Role of Cognitive Therapy in Reducing Human Error

Role of Cognitive Therapy in Reducing Human Error Table of Contents (Jump to) Introduction Cognitive Therapy and Human Error Automatic Subsystem Attentional Subsystem Conclusion Bibliography Q: As a Cognitive psychologist, how could you help reduce human error either at work, on the roads, or at home? Word Count: 1819  ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­_____________________________________________________________________ 1. Introduction Human error is evident is all areas of human involvement, and may differ vastly in terms of the seriousness of the outcome. A typing error, for example, is easily corrected with no harm to anyone; however, an error in a medical procedure may have more damaging consequences for both the patient and the medical practitioner. Reason (2000) identifies two main approaches to human error namely the system approach and the person approaches. The system approach maintains that human error is inevitable, but reviews it as a consequence of larger, systemic problems. The person approach, which is largely the more popular, views error as, arising primarily from aberrant mental processes such as forgetfulness, inattention, poor motivation, carelessness, negligence, and recklessness (Reason, 2000: 768). In his essay, Reason (2000) suggests that there be a movement toward a system approach to human error, arguing that the human condition is not changeable, yet the conditions under which they work a re. The following essay will consider the role of cognitive therapy in reducing human error. Focusing on two main areas of research: cognition and behaviour. This will be followed by a conclusion of findings. 2. Cognitive Therapy and Human Error Aaron Beck is the founder of Cognitive Therapy (CT) and in this approach he proposes that our feelings, thoughts and behaviours are all interlinked, and that thought and behaviour changes, will result in feelings being transformed (Sanders Wills, 2006). Therefore, Cognitive Therapists make use of behavioural experiments and target cognitions in order to bring about cognitive, emotional and behavioural strategies. This understanding of CT and the methods used by Cognitive Therapists becomes increasingly relevant to the theory of human error when considered in the backdrop of The Emerging Model of Cognitions presented by Panko (1997). The Emerging Model of Cognitions (Panko, 1997) highlights the interplay between three subsystems, namely: the automatic subsystem, the attentional subsystem and the environment, and each of these systems impact on the cultivation and execution of a plan. The automatic subsystem includes schemata (sets of information and response patterns) that are below the level of consciousness. These schemata are triggered by a specific stimulus, which elicits a patterned response. Panko (1997) gives the example of speech, which involves a number of complex processes, or schemata, which we are not conscious of, but results in the patterned response of speech. Error will sometimes occur when a situation arises for which there is no existing patterned response (schemata). In such a situation, a schema that has been activated in a similar situation is then activated, resulting in occasional error. The second subsystem described by Panko (1997) is the attentional subsystem. This subsystem involves log ical and attentional thought, which, like the automatic subsystem, is also built on schematic organisation. According to Panko (1997) error rooted in the attentional subsystem can be largely attributed to lay theories. This researcher explains that, Even after people receive training in specific areas, such as physics, they often revert to lay theories afterward†¦lay theories are schemata that we have developed over many years. They are very likely to produce errors when we model situations (Planko, 1997: ¶16). Finally, the environment is the third subsystem indicated by Planko (1997). According to this researcher, the planning and execution of an action is in constant play with the environment. Plans are fed back to the environment, and are then adjusted accordingly. When the environment is a buzz of information and stimulus, thus confusing the schema, unexpected results can occur. From this model, the following causes of human error can be identified. Firstly, disruption to the automatic subsystem, as a result of the ill matching of schema to an unknown situation. Secondly, disruption to the attentional subsystem, by reverting to lay theories, and finally, the environmental impact, where it is understood as influencing the formation of schema. This model brings to the forefront the idea that, to a large degree, human error can be understood as being rooted in cognitive and behavioral mishaps. Cognitive therapy may be employed to help reduce these errors by tackling the automatic and attentional subsystems presented in the model. 2.1 Automatic Subsystem Cognitive Therapy explains the working of schema, defining it as a relatively enduring, deep cognitive structure that organizes the principles of giving appraisal and meaning to experiences, especially in relation to rules of living, with regards to self, others and the world (Sanders Wills, 2006: 147). An event schema, or cognitive script, involves processes and practices of approach tasks and problems. These ways of processing are behaviorally oriented and triggered by certain stimulus (Scholl, 2002). Such schema are constructed either directly, through repeated a process a number of times, or indirectly through movies, role models and stories (Scholl, 2002). Scholl (2002:  ¶4) identifies two distinct methods of data processing. Data-driven or stimulus-driven processing occurs when no schema exist form which to process information. The individual examines all information and proceeds through a careful decision making process. Schema-driven processing occurs when an individual responds to a stimulus (decision making or problem solving situation) by evoking a programmed response or behavior script (schema). This is done without extensive data collection or analysis. According to Scholl (2002) error is more likely to occur when an individual has a rigid schema. In this instance, an individual, despite the in information provided, uses the same schema to respond to similar situations and no longer makes a distinction between them. The results in inaccurate decision making and errors occur. Such error can be seen to occur, for example, on the road. An individual with a rigid schema may have his or her problem solving diminished when confronted by a faulty traffic light. Instead of considering the unique information, he or she responds as if it where a normal functioning light, resulting in an accident. Cognitive therapy, by means of schema therapy and challenging core beliefs attempts to loosen and change some of the enduring schema. 2.2 Attentional Subsystem As previously described, disruption to the attentional subsystem occurs when a person reverts their attention to a particular thought. From this it can be understood that, despite having a variety of options available, thinking because inflexible and rigid. A person may even be said to have become fixated. One such lay theory may be seen in the form of excessive worry. Worry is a type of negative intrusive thought, which tends to distract the worrier from the task at hand. For example, a person new to their job, having undergone and successfully completed the necessary training, may become anxious on starting their job. This would be further compounded by such worrisome thoughts of, I am not good enough, I know that I will make a mistake, when I make a mistake I will be fired. This talk is the lay theory they have about themselves and their competence. This negative self-talk interferes with the brain processes necessary for completing the task, and error occurs. Shearer and Gordon ( 2006) give reference to a number of cognitive behavioral strategies that can be employed for the reduction of worry, including repeatedly challenging the worry process, experiments of behavioral exposure and mindfulness based meditation. Another approach offered by cognitive therapy for confronting such patterns of thought is that of Attentional Training. Wells and Papageorgiou are the founders of Attentional Training and describe it as a way of decreasing the fixed focus (which is typically self-focus) and allow for more flexibility in thought (Sanders and Wills, 2006). Harvey, Watkins, Mansell, and Shafran (2004: 67) describe the process involved in Attentional Training: The therapy is divided into several stages: The therapist first provides a clear rationale for why reducing or interrupting self-focused processing may aid recovery. The patient is asked to fixate on a visual stimulus (e.g. a mark on the wall) and then to focus attention for several moments on each of a series of different sounds (therapists voice, tapping, clock). The patient is instructed to exclusively focus on each sound alone. The patient shifts their attention rapidly between the sets of sounds. The patient attends simultaneously to all of the sounds, trying to be aware of as many sounds as possible. Through this process a person preoccupied by worrisome thoughts, learns to attend to more than one stimulus, and is thus able to shift there attention when these thoughts arise. Conclusion This essay explored and discussed the phenomenon of human error, the processes involved in human error and the possible negative outcomes when human error occurs. This included a range of problem outcomes, from relatively harmless to far more damaging ones. Two prominent theories of human error where identified, namely the system and person approaches. Working from the person approach, The Emerging Model of Cognition provided a framework from which to consider the role of cognitions in human error. This model highlighted the role of cognitive therapy in helping to reduce human error. Schema Therapy was identified as an effective method for helping to make rigid schema more flexible, thereby freeing the individual to be able to consider a larger variety of options before acting. Attentional Training was identified as a method for approaching unconscious schema in the attentional subsystem. This approach in cognitive therapy trains the individual to attend to more than one stimulus. Th is allows the individual to be less distracted by intrusive thoughts, such as worry, and attend to the task at hand. Cognitive therapy is an increasingly popular option for psychological therapy. Interventions using this approach have shown long lasting effects, and reduce the possibility of relapse. Cognitive therapy has been developed for a large range of problems from panic and anxiety disorders to eating problems and hallucinations. It is also applied in a range of settings from mental health to life coaching (Sanders Wills, 2006). This essay has pointed to two ways in which cognitive therapy can be useful in helping reduce the occurrence of human error. Bibliography Harvey, A., Watkins, E., Mansell, W., Shafran, R. (2004). Cognitive Behavioural Processes Across Psychological Disorders: A transdiagnostic approach to research and treatment. Oxford University Press. Panko, R.R. (1997). Theories of Human Error. Retrieved on March 1st, 2007, from  http://panko.cba.hawaii.edu/HumanErr/Theory.htm. Reason, J. (2000). Human error: Models and management. British Medical Journal,  320, 768-770. Sanders, D., Wills, F. (2006). Cognitive Therapy: An introduction. London: Sage. Scholl, R.W. (2002). Social Cognition and Cognitive Schema. Retrieved on May 3, 2007, from http://www.uri.edu/research/lrc/scholl/Notes/Cognitive_Schema.htm. Shearer, S, Gordon, L. (2006). The patient with excessive worry. American Family Physician, 73, 1045-1056.

The Coca-Cola Company Essay

The Coca-Cola Company (KO) is a beverage company that manufacturer and distribute coke, diet coke and other soft drinks worldwide. The company primarily offers nonalcoholic beverages, including sparkling beverages and still beverages. Its sparkling beverages include nonalcoholic ready-to-drink beverages with carbonation, such as carbonated energy drinks, and carbonated waters and flavored waters. The company’s still beverages comprise nonalcoholic beverages without carbonation, including noncarbonated waters, flavored and enhanced waters, noncarbonated energy drinks, juices and juice drinks, ready-to-drink teas and coffees, and sports drinks. It also provides flavoring ingredients, sweeteners, beverage ingredients, and fountain syrups, as well as powders for purified water products. In addition, the company licenses its technologies to suppliers and third parties. The company is currently employing 130,600 full time employees and is considered being the world leader in the bev erage industry. Financial Review of the company: A. Market value of equity & Book value of equity – Market value of the equity of the company is the current market capitalization rate and it measured through by multiplying current market value of the share into the total number of shares outstanding and he market capitalization of the company as on 2nd October, 2014 is $187.10 billion (source: finance.yahoo=KO=key statistics). While the book value of the equity is the current book value of the company share and it is determined as under: Book value of equity = Total value of the equity / shares outstanding Book value = $7.77 (source: finance.yahoo=KO=key statistics). It is important to note that the book value of the shares of the company has increased from $3.29 per share in 2004 to $7.77 per share uptill now (it was $7.54 per share in the year 2013) B. Market performance – Total Return C. Financial performance review – The financial performance review of the company is as under: Gross profit margin – The gross profit margin of the company was 65.2% as at year 2004 but it has decreased to 60.7% in the year 2013 indicating a decline of 5.5% over this review period. The decrease in the gross profit is due to the increase in the cost of goods sold ratio as  of revenue from 34.78% in the year 2004 to 39.32% in the year 2013. Operating profit margin – The same trend of the decrease in the profitability is noted in the operating profit margin of the company as it has decreased from 25.9% in the year 2004 to 21.8% in the year 2013. This decrease in profitability is an alarming sign for the company as despite the increase in the revenue, the company was not able to generate profitability in the same proportion as that of the increase in the revenue of the company. Payout ratio – The dividend payout has increased from 50% in the year 2004 to 58.8% in the year 2013 indicating higher proportion of income is being paid out to the shareholders of the company Asset turnover – The relative increase in the assets of the company has resulted in decrease of asset turnover as it has decreased from 0.75 times in the year 2004 to 0.53 times in the year 2013 indicating the poor management of assets with respect to revenue generation Return on assets – ROA has also decreased from 16.52% in the year 2004 to 9.74% in the year 2013 due to the decrease in the profitability and increase in the asset base of the company Return on equity (ROE) – ROE of the company has also decreased from 32.29% in the year 2004 to 26.03% in the year 2013 due to the decrease in the profitability of the company Interest coverage ratio – The company first interest coverage ratio was determined in the year 2008 and it was 17.98 times. It has increased to 25.79 times in the year 2013 indicating an improvement in the overall interest coverage of the company. Liquidity of the company – The liquidity of the company as being measured through current and quick ratios is indicating a positive trend as current ratio was 1.10 in the year 2004 and it has increased to 1.13 in the year 2013. On the other hand, quick ratio has increased from 0.81 in the year 2004 to 0.90 in the year 2013. Efficiency of the company – Days Sales Outstanding of the company has increased from 35.42 days in the year 2004 to 37.52 days in the year 2013. Also, the Days Inventory has also increased from 63.84 days in the year 2004 to 64.8 days in the year 2013. Payables Period has decreased tremendously as it has decreased from 199.3 days in the year 2004 to 38.66 days in the year 2013. Cash Conversion Cycle of the company has improved as it has increased from -100.04 days in the year 2004 to 63.66 days in the year 2013. D. References: finance.yahoo. (2nd October). Key Statistics. Retrieved October 2, 2014, from http://finance.yahoo.com/q/ks?s=KO+Key+Statistics Morning Star. (2nd October). Coca-Cola Co KO (Key Ratios & company performance). Retrieved October 2, 2014, from http://financials.morningstar.com/ratios/r.html?t=KO ®ion=usa&culture=en-US

New Ideas Into Argumentative Essay Topics on the Odyssey Never Before Revealed

New Ideas Into Argumentative Essay Topics on the Odyssey Never Before Revealed Details of Argumentative Essay Topics on the Odyssey There are lots of aspects about a sport which can be argued in an essay. You can also see concept essays. Having selected a superior topic to argue about, at this point you need to make an argumentative essay outline. The thesis provides you with a guideline about how to go about with writing the essay. Moral argumentative essay topics are a few of the simplest to get carried away with. An argumentative essay requires you to choose a topic and have a position on it. It is a particular type of academic writing. It is crucial to be aware an argumentative essay and an expository essay could be similar, but they vary greatly concerning the quantity of pre-writing and research involved. Argumentative Essay Topics on the Odyssey The net has made our life a good deal simpler. Internet use by children ought to be censored. 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The Most Popular Argumentative Essay Topics on the Odyssey Understanding how to compose a strong argumentative paper can help you advance your very own argumentative thinking. One of th e greatest approaches to change anybody's mind is with an emotional investment. When you're picking your topic, bear in mind that it's much simpler to write about something which you presently have interest ineven in case you don't know a good deal about it. Individuals who overeat and have issues with overweight will likely set the responsibility on somebody's shoulders, making their life easier in that manner. A History of Argumentative Essay Topics on the Odyssey Refuted You have to read lots of books, textbooks or watch some videos to have a superior comprehension of your subject and be in a position to come up with a compelling argument. Your thesis ought to be relevant so the post can use a structure that's flexible in order to fit in the shoes of the readers. Bear in mind you could make funny argumentative essays if you do a few things. Whether it's an argumentative or expository essay which you are writing, it is essential to develop a clear thesis statement and an o bvious sound reasoning. It is very important to get started with demonstrating the most important idea of the entire piece so you and your readers are going to be on the very same page. The reader ought to be impressed by how you defend your ideas. Don't neglect to bring a strong hook at the beginning (introduction paragraph) and wind up with an impressive conclusion to create the reader want to go over the interesting persuasive essay topics of your selection. Your readers want to observe the entire picture, and that's what you should concentrate on. What Argumentative Essay Topics on the Odyssey Is - and What it Is Not You don't need to acquire super technical with legal argumentative essays, but make sure you do your homework on what the recent laws about your preferred topic actually say. It's possible to structure your topic after you've got the very first draft for it. It is extremely important to choose a great topic as a way to compose a wonderful paper. Quite frequently, the ideal topic is one which you truly care about, but you also will need to get well prepared to research it.

A Short Note On Galaxy S4 And Samsung Galaxy S6 - 1778 Words

Samsung Galaxy S6 and Samsung Galaxy S6 Edge are Android smartphones manufactured and marketed by Samsung which is an KOREAN company. The S6 and S6 Edge serve as successors to the Galaxy S5. The smartphones were officially unveiled in a press conference at Mobile World Congress on 1 March 2015. Alongside the S6, Samsung also unveiled the S6 Edge, a variant whose screen is wrapped along the sides of the device; the curvature is usable for several additional features. The Galaxy S6 was released on 10 April 2015 in 20 countries. Although the design of the Galaxy S6 still features some similarities to earlier models, the construction of the device itself was revamped, with a metal unibody frame and glass backing instead of plastic. The†¦show more content†¦The company stated that sales of the two devices had a marginal effect on its profits. External Environment The external factors can be evaluated using PEST because PEST analysis is valuable strategic tool for identifying the business positions, size, growth, feasible route for operations and to classifying the market development and decline. 2.1. Basic Characteristics of the Environment - market definition, size, growth and share Samung galaxy s6 and s6 edge has helped samsung to be at top level in the smartphone market and approximately 12 million sale of samsung s6 and s6 edge mobile in March quarter. The recent Samsung Galaxy S6 launch has held Samsung retain its footing as the world’s leading smartphone player, a new survey has revealed.Market research firm TrendForce has declared its final numbers for the first quarter of 2015, as well as its expectations for Q2.It makes great reading for Samsung, which apparently boasts 27.8 per cent of the smartphone market, with Apple holding firm in second on 19.9 per cent.The market analysts have suggested the South Korean firm’s dominance is largely driven by the new Samsung Galaxy S6 and Samsung Galaxy S6. [The] Galaxy S6 and S6 Edge have greatly captured consumers’ attention in the first quarter, â€Å"The S6 Edge in particular has created a buzz with its main feature – a touch screen that curves to both sides of the phone.†Despite theShow MoreRelatedApple : A Fine Grained Job1384 Words   |  6 Pageshave possession of the smartphone marketplace like they previously did. Competitors such as Samsung and Lenovo have done a better craft of perfecting and preparing toward the variations and growth in technology. Samsung maintained #1 leadership in the global smartphone market with a 24.6% share in 1Q15, 6.3% above Apple. This 9.7% consecutive expansion is mainly because of steady demand for the Galaxy S series flagship smartphones in general, and also heightened shipments of lower-end modelsRead MorePros And Cons Of The Samsung Smartphone1819 Words   |  8 Pagesridiculed for having an outdated phone or a phone that is not an iPhone or Samsung Galaxy. You are not worth their time if you do have these brands to represent you. I took a look at Samsung and noticed there was much to be uncovered. They are falling behind Apple fast. How can this be? What effects does supply and demand have over a product? I will look at the cellphone business in specific. I will note the pros and cons for the Samsung smartphone. I will identify the cost of the product. What were theRead MoreDigi Strategic Management17488 Words   |  70 Pagesservices, while its subsidiaries are DiGi Services Sdn Bhd (property holding, renting of premises) and Djuice.Com Sdn Bhd (others related services). The table below tabulates DiGi.com Berhad Key Employees who are leading DiGi ï‚ » 2,800 strong workforces. Note: 100% indicates wholly-own subsidiaries 1 affectionately called D‟House 4 Ownership As a group, DiGi.Com Berhad is listed on Bursa Malaysia Securities Berhad under the Infrastructure category with a paid-up capital of RM77.75 million and a market

Introduction to Business Law - 2808 Words

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Bendix Case Study Free Essays

The Bended Corporation is a parts supplier for five separate business units: automotive, the Frame Corporation (filters), aerospace, industrial and energy, and international. In 1951, the Bended Corporation is credited with the invention of electronic fuel injection (EFFIE) and was in sole possession of the accompanying patent until 1978. The company had not utilized this innovation to its fullest potential due to the lack of interest in automotive manufacturers in the United States. We will write a custom essay sample on Bendix Case Study or any similar topic only for you Order Now In 1976, Douglas Crane, president of Bended Corporation’s automotive division, was mulling ever the idea of embarking on the construction of a $10 million injector manufacturing plant, the main component involved EFFIE. Major Problems and Issues There are many problems facing Bender’s customers in 1976, the first and most predominant being government regulations. The government has been tightening and tightening the control over pollution levels in automotive emissions as well as minimum gas mileage requirements for each manufacturers’ fleets. The major car manufacturers were unable to meet these requirements with their current fuel delivery system technology. These demands put added pressure on Bended to revived a solution in order to provide future success and to create a competitive advantage. Another major problem facing Bended was competition from a Busch, a company that Bended earlier had made an agreement with to use Bender’s EFFIE technology to manufacture for the European market. Busch was planning on creating a manufacturing plant in the United States, threatening to take away some of the market share away from Bended. Another issue facing the implementation of EFFIE into the American automotive market is the phenomena that affect innovation in a large corporation. The phenomenon is that with larger economies of scale, the less the many is willing implementing a radically different solution to an old and well- known problem. The company is more willing to improve processes with their innovations, and then to create a whole new product line. The implementations of product innovations are more common in startups than in well-established firms such as Bended. This phenomenon can explain why EFFIE was put on the back burner and never utilized fully. [1] Possible Solutions There are three possible scenarios for the Bended Corporation when it comes to the new injector manufacturing plant. The first is Bended could build a new state of the art facility. The contract between Busch and Bended allowed them full disclosure, and each company shared their technologies and processes. Bended had a man spend several months studying the methods Busch was using in their production of injectors. The lessons that were learned during this time can be used to make a plant using new technology Second, Bended could restructure an existing facility to produce injectors. This remodel would take less time and cost less than building a brand new facility. Bended tried this strategy when they started producing their own electronic control units (CEO) by adding production to their radio manufacturing facility. This initial failure was remedied when Crane took control over the SEC production and got the right team together in order to meet a contract with Cadillac. Lastly, Bended could cancel the new facility and supply the injectors from an outside firm. This strategy that Bended used early in its EFFIE production. Although it does not contain the capital costs of tooling and/or building a facility. This solution has the issue that the current suppliers cannot meet the numbers Bended is looking to supply when/if EFFIE becomes the standard. Recommended Actions The issues that are facing the automotive industry are a factor that will change the environment for these companies causing them to have to make fundamental changes in fuel delivery systems. These changes will become an opportunity for Bended to pursue EFFIE as the solution for the future regulations and performance standards expected by the American customers. For Bended to become a leader in EFFIE, they will need to have a competitive, and they will not be able to when they are supplying injectors from their competitors. Bended will have to become more vertically integrated by producing their own injectors and using the knowledge they have from their time observing Busch, they can produce them more efficiently and tit less waste. The action I would recommend for Crane to pursue is creating their own brand new injector facility. The facility will be able supply the future needs for EFFIE due to regulations. Bended will be able to compete and beat Busch in the market due to superior processes. To get past the phenomena such as stated earlier their needs to be a strong leader championing this endeavor and Crane has already proven himself with the SEC project. [2] Conclusion In conclusion, there are a plethora of factors outside of the control of the market such as government regulation and management phenomena inside a large corporation. A company can come up with a solution that may not useful at the time such as in this case. There was no need at the time for EFFIE at its invention because of the less stringent pollution and mileage standards but as time progresses EFFIE became a more and more plausible solution. Whatever choice Bended made, EFFIE is now standard on all cars and carburetors are a thing of the past. Bibliography [1] Abernathy, W. , Turtleback, J. (2014). Pattern of Industrial Innovation. Innovation Management (1-9). Romania, NY: Lines Learning. [2] Schumacher, T. (2014, May 22). Gunfire at Sea. Youth. Retrieved June 16, 2014, from HTTPS://www. Youth. Com/ How to cite Bendix Case Study, Free Case study samples

Management Accounting Budgeting and Variances

Question: Describe about the Management Accounting Budgeting and Variances. Answer: 1. Calculating the flexed and actual budget: Flexible Budget Particulars Amount Amount Sales 769,500 Variable Cost Direct materials 194,400 Direct labour 202,500 396,900 Contribution 372,600 Fixed overhead 128,000 Net profit 244,600 Table 1: Depicting the flexible budget (Source: as created by author) Actual Budget Particulars Amount Amount Sales 753,300 Variable Cost Direct materials 192,500 Direct labour 221,000 413,500 Contribution 339,800 Fixed overhead 130,000 Net profit 209,800 Table 2: Depicting the Actual budget (Source: as created by author) With the help of table 1 and 2, the overall flexible and actual budget could be effectively evaluated. Moreover, from the flexible budget the overall profit of the company has been seen increasing, which states that flexible budget might help in improving the overall budget value. Quan et al. (2013) mentioned investor to reduce the variance in overall budget mainly uses that flexible budget. The table 3 mainly states the variance analysis of flexible and actual budget of the company. The variable cost and fixed overhead cost have positive amount, which states the favourable assumption taken in the budget. However, the sales price and sales units has negative value, which depicts the low profit generation capital of the company. Variance Particulars Actual Flexible Variance Sales 753,300 769,500 (16,200) Variable Cost 413,500 396,900 16,600 Contribution 339,800 372,600 (32,800) Fixed overhead 130,000 128,000 2,000 Net profit 209,800 244,600 (34,800) Table 3: Depicting the Variance (Source: as created by author) 2. Calculating the variance: Sales variances; volume and price: Sales volume variance Particulars Amount Actual unit sold 810 Budgeted unit sold 800 Budget price per unit 950 Sales volume variance 9,500 Table 4: Depicting the Sales volume variance (Source: as created by author) Sales price variance Particulars Amount Actual price 930 Budgeted price 950 Actual unit sales 810 Sales price variance (16,200) Table 5: Depicting the Sales price variance (Source: as created by author) With the help of table 4 and 5, the overall sales price and volume could be evaluated. In addition, the sales volume variance has been detected as positive, while the sales price variance is negative. This only indicates that company is selling more products by reducing the prices of the products. Lee et al. (2012) mentioned that price of the products is mainly calculated based on demand and supply of the product. Direct material variances; usage and price: Direct material price variance Particulars Amount Actual quantity 7,000 Actual price 28 Standard price 30 Direct material price variance (17,500) Table 6: Depicting the Direct material price variance (Source: as created by author) Direct material usage variance Particulars Amount Actual quantity 7,000 Standard quantity 6,400 Standard price 30 Direct material usage variance 18,000 Table 7: Depicting the direct material usage variance (Source: as created by author) With the help of table 6 and 7, the overall variance of direct material usage and price can be evaluated. Moreover, the material price variance is mainly negative, which depicts the overall decline in costs of the overall material. In addition, the material usage variance has mainly increased from the expected budget, which states the demand of quantity is high. The actual production is relatively high, which states the high amount of quantity needed by the company to support the rising demand. Kaplan and Atkinson (2015) stated that with the help of variance analysis companies are able to improve the budget process and reduce the overall negative impact from external forces. The decline in actual production price is relatively adequate, however, the assumption of the material usage is negative, which might reduce continuity of the production process. Direct labour variances; efficiency and rate: Direct labour efficiency variance Particulars Amount Actual hours 8,500 Standard hours 8,000 Standard rate 25 Direct labour efficiency variance 12,500 Table 8: Depicting the Direct labour efficiency variance (Source: as created by author) Direct labour rate variance Particulars Amount Actual quantity 8,500 Actual rate 26 Standard rate 25 Direct labour rate variance 8,500 Table 9: Depicting the Direct labour rate variance (Source: as created by author) Table 8 and 9, mainly states the overall direct labour rate and efficiency variance, which might be used by the company to depict a more fruitful budget in future. Both direct labour rate and efficiency has a positive variance, which states that the budgeted rate was not adequate to support activities of the company. The increase in production led to the rise in demand for labour hours, which raised the overall direct production cost of the company. Hofstede and Shinzato (2012) stated the evaluation of direct labour hours and labour rate helps in detecting the cost reduction, which might be conducted by the company to support the overall profitability. Gabillon, Ghavamzadeh and Lazaric (2012) argued that variance in direct labour rate is viable as the overall cost mainly comes from the excess or shortage of labour available to the company. Fixed overhead variance and spending: Fixed overhead variance spending Particulars Amount Actual fixed overhead 130,000 Budget fixed overhead 128,000 Fixed overhead variance spending 2,000 Table 10: Depicting the fixed overhead variance spending (Source: as created by author) With the help of table 10, fixed overhead variance spending could be evaluated, which might be used in understanding the overall changes in budget assumption. Moreover, the 2000 excess amount is spend in the fixed overhead by the company, which states the rising cost incurred from the production process. This value mainly states the rise in quantity will also raise the overall fixed cost of production. Chong and Mahama (2014) stated that determination of changes in fixed cost might mainly help companies to prepare an effective budget, which might support its future endeavours. Depicting the suggestion to improve cost control: After the evaluation of overall budget of Orchid Ltd, the relative variance is seen rising, which might negatively affect the overall profitability of the company in the end. Moreover, the use of Zero based budgeting system might mainly help the company to reduce the overall cost and improve its profit generation capacity. The zero based budgeting system might mainly help in reducing and controlling the overly cost of the company, which in turn might help in depicting an effective budget that could support its future endeavors (Boudt, Carl and Peterson 2012). Reference and Bibliography: Boudt, K., Carl, P. and Peterson, B.G., 2012. Asset allocation with conditional value-at-risk budgets.Journal of Risk,15(3), pp.39-68. Chong, K.M. and Mahama, H., 2014. The impact of interactive and diagnostic uses of budgets on team effectiveness.Management Accounting Research,25(3), pp.206-222. Gabillon, V., Ghavamzadeh, M. and Lazaric, A., 2012. Best arm identification: A unified approach to fixed budget and fixed confidence. InAdvances in Neural Information Processing Systems(pp. 3212-3220). Hofstede, G.H. ed and Shinzato, T., 2012.The game of budget control. Routledge. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. Lee, L.H., Pujowidianto, N.A., Li, L.W., Chen, C.H. and Yap, C.M., 2012. Approximate simulation budget allocation for selecting the best design in the presence of stochastic constraints.IEEE Transactions on Automatic Control,57(11), pp.2940-2945. Quan, N., Yin, J., Ng, S.H. and Lee, L.H., 2013. Simulation optimization via kriging: a sequential search using expected improvement with computing budget constraints.Iie Transactions,45(7), pp.763-780. WorksLand, C., 2015. The current year to date budget variance is mainly due to a large land purchase that has occurred earlier than expected when the 2015/16 Budget was prepared.There is also an additional land purchase that is funded from a Development Contribution Plan, that was not expected at the time of preparing the,16.