc. 3407 W. MLK Jr. Blvd. Tampa, FL 33607 Dear Mr. Barnett, Thank you for taking the time to meet with me at the Central Florida Career Fair today. I certainly appreciate your time and attention in the midst of so many students seeking jobs. You were extremely thorough in explaining Aerials customer service and marketing trainee program. Now that I have a better idea of what the position entails, I am even more sure that I would be an asset to your team and to Aerial. My solid education from Stetson Universitys Marketing Department and the fact that I have worked my way through college show a work ethic and determination, two qualities you said were important to success at Aerial. I look forward to an opportunity to visit Aerials Tampa office and speak to you further about the trainee program. I will contact you next week to arrange an appointment. Thank you again for your time and consideration. Sincerely, Rebecca Leddyfern Free Sample Career Networking Thank You Letter Ms. Barnett Jones UPP Business Systems, Inc. 1000 SW 4th Avenue Portland, OR 97204 Dear Barnett, Thank you again for agreeing to be a member of my personal network. This is an important time in my life as I take the plunge to change careers, and I truly value the advice of professionals like you who know the consulting field so well. I especially appreciate your offer to introduce me to other professionals and consults in your network, which I know will be extremely helpful to me in establishing myself. Barnett, I cant thank you enough for your willingness to help me launch this next phase of my career. I will be sure to keep you informed of my progress. And please do not hesitate to contact me if you think of any additional suggestions for expanding my network and establishing myself as a consultant.
Wednesday, March 18, 2020
Implications of essays The Wave is a video about a classroom experiment gone way out. The teacher tried to answer a students question about the likeness of the ignorance of the German public on the Nazis actions during World War II, like the holocaust of the Jewish people. As an experiment he started an organization called the Wave, which focused on three basic statements: Strength through discipline, Strength through community, Strength through action. To his surprise, the students accepted and responded to the organization with great ease and devotion. Out of curiosity he decided to go further and wilder with the limits of the experimentation and soon it became a mess. Students fought physically in the name of the Wave, and started to get aggressive and insensitive, as though they all have been brainwashed. As the show progressed, we see obvious changes in the characters personality. At first, most people seemed enlightened by the movement, and inspired to be something greater, having a sense of a greater purpose than themselves. But as the experiment progressed, some people began to show signs of aggression and abuse, while some people realized that the movement had moved from what they thought it would be in the first place. Unfortunately, the latter seemed to be an extremely minor fraction of the population. Although the reason of change and the results of the changing of personality may be different to each individual (like social outcasts may find a new sense of being in the movement, or bored individuals seeking for a new purpose), they generally become less aware of who they were originally, and indulged into a world where they THINK they are doing things for the good of the whole movement. A good theory to the reason for this may be that social movements like this one may see m sensible and meaningful at first, so individuals feel a sense of a truly working harmony that inspired everyone, but after a wh...
Sunday, March 1, 2020
Guide Of Writing Observation Essays Winning Tips and Topics on Writing an Observation Essay In order for you to come up with an interesting observational essay, you should consider being a good listener and observer of situations. These two factors are essential in acquiring new information that could be a plus to your personal experience. Three concepts that each student should have in their memories to come up with a captivating observation essay are observation, interpretation, and tangible facts. The difference between a word wizard and a good observational essay writer lies on a students ability to come up with an excellent observation essay. All our body senses, sight, smell, taste, touch, and hearing are crucial towards the crafting of an observational essay. If you intended to impress your readers enough to make them come back for more, then purchasing personalized academic papers from reliable top academy writing websites in the United States might just do the trick. The outline Template for an Observational Essay The guidelines below will help you understand the outline of writing an observational essay to enable you to come up with a structure that will give your essay a logical flow of ideas. Personal Experience This aspect is the best way to describe the particulars of a situation since you have personally gone through the situation and you understand all angles about it. The connection created by your personal experience and the subject matter under discussion should be on a high level of order, as a way of ensuring you can share the experience with other on a deeper and understanding level. For this reason, you should ensure that you choose the topic of discussion carefully. For instance: having chosen a topic on how exhilarating biking while hiking is, make sure you describe related factual and statistical data about how it brings out the excitement in you.Ã However, if you have never experienced hiking while riding a bike, it will be difficult to share such an experience with your audience. Supporting your claim should always be based on personal experience about the subject of discussion. ItÃ¢â¬â¢s even advisable to try such an experience, before writing the related observational topic. This way, you will gain more tangible information to share with your audience. It is important to know that note taking is a crucial part of sharing experiences; thus you should come up with reliable ways of writing down your experiences and recording them appropriately. From what has been recorded, you can begin doing a draft of your essay. Capture the whole process of your personal experience. For example, if its related to going to a stadium, mention going through security, locating your sitting position, watching the game and what emotions were provoked, and the feeling you felt when you were surrounded by a mob of angry fans whose team took a loss. Dont forget to note down the impressions and use criteria to rate aspects lie the general atmosphere, utilities at the stadium, the security box among other elements of your story. If you experience a modification in your personal intake for events that transpired, jot down notes about the change, and the time it happened. All your events should be arranged in chronological order to help you restructure your chain of events as you embark on writing your essay. Ask for a friends opinion about their personal experience of going to the stadium and not them down. This will help you have an informed view of events thus come up with a first-class observational topic. Create an outline A sketch of your work is important in ensuring that it is well-structured and there is a logical flow of ideas. It is useful to use just in case you face a challenge while restructuring your essay. The final draft can be changed, but bear in mind that you must adhere to the set outline. In case your teacher wants to see an outline, create a separate page that you can outline it for review. After this, if you are challenged with any other aspect, or you do not understand how to formulate an observational essay, do not hesitate to consult the various online professional services for assistance. Introduction In this section, you are required to provide a brief, but credible information about what the reader is about to read all through the article. Make sure you begin with a thesis statement which will address the points and arguments that you plan to address. After this, craft a catchy hook sentence that will grab the attention of your readers. It is also advisable to provide them with reasons as to why you chose that specific topic. After addressing the above aspects, your introduction part is now well composed and captivating to keep your readers glued to your observational essay/ The three body paragraphs At this point, the expressed points of argument in your thesis statement are each handled in its paragraph, with the addition of supporting evidence to give meaning and sense to your argument. Make sure that each paragraph or idea is presented as per the outline you created to give your observation essay more logic and concrete structure. Conclusion This section requires simplicity and a summative narrative about the topic of discussion. I stead of just doing a summary of your arguments, restate your thesis statement and appeal to it, as you use a call to action element to give the final input to finish up your paper with a strong impression to the reader. This will allow the reader to reason about your points of view and make a choice if they support still stand by their perspective. Through this, you have engaged your writers effectively and created a strong impression. The use of a rhetorical question will sum up the essay in exclusive style and ensure the audience is fully engaged. The final page should include a complete bibliography that included all the sources and references used. Editing and Proofreading After concluding the writing part of your essay, you should consider going through your work to remove any punctuation or grammatical that might appear. It will be more effective if someone else did it for you or submit it to a professional proofreading service that man college students use to ensure their work is ready for submission. The three aspects to consider in this section are: Grammatical errors Punctuation and spelling errors The distinctiveness of your observational essay Examples of Observational Essay Topics Organization and rich vocabulary skills are the two most important skills that you need to have in order to write a first-class observational essay. Bear in mind that your ultimate goal is to share your personal experience with your target audience. The following are useful examples of observational essay you can use: The dynamics of tattoo and body piercing Is tolerance an important trait to possess? Are video games capable of causing death? How important independence and freedom are Gaining knowledge and its impact on our lives Money and its meaning to an evolved world Sports and its contribution to developing leadership A chat with your favorite celebrity The thrills of biking while hiking Age-appropriate movies The most epic club in the city The flawless gift for a wedding or birthday How to define loyalty Can music provide a soothing healing effect? Success and achievement through professional writing Endurance and its effect on our daily lives Describing character traits of my favorite idol Winning Tips to Use in Writing an Observation Essay Laying down your work with a personal touch is important. Remember that your main goal is to share your personal experience and let the readers add it to theirs. Have a notebook and pen around you! This will ensure that you can jot down events as they happen to have a full view outlook of the experience. Dont use an unnecessary word to make your essay longer. Be brief, precise and straight to the point while addressing the outline content of your work. By reducing the use of introductory and transitional words, you gain to display a clear topic and thesis statement. While writing your observation essay, utilize your personal experience by using instances you personally went through in your life. This helps the readers identify themselves with your experiences and understand you better. There exist an association between a descriptive narrative and an observation essay, thus use human senses freely when need be. Provoke a reaction from the reader of one, if not several of their five senses. Always stick to being objective. Remember to include a bibliography page at the end. A point to remember: an emphasis on the importance of your topic is crucial and should utilize your personal experience. If you face by any challenge, or need proofreading and editing for your work, choose our academic writing help.
Friday, February 14, 2020
Open Table - - Case Study Example Another reason is that the closest competitors such as MenuPages.com are limited in their services in that though they offer access to restaurant menus and reviews, the visitors to their site cannot make reservations and MenuPages site covers only eight U.S cities. OpenTable has also partnered with onetime competitor Urbanspoon, enabling it to acquire UrbanspoonÃ¢â¬â¢s reservation management system, Rezbook, thus becoming UrbanspoonÃ¢â¬â¢s reservation provider. Apart from that OpenTable is committed to shrewd technological investments such as mobile Web site, mobile applications that work on just about every Smartphone platform. It has introduced an iPad app that fully integrates with the ERB software and GPS enables mobile uses to locate and make reservations at nearby venues. A new addition has also enabled users to pay for meals with a credit card directly from its apps. 2. The following characteristics of restaurant market make it difficult for a reservation system to work; Foremost restaurant booking systems require a fully secure reservation and cancellation functionalities that should come with confirmation of e-mail. This particular feature is real time and ensures that you are keeping abreast with developments as they take place real time.Secondly,some user interface are difficult to use for the online visitors, making them to be not user friendly to any potential customer who may want to use them.Thirdly,the fact that while in the market of restaurant reservation system online, you require a system that is web based as compared to the one that is installed or rather upgraded on a physical machine makes it difficult for a reservation system to work. 3. OpenTableÃ¢â¬â¢s market is susceptible to network effects which means that the more people use it, the more utility the system delivers, which made OpenTableÃ¢â¬â¢s growth to continually provide diners with expanded choices. More diners have thus