A Payment By Results system Essay Example

A Payment By Results system Essay Example A Payment By Results system Essay A Payment By Results system Essay One basic way of regarding todays competing organizations is to view them as a system. Doing so, there are multiple factors that need to be assessed in order for companies to achieve their objectives. Reward management is a crucial element for the present and future of a companys survival. The reward system that we will cover at the moment is Payment By Results. The perspectives from which we can evaluate the quality of this system are motivation, commitment and flexibility. We must bear in mind that each company has a specific strategy in a long-term basis; therefore all the decision-making should be compatible to the latter. Apart from that, limitations, in terms of environment have to be considered. Employees want to earn higher or extra pay. Managers must believe that the financial motive for work is extremely important, more so than non financial motives and the most effective way of harnessing this motive is by the use of Payment By Results system not simply by paying higher wages(Behrend, 1959). Using this system, with examples including piece rate and commission, employees earn one third more than colleagues on a time rate system (Cowling James, 1994). It goes without saying that every reward system can have benefits as well as drawbacks for every organization. These depend on a number of factors. Advantages As mentioned previously, companies have found it imperative to motivate their employees in order to engender their performance at work. According to this reward system, the extent of the additional income of the employees will be closely related to the quality of their work. Needless to say, this is an effective way of giving the right incentives to a companys workforce to encourage them to excel and perform to the optimum. Apart from that, the creativity and imagination of each employee will be enhanced, so the company will be able to strive in their field. Cost-effectiveness is vital when a company requires goals that will create beneficial results. PBR can reduce a companys supervision costs. Since they already understand that due to the policy of the company they will be paid according to their own results, it gives them an incentive to perform as if they were supervised. So, it is all about finding the right way to harness an advantage. And PBR can offer a very effective solution for a company, because it is easily transformed efforts into high earnings achievements (there is no cap in earnings to an individual; the skys the limit). In addition, the emphasis reinforces the psychological contract between employer and employee and implies that the company wishes to share with their workforce. By showing interest in offering the conscientious employees additional income, organisations can, in a discrete way, enforce their employees commitment and, moreover, make them believe that the company will provide them its full support. This entirely beneficial outcome is possible by being as objective as possible when assessing the individuals output. Taking into account the Proctor and Gamble (PG) case study, Bob Wehling, PGs Global Marketing Officer asserts that their main objective was to increase top-line sales growth. The tool they used to achieve this was PBR. Putting aside the commission-based agency remuneration, PBR was the system they fostered to pay their advertising agencies a percentage of the sales and increase their flexibility. So the advertisement business world found an ally for a more optimistic future development. The creation of a stable workforce is also a rather favourable goal, especially when occurs for the long-term. Making use of the PBR reward system companies can acknowledge the value of each employee and offer them benefits accordingly. Therefore, it is rational to believe that by doing so the employees will be highly satisfied by the behaviour and the recognition of their company. Disadvantages However beneficial can this reward system be, it relies heavily on sensitive criteria because the quality of individuals work is not the easiest thing to assess in many jobs. So, this can bring about many drawbacks. Someone might argue that it is in the companys hands to take such difficult situations in their stride by setting appropriate criteria for evaluation. Yet, problems regarding this do occur. Some companies do measure their employees outcome by sales (like the Procter Gamble case study) and others by the increased number of clients. However, what is vital for a company is that they should be aware of their employees average abilities and make effort in guaranteeing that the final quality of the products or services they provide is always more important than the quantity. Problems may also arise when it is difficult for internal or external reasons to install PBR or when the trade unions might feel upset or unwilling to accept the way by which they are evaluated. In addition, PBR is likely to bring about a friction between employees when it comes to team-work, due to the fact that on the one hand all will try to perform their best, but on the other hand the will try to improve themselves at expense of their colleagues. Again, it is the obligation of the organization to settle specific rules and roles in order to avoid a negative potential situation like that. Payment By Results system is expensive to install and maintain. Output cannot be easily measured data can be manipulated and falsely recorded. One important condition that should not occur is that increase in production or output must not be at the expense of quality. Money is not the only Motivator. Recommendations One could reasonably wonder whether PBR is a reward system that is worth installing and maintaining. Although there is no certain answer to a question like that, it is recommended that any company interested in using this system should take some things into consideration. For instance, the organisation must have clear and well-planned standards not only of the goals of a company, but in the regard to the procedures that an employee s outcome is measured. Apart from that, a healthy interaction is more than necessary, in order to bring about a balanced rapport between company, managers and simple employees. We note that all of these are mere recommendations and that each company, according to their culture, strategy, structure and power, can have a distinct way of installing a Payment By Results system.

Globalization in Business

Globalization in Business Globalization is probably the most important force affecting businesses today. The technological developments of the recent times have made international commerce a necessary paradigm for all businesses. This is because it has become easy to import labor without the physical transfer of workers. In addition, it is easy to sell goods and services to people who live in far off places without the necessity of opening a front office in their locality.Advertising We will write a custom essay sample on Globalization in Business specifically for you for only $16.05 $11/page Learn More In order to have a truly global business, the following three things are important to consider. These are; an investment in a robust information technology system to support business processes, development of cross cultural interaction capacity and thirdly, development of strategic partnerships to leverage on the expertise of global carriers (Gilson, 2010). Firstly, information techno logy systems for global commerce include an appropriate website, online support for products, reliable servers and information exchange infrastructure, and online security tools. As an international business, a website is the front office and makes it possible for everyone interested in using your services to have access to primary information. In addition to this, there is need to have a strong support infrastructure to ensure the site changes according to the needs of the clients and that it is kept safe from cyber crime. Secondly, it is important to have the capacity to engage with clients in different parts of the world. This calls for cross cultural interaction capacity. It may mean having a local website for each language represented in the target market, and in this case, also having support staff with an understanding of the local languages (Flannes Levin, 2005). However, culture goes far deeper than language. Developing an understanding of the various cultural issues that affect the conduct of business in different parts of the world will give the venture a strategic advantage. Finally, there will be need to develop strategic partnerships with online vendors and other online carriers to facilitate the international business (Pavlovich, 2005). It is very expensive for an individual company to develop its own international supply and distribution network. Online vendors make these processes easy. They have already developed the infrastructure for supporting international commerce hence it is cheaper to use their services to enter the international market (Froeb McCann, 2009). For instance, it is convenient to use PayPal as an online payment facilitator, rather than building that capacity internally from scratch.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the issue of regulation, it is true that for every benefit produced, there is a cost inc urred. Regulation normally seeks to protect interests other than profits hence regulation usually leads to reduced profits (Boella, 2000). This may be because of the use of quota systems, limiting of market penetration, or an absolute ban on the exchange of certain good and services. In situations where regulation establishes a monopoly, the absence of competition leads to reduced standards of service and loss of motivation for innovation (Boella, 2000). In such markets, customers bear with either overpriced goods or poor quality offerings. While the company makes profits, monopolies rarely live up to their full potential just because there is no competition. In some cases, the industry stagnates and never fully recovers. In conclusion, expansion in today’s business environment requires appropriate information technology infrastructure as a business support system. In order to launch operations globally, there is need to work with online vendors producing key business support service in order to cut down on business development costs. It also calls for the development of cross cultural relations capacity. References Boella, M. (2000). Legal Aspects. In A. Ingold, I. Yeoman, McMahon-Beattie (Eds.), Yield Management (pp. 20-27). London: Cengage Learning. Flannes, S., Levin, G. (2005). Essential People Skills for Project Managers. Vienna, VA: Management Concepts. Froeb, L., McCann, B. T. (2009). Managerial Economics: A Problem Solving Approach. Mason, OH: Cengage Learning. Gilson, S. (2010). Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups . New York, NY: John Wiley and Sons.Advertising We will write a custom essay sample on Globalization in Business specifically for you for only $16.05 $11/page Learn More Pavlovich, K. (2005). Marriages and Divorces: Strategic Alliances in the Networked Economy- A Case of New Zealand. In Strategic Management in the Aviation Industry (pp. 327-3 50). Hampshire: Ashgate Publishing.

Strategic Project Management Essay Example | Topics and Well Written Essays - 2500 words

Strategic Project Management - Essay Example That however can hardly be the case. When we speak of projects, we are speaking of elements within a whole. These elements cannot be discrete, but have to in some way or the other complement each other for the fulfillment of the general objective of development and growth of the organization. Adopting a more holistic view, an organization is concerned with overall business development that would necessitate what has been termed as Business Management. Classical Business Management emerged at the very beginning of the 20th Century. Project Management, on the other hand, was viewed almost independent of Business Management and was expected to provide the most effective and efficient means of producing the deliverables that a project was intended for. The Classical Model of Project Management which started somewhere in the fifties and sixties of the 20th Century, was primarily conceived to plan and control the timelines and costs for large projects in the aeronautical and construction industries. This model basically defined the logical sequences of different activities involved in the project along with the time, cost and other resources that each activity would require. Thus, Business Management and Project Management were viewed as distinct disciplines, or in other words, the business and the projects were thought to be disparate entities within the same organization. However, the 1980s heralded the unprecedented development of Information and Communication Technology opening up new channels of communication and new avenues for business on a world-wide scale. Changes swept over all sectors of activities, including businesses. Globalization broke down many conventional barriers, markets were de-regulated, a new market-driven economy emerged, and business organizations began to face global competition. The shelf life of products and services began to grow shorter and shorter, some times expiring even before the products

JP Morgan's scope of global operations, location of major foreign Research Paper

JP Morgan's scope of global operations, location of major foreign subsidiaries , their activities, and share in global revenues - Research Paper Example nd Chase brands, the bank has gained millions of customers across the worlds’ most prominent institutional, corporate and government clients (Oshri, et.al p.76). The firm has made an oversea priority by expanding its operations globally. JPMorgan Chase gets almost quarter of its revenue from the foreign operations by having branches outside the United States. The company focuses on mainly in West Europe as it main target for international operation by investing in banking and treasury services (Mergent Industrial Manual, p.167). Although the company has faced major competition from big banks such as HSBC and Standard Chartered that has toeholds in emerging markets, it subsidiaries are still performing good. For example, the Citigroup has been rank to derive almost 60 percent of its revenue from overseas market and has also recorded good performance in China and India for decades (Loosvelt, p.34). The bank had been laying the groundwork for international expansion for sometimes and its now planning to open more branches in China, Russia and India. The bank assigned two top lieutenants to explore out the potential consumer overseas (Kumar, p.167). The bank created a network of global adviser that included Tony Blair the former British prime minister and established a partnership with buyout firm to hunt for overseas acquisitions. Due to the global credit crisis, the plans were postponed but the top executives are committed to bolstering the bank’s overseas business. The market plans to focus on a dozen of emerging markets that includes Brazil, Russia, India, and China as well as places like Indonesia, Malaysia, Vietnam and parts of Africa (Nelsons Directory of Investment Research, p.178). The company has  set several strategies  that have increased the bank’s international portfolio. For instance, the company has purchased trading units from the Royal Bank of Scotland. The company has greater plans to buy one of the Brazilian asset management firm known as

Marketing Plan College Case Study Example | Topics and Well Written Essays - 1250 words

Marketing Plan College - Case Study Example This will provide Ownership Properties with an opportunity to leverage its core competencies while servicing its business clients in an exclusive environment. Ownership Properties, INC is a privately owned and operated real estate investing /managing company. The group specializes in investing ideas, occupying strategies, inner city locations and serves primarily investing clients. Its available investment properties have between three and five bedrooms plus categories, and include all local and nationwide homebuilders. OPI has a high instance of repeat business across all its brands, particularly with custom homebuilders. The housing market is currently somewhat depressed, due to the economic downturn and restrictions being made on qualifying loans and financing. This threat to these critical sectors could be considered as short to medium term, as indications of a return to business . Observed. Ownership Properties, INC must continue to focus on delivering an exemplary business service at competitive rates, in order to cultivate repeat business. Ownership Properties, INC offers value and benefits to its clients in earning percentage commission on all deals. Its clients need to know that they can depend upon and develop a relationship with the management company that will ensure efficiency, ample value for their money and reliable support when they need it. OPI chooses to build very strong customer relationships, and we want to stay an integral part of the investing market. Market Demographics - Investor sources: California, New Jersey, New York, Chicago and Portland. Market trends can be categorized as follows: Taxation investing - 15% of client base. A 1031 exchange of certain types of property may defer the recognition of capital gains or losses due upon sale, and hence defer any capital gains taxes. Section 1031 investors are mostly seeking to invest concurrently in multiple real estate deals. Quality is a secondary concern to quantity. These prospect investors are the easiest and the most corporate of all time, as their main concern is taxation. Section 1031 investors may purchase investment property without question or even a site visit, as long as the deals can be closed within their desired timeframe. A specific timeline and term have to be met in closing the deals. Investors could incur large losses if they do not meet the specific terms of the 1031 exchange. Cash investing - 25% of client base. This portion consists mostly of experienced investors, who have multiple properties and extra cash on hand to obtain a higher rate of return than the regular CD or passbook account at a local bank. These are the most efficient and mature clients, who can close deals within two days if the price is right. OPI tends to favors these type of customers because they are low maintenance. Long-term investing - 60% of client base. This kind of investing is always connected with financing. The investors who are interested in long-term investing are usually short of cash, but have good credit histories. They are looking for high returns, but are skeptical. fully depend on the rent in covering the mortgage. Since this group has little or no investment experience, investment advisors must usually devote a lot of time to consulting, confidence

Aristotles Politics Analysis

Aristotles Politics Analysis The Greek philosopher Aristotle (384-322 B.C.) was one of the most important Western philosophers in ancient times. He contributed to nearly every aspect of human knowledge and society, especially in the field of politics. Aristotle even wrote an entire book called Politics. I found the full English-translated version of Aristotles Politics through Fordham Universitys The Ancient History Sourcebook in the Greek subgenre of Philosophy (http://legacy.fordham.edu/Halsall/ancient/asbook07.asp#Philosophy). Politics is a comprehensive examination of the origins and structure of Greek society. Like the ancient civilizations of Mesopotamia and Egypt, Aristotles perspective on politics is deeply-rooted in the city-state, or polis as the Greeks call it. In a polis, all citizens in a Greek city-state hold a functioning role in government. Young citizens would serve in the military, middle-aged citizens would govern, and older citizens took care of religious affairs. Newsome High Schools English Department adds on stating that Since citizenship involves an active role in running the state, a citizen identifies strongly with the city-state to which he belongs, to the point that the Greeks consider exile to be a fate worse than death. Aristotles Politics as well as many other works from ancient Greece were shaped by its cultural and temporal contexts. Religion was present in all areas of ancient Greek life, especially in politics. With religion came stories and myths used to clarify the origins of the world, gods that represented each tangible or intangible aspect of life, and temples which saturated the Greek municipal landscape. These aspects of ancient Greek life allowed for Greek government and society to function and thrive. Aristotle critically analyzes the political infrastructure of ancient Greece in Books IV-VI. Accordingly, a strong middle class prevents corruption and oppression. He goes on to say though it is not necessary to give everyone equal access to public office, it is never wise to exclude entirely any group from power. Aristotle recommends education and inclusiveness in order to preserve a constitution. Aristotle acknowledged that there were three kinds of government, each consisting of two extremes: good and bad or just and unjust, depending on how the ruler leads. When only one person is given the power to rule, the government is considered as a monarchy if the ruler is good or just and a tyranny if the ruler is bad. When a small group of elitists rule, the government is an aristocracy if the rulers are good and an oligarchy if the rulers are bad. When all of the citizens that reside within the city-state rule, a constitution is a polity if they rule well and a democracy if they rule po orly. In general, Politics states that a government is good or just when it benefits all of the citizens residing within the city-state and unjust when it benefits only those in power, whether singular or several. Aristotle also acknowledged that there were three branches of civic government. The first branch of civic government was known as the deliberative. The deliberative branch makes the major political decisions of the city-state. The second branch of civic government was known as the executive branch. The executive branch handles the everyday tasks of the city-state. The third and final branch of civic government was known as the judicial branch. The judicial branch oversees the legal affairs of the city-state. Books VII and VIII refer back to the initial question of how the ideal city-state would appear to be. Surely, such a city would be large enough for self-sufficiency but would also be small enough to ensure fellow feeling. Aristotle notes that a successful city-state should be located by the water to allow for easy sea commerce, which was the easiest and fastest channel of transport that was available back then. Education ensures the well-being of the city-state, which is why Aristotle states his preference of a public program of education as opposed to something like private tutoring. His recommended curriculum consisted of a variety of learning subjects including reading and writing, physical education, music, and drawing. This system of education helped citizens make the most of both work and play, as well as allow the amount of leisure time in which to pursue the good life. Bibliography http://newsome.mysdhc.org/teacher/3171rosselle/Files/Aristotle%20on%20Politics.pdf http://legacy.fordham.edu/Halsall/ancient/aristotle-politics.txt http://www.philosophypages.com/hy/2t.htm http://www.ancientgreece.com/s/Culture/

The Bubonic Plague: A Snapshot of Recovery; A Comparison of Tuscany An

On October 21st 1629, near the border of Switzerland, the Florentine Observer in Milan wrote to Florence reporting that a captain of Lecco arrived in great haste to inform â€Å"virulent plague had been ascertained†. In the absence of knowledge concerning the plague, or any way to prevent it, they placed all affairs pertaining to public health in the hands of guards who would naturally be the first line of defense. However, after laborious trial and error, Florence and Tuscany experienced deaths of enormous proportion. In the 17th century the Italian economy entered a long recession. Trade and industry declined, Italian agriculture stagnated, and poverty and banditry increased. Meanwhile Italy was struck by plague. One of the most advanced parts of Italy had fallen from grace. Interestingly, this situation is rather similar to the American recession in 2008. In both, governmental leaders in aftermath-implemented solutions, which helped improve their citizen’s quali ty of life, while enhancing the relationship between an individual and the appropriation of goods. The Emblem Of Public Health—An Unraveled Fabric Along with sudden outbreak, it was widely agreed that the incidence of plague was much greater among the lower classes than that of the upper. Concomitant with any overcrowded or unsanitary conditions, this is logical for despite nobilities â€Å"more delicate and tender† characteristics, they were free to flee and able to afford remedies unable to the common man. With little known about vaccinations, the establishment of a sanitary â€Å"cordons† was the first â€Å"preventative measure people could resort to besides prayers and processions†. In spite of the limited remains of a once fruitful population, the government tried to r... ...Giulia. Histories of a plague year: the social and the imaginary in baroque Florence. Berkeley: University of California Press, 1989. Print. Cipolla, Carlo M.. Before the Industrial Revolution: European society and economy, 1000-1700. New York: Norton, 1976. Print. Cipolla, Carlo M.. Cristofano and the plague; a study in the history of public health in the age of Galileo. Berkeley: University of California Press, 1973. Print. Fletcher, Robert. A tragedy of the great plague of Milan in 1630. Italy: The Lord Baltimore Press, 1898. Print. Kleiner, Fred S., and Helen Gardner. Gardner's art through the ages: a global history. 13th ed. Boston, MA: Thomson/Wadsworth, 2009. Print. Labarge, Margaret Wade. A baronial household of the thirteenth century. Brighton: Harvester, 1980. Print. Pollitzer, R.. Plague. Geneva: World Health Organization, 1954. Print.

Swot Analyss

Strengths Comar chemicals is regarded as a leader in the tyre and paint industry. This phenomenon is ascribed to the following strengths: †¢Contracts in place with Goodyear, Continental, Plascon, Bridgestone, Dunlop, and Michelin. †¢Product quality of the highest standard. Automated plant control systems in place, constant in-production quality control tests controlled by chemical director, Vernon Redding. Compliant raw materials with specifications are being utilised. †¢Succession planning in place since the appointment of Stefan as operational manager. This person is ear marked to substitute Vernon Redding, in the event of his departure.Buy and sell agreement entered into by directors, Udo Eric Eichrodt and Dieter Roland. †¢Management team is experienced and highly qualified. †¢Udo Eric Eichrodt: 30 years – BComm Marketing Management †¢Dieter Roland: 29 years – Bcomm Investment Management †¢Vernon Redding: 45 years – PhD Chemi stry †¢Stefan: 12 years – BScHons Chemistry †¢May Rossouw: 24 years – BCommHons (Management Accounting) †¢Nicki de Villiers: 15 years – MComm (Transport Economics) †¢Low staff turnover. The company invests in staff morale as it understands it to be its biggest asset. †¢BEE Status 20% black owned, Vernon Redding, Indian.Promotes business in South Africa and abroad. †¢ISO 9001:2008 Certified (International Organization for Standardization. ) Little trouble has been encountered in the past to comply with minimum standards required by this certification. †¢Unqualified annual audited financial statements. This is testament to good governance practiced. Low gearing, although non-current assets are shown at R4m. Market value of plant and property exceeds R20m. Company is liquid, considering current assets to current liabilities ratio of 4:1. †¢Comar chemicals operates from totally owned premises. European Safety & Reliability Ass ociation (ESRA) certified. Toxic waste is dealt with in a responsible and reliable manner. Contamination of ground is highly unlikely as the company places a high premium on â€Å"going green. † †¢Flexibility and research development ensures ongoing sustainability. †¢Product reliability. Order tracking procedure and commitment of staff ensures a good reputation of the company. †¢Absolute advantage, ability to produce specific product more efficiently than any other nation. Factors of production are relatively cheaper than any other country. †¢Zero tolerance for human error.The company has strict rules and procedures that need to be followed to ensure the mainstay of the business. Disciplinary actions are taken against culprits, which could lead to dismissal. Weaknesses The following weaknesses have been identified: †¢Comar Chemicals is faced with multiple taxes due to the fact that it is a multinational enterprise that runs in various different contri es. Operating in various different countries leads to multiple tax jurisdictions. Multiple tax jurisdictions may lead to the overlapping of taxes and the company may end up with a double taxation. (1) †¢The economic model introduces some weaknesses to the company.There are various factors that affect the economic activity of Comar Chemicals. These include the resource limitations placed on the company’s ability to obtain certain chemicals or the availability of chemicals needed in the factors of production. Environmental or geographical constraints can increase their expenses due to extra transportation costs for raw materials and finished goods. The factory could be situated in an area which is prone to seasonal bad weather (Cape Town). This could slow down the process of moving materials and Comar Chemicals will bear the economic impact of a loss of potential revenue and increased costs.Theirs will also be certain institutional and legal requirements that Comar Chemica ls will have to follow and they will vary in the three different countries that they operate in, South Africa, Switzerland and Germany. Comar Chemicals may have to adhere to different legal levels of Co2 production that they create during their production process and will have to regulate these levels in compliance with the legal levels set by the government. †¢Comar Chemicals has no buy and sell agreement supported by life insurance.A buy and sell agreement is a binding legal document that governs the conditions if a co-owner dies or is otherwise forced to leave the business. The fact that there is no buy and sell agreement supported by life cover means that if owner of the company passes way or is forced to leave the business then all the debt or liabilities incurred by the business will be left to the closest relative of the owner. This could lead to a liquidation of the business if there is no insurance cover. Therefore the business is not completely safe in the case of a p ersonal crisis within the business. 2) †¢Promotion for staff is limited due the low staff turnover that Comar Chemicals has. Comar Chemicals has a total of 38 employees that includes two scientists, one accountant and one logistics manager. This can also be seen as a strength however the fact that there are so few employees, there are few promotions to employees. This can cause employees to become less motivated towards their job and company and in turn this could decrease the total production and the total efficiency of production. †¢Employee empowerment is the act of giving more responsibility to workers in the work place. 3) The empowerment of staff can lead to a weakness within Comar Chemicals due to the fact that firstly, the business has a relatively small number of employees. This can lead to an increase in conflict between the employees as to why one employee has been empowered more than another. This can cause bad interpersonal relationships between employees. Emp owerment can also be a weakness if the wrong employee has been empowered to take on a certain task or manage a project that he or she has not been specifically trained for. This could create problems within the managerial and operational sectors of Comar Chemicals.If empowerment of employees is going to be an on-going activity at Comar Chemicals then it has to be carried out in a way that makes sure that the right employees are being empowered for the right reasons. †¢Comar Chemicals has no key man insurance. This is very similar to the absence of a buy and sells agreement, supported by life cover that was previously mentioned. Key man insurance is an insurance policy that is takes out by the business to compensate for financial losses that would arise from the death or extended incapacity of an important member of the business.Key man insurance can cover many insurable losses that include, losses related to the period when the key person was unable to work and insurance to pro tect profits, insurance to protect shareholders and partnership agreements. Without key man insurance, Comar Chemicals is vulnerable to the chance that something happens to the owner and there is no protection or financial security for the business in the future. (4) Opportunities There are many opportunities for Comar Chemicals to utilise to maximise their business productivity and profitability. There are two types of opportunities, external and internal.External opportunities affect the organisation due to independent factors. Internal opportunities exist within the firm. Opportunities, when realised, can have enormous rewards for the business if the opportunities are exploited correctly. An opportunity is indication of positive potential that can help a business increase its success. Possible sources of business opportunities in most industries and markets include: Potential Business Opportunities Technological innovation New demand Market growth Demographic change Social or lif estyle change Government spending programmesHigher economic growthTrade liberalisation EU enlargement Diversification opportunity Deregulation of the market The opportunities that Comar can use to their advantage are: import quotas, developing markets, revising job descriptions/digressions, improving competitive levels, forward exchange cover, Solar power, life policies, association with universities and joint development with customers. An Import Quota is like a form of protection. It fixes the amount of products a foreign producing firm is allowed to bring into a country over a specific time period, which is usually a year.The objective of an import quota is to limit imports into a country therefore encouraging the use of domestic products and services, as the amount of the good being imported is limited the price of the specific good increases therefore domestic firms benefit. Comar, being situated in South Africa, Switzerland and Germany, can use this as an opportunity by increa sing domestic employment. There will be a larger demand for Comar Chemicals because import quotas will make it more expensive to import these goods from international competitors.This will encourage Comar to employ more citizens that are qualified for the job because of the expanding demand of their product and the need for increased labour and skills in the organisation. Comar is a small business, with 38 employees including two scientists, an accountant and a logistics specialist. Comar is 14 years old, which is relatively young compared to it competitors therefore it can be considered an â€Å"infant industry† which is still developing and is not big enough to compete fairly.Import quotas allow Comar to mature onto a same competitive level as international organisations. South Africa is a developing country and the market for metal carboxylates is expanding with the increase of paint and coatings, printing inks and chemical industry, polyester industry, grease and gear oil s industry and PolyButadiene, Isoperene Butadine and Copolymers industry. With the increase of construction and manufacturing in South Africa, these industries are in higher demand than ever before. Comar can improve their competing levels through product quality.Quality relates to ‘appropriate use': how well a product does what it is intended to do. This can include a compliance of raw materials with specifications, detailed manufacturing and quality control test procedures, in-production tests of final products, introduction of automated plant control systems. These quality control methods leave little room for error, positioning the product on a high level of quality which will lead to a smart modern working environment and a reflection of the quality of the business as a whole.Comar’s leading product is COMCAT, which inclueds a rare earth catalyst which is used in the synthetic rubber industry to manufacture advanced rubber tyres – making tyres softer but mor e durable which in turn lowers the level of CO2 emissions from vehicles. This gives Comar a competitive advantage as their products are also helping the environment and decreasing the level of harm through innovative products, which will draw the attraction of buyers.There can often be discrepancies about the actual responsibilities, tasks and duties of a certain position within the organization; this can be managed by revising job descriptions. There must be an accurate reflection of the true functions and responsibilities for a job description to be effective. A comprehensive job description can be used in management to measure employee performance and employees can use the job description as a guideline to comprehend the expectations of the position. This can lead to improved productivity and ohesiveness within the organization to help realize the organizations objectives and goals. Comar can use the opportunity to become involved with universities to further their research and p rovide university departments with their expertise of the product to evolve students into potential employees of their firm or for that specific industry. For example, Comar could give bursaries to deserved students to pay for their studies in a BSC, specializing in COMCAT (PolyButadiene, Isoperene Butadine and Copolymers industry).They could provide all the necessary tools (research, expertise, information) in order to establish awareness of this specific product and market the need for this specific scientist in this field. Joint development with customers involves a good relationship between the manufacturer and the customer. The manufacturer must be enthusiastic and prepared to open up its daily practices and activities to its customers, this will give the customer the opportunity to carefully scrutinize and evaluate the ways in which the manufacturer operates, during the production process, and the quality of the finished products.An important issue when dealing with joint deve lopment with customers is communication. When there is a healthy line of communication between the manufacturer and the customer, there can be am exchange of ideas between parties leading to effective production and customer satisfaction. Threats Threats are conditions in the business environment that are uncontrollable and have the potential to harm business profitability. One of the most common threats is competitors. There are a number of threats that Comar may face, including: future trends in the specific field, social issues, the economy, funding, demographics and the physical environment.When observing the potential threats that Comar may face, the following needs to be determined: the obstacles Comar may face, competitor’s activity, quality standards and changing technology. Threats can be divided into two categories namely, industry threats, an increase in competition or a decrease in the market size, and macro threats, threats that affect all industries in Comarâ₠¬â„¢s area. Possible sources of business threats include Potential Business Threats New market entrants Change in customer tastes or needs Demographic change Consolidation among buyersNew regulationsEconomic downturn Rise of low cost production abroad Higher input prices New substitute products Competitive price pressure A potential threat Comar may face is the diversity. Diversity is often defined as a positive term for a business, but it also comes with threats that have the potential to ruin productivity. Comar has a diverse workforce, co-workers each have different experiences and perceptions as they have all come from different backgrounds. This could cause cultural clashes which can decrease productivity and cohesiveness of the business as a whole.Comar could also experience divisions in staff members due to the formation of cliques and other groups, this can create competition between employees rather than teamwork, a lack of respect amongst one another and this could lead to costly diversity training to resolve diversity issues within the organisation. Comar has a diverse client base as their company is also situated in Switzerland and Germany. It is therefore crucial for Comar have a bi-lingual customer service, if they do not they will lose a massive amount of clientele as there needs to be effective communication between the two parties in order for the business to be successful.Social issues in the business environment may be a threat to Comar. A social system is a pooling of ideas, attitudes and behaviour which are involved in human relations and interactions. Comar is influenced by its customers attitudes and behaviour, if they are negative relationships within the organisation this could dampen productivity and decrease business profitability and if there are social issues external to the organisation, such as political unrest, could affect consumer behaviour negatively and affect the success of the business.The political; and legal system can a lso pose as a threat to Comar, as business have to follow the specific regulations as set out for them by the government, it creates a set of rules and guidelines that business are expected to adhere by, if a business does not there could be serious consequences that could lead to decreased profitability and even as far as a business being banned. The monetary system facilitates business exchange. Monetary activity has distinct basic functions, namely saving, borrowing, spending and earning, which are all linked to business profitability.Comar has to pay careful attention to all these activities because each of these factors can easily turn into a threat for the business. There are many different parties involved when dealing with money, they are financial institutions, debtors, creditors, customers and suppliers. The interest rate is very important when Comar is dealing with its monetary activities, when an interest rate is high, it increases Comar’s costs and will limit the amount of spending that Comar can participate in.Exchange rates are the value of one nation’s currency in comparison to another. It is very important when determining a business’s effectiveness and whether it will serve as an opportunity or a threat. Comar is a company that does business in South Africa and globally, therefore exchange rates will have an enormous effect on the profitability. When Comar exchanges its products over national borders causing another currency to become involve, fluctuations in exchange rates can lead to profits or losses for Comar.Comar is at an advantage when the rand is relatively strong compared to the currency that the organisation is trading with. When the rand is weak compared to the business it is doing the exchange with, Comar is at a disadvantage as it will be more costly to exchange products across borders. A massive threat that Comar faces is import duty, which is a tax on goods imported into a country. This causes prices to be higher because of the tax cost involved. This cost is passed onto consumers at higher prices, which in turn can lead to consumer dissatisfaction and a loss in clients.Trade restrictions were introduced to restrict importing for many reasons, mainly to protect domestic industries. There are two types of restrictions, tariffs and non-tariffs. Non-tariffs include, methods such as embargo, import quota – which is a limitation on the amount of goods a business is allowed to import, foreign exchange control and currency devaluation. These trade restrictions pose a massive threat to Comar because the organisation is continuously trading over borders and having to deal with trade restrictions, which will inevitably hinder profitability.

Your Discussion Chapter Will Be Bright

Your Discussion Chapter Will Be Bright Writing a Dissertation Chapter – Discussion If you feel worried about the future of your dissertation, join the ranks of students who are worried like you. Believe it or not, every other student has serious concerns about whether he or she will be able to finish the dissertation on time. It is difficult to say anything, since every dissertation is unique. However, every student is in a position to improve the quality of his or her writing. We have developed these recommendations to help you cope with the discussion chapter of your project. It is a very important piece of your work, where you will need to discuss the results of your experiment or investigation in the context of previous findings. In essence, writing a dissertation chapter is telling your readers what they can learn from your work. You will also need to include some information on how significant your findings are for your practice and future research. So, what do you do to write a perfect discussion chapter for your dissertation? First, you must be confident that you can do it. Developing confidence is probably the most difficult thing about writing a dissertation. However, it is not enough to be certain that you can be a perfect academic writer. What is needed is a thorough understanding of your subject, the results of your study, and the extent to which they fit or do not fit in previous research. Be ready to accept a simple fact that readers will not take your claims for granted. They may not believe you, no matter how convincing you are. Thus, your confidence must be scholarly. It essentially means that you must be ready to prove your claims and use as much scholarly evidence as you can to support your findings. Another important thing to remember is that you must be creative. You must use your analytical and critical thinking skills to understand how the results of your study meet the broader demands of your professional community. Be creative. Imagine that this dissertation is a matter of your life or death in your future profession and career. Now think of the way your dissertation will be structured. Apparently, all dissertations have a set of mandatory components. These are introduction, literature review, methods, findings, and discussion. So, your main task here is to decide if you want to write your dissertation as a separate component of your dissertation or have it merged with other sections, for example, the section for results. The proposed structure is used widely in dissertation writing. However, the problem is that it is the dead end of dissertation writing. It leaves little room for imagination and creativity. At the same time, it allows readers to find the information they need quickly, without scanning the entire dissertation as it may take hours. You are the one to decide which format and style you want to pursue in your work. However, do not forget that your dissertation must meet the requirements and instructions developed by your supervisor. You are not entirely free in your decisions about dissertation writing. Ultimately, if your university requires that you rely on the traditional dissertation structure, you will not be able to change that. Now about your discussion section – you may want to place it separately from other chapters, or you may want to link it to your other sections such as results, and in ways which create a more coherent picture of your experimental findings or investigation results. You can make the final decision, taking into account all possible variables, including the purpose and intent of your project and even the discipline you are in. Medical professionals may want their discussion section to operate separately from other sections of the dissertation, while graduates in sociology and history may want more integrity and structure in their works. So, now you know the difficulties you may encounter when crafting your discussion chapter. It is time to overcome them. Use the advice below to write a perfect discussion section for your dissertation: Compare and contrast. This writing technique never loses its relevance. Create a table and include the results of your work and the findings of similar experiments in the past. You will see the similarities and differences that will translate into a coherent piece of writing. You can begin with a simple reiteration of your findings. Create a simple picture and then make it more complicated, step by step. Add new information to explain your decisions and justify your recommendations. One more advice you could follow when working on your dissertation chapter is using your null hypothesis. Apparently, you assume that there is some null hypothesis suggesting that your variables are not related in any way. Now try to explain why is that? If you take your null hypothesis as a starting point for your discussion, it will mean that, probably, your findings are meaningless. Can you tell me why? Answer this question and surprise your reader. Ask your friend or family member to help you. Imagine that you are writing for them. You can record your speech or present your discussion in writing. Ask your audience to evaluate your successes. Use their recommendations to improve the quality of your writing. Consider the limitations of your experiment. These limitations will help your readers understand the significance of your story.

The History and Invention of the Jet Engine

The History and Invention of the Jet Engine Although the invention of the jet engine can be traced back to the aeolipile made around 150 B.C., Dr. Hans von Ohain and Sir Frank Whittle are both recognized as being the co-inventors of the jet engine as we know it today, even though each worked separately and knew nothing of the others work. Jet propulsion is defined simply as any forward movement caused by the backward ejection of a high-speed jet of gas or liquid. In the case of air travel and engines, jet propulsion means that the machine itself is powered by jet fuel. While Von Ohain is considered the designer of the first operational turbojet engine, Whittle was first to register a patent for his schematics of a prototype, in 1930. Von Ohain obtained a patent for his prototype in 1936, and his jet was the first to fly in 1939. Whittles took off for the first time in 1941. While von Ohain and Whittle may be the acknowledged fathers of modern jet engines, many grandfathers came before them, guiding them as they paved the way for the jet engines of today. Early Jet Propulsion Concepts The aeolipile  of 150 BCE was created as a curiosity and never used for any practical mechanical purpose. In fact, it wouldnt be until the invention of the fireworks rocket in the 13th century by Chinese artists that a practical use for jet propulsion was first implemented. In 1633, Ottoman Lagari Hasan Çelebi used a cone-shaped rocket powered by jet propulsion to fly up into the air and a set of wings to glide it back to a successful landing. However, because rockets are inefficient at low speeds for general aviation, this use of jet propulsion was essentially a one-time stunt. In any event, his effort was rewarded with a position in the Ottoman Army. Between the 1600s and World War II, many scientists experimented with hybrid engines to propel aircraft. Many used one of the piston engines forms- including air-cooled and liquid-cooled inline and rotary and static radial engines- as the power source for aircraft. Sir Frank Whittles Turbojet Concept Sir Frank Whittle was an English aviation engineer and pilot who joined the Royal Air Force as an apprentice, later becoming a test pilot in 1931. Whittle was only 22 when he first thought to use a gas turbine engine to power an airplane. The young officer tried unsuccessfully to obtain official support for the study and development of his ideas but was ultimately forced to pursue his research on his own initiative. He received his first patent on turbojet propulsion in January 1930. Armed with this patent, Whittle again sought funding to develop a prototype; this time successfully. He began construction of his first engine in 1935 a single-stage centrifugal compressor coupled to a single-stage turbine. What was meant to be only a laboratory test rig was successfully bench-tested in April 1937, effectively demonstrating the feasibility of the turbojet concept. Power Jets Ltd. the firm with which Whittle was associated received a contract for a Whittle engine known as the W1 on July 7, 1939. In February 1940, the Gloster Aircraft Company was chosen to develop the Pioneer, the small engine aircraft the W1 engine was earmarked to power; the historic first flight of the Pioneer took place on May 15, 1941. The modern turbojet engine used today in many British and American aircraft is based on the prototype invented by Whittle. Dr. Hans von Ohains Continuous Cycle Combustion Concept Hans von Ohain was a German airplane designer who obtained his doctorate in physics at the University of Gà ¶ttingen in Germany, later becoming the junior assistant to Hugo Von Pohl, director of the Physical Institute at the university. At the time, von Ohain was investigating a new type of aircraft engine that did not require a propeller. Only 22 years old when he first conceived the idea of a continuous cycle combustion engine in 1933, von Ohain patented a jet propulsion engine design in 1934 very similar in concept to that of Sir Whittle, but different in internal arrangement. Upon the mutual recommendation of Hugo von Pohl, Von Ohain joined German aircraft builder Ernst Heinkel, at the time seeking assistance in new airplane propulsion designs, in 1936. He continued development of his jet propulsion concepts, successfully bench-testing one of his engines  in September 1937. Heinkel designed and constructed a small aircraft known as the Heinkel He178, to serve as a testbed for this new propulsion system, which flew for the first time on August 27, 1939. Von Ohain went on to develop a second, improved jet engine known as  the He S.8A, which was first flown on April 2, 1941.

Project Management Case Study Example | Topics and Well Written Essays - 500 words

Project Management - Case Study Example The risks have an effect on the elements of the project and once should consider factors that may delay a project or may affects its cost, so that contingency plan may be made. All of these, will aid an organization in defining what will be the scope of the project and the time and cost involved in its completion. Case study 1: Hydroelectric Development is better in identifying the risks since it listed risk involved in each element, this makes is easier to see the possible risks and it is even grouped depending on what will be affected like quantity, unit cost, schedule or global (overall). This is found in Table 20.3 - Risks for the hydroelectric project (John Wiley & Sons, 2005) Case study 2: Irrigation scheme, on the other hand, is better in quantifying risks because it is able to assess the overall effect of risks to the elements, meaning, it balances each risk based on the strength of another risk or weakness of the other. Each risk may have an effect to the other, and considering its combined effect is more accurate in quantifying the risk involved than by considering individual risk for each element. Dependence and correlation is also computed for the 2nd case study. As defined in Wikipedia: Correlations are useful because they can indicate a predictive relationship that can be exploited in practice. For example, an electrical utility may produce less power on a mild day based on the correlation between electricity demand and weather. In this example there is a causal relationship, because extreme weather causes people to use more electricity for heating or cooling; however, statistical dependence is not sufficient to demonstrate the presence of such a causal relationship. Overall, it is easier to follow the method used for the Hydroelectric development because as mentioned above, it listed all risks involved for each element. The analysis is simple and straight forward, that all risks having both direct and indirect effects to elements were listed,

The structure and the role of the Federal Reserve Bank Term Paper

The structure and the role of the Federal Reserve Bank - Term Paper Example These banks are located in different cities of the United States of America, which include New York, Richmond, Philadelphia, Boston, Cleveland, Atlanta, Chicago, Dallas, St. Louis, Kansas City, Minneapolis, and San Francisco. â€Å"These branch banks retain reserves of currency, and each bank has its own President and board† (Smith, n.d.). The Board of Governors has also established 25 branches of the 12 Federal Reserve Banks in order to support the business activities of the Federal Reserve Banks. For each bank, there is a nine-member board of directors, which manages and controls the business activities of the Federal Reserve Bank. The members of the boards serve their respective banks for the period of three years. The Board of Federal Reserve selects three members of each board, also known as the Directors, whereas remaining six members are selected by the local member banks working in their respective districts. The members of each board are divided into three classes which are A, B, and C. Class C directors are selected by the board of governors whereas class A and Class B directors are selected by the commercial banks (Smale, 2005). The Board of Governors is the most powerful part of the Federal Reserve System. The board of Governors consists of seven members of the board and a chairperson. The President appoints the members of the board for a period of fourteen years whereas the chairperson serves a four-year contract. The Federal Open Market Committee is the third subgroup of the Federal Reserve System. It is a 12-members committee, which includes four presidents of the regional Federal Reserve Banks, the President of the New York Federal Reserve Bank, and the seven members of the Board of Governors. The basic role of the Federal Open Market Committee is to make the decisions regarding changes in the