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59-716: Self-transcendence is distinctive as the first trait-concept of a spiritual nature to be incorporated into a major theory of personality. It is one of the "character" dimensions of personality assessed in Cloninger 's Temperament and Character Inventory . It is also assessed by the Self-Transcendence Scale and the Adult Self-Transcendence Inventory. Several overlapping definitions of self-transcendence have been given. Viktor Frankl wrote, "The essentially self-transcendent quality of human existence renders man

118-608: A current asset on an organization's balance sheet because the organization can, in principle, turn it into cash by selling it. Some organizations hold larger inventories than their operations require in order to inflate their apparent asset value and their perceived profitability. In addition to the money tied up by acquiring inventory, inventory also brings associated costs for warehouse space, for utilities, and for insurance to cover staff to handle and protect it from fire and other disasters, obsolescence, shrinkage (theft and errors), and others. Such holding costs can mount up: between

177-466: A "bank inventory") enables a group of users to share common parts, especially where their availability at short notice may be critical but they are unlikely to required by more than a few bank members at any one time. Virtual inventory also allows distributors and fulfilment houses to ship goods to retailers direct from stock, regardless of whether the stock is held in a retail store, stock room or warehouse. Virtual inventories allow participants to access

236-423: A being reaching out beyond himself ." According to Reed, self-transcendence is: the capacity to expand self-boundaries intrapersonally (toward greater awareness of one's philosophy, values, and dreams), interpersonally (to relate to others' and one's environment), temporally (to integrate one's past and future in a way that has meaning for the present), and transpersonally (to connect with dimensions beyond

295-509: A case, there is no "excess inventory", that is, inventory that would be left over of another product when the first product runs out. Holding excess inventory is sub-optimal because the money spent to obtain and the cost of holding it could have been utilized better elsewhere, i.e. to the product that just ran out. The secondary goal of inventory proportionality is inventory minimization. By integrating accurate demand forecasting with inventory management, rather than only looking at past averages,

354-612: A fixed rather than as a variable cost. He defines inventory simply as everything the organization owns that it plans to sell, including buildings, machinery, and many other things in addition to the categories listed here. Throughput accounting recognizes only one class of variable costs: the truly variable costs, like materials and components, which vary directly with the quantity produced Finished goods inventories remain balance-sheet assets, but labor-efficiency ratios no longer evaluate managers and workers. Instead of an incentive to reduce labor cost, throughput accounting focuses attention on

413-443: A much more accurate and optimal outcome is expected. Integrating demand forecasting into inventory management in this way also allows for the prediction of the "can fit" point when inventory storage is limited on a per-product basis. The technique of inventory proportionality is most appropriate for inventories that remain unseen by the consumer, as opposed to "keep full" systems where a retail consumer would like to see full shelves of

472-472: A retail application in the United States was for motor fuel. Motor fuel (e.g. gasoline) is generally stored in underground storage tanks. The motorists do not know whether they are buying gasoline off the top or bottom of the tank, nor need they care. Additionally, these storage tanks have a maximum capacity and cannot be overfilled. Finally, the product is expensive. Inventory proportionality is used to balance

531-434: A spiritual experience scored higher on self-transcendence compared to those who had not. They also found that self-transcendence had positive and meaningful associations with four areas of spirituality: beliefs about the existence and relevance of spirituality; spiritual experience; paranormal beliefs; and traditional religiousness but that self-transcendence was largely unrelated to existential well-being. Existential well-being

590-748: A third and a half of its acquisition value per year. Businesses that stock too little inventory cannot take advantage of large orders from customers if they cannot deliver. The conflicting objectives of cost control and customer service often put an organization's financial and operating managers against its sales and marketing departments. Salespeople, in particular, often receive sales-commission payments, so unavailable goods may reduce their potential personal income. This conflict can be minimised by reducing production time to being near or less than customers' expected delivery time. This effort, known as " Lean production " will significantly reduce working capital tied up in inventory and reduce manufacturing costs (See

649-459: A varying number of subscales. The dimensions are determined from a 240-item questionnaire. The TCI is based on a psychobiological model that attempts to explain the underlying causes of individual differences in personality traits. Originally developed in English, TCI has been translated to other languages, e.g., Swedish, Japanese, Dutch, German, Polish, Korean, Finnish, Chinese and French. There

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708-609: A warehouse or in a shop or store accessible to customers . Inventories not intended for sale to customers or to clients may be held in any premises an organization uses. Stock ties up cash and, if uncontrolled, it will be impossible to know the actual level of stocks and therefore difficult to keep the costs associated with holding too much or too little inventory under control. While the reasons for holding stock were covered earlier, most manufacturing organizations usually divide their "goods for sale" inventory into: For example: A canned food manufacturer's materials inventory includes

767-462: A wider mix of products and to reduce the risks involved in carrying inventory for which expected demand does not materialise. There are several costs associated with inventory: Inventory proportionality is the goal of demand-driven inventory management. The primary optimal outcome is to have the same number of days' (or hours', etc.) worth of inventory on hand across all products so that the time of runout of all products would be simultaneous. In such

826-444: Is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing

885-620: Is a financial accounting tool for evaluating inventory and it is not necessarily a management tool. Inventory management should be forward looking. The methodology applied is based on historical cost of goods sold. The ratio may not be able to reflect the usability of future production demand, as well as customer demand. Business models, including Just in Time (JIT) Inventory, Vendor Managed Inventory (VMI) and Customer Managed Inventory (CMI), attempt to minimize on-hand inventory and increase inventory turns. VMI and CMI have gained considerable attention due to

944-483: Is also a revised version TCI-R . Whereas the original TCI had statements for which the subject should indicate true or false, the TCI-R has a five-point rating for each statement. The two versions hold 189 of the 240 statements in common. The revised version has been translated into Spanish, French, Czech, and Italian. The number of subscales on the different top level traits differ between TCI and TCI-R. The subscales of

1003-618: Is an inventory for personality traits devised by Cloninger et al. It is closely related to and an outgrowth of the Tridimensional Personality Questionnaire (TPQ), and it has also been related to the dimensions of personality in Zuckerman's alternative five and Eysenck's models and those of the five factor model . TCI operates with seven dimensions of personality traits: four so-called temperaments and three so-called characters Each of these traits has

1062-475: Is an essential component of health and well-being, some psychologists have instead correlated self-transcendence with various aspects of mental illness. For instance, Cloninger and colleagues have proposed that self-transcendence may represent a subclinical manifestation of mood and psychotic disorders. Other researches have linked self-transcendence to delusions and mania . Higher self-transcendence in people with bipolar disorder may reflect residual symptoms of

1121-1011: Is associated with better adjustment to illness. The disdain of psychopathology for spirituality led Andrew Sims to write a paper exploring the question of whether faith is a delusion from the standpoint of psychopathology. He concludes that it is not. Instead, he notes, a survey of 1200 studies and 400 reviews concludes: ‘In the majority of studies, religious involvement is correlated with well-being, happiness and life satisfaction; hope and optimism; purpose and meaning in life; higher self-esteem; better adaptation to bereavement; greater social support and less loneliness; lower rates of depression and faster recovery from depression; lower rates of suicide and fewer positive attitudes towards suicide; less anxiety; less psychosis and fewer psychotic tendencies; lower rates of alcohol and drug use and abuse; less delinquency and criminal activity; greater marital stability and satisfaction.' Temperament and Character Inventory The Temperament and Character Inventory ( TCI )

1180-1068: Is associated with dopaminergic pathways. Dopamine transporter DAT1 and dopamine receptor DRD4 are associated with novelty seeking. Parkinson's patients, who are intrinsically low in dopamine, are found to have low novelty seeking scores. Gene variants that have been investigated are, e.g., 5-HTTLPR in the serotonin transporter gene and gene variants in XBP1 . Cloninger argued that the Five Factor model does not assess domains of personality relevant to personality disorders such as autonomy, moral values, and aspects of maturity and self-actualization considered in humanistic and transpersonal psychology . Cloninger argued that these domains are captured by self-directedness, cooperativeness, and self-transcendence respectively. He also argued that personality factors defined as independent by factor analysis , such as neuroticism and introversion , may actually share underlying etiological factors. Research has found that all of

1239-502: Is intentional that financial accounting uses standards that allow the public to compare firms' performance, cost accounting functions internally to an organization and potentially with much greater flexibility. A discussion of inventory from standard and Theory of Constraints -based ( throughput ) cost accounting perspective follows some examples and a discussion of inventory from a financial accounting perspective. The internal costing/valuation of inventory can be complex. Whereas in

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1298-421: Is inventory whose potential to be sold at a normal cost has passed or will soon pass. In certain industries it could also mean that the stock is or will soon be impossible to sell. Examples of distressed inventory include products which have reached their expiry date , or have reached a date in advance of expiry at which the planned market will no longer purchase them (e.g. 3 months left to expiry), clothing which

1357-413: Is out of fashion , music which is no longer popular and old newspapers or magazines. It also includes computer or consumer-electronic equipment which is obsolete or discontinued and whose manufacturer is unable to support it, along with products which use that type of equipment e.g. VHS format equipment and videos. In 2001, Cisco wrote off inventory worth US$ 2.25 billion due to duplicate orders. This

1416-540: Is permitted in the United States subject to section 472 of the Internal Revenue Code . Standard cost accounting uses ratios called efficiencies that compare the labour and materials actually used to produce a good with those that the same goods would have required under "standard" conditions. As long as actual and standard conditions are similar, few problems arise. Unfortunately, standard cost accounting methods developed about 100 years ago, when labor comprised

1475-447: Is unrelated to having a sense of meaning and purpose in life, which is more related to other features of personality. Additionally, the dissolution-of-the-self in experience aspect of self-transcendence appears to have little relationship with spirituality and may be related to the trait's more pathological aspects. Some authors have pathologized the trait. While humanistic and transpersonal theories of psychology maintain that spirituality

1534-468: The Toyota Production System ). By helping the organization to make better decisions, the accountants can help the public sector to change in a very positive way that delivers increased value for the taxpayer's investment. It can also help to incentive's progress and to ensure that reforms are sustainable and effective in the long term, by ensuring that success is appropriately recognized in both

1593-599: The TCI dimensions are each related substantially to at least one of the dimensions in the Five Factor Model, Eysenck 's model, Zuckerman's alternative five : Cloninger has argued that "psychological well-being" depends on the development of facets of the three character dimensions, such as autonomy and life purpose from self-directedness, positive relations with others from cooperativeness, and personal growth and self-actualization from self-transcendence. He has also argued that

1652-657: The TCI-R are: TCI has been used for investigating the neurobiological foundation for personality, together with other research modalities, e.g., with molecular neuroimaging , structural neuroimaging and genetics . Cloninger suggested that the three original temperaments from TPQ, novelty seeking, harm avoidance, and reward dependence, was correlated with low basal dopaminergic activity, high serotonergic activity, and low basal noradrenergic activity, respectively. Many studies have used TCI for examining whether genetic variants in individual genes have an association with personality traits. Studies suggest that novelty seeking

1711-583: The U.S. define inventory to suit their needs within US Generally Accepted Accounting Practices (GAAP), the rules defined by the Financial Accounting Standards Board (FASB) (and others) and enforced by the U.S. Securities and Exchange Commission (SEC) and other federal and state agencies. Other countries often have similar arrangements but with their own accounting standards and national agencies instead. It

1770-587: The United States is thought to have been inspired by Japanese just-in-time parts inventory management made famous by Toyota Motors in the 1980s. It seems that around 1880 there was a change in manufacturing practice from companies with relatively homogeneous lines of products to horizontally integrated companies with unprecedented diversity in processes and products. Those companies (especially in metalworking) attempted to achieve success through economies of scope—the gains of jointly producing two or more products in one facility. The managers now needed information on

1829-579: The accounting period: The benefit of these formulas is that the first absorbs all overheads of production and raw material costs into a value of inventory for reporting. The second formula then creates the new start point for the next period and gives a figure to be subtracted from the sales price to determine some form of sales-margin figure. Manufacturing management is more interested in inventory turnover ratio or average days to sell inventory since it tells them something about relative inventory levels. and its inverse This ratio estimates how many times

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1888-753: The accounts, but the valuation is a management decision since there is no market for the partially finished product. This somewhat arbitrary 'valuation' of WIP combined with the allocation of overheads to it has led to some unintended and undesirable results. An organization's inventory can appear a mixed blessing, since it counts as an asset on the balance sheet , but it also ties up money that could serve for other purposes and requires additional expense for its protection. Inventory may also cause significant tax expenses, depending on particular countries' laws regarding depreciation of inventory, as in Thor Power Tool Company v. Commissioner . Inventory appears as

1947-401: The connections and understanding the relationships between given inputs—the resources brought to bear—and the outputs and outcomes that they achieve. It is also about understanding and actively managing risks within the organization and its activities. When a merchant buys goods from inventory, the value of the inventory account is reduced by the cost of goods sold (COGS). This is simple where

2006-431: The cost has not varied across those held in stock; but where it has, then an agreed method must be derived to evaluate it. For commodity items that one cannot track individually, accountants must choose a method that fits the nature of the sale. Two popular methods in use are: FIFO (first in, first out) and LIFO (last in, first out). FIFO treats the first unit that arrived in inventory as the first one sold. LIFO considers

2065-981: The definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing system. In the context of services, inventory refers to all work done prior to sale, including partially process information. There are five basic reasons for keeping an inventory: All these stock reasons can apply to any owner or product. While accountants often discuss inventory in terms of goods for sale, organizations— manufacturers , service-providers and not-for-profits —also have inventories (fixtures, equipment, furniture, supplies, parts, etc.) that they do not intend to sell. Manufacturers', distributors ', and wholesalers' inventory tends to cluster in warehouses . Retailers ' inventory may exist in

2124-502: The desirability of replacing standard cost accounting. They have not, however, found a successor. Eliyahu M. Goldratt developed the Theory of Constraints in part to address the cost-accounting problems in what he calls the "cost world." He offers a substitute, called throughput accounting , that uses throughput (money for goods sold to customers) in place of output (goods produced that may sell or may boost inventory) and considers labor as

2183-473: The disorder rather than transpersonal or spiritual consciousness. MacDonald and Holland argued that two of the four sub-dimensions of self-transcendence identified in their study—belief in the supernatural and dissolution of the self in experience—probably account for the relationship between self-transcendence and psychopathology found by researchers. Previous research found linkages between supernatural beliefs and schizotypy, so they suggested that dissolution of

2242-450: The effect of product-mix decisions on overall profits and therefore needed accurate product-cost information. A variety of attempts to achieve this were unsuccessful due to the huge overhead of the information processing of the time. However, the burgeoning need for financial reporting after 1900 created unavoidable pressure for financial accounting of stock and the management need to cost manage products became overshadowed. In particular, it

2301-746: The filled and labeled cans of food in its warehouse that it has manufactured and wishes to sell to food distributors (wholesalers), to grocery stores (retailers), and even perhaps to consumers through arrangements like factory stores and outlet centers. The partially completed work (or work in process) is a measure of inventory built during the work execution of a capital project, such as encountered in civilian infrastructure construction or oil and gas. Inventory may not only reflect physical items (such as materials, parts, partially-finished sub-assemblies) but also knowledge work-in-process (such as partially completed engineering designs of components and assemblies to be fabricated). A "virtual inventory" (also known as

2360-428: The financial reporting, since the 'value' now stored in the factory as inventory is reduced. While these accounting measures of inventory are very useful because of their simplicity, they are also fraught with the danger of their own assumptions. There are, in fact, so many things that can vary hidden under this appearance of simplicity that a variety of 'adjusting' assumptions may be used. These include: Inventory Turn

2419-455: The formal and informal reward systems of the organization. To say that they have a key role to play is an understatement. Finance is connected to most, if not all, of the key business processes within the organization. It should be steering the stewardship and accountability systems that ensure that the organization is conducting its business in an appropriate, ethical manner. It is critical that these foundations are firmly laid. So often they are

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2478-631: The ingredients to form the foods to be canned, empty cans and their lids (or coils of steel or aluminum for constructing those components), labels, and anything else (solder, glue, etc.) that will form part of a finished can. The firm's work in process includes those materials from the time of release to the work floor until they become complete and ready for sale to wholesale or retail customers. This may be vats of prepared food, filled cans not yet labeled or sub-assemblies of food components. It may also include finished cans that are not yet packaged into cartons or pallets. Its finished good inventory consists of all

2537-572: The inventories of the different grades of motor fuel, each stored in dedicated tanks, in proportion to the sales of each grade. Excess inventory is not seen or valued by the consumer, so it is simply cash sunk (literally) into the ground. Inventory proportionality minimizes the amount of excess inventory carried in underground storage tanks. This application for motor fuel was first developed and implemented by Petrolsoft Corporation in 1990 for Chevron Products Company. Most major oil companies use such systems today. The use of inventory proportionality in

2596-467: The inventory turns over a year. This number tells how much cash/goods are tied up waiting for the process and is a critical measure of process reliability and effectiveness. So a factory with two inventory turns has six months stock on hand, which is generally not a good figure (depending upon the industry), whereas a factory that moves from six turns to twelve turns has probably improved effectiveness by 100%. This improvement will have some negative results in

2655-496: The last unit arriving in inventory as the first one sold. Which method an accountant selects can have a significant effect on net income and book value and, in turn, on taxation. Using LIFO accounting for inventory, a company generally reports lower net income and lower book value, due to the effects of inflation. This generally results in lower taxation. Due to LIFO's potential to skew inventory value, UK GAAP and IAS have effectively banned LIFO inventory accounting. LIFO accounting

2714-449: The litmus test by which public confidence in the institution is either won or lost. Finance should also be providing the information, analysis and advice to enable the organizations' service managers to operate effectively. This goes beyond the traditional preoccupation with budgets—how much have we spent so far, how much do we have left to spend? It is about helping the organization to better understand its own performance. That means making

2773-528: The most important cost in manufactured goods. Standard methods continue to emphasize labor efficiency even though that resource now constitutes a (very) small part of cost in most cases. Standard cost accounting can hurt managers, workers, and firms in several ways. For example, a policy decision to increase inventory can harm a manufacturing manager's performance evaluation . Increasing inventory requires increased production, which means that processes must operate at higher rates. When (not if) something goes wrong,

2832-450: The other well-being measures. Self-transcendence was associated with positive emotions when taking the other character traits into account, but was largely unrelated to negative emotions or the other well-being measures. Inventory Inventory ( American English ) or stock ( British English ) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management

2891-451: The past most enterprises ran simple, one-process factories, such enterprises are quite probably in the minority in the 21st century. Where 'one process' factories exist, there is a market for the goods created, which establishes an independent market value for the good. Today, with multistage-process companies, there is much inventory that would once have been finished goods which is now held as 'work in process' (WIP). This needs to be valued in

2950-519: The process takes longer and uses more than the standard labor time. The manager appears responsible for the excess, even though s/he has no control over the production requirement or the problem. In adverse economic times, firms use the same efficiencies to downsize, rightsize, or otherwise reduce their labor force. Workers laid off under those circumstances have even less control over excess inventory and cost efficiencies than their managers. Many financial and cost accountants have agreed for many years on

3009-411: The product they are buying so as not to think they are buying something old, unwanted or stale; and differentiated from the "trigger point" systems where product is reordered when it hits a certain level; inventory proportionality is used effectively by just-in-time manufacturing processes and retail applications where the product is hidden from view. One early example of inventory proportionality used in

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3068-402: The relationships between throughput (revenue or income) on one hand and controllable operating expenses and changes in inventory on the other. Inventories also play an important role in national accounts and the analysis of the business cycle . Some short-term macroeconomic fluctuations are attributed to the inventory cycle . Also known as distressed or expired stock, distressed inventory

3127-722: The self is likely to be linked to phenomena such as absorption, dissociation , and suggestibility, which have potentially pathological implications. Given the lack of research validating the trait, some studies can appear contradictory. For instance, people with schizophrenia tend to have poorer self-rated quality of life compared to the general population. But a study of individual differences in people with schizophrenia found that higher scores on self-transcendence and self-directedness and lower scores on harm avoidance were associated with better self-ratings of quality of life. The authors suggested that this finding accords with previous studies finding that spirituality in people with schizophrenia

3186-772: The success of third-party vendors who offer added expertise and knowledge that organizations may not possess. Inventory management also involves risk which varies depending upon a firm's position in the distribution channel. Some typical measures of inventory exposure are width of commitment , time of duration and depth . Inventory management in modern days is online oriented and more viable in digital. This type of dynamics order management will require end-to-end visibility, collaboration across fulfillment processes, real-time data automation among different companies, and integration among multiple systems. Each country has its own rules about accounting for inventory that fit with their financial-reporting rules. For example, organizations in

3245-448: The temperament dimensions are associated with subjective well-being and to some extent with physical health. A study examining relationships between character dimensions and aspects of health and happiness found that self-directedness was strongly associated with happiness , satisfaction with life , general health, and perceived social support. Cooperativeness was associated most strongly with perceived social support and only weakly with

3304-426: The typically discernible world). Maslow evaluates transcendence from several perspectives, such as time, space, culture, ego, opinion (opinion of others), and identification-love. "This means transcendence of the selfish Self. It also implies a wider circle of identifications, i.e., with more people approaching the limit of identification with all human beings." Although there has not been a great deal of research into

3363-415: The validity of self-transcendence as a measure of spirituality, one study found that self-transcendence was related to a number of areas of belief and experience that have been traditionally considered "spiritual". There is little research evaluating the validity of self-transcendence as a measure of spiritual aspects of personality. MacDonald and Holland found that people who were convinced that they had had

3422-512: Was most strongly related to the Temperament and Character Inventory traits of high self-directedness and low harm avoidance . Self-directedness is associated with self-control and adaptability, whereas low harm avoidance is associated with emotional well-being. This suggests that self-transcendence may be a valid measure of areas of spirituality relating to spiritual beliefs, spiritual experiences, paranormal beliefs, and traditional religiousness, but

3481-450: Was the need for audited accounts that sealed the fate of managerial cost accounting. The dominance of financial reporting accounting over management accounting remains to this day with few exceptions, and the financial reporting definitions of 'cost' have distorted effective management 'cost' accounting since that time. This is particularly true of inventory. Hence, high-level financial inventory has these two basic formulas, which relate to

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