Wednesday, January 29, 2020
Heros Of Today And Heros Of Yesterday Essay Example for Free
Heros Of Today And Heros Of Yesterday Essay Heroes by todays standards can be many things, such as firefighters, teachers, or cops. This wasnt always what the word hero was once intended to mean. What a hero is in present day is surprisingly different than what a hero once was. In ancient times one was only called a hero if they were the strongest, bravest, smartest and the most warlike. During the course of time, the definition of what a genuine hero is has changed and the role and form of a hero has been altered, but yet some things remain the same between the two known meanings of the word. Although there has been drastic changes to the meaning of a hero, deep down some qualities remain unaffected. Heroes of yesteryears and heroes of today still manifest, while not in the same physical forms but the same spiritual forms. Beowulf, Hercules, Achilles, and other heroes of past ages all have the same motives, drives, and characteristics. A great example of how a hero acted in ancient times is in the story Beowulf. In the story Beowulf hears that a friend of his fathers is in need of help, so he bravely went to his aide, it took his courage to help out the way he did. He fought Grendle with his godlike strength and after a great battle, prevailed. Being brave, strong, alert, determined, honest, bold, are all the things that made them heroes. Today, if you look at the men and women that are known for being heroes you will see a great similarity in their bravery, courage, and intelligence. In these ways they are greatly the same. The image of a hero that ancient stories and books told were slightly different than the heroes in our modern tales. An example of an ancient heros behavior that is not inhabited by modern heroes is again in Beowulf. In the story, Beowulf goes into Herot Hall, sits down and begins to boast and brag about his previous battles, as if to say he is better than everyone else. Another example is later on in the story when Beowulf kills Grendel and hangs his bloody arm over the Hall for everyone to see. Seeing how they had perfect physiques and were loud, cocky, and selfish, those things are not needed by todays heroes and some of these more barbaric qualities are even discouraged by todays society. In current time heroes neednt be physically strong, nor have muscles and if they are cocky and brag and claim to be better than everyone else, they will be looked down upon. A hero in the public eye differs from my personal definition of a hero. I along with many others have a personal hero. My hero is my father, now I really doubt that anyone else would choose him as his or her hero, but I do. He does have a few qualities of a hero such as being strong, brave, and courageous, but the reasons I believe him to be a hero are different. He isnt like any other person, when I talk to him about problems and ask him questions he listens and actually helps me out and gives me answers and solutions that are acceptable to me, he helps understand answers instead of just giving me right ones. He tries to be a perfect father, which is an unattainable goal but I value his efforts and respect him for trying.
Tuesday, January 21, 2020
Child Abuse and Neglect :: Violence Against Children
Child Abuse "Trust unto Jehovah with all thy heart, And unto thine own understanding lean not. In all thy ways know thou Him, And He doth make straight thy paths." (Proverbs 3:5,6, YLTHB) The statistics on physical child abuse are alarming. Of the estimated hundreds of thousands of children battered each year by a parent or close relative, thousands die. For those who survive, the emotional trauma remains long after the external bruises have healed. Communities and the courts recognize that these emotional "hidden bruises" can be treated. Children who have been abused may display a poor self-image, Inability to depend on, trust or love others, Aggressive and disruptiveâ€â€sometimes illegal behavior; Passive and withdrawn behavior; fear of entering into new relationships or activities, School failure, Serious drug and alcohol abuse. The child and adolescent psychiatrist is able to treat the "whole child"â€â€medical as well as psychological or emotional problems that have occurred as a result of the abuse. The family can be helped to learn new ways of support and communicating with one another. Through treatment, the abused child begins to regain a sense of self-confidence and trust. Child abuse is a matter of degree: the degree to which a parent uses inap-propriate or excessive control strategies with a child and/or fails to provide standards of care giving. In fact, abusive parents often do not know they are abusive. Our culture has, for generations, used corporal punishment as a means of controlling child behavior. Some parents think society places no restraint on such techniques. Many may recall the old saying, "spare the rod and spoil the child." It is not always clear what the limits are in efforts to get a child to behave. The best way to stop the child abuse and stop the abusive parents from abusing their children is by forming a non-profit organization working in cooperation with U.S. Dept. of Welfare , a resource for children and families to report a child abuse and to search for the abusive parents and put a penalty on them. These type of organizations have worked considerably good in the other fields and I am sure that this solu-tion will work out fairly well. In this Article " The goal of NCMEC," The National Center for Missing and Exploited Children states that "The goals of the NCMEC: A private, non-profit organization working in cooperation with the U.S. Department of Justice, NCMEC is a vital resource for families and America's 17,000 law enforcement agencies in the search for missing children and the quest for child protection." In 1986, six youth and adult survivors of child abuse and neglect formed what
Monday, January 13, 2020
Management: Setting Goals Essay
1. In your university, professors likely have objectives regarding teaching, research, and service to the university. From your perspective, what are the relative priorities of these three objectives? If you could, how would you change these priorities and why? I think that the top priority of the professors is research. Professors had to do research to generate leading-edge knowledge. Moreover, they can find the right and fun ways of teaching by doing research. For example, my marketing teacher makes learning an extremely fun activity by implementing outside sources such as videos and pictures into classroom lectures. He does not get those ideas straight from the textbooks instead he does researches to find those outside sources. On the other hand, professors that don’t do research will teach straight from the text and makes lectures boring and dull. Therefore, their second top priority would be teaching. Teaching always have to follow immediately after Research. Because they need research in order to provide quality teaching. Then the last priority would be service to universities. I think teaching is already considered as providing service to the university, therefore other extra service to the university by professors would be of choice, such as providing tutoring during office hours. I don’t think it’s a requirement of the professors but it will sure be a plus. 4. Thank about the last goal you set for yourself. How SMART was it? The last goal I set for myself was to lose ten pounds in two months, which I don’t think was a smart goal. Because I wasn’t specific enough in setting the goal, losing 10 pounds is too vague. I should’ve state the goal in specific terms such as eating healthy or exercise more in order to lose that weight. Moreover, the goal itself was too unrealistic. I was too naà ¯ve to think that I could lose 10 pounds in two months without rebounding. I should’ve assumed a more realistic time frame which might be five months instead of two. Also, I did not commit to achieving my goal. Losing weight involves eating right and exercise, but after the second week, I gave up on exercising and started eating junk food. Overall, my goal isn’t quite a smart one. Closing case essay: What adjustments would you make at this point? Would you cancel the program or run it at a loss? I would access another $15,000 from the general contingency budget. Since Pam originally considered that it would take about 18 participants for the program to break even financially, since there’s only 10 now, she needs eight more in order to break even. Since there’s only four weeks left before the start of the program, there will be a very small chance for the number of participants to reach 18. Since most of them had already inquired about the program and showed no interest during the first few weeks. Therefore the only way to keep the program going is to run it at a loss. I would run it at a loss because human capital is a firm’s most important internal resource. A group of senior executives trained by excellent leadership programs would definitely enhance a firm’s success. Therefore I evaluate the gain over the loss. 3. What do you think went wrong? What do you see as the strengths and weaknesses of the planning process? LDC did a great job in setting objectives and developing action plans. The companies set the objective that training senior executives would more likely encourage mid-level managers to participate because they would recommend and approve training requests for mid-level managers. Moreover, they measure the objective in three ways. First, the number of participants taking the first program would be monitored, and calculated that it would take 18 participants for the program to break even financially. Second, she would survey all participants regarding their satisfaction with the program. Finally, LDC would track the number of mid-level managers from the companies of those attending the senior executive program to determine if there was an increased participation level overtime. These are great measurements of the objective determined by Pam. However, she did not quite do a great job in analyzing the firm’s external environment. Originally she made the measurement that 18 participant would be needed in order to break even financially, she did not generate actions to be taken if there were only 10 participants, therefore she failed at developing constingency plans.
Sunday, January 5, 2020
Sources of finance available to a startup - Free Essay Example
Sample details Pages: 15 Words: 4631 Downloads: 1 Date added: 2017/06/26 Category Business Essay Type Argumentative essay Did you like this example? For many businesses, the issue about financial sources (where to get funds from for starting up) can be crucial for the success of the business. They are divided into internal and external sources. We have to choose the best financial option in order to open our new retail pharmacy. In fact, the type of finance being chosen will depend on what kind of business and how much money is needed and how the money is spent. 6.1 Internal Sources 6.1.1Personal savings Personal savings are amounts of money that a business person, partner or shareholder has at their disposal to do with as they wish. For example, if someone uses his or her savings to invest in his or her own or another business, then the source of finance comes under the heading of personal savings. The financial sources of our new retail pharmacy is solely from our personal savings with each of us comes out with RM 100,000. Therefore, the sum of our capital is RM 500,000 from 5 individuals. However, there are other financial options available other than personal savings such as from family and friends (internal sources), from banks, outside investors, grant and community development finance institution (external sources). Don’t waste time! Our writers will create an original "Sources of finance available to a startup" essay for you Create order 6.1.2 Family and friends When the money is insufficient to start a new business, friends and family may be willing to help. They might lend money for the new business or they might invest in the business, such as by buying shares. A written agreement in place that sets out terms and conditions, including any interest and repayment terms should be made to avoid misunderstandings. Advantages Friends or family may be more willing to lend money than a bank, particularly if security for a loan is not provided. Friends and family may offer easy terms such as an interest-free loan. It should make it easier to get additional finance from the bank if some finance can be raised from own resources or friends and family. 6.2 External Sources 6.2.1 Bank After a credible business plan is made, borrow from a bank is much easier. Many businesses use overdrafts for day-to-day borrowing and loans to finance large purchases such as equipment. Moreover, when business is likely to have peaks and troughs in its cash flow, its essential to be able to clearly illustrate these to the bank so an overdraft can be planned. 6.2.2 Outside investors A larger business with good prospects might attract outside investors. For example, business angels typically invest RM 100,000 or more in exchange for a share in the business. 6.2.3 Grant Some of the business is qualified for a grant from government. For example, if a business is setting up in a deprived area. 6.2.4 Community development finance institution If your business is setting up in a deprived area, or in a sector that is not normally catered for by mainstream lenders, finance from a community development finance institution will be an option as well. 6.3 Accounting 6.3.1 Introduction Accounting is a process of: i. Collecting source documents as evidence of transactions and as the source for recording business transactions. ii. Recording relevant details from source documents in the respective books of prime entry. iii. Summarising from the books of prime entry and transferring these summaries to the respective ledgers. iv. Communicating the accounting information to users, by preparing the financial statements. Figure 8: The Accounting Cycle Source Documents are written documents that contain details of the business transactions. They provide evidence that the transactions have taken place. Source Documents Explanations Invoice To inform customer the amount to be paid, amount of discount given, whether in cash or credit term and interest charges for late payment. Credit Note To deduct an amount overcharged in the invoice, e.g. returns of goods from customers. Debit Note To add to the amount of Invoice for any additional charges, e.g. transport fee, interest charges and any amount undercharged. Cash Bill Same as invoice. Used only when transactions is on cash terms. Payment voucher To record the payment by cheque or cash. Official receipt To acknowledge money has been collected. Memo A written note from the management to inform about decision on certain transactions. Table 1: Sources of documents The 7 Books of Prime Entry record the daily business transactions in chronological order based on the source documents. The 7 Books of Prime Entry Explanation Cash Book Cash/cheque transactions Petty Cash Book Small amount of daily payments, such as stationery, wages for cleaning and minor repairs. Sales Journal Sales of goods on credit terms. Purchases Journal Purchases of goods on credit terms. Sales Returns/ Returns Inwards Returns of goods that were sold on credit terms. (defective/damaged goods) Purchase Returns/ Returns Outwards Returns of goods that were purchase on credit terms. (defective/damaged goods) General Journal All other business transactions. Table 2: The 7 Books of Prime Entry The 3 ledgers are the final sets of accounts containing the summarised accounting information that have been transferred/ posted from the books of prime entry, using double entry system. The 3 Ledgers Explanation General Ledger This is the main ledger that contains all the accounts that summarises all the business transactions that occurred. Sales Ledger Contains all the individual trade receivables accounts (customers on credit terms). Purchase Ledger Contains all the individual trade payables accounts (suppliers on credit terms). Table 3: Ledgers 6.3.2 Management and Financial Accounting Management Accounting is an area of accounting associated with providing financial and other information to all levels of management in an organisation to enable them to carry out their planning, controlling and decision making responsibilities. It is used in all forms of organisations-profit-seeking and not-for-profit business undertakings; sole traders, partnerships and companies; retailing, manufacturing and service businesses; and government. Management accounting covers: Cost behaviour and cost-volume-profit relationships, Decision making through incremental analysis, Budgeting for financial planning and control, Capital budgeting, Accounting and reporting for business segment operations. Financial Accounting is concerned with reporting information to users external to an entity in order to help them to make sound economic decisons about the entitys performance and final position. Types of reports used in management accounting and financial accounting are as below: Management accounting Financial Accounting Special-purpose reports for internal users: Financial budgets Sales forecasts Performance reports Cost-of-production reports Incremental analysis reports Do not have to comply with accounting standards. General-purpose financial reports for external users: Balance sheet Income statement Statement of changes in equity Cash flow statement Required by regulatory authorities; must comply with accounting standards. Table 4: Differences between management accounting and financial accounting We need accounting information (i.e. financial statements) to aid in decision making, planning, control and coordination of our pharmacy business activities. Apart from this, our finance providers (i.e. banks and financial instituitions who lend money to a business) need to ensure our finance stability and ability to repay the amount borrowed (principal sum) and pay interests. 6.3.3 Basic Financial Statements Three types of information contained in financial statements serve to inform users about the entity. Firstly, we want information about our business performance. As a business entity, information about its ability to earn profits is an essential part of our financial reports. The second type of information that is necessary for making decisions about our entity is its financial position. The financial position deals with the economic resources controlled by an entity, its financial structure, its capacity to adapt to changes in its environment, and its liquidity and solvency. Lastly, information about the entitys cash flows is useful for us to assess the entitiys operating and financing activities. Operating activities includes: The collection of cash for service provided, The sale of goods to customers, The purchase of goods for sale, The payment for supplier for goods or services purchased, Collection of debts from customers, Payment of wages to employe es and The payment of income tax to the government. On the other hand, financing activities engaged by our business would probably includes raising of capital by issuing shares or borrowing money from financial institution, and the repayment of these borrowed funds. The Balance Sheet reports the financial position of an entity at a specific point of time. The financial position is reflected by the assets of the entity, its liabilities or debts owed, and the owners equity. 6.4 Balance Sheet Statement 6.4.1 Balance Sheet Definition A balance sheet is a complete view of how a business is doing financially. The balance can be prepared in one of two ways: By using a general ledger, By adding all of the assets, liabilities and equities to your balance sheet. 6.4.2 Why Is Balance Sheet Important? A Balance Sheet is important because it gives the information of a business financial situation at any given time period. 6.4.3 How to Read A Balance Sheet? The balance sheet is broken down into three main sections. The top section includes the company name, the title of the company and the time period of the form. The assets section is one of the two sections below the top section. This section includes all of the companys assets. The assets are the items the company owns which may include, accounts receivable, inventory, equipment, furniture, automobile, prepared expenses and so on. The liability section is on the other side of the asset section. The liabilities may include items like, accounts payable, notes payable, interest payable, payroll accrual, long term liabilities, short term liabilities and so on. The equities can be included on the same side as liabilities. The equities are shareholders and the owners equities (what the owner has put into it). It includes such items as; capital, stock, retained earning and so on. If, the assets are more than the liabilities and equi ties you will have a net profit. But, if the liabilities and equities are more than the assets you will have a net loss. Balance Sheet Template 1 Sample Business Plan Balance Sheet Template For the Month Ended ______. Right Side      Current Assets Fixed Assets Other Assets  Left Side Current Liabilities  Long Term Liabilities  Shareholders Equity  Balance Sheet Template 2  Sample Business Plan Balance Sheet Template For the Month Ended __________.  Assets  Current Assets               RM_______ (Cash)  Petty Cash                      RM_______  Accounts Receivable    RM_______  Inventory                         RM_______  Short Term Investments  RM______  Prepaid Expenses           RM_______  Long Term Investments  RM______  Fixed Assets (Land)       RM______  Buildings                          RM_______  Improvements                 RM_______  Equipment                         RM_______  Furniture                           RM_______  Automobile / Vehicle      RM______  Other Assets  1.                                        RM_______  2.                                        RM_______  3.                                        RM_______  4.                                        RM_______  5.                                        RM_______  6.                                        RM_______  7.                                        RM_______  8.                                        RM_______  Liability  Current Liabilities            RM_______  Accounts Payable               RM_______  Notes Payable                     RM_______  Interest                                RM_______  Payable                                RM______  Taxes Payable                     RM_______  Federal Income Taxes                                    RM_______  State Income Taxes                                    RM_______  Self Employment Tax                                       RM_______  Property Tax                                        RM_______   Payroll Accrual                  RM_______  Long Term Liabilities        RM_______  Notes Payable                     RM_______  Total Liabilities                  RM_______  Net Worth (Owner Equity)                   RM_______  Proprietorship                     RM_______ or Partnership                         RM_______ or Corporation                         RM_______  Capital Stock                       RM_______  Surplus Paid In                   RM_______  Retained Earnings              RM_______  Total Net Worth                  RM_______ Total Assets                 RM_______ Total Liabilities           RM_______ The Income Statement (also known as profit and loss statement or an operating statement) reports the results of financial performance for a specific time period. Profit for the period is the excess of income over expenses for that time. If expenses for the period exceed income, a loss is incurred. The statement of changes in equity serves as a connecting link between the balance sheet and the income statement, and explains the changes that took place in equity during the period. 6.5 Accounting for a Partnership Most partnerships are not reporting entities and hence do not have to comply with accounting standards and financial reports are thus special-purpose reports. In a partnership, ownership interests generally are not equal because the capital investments and drawings of each partner vary over time. The profit or loss reported each accounting period is distributed to the partners in accordance with the partnership agreement. There are two commonly used methods for accounting equity in a partnership: Method 1: use of Capital accounts for each partner which record capital contributed and withdrawn; and each partners periodic share of profits and/or losses. Method 2: use of Capital accounts with fixed balances for each partner reflecting only the capital contributed and capital withdrawn. A partners share of profits and/or losses and drawings from profits are recorded in separate Retained Earnings (or Current) account for each partner. 6.5.1 Allocation of partnership profits and losses We consider 3 elements in establishing an equitable way to allocate profits and losses: A return for the personal services performed by the partner, A return on the capital provided by the partners, A return for the business risks assumed by the partners. Others more common profit and loss sharing agreements includes: A fixed ratio, A ratio based on capital balances, A fixed ratio established by the partners after allowing for interest on capital contributions and salaries to partner for services rendered to the partnership. 6.5.2 Financial Statements for a Partnership If the partnership is not a reporting entity, it will prepare a special-purpose report. If the partnership is a reporting entity, it must prepare general -purpose financial reports complying with accounting standards. Each individual partners equity in business is reported separately on the balance sheet or in a separate statement of changes in partners equity; so does the profit or loss allocation for a specific period. Also, salaries authorised for each partner, interest on capital investments and interests on drawings is recognised as an allocation of profit. In our retail pharmacy, the partnership is a reporting entity, therefore, a general -purpose financial reports are prepared which are complying with accounting standards- an income statement, a statement of changes in partners equity, a balance sheet and a cash flow statement. 6.6 Computerized Business Managing System We have chosen a computerized business managing system called POS, which stands for Point of Sale. This technology is widely used in retail business management. When a customer would like to purchase an item or pay a bill, the POS system is extremely useful to register the purchase, keep track of inventory, and purchase details such as time, date and store location. These data are saved in the database which then can be used for getting information or records from a huge amount of data (data mining). POS systems usually work via infrared bar code readers, a register and bar code reader are connected to a computer terminal. The consumers are benefited because the check out is fast, reliable and accurate. On the other hand, we are able to keep track of daily sales as well as departmental sales analysis and have the sales record for future reference. Another advantage of POS system is the ability to manage the account of the pharmacy business. The accounting software system incl udes the system as followed: Debtors System. Creditors System. General Ledger System. Stock System. Sales Invoicing System. Sales Order System. Purchase Order System Consignment Stock System Club Membership System. Equipment Warranty Tracking System. 6.7 Taxation Income Tax is defined as incomes of individual or companies which are derived from Malaysia or received in Malaysia. Income Tax Act 1967 is the principal statute on taxation and the following are sources of income that are subjected to tax: income from employment, trade, profession and business dividends and interests premiums other form of income 6.7.1 Company Tax All companies in Malaysia are taxed at the rate of 26% on the total income. However, tax from corporation is reduced to 25% in year 2009. 6.7.2 Personal Income Tax The taxation rate depends on the individuals status that is determined by the period of stay in the country, under Section 7 of the Income Tax Act 1967. Generally, individual who is staying in Malaysia for more than 182 days in every year is subjected for taxation. However, a non-resident individual is subjected to tax at rate of 28%. Income Tax is defined as incomes of individual or companies which are derived from Malaysia or received in Malaysia. Before establishing a new retail pharmacy, we need to apply the business license and license A so that we can run our business legally. Those forms can be downloaded from the respective website. The forms that are required include: 7.1 Premise and signboard license application form 7.2 Pharmacist annual retention form 7.3 Business name application form 7.4 Architecture checklist form 7.5 Fire extinguisher examination and approval form 7.6 Business license supporting form 7.7 Business advertising form ORGANIZATION STRUCTURE: The retail pharmacy is owned by us, the 5 registered pharmacists whose name Fum Hoang Jen, Kok Le Fei, Lai Yik Shan, Lim Syok Hua and Phua Li Yung. A marketing manager is employed for managing the sales and marketing of the pharmacy business. He or she is in duty to come out with marketing strategies to increase the profit and build up the reputation of the pharmacy business. In addition, 2 cashiers and 2 sales people are employed to assist the operation of the pharmacy business. Furthermore, among the 5 of us, one of us will be the drug managers or supervisors while being in the possession of presidents of the pharmacy. The other 4 of us are hospital pharmacists who are just the partners of the pharmacy business. Besides that, 2 assistant pharmacists are employed to in our pharmacy. On the other hand, an accounting manager is employed to do the accounting of the pharmacy business. Additionally, an accounting clerk is also employed to assist the accounting manager. Pharmacy merc handising involves the proper placement of goods on pharmacy shelves. The space of a pharmacy available for goods to be displayed is limited by the size and design of the store. Therefore, our retail pharmacy separates the space of our pharmacy into departments or sections that contain major categories of products. In fact, merchandise in a pharmacy tends to flow from one department to the next. This flow is accomplished by placing related departments next to or near each other so can attract the attention of the target customers. For example in our retail pharmacy, beside the cosmetic area is the area arranged with hair care products, oral care products and skin care products. The target of these products is normally the female customers. So, if they are placed beside the cosmetic area, they are more accessible to the female customers. Pharmacy aisles should be taken into consideration as well as aisles are of various lengths and heights. If an aisle is longer, cross aisles shou ld be provided. Cross aisles are a break in a long run of shelving creating an aisle that allows customers to move easily across the store. In our retail pharmacy, cross aisles are provided for smooth traffic flow and increase visible space for item placement. Moreover, our retail pharmacy uses the space at the beginnings and ends of the aisle runs where these spaces often are referred to as end caps. We use end caps in our retail pharmacy to display promotional and seasonal items, bulk items, impulse items and new products to highlight specific products in order to gain shoppers attention. In addition to this, floor-stand displays will be used in our retail pharmacy to place large quantities of an item on display and making the products easily accessible to consumers as manufacturers often supply these displays and other promotional materials to pharmacy to highlight their products. Pharmacy shelves are used for storing and displaying drugs and related items. The biggest challen ge with these shelving would be that the shelves should be easy to clean. The pharmacy shelving used in our retail pharmacy is shelves that are blend functionality with flexibility with high quality shelving display to draw customers into our pharmacy. More storage, less space, easy to install, easy to clean and maintain are the key criteria for our retail pharmacy shelves. Figure 9: Pharmacy shelves for oral care, skin care and hair care products Figure 10: Pharmacy shelves for supplements and OTC products Pharmacists are the more frequently and more accessible to patients or often see on a consistent basis compared to doctors. This is because no appointment is needed to see pharmacist where customers can talk to pharmacists in confidence even about symptoms that are very personal. In order to provide a more comfortable place for our customers, there is a counseling room in our pharmacy to provide privacy for our customers. There are many services available in o ur retail pharmacy include: Full clinical medication review our pharmacists will review the prescribed medicines written on the prescription where this service is about having an in depth look at the medicines to confirm the dosage, strength, frequency and drug-drug interactions before dispensing. Dispensing and counseling of medicines our pharmacists will dispense the medications after a full clinical medication review and will counsel the patients on the indication, instructions of use, side effects and the expiry date of the medications. One-to-one consultations is provided to ensure patients are getting the most information on the medicines particularly useful for those patients on multiple or long-term medication. Advice on supplements our pharmacist will provide knowledge on the variety of supplement available and assist customers in purchasing supplement products for certain medical conditions. Minor Ailments Service our pharmacists are able to provide treatme nts for a range of minor ailments such as athletes foot, headlice, allergic conjunctivitis, dandruff, acne and other minor ailments. Stop smoking service our pharmacists can help patients give up smoking through advice, support and if appropriate the Nicotine Replacement Therapy. Blood pressure testing our pharmacists can check your blood pressure and offer lifestyle advice about how to stay healthy. Cholesterol testing Our pharmacists can offer a simple finger prick test that can reveal the cholesterol level and give advice on how to reduce cholesterol level and stay healthy. Blood glucose testing Our pharmacists can offer a simple finger prick test that can reveal the blood glucose level and give advice on how to keep it low or reduce it as having too much glucose in blood may indicate a greater risk of diabetes. Family planning Our pharmacists can counsel couples about the information on family planning by providing knowledge on the medications available such as OCP (Oral Contraceptive Pill) or other additional contraception method such as condom. 11.1 Introduction The primary risk exposure for pharmacists was related to traditional business risks (i.e., fire, theft, etc.), coupled with negligence related to prescription-filling errors. Modern pharmacy practice now must also consider new risks related to the use of technology and electronic data transmission, patient counselling and drug utilization review requirements, and protected private health information. 11.2 Definition of risk Risks are asscociated with negative outcomes. A risk may best be described as some degree of probability that exposure to a hazard will lead to a negative outcome or consequence such as loss, damage, injury or death. 11.3 Criteria for insurable risk For a pure risk to be insurable, it must meet certain requirement: The loss must be measurable in dollar figures, easy to measure, and result in a substantial loss. The loss must have a defined time and place. The loss must be accidental for the insured. There should be no prospect of gain or profit for the individual. The probability of the event occurring in a population can be accurately calculated. There must be a sufficiently large number of homogeneous individuals with similar risks to make losses predictable. The insured must have an insurable interest. Compensation cannot be awarded to those not actually suffering the loss. The insurance premium must be available for a reasonable cost. One would not want to pay an insurance premium greater than the value of the item insured. For our retail pharmacy, a risk management process should be developed to analyze and identify strategies to manage risk threats in order to protect the vital assets of a pharmacy t hrough coping with uncertainty. This process involves not only identifying risks but also assessing the threat potential and making decisions on managing those risks. There are many types of insurance for a pharmacy. The geographic location, type of practice and services offered will influence the types of insurance needed. In fact, the risk management process is a continuous process, and periodic evaluations are necessary to address new or emerging risk threats to the pharmacy. 11.4 Types of Insurance For our retail pharmacy, the types of insurance that needed to protect our pharmacy include: Figure 11: Types of insurance needed 11.4.1 Property Insurance This is one of the most common types of insurance for protecting the property and physical assets of any business entity. The policy Scope of Cover Destruction to the property insured whilst contained in the business or trade premises arising from: Theft consequent upon actual forcible and violent entry into the insured premises Theft or any attempt thereat by a person feloniously concealed on the said premises Hold up or armed robbery Damage to the building due to theft or attempt thereat. 11.4.2 Public Liability Insurance The Public Liability Insurance Policy is designed to protect in order to pay compensation for accidental damage to the property of the other person caused by or through the negligence of the insured or his employees or by any defect in the premises owned or any defects in the ways, works of the insured. In addition, the Policy also pays for the litigation costs and expenses for defense that are incurred with the written consent of the Company. The policy scope of cover The company shall indemnify at law for damages and claimants expenses in respect of: a. accidental bodily injury to any person not being a member of the Insureds household or any person in the service of the Insured. b. accidental damage to property not belonging to or in the custody or control of the Insured. c. any legal expenses incurred by the Insured in defending legal proceedings with the Companys written consent. 11.4.3 Professional Indemnity Insurance Professional Indemnity Insurance is effected to protect professional persons who supply a skill or service and owe a duty of care to their clients. The policy will indemnify in the event of any breach of professional duties or responsibilities by reason of any negligent act wherever committed or alleged to have committed by the Insured or any person who may enter into the firm insured in a professional capacity or any person employed by the Insured. The policy scope of cover Unlike other general liability policies, Professional Indemnity policy normally provides indemnity to the Insured against financial losses only arising from the provision of professional services. Indemnity for defence costs and expenses is also provided. 11.4.4 Employers Liability Insurance Employers Liability Insurance Policy is designed to provide indemnity to the Insured against his liability at law and claimants cost for bodily injuries or diseases to Insureds Employees. The policy scope of cover The Employers Liability Insurance Policy indemnifies the Insured in order to pay compensation and claimants costs and expenses in respect of the bodily injury by accident or disease to the Insureds Employees for which he is liable and pay all costs with the company. 11.4.5 Fire Insurance Fire Insurance provides protection for losses to property such as buildings, contents, furniture, plant and machinery as well as stock. The basic fire policy covers losses and/or damages caused by fire, lightning and domestic gas explosion. The basic fire policy can be extend to cover loss or damage caused by the extraneous perils such as: Aircraft damage Earthquake volcanic eruption Bush/Lalang Explosion (with / without boilers) Impact damage by vehicles Subsidence landslip Riot strike malicious damage Storm tempest Flood Damage by falling trees or branches Spontaneous combustion Sprinkler leakage 11.4.6 Fire Consequential Loss Insurance Fire Insurance covers physical loss or damage to property insured but does not include resultant losses in business profits and due to partial or complete cessation of operations. The Fire Consequential Loss policy also allows you to pay the continuing overheads or standing charges such as rent, mortgages and loans, salaries / wages of employees not gainfully employed during the interruption including payments to employees whose services are no longer required, additional working expenses reasonably incurred to reduce the effects of damage on the business such as renting of temporary premises and hiring of machinery or additional labour costs.
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