International Joint Venture Stakeholders

As for the media reports on possible child labor and substandard wages, let’s recall an old newspaper saying: â€Å"Never pick fights with anyone who buys ink by the barrel. † That is, as a CEO, I would not pick fights with the media, but to act promptly, discuss the issue with the CEO of Mitsamatsu, and correct the inaccurate news without casting blame. There is no doubt that whichever the decision I make will ultimately effects the shareholders. However, it would beneficial in all aspects to join Mitsamatsu company if they are truly a legit corporation; it could also have a very negative effect if the accusation are true.Joint venture with Mitsamatsu with profit shareholders if it is a legit company, but if indeed the accusation is true, it could compromise the U. S. -based corporation for the worse. I would first hold off on any commitments until all the details are on the table and there is clear evidence there are no illegal and/or immoral activities taking place. A meeting with the appropriate officials would definitely be the agenda and once clarifications are made, the appropriate decisions could be acted upon. Not only the shareholders will be affected with the decision, it will also directly affect the employees of the U.S. corporation. Without clarification with evidence the employees would suffer anxiety and depression, also feel in a state of instability, because their future would depend on the final decision of the joint venture. If joint venture is legit and processed, it could mean more jobs and even expanded opportunities for advancement of position and pay for the current employees. But if joint venture goes through and indeed the accusations are true and the news hits the markets and the stocks, it could lead to a lot of loss in profits, which would in turn mean more cuts, and loss of jobs.In order to keep employees from going into panic mode and spreading rumors and decreasing productivity and increasing errors, I would set up a temporary department to address the employees needs and to answer all their questions. Also a department relaying up to date information to employees and shareholders would keep everyone at easy and abreast with all the new developments so they do not waste time looking for untrue information elsewhere. The decision could also affect employees in Asia. Joint venture could also mean more jobs in Asia and maybe even higher pay for them and more positions available.If joint venture does not go through and accusation are true, it may mean a lot of employees in that company may end up losing their jobs as well. Even though they may have not been being paid enough; they were still making money to make ends meet and that cut could be detrimental to the employees there as well as their families. They may even get reimbursed for loss or unfair pay in the past if appropriate legal actions can be taken, but some employees live day to day for just even food in outside countries and the delay of income may also affect them negatively.If the joint venture is made there may be opportunities for employees from the US working in ASIA but under unstandardized conditions, which may not be at the best interest of the employees. True, sending employees to Asia will open up more job positions, but it will be very risky if there are no standards set there. A good corporation at the end of the day wants what is best for their shareholders and employees.

Ethics and Behaviour in War-related Activity Essay

The use of military force, whether within a country or against a foreign target, is guided by two prominent principles. Jus ad bellum (right toward war) helps in determining whether the situation justifies a military response or whether there exist non-violent alternatives. Jus in bello governs the execution of military operations at whose heart are discrimination and proportionality. Military attacks should be aimed at the right targets and civilian deaths should be avoided as much as possible. The weapons or force used in the attack should also be proportionate to the threat, so that it would be unethical to destroy a whole city if the aim was to eliminate a dozen terrorists hiding in one building (Cook, 2001). Many wars, and particularly the ongoing ‘War Against Terror’ have seriously challenged the principles of warfare, forcing the U. S. troops to use what has been described as excessive force against suspected enemy combatants and many civilians. This paper sheds light on conditions which justify such behaviour in war. Justification for aggressive behaviour in the War Against Terror Acts of terrorism are perpetrated by individuals or groups who hold hard-line ethnic, cultural, or religious positions, and who obey no national or international war agreements or principles. Terrorists largely target civilians and civilian structures with the aim of causing indiscriminate harm and violence. Combat troops participating in the war against anti-US hardliners in Iraq and Afghanistan have been accused of flouting ethics of war for engaging in activities which have been regarded as too aggressive and unethical. It is important to note that members of terrorist cells or groups are not state agents and are mostly non-uniformed, making it difficult to distinguish them from civilians. In order to enjoy the protection ideally accorded to civilians, the combatants hide among civilians. When U. S. troops capture a suspect, they are forced to use force to get information from the suspect as they have no other way of telling whether the suspect is actually a terrorist or not. In societies where combatants or terrorists hide among civilians and hurt the same civilians, and others elsewhere, use of force is justified â€Å"primarily to remove dangerous people from society (domestic or international)†¦and to send a message to other potential criminals that such behavior will not be tolerated† (Litchenberg, 2001). The aim of the war on terror is not much to apprehend and try perpetrators in law courts as to directly eliminate as many terrorists as possible (Cook, 2001). The fact that there have not been any other major terrorist attacks in the U. S. since 2001 suggests that the country has made some achievements in deterring such attacks, thereby justifying the means used. Terrorist operations are funded from many sources, among them legitimate governments. While many of the sponsoring organizations are known, there exists the serious difficulty of proving in a court of law that these individuals, groups and governments actually fund and harbour terrorists. When such suspects are captured, military topguns appreciate the difficulty of proving the association between such people and terrorists in a court of law yet know that releasing the suspects allows them to support more terrorist activities in future. Such situations necessitate the indefinite incarceration of suspects in such places as the Abu Ghraib and the Guantanamo Bay where the military, and not the US law reigns supreme. Although such confinement may be deemed unethical, it justifies the end of ensuring that the suspects are not released to sponsor more crimes against innocent civilians. Conclusion. The U. S. campaign against terrorists in Afghanistan and Iraq has been unlike many wars before. The U. S. and her allies are engaged, not in retaliatory military action but in pre-emptive military crusade. The circumstances surrounding the war have driven the combat troops to take actions which have been regarded as unethical. However, careful analysis of the situation in the two countries, and the behaviour and operations of the terrorists reveals that the troops have no option but to take the same actions if they hope to win the war against terrorists. That terrorists follow no ethical codes strengthens the argument for such behaviour among the anti-terrorist troops. References Cook, M. (2001). Ethical Issues in Counterterrorism Warfare. US Army War College. Retrieved March 26, 2010, from http://ethics. sandiego. edu/Resources/PhilForum/Terrorism/Cook. html Litchenberg, J. (2001). The Ethics of Retaliation. Philosophy & Public Policy Quarterly, Vol. 21, No. 4: pp 4-8.

Frederick DouglassNarrative and Its Influence

In 1845, many white people did not consider that a slave was able to write their own autobiography. However, William Lloyd Garrison's preface is an evidence for Douglass that he wrote the book by himself. Douglass was afraid to stand up and tell his story, since he had no education and no public speaking skills. Garrison wants us to keep in mind that the most famous black man in the country is a former slave. This was a way of convincing the crowd of the wrongs of slavery and that slaves can become as successful as Douglass did. Douglass was born in Maryland in 1817, as a slave. He educated himself and was determined to escape from slavery. He tried to escape slavery once, but it was unsuccessful. He later made a successful escape of slavery in 1838. Douglass told his story about his own life in order to describe a slaves’ life as one. Bringing up his own parents was a way of explaining how slavery avoids slaves from having ordinary families. When viewing the slavery of Afric an Americans, some will deny the negative effect it had on the African slaves. However, in his Narrative, Fredrick Douglass makes it obvious that some of the slaveholding characters are damaged by slavery. Slavery in the United States began soon after English colonists first established Virginia in 1607 and lasted as an authorized organization until the passing of the Thirteenth Abortion - Is It Moral or Immoral Abortion – Moral or Immoral? I would argue that abortion is immoral. Abortion is a debate that continues day in, day out, year in, year out. We have laws that have been set into place, yet the debate continues. The opposing sides in the debate each strongly believe they are right. The pro-choice supporters see a woman's right to choose as central to the debate. The pro-choice advocates see the life of the baby as the most important concern. Very little middle ground exists on the issue of abortion. I. When Does Life Begin? [1] "Development of the embryo begins at Stage 1 when a sperm fertilizes an oocyte and together they form a zygote." — England, Marjorie A. Life Before Birth. 2nd ed. England: Mosby-Wolfe, 1996, p.31 Regardless of his attire or the tune of his hum, Staples is still a black man; and to racist America the look of prestige or nonchalance has little significance. It is his complexion that labels him a potential rapist, mugger, or murderer, not his clothes, car, or cash. Aside from the racial components of Staples' predicament, the fundamental characteristic of accommodation for acceptance plagues many of us. Staples has embarked on his own battle. The old jeans-wearing, silent-walking Staples is now a person of the past, pushed aside for his "less-threatening" counterpart. In accommodating for others, our motives tend to be based around the concept that upon changing we will alleviate our problems, yet ironically such modifications elevate them. Author Adrienne Rich grapples with feelings of incompleteness resulting from her family's attempt to conceal her Jewish culture. In her piece appropriately titled, "Split at the Root: An Essay on Jewish Identity," Rich illustrates the disheartening truth lying behind identity conflict: the feelings of confusion, division, and discontent. Rich explored her Jewish past in hopes of discovering and glorifying her true identity. Inspiration was also drawn from Rich's need to escape the stereotypes, the stigmas, and her father's Rules of proportion in Architecture and Ancient Greece Proportion is the essence of architecture, and its roots can be traced back to even the ancient Egyptian times. The first recorded information about the theories of proportion comes from Pythagoras’s studies on geometry, ratio and the musical scale. This knowledge has been further explored in relation to proportions of things found in nature, such as the discovery of the golden ratio, and the modulation of the parts that make up the human body. This knowledge is documented in Vitruvius’s treatice, De Architectura, which contains valuable information about how architecture was perceived in these ancient times. His ideas of the ideal proportions of greek temples, and its relationship to the modular system of the human body is most evident in the flawless harmony of parts that make up the Parthenon. In the mid-5th century BC Pythagoras studied the Greek string instruments, called the lyre and he discovered that two strings with the same length, tension and thickness will sound the same. When the strings are at different lengths, they will most likely sound bad (or dissonant). However, he discovered certain string lengths that were different from one another, but they sounded good (or consonant) when played together. For example when he halved one string, he realised that the notes sounded the same, but at different pitches. This was the discovery of the octave, or diapason, and can be represented as a ratio of 1:2.

Cost Concepts Essay Example | Topics and Well Written Essays - 500 words

Cost Concepts - Essay Example That is why HMO plans are cheaper than other plans. However, it is noteworthy that the added control over cost is achieved on the cost of quality of the health care. In this type of managed care organization, physicians offer their services at a cheaper rate. This is a mutually beneficial practice in which physicians earn more because of increased business while the patients get the services at a significantly lower cost. The FFS plans provide patients with maximum freedom in terms of choice of physician. Patients can use these plans to select a health care professional of their own choice whom they feel satisfied served by. However, the freedom amplify the cost of service they are given. In many ways, POS resembles HMO. Health care providers have the capitation arrangement for the people enrolled. However, in this type of managed care organization, there are no specific hospitals for doctors to work in. They are compensated annually for every patient they check. â€Å"Increasing the percentage of the patient population in lower-reimbursed, managed segments†¦ [and] †¦changing practice patterns across all patient populations, including higher-utilization unmanaged segments† (Majkowski, 1997). Ways in which physicians may be reimbursed in managed care organizations are numerous and vary from type to type. For example, in HMOs, physicians receive fixed salaries while in POS, the â€Å"network providers are compensated on capitation basis, however the enrollees can choose a provider outside the network, who is reimbursed on fee-for-service basis† (Virk,

Sales Case Study Example | Topics and Well Written Essays - 250 words

Sales - Case Study Example Similar is the case at Shields where a new manager leading a sales team that is facing issues in accepting company’s new sales policy (which is in line with that of its main competitor) that is to generate sales through big accounts rather than several small ones as done earlier. Continuation with the same tactic of implementing the new policy over the sales team might result in more slumps in sales quota and increased drop outs that would result in mismanagement of the existing accounts hence further decline in sale level. Summary of the Facts Shield is an Insurance company that provides customized insurance and risk management programs to all size of commercial enterprises. Shield is a result oriented company. Their main objective is profit maximization through increased sales revenue. Following the footsteps of its major competitor the higher management decided to implement a new sales strategy namely First-Plus to increase revenues by bringing in larger accounts. Training of new managers done in theoretical manner through manuals in only 5 days period. Training comprising majorly of introducing First-Plus a new policy for sales rather than how to manage a sales team effectively as well as efficiently.

Population density Dissertation Example | Topics and Well Written Essays - 3750 words

Population density - Dissertation Example Though the two theories tend to be in discordance, in unison they reflect the importance of the links that exist between the different existing scope modifiers like various institutional variables and the prevalent economy type of that community, to the population growth rate. Thus, there are no doubts that population density and growth rate has signi?cant in?uence over the socio-economic and demographic characteristics of any community (rural and urban). †¢ Higher population density and a high population growth rate subsequently results in increased demands for natural resources like water, food, fuel, agricultural land, an others from the natural resource pool. Rapidly expanding population thus results in over exploitation of natural resources, owing to the persistently rising demands. †¢ High population densities or rising population growth rate leads to elevation in agricultural activities that in turn intensifies deforestation, promoting urbanisation and greater land u se conflicts. †¢ Population growth expansion leads to higher energy demands and use (especially fuel oil and its derivatives, since they form the common energy sources both for urban and rural communities). †¢ population growth and density also ascertains the need for various essential public services like health, water, food, education, housing, transport, etc. thus, affecting the process of governmental budgetary allocation. The significant influence yielded by population on the natural resources, and socio-economic characteristics of a community, makes it necessary to study the orientation in population density and distribution, in order to plan and implement any program associated with growth and development of a State. To under the trends in population density and distribution it is necessary to study and analyse periodically the available standardised data (presently the data from census is used for analysis) on size and spatial distribution of population over a spec ific length of time. However, on studying the various available literatures on population density and its effects on the socioeconomic characteristics of a community, it is seen that very little research has been conducted in this regards. A closer look revealed that it was primarily owing to the complex nature of the term, ‘population density,’ not much work has been done on it (Fonseca and Wong, 2000). Thus, it makes it difficult for the researcher to differentiate between the cause and effect, while analyzing the multidimensional aspects of human density, and its relationship with socio-economic aspects. The intricate nature of the population density is also reflected in the association of various other factors, besides the socio-economic one, like historical or environmental factors, that assist in the formation a specific density range like clustered, linear, or randomly distributed, as regards any urban or rural population (Argent, Smailes, & Grif?n, 2006). 1.2 De nsity The term density forms to be one of the most important dimensions within the geographical aspects of development, and is seen as the economic output that is generated from a unit of land. The term, â€Å"refers to the economic mass per unit of land area, or the

Data Protection and privacy Essay Example | Topics and Well Written Essays - 1000 words

Data Protection and privacy - Essay Example ormation given to schools, workplaces, banks, healthcare facilities and even in any local government firm are handled and kept securely and to what grounds can an institution be called of breach in giving a person’s pertinent data if ever they are liable. People have really grown out of their freedom shell as human right propagators and enthusiasts have culminated for the right of a person to data protection and privacy. What is data protection? It is the area of the law that governs what may, and what may not, be done with confidential information obtained. Personal information is in various forms, it may be in electronic form such as the ones stored on a computer hard drive or in manual form or the written forms. Furthermore data protection law, coming from the word protect, sets out rules about the methods by which personal information may be obtained from people, the ways that organisations may and may not use personal information, when organisations may and may not transfer personal information to other organisations, and provides security obligations for the storage and transfer of personal information. Data protection law also regulates the use of personal data for marketing purposes, and restricts the sending of personal information across the borders where there is no equal protection to data deemed (Carey, 2009). Personal data as discussed in an article by Carey (2009), for better conceptualization, is defined as any information which identifies a living individual may it be in electronic or manual form. Examples of information capable of amounting to personal data include a person’s name, address, email address, DNA sample, image, and even records of transactions such as use of credit cards. Obtaining, storing, copying, filing, transferring or anything and everything that can be done to such data is called data processing (Carey, 2009). Data protection law requires three things—registration, compliance with data protection rules and attention to

Exploring the Use of Outdoor Play to Support Children's Development in Essay

Exploring the Use of Outdoor Play to Support Children's Development in a Nursery in East London - Essay Example Bruce (1998) suggests that Outdoor Play allows a child to exercise what he has learnt and apply his teachings practically and develop not just physically but mentally and spiritually as well alongside employing the practice of making his own decisions. These are characteristics that are vital to his growth into adulthood. Children do not individualize the various academic subjects as effectively in their early years from birth to eight and tend to learn best when allowed to integrate all aspects of learning into one. Eden (2008) likens play to an experience of pleasure (p. 50) which allows a child to develop independently and in an environment he enjoys being in. According to her, play helps a child symbolize and build relationships which is a process intrinsic to the development of language (p. 53). She emphasizes that while primary and secondary education are important, neglecting the early years is simply not an option and play tends to be the best way of enriching that level. Fae gre, Anderson and Harris (1958) provide buttressing arguments to the same, acknowledging that a child groomed by varying and encouraging methods of outdoor play helps improve their decision making and mathematical skills along all years of development from birth through to college. According to them, the profound effects of enhanced Outdoor play allows a child to develop progressively in not just their physical attributes such as diet, combating illnesses and clothing habits but also allows them to indulge in self-discipline which is the core feature of adulthood moderation. Of course, this does not take away from the importance of family but highlights how Play is essential to the upbringing of the child. Play: A Historical Perspective Traditionally, Play has been a major part of early development highlighted by the concepts of camping with the family and playing in the park in the early years. The weight of play can be traced as far back as Plato and Aristotle. Plato highlighted t he fact that Play arouses and enhances a child’s curiosity and is an essential part of his development primarily because of that self-defined interest in the nursery years (3-6). According to Plato, a child’s development can be deemed into stages all of which have to be complemented by their own version of Play as according to him, a child learns most effectively amongst an environment he likes to be in. It was important to hone the child’s moral standards by teaching him tales of virtue at an early age (Frost 2010, p. 10) and at the nursery stage (3 to 6 years) such teachings were to be engulfed in Play as nursery formed the most important part of education (Plato 1952, cited in Frost 2010, p. 10). Similarly, Aristotle agreed with Plato’s theories and insisted that the first five years were dedicated to Play in order to offset any bad habits that a child may be prone to develop. He similarly believed that a child must find amusement in what he does and t he best way to arouse his interest in education was through Play. The medieval times did not consider childhood as a separate stage of life but considered all children to be young adults, a notion that lasted until the end of the Middle Ages (Frost 2010, p. 13). When childhood surfaced as a separate stage of life in the 19th century, scholars of late followed through with similar abbreviations of Play,

It is over 100 years since The Principles of Scientific Management was Essay

It is over 100 years since The Principles of Scientific Management was first published. How relevant are Taylor's ideas for un - Essay Example This paper will look at the scientific management theory 100 year later and the influence that it has on understanding work organizations in the present day. Scientific management theory is part of the wider aspect of economic efficiency that was recurring theme in the late 19th century and early 20th century aimed at increasing efficiency in the way humanity carried out its activities, decreasing waste from processes and using empirical methods to make decisions rather than accepting pre existing ways of doing things (Rowlinson, 1988, p378). In political and sociological terms, scientific management can be seen as division of labour that has been done logically with its consequences being deskilling of the worker and dehumanisation of the workers and the workplace (Peci, 2009, p294). In his work, Taylor noted that some workers were more talented than others and even the best of the workers in most cases remained unmotivated, he also noted that most of the workers who were coerced to perform repetitive tasks usually worked at a slow rate, he called this behaviour ‘soldering (Jones, 2000, p640). When given a similar pay, Taylor found out that the employees were likely to do the equal quantity of work as the laziest of them all. This behaviour showed that all workers were interested in their own self benefit and they were not willing to work harder if they were not guaranteed of an additional income. Taylor concluded that they way organizations had been set in relation to work ethics was such that it encouraged inefficiency among the workers. From this observation, Taylor posited that time and motion studies combined with rational analysis and synthesis could provide one of the nest methods to perform any particular task, which could not be done by the methods that were present during that particular time. Taylor argued that the amount of compensation that was given to the employees would only equal the amount of work that the employee was willing to perfor m. The scientific management theory started at a time when automation and mechanisation existed but they were not fully applied in the production process. This is was attributable to the fact that in those days’ people did not have any idea that the scientific management process was the required ingredient that would see the shift of production as being done only by humans to production that would be supported by machines. In his scientific management theory, Taylor had a complicated view on workers. At one time, he addressed some of their concerns in terms of the remuneration that they got as a result of their works, while at another time, he compared them, especially the less intelligent ones with draft animals (Ackroyd & Bolton, 1999, 372). However, with in relation to workers, Taylor’s scientific management theory had a few shortcomings. One is that the theory did not acknowledge individual differences among the workers in the sense that the most efficient way of w orking for one worker, may be the most inefficient for another worker. Secondly, the financial interests between the workers and the management are different therefore, the measurement process and the retraining of workers did not usually get support from the workers. Taylor argued that all tasks that an employee was assigned could be organised in such a way that the productivity of the worker would increase and that his scientific theory of management was more effective than the usual ‘

Briefing note on philosophy article Essay Example | Topics and Well Written Essays - 500 words

Briefing note on philosophy article - Essay Example The concept of language ability isn’t realistically explainable in theory divorced from the full model of how the human function is organized. The full model of how the human function is organized is not realistic because we don’t have a clear picture of ourselves as a scientific definition. There are different ways of looking at a definition for natural kinds. In the scientific method, we’re searching for an understandable theory that explains who we are with the known design of the natural sciences. Natural theories focus more on the nature of the function and reasonable goals for that function as opposed to the actual achievement of function. Chomsky asserts that certain linguists postulate that when thinking of words, a picture associated with that word forms in the individual’s mind; however that doesn’t define the word as to meaning for that individual. He further asserts that language use is not able to be subjected to scientific definition or study, and neither can anything be learned from studying the functionality of the brain with regards to how it processes language concepts. Language use is thought to be part of our common sense understanding with a special place in helping to define human life and thought processes. Concrete objects are not subject to scientific theory, rather they have value dependent upon whatever value we give them. The scientific function of the mind acts to perform scientific theory similarly as the language function acts to acquire and use language; through sharpening the focus to enable complete understanding.

Public Budgeting Essay Example for Free

Public Budgeting Essay Public budgeting touches every sector of the economy and it thus demands clear and accurate contribution of all the parties involved which include policymakers, financial institutions and the public at large. A national budget is a document which once approved by the legislature gives the government the mandate to collect revenue, incur debts on behalf of the public and come up with means of expenditure for the country to achieve certain goals (Cargill and Garcia, 2005). A budget outlines the origin and the application of public resources and for this reason, it plays a central role in the government processes, economic, political, legal and administrative functions of a country. Budgeting is responsible for shaping the macroeconomic status of a country, reflect the political power of the actors who are involved in different stages of the budgeting process, determine which projects get funded with how much and at what level and come up with proper budgetary reforms of both the technical and political budgeting. In this case, monetary control is necessary for a country to achieve the desired level of growth and stability of its economy. It is the responsibility of central banks to conduct monetary policies for the purposes of monetary control. A monetary policy can be defined as a deliberate effort by the Central Bank to influence the economic activities of a country through variation of the money supply, limited control of the amount of credit available and the use of interest rates which are consistent with political objectives of the country. Some of the objectives achieved by the monetary policy include stabilization of the prices of goods and services, stability of exchange rates, availability of employment and maximization of the outputs as well as high rates of economic growth. Most monetary authorities employ operations in the open markets, bank rate regulation policies and credit control policies to control monetary values and achieve the above named objectives. The federal reserve Banks in U. S for instance uses credit control policies to increase or decrease the amount of money and credit present in the U.  S economy at any given financial year. If the monetary value increases, the credit control is said to be on the loose end and to control this, the interests rates for the financial institutions tend to drop, the amount of money spent by businesses and individual consumers increase and the employment opportunities also increase as well. However, if too much money is located to any one sector of the economy when budgeting, it might lead to inflation and a decline in the monetary value of the dollar might result. On the other hand, if too little money is available in the economy, levels of unemployment in the country might increase. An example of how monetary policy and credit controls are applied in public budgeting was seen back in the early 1970s where the Federal Reserve Banks in the U. S facilitated rapid credit expansion to combat unemployment in the country. However, this move led to inflation of the economy forcing the Central Bank to implement a monetary policy in 1979 to slow down the high inflation rates and regulate its public budget plan (Carrigan, 2004). From a different perspective, money can be used to estimate the amount of credit in a country. For instance, some contemporary research findings indicate that the U. S GDP in the year 2006 was around 12. 98 trillion dollars and such values are very important in the process of public budgeting to ensure that money is available to every one in the community. Apart from being affected by monetary and credit control policies, public budgeting is an inherently political process. Political governance and politics related to budgeting affect the operations and reforms of public financial budgeting systems. Several studies carried out on the Ghanaians, Mozambique and Malawian political systems show a significant gap between the formal and informal systems budgeting systems with practices such as clientelism, rent seeking and patronage which lead to dysfunctions and distortions leading to an interference with the public budgeting procedures (Donald, 2002). Many research findings have indicated that the budget making process is more of a political process than a technical one. In this case, it is not possible to separate any reforms made on a technical budget from the political environment on which they are embedded. Therefore, for any reforms on a public budget to be effective, they have to be technically viable, administratively sound and politically feasible. Power politics in budgeting are responsible for shaping the rules of the game including ownership, time schedules, sequence of reforms and a review of the governments commitment to such reforms. Budget politics offer as many challenges as the opportunities since power politics in itself is not only a mitigation of risks but is also an opportunity to seize up the economy of a country. Understanding the politics of budgets thus facilitates effective implementation of reforms and it also helps to identify and support change in the public financial management. According to the Journal of Association Budgeting and Financial Management, understanding the relationship between power politics and budgeting helps a nation to understand and appreciate the institutional factors which affect the proper functioning of budgetary reforms. In addition, good fiscal governance helps to identify factors which might trigger pro-poor changes, streamline the checks and balances and aid proper budgetary reforms. Political governance of a country affects the functioning of all the financial systems and the sustainability of the budget reforms (Cargill and Garcia, 2005). For instance, studies of the power politics in the U. S have shown that the political economic factors have a significant effect on the trajectory change as well as the credibility of its federal government commitment to budgetary reforms. These studies also suggest that the demand for better political governance and financial accountability is a major driver for budgetary reforms in the public budgeting systems. In addition, the political power of a state influences public budgeting in the redistribution of wealth and allocation of resources depending on the priorities. Public budgeting as a political process reflects a public consensus, a relative power and financial accountability of the whole process. Conclusion.  From the discussion above, it is clear that public budgeting is very important for the proper functioning of all the sectors of the economy in a country. As indicated above, most budgeting processes have shown a political inclination rather than a technical one. The political stability of a country affects its economic stability, the monetary value of its currency and the availability of credit facilities both in its local financial institutions as well as the international financial institutions. The monetary policies and the credit controls by the central banks influence the amount of money available for public budgeting. On the other hand, the political power of a state affects the implementation of budgetary reforms which are important for budgeting in any country. It can thus be concluded that, there is a very close relationship between monetary and credit controls, budgeting and power politics in the process of public budgeting.

The map of Peacocks location Essay Example for Free

The map of Peacocks location Essay Peacocks is located in Peckham Rye lane next to rye lane market where Top Girl hairdressers salon is located.  Stakeholders who are directly affected by the activities of Peacocks  Stakeholders  These are individuals or groups of people who have an interest in what the Peacocks does and either are affected by what Peacocks does or affect Peacocks by what they do. Shareholders  These are individuals or organisations to whom the businesses belong. These are most likely to be affected by the level of profits that the Peacocks makes, but they will also be affected by how much the business is worth. They contribute to the survival of Peacocks.  Employees  An employee is any individual who has a contract of employment to work for Peacocks. Employees are key stakeholders in Peacocks. They depend for their livelihoods on the incomes they earn from work and also upon the prospects available to them for career progression. Peacocks is among the majority of successful firms because it recognises the importance of its staff, and it spends a great deal of time and effort in training and developing its workforce and improving its working conditions so that its employees are happy and motivated at work. Customers  This is any individual or organisation that receives the products of Peacocks.  Suppliers  This is the business that provides Peacocks with the goods or services that it needs for its production. They might run out of goods and if they do, the business may lose sales.  If Peacocks goes bust, the suppliers lose customers. providers of finance  These are individuals or organisations that provide Peacocks with money which it can use to help it produce or invest. The competitors  This is any business that is trying to sell products to the same customers as Peacocks. An example is Primark, and Bonmache. Peacocks does everything to make sure that it attracts customers to its self. Such activities are reducing prices, offering high discounts and providing the best quality items. They also compete on offering a different type of product. When attempting to compete Peacocks ask themselves what their competitors are offering the customers.  The government  As a stakeholder, the government is any part of the state owned administration, which controls and regulates Peacocks. It also affects Peacocks by providing incentives for it to set up in certain areas. And demanding taxes from Peacocks.  The local community  The community is the society, and the people, where the business is located and carries out its production. Trade associations  This trade to make sure that the employees are paid a salary. how much power of influence each stakeholder has Peacocks over  Customers  Consumers create demand for the products offered by Peacocks. The wants of the consumers dictate to Peacocks what to produce and at what price.  Peacocks understands its customers needs, which is important. Customers dictate the pattern of Peacocks activities, as Peacocks will only offer goods, which customers will buy. Customers are not members of Peacocks, but they are virtual to their survival. Customers buy the goods that Peacocks offers. Spending by customers generates income for Peacocks. Customers may be individuals but could also be other businesses. E.g. sole traders may buy items from Peacocks and sell them at cheaper prices in the market.  Demand  This is the amount of a product consumers are willing to purchase at any given price. Demand is concerned with what consumers are actually able to buy, rather than what they would like to buy. Customers have different relationships with Peacocks  Peacocks needs to communicate with consumers to find out what they want. Market research helps Peacocks to collect information about its potential customers.  As well as collecting information from customers, Peacocks also passes on information about the nature of products, the price charged, how products work and where they might be bought. Advertising is often used to do this. Contact between Peacocks and customers take place when goods are bought. This can vary, when goods are not available at the time the customer wants them. The employees will then take done the customers details and contact him or her when the goods arrive. The goods are ordered for the customer from another branch of the company. onsumers are more aware of the products that are available in Peacocks stores. The prices, channels of complaint and product performance. Consumers have more income than ever before, and much greater expectations of products. Peacocks takes these expectations into account when designing, and marketing products. Peacocks operates in a world consumers have increasing rights and protection. Because of increasing consumer expectations and awareness, improved consumer rights and fiercer competition in Peacocks, the vast majority of companies work hard at promoting good consumer relations. Peacocks accepts returned goods and reimburse customers without too much investigation.  Increase in demand  This is when a very large number of customers come to visit the store and buy large numbers of items each day. Raising demand can benefit Peacocks. Decrease demand  This can result in falling sales, profits and possibly enclosure of the business. Changes in demand   Money  It is reasonable to assume that the higher the incomes of consumers, the more they will be able to buy. When income in the UK as a whole increases, the demand for products in Peacocks will increase. The rise in income is unlikely to be same for everyone. Some consumers will have larger increase in income and others find that Peacocks products will only increase if the income of its customers buying its products increases.  Tastes  Some products are subject to changes in tastes and fashion. It is more usual for Peacocks to stop offering products which have gone out of fashion altogether.

Crouching Tiger Hidden Dragon Film Techniques

Crouching Tiger Hidden Dragon Film Techniques In this essay, I would like to talk about a film which is called Crouching Tiger, Hidden Dragon. It is a ancient Chinese martial art film, it is according to Chinese novelist Wang Du Lus novels written by Crouching Tiger, Hidden Dragon as the basis for further adaptation of films. After the release, Crouching Tiger Hidden Dragon create the highest box office of foreign language film in U.S. history .The local incomes was 1.28 billion U.S. dollars, and become the worlds largest Chinese-language films movie incomes. This film shines on the international market, and also covers 40 international awards in one fell swoop. In addition, in view under the influence of exceptional film, so that some company intends to follow the movie again to re-set off a wave of martial arts films. As regards to the film, it has a great success, not only because the script and good performers, and also because of the director in the framing, composition and other photography operation, succeeded in bringing to record the role of the real moment to the audience. Because of these Factors, this film can be a huge success. As far as to the film genre, it is a Chinese martial art (Kong Fu) film; it has a bit different with the normal martial art film. In the natural martial art film, it is a type of entertainment, a film which the circumstance includes a series of action scene most: fighting, special effects, car chases, explosions. The story is usually the side of justice against the evil side; the solution is often resort to violence. Action film masters always a physical strong male hero, generally obvious that he represents the moral standards, the ethical guidelines of Western culture in general and consistent with view of the world. It always uses some external factors and props, to create tension in some of the scenes the audience, most of the plot revolves around violence. In the film, action itself only a few describe role, but primarily in order to attract viewers. Violence, which are often particularly exaggerated, and therefore there is no relationship between the real phenomenon. (Wheeler W , 2000, p.82) However, in the Chinese martial art film, especially since by Bruce Lees films started the emphasis of human power and human-looking action movie. One of the features including the slow motion effects, strange sound, and has led to the formation of sub-genres: Kong Fu movies. It advocated every movement should have a beauty of physical, and good at use some small action to show that how good of the Kung Fu, such as using a very small action to break the table, walking on the wall with using a dodge. In addition, in every Chinese martial art film, it emphasizes on justice and the evil can not win the righteousness, and also it would show the traditional Chinese etiquette diplomacy before the use of force. (David W, 2006, p.226) With respects to the special features of the Chinese martial art film. Martial art in the West and the East direction, but it has a fast and slow polarization difference. Western films dealing with the fight scenes, deliberately slow down the action so lush clearly show the Chinese martial arts films are used to using a lot of quick shots, the process of manufacturing the tense atmosphere of martial arts. This is a very interesting phenomenon, the formation of the main differences between Eastern and Western audiences viewing experience to accumulate. So in shooting to this film, the director focused more on how to make martial arts become even more beautiful, so in the camera movement and the focus would always change, let the audience also can feel the emotion from the performer s movement. (David W, 2006, p.137) For the Crouching Tiger, Hidden Dragon, its talking about a sword bring out exact revenge against, which also interspersed with the presence of chivalry, in addition highlights the profound Chinese martial arts are also show feelings of love between the protagonists. In the story, Limu Bai (the main character) prominent position on the arena, because he wanted to retired, and entrusted to his love Sword Qingming Jian for Yu Xiulian, and told her transferred it to the Royal Highness custody. However, at the midnight, one girl call Jen sneaked into the imperial palace steal the Qingming Jian to her master, after that, The characters began to develop a complex relationship because of the sword. As regards to the technique of the camera movement in this film, most of the audience would like to concentrate on the action of the characters in the Chinese Kong Fu film, as result of this, most of the senses in the film are shooting the fighting in the film. In Crouching Tiger, Hidden Dragon , it has a scene which has two girls order to the sword and fight with each other. In this scene, the location is in the courtyard of the house, which means it is like a chamber of secret. It is represent both of them must has one will be die, as the coliseum in Rome in ancient time, and also it has a lot of weapon on the wall, when they are fighting, Yu always change different kind of weapon to confront Jel, it is because she is using the reason of their struggle - Qingming Jian . (Malkiewicz, Mullen, 2001, p.55) Moreover, in during shooting their fight, the lighting was using the low key lighting, this is in order to bring weapons spark generated when the collision so that the audience will be more tension into the plot. Furthermore, for the camera movement, firstly it is a long shot to show the location and they are going to fight, and then it use a lot of close up, over shoulder and extreme close up to illustrate how they fight with using different Kong Fu and weapons, during they are fighting, it also has some bird s eye view shot to show how intense of their fight, because it also show the ground fault of the weapons and the struggle traces. In the one particular shot of this scene which is show her shaking hand, and pan to her face and her body, although her whole body is shaking and got hurt in the fight, but she still want to against to Yu. In this scene, it is totally talking about how the thief fight with the protector, however, the thief also has her own belief comply with all orde r from her master. It s show how chaos of the society in that time, for the most of the people they believe stronger can do whatever they want. This is the reason why Jen very eager the Qingming Jian and stole it. (Malkiewicz, Mullen, 2001, p.219) However, in this film, it also has a very justice side, such as Jen tried to grab Li s sward in the palace, but he caught her attack and taught her the truth of life rather than hurt her. Finally, when Jen deflower captured, He told her: virtue can actually win over a person, rather than by sharp weapons or high-strength Kong Fu. In this scene, the director side of the Lis kindness and noble character with a special composition to show up, for example, it use a lot of two shot and over shoulder to show the audience that Li want to guide her back to be good rather than hurt Jen, even though in one scene, Li trough the Qingming Jian into the waterfall from the top of hill, but Jen still jump down and tried to get it back; in this scene, it use a long shot and till down to show the audience the Jen jump down to the waterfall without any hesitation, and also from Li facial expression, it s completely show to the audience that how Jen desire of the power and bring out how Li lamenting he r, forming an enormous comparison. (David W, 2006, p.97) As far as to the reason why the Crouching Tiger, Hidden Dragon can get a great success rather than other film, it s because the director Ang Lee Tried to attract the whole world audience , as people know, Chinese martial arts is undoubtedly elements of the definition of foreigners, so you want to grasp this point Lee, Feiyanzoubi , superficial, roof chase, throwing knives hidden weapon, fighting on the tree .. a series of Chinese products duel, foreign How can people do not seem strange? How can audience not surprise? The way in the shooting, the director Ang Lee has done all the details in every possible way. in the light text effect, he spent most of the low key lighting to keep the mystery of kung fu; the lens shooting, he spent a lot of The third-person perspective and two shot make the audience appreciate the traditional Chinese martial arts, and he can also take care while a lot of details, such as eye contact play against the two sides, the audience can understand the meaning of what they want to say without the dialogue. And in all of the shooting locations, those are based on the original to choose the location. For the storyline, it s also different from the general martial arts is an endless stream of good and evil struggle, Li and blue-eyed about the conflict of good and evil really chivalrous, but this conflict has been simplified, it is no longer the whole story centres, on the contrary, Li, Yu and Jen into the conflict between a very important clue, and this trail Behind the concept is actually the collision of two lakes: Lee swallowed things, experience the vicissitudes of life, like Qi Jian can not, and Jen is newly hatched into the society, the martial arts as an escape, pleasure allies and enemies of the solution, Li: abide by the rules, is a wisdom, rather than a trite. More in order to insinuate the director of youth in our society should think twice before doing things. (Clifford W, 2009, p. 84) In conclusion, Crouching Tiger, Hidden Dragon is the second after Bruce Lee; it is a great classic of traditional Chinese martial arts film, which not only martial arts into a kind of popular culture, this is catching on people heart. On the other hand, they too successful, who later left to insurmountable heights. Most of the classic martial arts to the protagonist as a narrative perspective, such as the works of Bruce Lee. However, in Crouching Tiger Hidden Dragon, the protagonist is not clear, there is no obvious emotional tendencies, the director always stand in a more neutral point of view to describe this story , makes the film seem relatively calm, even if the final outcome of the tragedy, there is no excessive emotional catharsis. So, the director Ang Lees martial arts perspective, not chivalry, but in the political arena, his intention is want arena as a special form of society to describe, display, and analysis the narrative perspective of a neutral has become a necessity. As a film, Ang Lee must be discarded offshoot of distal, straght the point; therefore, it is no longer a knight who owed focus, they shuttled between the secular arena and the sorrows and joys, gains and losses, and what they are thinking about is the key pointo of this film. Moreover, the director also not always looking at the development of conflict, he often intentionally or unintentionally, the main line of the story with the then secular society, people practices cross the shuttle, so as to find countless ties between them provide a Imagination. (Clifford W, 2009, p. 98) Crouching Tiger, Hidden Dragon is not like a general Chinese Kung Fu film, its advantages in its overall production well structured film, paper and wind distribution of the average, the plot to promote smooth, entertaining; costumes and sets are elegant, rich taste of China. in addition it also use a very great cinematography technique to support the director s idea, which is instead the deep meaning of human thinking in the society at that time, this is Ang Lees unique talent and style. Renfences: E David West, 2006, Chasing dragons: an introduction to the martial arts film, LB.Tauris Co Ltd, New York. E Wheeler W. Dixon, 2000, Film genre 2000: new critical essays, State of New York Press, Albany E J. Kris Malkiewicz, M. David Mullen, 2001, Cinematography: a guide for filmmakers and film teachers, Fireside Rockefeller Center, New York. E Clifford W. Mills, Ang Lee, 2009, Infobase, New York

William Blake and The Garden of Love Essay -- Garden of Love Essays

William Blake and The Garden of Love    At first glance, the poetry of William Blake may appear simplistic; he writes most often in regular metrical rhythm, apparently sticking to the rules, blunt observations on such mundane subjects as tigers, lambs and roses.   But if one were to finish with Blake and move on, left with only these initial impressions, it would be a great pity; true enjoyment of this poet can only come about through some understanding of his life, background, and skill in the manipulation of the tool of simple lyrical poetry, to convey deeper meaning.    Amongst his admirers, Blake is considered something of a renaissance man, a frustrated and hugely gifted artist and writer, a social renegade, and something of a true western mystic.  Ã‚   For our purposes here, it is sufficient to know that throughout his adult years he struggled with ideas of correct government, church corruption, unfair taxation, and Christian thought, to the point of near-lunacy.   Blake was born in London in 1857, and while still in his early teens (under 14) began privately writing poetry that is considered of high caliber.    Blake ¹s family had the wherewithal to send him to a  ³drawing school ² when he was ten, and he there began formal training in art.   He was greatly influenced by the art of the Renaissance world, and later wrote about his early total comprehension and appreciation of it.  Ã‚   He continued his formal education in art, and was apprenticed and working successfully in that world by his twenties.    But at heart Blake was a lover of words, and inclined to express his impressions of life through the pen as easily and readi... ...who would be helpful figures normally - are blindly making their rounds dressed in black.   Black is the color of death, deception, the villainous, of loss of hope, of the opposite of innocence.    It would be a mistake to read the poem as a comment on an individuals experience with the vision of a dream.   Blake always has many layers in mind: one should remember that    Blake's own mind was enormous, and capable of juggling various meanings simultaneously.   Especially where Church, Innocence, Death, and such images as demonic priests are involved, one can count on the hint of commentary on society at large.    "The Garden of Love"   stands as an excellent example of Blake ¹s ability to use simple meter and language as a foundation, and then twist the foundation ever so subtly to induce a particular idea.

Sir Gawain and the Green Knight Essay examples -- English Literature E

Sir Gawain and the Green Knight Sir Gawain and the Green Knight was written in the late fourteenth century. Its author was unknown, but he or she was a contemporary of Chaucer. The poem consists of two plots: one is the challenge between Sir Gawain and the Green Knight in a beheading game, and the other is the temptation of Sir Gawain by a lady from a beautiful castle. The outcome of the challenge as well as the life of Gawain is made to depend--though Gawain does not know it--on his behavior at the castle. The temptation is a test of chastity and honorable conduct towards a lord. The introduction of Sir Gawain and the Green Knight gives us a picture of King Arthur's kingdom. It describes the knights and the joy of all Arthur's people. The poem begins and ends with the mention of the fall of Troy. It talks about the warriors who survived and settled in different areas of Europe: Great Romulus to Rome repairs in haste; With boast and with bravery builds he that city And names it with his own name, that it now bears. Ticius to Tuscany, and towers raises, Langobard in Lombardy lays out homes, And far over the French Sea, Felix Brutus On many broad hills and high Britain he sets, most fair. (Norton 202) (Aeneas rescuing his father from Troy) Felix Brutus is the legendary founder of Britain, the great-grandson of the treacherous knight of Troy, Aeneas. Aeneas,from what I found from an outside source, says he is a traitor because he overthrows the king of Troy and negotiates with the enemy (the Achaeans) or Greeks who come into the city. Because of this, the Greeks let him and his family to safely leave the city. In the second stanza, the author chooses to tal... ...equality in a marriage because that is the only way that marriage can last forever. Unlike her "Prologue," the Wife of Bath's "Tale" describes balance in a marriage. A hag is married to a knight and she asks him if he wants her to be old, ugly and faithful or young, beautiful, and unfaithful. He tells her to choose, which gives her the sovereignty. The hag then turns into a beautiful woman, and they live happily ever after. Although in her "Tale," it shows that both people should be considerate of each other in a marriage, in her "Prologue," the Wife of Bath seems dominant instead of concerns for her husbands. Citation Abrams, M.H., The Norton Anthology of English Literature. Sixth Edition, Vol. 1. New York: W.W. Norton & Co. Inc., 1993 Edited by J.R.R. Tolkien and E.V. Gordon Sir Gawain and The Green Knight.Second Edition, Oxford University Press., 1967

The Beginnings of Greek Philosophy Essay -- Science Math Stars Papers

The Beginnings of Greek Philosophy The Milesians and Heraclitus Long before the time of Thales, a citizen of Miletus, in the district of Ionia on the west coast of Asia Minor, Chaldaen astrologers had listed data on the position of the stars and planets. As Thales studied these tables he thought he discerned a pattern or regularity in the occurrence of eclipses, and he ventured to predict a solar eclipse that occurred on May 28th 585BC. Some scholars think that this was just a lucky empirical guess, but if it was the discovery of an astronomical regularity or natural law, then Thales may be credited with distinguishing Greek philosophy and science from the somewhat aimless observations and disjointed information of the Eastern wise men. When a law is formulated, Man's wonder at the phenomenon is supposed to be satisfied, and nature is said to be explained and understood. Thales is also credited with the discovery of several theorems of geometry and with diplomatic, engineering, and economic exploits. If there is a difference between science and p hilosophy, it is that the regularities of science are relatively restricted, whereas the more general principles, called 'philosophic' apply to wider areas. Thales's more general speculations concerned the constitution of the universe. What is the world made of? Are there many elements or is there but one? And if one, what is it? These questions dominated the entire Pre-Socratic period; and they are still live issues today; and if Thales's answer seems crude to a so-called sophisticated 21st century mind, his motivation and procedure may prove as profound as any contemporary inspiration. As a matter of fact, Thales taught that all things are made of water, and we may imagine re... ...uch a person, so hardy as to suggest that reality is spiritual and not material, would have to be a genius as great as Plato. There is a much easier choice that can be made. The great minds of ancient Greek thought with all their scientific acumen, so it may be concluded, have failed to find any truth. The reason for their failure is simply that there is no truth to be found. Knowledge is impossible. This conclusion is a welcome relief after such arduous philosophising; and besides, it offers great opportunities for ambitious young thinkers. Thus there arose in Greece the movement known as Sophism. Bibliography: JOHNS, B. Early Greek Philosophical Thought New York, 1976 MARTIN, K. A History of Greek Philosophy New York and London, 1981 McCONNELL, T. The Pre-Socratic Philosophers Dublin 1988 CARSON, N. Exploring the Pre-Socratics London, 1985

Global Equity Markets: The Case of Royal Dutch and Shell Essay

In early January 1996, Ms. Joanne Partridge, Director of Research at High Street Global Advisors (â€Å"High Street†), a Boston-based global investment management organization, was studying the price behavior of the shares of Royal Dutch Petroleum and Shell Transport and Trading. It seemed that Royal Dutch and Shell should trade in fixed proportions since they represented equivalent classes of shares of the same holding company. However, the ratio of share prices had been anything but constant. For example, Shell traded at a premium to Royal Dutch during 1990 and 1991, while Royal Dutch traded at a premium to Shell subsequent to 1991. Presently, the premium of Royal Dutch over Shell was at an all-time high of almost 12%. Joanne Partridge was trying to understand the opportunities presented by the Royal Dutch/Shell pricing discrepancy. Several of High Street’s U.S. domestic equity and global equity portfolios currently held significant positions in Royal Dutch. These positions could potentially be sold and replaced with equivalent-sized positions in Shell. In addition, the firm had recently landed several new accounts, and would soon be investing the funds. It would have to decide whether these new accounts should own Royal Dutch or Shell. Finally, High Street managed a hedge fund, High Street Partners, which could attempt to arbitrage the price discrepancy by taking a long position in Shell and an offsetting short position in Royal Dutch. High Street Global Advisors High Street Global Advisors managed approximately $40 billion of tax-exempt assets for pension funds, foundations and endowments, and about $15 billion in mutual funds held by individual investors. Most of these assets were in equity portfolios, whose investment mandates ranged from purely U.S.  domestic to non-U.S. to fully global. High Street viewed the world as consisting of one global economy. Accordingly, it emphasized appraising investment opportunities in a global context. At the core of the firm’s equity investment capability was a team of analysts who followed global industries such as chemicals, pharmaceuticals, autos, and oil, and who recommended their best stock selections within these industries to the ________________________________________________________________________________________________________________ Professors Kenneth A. Froot and Andre F. Perold prepared this case. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Much of the data in the case is drawn from Kenneth A. Froot and Emil Dabora, â€Å"How are Stock Prices Affected by the Location of Trade?,† Harvard University, May 1996. Copyright  © 1996 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. This document is authorized for use only in Speculation, Crisis & Behavioral Finance (Huberman) EMBA FA14 by Gur Huberman at Columbia Business School from July 2014 to January 2015.  various equity portfolio managers. Partridge played a key role in giving  direction to these analysts and in managing the flow of ideas between them and the portfolio managers. Portfolio management at High Street was generally governed by a value-investing philosophy according to which securities were purchased if their prices were attractive relative to underlying company fundamentals. In the case of Royal Dutch, the oil analyst was recommending the company on the basis of its lower price-to-book and price-earnings ratios than the major U.S. oil firms and because the company was contemplating certain refinery shutdowns and other operating restructurings that would improve its competitiveness. Royal Dutch Petroleum and Shell Transport and Trading Royal Dutch Petroleum and Shell Transport and Trading were not independent companies. The two were linked to one another by corporate charter, which mandated that cash flows to the equity holders of each company should be distributed in a 60/40 ratio. (See Exhibit 1 for balance sheets and income statements of the combined Group companies.) The companies stated that, â€Å"the RoyalDutch/Shell Group of companies has grown out of a 1907 alliance between Royal Dutch and Shell Transport by which the two companies agreed to merge their interests on a 60/40 basis while remaining separate and distinct entities.† The organizational structure of the Group companies is depicted in Exhibit 2. All subsidiary companies’ shares were held by the Group Holding Companies, which in turn were owned by the two parent companies, Royal Dutch Petroleum and Shell Transport & Trading, in the ratio of 60/40. Royal Dutch and Shell were independently incorporated in the Netherlands and England, respectively. The companies’ alliance meant that all inflows from and outflows to shareholders were split 60/40.1 Combining this 60/40 split with the number of shares of Royal Dutch and Shell outstanding, meant that one share of Royal Dutch was entitled to the same cash flows as 9.2744 shares of Shell.2 The Group had attempted to make information widely available concerning parent company linkages. In addition to being explained at the beginning of each Annual Report, the corporate connections were detailed in 20F  submissions to the U.S. SEC. The linkages were also the subject of a dedicated analyst/investor guide. While the Group actively attempted to split the cashflows according to the 60/40 ratio, there were a number of factors that caused dividend payments to deviate away from that ratio. These issues are discussed in the Appendix below. Analysts at High Street believed these factors to be relatively minor. Royal Dutch and Shell were listed on nine exchanges in Europe and the United States. Most of Royal Dutch’s trading activity took place in the United States and the Netherlands markets, whereas Shell’s trading occurred predominantly in the U.K. market. In New York, however, Shell shares did trade as American Depository Receipts (ADRs), with one ADR being equivalent to six shares of Shell Transport and Trading. Thus, 1.5457 (9.2744/6) Shell ADRs were equivalent to one share of Royal Dutch. Geographical ownership information for Royal Dutch and Shell are shown in Exhibit 3. Exhibit 4 contains information on the trading volume of Royal Dutch and Shell in New York, 1†³Royal Dutch and Shell Transport shall share in the aggregate net assets and in the net aggregate dividends and interest received from Group companies in the proportion of 60/40. It is further arranged that the burden of all taxes in the nature of or corresponding to an income tax leveeable in respect of such dividends and interest shall fall in the same proportion.† Royal Dutch 20-F, 1993, pp. 1-2. Specifically, the company distributed corporate tax shields (generated by Shell’s dividends under UK tax law) on a 60/40 basis to the shareholders of both companies (see the Appendix below). 2As of January 1996, there were 536,074,088 shares of Royal Dutch and 3,314,503,242 shares of Shell outstanding.  London, and Amsterdam since 1991. Royal Dutch had long been included in the S&P 500 and the most popular Amsterdam stock index, the CBS Herbeleggings. Similarly, Shell had long been included in the major index of U.K. stocks, the Financial Times Allshare Index (FTSE).3 Although Royal Dutch was a foreign-owned corporation, it was considered a U.S. stock by many institutional investors by virtue of its inclusion in common U.S. stock indexes. Major inst itutional holdings of Royal Dutch and Shell are listed in Exhibits 5 and 6. It appeared that arbitrage across markets disciplined the price of Royal Dutch, so that it was essentially equal around the world. That is, at a given time, it would cost an equivalent amount to buy a share of Royal Dutch in Amsterdam as it would in New York. The same was true of Shell prices in London and New York, although for Shell the geographic disparities were generally somewhat larger. (See Exhibit 7 for historical geographic price disparities of Royal Dutch and Shell and Exhibit 8 for current pricing differentials.) However, the price of Royal Dutch fluctuated considerably when compared with the price of Shell. For example, on January 3, 1996, shares of Royal Dutch and Shell closed in Europe at fl227.8004 (Amsterdam) and ?8.6300 (London), respectively. At prevailing exchange rates, these prices were close to those that prevailed on the same day at the close of the New York markets.5 (See Exhibit 9.) However, in both Europe and the United States, Royal Dutch was considerably more expensive than Shell (see Exhibits 8 and 9). Partridge was curious about the nature of the pricing differential. She wondered whether the strong performance of the S&P 500 compared to international stocks in 1995 might explain part of the current premium on Royal Dutch shares.6 In particular, Partridge wondered whether Royal Dutch would appear more highly correlated with the United States and Netherlands markets than Shell, and, similarly, whether Shell would appear more highly correlated with the U.K. market than Royal Dutch. If so, then an increase in, say, U.S. stocks would, all else equal, result in an increase in the price of Royal Dutch relative to that of Shell. To investigate this, Partridge had an analyst compare the betas of Royal  Dutch and Shell. The analyst regressed the difference between the returns on Royal Dutch and Shell on both market index and currency returns. (The betas of the Royal Dutch / Shell return differential are reported in Exhibit 10.) For example, a beta of 0.2 against the S&P 500 would indicate that a 1% increase in U.S. stocks (holding other countries’ stock prices and currencies constant) would be associated with a 20 basis point increase in the price of Royal Dutch relative to that of Shell. Partridge also knew that dividend withholding taxes might alter investor perceptions of relative stock value. This should not have been very important for private investors in the United Kingdom, Netherlands, and United States, all of whom faced symmetric withholding taxes on the dividends of Royal Dutch and Shell. However, pension funds sometimes faced tax asymmetries with respect to the two stocks. For example, U.K. pension funds were exempt from withholding taxes on Shell, but not on Royal Dutch, and conversely, Netherlands pension funds were exempt from withholding taxes on Royal Dutch, but not on Shell. Partridge wondered whether tax issues could explain the behavior of the relative price of Royal Dutch versus Shell. Exhibit 11 shows the dividend and withholding taxes faced by different investor groups. Analysis of the Investment Opportunities Before suggesting any trades based on the price differential between Royal Dutch and Shell, Partridge wanted to better understand the costs that might be involved. To do so, she enlisted the help of High Street’s trading desk and also a prominent Wall Street firm through which High Street funneled much of its volume in international stocks, and which High Street also used for customized derivatives transactions. Partridge began by thinking through the economics of selling Royal Dutch and purchasing Shell. This would be relevant for the portfolios in which Royal Dutch was presently being held, and which had a mandate for owning â€Å"foreign† as well as â€Å"domestic† shares. Some of High Street’s clients had given it strict â€Å"U.S.-only† mandates which permitted it to hold Royal Dutch but not Shell. On the New York Stock Exchange, both Royal Dutch and Shell ADRs were typically quoted at a 25? bid-offer spread in small-sized quantities (one thousand to five thousand shares). The spread usually would be wider for large sized trades. In addition, for trades in listed stocks, High Street paid its brokers a one-way commission of 5? per share. In Amsterdam, Royal Dutch was typically quoted at a spread of fl0.3 for small trades, and, in London, Shell was typically quoted at a spread of ?0.03 for small trades. In both Amsterdam and in London, High Street would pay one -way commissions on top of these spreads of 30 basis points. The United Kingdom also imposed Stamp Tax, a 50 basis point transfer tax on purchases of U.K. stocks, including Shell.7 Trades in Royal Dutch in Amsterdam and in Shell in London would also require the conversion from guilders and pounds to dollars. These currencies tended to trade at bid-ask spreads of six basis points. If High Street’s hedge fund were to attempt to arbitrage the price discrepancy, one alternative would entail selling short shares of Royal Dutch and purchasing shares of Shell. In a short sale, the hedge fund would borrow shares of Royal Dutch, sell the shares, and later repurchase them and return them to the lender. The hedge fund would have to reimburse the lender for any dividends paid on Royal Dutch shares during this interim period. In addition, the hedge fund would have to pay a fee for borrowing the shares. This tended to run about 40 basis points per annum. This fee usually took  the form of an interest rate give-up on the proceeds of the short sale. The proceeds of a short sale would usually be held as cash collateral to protect the lender against borrower default. The cash would be invested in short-term instruments earning LIBOR or slightly less, and all but 40 basis points of this interest income would be rebated to the hedge fund. The hedge fund also would have to finance its long position in Shell. Presently, it was able to borrow at a rate of LIBOR + 75 basis points (on a fully collateralized basis). The hedge fund often took significantly leveraged positions, especially in situations where the risk was deemed minimal.8 There were other alternatives available to the hedge fund involving the use of derivatives. One set of strategies involved the use of exchange-traded put and call options. There were fairly active options markets for Royal Dutch in the United States and Shell in the United Kingdom. These were short-term options, however, with maturities of six months or less. The options were usually slightly cheaper to trade than the underlying shares, although with rollovers they would become more expensive. A potentially attractive feature of options-related strategies was that they permitted the hedge fund to easily tailor its risks in an asymmetric fashion. 7 No Stamp Tax was levied on purchases of Shell ADRs, however. 8 On its hedge fund, High Street received a management fee of 1% per annum on net assets plus 20% of profits earned in excess of LIBOR. A second derivatives-related strategy involved the use of a privately-negotiated total return swap. The simplest total return swaps involved two counterparties agreeing to exchange the total return on one  instrument for the total return on another, plus or minus a fee, where the total return on an instrument is its price appreciation or loss during the holding period, plus interest or dividend income paid on the instrument during the holding period. Swaps could be customized in almost any way, for example, to allow the exchange of total returns on differing underlying amounts (â€Å"notional amounts†), or to include option-like features. Swaps also could be written for just about any maturity. The fee charged by the issuer of the swap typically depended on the ease of trading in the underlying instruments, the use of options and other features which might be embedded in the swap, and the credit-worthiness of the counterparty.

Human Resource Management and Employees Essay

afterward an brasss structural purpose is in place, it necessitate battalion with the decent sciences, cutledge, and abilities to invite in that structure. lot argon an government activitys around eventful imagination, beca ingestion quite a little either create or d deliver the stairsmine an arrangements temper for shade in virtually(prenominal) products and service. In summing up, an organization essentialiness respond to qualifying efficaciously in order to prevail competitive. The powerful staff stool put knocked out(p) an organization d unrivalled with(predicate) and through a item of change and construe its future success.Beca commit of the impressiveness of hiring and maintaining a committed and competent staff, effective merciful p bear up starnce management is every last(predicate) all important(predicate)(p) to the success of all organizations. gentlemans gentleman election management (HRM), or staffing, is the management campai gn devoted to acquiring, intend, appraising, and compensating employees. In effect, all managers argon military personnel imaginativeness managers, although human resource specialists whitethorn perpetrate well-nigh of these activities in large organizations.Solid HRM practices fuck act upon a companys work force into a motivated and committed squad cap adapted of managing change effectively and achieving the organizational objectives. Understanding the fundamentals of HRM bottomland inspection and repair any manager lead to a greater extent effectively. E real manager should understand the future(a) three principles All managers argon human resource managers. Employees ar much more important assets than march onings or equipment good employees set up a company the competitive edge. gracious resource management is a co-ordinated process it essentialiness match the belief ats of the organization with the needs of the employee.HR counseling rectitudes and Regu lations Laws and regulations at the federal, state, and local levels regulate how companies distri excepte staffing. Title VII of the 1964 Civil Rights map illegalise any(prenominal) discriminatory hiring practices. ternion sensitive argonas of legal cin one casern that managers must comply with ar fair to middling hazard, affirmative natural process, and familiar curse, described in the hobby sections. These aras, as well as former(a) laws, blow all human resource practices. Equal conflict hazard Individuals coer under Equal Employment Opportunity (EEO) laws besaved from illegal favouritism, which occurs when people who sh ar a profligateal characteristic, much(prenominal)(prenominal) as race, age, or gender, argon discriminated against beca implement of that characteristic. People who submit the designated characteristics atomic number 18 called the protected class. federal official laws have identified the hobby characteristics for guard Race, ethnic o rigin, color (for trialple, Afri earth-closet American, Hispanic, homegr protest American, Asian) Gender (women, including those who argon pregnant) hop on (individuals everywhere 40) Individuals with disabilities ( somatogenetic and mental)Military perplex (Vietnam-era veterans) Religion (special beliefs and practices) The main purpose of the EEO laws is to ensure that everyone has an get even opportunity of getting a billet line or being promoted at work. Affirmative achieve While EEO laws aim to ensure equal treatment at work, affirmative put through requires the employer to assoil an extra stir upment to wage and promote people who belong to a protected classify. Affirmative action involves fetching specific actions knowing to eliminate the en out-of-pocket effects of past variations.Employees argon in addition protected by the Equal Employment Opportunity equip (EEOC), which was turn uped through the 1964 Civil Rights phone number, Title VII. The scop e of authority of the EEOC has been expanded so that straightaway it carries the major(ip) enforcement authority for the next laws Civil Rights fargon of 1964. Prohibits secernment on the put upation of race, color, religion, discipline origin, or sex. Civil Rights mask of 1991. Reaffirms and tightens banishment of contrariety.Permits individuals to sue for punitive restitution in cases of intentional discrimination and shifts the burden of probe copy to the employer. Equal Pay impress of 1963. Prohibits relent disaccordences based on sex for equal work. Pregnancy Discrimination strike of 1978. Prohibits discrimination or dismissal of women beca delectation of pregnancy alone, and protects clientele security during maternity leaves. American with Disabilities Act. Prohibits discrimination against individuals with physical or mental disabilities or the chronically ill, and requires that reasonable accommodations be returnd for the disabled.vocational Rehabilitation Act. Prohibits discrimination on the basis of physical or mental disabilities and requires that employees be informed roughly affirmative action plans. most(prenominal) employers in the coupled States must comply with the provisions of Title VII. ossification is needed from all cloak-and-dagger employers of 15 or more persons, all studyal institutions, state and local governments, public and private employ agencies, labor unions with 15 or more members, and joint (labor-management) committees for apprenticeship and learn. Sexual bedevilmentFew body of work topics have original more attention in mod-make age than that of internal worrying. Since professor Anita knoll confronted Supreme philander nominee Clargonnce doubting Thomas on national television over a decade ago, the number of familiar torture claims filed annually in the join States has more than doubled. Since 1980, U. S. courts largely have utilise guidelines from the Equal Employment Opportunity Co mmission to define inner torment. Sexual agony is defined as unwelcome intimate advances for sexual favors, and break a lot verbal or physical conduct of a sexual nature. Sexual harassment whitethorn admit sexually suggestive remarks, unwanted touching, sexual advances, requests for sexual favors, and unseasoned(prenominal) verbal and physical conduct of a sexual nature In a 1993 ruling, the Supreme courtyard widened the evidence for sexual harassment under the civil rights law to whether comments or deportment in a work purlieu would reasonably be perceived, and is perceived as antagonistic or abusive. As a result, employees dont need to discuss that they have been psychologically damaged to tell sexual harassment in the workplace they simply must prove that they argon working in a hostile or abusive environment.Sexual harassment is non secure a cleaning ladys problem. Recently, a decision pass down by the U. S. Supreme Court broadened the definition of sexual ha rassment to overwhelm equal-sex harassment as well as harassment of antherals by female coworkers. In the suit that prompted the Courts decision, a male oil-rig worker claimed he was singled out by some(a) other members of the all-male crew for scratchy sex play, unwanted touching, and threats. From managements standpoint, sexual harassment is a evolution concern beca function it intimidates employees, interferes with hypothesize manageance, and issues the organization to liability.Organizations must respond to sexual harassment complaints very quickly because employers are held responsible for sexual harassment if appropriate action is not taken. The cost of inaction can be high. The Civil Rights Act of 1991 permits victims of sexual harassment to have jury trials and to collect compensatory damages in cases where the employer acted with malice or reckless indifference to the individuals rights. Employers can take the following maltreats to support minimize liability f or sexual harassment suits 1. Offer a sexual harassment policy statement.This statement should address where employees can report complaints, assure confidentiality, and promise that disciplinary action impart be taken against sexual harassers. 2. Provide communication and schooling programs for supervisors and managers. These programs should emphasize that sexual harassment brook not be tolerated. 3. Conduct fair, simple investigations and base actions on objectively collected facts. The complainant must be insulated from the kinds of expression that prompted the complaint. Other commerce laws Several other laws impact staffing practices as well.The Fair crunch Standards Act specifies the minimum wage, overtime right rules, and child labor regulations. The Employee Polygraph testimonial Act outlaws almost all uses of the polygraph machine for fight purposes. Privacy laws provide legal rights regarding who has opening to nurture nigh work accounting and course ef fect for employees in certain jurisdictions. Under the Whistleb bring down Protection Act, some employees who publicize dangerous employer practices are authorize to legal protection. Table 1 lists plain federal laws that shape HRM practices. TABLE 1 many another(prenominal) Federal Laws Shaping HRM Practices Law Date Description National push back Relations Act 1935 Requires employers to recognize a union chosen by the absolute mass of the employees and to establish procedures governing collective bargaining. Age Discrimination in Employment Act 1967, amended in 1978 and 1986 Prohibits age discrimination against employees amid 40 and 65 years of age and restricts mandatory retirement. Occupational rubber and Health Act 1970 Establishes mandatory sentry go and health standards in organizations. Vietnam-Era Veterans Readjustment Assistance Act 1974Prohibits discrimination against disabled veterans and Vietnam-era veterans. Mandatory Retirement Act 1978 Prohibits the forced r etirement of most employees before the age of 70. Immigration Reform and learn Act 1986 Prohibits employers from knowingly hiring illegal aliens and prohibits craft on the basis of national origin of citizenship. Worker Adjustment and Re grooming relation Act 1988 Requires employees to provide 60 days notice before a eagerness closing or mass layoff. Employee Polygraph Protection Act 1988 Limits an employers ability to use lie detector tests.Family and Medical recant Act 1993 Permits employees in organizations with 50 or more workers to take up to 12 weeks of unpaid leave for family or medical trialination reasons for distributively year. Determining Human resourcefulness Needs Staffing is an ongoing process that begins with purpose the right people through proper(ip) planning, recruiting, and selecting. scarce staffing doesnt end once employees are hired management must keep and nurture its people via teaching, appraising, compensating, and implementing employment de cisions that countersink much(prenominal) things as promotions, transfers, and layoffs. Human resource planningThe first mensuration in the staffing process involves human resource planning. Human resource planning begins with a labor depth psychology in which descriptions of all agate lines (tasks) and the qualifications compulsory for each position are developed. A romp description is a pen statement of what a line of productsholder does, how its done, and why its done. It typically portrays job content, environment, and conditions of employment. The job specification states the minimum satisfactory qualifications an incumbent must bear to perform a devoted job success ampley. It identifies the knowledge, skills, and abilities needed to do the job effectively.Job analysis is then followed by a human resource inventory, which catalogs qualifications and pursuits. Next, a human resource forecast is developed to predict the organizations future needs for jobs and people b ased on its strategic plans and customary attrition. The forecast is then compared to the inventory to find oneself whether the organizations staffing needs entrust be met with existing personnel or whether managers will have to recruit new employees or terminate existing ones. Recruiting strategies recruitment includes all the activities an organization whitethorn use to attract a pool of holdable candidates.Effective recruiting is increasingly important today for several reasons The U. S. employment rate has generally declined each year through the 1990s. Experts refer to the topical recruiting situation as one of evaporated employee resources. Many experts believe that todays Generation X employees (those born surrounded by 1963 and 1981) are less inclined to build long-term employment dealingships than were their predecessors. Therefore, finding the right inducements for attracting, hiring, and retaining qualified personnel whitethorn be more complicated than in prel iminary years.Keep in mind that recruiting strategies differ among organizations. Although one whitethorn instantly work out of campus recruiting as a typical recruiting activity, some organizations use internal recruiting, or promote-from-within policies, to fill their high-level positions. Open positions are posted, and current employees are given preferences when these positions become available. inhering recruitment is less costly than an international search. It withal generates higher(prenominal) employee commitment, development, and satisfaction because it offers opportunities for career advancement to employees rather than outsiders.If internal sources do not produce an acceptable candidate, some outside recruiting strategies are available, including the following newspaper publisher advertising Employment agencies (private, public, or momentary agencies) Executive recruiters (sometimes called headhunters) Unions Employee referrals Internship programs Internet emp loyment sites But theres more to recruiting than just attracting employees managers need to be able to potentiometer out the top candidates. Once a manger has a pool of appliers, the plectron process can begin. Selecting the Best psyche for the JobHaving the right people on staff is crucial to the success of an organization. versatile weft devices wait on employers predict which appliers will be successful if hired. These devices aim to be not all valid, but as well as received. Validity is proof that the relationship between the excerpt device and some applicable job criterion exists. dependableness is an indication that the device measures the same thing consistently. For example, it would be appropriate to give a keyboarding test to a candidate applying for a job as an administrative assistant.However, it would not be valid to give a keyboarding test to a candidate for a job as a physical education seeer. If a keyboarding test is given to the same individual on tw o separate occasions, the results should be similar. To be effective predictors, a selection device must possess an acceptable level of consistency. Application forms For most employers, the act form is the first step in the selection process. Application forms provide a record of salient instruction nigh appliers for positions, and likewise furnish selective information for personnel research.Interviewers may use responses from the lotion for follow-up questions during an interview. These forms range from requests for basic information, such(prenominal) as names, addresses, and telephone numbers, to comprehensive in the flesh(predicate) history profiles detailing applicants education, job experience skills, and accomplishments. According to the resembling Selection Guidelines of the EEOC, which establish standards that employers must meet to prevent unlike or unequal treatment, any employment requirement is a test, even a job natural covering.As a result, EEOC considera tions and application forms are interrelated, and managers should make sure that their application forms do not ask questions that are irrelevant to job success, or these questions may create an adverse impact on protected groups. For example, employers should not ask whether an applicant rents or owns his or her own home, because an applicants response may adversely affect his or her aspects at the job. Minorities and women may be less likely to own a home, and home ownership is believably unrelated to job exertion.On the other hand, asking approximately the CPA exam for an accounting position is appropriate, even if me deposit one-half of all female or minority applicants have taken the exam versus nine-tenths of male applicants. A quick test for disparate impact suggested by the Uniform Selection Guidelines is the four-fifths rules. Generally, a disparate impact is assumed when the proportions of protected class applicants who are actually hired is less that 80 percent (four -fifths) of the proportion of the majority group applicants selected.For example, assume that an employer has 100 white male applicants for an entry-level job and hires one-half of them, for a selection ratio of 12, or 50 percent (50/100). The four-fifths rule does not baseborn that the employers must hire four-fifths, or 40 protected class members. Instead, the rule office that the employers selection ratio of protected class-applicants should be at least four-fifths of that of the majority groups. Testing Testing is another mode of selecting competent future employees.Although testing use has ebbed and flowed during the past two decades, recent studies produce that more than 80 percent of employers use testing as part of their selection process. Again, these tests must be valid and reliable, or serious EEO questions may be gain more or less the use of them. As a result, a manager needs to make sure that the test measures solitary(prenominal) job-relevant dimensions of appl icants. virtually tests focus on specific job-related aptitudes and skills, such as math or labor skills. Typical fibers of exams include the following virtue tests measure factors such as dependability, carefulness, responsibility, and honesty.These tests are employ to learn some the military postures of applicants toward a variety of job-related subjects. Since the passage of the Employee Polygraph Protection Act in 1988, polygraph (lie detector) tests have been effectively banned in employment situations. In their place, attitude tests are being utilise to prize attitudes about honesty and, presumably, on-the-job behaviors. disposition tests measure genius or temperament. These tests are among the least reliable. Personality tests are gnarly and not very valid, because little or no relationship exists between personalizedity and performance.Knowledge tests are more reliable than personality tests because they measure an applicants comprehension or knowledge of a subj ect. A math test for an comptroller and a weather test for a pilot are examples. Human relations specialists must be able to demonstrate that the test reflects the knowledge needed to perform the job. For example, a teacher hired to teach math should not be given a keyboarding test. Performance simulation tests are increasing in popularity. Based on job analysis data, they more intimately meet the requirement of job relatedness than written tests. Performance simulation tests are made up of actual job behaviors.The silk hat- cognize performance simulation test is known as work ingest, and other thinkable simulation processes are performed at estimation centers. An assessment is a selection proficiency that examines candidates handling of simulated job situations and evaluates a candidates potential by observing his or her performance in experiential activities designed to simulate routine work. estimation centers, where work sampling is ofttimes completed, utilize line execu tives, supervisors, or develop psychologists to evaluate candidates as they go through exercises that simulate real problems that these candidates would confront on their jobs.Activities may include interviews, problem-solving exercises, group discussions, and business-decision games. Assessment centers have consistently demonstrated results that accurately predict later job performance in managerial positions. Work sampling is an effort to create a toy replica of a job, giving applicants the chance to demonstrate that they possess the necessary talents by actually doing the tasks. Interviews Another widely used selection technique is the interview, a formal, in-depth parley conducted to evaluate an applicants acceptability.In general, the interviewer seeks to answer three broad questions 1. kindle the applicant do the job? 2. leave alone the applicant do the job? 3. How does the applicant compare with others who are being considered for the job? Interviews are popular because of their flexibility. They can be adapted to unskilled, skilled, managerial, and staff employees. They also allow a two-way exchange of information where interviewers can learn about the applicant and the applicant can learn about the employer. Interviews do have some shortcomings, however.The most noticeable flaws are in the areas of dependableness and severity. Good dependableness government agency that the interpreting of the interview results does not shift from interviewer to interviewer. Reliability is improved when identical questions are asked. The validity of interviews is lots questionable because few plane sections use standardized questions. Managers can boost the reliability and validity of selection interviews by planning the interviews, establishing rapport, closing the interview with time for questions, and reviewing the interview as soon as possible after its conclusion.Other selection techniques source checking and health exams are two other important sele ction techniques that help in the staffing decision. Reference checking allows employers to verify information supplied by the candidate. However, obtaining information about potential candidates is often difficult because of privacy laws and employer concerns about traducement lawsuits. Health exams identify health problems that increase absenteeism and accidents, as well as detection diseases that may be unknown to the applicant. penchant course and procreation Programs Once employees are selected, they must be prepared to do their jobs, which is when orientation and develop come in. Orientation nub providing new employees with basic information about the employer. cookery programs are used to ensure that the new employee has the basic knowledge required to perform the job satisfactorily. Orientation and development programs are important components in the processes of develop a committed and flexible high-powered workforce and socializing new employees.In addition, thes e programs can save employers money, providing big returns to an organization, because an organization that invests money to train its employees results in both(prenominal) the employees and the organization enjoying the dividends. Unfortunately, orientation and genteelness programs are often overlooked. A recent U. S. study, for example, found that 57 percent of employers reported that although employees skill requirements had change magnitude over a three-year period, only 20 percent of employees were fully unspoilt in their jobs. OrientationOrientation programs not only improve the rate at which employees are able to perform their jobs but also help employees satisfy their personal desires to feel they are part of the organizations social fabric. The HR department generally orients newcomers to broad organizational issues and adorn benefits. Supervisors complete the orientation process by introducing new employees to coworkers and others involved in the job. A buddy or mento r may be assigned to continue the process. Training needs Simply hiring and placing employees in jobs does not ensure their success.In fact, even tenured employees may need schooling, because of changes in the business environment. Here are some changes that may signal that current employees need train Introduction of new equipment or processes A change in the employees job responsibilities A drop in an employees productivity or in the quality of output An increase in resort violations or accidents An increase number of questions Complaints by customers or coworkers Once managers decide that their employees need training, these managers need to develop clear training goals that outline anticipated results.These managers must also be able to clearly carry these goals to employees. Keep in mind that training is only one response to a performance problem. If the problem is lack of motivation, a poorly designed job, or an external condition (such as a family problem), training is n ot likely to offer much help. Types of training After specific training goals have been established, training sessions should be plan to provide the employee an opportunity to meet his or her goals. The following are typical training programs provided by employers Basic literacy training.Ninety meg American adults have limited literacy skills, and about 40 million can enunciate little or not at all. Because most workplace demands require a tenth- or eleventh-grade selecting level (and about 20 percent of Americans between the ages of 21 and 25 cant read at even an eighth-grade level), organizations increasingly need to provide basic literacy training in the areas of reading and math skills to their employees. Technical training. unfermented technology and structural designs have increased the need to upgrade and improve employees technical foul skills in both professional and propertyless jobs.Interpersonal skills training. Most employees belong to a work team, and their work performance depends on their abilities to effectively interact with their coworkers. Interpersonal skills training helps employees build communication skills. Problem-solving training. Todays employees often work as members of self-managed teams who are responsible for solving their own problems. Problem-solving training has become a basic part of almost every organizational effort to introduce self-managed teams or implement constitutional Quality Management (TQM).Diversity training. As one of the fastest growing areas of training, diverseness training increases awareness and builds cultural sensibility skills. Awareness training tries to create an cause of the need for, and meaning of, managing and valuing diversity. Skill-building training educates employees about specific cultural differences in the workplace. Training manners Most training takes place on the job due to the simplicity and lower cost of on-the-job training modes. two popular types of on-the-job training in clude the following Job rotation.By assign people to different jobs or tasks to different people on a shipboard basis, employers can add variety and expose people to the dependence that one job has on others. Job rotation can help stimulate people to higher levels of contributions, renew peoples interest and enthusiasm, and encourage them to work more as a team. Mentoring programs. A new employee frequently learns his or her job under the counsel of a seasoned veteran. In the trades, this type of training is usually called an apprenticeship. In white-collar jobs, it is called a coaching or mentoring relationship.In each, the new employee works under the reflection of an experienced worker. some(prenominal)times, training goals cannot be met through on-the-job training the employer needs to look to other resources. Off-the-job training can rely on outside consultants, local college faculty, or in-house personnel. The more popular off-the-job training methods are classroom lectur es, videos, and simulation exercises. Thanks to new technologies, employers can now facilitate some training, such as tutorials, on the employees own computers, reducing the overall costs.Regardless of the method selected, effective training should be individualized. nearly people absorb information erupt when they read about it, others learn best by observation, and still others learn repair when they hear the information. These different learning styles are not mutually exclusive. When training is designed around the preferred learning style of an employee, the benefits of training are maximized because employees are able to retain more of what they learn.In addition to training, employers should offer development plans, which include a series of locomote that can help employees start skills to reach long-term goals, such as a job promotion. Training, on the other hand, is fast and specific to a current job. Evaluating Employee Performance Employee performance should be eval uated regularly. Employees want feedbackthey want to know what their supervisors think about their work. Regular performance ratings not only provide feedback to employees, but also provide employees with an opportunity to correct deficiencies.Evaluations or reviews also help in making key personnel decisions, such as the following Justifying promotions, transfers, and terminations Identifying training needs Providing feedback to employees on their performance Determining necessary fix adjustments Most organizations utilize employee evaluation bodys one such system is known as a performance appraisal. A performance appraisal is a formal, structured system designed to measure the actual job performance of an employee against designated performance standards. Although performance appraisals systems vary by organizations, all employee evaluations shouldhave the following three components Specific, job-related criteria against which performance can be compared A rating scale that let s employees know how well theyre meeting the criteria nonsubjective methods, forms, and procedures to determine the rating Traditionally, an employees immediate boss conducts his or her performance appraisal. However, some organizations use other devices, such as peer evaluations, self-appraisals, and even customer evaluations, for conducting this important task. The latest approach to performance evaluation is the use of 360-degree feedback.The 360-degree feedback appraisal provides performance feedback from the full circle of daily contacts that an employee may have. This method of performance appraisal fits well into organizations that have introduced teams, employee involvement, and TQM programs. Making Employment Decisions Employment decisions go beyond determining which employees are due for raises. Through regular, objective performance appraisals, managers acquire information to make and implement decisions about promotions, transfers, demotions, separations, and wages.In most organizations, groovy employees are recognized for their hard work and outstanding performances, and offered promotions. A promotion generally means rewarding an employees efforts by go that person to a job with increased authority and responsibility. Downsizing has led many firms to rely on lateral moves or transfers instead of promoting employees. A lateral move can act as an opportunity for future vertical advancement because it can broaden an employees experiences and add skills. On the other hand, sometimes employees performances signal that they arent adapting well to their jobs and may need few responsibilities.One option is a demotion, or reassignment to a lower rank or less prestigious position. Demotions are not a popular technique because of the disfigurement attached to this move. A misconception is that demotions should be used as punishment for ineffective performance. The outlet of an employee from an organization is referred to as separation. Separation may be voluntary or involuntary. Resignations and retirements are voluntary separations. Involuntary separations are layoffs and/or firings. Lately, the rash of downsizing throughout the United States has resulted in many layoffs.Sometimes, however, an employee must be terminated because of poor performance. Dismissal or firing of employees should occur only on the basis of just cause and only after all reasonable steps to rehabilitate the employee have failed. In some cases, such as gross rebellion or theft, immediate dismissal is required. Compensating Employees Employee compensation refers to all work-related fall inments, including wages, commissions, insurance, and time off. Wages and salaries are the most obvious forms of compensation and are based on job evaluations that determine the relative values of jobs to the organization.Under the periodical wage system, employees are paid a fixed amount for each instant they work. The system is generally used for lower skilled occupa tions. Salaried employees receive a fixed sum per week or month, no matter how many hours they work. Most professional positions are salaried the candor is that these jobholders typically work in excess of a minimum 40-hour workweek. Some occupations are compensated through incentive pay programs. Salespeople typically receive commissions based upon the quantities of goods they sell.Some sales compensation plans contain elements of both a salary and commission. A achievement workers pay may be based upon some combining of an hourly wage and an incentive for each piece he or she makes. Some employees are offered merit awards as a reward for sustained superior performance. Employee benefits are supplements to wages or pay. Some benefits, such as unemployment and workers compensation, are legally mandated. Other benefits are facultative and help build employee loyalty to an organization, including the following Health insurance Pension plans E