Organizational Forms Essay Example for Free

Organizational Forms Essay There are several types of organizational forms that a business can choose from. Each form presents pros and cons that may or may not be suitable for a particular business. This report will review characteristics such as: liability, income taxes, longevity or continuity, control, profit retention, location, convenience and burden for each business form and how they differentiate from the different types of organization forms. Sole proprietorship A sole proprietorship is the most common business form. A business is a sole proprietorship if it is not incorporated, meaning that a separate legal entity is not created for it. An advantage of forming a sole proprietorship is that it is the easiest and least expensive business form. a.Liability: A sole proprietorship does not excuse the owner from personal liability. If the business fails, the owner is responsible to the creditors and may lose personal assets. b.Income Taxes: The profits and losses of the business go through the owners’ personal tax return. This can positively or negatively affect the owner depending on what the profit and losses of the business are and what other sources of income the owner may have. c.Longevity or continuity: If the owner dies the company cannot continue on. If the owner decides to leave the company, then the company will also cease to exist. d.Control: In a sole proprietorship the owner has full control of the business. e.Profit retention: The owner receives all profits in a sole proprietorship. f.Location: When a business is a sole proprietorship the owner can move the business to any location. The only fee may be if changing states or county and the business is operating under a trade name, then the owner will have to pay the relatively small fee to operate as a DBA (â€Å"Doing Business As†). g.Convenience or burden: There are not any extra burdens when operating as a sole proprietorship. The owner does not have to meet any special reporting or regulatory requirements. There are not any special tax requirements or restrictions. The business profit and losses are filed with the owner’s regular tax return. General partnership A general partnership is between two or more owners of a business that is not incorporated. a.Liability: Each partner is held personally liable for the debts of the business regard less of fault. b.Income Taxes: Taxes are reported on each partner’s personal income tax return, so any profits made by the company are treated separately from the individuals’ income, but included. c.Longevity or continuity of the organization: A general partnership lacks continuity. If a partner leaves and his or her shares cannot be bought by the remaining partner, then the business must close. If a partner dies, their heir can be paid for the value of their share of partnership, but cannot continue with business. d.Control: In a partnership control is equal between all the partners. This can be difficult when a company has many partners or partners that don’t know each other. If a change is made without consulting with the other partners that can cause friction between the partners, so it may be best to include all partners in all decisions. e.Profit Retention: Profit is distributed equally between all partners and so is any loss. f.Location: A general partnership is fairly easy to setup and move. There are not any special forms that need to be filed with the state or county to form a general partnership. There only has to be at least two people to make up the partnership. g.Convenience or burden: Since there are not any special filings that need to be done for a general partnership, it is very convenient. Limited Partnership A limited partnership is partnership that does not hold the partners personally liable for the business debts. a.Liability: Limited partners are not held personally liable for the business debts. b.Income Taxes: All profits and losses are passed through each partners’ individual income tax return. The company does not pay taxes. c.Longevity or Continuity: Limited partners can freely enter and leave the company. The company can continue if a limited partner leaves. d.Control: In a limited partnership there are limited partners and general partners. The general partners manage the partnership. e.Profit Retention: Profits are distributed to the partners based on their contribution and pass through to the partners, who in turn report the profits on their individual tax return and pay taxes at their individual rate. f.Location: When a LLP is formed or if it moves, then it must comply with state filing requirements. A LLP must file a Certificate of Limited Partnership with the appropriate state agency. g.Convenience or burden: A LLP can be convenient because it attract capital easily, it offers limited liability to partners, easy transferability of partnership, and pass-through taxation. C-corporation A C- corporation or a â€Å"privately held corporation† is a company whose stock is not publicly traded. a.Liability: A business owner is not personally liable for the company debts and is protected from lawsuits and judgments against the business. b.Income Taxes: C-corporations are double taxed. The IRS taxes the company profits and tax any dividends paid to shareholders. c.Longevity or Continuity: Even if the owner leaves or dies, the C-corporation being a separate entity can continue to go on. d.Control: Management is shared between the shareholders. e.Profit Retention: Profits are usually kept within the company and not distributed to shareholders. f.Location: A C-corporation must follow state filing requirements in each state that it wishes to setup in. This can be very costly. g.Convenience or burden: An advantage of a C-Corporation is that it provides the best protection for the owner against the company debts. A disadvantage is that it can be costly to establish. S-corporation S-corporations are a separate entity from the owner. It offers the owner limited liability, but the tax structure benefit of a partnership. a.Liability: The owner an S-corporation is not held personally liable for any debts or judgments incurred by the company. b.Income Taxes: In an S-corporation, the profits and losses of the company are passed through to the owners and shareholders and reported on their personal income tax returns and taxed at their individual rates. The company itself is not taxed. c.Longevity or continuity: Like a C-corporation an S-corporation can continue on, if the owner leaves or dies. d.Control: A board of directors manages the company through officers. e.Profit Retention: Generally in an S-corporation the profits are passed on to the shareholders. f.Location: An S-corporation must follow state filing requirements in any state that it wishes to setup in. g.Convenience or burden: An S-corporation can be convenient, because it provides the owner and shareholders protection from company debt and they save on paying taxes on profit, but it can be costly in setting up. Limited Liability Company A Limited Liability Company is similar to an S-corporation in that it offers the limited liability of a corporation, but the tax structure benefit of a partnership. a.Liability: Owners and shareholders are protected from personal liability for the business debts and judgments. b.Income Taxes: Profits and losses are passed through to the shareholders and filed on their individual income tax returns. c.Longevity and continuity: An LLC can continue if a member leaves, but the LLC must pay the member the value of their interest. d.Control: An LLC is managed by its’ members. e.Profit Retention: Profits are passed on to the members. f.Location: A LLC must follow state filing requirements for any state it wishes to setup in. g.Convenience or burden: LLC offer a very flexible structure. It also has no limitations on the number and kind of owners. It can be very expensive to form and because it is so new, it can be more complex. Bibliography Book: Beatty, J. Samuelson, S. (2007). Business Law and the Legal Environment: Standard Edition, 4e. Mason, OH: Rob Dewey Web site: Perez, W. (2009). Protect Your Business Profits by Incorporating. About.com. Retrieved March 20, 2009, from http://taxes.about.com/od/taxplanning/a/incorporating.htm Corey Pierce, J. (2002-2004). Business Startup: Where to Begin How to Grow. Businessfinance.com. Retrieved March 22, 2009, from http://www.businessfinance.com/books/StartABusiness/StartABusinessWorkbookTOC.htm PART B interoffice memorandum to:Owner subject: Business organization date:8/10/2013 There are many different types of business forms. After reviewing them all, I have come to the conclusion that an S corporation will be the most beneficial to you company. An S-corporation is a separate legal entity and protects the owner and shareholders from personal liability and offers benefits with its tax structure. This memo will address issues that are important to you and the advantages provided to you by forming an S-corporation. You expressed concern regarding your personal liability and whether or not if the company was to be sued- you did not want to possibly lose all of your personal assets. With an S-corporation you are protected from losing your personal assets if a company is sued for negligence by an employee or subcontractor. If the company were to default on debts, your personal assets are protected from creditors. Funding will also be fairly easy to obtain with an S-corporation. With an S-corporation, you will be able to sell stock in the company to increase capital assets to help with you expanding. You will be able to sell as much or as little of your companies’ stock as you wish, once a stock value is determined. An advantage to selling you company’s stock beside the increase in capital is that you are also able to retain control of the company when issuing stock. The profit that your company earns will be distributed to the shareholders, but with an S-corporation, shareholders are only allocated the profit and losses equal to the amount of their investment. The profits and losses are passed through to each shareholder and filed on their individual income tax returns. The company itself is not taxed. Also, with an S-corporation, if you were to pass away, the company would have continuity. The company would not have to dissolve and you. The stock that you own in the company can be transferred to an heir or transferred by the sale of all or a portion of the stock. Based on these findings, I recommend you to form an S-corporation for your company.

Philosophy in Mathematics Essay -- essays papers

Philosophy in Mathematics Mathematics has contributed to the alteration of technology over many years. The most noticeable mathematical technology is the evolution of the abacus to the many variations of the calculator. Some people argue that the changes in technology have been for the better while others argue they have been for the worse. While this paper does not address specifically technology, this paper rather addresses influential persons in philosophy to the field of mathematics. In order to understand the impact of mathematics, this paper will delve into the three philosophers of the past who have contributed to this academic. In this paper, I will cover the views of three philosophers of mathematics encompassing their history, views and effects on technology. Rene Descartes (1596-1650), G. W. Leibniz (1646-1716), and Blaise Pascal (1623-1662) (Ebersole, S. (#5)) are the three philosophers. Though all three of these philosophers contributed their own reviews on the subject of mathematical phil osophy, they all saw the world and thus it‘s mechanical contributions â€Å"as being controlled by mathematical principles.† (Ebersole, S.). Rene Descartes was born, March 31, 1596 near Tours, France (Weisstein, E.), to an important family; Descartes’ father held a position as â€Å"Councilor† in the local parliament. Rene was the 2nd of four children in his family, and suffered chronic illness’ (Wilkins, D.). At the young age of 8 years old, Descartes attended a school for which he would hold indubitable regard, the Jesuit School at La Flà ªche. Descartes would continue at this school for eight years until 1612 at which point the encountered the influential (on his life) Mydorge and Mersenne. Together Descartes would devot... ...d November 16, 2003, from ‘A Short Account of the History of Mathematics’ (4th edition, 1908) by W.W. Rouse Ball. Website: http://www.maths.tcd.ie/pub/HistMath/People/Pascal/RouseBall/RB_Pascal.html 7.) Zalta, E. (2003). Gottfried Wilhelm Leibniz. Retrieved November 16, 2003, from The Metaphysics Research Lab. Website: http://mally.stanford.edu/leibniz.html 8.) C.& G. Merriam Co. (1913) Definition. Retrieved November 16, 2003, from Webster’s Revised Unabridged Dictionary Version, Website:www.dictionary.com 9.) Garber, D. (1995). Review of G.W. Leibniz: Critical Assessments,' by Roger Woolhouse ISIS: Journal of History of Science in Society, Dec 95, Vol. 86 p. 651-53. 10.) Stephanos, S. (1977). Elaboration of the Psychosomatic Phenomenon: Observations on the Biography of Blaise Pascal. High Wire January 1,1977, Vol. 20 (2-3) p. 168-79

Cultural practices Essay

Culture, ethnocentrism and cultural relativity are the three terms which form the basis of this essay. There is an effort to define each of these terms in as precise manner as possible. Moreover some discussion on human attitudes and characteristics precedes the final answer to the question : can we judge a cultural practice as ‘right’ or ‘wrong’ ? The answer is affirmative : Yes, all cultural practices cannot be considered equal and beyond reproach, judging them as ‘ right’ or ‘wrong’ is surely acceptable. Definitions Culture is defined as, â€Å" the totality of mental and physical reactions and activities that characterize the behavior of individuals composing of a social group collectively and individually in relation to their natural environment, to other groups, to members of the group itself, and of each individual to himself. ( Heuristic device) Ethnocentrism is defined as tendency to look at the world, primarily from the perspective of one’s own culture. It often entails the belief that one’s own race or ethnic group is the most important and/or that some or all aspects of its culture are superior to those of other groups. ( Ethnocentrism). Cultural relativity is the principle that an individual’s beliefs and activities should be interpreted in terms of his own culture. ( Cultural relativism). It is important to note over here that the five civilizations of human history is the mother of all cultural practices. Each civilization devised a behavioral pattern which suited the local geographic, economic and political conditions. The roots of all ethnic groups claiming to have their ‘own’ and ‘independent’ culture can be traced back to these five civilizations. They are essentially offshoots of the basic civilization. Discussion It has been proved beyond doubt that the major negative characteristics of human race are his greed and his ego. He always wants to dominate over his fellow humans and other living species. On the other hand, one of the best qualities of human beings is to make our globe a ‘worth living’ place. Those who devised the cultural practices were also human beings and hence all cultures have something that can be called ‘good’ and something that can be called ‘bad’ or ‘not acceptable’. A few examples will prove this point. The Indus valley civilization, firmly advocates the theory of ‘ live and let live’. Hinduism, a faith originating in the Indian sub-continent advocates only vegetarian food. The argument is, ‘ why kill a fish, chicken or an animal when your stomach can be filled with vegetables and cereals, without making any compromise on the nutritive values? ’ So far so good. The same culture has a ‘caste’ system. The status of a human being is decided by the virtue of his birth. If he is born in a ‘higher’ caste, he has the world at his feet, and if he is born in a ‘lower’ caste family, then he is treated as an untouchable, who will never get any opportunity in life to improve his position. The European culture. While European intelligence has been instrumental in framing the highly developed technical world of today, full of comforts, the same Europeans have sucked the blood of the third world population by establishing colonies, for centuries together. A very truthful fact, right from the civilization days to today, is that all human efforts in devising cultural practices have been concentrated at ‘local’ level only. No culture has a global approach. The Indus valley civilization is perhaps an exception to this. The practices are laid down for a particular group of people residing in that particular geographic area. In the entire history of human evolution, man has never lived like a single species. Needless to say, ‘betterment of life’ and ‘peaceful co-existence’ were the aims of any cultural practices. Hence, evaluation of any culture should be done on a very basic question, ‘ does it allow others to exist peacefully? ’ The two systems of cultural perceptions, namely ethnocentrism and cultural relativism have very less significance. While ethnocentrism places one’s own culture as the ‘only best ‘ cultural relativism closes the doors for judgments about other cultures. Ethnocentrism does not put Americans or Europeans as the best cultural groups and cultural relativism cannot ignore the fact that slavery system in America is a ‘wrong practice’. These perceptions are irrelevant because no culture is supreme or the best, and no culture is so complete in itself . Summary No theory can prevent judgment of the ‘wrong’ and the ‘ right’ of any cultural practice. Simply because no culture is flawless, when assessed on humanitarian and global grounds. Any practice which preserves the peaceful co-existence and helps in betterment of life will always be applauded and any practice which promotes injustice, cruelty and domination over others, will always be turned down. If Americans think in an ethnocentric way that they are the indirect dominators of the world affairs, they are mistaken. It was Europe yesterday, America today and tomorrow may belong to some other culture. Similarly if Asians think that there is no need to pass judgment on any other culture because every culture is complete on its own, they are also wrong. They ought to pass a judgment and raise a voice against the ‘wrong’ colonization and slavery of Europeans and Americans respectively. No theory can stop passing judgments over any cultural practice. Judgments are necessary. They always help in improving upon the negative aspects of any culture. Works – cited page 1) ‘Heuristic device’ and ‘cultural relativism’, wikipedia the free encyclopedia, 12 – 02-07, Retrieved on 14-02-07. < http://en. wikipedia. org/wiki/cultural_relativism > 2. ‘Ethnocentrism’, wikipedia the free encyclopedia, 10-02-07, Retrieved on 14-02-07, < http://en. wikipedia. org/wiki/etnocentrism >

The Importance Of Animal Farm By George Orwell - 1325 Words

One day at Manor Farm that was ran by Mr. Jones, the animals took over and started their big revolution but over the years their leaders changed and the farm started to fall apart. In Animal Farm written by George Orwell the animal revolution failed indefinitely because the original ideas of the revolution that Old Major spoke about were forgotten over time, Napoleon was unfair to the animals that were in the lower class and the pigs started to act like the humans that ran the farm before them. The animal revolution failed because the original ideas of the revolution were forgotten over time. The night when Old Major spoke about taking over Manor Farm and what he saw in that dream he spoke about the seven commandments which were going to†¦show more content†¦Ã¢â‚¬Å"Beasts of England has been abolished. From now onwards it was forbidden to sing it. The animals were taken aback. â€Å"Why?† cried Muriel. â€Å"It’s no longer needed, comrade,† said Squealer stiffly. â€Å"Beasts of England was the song of the Rebellion. But the Rebellion is now completed.†(88) Since Squealer was such a good persuader all the animals forgot about the song that wasn’t really about the Rebellion but more for the pride of the animals and they moved on to a song that was more about Napoleon than it’s was about the farm and the animals. The animal revolution fails because the original ideas of the revolution spoken by Old Major were forgotten. Another failure that happened during the revolution was that Napoleon was unfair with the animals that were in the lower class. As soon as Snowball got ran out of the farm Napoleon had them already working right away and they spend long hours on the farm. â€Å"Throughout the spring and summer they worked a sixty-hour week, and in August Napoleon announced that there would be work on Sunday afternoons as well.†(59) He’s unfair here because the average amount of work is around 47 hours and people don’t really work on the weekends so to the lower class they were getting tired and they needed food and water but the bins in the shed were nearly finished so Napoleon took to action. â€Å"In addition, Napoleon ordered the almost empty bins in the store-shed to be filled nearly to the brim with sand, which was then covered up with whatShow MoreRelatedA Critical Review of Animal Farm Essay1643 Words   |  7 PagesA Critical Review of Animal Farm Once again, George Orwell shows his literary genius in writing. Through a brilliantly designed plot, the evidence for the horrors of totalitarianism, communism, and revolution have been shown. Throughout history, these types of events have destroyed societies, and George Orwell uses his strength in satire to show this. In someways, he even pokes fun at the communist regimes around the world by symbolizing them as animals. Truly, this book is not only serious inRead MoreEducation And Success In Animal Farm By George Orwell1012 Words   |  5 Pagesthe one with the advantage. In George Orwell’s Animal Farm, a group of pigs lead a rebellion against human farm-owners in support of animal superiority. Throughout this process, the pigs learn to read and write with much success, leaving them as the primary leaders of the farm. The pigs use their education to manipulate and take advantage of the other farm animals, known as the labor animals, who in fact are mostly illiterate and un educated. In Orwell’s Animal Farm, characterization is used to showRead MoreAnimal Farm, By George Orwell, Uses Real World Examples1106 Words   |  5 PagesAnimal Farm, by George Orwell, uses real world examples to link a specific purpose to the unfortunate society. This novel is relevant to the world because in today’s society. Power is often misused and abused. Today’s world if full of scandals by people misusing funds, abuse of power, and taking advantage of the innocent.. To link this novel even more to the real word, Orwell compares Animal Farm to the Russian revolution, which leads to symbols throughout this novel. Authors today are extremelyRead MoreThe Importance of Squealer1346 Words   |  6 Pagescharacteristics that describe Squealer in the book Animal Farm by George Orwell. This pig is also a messenger, an actor, a great persuasive speaker, a follower, and an outstanding liar. Hes nimble, hes clever, hes manipulative and most of all hes sneaky. S quealer uses his intelligence to persuade the other animals on the farm into doing what Napoleon wants, even if they dont really want to do it. He uses his craftiness and cunning to persuade the animals into thinking that he is on their side and hesRead MoreGeorge Orwells Contributions to Society1199 Words   |  5 PagesPreface. Animal Farm. By George Orwell. 1996. 50th Anniversary ed. New York: Penguin Books Ltd, 1946. v-xii. Print. Glover, Beaird. Nineteen Eighty-Four. Masterplots, Fourth Edition (2010): 1-3. Literary Reference Center. Web. 5 Apr. 2012. Knapp, John V. George Orwell. Critical Survey Of Long Fiction, Fourth Edition (2010): 1-6. Literary Reference Center. Web. 2 Apr. 2012. ORWELL, George. (n.d.): Funk amp; Wagnalls New World Encyclopedia. Web. 2 Apr. 2012. Orwell, George. NineteenRead MoreHow Is Marxism Portrayed in Animal Farm by George Orwell? Essay1369 Words   |  6 PagesHow is Marxism portrayed throughout ‘Animal Farm’ by George Orwell? 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One pig, Snowball, was in favorRead MoreAnimal Farm Essay774 Words   |  4 Pagesin†. The book Animal Farm by George Orwell is based on the Russian Revolution. In the book, the animals of Manor Farm are ruled by two pigs named Napoleon and Snowball. The animals follow all the orders that are given to them by the pigs because the pigs are â€Å"superior† and they know what’s right.In the book Animal Farm, many of the animals are influenced by the pigs to do things they don’t agree with, but will be faced with consequences if they don’t. The animals in the book Animal Farm relate to theRead MoreHow Does Orwell Explore the Theme of Education in Animal Farm?1413 Words   |  6 PagesHow Does Orwell Explore The Theme Of Education In Animal Farm? ‘All animals are equal but some animals are more equal than others’. George Orwell writes this toward the end of his highly acclaimed allegory, Animal Farm. From this single statement we can tell quite a bit about Orwell’s views on education which he puts across strongly throughout the novel. A message I see that this statement portrays is that everyone has the right to an education but some people were getting a better education thanRead More Messages of George Orwells Animal Farm Essay1412 Words   |  6 PagesMessages of George Orwells Animal Farm Though Animal Farm can be considered nothing more than a charming animal fable depicting a doomed rebellion, its origin is actually of a more serious and political nature. It is not only the tale of Napoleon and Animal Farm, but a satire and commentary on that of the Russian Revolution, Stalin and Communism. For a person to gain a true understanding of Orwells meaning in Animal Farm, it is best that he or she has an understanding of the political parties

Definition and Examples of Metadiscourse

Metadiscourse is an umbrella term for words used by a writer or speaker to mark the direction and purpose of a text. Adjective:  metadiscursive. Derived from the Greek words for beyond and discourse, metadiscourse can be  broadly defined as discourse about discourse, or as  those aspects of texts  that affect the relations of authors to readers (Avon Chrismore, Talking With Readers, 1989). In Style:  The Basics of Clarity and Grace (2003), Joseph  M. Williams notes that in academic writing, metadiscourse appears most often in introductions, where we announce intentions: I claim that . . ., I shall show . . ., We begin by . . . and again at the end, when we summarize: I have argued . . ., I have shown . . ., We have claimed . . .. Explanations of Metadiscourse Some of our most common and useful metadiscourse signals are the conjunctive adverbs . . .: however, so, nevertheless, and prepositional phrases such as in other words, in addition, and in fact. Other text connectors youre familiar with, such as first, in the first place, second, next, finally, and in conclusion, clearly add to the ease of reading, the flow of the text.(Martha Kolln, Rhetorical Grammar: Grammatical Choices, Rhetorical Effects. Pearson, 2007)Metadiscourse reveals the writers awareness of the reader and his or her need for elaboration, clarification, guidance and interaction. In expressing an awareness of the text, the writer also makes the reader aware of it, and this only happens when he or she has a clear, reader-oriented reason for doing so. In other words, drawing attention to the text represents a writers goals relative to an assessment of the readers need for guidance and elaboration.(Ken Hyland, Metadiscourse: Exploring Interaction in Writing. Continuum, 2005) Writers and Readers Metadiscourse refers to the writers thinking and writing: We will explain, show, argue, claim, deny, suggest, contrast, summarize . . .the writers degree of certainty: it seems, perhaps, undoubtedly, I think . . .   (We call these hedges and intensifiers.)the readers actions: consider now, as you might recall, look at the next example ...the writing itself and logical connections among its parts: first, second, third; to begin, finally; therefore, however, consequently...   (Joseph  M. Williams,  Style:  The Basics of Clarity and Grace. Longman, 2003) Metadiscourse as Commentary Every student who has silently suffered a course of lectures, surreptitiously watching the clock, . . . knows what metadiscourse is, although the word may be quite unfamiliar. Metadiscourse is Last week and Now I propose to turn to and What are we to understand by this? and If I may put it metaphorically, all the way through to And so to conclude... followed by Finally... and Next week we shall go on to examine ...[M]etadiscourse is a kind of commentary, made in the course of speaking or writing. The essential feature of this commentary is that it is not appended to the text, like a footnote or a postscript, but is incorporated with it, in the form of words and phrases fitted into the unfolding message...Now many of the words and phrases we characterize, in their context, as metadiscourse quite obviously function as marks of text structure, or taxis, while as many again seem to occur as explanatory or corrective comments on diction and style, that is, lexis.(Walter Nash, An Uncommon Tongue: The Uses and Resources of English. Taylor Francis, 1992) Metadiscourse as a Rhetorical Strategy Definitions of metadiscourse that rely upon a clear-cut distinction between discourse (content) and metadiscourse (non-content) are ... shaky. Especially when analysing naturally-occurring speech, it cannot be assumed that all forms of communication about communication can be adequately separated from communication itself...Instead of defining metadiscourse as a level or plane of language, or a distinct unit separate from primary discourse, metadiscourse can be conceptualised as a rhetorical strategy used by speakers and authors to talk about their own talk (Chrismore 1989: 86). This is essentially a functional/discourse-oriented as opposed to a formally-oriented view.​(Tamsin Sanderson, Corpus, Culture, Discourse. Narr Dr. Gunter, 2008)

Industrial Revolution How Did the Industrial Revolution...

2. How did the Industrial Revolution transform society? During the 1700s, manufacturing companies in Britain began producing goods in a completely new way that would soon spread across Europe and then across the world. Inventors built remarkable machines. New forms of power, such as steam, replaced the strength of human and animals. The factory system of making goods also came into use. All of these advances affected patterns of living as well as working. Because society was so transformed, this time of great change is known as the Industrial Revolution. The Industrial Revolution brought with it an increase in population and urbanization, as well as new social classes and an alternation in international balance of political and military†¦show more content†¦The industrialization produced many unpleasant social inventions. Production by machinery threw a large number of people into unemployment. The factory system resulted in over-crowding and unhygienic conditions and also t he development of slum areas. Many if not all factory owners who needed cheap, unskilled labor, profited greatly by using children and women to run the machines and because they were small and could fit in tunnels as wellÂ…not only thatShow MoreRelatedThe Invention Of The Industrial Revolution1463 Words   |  6 Pagesin a society where technology allows me to gain access to a relatively easy lifestyle compared to those who lived in the 18th century. Prior to the 18th century and pre-industrial times, the way one sustained and obtained means for survival transformed fairly insufficiently. However, once the Industrial Revolution ignited throughout Europe, the course one’s of livelihood forever changed. While the Agricultural Revolution was a sufficient step forward in metamorphosing human society, it did not reignRead MoreThe Rise Of The Industrial Revolution1464 Words   |  6 Pagesâ€Å"If I had asked people what they wanted, they would have said faster horses,† said Henry Ford. The Industrial Revolution was a stage in the evolution of human society in which a lot of change was effected, not only because of all the new technology being invented, but in the structure of society. As people started to stand up for their rights and rejecting the long-standing institution of wealth determining status, the Old Regime had to adapt. France’s Constitution of 1791 had one law that classifiedRead MoreOrigins Of The Twin Revolutions1287 Words   |  6 PagesInstructor –Ibrahim Bilal History 3005 December 1, 2015 What were the origins of the â€Å"twin revolutions† and how did they combine to create what we call â€Å"modernity†? Modernity, it is a macro process of transition from traditional to modern society. â€Å"Formation of a modern political map of the world began in early 1800 in Western Europe and maybe characterized as the product of the twin revolutions.† European colonization of the New World, the economic and political development of new territoriesRead MoreKarl Marx s Theory Of Crime And Deviance1696 Words   |  7 Pageseighteenth century and was one of the first to develop and explain a conflict perspective on how society functions, he was a liberal reformist who had more radical views about the origins of crime and deviance. He became popular in the US and UK during the 1970’s. Like many radical criminologists, he developed the perspective of the conflict theory that explained how some social interactions result in to conflict and how individuals engage in conflict daily to gain more social wealth and resources. As someRead MoreApplications For Real World Problems1534 Words   |  7 Pagestransportation. It was these needs that provoked an unthinkable amount of innovation to what has lead us to this day and age. A major key in the creation of the real world as we know it today is the knowledge and use of coal, which started during the Industrial Revolution from 1760 to 1840 and its continued success in this day and age that allowed us to advance at a pace so rapid that it could not have been imagined even 50 years ago despite the lack of accreditation that coal actually receives for its enormousRead MoreHistory Of The World. Arguement: Throughout All Of Human1642 Words   |  7 Pages History of the World Arguement: Throughout all of human history, each major revolution or major event has lead to an even more important event or more significant revolution following it. During the Paleolithic period, humans grouped together in small societies such as tribes, and survived by gathering plants and hunting wild animals.The Paleolithic is characterized by the use of stone tools, although at the time humans also used wood and bone tools. Humankind gradually evolved from early membersRead MoreThe Spring Of 1865 And Its Impact On Society897 Words   |  4 Pageswould mark a change in society because the Civil War had just ended; the North had won victory over the South. The time period after the war ended would be known as the Reconstruction Era, which would last until 1877. During this time, America would try to bring an angered South back into the Union, and transform ex-slaves into equal citizens. After the Reconstruction Era, the Gilded Age emerged. The word Gilded means to be covered up with a gold leaf or paint. 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Evaluation of revenue management application in Nigerian hotels. Free Essays

string(358) " in Nigerian hotels To what extent do Nigerian hotels consider Customer loyalty, customer satisfaction and customer retention a priority Limitations For the sake of this thesis, only three hotels will be explored from each of the 36 states in Nigeria, because there are several unregistered hotels and there is no proper list of all the hotels in Nigeria\." Abstract This thesis has provided a structured literature review which gives a broader definitions of the major concepts in revenue management in terms of the applications and the long term relationship with customers. It then explores the extent to which revenue management is been applied in the Nigerian hospitality sector. The aim of this thesis is to analyze revenue management application in some selected hotels in Nigeria, Nigeria is made up of 36 states including the Federal Capital Territory. We will write a custom essay sample on Evaluation of revenue management application in Nigerian hotels. or any similar topic only for you Order Now Three hotels will be selected from the 36 states adding up to a total of 108 hotels to which questionnaires will be sent, the result will give how RM is been applied in line with the manipulation techniques involved, above that, from the research, it will conduct a development plan for other hotels under utilising the full strength of RM tools. The goal of this thesis is to improve the profitability of the room capacity with the tools of revenue management being explored, The theoretical data for this thesis will be collected from the selected hotels, hospitality management literatures, and Internet. In addition, other important information sources will be from the author’s personal experience and a result from the questionnaires rolled out to gain a reliable and comprehensive information of the RM adoption. 1.0 Introduction This chapter gives an introduction to RM, following literatures by Orkin, (1990), Jones and Val, (1993), Karaesmen and van Ryzin, (2004), Kimes, (2000, 1998), Rothstein (1971, 1975), Bitran and Caldentey, (2003), and Weatherford, (2003). We start with an elaborated explanation of revenue management, the history and its origin (Rothstein (1971, 1975), Bitran and Caldentey, (2003), and Weatherford, (2003)). Afterwards, a conceptual framework for understanding the objectives of revenue management, the business platform on which RM can be adopted (Kimes, 1989), the way the system works and finally, this thesis will conclude by giving an outline of the remaining chapters of the thesis. We here trace the history of revenue management as practiced in the hospitality industry in an effort to illustrate what Jones and Lockwood, (1998), said about RM, they said that Revenue management is a well researched and explored manipulation technique for maximising revenue. Unfortunately, revenue management practice in Nigeria is little known, for example, it has been a commonplace to sell a room twice a day if the opportunity arise, increasing the revenue generated directly leading to RM application indirectly, this form the bisis of this dissertation and it is a gap this research is seeking to fill by exploring the extent to which RM is practised in Nigerian hotels directly and not been blind folded by an indirect approach of the application of Revenue Management. RM can be define as a management tool or technique which is currently being utilized by an increasing number of international chain of hotels and independently owned hotels in order to maximize the effective use of their available room capacity and ensure a boost financially, (Salmon, 1990). Furthermore, Jones and Lockwood, (1998), researched and concluded that RM is not entirely a new capacity manipulation tactic in the world, and most hoteliers practice some form of RM, such as the adjusting of room rates to temper fluctuations between peak and off-peak seasons, mid-week, and weekend rates. This Research, therefore, examines the use and application of RM in the hotel industry in Nigeria and aims to demonstrate its application towards effectively maximizing room revenue and profit maximization. For the sake of this thesis, a comprehensive literature review based on secondary sources in order to explore RM application will be established as a guide to the fieldwork and the areas of interest will be extracted from the literature review. Above others, these areas and issues will be investigated through the method of collecting primary data. Furthermore, all collected documentations will be made available in order to validate the information given during these interviews. This thesis is a very satisfying and challenging process since it focuses on the gap which has never been researched in the hospitality industry in Nigeria. Nevertheless, it is a valuable learning experience which will be cherished by revenue managers in Nigeria in order to enhance the revenue generated in their respective hotel(s). This thesis seek to give a proper understanding of revenue management tools including; Overbooking, Inventory control, displacement analysis pricing and lastly forecasting method, their impacts on the corporate performance in terms of customer satisfaction and loyalty leading to customer retention will be of secondary concern. 1.1 Aim This thesis seeks to explore the extent to which revenue management is being practised in Nigerian hotel in terms of the usage of RM tools which is afore mentioned. This will be achieved by exploring three hotels from each 36 states in Nigeria, some which will be from an international chain of hotels and others an independently owned hotels. Questionnaires will be rolled out to these selected hotels in other to have a generic perception towards the adoption of RM following the literature by Vinod (2004) in that the value of revenue management is assessed in the hotel industry. 1.2 RESEARCH OBJECTIVES AND QUESTIONS Every seller is faced with fundamental decisions, juxtaposing this, a BBQ restaurant selling chicken and chips should be able to decide on which period to make her maximum sale, the price to give and when to reduce the price. A cinema ticket or stadium ticket must be sold within a certain period, therefore, the manager must decide when to start selling tickets, what the asking price should be, and when to drop price if necessary. In the Hotel industry, it is similar; hotel managers should know when to drop prices on rooms, when to stop selling rooms, when to increase the prices of rooms. Following these examples, the Nigerian hotels’ operations led us to the objectives of the thesis: To explore the extent to which revenue management is applied. To seek the awareness of RM within the Nigerian hotels. Research questions: How is revenue managed in Nigerian hotels To what extent do Nigerian hotels consider Customer loyalty, customer satisfaction and customer retention a priority Limitations For the sake of this thesis, only three hotels will be explored from each of the 36 states in Nigeria, because there are several unregistered hotels and there is no proper list of all the hotels in Nigeria. However, some of the hotels are part of international chain of hotels operating on an international level while some are independently owned. Furthermore, we have limited the research to RM application and from the survey, the sensitive areas as regards to customer loyalty, satisfaction and long term retention will be explored, in other words, the loyalty, retention and satisfaction will be our secondary aim. Nonetheless, there may of course be other operations or practices within these hotels that affect revenue but our research is focused on the five RM tools been employed as afore mentioned. The followings under listed are the possible limitation this thesis might face. Finance One of the major problems for the research is finance, the financial aspect in terms of travelling to Nigeria to schedule and execute an interview with the managers of the selected hotels and therefore, questionnaires will be sent via the wireless network (internet) using kwicksurvey; an internet based questionnaire software. Authenticity of information Secondly, Some of the managers to fill the questionnaires might accept the purpose of the study and fill, but some might be offended by it and feel it is a time wasting process and give a biased information. Time constraints Lastly, the risk for the study of not been able to find the information it needs at the allowed time. Finding the information may take more time than the limited time given (time constraints). Research Outline Chapter one will set a solid foundation for this thesis, therefore, the research will continue by presenting a comprehensive literature review as far as revenue management is concerned in Chapter Two. A concise description and critical understanding of RM background will be the aim of the literature review (Chapter two). Furthermore, an overview of the literature within the following RM tools including; overbooking, displacement analysis, price control, inventory control (length of stay restriction) and as they lead to customer management will be given in order to set the base and create an understating of how these tools influence revenue generated. Chapter Two concludes with a brief structured analysis of the literature review presented. Chapter three will seek to explore and examine the aim of the research process and how the fieldwork will be conducted. Research limitations will be presented, the fieldwork and how information will be handled. This chapter describes what happens in all the stages on the fieldwork. (Before, during, and after the fieldwork). In Chapter Four we present a generic practice within the studied hotels and give a short generic presentation of the hotels participating and describe how RM tools are used in terms of the followings; overbooking, displacement analysis, price control, inventory control (length of stay restriction). Concluding the chapter with a description of how the respondents recognize the external environment followed by their perception on revenue management and their practices of RM techniques. In Chapter Five, the empirical findings will be evaluated and analysed in a way that it can be linked with the literature overview presented in Chapter Two. This will be done through a critical analysis. These analyses will illustrate the effectiveness of RM application in Nigerian hotels and how it is been adopted, therefore, Chapter Six will be based on the analysis of revenue management tactics. Chapter Six gives the implication of our main findings and conclusions, as this will be based on the entire research carried out, Furthermore, suggestions of areas which is felt to be further developed after critical evaluation of RM application in Nigeria is made following Choi and Mattila (2004)’s investigation on the impact of revenue management as regards to customers’ perceptions on fairness. LITERATURE REVIEW ON REVENUEMANAGEMENT Revenue ManagementDefinition In this chapter, RM literature will be explored, following all the five application tools afore mentioned. In the literature, Burgess and Bryant, (2001) said, many authors are conversant with the use of interchanging the term revenue management (RM) with yield management (YM). Some consider YM only to be related with revenue derived from accommodation whereas RM may encompass all areas of hotel revenue Therefore, it is important to highlight the term YM and clarify its meaning for the purpose of this thesis. Many definitions are available on YM. Jones and Val, (1993) said, yield is calculated by taking revenue realized and dividing it by revenue potential. However, RM is often associated with the following definition by Kimes, (2000, p. 121) â€Å"The application of information systems and pricing strategies to allocate the right capacity to the right customer at the right place at the right time.† further assessment conducted by Mitchell (1992) states that revenue management is the process of controlling room availability by opening, closing and restricting different room rates based on forecast demand in order to maximise room revenue. Jauncey et al. concluded through an analysis of literatures, came up with the term â€Å"best fit† definition for RM, which is â€Å"An integrated, continuous and systematic approach to maximizing room revenue through the manipulation of room rates in response to forecasted patterns of demand.† Jauncey et al., (1995, p. 25) and a description of RM, according to Jones and Val (1993), is to apply basic economic principles to pricing and to control the supply of rooms for the purpose of maximizing room revenue. Which means that in order to have an effective RM technique in place one would need to understand the basic economics of supply and demand so that the right price could be set in order to increase room revenue for the company, following what kimes (1998a) said about selling the right product to the right customer at the right time and the right place. Nevertheless, some conditions for the application of revenue management must predominate according to kimes (2000). These conditions include; Capacity must be relatively fixed, RM tactics is primarily designed for a capacity constrained firms but firms not having this capacity constraints can make use of inventory as a buffer dealing with fluctuations in demand. Service should be perishable, service ends when ends. Service could be sold well in advance of cunsumption, to maximize room revenue, some sort of reservation system which allows inventory bookings to be received well in advance should be put in place. The cost of a sale should be relatively low, this simply means the cost of putting a guest in another unoccupied room is relatively lower than building another room. Demand should flunctuate substancially, peak and off peak seasons, festive periods are all examples of demand fluctuations. Market could be segmented e.g Leisure travellers and business travellers. When looking at the literature from a historical perspective, it was the airline industry that has been credited with the development and refinement of RM following the deregulation of the U.S. airline industry in the 1970s, Kimes, (1989a), and McMahon-Beattie et al., (1999). This deregulation resulted in a heavy competition within the airline industry and led to a price cutting war. Nevertheless, from the literatures of Rothstein (1971, 1975), Bitran and Caldentey, (2003), and Weatherford, (2003), managing inventory became an important part of running a successful business in the early 1970s. As a result of this competitive circumstances, McMahon-Beattie et al., (1999) said, the adoption of RM began in the hotel industry in the middle of the 1980s as the industry was faced with excess capacity, severe short-term liquidity problem and increasing business failure rates. Purpose of Yield Management Jones and Hamilton (1992) among others said, RM in the hotel industry tries to maximize the available guest room rates when room demand exceeds available room and to maximize occupancy when available room exceeds room demands, even at the expense of the average room rate. Nevertheless, some authors like Jauncey et al., (1995), McMahon-Beattie et al.,(1999), Siguaw et al., (2001) all agree that the purpose of RM is the maximization of room revenue through the manipulation of room rates in a structured fashion, so as to take into account forecasted patterns of demand. It is a technique that attempts to maximize profits by using information about buying behaviour and sales to create pricing and inventory controls, Lee-Ross and Johns, (1997). Why RM. Donaghy et. al., (1995), and Kimes, (1989b) just to mention a few, has examined RM applications and studied its definition, researchers like Donaghy and McMahon, (1995), Fitzsimmons and Fitzsimmons, (1998), Hiemstra, (1999), Kimes, (1989a, b, 1997), Yeoman and Watson, (1997), looked at the critical factors that are likely to influence the application and implementation of RM and finally, the ethical issues in terms of customer satisfaction, retention and loyalty over a long period of time can be seen in the following literatures, Cross, (1992, 1997), Jauncey et al., (1995), Kimes, (1994), and Lieberman, (1993). Cross, (1997) added that within one year of the adoption of RM, Delta airline generated $300 million increment, $500 million annually was recorded annually by American airline, over $100 million is annually generated by Marriott jr Hotels and $2 million gained in the first two weeks, following the adoption of RM techniques at the Canadian Broadcasting Corporation. RM Tools Pricing strategies First and foremost, RM tools are intertwined, one tool depends on the other to function effectively. Pricing strategies used to be a decision by the overall managers before, but in recent years, that schedule has been given to a revenue manager but the principle of differential pricing is said not to be attributed to the immergence of RM by Donaghy, et al (1995). Hotel managers have long been using various pricing strategies to maximize their profits by bringing the seasonal demand for rooms and capacity limitations into a balance (Choi and Cho, 2000), even before the deregulation in the airline industry that gave birth to RM in the 1970’s. Differential pricing strategies including; price discrimination, off peak pricing and demand based pricing may change the reference price and reference transaction which could cause customers to feel the current transaction is unfair and the customer could even perceive such differential pricing as price gorging. (Whirtz et al (2003; pg 220 )), A stochastic or probabilistic demand seemed justified on the basis that consumers ‘arrive’ at random times before consumption. From the pricing perspective, though, a theoretical structure was needed to explain how demand is shaped or why it would follow a particular pattern across time. Otherwise, there was no assurance that the past is able to predict the future [Bernstein, 1996; Ng, 2004]. Accordingly, despite tremendous computing power available today, pricing based on demand forecasts faces the same old problem in conventional probability theory, where, according to Bernstein [1996: 334], ‘the raw material of the model is the data of the past’. Some research studies have attempted to shed some light on the behaviour of the advance buyer. The literature is scant, dominated by marketing, and not commonly brought into revenue management research. For example, Desiraju and Shugan [1999] evaluated strategic pricing in advance selling and found that yiel d management strategies such as discounting, overbooking and limiting early sales work best when price-insensitive customers buy later than price-sensitive customers. Shugan and Xie [2000] showed that due to the state dependency of service utility, buyers are uncertain in advance and become certain at consumption time while sellers remain uncertain of buyer states at consumption time because of information asymmetry. They suggest that advance selling overcomes the informational disadvantage of sellers and it is therefore a strategy to increase profit. Xie and Shugan [2001] studied when advance selling improves profits and how advance prices should be set. They have also investigated the optimality of advance selling, investigating selling in a variety of situations, buyer risk aversion, second period arrivals, limited capacity, yield management and other advance selling issues. Png [1989], on the other hand, showed that costless reservations in advance is a profitable pricing strate gy as it induces truth revelation on the type of valuation that the consumer has for the service (which is private information). If the consumer has a high valuation i.e. ability to consume, s/he will use the reservation and pay a higher price. If not, the consumer will not use it. In another paper, Png [1991] compared the strategies of charging consumers a lower price for advance sales and attaching a price premium at the date of consumption versus charging them a premium and promising a refund should consumption prices be lower than what was purchased. Despite these models that aim to capture primitive advance demand behaviour, there has not been much effort to integrate them into a unified framework, nor have there been any attempts to bridge the behavioural aspects of demand with revenue management research. Models of the former capture individual consumer behaviour (or homogeneous consumer segments) and it was difficult to see how that could be aggregated and applied to revenue management that mostly dealt Overbooking, cancellations and no-shows Overbooking, is simply defined as a concept of accepting more reservations than the physical available capacity with the knowledge that some bookings will end up as a no-show, or cancellations furthermore, this serve as a hedge against early check outs, this is said in the literature that overbooking is one of the oldest form of RM tactics Karaesmen and van Ryzin, (2004). Overbooking is actually not a bad concept, but if not managed well, it could lead to overselling. Overselling happens when the number of arrivals exceeds the available room capacity. Authors have examined how hotels could secure themselves in other to avoid no-shows or cancellations by guests, through appropriate reservation policies, (Alstrup et al., (1986), Belobaba, (1989), Hersh and Ladany, (1978), Lieberman and Yechiali, (1978), Rothstein, (1971, 1974, 1985), Thompson, (1961), and Toh, (1985)) ———airlines. Under this strategy, the seller deliberately oversells capacity if high-paying consumers show up, even when capacity is already fully booked. The seller then cancels the sale to some low-paying customers while providing them with appropriate compensation. We derive a new rule to optimally allocate capacity to consumers when overselling is used, and show that overselling helps limit the potential yield and spoilage losses. Yield loss is reduced because the seller can capture more high-paying customers by compensating low-paying customers who give up their right to the product. Displacement analysis Displacement analysis has been a very challenging exercise for function room analysis. It is challenging to determine what to negotiate when considering booking a group with a significant lead time, because when compression does hit it is possible that more money could have been made by waiting and taking the last-minute groups that are willing to pay higher prices. But that requires hotels taking significant risks and gambles The concept of displacement is defined by Abbort and Lewry, (1991) is said to be â€Å"those prospective customers who are unable to obtain a higher rate because the rooms have already been booked by customers paying lower rate.† Furthermore, Biyalogorsky, (1999) added that displacement concept is â€Å"selling at a low price, and losing a better price later†. Displacement analysis is divided in to two parts, including; Primary displacement and Secondary displacement. Primary displacement is also known as the direct displacement, and these are those prospective guest who are willing to increase the room rate themselves just to get booked for a particular date of arrival but could not be booked due to the fact that the available rooms are already been booked by guests with lower rates. Secondly, the secondary displacement which is also known as indirect displacement and are said to be those subsequent rooms lost due to primary displacement. Example of this displacement analysis can be seen in appendix 1. Inventory control 1 The Mechanics of Inventory Control Distribution and Central Reservation Systems Traditional revenue management is intimately related with distribution and central reservation systems. Distribution and central reservation systems represent a broad and fascinating topic in their own right. An excellent high-level account of airline planning, marketing, and distribution activities and their relation to operations research can be found in Smith et al. (2001). Here we provide only sufficient background information to facilitate discussion of the main topic of this paper, revenue management. Forecasting Forecasting is an important strategy of RM in any organisation adopting its techniques; but it is particularly critical in hotel revenue management because of the direct influence forecasts have on the available room booking limits that determine hotel profits. Not surprisingly, forecasting is concurrent with the literature on overbooking because overbooking calculations depend on predictions of ultimate demand, cancellations, and no-shows. Demand forecasting Jauncey et al., (1995), Pak and Piersma, (2002), Kime, (1999), 2003), all agreed that forecasting is one of the key principles of revenue management. Jauncey et al., (1995), Donaghy et al., (1995, 1997), juxtaposed the effectiveness of a good RM system by adding that it should be able to predict demand conditions and fluctuations by analyzing reservation patterns, arrival, departures and a score of other demand characteristics. Recently, the following literatures by Anderson and Blair, (2004), Desiraju and Shugan, (1999) suggested that revenue management systems with forecasting algorithms are expensive to implement in real terms. Lahoti, (2002) added by saying that, a typical RM system costs between $1 million to $3 million and takes more than two years to implement. Moreover, research has proven and showed that these complex and sophisticated revenue management systems are not liable to mislead, deceive, or disappoint. In fact, Ng et al., (1999) added that, using the data of the pa st and sales department using present day information, conflicts often occur, and many revenue management tactics should employ some level of human intervention, in other words, making use of RM as a guide but human intervention is still relevant. Forecasting has four limitations, following the literatures by c.f. Chase, 1999; Lieberman, 1993; Relihan, 1989; Boyd, 2004; Desiraju and Shugan, 1999. Firstly, A proposition upon which forecasting is based or from which a forecasting conclusion is drawn, should be based on fundamental concepts of consumer behaviour, (Chase, 1999; Lieberman, 1993, Relihan, 1989). It will be of great importance to bring to revenue managers attention according to Carry, (2004) revenue manipulation and maximisation using forecast method. Consequently, this may not be a good indicator of the subsequent or present bookings, and cannot be determined by using only RM system by studying historical pattern of demand, because the reason why consumers act or react the way they do is just as important as how they are behaving. Secondly, forecasting tactic at its best when adopted is still a combination segments that could, if possible, be desegregated for higher revenue. Thirdly, demand records are subject to m any factors, including the pricing strategies of the existing competitors at that time. We can only assume and predict based on the historical data. Finally, demand can be influenced, not merely be known. As early as 1951, Schumpeter, (1951), Liebhafsky, (1968) said that wants cannot be taken as independent and consumers could be taught by producers to want new things. Figure 1 duration price fixedvariable predictableQuadrant 1MoviesStadiums and arenasConvention centres Quadrant 2HotelsAirlinesRental cars Cruise lines unpredictableQuadrant 3RestaurantsGolf CoursesInternet service providers Quadrant4Continuing careHospitals (Kimes. 2000. p.127) The industries found in quadrant 2, such as airlines and hotels, are generally those associated with RM, Weatherford et al., (2001). That is because these industries tend to use variable pricing for services with a specified or predictable duration. Nevertheless, Donaghy and McMahon (1995) state that a successful application of RM techniques results in fluctuating room prices. RM therefore, consists of not two, but three separate, interrelated parts; inventory management, duration control, and pricing. BIBLIOGRAPHY Abbott, P. and Lewry, S. (1991) Front Office Procedures, Social Skills and Management. Oxford: Butterworth-Heinemann. Bitran, G. and Caldentey, R. (2003). â€Å"An Overview of Pricing Models for Revenue Management†. Manufacturing and Service Operations Management, Vol. 5, No. 3, pp. 203-229 Chang, Y.N and Chanpo-Flores, F.C (1980). Business policy and strategy: text and cases. Goodyear pub. Co: Santa Monica, Calif Chase Jr., C.W. (1999) â€Å"Revenue management: A review’, Journal of Business Forecasting Methods and Systems, Vol. 18, pp.2 28. Choi, T.Y., Cho, V., 2000. Toward a knowledge discovery framework for yield management in the Hong Kong hotel industry. International Journal of Hospitality Management 19 (1), 17–31. Choi, S., Mattila, A.S., 2004. Hotel revenue management and its impact on customers’ perception of fairness. Journal of Revenue and Pricing Management 2 (4), 303–314. Cross, R.G., (1992). The ethics of yield management. In: Davis, D.T., Harless, M. (Eds.), Ethics in Hospitality Management. Educational Institute Of American Hotel Motel Association, Michigan, pp. 235–248. Cross, R. G (1997). 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International Journal of Contemporary Hospitality Management 9 (2), 80–83. [/level-freee-rstricted] How to cite Evaluation of revenue management application in Nigerian hotels., Essay examples