Technical Writing

Technical writing is one of the types of communication. Technical Writing is a way of communication in written form for business and industry purposes.

Types:

Below mentioned are the types of technical writing.

  • Fiction Writing: This type of technical writing is totally about imagination.
  • Expressive Writing: This type of technical writing is used to express the whole situation in your own words.
  • Expository Writing: This writing includes purpose to expose something.
  • Persuasive Writing: This type is for the purpose to convince someone on something or opinion and it needs response.

Importance of Technical Writing:

Most of the people think What is use of technical writing in business?

  • Technical writing has great importance in business and industry fields. Letters, Applications, short report writing, long report writing, proposal etc.
  • You have to maintain record of each and every expenditure in business.
  • You have to maintain record of salary, profit and loss.
The Writing Process

Objectives of Technical Writing:

1- Clarity:

Your writing should be clear. There should not be any confusion and misunderstanding regarding your content.

  • Be Specific: Your content should be specific to the topic and details should be to the point. Do not give unnecessary details.
  • Use easily understandable words: Firstly you should know the level of audience and then use words according to their level. If your audience is of low level then use easily understandable words. If your audience is of high level then use high level words.
  • Avoid acronyms, abbreviations and jargon: In your business writings, avoid using acronyms, abbreviations and jargon. Because these terms make content difficult and confusing.
  • Use active voice: Avoid writing lengthy sentences with difficult words. Use active voice in your writings to make content easily understandable.
  • Conciseness: Your content should be concise and to the point because eople avoid reading lengthy paragraphs. To save your own and other’s time, your content should be concise.
2- Conciseness adds clarity:

Concise content has least chances of mistakes. So, in this way Conciseness adds clarity to your content.

  • Small paragraphs: People feel boring to read lengthy paragraphs. Write in small paragraphs to make it easy to read.
  • Sentence length limit: Do not write lengthy sentences to decrease chance of confusion and misunderstanding.
  • Omit Redundancies: Avoid double meaning of same sentences and repeated sentences.
3- Accuracy:

First demand of any type of writing is accuracy. Accuracy includes grammar, format etc.

  • Read long words: Read long words syllable by syllable to avoid more chances of spelling mistakes and misunderstanding.
4- Organize it properly:

Organize your writing or document properly. Follow proper format and use margins on sides, upper and bottom of page.

5- Ethics:

Follow the legalities and practicalities while writing. Like if you are selling something write positive and negative points of that thing.

Also Read: WHAT IS COMMUNICATION | COMMUNICATION SKILLS

The Fundamentals of Marketing

The Fundamentals of Marketing

The fundamentals of marketing is a comprehensive course that revolves around the world of marketing in the corporate sector. The course ignites the sense of creativity and innovation combined with logical and critical thinking towards various approaches. The course stretches out to cater to the needs of the society and environment as well which is referred to as societal marketing. Every activity carried out during the process of marketing reflects the completion of certain objectives/goals set by the management.

What is Marketing?

The course begins with the introduction of the fundamentals of marketing usually referred to as the key concepts. The answer to the question posed above can be divided into three major vessels of thinking. One of them is philosophy, the second being an attitude and the third being management orientation.

The attitudes vary from management to management. Some of the corporate leaders do not believe in marketing if the product made is ‘good’. This is described as tunnel vision, where the mangers focus on improving the quality of the product only. In contrast, some organizations have a customer-oriented approach. This is when a company believes that marketing is one of the most important factors when it comes to selling your product.

Activities of Marketing

The activities of marketing revolve around product, price, promotion, and place. The product is focusing on the original orientation of a product; its look, functions, durability, packaging e.t.c. In addition to this, the course gives an insight into the importance and role of marketing planning. Marketing planning is a means of building a long term relationship with customers. This is very important from a business point of view as it builds a sense of loyalty and commitment amongst customers and the company.

Marketing Planning

The course reflects on the complete process of marketing planning. It starts with a complete evaluation of the current situation of the business. This includes extensive SWOT analysis, PEST analysis, competitor analysis, customer analysis, target market analysis, and company analysis. One the company thoroughly knows what strengths, weaknesses, opportunities, and threats it possesses, future decision making will be easier. Once a complete evaluation is done, the company then comes forward to market research in order to formulate new marketing strategies which may include introducing a new product for a new market or vice versa.

Competitive Advantage

The process of marketing involves attaining a competitive advantage that sets one apart from its competitors. The competitive advantage may be in terms of quality or at times some of the company’s policies. Once identified, a company can build on its competitive advantage to accumulate customers at hand. The competitive advantage could further be used as a genuine marketing tool. Company’s build on their competitive advantage to convert it into a sustainable competitive advantage. This promises future, long term returns to the company. Moreover, expanding into the niches can also set a company apart from its competitors establishing a unique selling point.

Projects

The course, fundamentals of marketing had its major focus on the completion of projects in line with the notion of practical work. Students analyze the current situation of companies and then come forward with different marketing solutions.  The projects included students categorizing a company’s products into perpetual maps analyzing their key characteristics. In addition to this, students intend to formulate a marketing plan for an existing company. This builds a sense of creativity and innovation of a student, the crux of the course.

Students went as far as to take interviews of companies and hold meetings in order to construct a marketing strategy for them to use in the future. The Fundamentals of Marketing forces students at an early age of their degree to have a glance at the practical world of the corporate sector.

Also Read; The Fundamentals of Corporate Finance https://scientips.com/192/fundamental-concepts-of-corporate-finance/

Financial Statement Analysis of a Company

financial statement analysis of a company

The financial statement analysis of a corporation is no insignificant topic when we consider accounting and finance. When we talk about corporations, we do know that every firm has a set of aims. As we have discussed previously regarding the primary objective of value maximization; we are aware that this is possible with the increasing stream of cash flows.

Now, how does a firm estimate or find out the cash flow figures? This is through the statement of cash flows. Likewise, firms record and formulate 5 main financial statements at the end of the financial year; and base their analysis by using the quantified information provided. Here we will discuss the financial statement analysis of a company and its uses through the different types of ratios.

The Financial Statements are:
The Directors Report
Financial Statement Analysis of a Company

A financial document that is prepared by large limited firms; so that shareholders can make informed decisions within the board under the company laws and regulations. This statement consists of minimum standardized information and is set under the financial, accounting, and CSR standards.

Income statement
Financial Statement Analysis of a Company

Also known as the profit and loss statement or the statement of financial performance. This financial statement is recorded at the period’s end which shows how profitable your firm has been over the year. It includes the revenue, expenses, and other elements such as interest and taxes paid as shown in an example above; thus guiding firms towards costs and profit or losses made.

Statement of financial position
Financial Statement Analysis of a Company

Known as the balance sheet as well; is a financial statement that includes the firm’s assets, liabilities, and equity values in each period. Thus, indicating the possessions, its duties and ownership details in a set period. The format of the balance sheet can be seen above through an example provided.

Statement of Cash Flows
Financial Statement Analysis of a Company

This statement shows the cash inflows and outflows of the company in a set period. The statement is divided into three main sections; operating activities, financing activities, and investing activities as shown above through an example. Each year, a balance is generated which is brought forward and eventually; affects the next year while showing cash flows of each year separately.

Statement of Changes in Equity
Financial Statement Analysis of a Company

A financial statement while includes the opening and closing balances of the shareholder’s equity value. Including elements as important as retained earnings and reserves; this statement is a vital one for every business and like the others; recorded for each set period.

As we have had a look at all the financial statements, we must now see how corporations make analyses using these statements. Firstly, data is gathered from these statements and a different set of ratios are used to make the analysis using different perspectives. These ratios are further compared with its past performances or with Industry averages to interpret and understand a firms performance and position in the market. Let’s have a look at the set of ratios used and the formulas required to make the calculation.

Liquidity ratios

These ratios show the efficiency of a firm’s assets to meet its obligations.

Asset management ratios

These ratios show how efficiently a company’s assets are generating revenue.

Debt management ratios
Financial Statement Analysis of a Company

The ratios indicate the extent of debt financing, eventually showing how risky its operation is for the time.

Profitability ratios

This shows the ability of a company to generate income and turn towards profitability. The higher the values, the more profitable the firm is, however other factors must be considered.

Market value ratios

Current share prices of a firm, as well as book value per share, are both included in this type; thus, depicting how investor’s attraction relies on these ratios and the overall valuation of the firm in the market.

An in depth understanding and implementation of the financial statement analysis can be developed further so- Help yourself out by Clicking here.

All these ratios are used by firms in parallel means to help firms understand their business performance in a better and clearer way. The financial statement analysis includes many factors while the ratio analysis holds great importance for each and every firm

Understand better by reading the Intro to financial management here : Fundamental Concepts of Corporate Finance

Fundamental Concepts of Corporate Finance

Fundamental Concepts of Corporate Finance

When we use the word corporation, we must know that we are talking about companies. The main goal of companies is to provide highly valued products and services; leading to satisfied customers. Here we will ensure to help you with understanding the fundamental concepts of corporate finance; in an easy and relatable manner. Now talking about the efficiency of the whole mechanism of satisfied customers; it depends on enough cash generation; which is required to compensate the investors who have pooled in to provide the necessary capital.

The question is- How can you make all the analyses regarding the value of projects and its volume of investors required?

The answer is for sure: Expertise in Finance. Thus, the fundamental concepts of corporate finance will guide you with how financial decisions are made for a business enterprise; based on the tools and analysis used; eventually enabling firms to maximize their corporate value along with effective management of their corporate risks.

The initial step towards understanding corporate finance is to understand the types of corporations. Have a look below:

Fundamental Concepts of Corporate Finance

As you’ve had a look at the different types which function in the real world; there’s one thing common amongst them all: The primary object of profit maximization. However, firms that are enlisted on the stock exchange are always on the watch for investors; as their aim for the firm is value maximization as well. A higher intrinsic value of the firm is like a good brand image; thus, bringing more investors to pool in the capital and allowing the firm to prosper further. This goal is fulfilled by maximizing shareholder value which in return is to maximize the company’s stock price through effective financial planning.

All these obvious aims of a corporation cannot be fulfilled without a deep understanding of the fundamental concepts of corporate finance.

Some of the main features of corporate finance include

What determines a firm’s value?

Fundamental Concepts of Corporate Finance

In simple terms, a company’s ability to make cash right now and the potential to make more in the future. It is mainly determined through the financial assets of a firm, the timings of the cash flow as well as the risk aversion of investors.

Using these main factors, managers tend to answer the following question:

How to enhance our firms’ value?

Mainly through three main factors as mentioned previously:

  1. Increase the size of cash flow
  2. More frequent cash receiving
  3. Reducing risk

Common concepts like the ones mentioned below are important in corporate finance and so let’s give you an idea:

Financial securities

Financial securities are also known as financial assets. This term is mainly used to describe bonds, stocks, and money market securities; as well as other instruments that provide the owner right to future benefits, following the set conditions. The table below can help you get an idea of what its mainly about.

Fundamental Concepts of Corporate Finance

Major Financial institutions

A company dealing with money or any financial feature is a financial institution such as a bank.

Fundamental Concepts of Corporate Finance

Intro to Financial markets

Like we mentioned securities, here we trade with securities and not only in one market but there are quite many as you can see below. Every capitalist economy runs on these financial markets as they play a vital role in the whole process

Fundamental Concepts of Corporate Finance

More like an intro to corporate finance overview has been presented while; A further in-depth view of financial management will be given regarding corporate finance; as this was just an opening to the real world of Corporate finance. We will further learn how to calculate the value of money and play with money wisely; to make more out of it every day.

Give this a read for understanding market systems further: Out of the 3 economic systems, what kind of economic systems now prevailing worldwide?

Gender Across Cultures

Gender Across Cultures

Gender across cultures is a vast subject encompassing many theories and hypotheses prevalent in society. Gender as the roots of sociology state is a societal belief formed by the community. This is indeed contrary to the common belief that Gender is a biological notion. People tend to opinionate that every person has a certain way of living which is deemed acceptable to society. Similarly, for every gender, the society has a preset standard which includes the prescribed gender roles and different traits.

Gender Roles

Gender roles are defined as standards or expectations towards and for each gender. According to these standards men are considered to be the sole breadwinners of the family, whereas women’s duties are confined to home care. These at times bring about a lot of lost opportunities. According to research done in many counterparts of the world people in developing countries still put men superior to women. This is pretty evident from the fact that most of the highest-ranked leadership positions owned are all men. Females come across a certain glass ceiling when driven through job opportunities.

In contrast, giving women lesser opportunities to build a career puts a profound effect on men. This is mainly because men alone are designated to support their families and earn a living. The burden is not shared and puts immense pressure on men, which is hazardous to their mental health.  Men might feel the need to work extra hours or take up more jobs to feed the entire family. This leaves them with less time for themself and their children.

Feminine and Masculine Traits

In addition to this, the course gender across cultures identifies that society has also prescribed certain traits that translate to feminine and masculine qualities. Women are thought to be sensitive, weak, and emotional. However, men are considered to be strong, fearless, and logical. In our society to the present day, men may not be allowed to cry. It is believed that showing emotions is a sign of weakness. It’s not like men are not born without emotions or heartless, it is the society that forces men to behave that way. Not letting out emotions keeps on building making a person more frustrated and furious.

The language Bias

Moreover, another aspect of gender across cultures is the link of superiority with a language bias. Research indicates, that for a hypothetical president people often use the word ‘he’ or the male counterparts of words. This highlights how leadership is associated with men. Although many firms and governments aim to make their leadership boards inclusive of both men and women equally.

Gender and Environment

The environment is usually considered to be a gender-neutral concept. However, the environment is more or less linked to the ideas we possess towards each gender. Women are considered to be the house makers, that is they must take care of what is needed at home. Being said women are main consumers, hence are supposedly held more accountable for the deterioration of the environment.

Conclusion

The expectations the society has from each gender downright affect everyone mentally. Women who are not playing their part in professional life may result in a waste of useful human resources. Most of the life decisions taken by both the genders revolve around the opinions of stakeholders not directly involved in their life. Even though the notion of right and wrong is subjective to each person, people tend to disqualify a person when something is done against the standards of society.

However, life may be made easier if both genders share their otherwise prescribed responsibilities. The course, gender across cultures reinforce the fact countries across the globe share subtle commonalities when it comes to gender. The way people deal and posses certain opinions about each gender are either way almost the same.  

Also Read: Introduction to Sociology https://scientips.com/141/introduction-to-sociology/

Out of the 3 economic systems, what kind of economic systems now prevailing worldwide?

Economic System

The living standards of the people of any country determined by how the economy of the country is doing. For that, each country develops an economic system that helps them to respond to economic problems better. When a country chooses its economic system they actually check how that system answers the following questions: 

  1. What goods are produced?
  2. How to produce these goods? 
  3. Who gets to use them? 
  4. How to accommodate the new changes? 
  5. How to promote technological progress?

Economic systems differentiate on the bases of two factors first is who owns the production factors and second is the ways would be used to motivates, direct, and coordinate the economic activities. Economic System classified into three categories on the bases on these factors.

  1. Laissez-Faire Capitalism
  2. Command System 
  3. Market System 

Now below we will see the characteristics of which system separately.

Laissez-Faire Capitalism:

Laissez-Faire is a French word which means “leave us alone” because in this system government intervention is limited and people themselves decide their economic matters that why its called Laissez-Faire. The government’s role is limited to protecting the property from thefts and developing the environment in which legal contracts would be enforced.

According to this system theory, human welfare would be reduced by government interventions. They believe that if government roles increases in economic matters than the system would end up working for the interest of government instead of society at large. To prevent this from happening the government should limit its roles in economic matters. That would allow mutually beneficial contracts to be negotiated.

The point to be noted here is, this system is just hypothetical no government actually limits it’s rights to what Laissez-Faire Capitalism allowed. Instead, every government takes an active part in the countries economic system. Like some of these activities are taxes, safety regulations, income redistribution, licensing, subsidies, and much more. 

The government has no say Laissez-Faire Capitalism economic system

Command System:

The Command system is the exact opposite of the Laissez-Faire system because in this system government has most of the rights of economic actions of the country. This system is also called communism. 

The government is the one who owns most of the enterprises in this system. The board of directors of the companies is selected by the government who make all the important decisions of the companies. These decisions range from how to use resources, distribution of output, to production activities. In this system, enterprises work according to the central plan set by government representatives, as the allocation of government-owned resources. 

Some of the countries that are actually using the command system are North Korea,  Laos, Myanmar, Cuba, Turkmenistan, Belarus, and Iran. Other countries that are changing their economics systems from command to capitalistic or market systems are China, Russia, and other European countries. However, in China, the government still owns a large number of enterprises but they start using the Market System for its economic activities instead of a centrally planned system. 

The government has all control over economic activities

Market System:

This system is the mixture of the last two systems which is Laissez-Faire Capitalism and Command System. So that’s why this system is also called the Mixed Economy.  

In the market system, some decisions are centralized means taken by the government and some are decentralized that are taken by enterprises and people. This mixture of decisions varies from country to country. At the same time, there is one feature that is common across the world that the property is owned privately, not by the government. Enterprises take their own decisions regarding production, resources, goals, and consumptions. In this system, the prices are set by the market through demand and supply methodology.  

Both government and individual decides the rules of the game

The market system allows great monetary benefits for the participants. In this system, participants work for their self-interest which results in competition in individually working buyers and sellers.  

This system is used by a large number of countries in the world including the USA. It not only provides growth and economic stability in the country but also a source of certain goods which otherwise would not be produced or underproduced.  The government is not a powerful force in this economic system. It’s the market itself that gives the answers to five fundamental questions.  

Introduction to Technical Writing

What is Technical Writing

Technical writing is the art, craft, practice, or problem of translating that which is logical into that which is grammatical.

Technical writing forms a bridge between the logical (the primarily binary concepts understood by computers, robots) and the illogical (the haphazard, inconsistent concepts misunderstood carbon-based life forms, highly intelligent computers ) via the medium of the grammatical, the haphazardly logical system incomprehensible to both.

In simpler words, it is the type of everyday writing that surrounds us from the time we wake up until we climb in bed at night.

  • Directions on the toothpaste tube
  • Nutrition benefits on the cereal box
  • Business letters and catalogs that come in the mail
  • Written instructions for assembling a new product
  • Product safety information
  • Tax receipts and notices

Technical writing conveys specific information about a technical subject to a specific audience for a specific purpose

The words and graphics of technical writing are meant to be practical: that is, to communicate a body of factual information that will help an audience understand a subject or carry out a task.

  • The information is organized, presented, and communicated in a specific format.
  • The writing is concise, clear, and accurate.
  • The writing takes into account the audience’s needs, biases, and prior understanding.
  • The writing presents information to help readers solve a problem or gain a better understanding of a situation.
  • The writing conveys technical, complex, or specialized information in a way that is easy for a non-technical reader to understand.

Types of Technical Writing

Annual Report
Books
Computer Hardware Guides
Magazines
Newsletters
Organizational Manuals
Scholarly Articles/Journals
Software Guides
Technical Reports