Case 25-3 Formosa Plastics Group For many years‚ managers at Formosa Plastics Group (FPG) used a management control system with an element that was somewhat unique for a large corporation – all employees were evaluated subjectively. In making their judgments‚ evaluators looked at objective performance measures but subjectively made many adjustments for factors they deemed to be beyond the employee’s control. One effect of this system was that bottom-line profit was not even considered in the evaluations
Premium Cost Management Cost accounting
Formosa Plastic Group FPG is a diversified chemical company headquartered in Taipei‚ Taiwan providing a broad range of products including plastic products‚ carbon fiber‚ processed PVC products among its many products. FGP is organized into three main corporations each is composed of multiple divisions responsible for a product line. The division managers were given autonomy to make production and marketing decisions of their business within the scope of approved authorization. However‚ administrative
Premium Marketing Economics Material
Formosa Plastic Group (FPG) was founded in 1954 and headquartered in Taipei‚ Taiwan with over 47‚000 employees. FPG was the largest private diversified chemical company that produced and sold a broad range of products which mostly related to plastic. It also operated 6000 bed hospital‚ medical college‚ a nursing school‚ and a technical college. FPG was organized into three major corporations and other affiliated companies. Those three major corporations are Formosa Plastics‚ Nan Ya
Premium Balanced scorecard Management Strategic management
SWOT: FORMOSA PLASTICS GROUP Strength 1. FPG is the largest private company in Taiwan‚ and it is a top petrochemical multinational company in the world (Brand‚ reputation‚ customer basis). It has been profitable for 30 years. 2. Economies of scale: 1) A diversified company with extensive business divisions Lower costs; 2) Is able to make sizable investment in improvement (R&D‚ management)‚ which contributes to more attractive products and lower costs 3. Internal management 1) Has a detailed
Premium Cost
Formosa Plastics Vinyl Chloride Explosion Formosa Plastics USA Illiopolis‚ IL April 23‚ 2004 TABLE OF CONTENTS 1.0 EXECUTIVE SUMMARY 2 2.0 DISCUSSION 2 3.0 RECOMMENDATIONS
Premium Polyvinyl chloride
Formosa Taiwan‚ some say it’s a country and some say it is a part of China. To me‚ I don’t really care whether it’s a country or not. To me it’s a fun little island I call home. This little island sits in Southeast Asia and not too far off the coast of China; apparently it’s possible to go from Taiwan to China by swimming. This particular island is interesting to me not only because it’s where I’m from but also the history that it has endured. It’s unique history sets Taiwan apart from the other
Premium Han Chinese Taiwan Republic of China
Summary of SA http://wirc-icai.org/wirc_referencer/Acconting & Auditing/Summary of S... SUMMARY OF STANDARDS OF AUDITING (SA) APPLICABLE FOR THE FINANCIAL YEAR 2011-12 STANDARDS ON QUALITY CONTROL (SQCS) SQC 1: Quality control for firms that perform audits and reviews of historical financial information‚ and other assurance and related services engagements Objective of SQC–1 is to provide the firm with reasonable assurance that its personnel comply with applicable professional standards as
Premium Audit Auditing Internal control
on The Perceived Need for & Practical Implication of Managerial Accounting at Local Manufacturing Company ( Beximco Pharmaceuticals) Prepared for: Mr. Mohammad Sawkat Hossain Course Instructor FNB 204 Prepared by : Group members: Name ID BBA Program (3rd Batch) Department of Finance & Banking Jahangirnagar University Savar‚ Dhaka-1342 March 31‚ 2012 Executive Summary The origin of report is based on managerial accounting concept
Premium Management accounting Cost accounting
Financial Management Information System Finance – an important functional area for most organization. Finance Area – monitors cash‚ flow and profitability. Sophisticated Financial System – capable for providing financial managers and executives with timely information‚ which is critical to success in today’s accelerated global economy. Financial Management Information System – provides financial information to all financial managers with an organization‚ including the chief financial officer (CFO)
Premium Finance Management Economics
Plastic Waste Management 1. Plastics Waste: Environmental Issues and Challenges The quantum of solid waste is ever increasing due to increase in population‚ developmental activities‚ changes in life style‚ and socio-economic conditions‚ Plastics waste is a significant portion of the total municipal solid waste (MSW). It is estimated that approximately 10 thousand tons per day (TPD) of plastics waste is generated i.e. 9% of 1.20 lacs TPD of MSW in the country. The plastics waste constitutes two major
Premium Waste management Waste Biodegradable waste