The Hmong People Term Paper Example | Topics and Well Written Essays - 1500 words

The Hmong People - Term Paper Example The researcher of this term paper describes the Secret Wars in Laos, that attracted the Royal Laotian government and the Pathelt Lao, who was keen in repulsing the presence of the Northern Vietnamese Army and had taken control of the Lao land. Whereas this war was regarded as secret, the American government deployed many of its troops and in the end, the war claimed many casualties. The Secret Wars in Laos had a number of significant effects. It is stated that the end of the war resulted in a large number of deaths as well as displacement of the Hmong people into other foreign lands, such as the US, because of their persecution. It is believed that more than 200, 000 Hmong communities were resettled in the United States as the fighting and persecution of non-communist continued to be perpetrated by the Communist regime in Lao. The researcher also discussed the subject of interactions between the Hmong and western medicine, that have led to several challenges and outcomes, such as con flicts between Hmong traditions and western medical practices. These conflicts were characterized by differing opinions on treatment options, such as the removal of organs or the use of anesthesia during surgical operations. To overcome this hurdle, healthcare institutions employed interpreters who understood the Hmong language and English as well. The interpreters often found themselves to take conflicting role, where they had to convince patients against tradition treatment options such as wearing of amulets.

Discussion Board Post Response Essay Example | Topics and Well Written Essays - 250 words - 2

Discussion Board Post Response - Essay Example This trend can impact n the competitive advantage of the facility since patients weighing more than four hundred pounds will opt to seek the services of other healthcare facilities. Facilities with more capital assets according to Zismer, Sterns and Claus () have a competitive advantage over others. In my organization, there is need for an additional Magnetic Resonance Imaging (MRI) machine to prevent long queues in the department as patients wait for their turn. Your case is similar to that in my organization as purchasing these equipments will increase efficiency of services. Your discussion Melton is also correct. Your organization considers the views of employees and incorporates their contributions in the formulation of budgets in terms of prioritizing purchase of capital assets. Incorporating employees in decision making has been proved to improve productivity as employees feel valued. Your organization does the correct thing. Subsequently, your organizations use of information regarding delays in patient care, patient anxiety, and patient satisfaction to demonstrate and justify the need for a vein finder sheds more light on how to demonstrate the need for an equipment in healthcare settings. My organization calculated the expected return of capital (Baker and Baker, 2014) to demonstrate the need for an MRI machine and the time patients wait in queues to be access the equipment. Your technique is applicable to my organization as

Business Management: Small and Large Business Differences

Business Management: Small and Large Business Differences Small Large Management The purpose of this report is to review and provide a critical analysis (agree/disagree) if small businesses require different management style(s) compared to large businesses. In the contemporary business environment it is true that small business require different management styles compared to large ones. Therefore the report will start by outlining the differences between a small and large business and their characteristics. Moreover the report will look into different management styles and try to demonstrate their contributions to the small businesses compared to large ones, on top of that underpinning the strategic relationship which these style(s) have to the small businesses. 2.0 Introduction Before undertaking the discussion it’s important to know the meaning of a small and large business. What exactly is a small business and when does it become medium-sized or large, are the key questions whose answers will be portrayed in this report. The small business administration defined a small business as a firm with 500 or fewer employees with annual revenue under  £2500000 (www.delawarecountybrc.com `). However the legal definition of â€Å"small† varies from country and industry, a small business is the one with small number of employees generally under 100 employees in the United States while under 50 employees in the European Union (strorey, 2005). Some definitions focus on numerical parameters in order to differentiate between smaller and larger business types. The European commission (EC) initiated an important set of definitions of small and medium sized enterprises based on the headcount, turnover and balance sheet value. The committee of inquiry on small firms, set up in the UK (1971) proposed that a small firm has three essential characteristics. A small firm is managed by its owner(s) in a personalized way. It has a relatively small share of market in economic terms. It is independent, in the sense that it does not form part of a larger enterprise and its ownership is relatively free from outside control in its principal decisions (Longenecker et al, 2000). 3.0 Methodology A background reading and research was done in writing this report by consulting lecturer notes of this module and creating points. A list of recommended text books (from the library) were consulted for application of academic theories and models. The report outline being updated when suitable new points were found, internet sources were used to gather examples and further arguments for consideration. 4.0 Findings Small businesses do not conform to any neat parameters, much depends on the industry in which they operate and the personalities and aspirations of those that run them. The objective of this section is to understand the deference between the management role in a small firm and in a larger corporation. Griffins (2000) explain the meaning of management as a set of functions directed at efficient and effective utilization of resources in the pursuit of organizational goals. Efficient in the sense that the resources are used wisely in a cost effective manner, and effective in making the right decisions and successfully implementing them. The management challenge is to maintain control over the process of an organization while at the same time leading, inspiring, directing and making decisions on all sorts of matters. Hannagan (1998) points out that the challenges of modern mangers is to deal with this tension between operating the present systems, structures and processes and the need to change in order to survive. The larger an organization the more specialized management can become, and at the highest level an organization need convergence of skills (Hannagan, 1998). Managing in a small business is not like managing part of a large organization, however, (Stokes Wilson, 2006 ) argue that it is difficult to say precisely what the difference are other than having fewer resources to things. According to (Stokes Wilson, 2006), Small business management is different in several respects to management in larger organizations because of social structures, relationships and because of the level of resources available. While these differences are derived from the numbers of employees and the size of turnover, it is their management implications that are the primary concern of this report. For example a manager who has special department in a small business is facing situation typical of small challenge than large business manager. Coyle (2003) explains that businesses with les than 10 employees rarely need a middle management structure, but over that size there is often pressure on the owner-manager to delegate more of the decision making. Waynarczyk (2001) identifies three key aspects in which small and large firms differ: uncertainty, innovation and evolution. Uncertainty- is a persistent feature of small firms which tend to have small customer bases and limited resources Innovation of either very new products, or marginal differences to well established ones, is a key factor in the success or failure of new business start-ups. Evolution refers to the state of constant structural and market changes which small firms are likely to experience as they struggle to survive and develop. It could be argued that uncertainty, innovation and evolution are also crucial part of the business environment of large corporates in today’s fast changing world. Siropolis (1998) also emphasize that management in small firms differ from that of large firms due a number aspects. These include; Centrality of the owner-manager The formality of structure The level of resource constraints Vulnerability to external context and change Limited product range and market focus. The vulnerability of small business to their external context has a relation to their inability to deal adequately with change. The introduction of new regulations can have a disproportionate effect on the fortunes of small business, whose limited resources cannot easily be redeployed to deal with the new procedures. (Hall, 1995) points out that small business environment exerts some pressure that can be different to the influences on larger organizations. Problems of the availability, cost of finance, and the burden of government regulations and paper work are examples of the preoccupation that concern the manager of a small enterprise but possibly do not concern many corporate managers in large organization (Scarborough Zimmerer, 2000). Differences in the environment are probably as great between sectors defined by products or markets as they are between those delineated by size of company. Such differences in the business environment justify the need of different management styles between small and large business firms. Moreover the financial management of a small business is different from that of a large firm. In a study conducted by walker and Petty the financial difference between small and large firms were evaluated and saw that there are clearly some differences between them. The disparities in dividend politics, dividends as a percent of earning are approximately 3% and 40% for small and large business (Hall, 1995). The second difference is the liquidity; large firms have more liquidity which is reflected by the current ratio, the quick and current ratio increase as the firm size becomes larger. This difference exists because, small firms retain smaller amount of accounts receivable and inventory, second small firms rely heavily on current liabilities, thus small firms maintain less liquidity. The apparent difference in liquidity between large and small firms lends further support that small business require a different management style to large ones. If the managers of small businesses are willing to assume greater risk, their attitude may well be reflected in the small firm’s liquidity (Zimmerer and Scarborough, 2005) According to (Stokes Wilson, 2006), the internal structure of a small business creates the need for a different management approach. In a larger company, the chief executive is the head of the team of specialists in production, finance, marketing, personnel and other functions. There is a clear distinction between those planning the future of the business in the longer term and those implementing the strategy on day to day basis. On the other hand small business owner-managers have to do it all; they are generalists who will have to turn their hand to all functions from sales to production. They are the planners and implementors, responsible for deciding strategy and making it happen. 4.1 Types of management control The way in which an owner-manager exercise control over their workforce will depend not just on the personality of a manager, but also the deposition of power in the employer-employee relationship. Saini Dhameja (1998) points that some circumstance gives the owner –manager, as employer, relatively high levels of control over employees; in other situations employees may be able to call more of tune. To illustrate this relationship Goss identified four types of management control- fraternalism, paternalism, benevolent autocracy and sweating in small firms. Extent of employee potential economic independence Fraternalism This describes a situation where the owner-manager is heavily dependent on the skills of the employees(s) to get the job done. This management is style is also common in professional and high technology small business. Paternalism This occurs where alternatives for employees are more limited, and the employer is less dependent on specific workers. E.g. farming Benevolent autocracy This is the most common situation in a small firm; the manager-owner is less dependent on the employee and able to exercise their influence from the position of power as an employer. Sweating This occurs in circumstance by which the employer exercises all the power and the employee none. These four examples of types of management control are not meant to be exhaustive; there are many variations on the theme. In some small firms two different modes of relationship can exist side by side. What emerge from looking at these types is that there is a highly varied pattern of management of people in small firms. 5.0 Business growth models Small businesses vary widely in size and capacity for growth. They are characterized by independence of action, differing organizational structures and varies management styles. As growth occurs managerial capacity constraint (Jensen and meckling, 1976) imply that existing behaviors are further reduced in frequency as new behaviors are adopted to manage the growing firm. As small businesses undergo these changes, a differentiating factor between successful and unsuccessful firms is that successful firms act in â€Å"anticipation of bigness† (Hambrick and Crozier 1985). Hence growth stage theories provide a measure of predictability regarding what to expect in anticipation of getting bigger. As newly formed business becomes established and grows its organization structures and pattern of management change. Longenecker et al (2000) points out that management in any organization must adapt to the growth and change, however they explain that changes involved in the early growth stages of a new business are much more extensive than those that occur with the growth of a relatively mature business. A number of experts have proposed models related to the growth stages of a business firms. These models typically describe four or five stages of growth and identify various management issues related to each stage. Some of these models are; 5.1 Churchill and Lewis growth model Churchill and Lewis suggest 5 growth stages of small business which each have its own management style. These stages are; Existence-this is the initial stage, where a business has an aim of staying alive, at this stage a business needs to find and maintain customers. Survival- at this stage a business, establish customer and produce position, viability, maintenance of cash flow. Success- this is stage where a business makes a choice between growth and consolidation. Take off-this is the growth. Maturity- a mature stage. This model provides the linkage of growth stages to management style, organizational structure, systems and overall strategy. See fig below Stage Management style Extent of formal system Major strategy Existence Direct supervision Minimal to non existent Existence Survival Supervised supervision Minimal Survival Success (growth) Delegation/coordination Basic, developing Maintaining profitable status quo; get resources for growth Take-off Divisional Mature Growth Mature Decentralization Extensive Return on investment Source: lecture notes, 2007 Moreover Scott and Bruce (1987) also presented changes in a firm which are associated with growth. These changes are presented in a form of stage models. They infer that the small firm moves from inception (stage 1) through to maturity (stage 5). Inception-this is the stage of generating profit gaining customers limited, gaining customers. Survival- at this stage a business experience over trading, uncontrolled growth. Growth- at this there is adequate resourcing, organizational structure develop, system and control. Expansion- there is financing growth, focusing externally on environment and At each of these stages the top management, the management style, and organization of structure change. The table below summarizes this application of this model. Growth stage Top management Management style Organizational structure Inception Direct supervision Entrepreneurial/individualistic Unstructured Survival Supervised/supervision Entrepreneurial/ administration Simple Growth Delegation/ condition Entrepreneurial/co ordination Functional centralized Expansion Decentralization Professional administrative Functional decentralized Maturity decentralization Watchdog Decentralized/functional product Source: (Storey, 2002.pg 121) In addition Greiner model (1972) sees also the relationship between management style and growth stage. He categorized the growth of a small business in five different phase stages, from phase 1 to phase 5 as explained below. Phase 1- involves growth through creativity and followed by crisis of leadership Phase 2-involves growth through direction followed by crisis of autonomy. Phase 3- involves growth through delegation and followed by crisis and o control Phase4-involves growth through coordination followed by crisis of red tape Phase 5- involves growth through collaboration and followed by crisis. 6.0 Is Mall Business Management Fundamentally Different To A Large Enterprise? Burns (2003) agree stating that â€Å"of course there are other characteristics of small business that may be added to the list: perhaps the most obvious is the severe limitation of resources faced by small firms both in terms of management and power as well as money. This statement highlights the qualitative and quantitative elements of small business that makes them fundamentally different to large business and not small scale. He points out that small business have many characteristics that set them apart from larger ventures. Personalized management-it is expected that the owner of a small company should always be involved material decision and take an active role on all aspects of the management. Since one person has much overwhelming control over decision. Managers deal with their staff in different ways, some are strict with their staff and like to be in complete control, whilst others are more relaxed and allow workers to the freedom to run their own working lives. Whatever approach is used it will be vital to the success of the business (Boddy, 2005). The organization is good as the person running it, hence he outline that there are three main categories of management styles which are; autocratic, paternalistic and democratic. Autocratic style of management (o authorial) managers likes to make all the important decision and closely supervise and control workers. Managers do not trust workers and simply gives orders (one way communication). Longenecker (reference) points that total management of an autocratic style and the use of informal control system often arise from the very real pressure of time in small business environment. Paternalistic management gives more attention to the social needs and views of their workers. Managers are interested in how happy the workers are in many ways, they consult employees over issues and give feedback or opinions. The manager will however make the actual decision. Democratic style of management will put trust in employees and encourage them to make decisions. They will delegate to them the authority to do this and listen to their advice. Small market share-they can not dictate price or influence heavily on the numbers of goods sold. Their buying power is reduced since they do not buy in large quantities they must buy at a more expensive price. Small businesses must therefore sell at a more expensive price and become less competitive. Customer loyalty-small businesses especially those occupying the niche market often become reliant on small but loyal customer base. Should they only lose one or two of these customers the business may fail. Finance –small business often find it difficult to raise finance to grow, and are very dependant on customer prompt payment in order to survive. Small businesses are often family owned enterprises, Kets de Vries (1993) outline the following advantages and disadvantages of family owned enterprises. Advantages Long term perspective Dependable culture that encourages long lasting relationship with all business partners Strong identification/commitment and stability Knowing the business Family culture as a source of pride. Disadvantages Static thinking Managerial difficulties when family objective are in conflict. Less acceptable capital market Nepotism Succession problems 7.0 Conclusion Managing a small business is different to managing in a large company. Entrepreneurs need total management to jungle their many responsibility in running a small firm. Premises are key resources that require decisions on locations, physical and environmental features and types of lease or purchase. other operations resources to be managed include materials and equipment. People are the key resources in most enterprises,many entrepreneurs feel inadequate to deal with the legal issues and conformity to employment laws that are required today. Hence four management control have been identified in small business firms. Although small firms are frequently managed by solo owners some high growth firms are manged by an entrepreneur team. 8.0 References Boddy, D., 2005. Management: An Introduction. Pearson Education Limited: England Bridge S, O’Neil K and Cromie S, 1998. Understanding enterprise, Entrepreneurship and Small business. MacMillan Press Ltd, London. Burns P, 2001. Entrepreneurship and Small business. Palgrave, New York. Deakins, D., 1996. Entrepreneurship and Small Firms. McGraw-Hill Publishing Company, London. Hanna Longenecker, J., Moore, C., and Petty, J., 2000. Small Business Management: An Entrepreneurial Emphasis. 11th Edition. South-Western College Publishing, USA Mullins, L., 2005. Management and Organisation Behaviour. Pearson Education Limited, England Saini, J.S., 1998. Entrepreneurship and Small Business. Rawat Publications, New Delhi Scarborough, M.N. and Zimmerer, W.T., 2003. Effective Small business management: An entrepreneurial Approach. 7th Edition. Pearson Education, Inc: New Jersey. Siropolis, N., 1998. Entrepreneurship and Small Business management. 6th Edition. Houghton Mifflin Company, New York. Stokes, D. and Wilson, N., 2006. Small Business Management and Storey, D (2002), understanding small business sector , Thompson Learning, London http://en.wikipedia.org/wiki/Small_business Accessed on 29th October 2007. (http://www.delawarecountybrc.com/glossaryterms.htm Accessed on 29th October 2007.

Small Business Management: Childs Pay :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  This article was about owners of small businesses and how they compensate their children who are also involved in the family business. This article contained significant points. Three significant points that this article made were about over compensating, market rate, and what is expected of the children to run the family business.   Ã‚  Ã‚  Ã‚  Ã‚  Over compensating may and may not be a good thing. It may be good in helping an entrepreneur improve their business because the child might think that since they are getting paid more, that more is expected of them. If they follow that rule the child will help out and benefit the business by going ahead and doing extra beneficial things or just going the extra mile. The downside however is that the child will do the complete opposite and not benefit the business at all.   Ã‚  Ã‚  Ã‚  Ã‚  Market rare is also good in helping an entrepreneur improve their business because it can help prevent the loss or â€Å"wasting† of money. I think a child might benefit from market rate in a sense that they do not expect things to be just handed to them and that is a good quality to have. It can make them appreciate the value of a dollar and maybe even appreciate their job a little more. You can always give them incentives and extra gifts to add a little more to their pay as well and to make market rate not so bad for them.   Ã‚  Ã‚  Ã‚  Ã‚  Lastly, what is expected of the child will help an entrepreneur improve their business because it will make their business run more smoothly and successfully. Having your child go to college, meet special qualifications or just do other things to learn more about the business will benefit the business, I think in a great deal.

Ltcm (Long Term Capital Management)

Workshop 2, week 3 Syndicate 1 1. The collapse of Trio Capital demonstrated the way in which hedge funds and funds of hedge funds can be overly complex, unclear and lacking in transparency, particularly for retail investors. a. Briefly summarise what has happened in the case of Trio Capital last year in 2012 in Australia The collapse of Trio Capital is the biggest superannuation fraud in Australian history. Trio Capital was the trustee of a numbers of super funds governed by the APRA (Ryan, S. , 2011).It also had a number of managed investment schemes, like ARP Growth Fund and Astarra Strategic Fund. An American lawyer, Jack Flader, controlled the hedge funds in the Caribbean in behalf of the company with the $180 million from Trio Capital’s schemes (Ryan, S. , 2011). When those funds collapsed, Australian investors funds disappeared. The company had very poor corporate governance, and at least one of the directors had fraudulent conduct and has gone to jail (Ryan, S. , 2011). Liquidators have record $300 million assets, but more than $ 200million are still missing (Ryan, S. 2011). More than 6000 investors lost money and some of them lost their entire retirement savings (Ryan, S. , 2011). And 5000 of those investors share $55 million taxpayer-funded levy to compensate the loss (Ryan, S. , 2011). However more than 600 investors will not get any compensation because the hedged funds they invested were self- managed and not governed by the APRA (Ryan, S. , 2011). 2. Discuss the regulations that were in place with regard to hedge funds in Australia and what the changes that are in place are.Firstly, Lacking of universal definition of â€Å"hedge funds† has been a problem. Hedge funds have five unique characteristics defined by the regulations. According to Class Order [CO 12/749] Relief from the shorter PDS regime, a responsible entity using expression of â€Å"hedge funds† must exhibit two or more characteristics from the following list: (i) U se of investment strategies intended to generate returns with low correlation to equity and bond indices and/or complex investment structures (ASIC, 2012) (ii) Use of everage to increase returns (ASIC, 2012); (iii) Use of derivatives for speculative purposes (ASIC, 2012); (iv) Use of short selling (ASIC, 2012); or (v) Performance fees (in contrast to fees based on funds under management (FUM)) (ASIC, 2012). However, after the scale collapse of Trio Capital and other funds, hedge funds mangers might try to avoid labelled as hedge funds due to poor reputation.Secondly, improving disclosure promote more efficient capital market, help disclosure relevant information, reduce the possibility of omitting important information, concentrated on the information need of the investors, and be flexible to adapt investors’ information needs changes (ASIC, 2012). Under Corporations Act. 3 Pt 7. 9 requires the Product Disclosure Statement need to be prepared to the offer of interests, and on going disclosure obligation and requirements on advertising and publicity for the offer of interests(ASIC, 2012) .In detail, PDS must: (a) Be worded and presented in a clear, concise and effective manner (s1013C(3)) (ASIC, 2012); (b) Make specific disclosures (s1013D), including among other things about the significant risks associated with holding the product (ASIC, 2012); and (c) Include all other information that might reasonably be expected to have a material influence on the decision of a reasonable person (when investing as a retail client) about whether or not to invest in the product (s1013E) (ASIC, 2012).In addition, Ch 5C has further requirements on hedge funds, including the registration need to be label as a managed investment scheme operated by a responsible entity which holds an Australian financial services (AFS) licence, and to have a scheme constitution and compliance plan (ASIC, 2012). 3. Describe the roles of investment banks and merchant banks, with an emphasis o n the nature of their off -balance-sheet business, in particular mergers and acquisitions. The merge and acquisition services income of the investment banks and merchant banks are large.In 2003 the total amount of advisory fees that charged exceeded $596 million in USA, suggesting that investment banks earned a significant amount of income for providing M&A advice (Walter, Yawson & Yeung, 2007). The advisory services offered by investment banks usually related to various aspects of the acquisition and sale of company and assets such as business valuation, negotiation, pricing and structuring of transactions, and procedure and implementation (Water, et al. , 2007).One of the most important analyses is called dilution analysis, which requires updated skills about M & A accounting. Investment banks also provide â€Å"fairness opinions† which usually involved documents attesting to the fairness of a transaction (Water, et al. , 2007). In some cases, firms interested in M & A advi ce will contact an investment bank directly to process a transaction in mind. However, in the majority cases, investment banks will pitch ideas to potential clients.After a general introduction of investment banks services in merger and acquisition, the specific roles will be provided below: First, investment bank plays an advisory role for both buyers and sellers. When investment bank takes the role of an advisor to potential sellers, this is named as a sell-side engagement (Water, et al. , 2007). On another hand, when investment banks act as an advisor to the acquirers, this is called a buy-side assignment (Water, et al. , 2007). Other services include advising clients on hostile takeovers, joint ventures, h, buyouts and takeover defense.Secondly, investment bank also plays a due diligence role. Due diligence means gathering, analyzing and interpreting the target company’s financial information, compared with its historical and projected financial results, assessing potenti al synergies and evaluating operations to identify opportunities and challenges (Water, et al. , 2007). Due diligence is used to investigate the risk and give client a true financial picture of the acquiring company. Clear the benefits and challenges of the transaction.Off balance sheet business means the business involved an asset or debt or financing activity is not record on the company’s balance sheet (Wikipedia, 2013). For example, financial institutions have business like asset management or brokage service to their clients. The assets (often securities) usually belong to the clients directly or in trust, the company has no direct claim to these assets or has no direct obligation to these liabilities (Wikipedia, 2013). The company usually has responsible for some fiduciary duties to the client.Financial institutions may report off –balance sheet items in their accounting statements or may also refer to â€Å"assets under management† on off balance sheet it ems. Under current accounting rules, the accounting distinction between on and off-balance sheet items are quiet detailed and depend on the degree of management (Wikipedia, 2013). In this case, investment banks help buyers and sellers to process the transaction in merge and acquisition. The assets and liabilities involved in merge and acquisition is directly controlled by the buyers and sellers rather than the investment banks.Hence these assets or liabilities should be recorded on the off-balance sheet of the investment banks. Syndicate 2 1. Describe the key factors, strategies that led to and the lessons learned from the demise of Long Term capital Management. Provide a brief summary of what happened and what were the strategies used by the fund. ( ,reference reading , reading ) Summary of what happened: Long-Term Capital Management was a hedge fund management company that involves absolute-return trading strategies accompany with high leverage nature.The firm's key hedge fund wh ich called Long-Term Capital Portfolio initially succussed with after fees yearly returns over 40% in its first years. However due to the influences from Russia financial crisis and its high leverage, in 1998 it lost $4. 6 billion in less than four months. There were a wide range of companies and individuals affected by LTCM’s loss. In order to prevent chain reaction, Federal Reserve’s financial intervention and other companies taken over required and the company closed down in early 2000. The strategies:Initially, the company use complex mathematical model to analyse fined income bond to demonstrate arbitrary trade (usually pick up American, Japan and European government bond) Government bond is a term contract, which means in the future, at a fixed time, they will receive a fixed amount money. When the bond firstly issued, the difference of price has been minimised. Hence, according to economic theory, any price gasp will be fulfilled by arbitrary. The price differen ce between 30 years government bond and 29 times 9 month bind should be very small. And both of them will be mature about 30years later.However these two bonds will have slightly difference due to liquidity difference. So through a serious of financial techniques, buy 29 year 9 month bond and sell 30 years bond before the 30 years bond just issued, the profit becomes possible (Edwards, F. R. , 1999). But using the price difference and arbitrary was not sustainable. Hence the LTCM must use high leverage to generate more returns. In 1998, the company only had 47. 2 billion by them self, but financed funds about 1245 to 1290 billion, which means the leverage ratio exceed 25 (Edwards, F. R. , 1999).And the majority of the funds are invested in derivatives which is extremely risky (Edwards, 1999). Lessons: Limited leverage should be required for companies to reduce solvency risk. Arbitrary will not sustainable for the long period. The company lack of sustainable strategy. Disclosure of i nformation is quiet important. This will reduce the investors gambling act and let them realise the true risk. 2. Refer to the case of LTCM. Imitation is said to be the sincerest form of flattery. What problems does this create in financial markets? Does this cause financial market crises or is it only a problem when a crisis occurs?Problems: Leverage ratio exceeds to 25, which is too high. Arbitrary is not sustainable, hence the long term investment strategy is absent. The funds amount is large; hence it is difficult to recover the loss. This will increase the possibility of the financial crisis to happen. Because LTCM is extremely high risk company, even though all the company’s partners are graduated from world’s leading universities like MIT Harvard, and they have complex mathematic model, but its high leverage financing structure and business activity nature (e. g. edge, derivative) determined LTCM is an extremely high risk company. Those high-educated partners us e other person’s money to take risk without nominating the true risk. If the principal knows the risk, they might not invest in this company. As one company failure will cause others loss money. If the same investment strategies apply to all the companies in this industry, then the failure will expand to the whole industry, and have various chain reactions. Hence it is not only a problem when financial crisis occur, it actually will becomes the perpetrator to cause the financial crisis. . Explain the structure, roles and operation of managed funds and identify factors that have influenced their rapid growth. Structure: the variety of assets is wider same as the management styles range. Some portfolios are conservative and some are aggressive. Different structure is aim to achieve different portfolio goals, timeframe and risk tolerance (ASX, 2013). Roles: A management fund is a tool for investors to accumulate wealth. Managed funds can invest in a portfolio rather than a singl e security.The portfolio assets include wide range of financial products like domestic shared, international shares, fixed income securities, unlisted private companies and specialist sectors (ASX, 2013). Thereby the diversification of the portfolio reducing the risk of single security falls. Also managed funds can provide professionally managed portfolio to meet the need of customers who do not have time or the skill to manage (ANZ, 2013). Also managed funds can be bought and sold freely on ASX like share, hence the liquidity risk is low, and if you need money you can immediate trade at current price (ASX, 2013).What is more, it could help start at small, which means investor can invest a small amount of money and reach the same diversification as the large amount money (ANZ, 2013). Operation: Managed funds invest client’s money on the behalf of clients. They generally put same appetite clients’ money together to the selected portfolio (ANZ, 2013). The portfolio asset s include wide range of financial products like domestic shared, international shares, fixed income securities, unlisted private companies and specialist sectors (ANZ, 2013). Factors influence their rapid growth:There are four factors influence its rapid growth. Firstly, entry, exit and ongoing management fees reduce the return (ANZ, 2013). Secondly, diversification can limit portfolio risk but it may also dilute profits (ANZ, 2013). Thirdly, there might be more tax payment compared with funds managed by client themselves, or more adjustments made by the portfolio manager, more tax applies (ANZ, 2013). Fourthly, the owner lost control of the money (ANZ, 2013). Losing control of your money – others may be involved in making decisions regarding where your money is invested. Reference List:ANZ. (2013, March 15th). Managed Funds. Retrieved from: http://www. anz. com/personal/ways-bank/work-life-financial/personal-finance/managed-funds/ ASIC (2012, September). Hedge funds: Improvi ng disclosure. Retrieved from:http://www. asic. gov. au/asic/pdflib. nsf/LookupByFileName/RIS-hedge-funds-published-18-September-2012. pdf/$file/RIS-hedge-funds-published-18-September-2012. pdf ASX. (2013) Managed Funds. Retrieved from http://www. asx. com. au/products/managed-funds. htm Edwards, F. R. (1999) Hedge Funds and the Collapse of Long Term Capital Management, Journal of Economics

Organisations and Behaviour Essay

The Purpose of management is to set collective goals for the organisation and communicate to members of the organisation. They make sure these goals are met organisational structures and systems are designed to make members ‘pull’ together and so that resources are utilised efficiently and effectively. They also create and sustain a corporate identity and culture; they look after the interests of the organisation’s stakeholders too. Managers need to control what goes on in their department, they also need to make sure that everything is co-ordinated otherwise things wont happen properly and problems will start to occur. They are very commanding in order to get jobs done properly and on time and also to show that they are the ones with the authority, i.e. the one who is in charge, what I say goes. Management are given many different types of authority so that they can then implement what they have to do in their role as a manager. They have power, which is the ability to do something or get others to do it. Their authority gives them the right to do something or get others to do it. Along with these comes responsibility, which is where the liability of a person is called into account for the way authority has been exercised. Finally there are also able to delegate, this means that they give a subordinate authority over a defined area of which is within their own scope of authority, they hand over work to someone else but and not rid of the responsibility and work fully. Read more:  Explain the Nature of Groups and Group Behaviour Within Organisations Managers have a number of roles; they consist of interpersonal, informational and decisional. A man called Henry Mintzberg in 1973 identified these roles. An interpersonal role is one that shows leadership, and consists of figurehead, leader and liaison. The interpersonal role has a very important factor known as ‘coaching’. According to Needham et al (1999 p214) â€Å"Coaching is an ongoing process in which one person works closely with another to develop skills and abilities†. An interpersonal manager would need to be a good coach I order to be effective. They build one-to-one relationships with the people they work with in order to build up loyalty and support and at the same time they unleash their full potential. The informational role is an administrating role and consists of monitoring, disseminator and spokesman. Managers in this role are supposed to be able to process information with confidence. They are also supported by information technology in this role, they need to be able to adapt to the changes that happen to rapidly in this environment. The decisional role is a kind of fixing role and involves entrepreneur, disturbance handler, resource allocator and negotiator. The managers in this type of role have to make decisions; this means they need to choose courses of action from a set of different alternatives available. There are two main type of decisions, programmed and non-programmed. Herbert Simon (1957, cited in Needham et al 1999 p214) says that Programmed decisions â€Å"are straight forward, repetitive and routine, so that they can be dealt with by a formal pattern† and that Non-programmed decisions â€Å"are novel, unstructured and consequential. There is no cut-and-dried method for handling situations that have not arisen before†. Over the years the way people thought about management and the way they implemented different strategies has changed vastly. To start with back in the early 1900’s there was a scientific approach to management brought about by a man called F W Taylor. Each work process was to be analysed and then by a scientific method it was possible to find the best way for people to do their task or job. Taylor’s thought was that in the same way that there is one special machine that was best for doing one certain job, there is one specific way by which people should undertake their jobs. They would get what was described as a fair days pay for a fair days pay. If workers were to take up Taylor’s methods of working their wages would increase due to it being a more efficient and productive way of working and thus they would become more motivated. However, when actually implemented there became strong criticisms and reactions to his scientific management methods as workers actually found the work boring and weren’t interested, as it required very little skill from them. The workers saw this as disempowerment of them and didn’t like it. So although this was one of the very first approaches to management Drucker (1976, cited in Management and Organisational Behaviour, 1999 p52) says â€Å"Taylor’s greatest impact may still be ahead †¦. The need to study Taylor anew and apply him may be the greatest in the developed countries† suggesting that we may still need to use this theory in present day organisations. Moving on into the 1920’s brought Webber and Fayol with their classical administration/bureaucracy approach to management. This type of management brought sets of official positions, with rules for experts and rules for officials. It showed clear hierarchical authority structure. Impersonal actions by managers in dealing with clients and other workers were seen in order to get rational judgements and a good performance of duties. There are four main features of the bureaucracy theory, they consist of: 1. Specialisation – of the job, so that should the current jobholder leave the job can still continue to function. 2. Hierarchy of authority – a very clear and sharp distinction is made between the workers and the management. And then within the management there are clear ranks between levels of authority, just like what can be seen in current day armed forces. 3. System of rules – this is where the ‘impersonal’ bit comes in as they were set to provide efficient, impersonal operation. These rules are set to provide a stable environment, even though some of the rules are open to change. 4. Impersonality – The rules set down above in number 3 are used to allocate privileges and exercise authority. The characteristics of impersonality are a feature of bureaucracy. Stewart, R (1986, cited in, cited in Management and Organisational Behaviour, 1999 p55) says â€Å"A bureaucracy should not only be impersonal but be seen to be impersonal.† This impersonal-ness in relationships leads to a lack or responsiveness with some incidents and problems. There was also an over emphasis on the rules and procedures in bureaucracy method. Caulkin (1988, cited in Management and Organisational Behaviour, 1999 p56) criticises this over emphasis by saying â€Å"The overemphasis on process rather than purpose, fragmented responsibilities and hierarchical control means that it’s all too easy for individuals to neglect the larger purposes to which their small effort is being put† People then began to recognise about this impersonal-ness and came upon the fact that the workers needs had to be recognised somewhat. This was known as the human relations approach and brought about by Blake, Mouton and Hertzberg in the 1920-1930s. The human relations theory was a major turning point as it started to take into account the needs, values and relationships of the workers. The workforce became more motivated and satisfied job wise, as the human relations approach recognised the importance of informal organisations. They emphasised the needs of wider social needs of individuals and gave recognition to social organisations. The importance of groups and values was emphasised which influenced their individual behaviour at work. All of this led to continued attention being paid to matters such as job satisfaction, group dynamics, participation, leadership and motivation. However, certain criticisms of the human relations approach were that it was not scientific enough and it ignored the role of the organisation itself in how society operates and so another theory was introduced, called The System’s theory. Katz and Kahn introduced the System’s theory in the 1960’s. The systems approach tries to reconcile the theories of Webber and Fayol with that of Hertzberg. It focuses on the interrelationships of structure and behaviour within the organisation. There are two types of systems, an ‘open’ and a ‘closed’ system. A closed system is one that is shut off from its environment. Whilst an open system is usually business related organisationally and it involves continual interaction with its broader external environment. They take in influences from ‘outside’ as INPUTS and produces/influences the environment using OUTPUTS. Every system can have many sub-systems, some including marketing, sales accounts departments etc. INPUTS PROCESS OUTPUTS Materials, Labour, Machinery, Land. Products, Services, Profit. As we moved on into the 1970’s along came the contingency approach, mainly Burns and Stalker brought this to us. The contingency approach shows the importance of structure as a significant influence on the organisational performance. It is also seen as an extension to the systems theory. There is no on optimum state in this approach. The structure and success of an organisation is dependant on the total picture of internal factors and external environment. This type of approach shows that not one style of organisational structure is suitable for all types of businesses, it all depends on the circumstances and structure at that particular moment in time. This theory suggests that an organisation should not seek just one best type of structure to use but that they should look at the present situation and relevant background factors that influence management decisions. The final and most current management theory came about in the 1980’s. This is known as the chaos theory and was brought to us by Tom Peters. The chaos theory tries to make organisations emphasise on the fact that they need to prepare themselves for turbulence, rather than having a rigid, inflexible structure with fixed conditions. It incorporates the contingency approach as it suggests that you should prepare for the unexpected with contingency plans. You can see that the chaos theory is working in current day situations as shown by Peters. Peters, T.J and Waterman, R.H (1982, cited in Management and Organisational Behaviour, 1999 p58) â€Å"found that excellent American companies achieved quick action just because their organisations were fluid, and had intensive networks of informal and open communications†. Part A – (2) Two organisations that I am going to compare are Irwin Mitchell Solicitors and Signfab. Irwin Mitchell Solicitors is a formal, geographical organisation as it has branches across the UK and is run through a partnership. Whilst Signfab is a small local, informal organisation which is run by a sole trader. There are many different approaches to management that could be taken by an organisation, one would be the Theory X and Theory Y approach brought about by McGregor. The main principle of Theory X is based on direction and control through a centralised system of the organisation and the exercise of authority. Whilst Theory Y bases itself on the integration of individual and organisational goals. These Theories influence a range of managerial behaviours and strategies. Managers of Theory X take an authoritative approach and those of Theory Y use a more democratic one. Signfab seems to take a Theory Y approach to its management. In Theory Y management they would check peoples attitudes and skills rather than their references, they would also have frequent informal contacts with their employees rather than consulting them through trade unions. Also the pay scheme for Theory Y is mainly based on a salary and profit related pay, whilst Theory X uses piece rate pay and a personal performance related pay. If you look at the theories that Fayol and Mintzberg took to management we can compare them to what managers currently take in modern day organisations. In the organisation Signfab I would say that they seem to use Mintzberg’s managerial roles. Mintzberg says that there are 10 different roles of managers. Interpersonal, which consists of a figurehead, leader and liaison. Informational, which consists of monitor, disseminator and a spokesperson. And lastly decisional roles these involve entrepreneur, disturbance handler, resource allocator and a negotiator. On an average day Signfab the owner of Signfab would take on almost all of these managerial roles. He would become a figurehead, leader, monitor, spokesperson, disturbance handler, resource allocator and negotiator. He uses all of these roles because he takes on the jobs of selling products to consumers, sorting out the finance for daily, weekly, monthly running of the business, he briefs his employees on new tasks they have to do and daily jobs that need finishing. He also has to ensure the equipment is safe and working properly for them to use, he takes care of the advertising and takes orders for items to be made and places orders for new stock that they need and then he also gets involved in the making of the products himself on a daily basis. There is also the Chaos theory; this is where the organisations need to be able to move with the turbulent world that we live in today. When the unexpected happens they need to have a plan of what to do so that things are not to badly disrupt and their organisation may still function properly. A key concept of the Chaos theory is that tiny small changes in the input of the organisation and environment result in overwhelming differences in the output. According to Needham et al (1999 p201) â€Å"clearly the emphasis for the modern organisation should be on thriving on chaos. This requires forward-thinking and adaptive structures†. In the organisation Irwin Mitchell Solicitors the managers had a more empowering approach to their management. If you take the theories of Henri Fayol you can see that his theories have a more hierarchical structure to management. Managers have 5 main functions in Fayol’s theory; they consist of – planning, co-ordinating, organising, control and command. The planning function means that they had to decide what needs doing and then make a plan of action. The co-ordinating meant that they were harmonising all the activities and effort of the organisation in order to make possible its working and success. The organising meant that they provided material/human resources and building the structure in order to carry out the activities of the organisation. The controlling was checking that everything was occurring in accordance with their plans, instructions and established principles. Finally the commanding meant that they were maintaining the activity among personnel, getting the best return from all employees in the interest of the whole organisation. Irwin Mitchell’s had a very strict set of procedures and plans for what needed to be done in time for the end of the financial year. Their managers were all very co-ordinated in that each department was in some way connected to the one next to it and they quite often had meetings to see how they could get their teams to work more efficiently between them. There was a very big sense of control over the workers in that your manager checked everything you did. The managers were also very commanding as they hardly ever did the work you did they were more into dictating what needed to be done and then expecting it to get done without their assistance. There was a very long chain of command style structure, as you reported to and any problems to your team leader, who then reported it to her/the department manager, who in turn reported it to the site manager who then reported to the directors of the Sheffield branch. The managers had a lot of authority and unity of command in this organisation. Their approach was very structured and hierarchical, in that the higher up the scalar chain you were the more authority, power and command you had. Part B – (1) Organisational culture is known as the way we do things around here. A more detailed version according to Miner (1971, cited in Management and Organisational Behaviour, 1999 p803) would be that organisational culture is â€Å"†¦the collection of traditions, values, policies, beliefs and attitudes that constitute a pervasive context for everything we do and think in an organisation†. Organisations reinforce culture through their rites and rituals, patterns or communication, the expected patterns of behaviour and the informal organisation. Schein (1985, cited in Management and Organisational Behaviour, 1999 p803) suggests â€Å"a view of organisational culture based on distinguishing three levels of culture: artefacts and creations, values and basic assumptions†. Level 1 – The Artefacts: These are the most visible aspects, the physical and social environment. They include things like physical space and layout, management style, technological output, written and spoken language and the behaviour of group members. Level 2 – The Values: These are solutions for how to deal with a new task, issue or problem, which are based on convictions of reality. If the solution works it is often then transformed into beliefs. These values and beliefs then become part of a process whereby group members justify actions and behaviour. Level 3 – The Basic Underlying Assumption: When the solutions to problems mentioned in level 2 work repeatedly it gets taken for granted. These assumptions actually guide behaviour and determine how the group member perceive, think and feel about things. There are four main types of culture, these consist of Power, Role, Task and Person. * Power culture is also sometimes known as club culture. A key feature of this type of culture is centralisation of power. Power culture is often found in small organisations where control lies with one single person or a small group of individuals. The power culture structure can often be seen to be drawn as a spider’s web style diagram. This is because there is a central power source and rays of influence spread out from there. In power culture decisions are made by high-status individuals, rather than a group of people, because of this the decisions can be made extremely quickly. A bad point about power culture is that other workers in the organisation may feel demoted by a lack of challenge and suppressed by those with the power. The web may crack if they support to many activities . a good example of this would have been the Ford Motor Company , up until the early 1980’s its approach to management was functional specialisation, with hierarchy and tight control. * Role Culture, a typical example of a role culture organisation would be a bureaucratic one, where they are divided into layers of offices and officials, with sets of functions that get determined by sets of rules and procedures. Organisations like this operate by using logic and reason. They would also be arranged according to different functions, such as marketing, human relations and finance. In role culture, power is hierarchical and determined by the employees’ position, like in the armed forces with generals, colonels and majors. A job description and set of communication procedures determine the relationship between each role. Position is ‘the’ source of power and the main source of influence are the rules and procedures. There is little scope for individual initiative and recognition making jobholders feel cramped and no room for development, this being a major disadvantage to the role culture organisations. * Task culture is team oriented. Needham et al (1999 p251) describe this type of culture as â€Å"A task culture is job- or project-oriented and emphasis is placed on completing a specific task†. The ‘task’ states the way in which the work is organised as oppose to the individuals or rules like in power and role cultures respectively. Task culture is often illustrated in the form of a net, with some strands being thicker then others and most of the power and influence laying at the interstices of the net. Task cultures are rewarding environments to work in because the employees have a large amount of freedom and flexibility. All this lack of authority can make management and control of this type of culture difficult though. In today’s work force we can increasingly see more and more emphasis placed on team working style cultures. * Person culture is rarely found in a profit-related organisation as they exist only to serve those within their own organisation. You are most likely to see examples of person culture in co-operatives, barristers’ chambers and architects’ partnerships. This is because you usually see a cluster of individuals all operating at the same level in person culture. Hierarchies are not possible in person culture, unless by mutual consent, given a choice though most people would opt for this type of culture. Each organisation will use their own choice of culture , some larger businesses will use a mix of cultures. There are many things that influence the development of corporate culture. Some of these influences are: * History – the age, values of owners and way in which the organisation was originally formed all effect the culture. A merger or reorganisation of management also change the type of culture used. * Primary functions and technology – The businesses’ primary function affects the culture. Primary function of an organisation is the nature of methods of undertaking work, this effects the culture but also the structure too. * Goals and objectives – An organisation will want to be profitable but they will also have to give their objectives and goals attention, the resultant strategies of their objectives will effect and be effected by the change in culture. * Size – Rapid growth or decline in size and the rate or growth and all the results that come from these, like staffing procedures influence the structure and culture. * Location – The geographical and physical characters of an organisation have a major influence on the culture of the organisation. * Management and staffing – Top managers, directors and executives all have a considerable effect on the nature of the corporate culture. * The Environment – An organisation must be responsive to external environmental factors in order to be an effective business. So from all this we can see that the culture of an organisation is an important thing for them to have stated. It helps to account for all sorts of variations among organisations and managers, on a national and international scale. As Oliver, J (1977, cited in Management and Organisational Behaviour, 1999 p807) mentions â€Å"it helps to explain why different groups of people perceive things in their own way and perform things differently from other groups†. Part B – (2) Irwin Mitchell Solicitors Structure: There are four different areas of the UK where this organisation exists. I have focused on the Sheffield one, as that is where I was. However, they all the other sites were run in the same way that the Sheffield branch was. To look at the structure, there was a group of four to six directors for each location. Then there at Sheffield there was two sites each having their own overall/building manager. The building had about 4-5 floors where each floor had about 4 teams of workers, each floor had a supervisor who was in charge of all the departments/teams on that floor and then each department/team had a department/team leader who had typically 8 people in their team. The personnel department was located in one of the Sheffield branches and each location had their own IT technicians. So we can see from the diagram of their structure that they are a geographical organisation operating on a combined line and staff organisation structure. There is a presence of task culture at the bottom where it is in teams and yet power culture at the top where the directors of the company make all the decisions and are seen to be very high-status and powerful. The employees of this organisation are grouped by function, this means that they are divided into sectors according to what they do, for example a sales, an accounts and a quality control department. This is good because specialists are able to work in an area with like-minded people and each part of the organisation is then pursuing their own primary function, making contributions to the overall well being of the organisation. However, it can be bad to organise things like this because it means individuals can not move easily between departments, the organisation gets bigger and the communication channels become distorted between levels of people and also the different departments may pull in opposite directions, causing the company to focus too much on one specific area. They are also grouped by the type of customer in some areas/cases, as they offer a service which is designed differently for depending on the customers circumstances and each different product like accidental injury area, a divorce section are in their own little divisions. This type of grouping shows clearly that each department can concentrate on its own needs, also the customer will fell more inclined to go to your company as you deal with different problems in different areas and more specifically and its easier to check on the performance of their individual product/service. Although having them grouped in this way may mean that each division will compete with each other for the companies resources, this type of structure is costly to set up and more accounting and administrative services are needed. The structure above is a very formal structure; this means that the structure is based on the employees’ official roles. It also has a fairly narrow span of control. A span of control according to Needham et al (1999 p236) is â€Å"The span of control of an individual is the number of people he or she manages of supervises directly†. If an organisation has a narrow span of control this can be good because it enables close supervision and fast communications. However, it also means that the organisation might be too ‘tall’ meaning there is too many levels of management, this usually makes it very costly to run and also means that supervisors get too involved in their subordinates work. A wider span of control would show a much greater amount of trust in the subordinates and also mean having fewer managers; this still allows a hierarchy yet it gives fewer levels. Signfab’s Structure: Signfab is a local sign makers which consists of the owner and two employees, they all partake in the general making of the signs but the owner/manager takes on all the accounts, advertising, purchasing, payroll and general running of the company. From the structure above you can see that this is a much less complicated structure, with a lot fewer employees. There is hardly any span of control as it only consists of the owner and two employees. This is however a good thing because it means they have direct contact and communications with their boss/manager. It is a very flat structure with only two levels. A matrix structure/organisation consists of a combination of functional departments that are specialised and in a permanent location with ones that integrate activities of different functional departments such as a project team, product, programme and system basis. So you can see that the matrix organisation is shown through a grid with a two-way flow of responsibility and authority. Organisations that chose the matrix structure are opting for this because it means that they don’t have to choose one type of grouping over another. I would say that the above structure is a matrix organisation, as it is not grouped in any specific way. There are signs of power culture as all the authority lies with the owner and he makes all the decisions very quickly. So in this structure the owner has a lot of power and authority over his/her employees/subordinates as he/she is the owner and there is no one else higher than him to constrict his reign of power. Whilst in the solicitors structure there is a great deal of restriction in the amount of power they are allowed to have over their subordinates as there is always someone higher up the structure than them that has power over them and what they can and cannot do. The Signfab organisation is centralised as you can see that it is easy to implement policies for the organisation, the organisation on a whole is very co-ordinated, the subordinates are independent but not to a great extent, the decision making is very efficient as there is not compromise of authority when making them and they have a greater use of specialisation in what they do as an organisation. Whilst Irwin Mitchell Solicitors is more decentralised as their administrative services are close to the services they provide so that they can be more effective, opportunities for training in management arise very frequently, the staff are very encouraged by this and therefore morale is very high. Also the decisions can be made closer to the operational level of work. Part B – (3) Irwin Mitchell’s structure and culture are related to the organisations performance as their structure is a very tall structure and this means that they are less customer responsive as the communications between the managers and the employees are more complicated and not as good as they would be in a flatter structure. If their structure were more flat the managers would be nearer to the consumers and be in a better position to see and adapt to what their needs are. This is what Hertzberg suggests in the Human Relations approach. That the employees should not be treated as another part of the machinery their values and relationships should be seen and heard, this improves the morale of the workforce as they are at last being acknowledged. This acknowledgement of the workers and their values brought about an increase in their motivation and so the performance of the organisation would increase too. Irwin Mitchell solicitors take in to account the human relations approach to some extent as the workers values, relationships and suggestions are taken into account. This is seen by the fact that they hold functions at Christmas time for the employees to attend where they are rewarded for their hard work throughout the year. There is also more delegation in a flat structure as there is usually less managers and they would not necessarily be able to carry out all the work that double their amount of managers would have and therefore delegate some of this work to their subordinates, this improves the employees morale and is a good way of motivating them in to working harder so that the businesses performance will also increase. As Irwin Mitchell Solicitors has a tall structure their employees are less motivated and the morale is not always very good within the teams, meaning that the organisations performance is not as good as it could be. They do operate a Kaizen culture though, this is where the employees can suggest things that they think would help or improve the organisation. These are usually small things and are implemented gradually so that the performance of the firm will to improve gradually. This type of culture improves the employees moral, motivation to the company as they are rewarded for the ir efforts/suggestions if they succeed. Bibliography The books I used for reference in this assignment are: Business for Higher Awards 2nd edition by Needham et al published in 1999 by Heinemann. Management and Organisational Behaviour 5th edition by L J Mullins published in 1999 by FT Prentice Hall. HNC HND Business Core Unit: 3 Organisations and Behaviour 1st edition by BPP Publishing in September 2000.

celebrity endorsements Essay Example

celebrity endorsements Essay Example celebrity endorsements Essay celebrity endorsements Essay Do celebrity endorsements work? Celebrity endorsement, this is when a Brand uses a celebrity to help sell there product, service or charity. This may be in adverts, creating a line, or in the case of charity attending different events, fundraising or being a face of a charity. There are both advantages and disadvantages of using celebrity endorsements, for many brands it is about them being noticed, and catching the attention of there market and many brands think that by using a celebrity known in society it will help entice the consumers in. One of the main points that have become noticeable is the way different genders see n advert and the gender of the celebrity in the advert. There is some evidence that women may be more favorably disposed toward celebrity endorsers than men. Lake, Reece, Rifon, (2010 page p30-32) Lake et al (2010) showed in their study that men look at the more noticeable aspects of the advert where as the women look at it in a broader view and pick up different cues. In one study done by (Peetz, Park and Spencer, 2004) the results showed that male athletes were known 4 times greater than women athletes are known, this may prove that for Brands advertising portswear they may be more inclined to use a male campaigner. Although (Ohainian, 1991) stated in her study that gender it was not an issue, it was the perceptions of the celebritys attractiveness, trustworthiness or expertise. In recent years though some of the sporting celebritys have been putting their brands under strain due to the celebrity being in the media for bad reasons that may harm the brand. For example Tiger Woods was dropped by Nike due to the car crash and sex scandal Lake et al, (2010), this was spread throughout the media all over the world. Another negative according to Patel (2009), is that Brands could fall into the celebrity trap which is hard to get out of, once a celebrity is known as the brands face it is hard to change the public perception that they are linked together. Finally a celebrity may be used to endorse one brand but themselves use a different brand for example Catherine Zeta Jones was used as an endorser for Sainsburys but was seen shopping in Tescos which may give the general public an unsurety about shopping at Sainsburys Saurbh Katyal (2010) However there are some positives that come out of elebrity endorsement, firstly as Lake et al say by the help of celebritys endorsement they will increase the awareness of the brand as having someone the consumer knows on the campaign it will help catch there attention, and make them more interested in finding out about the product. Also having a celebrity will help differentiate it from one brand to the other for example David Beckham advertises for Adidas and Roger Federer for Nike. The two are sporting brands with different celebritys, which differentiate them. A further positive could be that the value that is ssociated with the celebrity is carried through to the brand/ product. Through this the brand can become established and through having the celebrity endorsement Dutch team in which they scanned 24 womens brains whilst they looked at different pairs of shoes, both with celebrities and non-celebritys modeling the shoes, and it was noticed that part of the brain became very active when a celebrity was modeling them. (BBC, 2010). As stated above it shows that women do pay more attention to celebrity endorsed ads. Celebrity endorsements can also attract the younger markets, s youths often look up to celebrities as role models and if they see a celebrity advertising a product they may be more inclined to buy it, for example if David Beckham is advertising his new Adidas football boots, they will most probably want them because he looked up to by young people. Using ethnographic analysis, found that young admirers consider celebrity idols as their idealized self-images. (Caughey 1978, 1985, 1994). Finally a celebrity can help revive a immobile brand by flushing new life into the brand for example when Gary Lineker starter advertising for Walkers or David Beckham for Brylcreem. Both Brands picked up sales significantly mainly because of the celebrity involved. Today as social media is become such a phenomenon it is becoming easier for celebrities to endorse products. As Hampp (2011) says celebrities such as Kim Kardashian are being paid to Tweet and Facebook about the endorsements, so now more marketers are bringing in social media to their contracts. Today when using a celebrity it is becoming more and more asked about how many followers they have and their popularity (Klout) scores. They have even gone to the extreme of creating a new measurement tool called FanDNA, this ompiles of data from the top actors, musicians, athletes and models, it works by rating them and setting there appeal to different groups. It also matches them with the brands that will work best for them. (Hampp, 2011). Although there are many negatives involved in celebrity endorsing, from looking at the information, there are more positive outcomes than negatives. The companys can get more out of having celebrity endorsing products as they bring in the consumers and therefore the people who give them the capital to continue to work. Some celebritys have bought a new light to the brands and made them reinvent themselves.

Head Injuries and Chronic Traumatic Encephalopathy

Head Injuries and Chronic Traumatic Encephalopathy Methodology The focus of the proposed study is on patients suffering from head injuries and chronic traumatic encephalopathy, (CTE). Case control methodology is appropriate for this study.Advertising We will write a custom proposal sample on Head Injuries and Chronic Traumatic Encephalopathy specifically for you for only $16.05 $11/page Learn More To enhance efficiency, the case control methodology must assume a retrospective approach. This is because the proposed study involves examination of the existing cases of head injuries in the sampled population. The study will sample the general population and the patients within the outpatient departments of public hospitals. The case groups and the control groups are important. This is because they form the basis for assessments and comparisons (Sim Wright, 2002). The principle aim for this methodology is to determine the exposure risk of CTE associated with head injuries. Basically, the proposed study involves the comparison of the incidences of chronic traumatic encephalopathy. This must be done between the patients suffering from head injuries and the healthy individuals. Two groups are prominent in the proposed methodology. This includes the case group and the control group. Notably, the methodology requires a considerable time to attain desired results (Sim Wright, 2002). Generally, the proposed methodology is appropriate for the study.Advertising Looking for proposal on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Participants Both the case and control groups will be enrolled in the research. This explains why the proposed investigation is a case control study. The basic implication is that an empirically supported inclusion and exclusion criteria have to be adopted. The cases include those participants who have previously suffered head injuries. On the other hand, the control group shall comprise other patients without any history of head injuries. This participant combination forms a perfect case control set. The location of the proposed study has to be within selected public hospitals. Moreover, purposive sampling of all the participants within the selected hospitals is preferred. The process must also observe the ethical and legal provisions for research. For instance, issues of informed consent have to be adequately addressed (Walker Shostak, 2010). Purposive sampling helps to draw a representative sample. The sample size shall be calculated using the Fischer’s formulae. This is because the representative sample is projected to be less than ten thousand. Generally, this study will involve a highly constricted sample size. This is because the proposed study is retrospective and requires follow up for the enrolled participants. Thus, it is intensive and very costly within larger sample sizes. Research Design A combined approach for data collection is appropriate for the proposed study. In this approach, qualitative as well as quantitative strategies are applied during data collection process.Advertising We will write a custom proposal sample on Head Injuries and Chronic Traumatic Encephalopathy specifically for you for only $16.05 $11/page Learn More To enhance the process of triangulation, active clinical checkups and diagnosis are also necessary (Walker Shostak, 2010). This is because the researcher is able to detect the new cases of CTE amongst the enrolled participants. Qualitative and quantitative data management techniques shall be used in the study. Qualitative data analysis mainly entails discussions. However, quantitative data analysis involves the use of sophisticated data management tools such as SPSS. Additionally, it involves the use of bar graphs, pie charts, and basic statistical inferences. Instrumentation and Data Collection Plans Qualitative data gathering to be used in the proposed study entail the use of key i nformant interviews, focus groups and personal observations. Quantitative approaches involve the active administration of assessment tools such as semi structured questionnaires (Keilegom Wilson, 2011). Because the proposed study is a case control, person-to-person data collection is appropriate. This will automatically rules out the possibility of a mailed survey. Based on this projected sample, the participants shall report to the study sites. Consequently, the researcher shall conduct clinical monitoring, personal interviews, observations and focus groups during the reporting junctures. Proposed Analysis of the Data The results gotten from the proposed sample shall be varied. However, this depends on the inclination or objective of the data analysis (Fairclough, 2010). Results indicating the correlation between head injuries and occurrence of CTE are critical.Advertising Looking for proposal on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More In addition, factors that influence the occurrence of CTE amongst those with head injuries are also expected. Additionally, issues about the efficiency of the clinical management strategies in head injuries are likely to emanate. Determination and analysis of responses must be conducted through diverse mechanisms. For instance, similar causative factors linked to the occurrence of CTE must be grouped statistically. Analytically, such processes require sophisticated data management tools. Correlation and regression analysis include some of the statistical tools applicable in the proposed study (Keilegom Wilson, 2011). The proposed results will have significant implications on the rest of population. For instance, certain revelations might dispel existing beliefs. There are different variables that the researcher may include in the proposed study. The likelihood of occurrence of CTE and the incidences of head injuries are some of the variables. Observably, a correlation of the depend ent and independent variable may be drawn from the two outlined examples. â€Å"The occurrence or presence of head injury† remains as one of the crucial independent variable in the proposed study. Alternatively, â€Å"the occurrence of CTE† includes another vital dependent variable. Therefore, it can be stated that the occurrence of CTE depends on the presence of head injury amongst the participants in the proposed study. A more comprehensive and empirical decision making criteria must be used in the proposed study. In this context, various statistical inferences will have a critical role. Comparison of the confidence intervals of various correlating factors will influence most decisions and assumptions in the proposed study. This is appropriate for all correlating factors (Sim Wright, 2002). This process entails the application of statistical distribution tables in determining the confidence intervals. Advanced computer software for data management must be used to en hance the high level of data processing. Basically, this computer software must be applicable in the computation of various statistical inferences and associations. The SPSS program is most preferred for purposes of data analysis in the proposed study. Validity and reliability measurements are critical for all empirical investigations. Application of content validity ensures that an appropriate and representative sample size is utilized. In addition, criterion validity measurement when applied in the proposed study will help to test the precision of definite measures. Construct validity may preferably be used in the proposed study to confirm whether the variables measure the proposed constructs (Fairclough, 2010). For purposes of objectivity and reliance, measurements on the reliability of factors within a study are vital. In the proposed study, there are several measurement methodologies that might be applied for reliability. The determination and testing of reliability may automat ically occur when certain results are gotten. In such scenarios, these results must be tested for both internal and external consistency. There are other various applicable methodologies in measuring reliability. The proposed study might involve the use of inter-observer or test-retests as strategies for measuring reliability. These processes are important because they improve the quality of data. References Fairclough, D. (2010). Design and Analysis of Quality of Life Studies in Clinical Trials. New York, NY: CRC Press. Keilegom, I. Wilson, W. (2011). Exploring research frontiers in contemporary statistics and econometrics: A festschrift for LeÃŒ opold Simar. Berlin: Springer/Physica-Verlag. Sim, J. Wright, C. (2002). Research in health care: Concepts, designs and methods. Cheltenham: N. Thornes. Walker, A. Shostak, J. (2010). Common statistical methods for clinical research with SAS examples. Cary, NC: SAS Institute Inc.

56 Best Writing Websites of 2019 How to Achieve Writing Mastery

56 Best Writing Websites of 2019 How to Achieve Writing Mastery 56 Best Writing Websites of 2019 The Internet is full of writing websites and blogs to help writers reach their creative goals. If you’ve been dreaming of writing your own book, but don’t know how to get there - or if you’re done writing, but feel unsure about what to do next - then it’s your lucky day, because we have put the best writing websites of 2019 in one single place for your convenience. They’re also organized alphabetically and by categories, to make them easier to find. Enjoy! Check out some of the best writing websites of 2019 here! Writing craft and inspiration51. Goins, WriterAs a best-selling author, Jeff Goins created this blog to share his thoughts and tips on writing and to inspire others to chase after their creative dreams.52. Jane FriedmanWith abundant experience in the publishing industry and general business strategy, Jane Friedman offers online classes and articles on the process of book publishing.53. Janet Reid, Literary AgentAs a literary agent, Janet Reid offers her advice on mistakes and pitfalls that all writers should avoid when querying.54. Nail Your NovelAs a bestselling ghostwriter who now publishes under her own name, Â  Roz Morris provides writing advice and posts on self-publishing. If you are interested in becoming a ghostwriter, she also offers courses on how to reach your goal.55. Nathan BransfordNathan Bransford is a former literary agent who offers writing advice and a variety of posts on how publishing works and information on agents and self-publishing. He also does consultations , edits, and critiques. Plus, he’s a Reedsy professional!56. Rachelle GardnerAs a literary agent, Rachelle Gardner has negotiated over 200 contracts with over twenty publishers and gotten more than 100 authors to fulfil their dreams of publishing. In her blog, she offers writing, publishing, and social media coaching, along with tips on writing and publishing. Answer all your writing questions with these websites from industry professionals What are some of your favorite writing websites? Let us know in the comments below!

Procurement Control Systems Case Study Example | Topics and Well Written Essays - 500 words

Procurement Control Systems - Case Study Example The review should include a check for accuracy and legitimacy. After the purchasing department receives the requisition, purchasing needs to submit the order to a vendor selection process. The company has omitted this step. If the material is a standard item, the selection should be on the basis of competitive bidding to assure the best price and reduce costs (Dall and West, 22). Buyer relationships or a vendor attribute system could be used for specialized material. This would help assure cost containment as well as reduce undue buyer-vendor influence and corruption of the process. When the material is received, a receiving report should go to the stores as well as purchasing and accounts payable. There also needs to be an interface with the inventory system to update the count and material level. In the example, receiving does not match the material to a purchase order to check for accuracy or completeness. This has the potential of accepting incorrect shipments or backorders that may have been cancelled. There is also too little control over the invoicing process. In the example, purchasing matches the purchase requisition, purchase order, and receiving report and generates an invoice. The invoice is sent to the controller for payment.

Research task case study Example | Topics and Well Written Essays - 750 words

Research task - Case Study Example This also affects the people around them especially children who sometimes, end up being psychologically tortured. Critically thinking, the UAE is not the solution to these maids’ financial problems as it only inflicts pain on them Foreign maids from impoverished countries account for about 23% of the United Arabs Emirates population, all of them desperate to at least to make a better living. The fact that the UAE is a country with adverse resources due to their huge oil reservoirs plays a major part in attracting these foreign maids (Mallinder, n.d). Some of these maids leave their native countries having in mind that they will help their families back home fight poverty. However, on reaching the UAE, their expectations end up being flushed in the drains as working conditions end up being so terrible. It is quite evident from the above information that foreign maids operate under very poor working conditions in the UAE. Foreign maids face a number of problems that psychologically affect them (Sabban, 2012). The major problem is torture and harassment, leading to physical pain and even deformities. The second problem emanates from the long hours of work with poor pay and lack of better food. Some of these female maids get sexually abused by their employers in front of the children, affecting these children psychologically and even leading to some of these maids committing suicide. Some maids end up committing crimes like beating up and even burning the employers’ children or worse of killing the employer. As a matter of fact, most of these foreign maids come from unprivileged backgrounds and hence need more psychological help and support than psychiatric evaluation before employment to adjust to cases of unsympathetic employers (Beasley and Thomas, 1992). Moreover, it reduces cases of crimes committed by the maids by a wider margin. Moreover, the Human Rights Watch, has called on the UAE

Horizon international flight academy Essay Example | Topics and Well Written Essays - 750 words

Horizon international flight academy - Essay Example Belongingness involves family, love and friendship (Kreitner and Kinicki, 2006). The fourth stage is esteem, and Maslow denotes that human beings are in need of achievement, respect, confidences, and self esteem. The highest need in this hierarchy is self-actualization (Beck, 2004). Under this stage, man is driven by the need of growth and achieving success. It involves solving the various problems that an individual has to face in life, and being motivated (Schultz, 2013). The next motivational theory is Alderfer’s ERG theory. This theory is also referred to as the three needs theories, which are existence, relatedness, and growth (ERG). Under existence, an individual needs the basic facilities necessary to facilitate his or her survival within the community (Schultz, 2013). These basic needs are food, shelter, clothing, and even security. On this basis, Alderfer categorized the physiological and safety needs under existence (Fa?bregas and Scalise, 2012). It is important to d enote that these two aspects were categorized differently under the hierarchy of needs theory. Under relatedness, Alderfer denotes that the need to develop and maintain relationships is important. This is the second most important need that an individual needs to satisfy. ... David McClelland describes three types of motivational needs, namely; Achievement. Power. Affiliation. According to McClelland, these needs are found in every individual, and they determine the manner in which an individual interacts with others. Under achievement, an individual sets to realize the goals that he or she has set up to achieve. There is always a strong need of accomplishment, which must be followed by feedbacks. The second need is the need of power. Under this principle, an individual has the desire to have authority, and to be a decision maker. This also involves the desire for a person to increase his or her prestige and social status. The third need is the need for affiliation (Karabenick and Urdan, 2010). Under this need, an individual needs friends, and therefore there is a desire to interact and socialize with his or her peers. Another theory of motivation is the Herzberg’s Motivator-Hygiene Model. Under this theory, Herzberg denotes that there are factors that can cause job satisfaction, and there are also other factors that can cause job dissatisfaction (Lange, 2012). On this basis, when an employer is developing policies in regard to motivating his or her employees, they need to know factors that will motivate them, and factors that won’t motivate them. Herzberg further identifies the concepts of motivators, and hygiene factors. Motivators are factors that provide positive job satisfaction, while hygiene factors always provide negative job satisfaction (Lange, 2012). Finally, Adams’s Equity Theory of Motivation is an example of a theory of justice. It explains the satisfaction of an individual’s needs in terms of equity in the distribution of resources. This theory denotes that an individual who

Global Economy Essay Example | Topics and Well Written Essays - 2000 words

Global Economy - Essay Example Economy such as economic reasons behind implementing various forms non- tariff trade protection and the structural pattern of Chinese outward Foreign Direct Investment (FDI) will be answered. Trade barriers are the measures appointed by governments and other public authorities for the purpose of making the imported goods and services less competitive as compared to locally produced goods. Tariff is a form of trade barrier that is imposed to restrict international trade import and export activities lead to increase in the price level for consumers. In contrast, Non tariff barriers are imposed in order to control imports. The main hypothetical reason behind shifting from tariff to non-tariff protection measures is to protect the concern of developing countries, aid them to acquire funds for the purpose of running such economies and to support their weak industries to flourish (Kerr and Gaisford, 2007). Mainly six types of non tariff protections processes can be experienced in a global economy. Most important among these is specific limitation on trade such as import licensing requirement, fees, embargos, fixed proportionate restriction on foreign domestic goods and minimum import price limits. Customs and administrative entry procedures also outline non tariff trade protection methods through the ways of anti-dumping practices, tariff classifications and strict documentation and valuation systems. Intergovernmental acceptance instruments for testing methods, standards, packaging, labelling and marking, government participation in international trade by the means of procurement policies, export subsidies, countervailing duties and domestic assistance programs are the other form of non tariff trade protections. Apart from all these, government imposes specific charges on imports prior to the importation takes place and other fees such as special supplementary duties, import credit d iscrimination, variable levies and border taxes represents various forms of non

IMF Policy and Its Effects Assignment Example | Topics and Well Written Essays - 1000 words

IMF Policy and Its Effects - Assignment Example In his essay â€Å"What I Learned at the  World Economic Crisis†, he described very thoroughly the problems of such countries and the role of international monetary fund IMF in creating and multiplying the downfall of a running economy. Stiglitz said that during his appointment as chief economist, he saw many economic crises in most parts of the world, which then took the form of a global crisis. He said that the IMF in not very serious on the issue of solving the problems of countries. Because it suggested wrong policies, many developing countries which were initially in a very good state, adapted those policies & in the end, declined off smoothly. Actually, IMF tries to implement the same tactics on each country without properly analyzing the background and ground facts. During the crises of Latin America in 1980s, IMF imposed controlled budget technique and tight policies if the countries agreed to provide them with an aid. This really proved to be good for them as they w ere not already involved with budget surpluses techniques so they survived from the crisis in a much better way. But the big issue is that IMF imposed all such techniques to those countries too like Thailand and Indonesia, who have a total different reality than US. This was a big mistake, not only from the IMF side but from the governments too, as they did not consider the fact that IMF was not fully aware of their economical status. They were already giving huge surpluses while avoiding the severe conditions of illiteracy and other factors that contributed a lot in economical development of a country. By implementing IMF policies, they nearly starved to death. The inflation rates and unemployment soared and people came upon the streets against their governments. Another major reason of this setback was that some Asian countries started liberalizing their capital markets, due to which they needed more revenue to compensate. So they implemented some short term financial programs whi ch caused huge real estate disasters. In late 1990s, Thailand and Indonesia suffered major economic crises due to bad policies of IMF. Stiglitz suggested that the tight austerity measures, high interest rates and reductions in government’s expenditure cannot solve the problem of such countries; rather it would propel them more towards depression and result in more bankruptcies. If there would be internal policies of the country according to its own ground facts, then they would be more helpful. Privatization is not the solution; instead there must be market competition so that the best would tackle the system. There should be an institutional infrastructure from top to bottom, which would definitely be helpful in boosting the economy. If every country suffering from recession adapts these measures, it will definitely get out of it without much damage to the economy (Stiglitz. What I Learned at the World Economic Crisis. 2000). In the reply to all of above mentioned accusation s made on IMF, Kenneth Rogoff, the Economic Counsellor and Director of the Research Department at IMF, came up with a comprehensive set of answers in his article â€Å"The IMF strikes back†. He said that there has been a debate on the competency of IMF staff that they are incapable and 3rd class students at their times, and also that IMF staff is careless and irresponsible that they don’