Why Did Enron Fall - 1804 Words

Why, why did Enron fall? On December of 2001, the nation’s seventh largest corporation valued at almost $70 billion dollars filed for bankruptcy. Illegal and fraudulent accounting procedures would led to the demise of the company. Over 20,000 people lost their jobs, and about $2 billion in pensions and retirement funds disappeared. Despite all this, Kenneth Lay, Jeffrey Skilling and Anthony Fastow profited greatly from Enron. These events resulted in the implementation of new legislation on the accuracy of financial reporting for public companies. The fall of Enron became known as the largest corporate bankruptcy in the United States at the time. CEO Kenneth Lay was a very smart man who always thought ahead of the curve. In his search for new opportunities, he started thinking about the deregulation of energy markets, particularly the natural gas market. Then in 1985, Lay eventually founded Enron in Houston, Texas. This was the result of merging two relatively small regional natural gas pipeline companies: Houston Natural Gas and InterNorth. In 1987, the misappropriation of money by two traders of Enron Oil brought to light the Valhalla scandal. These traders created offshore accounts and phony books, thus betting on the price of oil for Enron on both sides. Despite the executive board’s attempt to bring this case to Lay’s attention, no action was taken against these traders. On the contrary, they were encouraged to keep making money. The traders bet all of Enron’s moneyShow MoreRelatedThe Smartest Guys At The Room : The Amazing Rise And Scandalous Fall Of Enron1654 Words   |  7 PagesIn the Room† the amazing rise and scandalous fall of Enron goes into great detail of what happens when a company has no ethics. It could be said that ethics was the last thing on the minds of the executives that worked at Enron. People employed at Enron cared about two things the stock price of the company, and the money they could put in their own pockets. This was what caused the fall of one of the biggest en ergy companies in the U.S†¦ Enron failing did not happen overnight it took years for all theRead MoreEssay on Overview of the Enron Scandal1217 Words   |  5 Pages Enron Corporation was an energy company founded in Omaha, Nebraska. The corporation chose Houston, Texas to home its headquarters and staffed about 20,000 people. It was one of the largest natural gas and electricity providers in the United States, and even the world. In the 1990’s, Enron was widely considered a highly innovative, financially booming company, with shares trading at about $90 at their highest points. Little did the public know, the success of the company was a gigantic lie, and possiblyRead MoreTaking a Look at the Enron Scandal1270 Words   |  5 Pagesreal cash flow had not come to the company yet. Moreover, cause when Enron come to the long term contract, they would assumed that there were long term declines in spot prices (Page 6, journal of economics), there would be the risk of loss if there were the increase in the price of gas in the future and it does not recognize in the financial statement; therefore, to make the income statement made more sense in economics term, Enron had created an accounting structure that help the company to stableRead MoreJaclyn Givens. Kathy Osburn. Management 101. 5/8/17. The1400 Words   |  6 PagesJaclyn Givens Kathy Osburn Management 101 5/8/17 The Enron Era â€Å"Just as character matters in people, it matters in organizations,† says Justin Schultz, a corporate psychologist in Denver. The Enron scandal had a big exposure in 2001 confirming the big secret to the increase in billions. In July 1985, Enron formed the merger of Houston Natural Gas and Omaha-based Inter North. The Enron corporation was an American energy company based in Houston Texas. The corporation’s catastrophe in 2001 signifiesRead MoreEnron Case1075 Words   |  5 PagesMINI CASE: THE FILURE OF CORPORATE GOVERNANCE AT ENRON 1.Which parts of the corporate governance system, internal and external, do you believe failed Enron the most? In the evaluation of the Enron’s case; by trying to see the very big picture, it is not only about that the internal part of the corporate governance system was failed or but also the external part of the corporate governance system was also failed. As noted on the last paragraph of the mini case, many people from diff erent positionsRead MoreRelationship Between Ethics And Business Performance1181 Words   |  5 PagesAlthough the relationship between ethics and business performance is still the subject of controversy, the Enron case is a demonstration that the lack of ethical behavior is inseparable from the competitive disadvantage. The question is not so much whether the disaster could be avoided if the company had adopted from the beginning, transparency criteria. The main thing to know as citizens, so far reputed and honest, have managed to create an environment to bring their managers to take ethically reprehensibleRead MoreRelationship Between Ethics And Business Performance1278 Words   |  6 PagesAlthough the relationship between ethics and business performance is still the subject of controversy, the Enron case is a demonstration that the lack of ethical behavior is inseparable from the competitive disadvantage. The question is not so much whether the disaster could be avoided if the company had adopted from the beginning, transparency criteria. The main thing to know as citizens, so far reputed and honest, have managed to create an environment to bring their managers to take ethically reprehensibleRead MoreThe Fall of Enron1146 Words   |  5 PagesCase: The Fall of Enron 1. Why was Enron such an admired company prior to 2000? What innovation do they bring to the table? Be specific and support your statement with concrete information. Enron was an admired company prior to 2000 because at that time it surfaced as a frontrunner in the deregulated energy market, making it possible to sell energy at higher prices, thus significantly increasing its revenue. The company, through efficient management team, has built leading businesses in energyRead MoreEnrons Organizational Culture : Enron1643 Words   |  7 Pages Enron: [Don’t] Ask Why During the year 2000, Enron was exceeding all expectations, its stock was through the roof, and the company seemed to be on top of the world. The next year Enron declared bankruptcy. So how did a company rise and fall so quickly? The key in analysing this question lies in Enron’s organizational culture, which is defined as â€Å"a shared meaning held by members distinguishing an organization† (Robbins and Judge, Essentials of Organizational Behavior, 269). During its primeRead MoreFall of Enron1160 Words   |  5 PagesThe Fall of Enron 1. Why was Enron such an admired company prior to 2000? What innovation do they bring to the table? Be specific and support your statement with concrete information. Prior to the year 2000, Enron Company, established in the mid-80s, caused the admiration worldwide because of its fast rise of revenue both in the local and international stock market in a short period of time. Enron’s operating income in the year 2000 was stated in $100.7 billion and its after-tax net income was

University as I see it Free Essays

Mr.. Rater, ladies and gentlemen I am grateful for the opportunity rendered by all of you to express my opinion in this fiercely controverter subject. We will write a custom essay sample on University as I see it or any similar topic only for you Order Now To me the period between high school and work, or Post-graduate education, which is called by all of us University, is inevitably the most defining period in our life, as it ends our acquisition in school as well as precedes our career of utilizing what we’ve learned. For the sake of its special position – between learning and work, that defining period is ordained the special duty of being well seed to acquire some knowledge and abilities that will be soon made use of. Unlike any other period we’ve ever experienced or will experience, it is never a single period simply to learn something or to use what we’ve learned; it is a combination of learning and using. Another extraordinary identity of this period is that It’s time when we are young and active. Being impressively influenced by the quotation â€Å"Be crazy before being old†, many of us have recognized that this is not only a period to forge us but a wonderful while to enjoy, as it will possibly be the last chance that we eve plenty of time to think, to plan, and dodo what we desire. Unfortunately many of us have only realized one of the two major use of university – mostly the entertaining one. They have well but Insufficiently enjoyed the paradise with least rules and restrictions; they are doing whatever gratifies them – spending almost all the time they’re awake playing computer games, having fun with their friends all the time, of course while absent from classes. The rest of whoever realized only one use of the period are completely doing oppositely to the former ones; they have always en studying and studying, any time they are not sleeping, even sometimes when they are. The commonly seen phenomenon mentioned above does not stand for what modern university students are all about; In fact It Is something that, If treated wisely and courageously, can be largely reduced. And such wisdom and courage will be no more than a clear recognition of our Identity and the enormity attached to that Identity. With such recognition, our entertainment will be more relaxing when letting go the fatigue of working; with such recognition, we will realize that we are now not only students that shall learn as much as possible, but adults that need some abilities to take the responsibility of our life; with such recognition, we will soon have a vision of our future that’s being more and more clear and close. We are still very young, so we have a lot of time and energy to make our life crazier, more wonderful, and more unforgettable. But we are no longer Immature, so we cannot bear the loss of some Irresponsible deeds that are thought, however, enjoyable when being done. And all these should be kept In mind during the defining period – university. Thank you all. University as I see it By rises career of utilizing what we’ve learned. For the sake of its special position – between any other period we’ve ever experienced or will experience, it is never a single period simply to learn something or to use what we’ve learned; it is a combination of learning and using. Another extraordinary identity of this period is that it’s time entertaining one. They have well but insufficiently enjoyed the paradise with least the time they’re awake playing computer games, having fun with their friends all the hat modern university students are all about; in fact it is something that, if treated be no more than a clear recognition of our identity and the enormity attached to that identity. With such recognition, our entertainment will be more relaxing when letting and more unforgettable. But we are no longer immature, so we cannot bear the loss of some irresponsible deeds that are thought, however, enjoyable when being done. And all these should be kept in mind during the defining period – university. Thank How to cite University as I see it, Papers

Advanced Project Management LT13 and Reduce its Energy Consumption

Question: Discuss about the Advanced Project Management LT13. Answer: Introduction The project task is to renovate the building of an educational institute and also to reduce its energy consumption. The project is also concerned with safeguarding the health condition, education and learning, provide vocational and general educational school. The projects have also provided work for many unemployed workers and also technicians required for various technical aspects of the buildings. In order to make sure that energy is saved, initiatives has been taken by replacement of exterior door and windows, renovation of boiler-house and heating units, the method of upgrading of supply of hot water and heating systems, providing thermal insulation of walls and buildings roofs and the security system of the projects. All these were included in the LT 13 project of Burwood. Challenges of LT13 project The first part of the management LT13 project deals with the problem of the quality of the area. Through the following study the project manager would be able to analyze about the quality of the area being worked upon, the project manager representatives tend to expand the plan given upon them by the supervisors. This states that the councils are not focusing on short term quality but they are want to make sure that the project maintains the same quality in the long run (Programme for the upgrading of educational institutions, 2016). In the Burwood project of construction of LT13 it can be identified that the assurance quality and control quality must operate or manage not by the contractor or any other third party but it should be managed by the particular company project manager. The project manager needs to be strong-minded that the particular company must analysis and support job detailed construction to the supplier inferiority plans which the work has been started earlier. If t he engineer does not complete the allocated construction than it needs to be the reworked again or for any other issue which has been strongly recommended, once creation is underway, contractors must make sure that the ground engineers need to communicate with the development engineers past to any engineering alterations will be made. It develops what has actually taken place or what the management of the construction has planned (Joseph et al. 2007). It is vital to take down when the project is ongoing. All field engineers and project engineers should be well qualified by professionally and aware with confined codes and standards. Some of the time due to nation change province change to others and other change of standard depends on county or municipality. To start the project the engineer should be correct at the starting. The local codes of familiarity and professional qualification and standard should need to be essential. If the LT13 project company expects the outsource engine er of different project location small education sessions or formal training is necessary to confirm that the codes, project procedure, and standards are familiar to the contractor. The second part is that part where the project managers are tested i.e. to have a plan of cost. In some circumstances the project is on the way with misinformation as the project of LT13 is appraisal is complete to be seen poorer that it would be seen it, in reality, to get project approval in final. To maintain the cost of the LT13 project the accounting of the project must need to start from the beginning. There also have a requirement to the project process in tracking in place of any scope of changing and projecting any further cost that may get up due to changing of scope. So, these are all the business challenges that have been managed and looked upon while doing this LT13 project. Organizational structure of managing In this construction, the project manager has high-level permission to control or to manage the project resources. The project manager has full permission on this project structure that can obtain the needed resources to accomplish the objectives of the project through outside or inside of the organization that has the only the subject of quality and constraints budget that can identify the project. Project manager assigned the report and project directly of the project structure (Rangelova 2015). The manager of the project is liable for the appraisal performance and progression career of all team member LT13 project which leads to increase the loyalty in the work. Comprehensive expert of a line over the LT13 project the labors gives the project manager centralized lines and tough project control which makes rapid improved response and time of reaction. Moreover, project workers are engaged on a long term basis rather than part-time or common basis. The strong identification project sense and ownership are developed by the teams of the project in efforts of deep loyalty to the LT13 project and better understand the activities nature of project, goals or mission. In the project of LT13 limited opportunities exists and sharing of knowledge about the project which is a common factor between team participants concerning the deficiency of occupation continuity and chances for specialized development. A variation of this wholesome project method is provisionally project-based administrations. The LT13 project organization contains a planning team that dragged together provisionally from their database component and controlled by a manager of a project which is not reported to a unit of the program. The project manager has the full authority and supervision of the project team to make the big project of LT13 (Rangelova 2015). Construction Method The Executive officer of LT13 project Burwood has undertaken the construction method to the modification phase. To ensure the construction method the key principle of incorporates adequately process is required to study the method of construction. The method of construction is used in the project of LT13 which are (1) dependable with the principle criteria of design that has been described in the project. (2) Consider chances for modification of the scheme footmark within the safety corridor of the road in functional and engineering cause (Detailed design and construction of the proposed upgrade, 2017). (3) Report any uncertain matters connected with the improvement of the conception design as labeled in this ecological assessment and any following proposals report. (4) meet any circumstances of support rising from the ecological calculation endorsement process unless variations to the situations of support are approved subsequently. (5) The innovation of incorporate opportunities. ( 6) Escape from sensitive identical environment areas and species which is significant. (7) Impact measure of management has the need to be refined and developed. (8) Properly mature and integrate the design of urban strategy and land has perception development in the ecological valuation. (9) Be steady with ecological principle and sustainable development. These all the types of construction method that are used by the LT13 project to make a sustainable complex which is environment-friendly. Planning Through the results of analyses done the decision has become recommended or apparent subject of the action which can be supported by analyzing completely. SFP will become the essence of this recommendations. By the process to authorize organizationally most managers of the faculty will give the senior management about the recommendations that have few adjustment and negotiation plan and to get funding and final approval plan for which the plan has been proposed. In the organization objectives, the integrating planning to balanced methodology scoreboard is recommended by IFMA. The IFMA recognizes that there are many selected methods by the organization for facility management and business process that conforms to bring up with the line of the methodologies of the organization. There are some of the planning that is in the construction of LT13 in Burwood which are (1) addressed of the primary objective should be documented in SFP, (2) Evaluate costs, sites, zoning, competition, labor a nd all other critical factors that lead to success. (3) Conduct risk and economic analysis to look for getting the high value. (4) Alternatives develop with priorities and recommendations. (5) Develop of marketing recommended process to gain approval of the management. (6) To launch the phase of action other approvals is needed to obtain financial benefits (Roper, 2009). It is also essential to note down that if once it is approved it will evolve to continue by SFP and to get a condition of changing inside and outside of the organization. It will give a minor adjustment if the SFP have good flexibility to accommodate. Project Cost Summary Job name: 2275-DDR0 Job Description Client Name: Deakin University Building HC Lecture Theatre LT13 Stage 1 Maintenance Upgrade Works Design Development Cost Plan Rev.0 Trade No Trade description Trade % Cost/m2 Sub Total Mark Up % Trade Total 1 Area 2 Demolition Alterations 3.26 16.30 15000 15000 3 Floor Preparation 2.17 10.87 10000 10000 4 Metal Work 2.39 11.96 11000 11000 5 Carpentry 0.87 4.35 4000 4000 6 Doors, Frames hardware 1.96 9.78 9000 9000 7 Aluminum Screens and Hardware 0.22 1.09 1000 1000 8 Floor Finishing 10.87 54.35 50000 50000 9 Plasterboard 2.61 13.04 12000 12000 10 ceiling 1.30 6.52 6000 6000 11 Acoustic Treatment 2.17 10.87 10000 10000 12 Painting 5.65 28.26 26000 26000 13 Build in fitness 14 Blind graphics 0.27 1.36 1250 1250 15 Electrical servics 8.70 43.48 40000 40000 16 Mechanical services 17 seating 24.14 120.68 11125 11125 18 Scaffold 3.26 16.30 15000 15000 19 Pc sums 0.54 2.72 2500 2500 20 Preliminaries and margin 11.14 55.68 51225 51225 21 Design contingency sum 2.17 10.87 10000 10000 22 Total tender sum 385000 23 Construction contingency sum 5.0% 4.35 21.74 20000 20000 24 Total anticipated construction cost 405000 25 Consultant fees 7.16 38.04 35000 35000 26 Deakin: - minor builder works 1.09 5.43 5000 5000 27 Deakin: - infrastructure ITS 28 Deakin: - security 0.54 2.72 2500 2500 29 other 0.54 2.72 2500 2500 30 Project contingency sum 2.17 10.87 10000 10000 31 Total project sum 460000 32 exclusion GFA:920m2 100.00 500.00 460000 460000 Final Total: $ 460000 Conclusion Through this study, it has been briefly understood that the construction project of LT13 in Burwood had helped the locality people in their livelihood. The main theme of the project is to make a better welfare for the people of Burwood. The project includes the educational facility, new method of study, a safeguard of health and household activities using benefits. The operational manager of LT13 project and its team had done a great job through the safe authority of the government that the people of Burwood are living a comfortable life. Through the constructing method planning and after the construction it has clear that the project like LT13 had given a good and better opportunities life to the Burwood people and to their future. References Amalraj, J., Hernani, C., Ladouceur, K., Verma, A. (2007). Challenges Lessons Learned.Project Management:. n.d.Retrieved from https://www.beg.utexas.edu/energyecon/ua_2007/AB_Project_Mgt_challenges.pdf Detailed design and construction of the proposed upgrade (2017).Tintenbar to Ewingsdale Upgrade. n.d.Retrieved from https://www.rms.nsw.gov.au/documents/projects/northern-nsw/tintenbar-to-ewingsdale/tintenbar-6-detailed-design-and-construction.pdf Programme for the upgrading of educational institutions (2016).Measures-odyssee-mure. Retrieved from https://www.measures-odyssee-mure.eu/public/mure_pdf/tertiary/LT13.PDF Rangelova, F. (2015). BASIC ASPECTS OF ADVANCED CONSTRUCTION PROJECTS ORGANIZATION AND MANAGEMENT.BULTEST STANDARD LTD. n.d.Retrieved from https://uacg.bg/filebank/att_8857.pdf Roper, K. (2009). Strategic Facility Planning.International Facility Management Association. Retrieved from https://www.ifma.org/docs/default-source/knowledge-base/sfp_whitepaper.pdf