Business strategies and restructuring during difficult economic situations - Free Essay Example

Sample details Pages: 9 Words: 2716 Downloads: 2 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? Difficult economy condition can be taken as a positive phase for the business when the customer purchasing capability has decreased and organization has to search for options to decrease manufacturing and operating cost to retain its PAT (profit after tax) In this scenario business strategies Business structuring has to be adjusted keeping in mind the economic condition of parent country for localized industry and world economy in case of Multinational corporations. Organizations nowadays are constantly confronted with challenging issues that may affect its corporate growth or they may be faced with debt obligations which are overwhelming. Hence the companies need to develop some business strategies which will boost the growth of its organization and help to restructure itself. Don’t waste time! Our writers will create an original "Business strategies and restructuring during difficult economic situations" essay for you Create order And at this critical stage, the organizations business restructuring firm will provide the right strategy at the right time to ensure its success. More and more companies and holding nowadays ranging form midlevel enterprises to large level corporations have been restructuring and implanting programs to comply with changing economic environment and new business objectives to enhance their effectiveness. The primary drivers which lead to restructuring are improve management systems and business processes, make a company more attractive to strategic investors and capital markets and a need to increase a businesss value. https://www.pwc.com/ru/en/strategy-restructuring-operations/index.jhtml Research Background: Strategy is a long term, wide impact corporate decision. It is much more than just visioning, forecasting and planning.Strategy is the  direction  and  scope  of an organisation over the  long-term:  which achieves advantageà ƒâ€šÃ‚  for the organisation through its configuration of  resources  within a challenging environment, to meet the needs of  markets  and to fulfil  stakeholder  expectations. In other words, strategy is about where the business is trying to get to in the long-term direction.There are also some strategies which business applies at its adverse time when it is not able to compete with its competitors or for any reason for its survival in the market. Business strategies are those strategies and tactics that will enable the company to reach its goals and specified objectives. Strategizing is much more than just visioning, forecasting and planning. In the new rapidly changing economy, all substantive issues of strategy have been redefined as issues of implementation. Strategizing means a match between the internal capabilities of the company and its external environment. In modern times business strategy is defined as a set of analytic techni ques for understanding better, and so influencing, a companys position in its actual and potential marketplace. 4) Organization background: Wockhardt Ltd. is a pharmaceutical company which has gone through debt restructuring recently in past months. It has taken up a corporate debt restructuring package with its lenders. To recover their dues some banks have chosen to go to court. Hence wockhardts corporate debt restructuring was to be implemented without any hiccups for dissenting banks settling. The preference share issue portion of the scheme postpones cash outflows from wockhardt to the second half of 2018. Its foreign currency convertible bonds matured with redemption value of about Rs660 crore on 25th October 2009. A part of its annual interest liability-2% on most loans-is also being converted into NCPS. Its NCPS that are going to be redeemed at 20% premium in December 2018 will meet up its derivative losses. Wockhardt will thus manage its Rs1,441 crore estimated liability during 2009. And rest Rs790 crore will be met from its sale proceeds of its animal health and nutrition businesses. CDR will take care of the rest of the things. Since its preference shares are quasi-equity, wockhardts debt to equity ratio will fall to more reasonable levels. That will help it to get its fresh working capital essential to grow its business in following years. Its core pharmaceutical business will drive sales and profit growth which will enable it to service it existing liabilities and have enough cash to meet its future dues from CDR Pacakage. Wockhardt got about half of its revenues from Europe, 27% from India and 18% from US in 2008. During the September 2009 quarter, consolidated revenues grew by 2.2% to Rs922 crore and Ebidta fell by 6.3% to Rs182 crore. But it incurred a loss due to mark-to-market losses, forex losses and provision for premium for FCCB redemption. These will be lower after the CDR package is implemented. Wockhardts core pharmaceuti cal business now needs to deliver results, on a sustained basis, for a few quarters, for the company to regain credibility with investors. Till then, such uptrends in its share price may not last for long. https://www.livemint.com/2009/11/30224342/Wockhardt8217s-debt-restruc.html 5)Rationale for the chosen topic: Corporate restructuring has been the focus of much debate in the past few years. This has also proved that financial restructuring has the highest positive impact on performance of organizations followed by the portfolio restructuring. Restructuring often gives business new hope to redevelop itself in the market and to make its survival. While organizational restructuring has very little consistent impact on performance of organizations. Organization restructuring strategies help you to get the most form people when the business signigicantly changes by developing a plan for corporate restructuring, mergers and layoffs. There are also competitive strategies to b e successful today. The company must become competitor-oriented in order to gain competitive advantage in the market. The company avoids the strength of the competitors and look for weak points in their position and than launch marketing attacks against those weak points. Hence I have chosen this topic of explaining business strategies and restructuring in this topic, which is most important nowadays globally. https://en.wikipedia.org/wiki/Restructuring 6) Research Questions: 1) How is business strategy managed? 2) What are the problems in Localized Industries during difficult economic situations? State some business strategies used by these industries to overcome these problems. 3) What is Restructuring? Why there is a need of Restructuring in an organization? 7) Research and Objectives: The aim of the study is to know, what are the different strategies used by companies around the world in crucial situations. In this research I will try to find out what are th e factors which are affecting working of company? What are the factors which internally affect and what factor which externally affect the company after restructuring of an organization. In this research, I will try to find out what is restructuring strategies and other business strategies of organizations at the time of crucial economic situations in market all over the world in different companies giving examples of several organizations around the world. 8) Literature Review: 1) How Business Strategy is managed? Strategic Management: In its broadest sense, strategic management is about taking strategic decisions decisions that answer the questions above. Strategic management process has three main components, shown in the figure below: Strategic Analysis This is all about the analyzing the strength of businesses position and understanding the important external factors that may influence that position. The process of Strategic Analysis is assisted by a nu mber of tools, including: Five Forces Analysis: It is a technique for identifying the forces which affect the level of competion in an industry. Market segmentation: Market Segmentation is a technique which seeks to identify similarities and differences between groups of customers or users. Pest Analysis: pest analysis is a technique for understanding the environment in which a business operates. SWOT Analysis: It is a useful summary technique for summarizing the key issues arising from an assessment of a businesses internal position and external environmental influences. Strategic Choice This process involves understanding the nature of stakeholder expectations (the ground rules), identifying strategic options, and then evaluating and selecting strategic options. Strategy Implementation Often the hardest part. When a strategy has been analysed and selected, the task is then to translate it into organisational action. 2) What are the problems in Local ized Industries during difficult economic situations? State some business strategies used by these industries to overcome these problems. Localized Industries: Economy of localized industries is dependent on the government policies localized customer purchasing power , this can be dealt as a independent system separated from world economy since the organization is addressing the localized customer needs and vice-versa customers are dependent on same industries either due to government policies or monopoly . Challenging economic condition can be arise in localized industries in case of following conditions. Purchasing power of customer has decreased. Monopoly of the industry has broken. Purchasing power of customer has decreased. This type of condition arise most probably due to Artificial or Natural disasters, decrease in product necessity and interest. Its to be understood that in this type of economic condition decline in sales is not dependent on the decl ine in customer interest towards the product rather its due to shortage of the liquid money with them. Business strategies: Initiations like Joint Ventures with well established industries (Inline with your product profile) will boost the product quality which will gratify customers with same level of purchasing power. Manufacturing cost of the product can be decreased using following tools to fall well under the level of decreased customer purchasing power. Decrease the inventory by decreasing product opt put rate , since large part of money has to be used to maintain the inventory which is non value adding activity .here care should be taken that the product out put to be maintained in line with the customer consumption rate. Increase the level of automation in the process for increased out put with same operating cost. Employees utilization rate should be evaluated based on present demand and actions like re structuring and temporary - should be taken to maintai n the utilization at max limit. Departments which are not directly related to product life cycle should be strictly checked for resource utilization. Gap between the industry and customer should be narrowed to maximum possible limit by introducing direct company outlet to minimize the supply chain cost. Monopoly of the industry has broken. This type of condition arise when government had opened the economy /or alternate industry has Entered in the localized market with better or same quality of product. During downturn of economy to balance demand supply lever government will encourage local Industries to enter into new market to sustain the demand by increasing the customers but by doing that the local market get opened for global industries to venture in and challenge the local industries and braking the monopoly. Opening the localized market for other non regional industries will bring well developed international industries with better quality and price spectrum, which will bring pressure on local industries for raise the product quality to international standard. In this type of changing economic condition local industries has to take following steps to survive in the Market. Business strategies: Being attached with local customers for a long time had given idea of their requirements and their preferences, taking these experience local industries can opt for following steps to sustain grow in this type of scenario. Strengthen the supply chain management of the product. Opened market had also opened the doors for alternate source of raw material from around the world with better price and quality. Get aggressive your marketing to get benefit of opened market with wide customer spectrum. Evaluate the manufacturing cycle for cost reduction. Make JV with global industries taking advantage of local customer acquaintance of you and global quality of them. 4)  What is restructuring? Why th ere is need of Restructuring? Restructuring generally refers to Corporate Restructuring, it is the reorganization of a company to improve its profitability. Restructuring may occur because of company buy-outs, corporate acquisitions or bankruptcy. It is a term used to describe the concerted attempt by businesses to change the way they are organised, usually to cut costs and become more effective and efficient. Organization restructuring happens when the reporting hierarchy of a company changes. After organization restructuring certain groups will report to different departments, and some departments may be newly created or disappear altogether. Executives have a responsibility to create their companys success, one day or the other. Whether the company is doing well or poorly, executives plan to do better. Good planning requires good data and good analysis, which reduce decision errors. Executives plan to avoid decision errors. One of the causes of decision errors is knee-jerk decision making. Contracting and outsourcing are also considered as a pressure valve to reduce fixed costs in the face of declining customer activity and optimism. Restructuring also refers to redeployment in organizations. Organization need to design a redeployment assessment process at time of redeployment One of the main reasons to do strategic restructuring is that it reduces financial losses, simultaneously reducing tensions between debt and equity holders to facilitate a prompt resolution of a distressed situation. While some other reasons are it ensures the company has enough liquidity to operate during implementation of a complete restructuring. It helps to produce accurate working capital forecasts and provide open and clear lines of communication with creditors who mostly control the companys ability to raise financing. Hence restructuring is too much needed in times of difficult economic conditions of the organisations. . https://business.qandas.com/general-business/what-is-restructuring.html Research Methodology: Types of variable Categorical Variable Continuous Variable Qualitative Variable Quantitative Variable Unit of measurement Attribute Variable Active Variable Dependent Variable External Variable Intervening Variable Independent variable Casual Model Study design I What is Qualitative research methodology? Qualitative research methodology is used to understand how people feel and why they feel as they do. Researchers main aim in qualitative research to collect in-depth information by inquiring question such as why do you say that? The sample size in this qualitative research methodology is to be smaller comparing with the quantitative research methodology which is including large sample size. There are number of methods used in the qualitative research but most popular method is in depth interview and group discussion is two common method s for collecting qualitative information. The main aim of the qualitative research is complete and detail research. In this research method, researcher only knows roughly in advance what he is looking for. This method is subjective and individual researcher interprets differently and for fulfills their aim researcher use participant, in-depth interviews and observation methods. Generally data is in the form of world, picture or objects in qualitative research methodology What is Quantitative research methodology? Quantitative research methodology is used to calculate how many people believe, assume or act in the particular way? In the quantitative research methodology the number of sample is large, anything from 50 to any number. For the purpose of research there are structure questionnaires are used, mainly closed question is used in the quantitative methodology. This methodology is very useful because the answer of the question is already set by the researcher, the respon ders have to select one of the option. There are various methods in quantitative research for the researcher to collect information but commonly researcher is used telephone interview or on-street interviews. The main aim of the quantitative research is to classify features, count them and construct statistical model for attempt to put in plain words what is observed. It is important in quantitative research that all aspects of the study are carefully designed before data is collected Data Collection Methods: PRIMARY DATA Primary data for this research will be gathered by interviewing and questionnaires by the researcher. The advantage of the primary data is that is fresh and never used information in relation to the topic. SECONDARY DATA Secondary data for this research will be obtained thorough books, journals, articles, newspapers etc. secondary data provides the best work which has been done previously on the topic. Data Analysis: There are five steps for Data analysis Step one- Validation and editing ( quality control) Step two- Coding Step three- Data Entry Step FOUR- Machine Cleaning of Data Step five- Tabulation and Statistical Analysis Multivariate techniques are suitable for analyzing data when there are two or more measurement on each element and the variables are analyzed simultaneously. Multivariate techniques will be used. Timescale:   Ãƒâ€šÃ‚  No. Of Week 1 2 3 4 5 6 7 8 9 10 11 12 13 Activities              Framing the Topic X             Literature Review X X X X X X X       Designing Research   X X X         Finalizing Methodology      X        Data Collection      X X X      Data Analysis       X X X     First Draft      X X X X X    Editing          X X   Final Draft           X X X Binding             X Bibliography: Guidelines for best practice in restructure and redeployment.pdf

Ethics of Euthanasia Essay - 1475 Words

As patients come closer to the end of their lives, certain organs stop performing as well as they use to. People are unable to do simple tasks like putting on clothes, going to the restroom without assistance, eat on our own, and sometimes even breathe without the help of a machine. Needing to depend on someone for everything suddenly brings feelings of helplessness much like an infant feels. It is easy to see why some patients with terminal illnesses would seek any type of relief from this hardship, even if that relief is suicide. Euthanasia or assisted suicide is where a physician would give a patient an aid in dying. â€Å"Assisted suicide is a controversial medical and ethical issue based on the question of whether, in certain situations,†¦show more content†¦Whether murder is done in a peaceful, non painful way or in a very gruesome, unimaginable way, it is still considered murder. Physicians have no way of knowing ‘what is best for the patient’ especially if that patient’s terminal illness prevents them from speaking. Not only is assisted suicide considered murder, it also goes against Physicians’ Hippocratic Oath. â€Å"Hippocratic Oath: An oath (or promise) all physicians must swear to uphold, regarding the ethical practices of the medical profession† (Lee). By allowing doctors to stray from this oath, it will be easier for them to aid in or carry out assisted suicides when it will never be entirely necessary for them to consider the option. â€Å"In 2005, Texas doctors removed two patients from life support without advanced directions and against the wishes of the patient’s family† (Pawlick). By not legalizing assisted suicides, families will be able to decide when their family member is physically unable to continue with the provided treatments, but only when the patient themselves can no longer communicate their wishes and no document stating how they should go about the situation has been lef t in their families possession. Ethical issues are not the only problem. Some argue that euthanasia also creates issues from a legal perspective. â€Å"One legal question is whether assisted suicide violates the Controlled Substances Act, a federal law governing the distribution of drugs† (Lee). SuchShow MoreRelatedThe Ethics of Euthanasia Essay1742 Words   |  7 Pageslong as he did. Before we explore the sides of physician-assisted suicide, let’s go over exactly what physician-assisted suicide entails. When the topic of physician-assisted suicide comes up, many individuals believe it is the same as euthanasia. Euthanasia involves a physician actively injecting a patient with a legal drug in order to end life (Engdahl 16). However, this is not the case when it comes to physician-assisted suicide. According to â€Å"Assisted Suicide Overview† by Lee Stingl andRead MoreThe Philosophical Theories Of Euthanasia And Ethics1464 Words   |  6 PagesEuthanasia and Ethics The philosophical theories and ethics of two philosophers, Aristotle and Kant, offer two differing views on the morality of euthanasia. Margaret P. Battin’s â€Å"Euthanasia: The Way We Do It, the Way They Do It† offers three countries’ perspectives on and laws regarding euthanasia and/or physician assisted suicide, as well as evaluations and critiques of their policies. To determine which of these points of view has the most pertinence, all of these arguments will be outlinedRead MoreThe Ethics Of Non Voluntary Active Euthanasia1050 Words   |  5 PagesThe idea of non-voluntary active euthanasia is not such a disaster, as euthanasia itself. The problem that comes into consideration is when and why it should be used. When euthanasia is non-voluntary and active, such as on a patient with dementia, the ethical decision comes into play if there are episodes of clarity and the patient has or has not mentioned what they want to do at the end of life situations. Pr inciples of deontology suggest duty and obligation. A medical professional in such situationsRead MoreEssay Moral and Ethics: Euthanasia and Physician-Assisted Suicide 1776 Words   |  8 PagesEuthanasia and physician-assisted suicide are actions that hit at the core of what it means to be human - the moral and ethical actions that make us who we are, or who we ought to be. Euthanasia, a subject that is so well known in the twenty-first century, is subject to many discussions about ethical permissibility which date back to as far as ancient Greece and Rome , where euthanasia was practiced rather frequently. It was not until the Hippocratic School removed it from medical practice. EuthanasiaRead More Euthanasia as One of Todays Most Prevalent Ethics Issues Essay2759 Words   |  12 PagesEuthanasia as One of Todays Most Prevalent Ethics Issues   Ã‚  Ã‚  Ã‚  Ã‚  Euthanasia can be considered one of the most prevalent problems when dealing with the ethics of patient treatment. Should people have the right to end their own lives when prolonging it will only cause them more pain? Should families who love someone so much, that they don’t want to lose them, cause them more pain by keeping them alive. What makes that more ethically correct then letting them die? The more you look into this issueRead MoreEuthanasia Essay : Euthanasia And Euthanasia863 Words   |  4 PagesThis is why Euthanasia is important and summarizing the research that I found on Euthanasia. Euthanasia is important because there is a lot of arguments about Euthanasia. Some people support it and some people do not support Euthanasia (Euthanasia and assisted suicide- Arguments). Euthanasia allows people to be free from physical pain. It is the hastening of death of a patient to prevent further sufferings (Euthanasia Revisited). The religious argument states God chooses when human life ends. EuthanasiaRead MoreEuthanasi Death And Dignity Act1674 Words   |  7 PagesDeath and Dignity Act. Through our presentation, the group discussed if Euthanasia was morally and ethically right through the eyes of Thresa Christensen. Thresa Christensen was a character from the case study in which her father decided act upon voluntary active euthanasia. As group, we thought it would be best if is Theresa Christensen spoke on from the behalf of herself as a person who supports voluntary active euthanasia. The case study project has taught me a variety of skills to understandRead MoreEuthanasia Essays : Euthanasia And Euthanasia1432 Words   |  6 PagesDoes euthanasia assists patients to die with dignity? From fresh to dying, is the humanity multiplies the development natural law. Along with medicine progress and life enhancement, the people besides pay attention to eugenics, simultaneous starts to pay attention to the euthanasia. Since this century 50 ages, regarding euthanasia, many countries’ medical arenas, educational world, and ethical groups have been arguing about the euthanasia argument for many years, although many person of ideas haveRead MoreArgumentative Essay On Euthanasia1302 Words   |  6 Pagesbehind Euthanasia In an ethics class I took in high school, I have learned about many controversial topics. One that caught my attention specifically was euthanasia or the â€Å"right to die† as some call it. There are many types of Euthanasia, including active and passive. In class we debated the difference between the two and why passive euthanasia is legal and active is not. Active euthanasia is defined as â€Å"a person directly and deliberately causing the patient s death.† (Forms of euthanasia) PassiveRead MoreEuthanasia: Murder or Mercy? Essay1665 Words   |  7 Pagesa way as to reach an impasse amongst two opposing parties. Euthanasia happens to be a topic that has been debated extensively for the larger part of the twenty-first century (Larue). Even the definition of euthanasia evokes mixed emotions: the act or practice of killing or permitting the death of hopelessly sick or injured individuals in a relatively painless way for reasons of mercy (Merriam-Webster). The struggle over whether euthanasia should be accepted as a common practice is majorly stimulated

The Disadvantages of Homeschooling vs Traditional Educations Essay Example For Students

The Disadvantages of Homeschooling vs Traditional Educations Essay Would you still homeschools your children after realizing the disadvantages of homeschooling? Homeschooling is an option of developing education at home rather than at schools where teachers give the lecture and take tests in order to be informed of the progress of the students. As Lisa Rivero, a professor of English literature at the University of Wisconsin at Madison, states, in her book The Homeschooling Option, homeschooling in the United States â€Å"as a modern movement began in the 1960s† (Rivero27). This is, after the concept of homeschooling spreads around the community, parents have a choice of either homeschooling or public schooling their children. However, the most common question that bothers many parents is the doubt of which one to choose. Homeschooling can cause the children to stay behind of their age group people; however, now days, many of the children care less about developing their education and concentrate more on their life and hobbies. In addition, homeschooling would waste time and money from the parents. Laura Saba, a former public school teacher who homeschooled her children, and Julie Gattis, a registered nurse and occasional lecturer who has seven years of homeschooling experience, in their book The McGraw- Hill Homeschooling Companion, declare public schools are free of charge for children and â€Å"Children can spend their day getting educated while parents are out earning a living† (1). Even though many parents prefer to homeschool their children, homeschooling would be harmful for both parents and children because children would have social and educational problems, which are the elements of â€Å"Dual-trust Education,† and parents would have the shortage of time and money.One of the reasons that homeschooling. .enga, Patrick. The Beginners Guide to Homeschooling. Cambridge, MA: Holt Associates/GWS, 2000. Print. Homeschooling Benefits. The Nelson Mail: 11. Jul 20 2012. The Advocate (Stamford); Baltimore Sun; Business Dateline; Greenwich Time; Hartford Courant; Los Angeles Times; Morning Call; Newsday; Orlando Sentinel; ProQuest Newsstand; Sun Sentinel. Web. 15 Nov. 2012 .Lee, Steven W. Encyclopedia of School Psychology. Google Books. N.p., n.d. Web. 10Nov. 2012.Pros and Cons of Homeschooling. Pros and Cons of Homeschooling. N.p. , n.d. Web. 10Nov. 2012.Rivero, Lisa. The Homeschooling Option: How to Decide When Its Right for Your Family. New York: Palgrave Macmillan, 2008. Print.Saba, Laura, and Julie Gattis. The McGraw-Hill Homeschooling Companion. New York: McGraw-Hill, 2002. Print.Tabor, Matthew. Education News. Education News. N.p. , n.d. Web. 15 Nov. 2012.

Rolland v Fletcher free essay sample

The rulings for this trial will now be applied to future cases, similar to this. Judges look at a previous case, which is similar and in an equal or higher court and they will then use this information to decide on the verdict. Precedents can be avoided if higher courts have not dealt with a similar case and therefore the lower courts cant rely on them to determine the outcome. Another reason they may be over-ruled is if the previous case is very old and no longer right to apply. Task 2 UP Describe the process when making an Act of Parliament: http://www. Reliant. UK/about/how/laws/passage-bill/ A bill is the application for a new law or change to an existing one. It is then oaken to the government where it will go through a process and a decision will be made whether it becomes a law or not. We will write a custom essay sample on Rolland v Fletcher or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The bill will start in one of the houses (Lords or Commons) and it will then go through a number of stages and readings. There is also the opportunity to make amendments, which means it will have to go through the houses again before it reaches the royal assent.This process can take weeks, months, or years for a law to be created or changed, depending on the importance and whether amendments have to be made. Task 3 UP Explain the rules of statutory interpretation: 1. The Mischief Rule a. If the act does not fall clearly into a specific legislation, the judge can apply the Mischief Rule. This means it takes into account what parliament actually meant when it was made. They will look at the law before the statue was made and take this into consideration when making their judgment. 2. The Literal Rule a.This is the first rule that judges should apply in court as the words are given in their ordinary meaning and are applied without the judge explaining them in order to make better sense of the statue. 3. The Golden Rule a. This rule can be applied if the literal rule could lead to an illogical outcome. The court can then apply a second meaning. An example of this rule being used was Growths 1 935; He murdered his mother, who hadnt made a will and therefore he was to inherit everything, but the judge applied the Golden rule and he was entitled to nothing, due to the circumstances.Task 4 MM -? Compare and contrast the methods of law making: Laws can be created two ways, either via precedents or through the Acts of parliament. Precedents will take in consideration past cases which are similar and then they will then use the case as a guide to determine the outcome. Laws made through Acts of Parliament are new laws or changes to existing ones. They will go through many stages before they are made a law. In court judges use precedents to help them make their decision and if there isnt a previous case similar then they will use the case for future cases and this is known as an original precedent.Acts of parliament start off as Bills and are made by either the government or public and they will be approved by both House of Lords and the House of Commons, before finally being approved by the Royal Assent. Once the Act has officially been made into a law it will apply to everyone in the UK. Bills vary in how long they take to become an official awe and it usually weeks to years, depending on the importance and whether there needs to be any amendments or not. Precedents on the other hand, do not take long as they will be made after the court case has finished and the offender has been found guilty or innocent.Precedents can be good as they use previous cases as a GUID and therefore it makes it easier for a judge to make a decis ion, based on this. It also means if it is a pretty rare case that doesnt happen very often then then the judge may find it very hard to give a verdict as they wont have any previous experience, so by looking at a precedent it is a lot easier. However, precedents are sometimes very old and outdated so they may no longer apply, but they can then update them to suit the present time. Acts of Parliament are new laws or changes to existing ones which are in the publics interest.The benefits of these are that they are new and made in the present, they also have to go through many stages and can be altered before they are made into a law to ensure they will be fully effective. However, the process can be very time consuming. Also because there are so many stages it means there is a higher chance someone will want to amend the law in omen way, making the process even longer. Precedents are fairly easy to interpret as the judge will read it and then compare it to the current case and then use it to decide the outcome. However, because some precedents are very old, the judge may find it difficult to understand some parts, if they arent familiar. Laws made through the Houses of Parliament are going to me written in a more modern way and so they should be easier to understand, however to the normal public, they may find the wording too advanced and confusing. Believe that both are very important, but the Acts of Parliament are slightly ore important as they affect the whole UK population and are put in place to benefit them.However, Precedents are also important as they help judges make rational decisions and they are a good GUID. This being said some Of them are very old now and there are still statutory rules the judge has to follow. Task 5 MM Apply the rules of statutory interpretation: One spring morning a panther escaped from a local zoo. It was found a little while later on a farm some 10 miles away. It had chased and killed two animals. The farmer wanted to sue the zoo. The Rolland v Fletcher case would help with the situation as, although the zoo id not purposely let the animal it out, it still did damage. During the Rolland v Fletcher case, Rolland paid contractors to build a reservoir which unintentionally ended up flooding and causing damage to Flinchers mine. This was due to the builders not correctly blocking the passages. At first Irelands was favored, however Permeable 8 argued that Fletcher had the right to enjoy his land free from water and interference, which resulted in Rolland being found guilty of trespassing and commissioning nuisance.This applies to the situation as the Zoo would have safety measures and gate/ encase in place to prevent animals escaping, however one accidentally did and this part of the first rule and second rule of the tort law, A bringing on to land due to its escape and Of a thing which is likely to do mischief, if it escapes The reason for f ences in a zoo is to keep the animal in as there is a possibility it could case harm or do damage. It was found on someone elses property, which is trespassing and the panther chased and killed 2 animals on the farm. This is the fourth rule The thing actually escapes, causing damage Therefore, according to Rolland v Fletcher, the zoo should be help expansible and is guilty for the damage caused. The literal rule applies to this situation as it is the same circumstances, with a worse outcome, due to the death of 2 animals. The Jude does not not have to explain the reasons or give their own opinion.Task 6 DO Evaluate the role of the judiciary in the formulation and interpretation of legal rules: Donahue V Stevenson was a case in 1932, and was because Mrs. Donahue found a snail in the drink her friend bought her in a cafe. She had already drank half her drink before seeing the decomposed snail and suffered personal injury as a result. Rolland V Fletcher was a case in 1 868, where a reservoir flooded a working mine and caused a lot of damage. The is s tort law, which means it is a type of law used in civil law, but has caused harm. This law was used in the Donahue V Stevenson case.There are 5 requirements which have to be met in order for the victim to win the case. 1 . Accumulation The defendant much bring hazardous material onto their land and keep it there. If the the thing is already there or is naturally there, there is no liability under Rolland v Fletcher. According to the cafe owner he did not put the snail in the drink and so it was already there, meaning he was not liable. 2. A thing likely to do mischief The thing not need be inherently hazardous, it need only be a thing likely to cause damage if it escapes. This rule does apply to the case as the snail caused injury due to its escape. Stevenson did not deliberately put the snail in the drink, however if the snail was to escape and someone drank it would be unhealthy and they could choke which is hazardous. 3. Escape There must be an escape from the defendants land. An injury inflicted by the accumulation of a hazardous substance on the land itself will not invoke liability under Rolland v Fletcher. The snail did escape as the woman found it in her glass, she also suffered personal injury. . Non-natural use The snail was in the drink because of the supplier and therefore it was not the cafe owners fault. Dont think Stevenson could not be liable as it was already in the drink when he accepted it from the supplier and so he had no control over it. He did not put the snail in on purpose so it wasnt his fault. However, Donahue should be compensated as it was not right that she had that in her drink, she also received personal injury, so the supplier should be held liable and pay compensation.