Resposability for Wide Spread Illeteracy

Illiteracy is known to be wide spread in different degrees. Some people have almost no ability to read or to write, while others can read or write some but not very well. Therefore, illiteracy sometimes may not be recognized if a person can read or write a little but not very much. Not all illiterate people are completely incapable of reading and writing. While some would like to find out who to blame, there is enough blame to share among many people. Even teachers are not free of blame for the spread of illiteracy.There are three reasons that teachers should take some responsibility for wide spread illiteracy. The first reason is that teachers are responsible to teach at their school, because that is the first place that people go to learn. As part of their job, teachers need to help students to improve their skills, such as reading, writing and comprehension. In other words, teachers have responsibility to help people to improve their knowledge because that is part of their job. If the teachers don’t apply themselves in their jobs, and make constant efforts to teach, the students will not learn.Teachers should have the support necessary to make students strengthen their literacy skills, but they still have the responsibility of trying to improve their students. The second reason is students and parents expect teachers to combat illiteracy because no one else has so much time with the students in a place where they can study, away from television, games, and other distractions. Teachers play an important role in the life of the students, because teachers help them to meet various challenges.For example if a student have problem understanding complex context, parents can help them, but teachers have better strategies to help them. In short, teachers are part of everyone’s community and they are better equipped than other people to teach students to read and write. Just as police officers are relied upon to do their jobs and to help their community by enforcing laws and catching criminals, teachers are relied upon to accept responsibility for teaching children, and helping them to learn to read and write.A third reason relates to teachers’ sharing responsibility with other people. In other words, it is not only teachers who are responsible for illiteracy. Even if teachers do their jobs and truly try to improve their community by fighting illiteracy, other people must do their part. For example, the students themselves must accept responsibility if they do not learn. Many students prefer to be entertained and to do fun things rather than to learn to read and write. While they will try to blame others for their failure, they must also accept blame. Parents also take some responsibility.They should not be satisfied with a child who cannot read or write, and part of their parental responsibilities includes educating their children even if they do not want to be educated and attempt to avoid education. In conclusion, for th at reasons mentioned teacher should take some responsibility for wide spread illiteracy. Teachers help students to improve their ability to read and understand. As teachers they need to bring the support that people need to master their goal in life. Helping the students and encouraging them to become better thinkers, that is the responsibility for the teachers and parents as a community.

Managing Technology Essay

Q1. a. Explain briefly about Managing technology. Answer – Managing technology involves concepts like new venture, innovation, and research and R&D infrastructure. We can say that technology is the useful tool which controls the environment and also acts as an instrument which converts the natural resources in to useful goods. This is the main factor which affects the growth of an organization. & that’s why managing technology is essential for any organization. Some issues related to the Managing technologies described below * Technology and long-term cycles: There are some economists who argue that technology affects growth and recession in the world economy. The infrastructure is useful for maturation of the technologies. When the downturn starts to come up again then organizations has to invest the capital equipment that is based on the new technologies. * Technology and comparative advantage: At the national level, the firms will have more value when it has both the comparative advantage and also the technological lead. All the other companies from the world look for your organization. There are some of the emerging technologies that have to be dealt when you are discussing about managing technology. The emerging technologies are the new technologies that are sometime considered critical for humanity’s future. b. Explain any two alternatives for acquiring new technologies. We are presently living in the competitive world. The organizations have to use the advanced technologies to remain in competitive market of today, for long. The technology managers have less time, fewer resources and more problems for the implementation of the technology. There are many alternatives for acquiring the internal and external technologies. Some of these mentioned are the best * Develop technology in-house: This involves development of the technology within the house. In this, the company has to make an estimate of the financial costs that are associated with the Research and Development (R&D) and the cost of the opportunities that are associated with R&D. This also assesses the suitability of the employees for the new project * Enter into joint ventures: We know that many of the companies share the costs of the new technology; in the same way, the benefits are also shared. The membership of the research gets more attraction when the risks are high and the costs are heavy. There will be existence of very good relationship between the key supplier and the major customer. Q2. a. Explain in brief about the six phases in technology forecasting process. Answer- According to our working definitions, the main function of the technology is â€Å"to lead the decision making process towards profitable solutions with minimum uncertainties† Six phases of technology forecasting are * Identification of needs: After identifying the expected outputs and the objectives of the future, a thorough analysis is done in order to make sure the relevance of technology forecasting. * Prepare project: In this phase, the forecasting activities that are planned and resources are allocated. The roles of each human resource are carefully prepared and explained.. * Define objectives: This phase once again goes through the objectives that are defined in the first and second phases. This phase decides the dimensions of the forecast. * Perform analysis and develop Technology Forecast (TF): This is the central part of the present research. In this phase, we start with defining the boundaries of the technological system that has to be forecasted. * Validate results: in these steps forecasting process is to validate results. This includes the customer satisfaction with the results of TF. * Application of TF: The last phase in the technological forecast is the application of TF ·. This depends mainly on the needs and the formulated objectives. b. What are the benefits of technology absorption? The benefits that we get from technology absorption exercises, as evidenced by Government and industry experiences are * Repeated collaborations for the same product/ process are avoided. * Acquisition of further technologies becomes selective. * Ability is developed to unpackaged the technology * Savings can be affected in foreign exchange due to use of indigenous alternatives. * Effective utilization is made of available indigenous research expertise and facilities to achieve the desired results * Know-why and technology up gradation capabilities are built-up * Technically competent groups of scientists and engineers trained in technology absorption get matured and strengthened * The base for technological self-reliance is enhanced. We gain the benefits of technology diffusion, ranging from R&D services to the larger sales. * Industry should attempt to obtain best available technology closest to international trends and provide R&D at the stage of project planning. * Speedy indigenization of raw materials and components * Efforts for unpack aging and indigenization of tailor-made equipment in the acquired technology * Enhancing exports of products based on absorbed and upgraded technology. * use of national and international research facilities and expertise * Involving users, suppliers of components and materials, research organizations in undertaking absorption exercises. Q3. Explain in brief about the innovation management. Answer- We can define ‘innovation management’ as the systematic processes that help the organizations in developing new and improved products, services and business processes. This involves the use of creative ideas of an organization employee that brings new innovations to the market place, quickly and efficiently. In business, innovation should not be only limited to the big ground breaking ideas, creative workshops and product based companies. Innovation is often small, incremental changes to products, services and processes. The innovation involves all the managers from different departments. This needs to be planned and managed as a core business covering all parts of a business. This needs to be integrated at the strategic and operational levels. The activities of the innovation need to be driven by the strategy and current business imperatives. The successful innovation culture consists of all the aspects of a business, and these aspects have to be managed effectively and efficiently like any other core business. Innovation can be built into business, at three levels. The three levels are the annual business planning process, quarterly innovation and day-to-day activities. Innovation is managed through some sort of platform or application. There are two types of innovation tools that are, an electronic suggestion scheme, and a management system controlling the innovation process. The management of the innovation system needs to be given to the senior management to control the overall system of innovation. The best practices and tools are applied consistently and appropriately across the organization. Any platform should encourage for the learning activity as a core feature. Installing the innovation culture in any of the company has leaders and teams with ability and commitment. In order to create culture of continuous innovation, the organization requires leadership and commitment from the senior management team. The management team also sees that some staff members in the organization are rewarded for the innovative ideas they put in. The senior management needs to encourage the innovative ideas from the staff. Q4. Explain the implementation of new technology. Answer- Sound planning is essential for the success of any technology’s implementation. The failures that are likely to arise during the implementation process may be due to the poor planning or inadequate resources. Valuing the conflicts will facilitate the organization to keep away from these problems, and for the management, to anticipate the likely trouble spots and ease it accordingly. There are a number of less-substantial activities, which are critical and people those are involved must: 1.Have an understanding of the organization predominantly, in terms of its traditions and principles are essential. 2.The underlying principle of any new system implementation should be able to provide all the better services to all concerned through it. 3. This information has to be conversed to all concerned parties.4.A complete review of every business processes and, where required, academic practice, and developing and introducing new policies before tuning the system to meet the decided requirements should be undertaken. 5. The complete approval of the difficulty and flexibility of the system should be determined. 6. The inbuilt dangers of customization of any software should be understood. 7. A thorough system test procedures should be conducted, while accepting the likely need for software malfunction and improvements. 8. The training and development to be conducted for the internal staff should be planned in advance.9.The users must be trained, to use the system. Planning and implementation: A thorough plan with efficient management is necessary for success, and to work against the fear of high costs, extended time, losing key persons and common disappointment with the result Considerations for implementation  · Be aggressive: An important consideration when implementing a new technology is to be aggressive to set up a strong competitive edge  · Be cautious: If the new chosen technology provides revenue to your business, then it is necessary to be careful while making any major modifications in the new technology.  · Be quick: It is important for you to be quick enough to implement the small changes to your chosen technology and to supervise their impact.  · Be slow: If major changes affect your business, it is vital to make the implementation changes slowly.  · Be safe: During the implementation of a new technology, the better time to address the potential security needs is at the time of design and development. It is better to employ a security expert who will take care of the privacy of the organization. Q5. Briefly describe technological development options and strategies Answer- A country’s technology development strategy is determined by identifying the technological needs with potential technological developments in the world and a thorough assessment of available and emerging technologies. Then, the country determines a strategy to import technologies which can be produced locally. Now, there is a universal realization that unless a concerted attempt is made to build local technological capabilities for absorbing imported technologies, any attempt to develop indigenous technologies encounters enormous difficulties. Even with regard to imported technology, it is essential for a country to be able to select, digest, adapt and improve it for local consumption. All of these efforts justify greater priority and allocation of resources to R&D. A requirement for efficient utilization of R&D resources is the development of technological infrastructure within the country, including institution building, manpower development, and provision of support facilities and creation of a modern environment Whether or not an organization would generate or develop its own technology and with what intensity it would follow, the efforts in this respect would depend upon technology strategy it has planned or adopted. Though the term strategy is commonly used as an antonym of tactics it actually implies long-term, purposeful and interconnected efforts. Technology Strategy† may accordingly be defined as a strategy to deal with the technology and related issues at macro and micro levels, with respect to set objectives. Let us have a quick overview of types of technology strategies Macro-level strategy- At macro level, each country outlines and adopts a technology strategy to achieve its political, economic and social objectives and translates the same into action through appropriate policies and mechanisms. Micro-level strategy-The extraordinary range and potential uses of contemporary technology have important consequences for industrial and commercial firms. The industrial and organizational disorder produced by technological change, and increased international competitive pressures provide threats and opportunities for firms. An effective strategic approach to technology allows firms to cope better with these changes, and reduces the threats and insecurities facing them and their employees. The basic role of technology strategy in business planning is to help ask the questions like: what business the corporation plans to be in and how it should be positioned? Effective planning identifies the present decisions required to create desirable and competitive corporate futures. In particular, technology strategy must anticipate the transient impact of technological innovation on the future competencies of the corporation. Q6. Explain Technology Development Answer- Though, broadly speaking, the D · of R&D covers Technology Development the latter has much wider implication. Process- The various stages of technology development process or life cycle is starting from the generation of ideas in the R&D department. We may observe that this process is tedious and requires top management commitment and support from outside. Risk factor is large and the success rate depends upon the quality of inputs provided to the R&D department. Technology Development Approaches The approaches of technology development- * In-house R&D: Technology development activities are generally carried out through setting up of separate in-house R&D units within the business, managed and headed by a well-qualified and experienced chief, directly reporting to the top management. However, this unit has close interactions with other departments within the company and there could even be exchange of personnel among different departments. * Co-operative R&D: A group of companies in a particular industrial sector promotes an R&D centre as a society or a non-profit making company. The R&D is funded by the participating companies and the government. This R&D centre undertakes R&D as per the requirements of the companies in their larger interest, and sets up expertise and facilities of common nature and which are usually expensive. * Contract research: A company may contract components of technology development to suitable R&D organizations, academic institutions, or consultants or experts. The in-house R&D unit may coordinate the progress of the activities, to develop the desired technologies. This approach usually requires considerable internal technological and managerial capabilities coupled with strong Science and Technology (S&T) information base. * R&D collaboration: A company may collaborate with another company in areas of common interest, if costs of development are high. Such inter-firm collaborative R&D efforts are becoming common in developed countries mainly due to high costs and shorter technology life cycles. It is found in areas such as micro-electronics, materials, and information technologies. * Research societies: Large corporations or industrial houses may set up independent research societies, in addition to their in-house R&D units. Such societies may undertake R&D activities mostly relating to the broad interests of the promoting companies in line with the national interests. Research companies: Large firms of technology innovative industrialists may support research companies, specifically for conducting research and development of technologies for others on commercial basis. The development costs and reasonable profits are recovered from the sale and transfer of technologies.

Analysis of Act 1 Essay

A form of love expressed within ‘Romeo and Juliet’ is the â€Å"love at first sight† that Romeo feels upon seeing Juliet for the first time. In Shakespearean times, platonic love was prominent and this is clear in Romeo’s soliloquy. â€Å"Beauty too rich for use, for earth too dear† implies Juliet is angelic, demonstrating Romeo’s instant affection for her. Angel is within the semantic field of religion, a very important factor in the time with which the play is set and therefore illustrates not only Romeo’s apparent need to shower her with praise and affection, but also how serious his feelings actually are. Religious imagery is used again in stating â€Å"and touching hers, make blessed my rude hand† yet again suggesting that Juliet is a saint and that by touching her Romeo would become â€Å"blessed†. This, however, portrays Romeo’s beliefs within love. As mentioned, platonic love was the general way in which relationships at the time were, so by Romeo stating that he should touch her shows his forwardness and his almost childlike, selfish tendencies proving his obsession with love. Later within Act 1, Scene 5, however, Romeo and Juliet share a sonnet upon first meeting. The sonnet is the ultimate display of love and by speaking it together, Shakespeare allows the audience to understand that the two are not only seriously in love, but also share a very pure and unadulterated love- one that is beyond all other love. Shakespeare also displays how, now after seeing Juliet, Romeo has completely dismissed Rosaline, who he was irrevocably in love with not long before hand. â€Å"Did my heart love till now? Forswear it, sight. For I ne’er saw true beauty till this night† emphasises this by stating both the beauty of Juliet to be above all others and states that the beauty he believed Rosaline to have was not indeed so, quite ironically as four scenes previously he stated that she was â€Å"fair† and â€Å"exquisite†, yet again exposes Romeo’s fickle behaviour in terms of love. Romeo also declares â€Å"so shows a snowy dove trooping with crows† showing his dismissal of what he felt for Rosaline. The sentence is antithesis, demonstrating Romeo’s opinion that Juliet is exemplary again, â€Å"crows† being opposed to doves but also connoting death, expressing the extremity of Romeo’s statement. Romeo’s love for Juliet does appear as though genuine. The first few lines of the soliloquy mostly contain monosyllabic words and are very simple in both style of speech and and the intelligence of the vocabulary. This shows the sincerity of his love as it is completely opposed to when he was speaking of Rosaline. Where his speech then was organised and intentionally melancholy and philosophical, this is his first and genuine opinion of Juliet and her beauty. The soliloquy also consists of five rhyming couplets conveying the speech as romantic, as rhyming couplets are a poetic technique which in turn is considered romantic.

Cloud Atlas Film Analysis Movie Review Example | Topics and Well Written Essays - 1000 words

Cloud Atlas Film Analysis - Movie Review Example At some point, one may be able to say that the film is a combination of various issues about life in the society that have dynamic link to religion, philosophy, politics, socio-economic and socio-political, science and so on. The film is broad in its concept, because it tries to depict almost all of these aspects within its entire storyline. On the other hand, at some point, we know that this film employs many characters because of the various settings and time involved. Perhaps, one will be able to grasp the point why for instance, Hanks, Berry and Grant were given multiple characters in the film is to be able to save on the necessary costs and to meet other relevant considerations in the actual film making. However, the writer and the director of the film did not make it by mistake or may have intentionally employed it that way. In fact, as far as spiritual and religious concepts are concerned, there is a point to consider that the characters have significantly moved to a life of t ransformation, some of them were led to being good and the other evil, the very reason why for instance, they might have essentially played different characters from various time settings. From the philosophical standpoint, the concept of good and evil is therefore primarily employed in the movie film. Cloud Atlas therefore is trying to depict the whole picture of what we can substantially observe today particularly in various principles that the human race has significantly embraced. Therefore, we can say that the movie is a story of our lives, yesterday, today and in the days to come. Since it is not only confined in the past and at present time, it is also good to discuss about the essence of employing the future within the film. The futuristic setting of Cloud Atlas has something to do with the influence of the directors. Lana and Andy Wachowski are the directors of the film â€Å"The Matrix† and who happened to be the directors of the Cloud Atlas. We substantially know t hat the â€Å"The Matrix† is not only rich in philosophical concepts, but including other areas of life like spirituality, science, politics and so on, which are issues integrated in the film and projected to take place in the future (Watkins 19). It is the same trend which happened in the movie Cloud Atlas especially in the futuristic Korea in 2144. The directors are therefore fascinated to reveal or say something about the future of the human race. They are not only after of showing a high calibre form of entertainment in this sense, but above all, they want to explicate a very important message, something that will remind us of our actions today, and will warn us to leave away those will not contribute to the good of the majority in the days to come. In fact, with our inability to foresee the things to come ahead of us, the directors were fascinated to essentially include year 2346 in the plot or the storyline. This is to showcase the probable level of societal advancement in the future. From the point of view of the directors, society will then to undergo post-apocalyptic experience, where civilization might turn very primitive and language might end up to a weird hybrid, just as truly what the movie has clearly depicted. In other words, the movie film is full

See detais below Essay Example | Topics and Well Written Essays - 1500 words

See detais below - Essay Example While doing so, he attempted to explore the relationship between the two aspects of the popular folk story: history and literature. In the story, Knughy deeply explores the characters of the story, all of which plays different roles in creating the story itself. Knughy tried to answer different questions. How could the swagman be so jolly More interestingly, how could the homeless, hungry and tired swagman be so jolly If he was so jolly, why would he want to drown himself While analyzing the questions popping in his head, he recalls a time by the Combo Waterhole when the folk story of the Waltzing Matilda was discussed by him and his friend. He remembered conferring to his friend that the story needed to be truly Australian. Hence, it should be originally written with Aboriginal words. Only when verified the authenticity of the story as purely Australian can they conclude whether the swagman was pulled down by the spirit of the water after being hunted by policemen or he was drowned because he jumped to the water with a full stomach. Wharton's version was debated by many as whether it portrays a social reading of the... A social reading is the act of evaluating a particular work of literature, in the context of its impact to the society. In the time when most people regard 'Waltzing Matilda' as a mere folk story, it is indeed considered a social reading to evaluate the relevance of the story of its factual roots and historical bases. According to the text, the character's mind was in turmoil as his mind was debating what to believe in 'Waltzing Matilda'. Which of the text is fact and which is fiction How can the story be merely mythological How can it be real What was the real reason why the jolly swagman died Did he commit suicide This questions arising in his mind already qualifies as significant bases for Knughy to conduct social reading. Essentially, Knughy was able to conduct a social reading by recalling images of the past, which could be strong determinants of facts and myths. Suddenly, he recalled his mother's words: 'My boy, never but never swim on a full stomach'. From this, he was able to explore another possible angle of the jolly swagman's death. Hence, since he drowned with a full stomach, his death may not be due to suicide or any mythical reasons at all. He may have drowned simply because he jumped on the water with a full stomach. It was not regarded by many as social reading because the story portrays Knughy at present analyzing the text, without anyone else to share his thoughts with. However, an evaluation of a text does not require multiple listeners for it to be considered 'social reading'. This is what I learned in Hergenhen's Australian Short Stories. Contrary to popular conception, I believe that social reading does not need to be literally social; it has to be societal. Remarkably, this was indirectly implied in

Establishing an Illegal Business Essay Example | Topics and Well Written Essays - 1000 words

Establishing an Illegal Business - Essay Example Establishing an Illegal This paper shows how to establish a lucrative ecstasy-manufacturing firm in the country The medical department refers to ecstasy to be illegal since there is drug has no medicinal value. They argue that the drug has effects on the human brain with effects such as hallucination. Despite the medical reasons, the drug still attracts a large market demand. At this point, the first steps of starting a business are in place. The beginning tasks such as the product type and the size of business is already in place. The second step involves being aware of the customers’ needs. The main customers of the product would target the young generation. The young generation holds the largest demand for the ecstasy drug. There should be enough information concerning the manufacture and distribution of the drug. To have a proper network that would coordinate the flow of the drug; the firm would work closely with other distributors and study how the drug rotates. Next is to identify the area that would best fit the establishment of the company. The area should be one that does not attract any suspicion to the authorities. The best way would be to establish a camouflage firm that would cover the identity of the drug. Identification of financial, natural, man-made and human resources for the firm should be available freely. A business plan would assist with the planning and calculation of the requirements. This is the trickiest part before the actual running of the operation. At this point, it would be difficult to trust the operators for information. In addition, the government has spies from top agencies that are out to fight the production and distribution of drugs. Therefore, as the planning occurs, the company would import the products from outside countries to test the market (Koellhoffer 24). Importation would need the firm to seek creative methods that would challenge the border security. The government concentrates on cracking down on drug traffickers along the Mexic an border and major airports. The security is tight in those areas because Mexico is a major drug trafficking country. The government has produced information that links drug trafficking to the Islamic terrorist groups. Associating with the terrorist groups openly, would link the firm to drug trafficking, thereby, blowing its cover (Brott 48). There would be need to establish connections along the customs officials that would assist in importing the products. After making the order from the outside country, the firm would claim to be importing materials to set up a local pharmaceutical firm. In the process of importing the materials, the firm would smuggle some quantities of ecstasy to try into the market. The operations at the customs would require the influence of powerful individuals in the country to see to it that the drugs come in. As mentioned above, drug business is a billion dollar enterprise headed by powerful people in the country. Many of the firm’s expenses would include paying off powerful individuals who influence the drug trade in the market (Harvard Business School 67). Ones the drug is in the market, the firm would begin by first having agents who distribute at parties. Through this, the agent would interact with other drug agents from other countries. Soon the drug distribution system will be in place, enough for the firm to supply to the other agents from different drug cartels. Once the firm establishes the proper networks necessary to meet the requirements for profitable

Stem Cell Essay Example | Topics and Well Written Essays - 1500 words - 1

Stem Cell - Essay Example This study stresses that  ethical issues arise in every step comprised in stem cell research. These steps range from permission or authority to give stem cells to be used in research, experimentation stage, and in supervisory stage necessary in the process of stem cell research. In terms of giving the stem cells for research, ethical issues arise relating to informed consent.As the discussiondeclares that  stem cells may be developed in the laboratory or originate from foetuses from legal abortions. It is important to note that individual hold diverse viewpoints or opinions on whether stem cells ought to be used in research and treatment. Conversely, there are people who donate their foetuses, for instance those involved in miscarriages, to be used for research. However, they may hold reservations on how stems cells from the foetus ought to be used. It is therefore imperative for scientists to ensure they obtain informed consent from these donors. Concerns have arisen that most o f those who sign the consent form rarely understand the content of the forms.  There are ethical issues relating to destruction of embryos and their creation in the laboratory for use in research. There are concerns among groups of people all over the world that developing embryos in the laboratory with the main objective of using them in research is infringement into the rights of the foetus or embryo.  Many people also believe that a child ought to be the product of both man and woman.

To Kill A Mockingbird Essay Example | Topics and Well Written Essays - 500 words

To Kill A Mockingbird - Essay Example Dill lives in Mississippi but he his vacations in Maycomb. Atticus is the main character of the story. He is a man of strong moral value. He had great sense of patriotism. He was against the custom of racism which existed in his society. He instilled in his children great sense of equality. He set an ideal example for them by fighting the case of black man for which he had to stand against his own society in order to support justice and truth. He was a great guide and teacher for his children and an extraordinary human being as well. â€Å"There goes the meanest man that ever took a breath of life† The story seems to say that Atticus is Atticus because of Maycomb. "He liked Maycomb, he was Maycomb County born and bred; he knew his people, they knew him. . . ." Later, when Atticus is striving to console Jem about the culpable judgment in the Tom Robinson case he tells Jem that they are going to live in Maycomb after the case is over. Though so, Maycomb is no ecstasy; no paradis e on the hill, no place one can celebrate without worries and melancholy. It is living in Maycomb, working at law there, that we see Atticus as the man that he is.

RESEARCH PROPOSAL Thesis Example | Topics and Well Written Essays - 250 words

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Operations Management At BMW Mini Essay Example | Topics and Well Written Essays - 2000 words

Operations Management At BMW Mini - Essay Example Multistage and single-stage production systems that have a supply chain flexibility are based on multiple production sites with dependency on how the firm’s allocation of products and resources to various sites. Formalization of BMW’s strategic planning process, as well as interfaces across strategic load planning, defines the firm’s partial strategies. BMW has rigid location strategies, allocation strategies, flexibility and capacity strategies, and make-or-buy strategies. The characteristics of such strategies are critical to impacting premium car manufacturing, unlike mass product manufacturers (Riesenbeck & Perrey, 2009, p 156). For example, the determination of location strategy means that BMW should consider the availability of qualified personnel in foreign countries and positive impact on the production image of Germany. Determination of the allocation strategy is based on BMW’s goal to make highly customized cars based on orders and requires more flexible assembly lines to be used for any product within the plant. The direction of BMW’s sustainability strategy is based in the global focus on international markets. Involvement of all management board members schedules planning processes for sustainability and convenes diverse interest and assessments of the company’s progress. Responsibility for the operative implementation includes evaluation of measures among individual company divisions and the focus of the sustainability circle. The implication is that there are representations on sustainable business operations and environment responsiveness. The responsibilities of the institution include evaluation and identification of opportunities and risks relating to sustainability. The concept also oversees continued product enhancement in terms of sustainability strategies (Lussier, 2011, p 78). The firm’s performance refers to sustainability

Alan Mulally, CEO, Ford Motor Company Case Study

Alan Mulally, CEO, Ford Motor Company - Case Study Example The study also contains the leadership style of Alan Mulally. Alan Mulally has also applied his own strategies and made certain changes in the company due to which the company has been able to recover and has shown the potential of growth in future. The evidence based management has been applied in this study to identify whether the style of management of Alan Mulally comes under this aspect. It has observed that under Alan Mulally, there is transparency in the company, as every aspect is communicated to everyone in the company. Personality of Alan Mulally The personality can be judge on the basis of five fundamental elements which is known as the Big Five Dimensions of personality. The researcher of personality has projected the fundamental feature for evaluation of a personality (Coon, 2009). This theory is growing since the last 50 years. The big five is a broad class of personality traits which reflects a personality or behavior of an individual. The five categories are discussed as follows: Extraversion: It includes character of an individual as, sociability, assertiveness, talkativeness, and excitability and high level of ‘emotional expressiveness’. Agreeableness: It includes aspect such as, altruism, trust, affection, kindness and prosaically behaviors. Conscientiousness: It includes thoughtfulness, impulse as well as goal-focused behaviors. Neuroticism: It includes individual having emotional insecurity, irritability, nervousness, and unhappiness. Openness: It includes features of individuals such as imagination as well as insight and dept of life (Coon, 2009). According to the Big Five Dimension of Personality, Alan Mulally is a leader who especially focuses on the goals or objectives. He has high desires to achieve the objectives, thus it can be said that he is an individual having conscientiousness personality. He is involved in making the company more focused in its core business as the company was unsuccessful and had incurred loss of about $12.6 billion in 2006. It can be observed that, Alan Mulally visits the operation unit every week to assess the performance level of each unit (Coon, 2009). It can also be said that he has characteristics of openness as his thoughts and expectations for the company is really quite high. He had thought of manufacturing electrical car in 2010 and to be ahead from his competitors such as GM as well as Chrysler/Fiat. This characteristic has made him more challenging and thus enhancing his leadership quality. His behavior such as respect, discipline and listening to others as well as appreciation of others views shows that he has characteristics of extroversion and agreeableness. He is open to everyone, as he shares all the strategies with his executives. He had been an initiator as he developed a new strategy for operational unit of the company (Coon, 2009). Leadership Style Leadership is an act of making others to do the work with different techniques so as to achieve a common go al. Alan Mulally’s style of leadership is to approach employees to attain the company’s objectives is participative style. This style engages Alan Mulally along with other executives while taking the decision related to the company. The process of decision making helps to determine executives to do their work in an appropriate way to achieve the common goals. However, Alan Mulally has given an authority to their executives to contribute in the process of deci

Not as Easy as 1,2,3 Essay Example for Free

Not as Easy as 1,2,3 Essay People, Work Organizations- MGMT20124 Assessment 1- Report Case Study Not as Easy as 1, 2, 3 Contents Contents2 Executive Summary4 1- Introduction5 1. 1 Background to the report5 1. 2 Scope5 1. 3 Aims 6 2- Discussion7 2. 1 Organizational Justice7 2. 2 Perception errors 8 2. 3 Stress8 2. 4 Exit-Voice- loyalty ­-Neglect model8 2. 5 Team work 9 2. 6 Motivation9 3- Literature review10 3. 1 Organizational Justice10 3. 2 Maslow’s needs hierarchy theory12 3. 3 Expectancy theory14 4- Solutions and suggestions18 4. 1 Organisational Justice 18 4. 2 Stress 19 4. 3 Improving feedback process21 5- Conclusion22 References24 Executive Summary There are three purposes for this report. It attempts to indentify the problems in the case study Not as Easy as 1, 2, 3. Accordingly, it discusses about six main problems in ABC consulting firm that have negative impact on the organization effectiveness and the productivity of the objectives. These problems are; ABC consulting organization failed in implemented the organizational justice. Next one is the perception errors of Janet, the client manager and human resource director. The third problem is George was forced in the stress situation and George’s dissatisfaction about job and work behaviors which caused to the exit-voice-loyalty-neglect actions is the problem number four. The fifth is teamwork environment, processes and the last problem is ABC consulting failed to implement the motivation procedures in motivating its staffs. In addition, it also mentions about the theories which related to each problem. The second aim of this report is to explain the literature review of some theories that are related to the case study’s problems and solutions. Particularly, the organization motivation justice theory, Maslow’s hierarchy needs theory and the expectancy theory. Lastly, this report intends to discuss about the solutions and suggestions in relation to the case’s problems such as, develop consistent organizational justice system, the methods to relief stress, and implement probably feedback processes system. 1- Introduction 1. 1 Background to the report In recent years, organizational behaviors are very significant in every company which can have positive or negative impact on individuals, groups and structures within an organization for the purpose of applying such knowledge towards improving an organizations effectiveness. It is because there are many issues need to be considered if an organization wants to be successful in managing people, and maximize their ability and capacity. Hence, each organization needs to create a consistent system that can motivate its staffs and also try to satisfy their needs in order to improve the productivity of the objectives. One of the motivate systems is organizational justice system which provides the fairness or distributive, procedural and interactional justice in the firm. Furthermore, there are many theories discuss about the methods that can be satisfied the employees’ needs such as; Maslow’s needs hierarchy theory and expectancy motivation theory etc. For example, Khin (2010) states that many Malaysian companies’ perspectives about the affect of organizational justice on employees’ job satisfaction, organizational commitment and turnover intention. They implemented the questionnaires around 300 employees about the distributive and procedural justice in a small to medium firms and the result showed that individuals were satisfy with their jobs, had more committed to the organizations and the organizational justice also provided appropriate working environment that can potentially heaps benefits like cost associated to employees retentions, influencing positive behaviors among employees, and thus achieve effectiveness and high productivity in the organization. 1. 2 Scope The case study Not as Easy as 1, 2, 3 focuses on several problems in ABC consulting firm. George was a new consultant staff in ABC firm who was employed by ABC because he impressed ABC’s human resource director and Janet, the client manger in the interview time. They said George was exactly sort of people they are looking for and promise him will get onto bonus system after three months probation. George was assigned in a project team with Daniel, the project manager and Janet, his duty is writing the report. However, nobody guided him how to write the report or told him about the role expectations; hence he could not complete his ideas in the report probably at the first meeting between him, Daniel and Janet. George’s manager disappointed about his report, they said â€Å"we thought you were a little more extroverted†. George was stress and tried to work more hours and put more efforts but had not satisfied his manager when he emailed his report two nights before it was due. Yet, Janet ripped his report to shreds, and told him she needs something more useful. It caused George felt down and lost his motivation, he came to work late, left early and took longer break than usual. He wanted to stay in ABC because of the bonus which his manger and human resource director promise him that everyone can get it after three months. Nevertheless, at the review meeting Janet and human resource director told him that he could not get onto the bonus system because he has not performed at they expected. Consequently, George sent out job applications in that night. 1. 3 Aims The purpose of this report are threefold, these include: Identify the issues in ABC consulting firm which have negative affect to organizational behaviors. Particularly, the six main problems are; ABC consulting organization failed in implemented the organizational justice. Next one is the perception errors of Janet, the client manager and human resource director. The third problem is George was forced in the stress situation. Another issue is George’s dissatisfaction about job and work behaviors which caused to the exit-voice-loyalty-neglect actions. The fifth is teamwork environment, processes and the last problem is ABC consulting failed to implement the motivation procedures in motivating its staffs. The literature review, explain the theories which are related to the case study’s problems in order to the motivation and satisfy employees’ needs. There are three important theories include; organizational motivation justice, Maslow’s hierarchy needs theory, and expectancy theory. Finally, the author provides some solutions and suggestions for the problems in ABC consulting firm such as, develop consistent organizational justice system, the methods to relief stress, and implement probably feedback processes system. 2- Discussion The case study NOT AS EASY AS 1, 2, 3 is facing with some significant problems in the organizational behavior that could have negative affect to employees’ performances, motivation, counterproductive behavior, and organizational citizenship etc. Yet, there are several issues in this case study but the author is focusing on six particular problems in ABC Consulting organization described as follows: 2. 1 Organizational Justice The first issue in ABC consulting company is the organizational justice. Organizational justice is the study of the concerns about fairness in the workplace which includes the distribution of resources has to do with distributive justice, and the fairness of decision-making procedures has to do with procedural justice (Greenberg 1990). Furthermore, Perceptions of distributive justice is one of the reasons employees want to withdraw from the organization (Cohen-Charash ; Spector 2001). In fact, ABC consulting had failed to maintain the fairness in the workplace which included: the procedural justice, George is the new staff in ABC consulting but he did not get any instruction or support to do the first client report. Besides, the distributive justice, the human resource director said that George will be eligible to get onto the bonus system as same as everyone in the company after three months’ probation but at the end of the probation period George could not get onto this bonus system. Consequences, the failure of fairness in workplace resulted George wanted to leave ABC consulting company, he was sending out the job applications. 2. 2 Perception errors The next problem in ABC consulting company is the perception errors of human resource director and Janet who is George area manager and this error can be explained in the Halo Effect theory. The â€Å"Halo Effect† is a type of perceptual error where people perception of one personality trait influences how they view a persons entire personality (Pollock 2012). The case study pointed out clearly that the human resource director and George’s area manager Janet said he was the exactly sort of person they are looking for because of the impression of George in the interview time, but they seemed to disappointed about George after the first meeting as Janet told him â€Å"We thought you were a little more extroverted†. The perception error of Janet and human resource director has leaded to unproductive of task and George’s dissatisfaction about his job. 2. 3 Stress Another problem is George was forced in a stress situation. Stress is something or situations that are perceived as challenging or threatening to the wellbeing of an individual. These conditions may lead to poor work performance, less work productivity (Colligan et al. 2006). George definitely is facing with the stress due to Janet’s commented on him â€Å"George sensed from Janet’s commented that she was disappointed†. Hence, he had to work from 7. 00 Am to 7. 00 Pm in the office and often do extra work at home. Yet, there were not useful points of his report even in the second time, Janet said she hope George has something useful to present on Monday after she read his report. 2. 4 Exit-Voice- loyalty ­-Neglect model The fourth issue is George’s dissatisfaction about job and work behaviours which caused to the exit-voice-loyalty-neglect actions and this type of actions can be identified in exit-voice-loyalty-neglect (EVLN) model. EVLN is a template that identifies ways that employees respond to dissatisfaction job (Hirschman 1970). Obviously, George was not satisfied with his job. Firstly, George had emailed the report again to his manger but she had been ripped to shreds. Thus, he felt anger, resentment and was not willing to do anything more on the project unless instructed to. Additionally, he had some reflected actions to his job dissatisfaction, Such as; he wanted exit from ABC consulting firm, â€Å"he was sending out job applications† after the company rejected him to get onto the bonus system. This action showed that George had a low loyalty in ABC consulting organisation â€Å"low loyalty produced exit with job dissatisfaction†. He also engaged in counterproductive behaviours (voice), George said he would only do absolute minimum, nothing more and he did not want to continue in dazzling anyone in the organisation. In last, he had reduced work effort, paid less attention to quality and increased absenteeism and lateness (neglect). It can be illustrated that he came to work late, left earlier, and took longer break than usual. 2. 5 Team work The fifth problem, ABC consulting firm had problem in organising a teamwork environment and processes. Teamwork is the cooperative and coordinated effort on the part of two or more people who work together as a team or in the interest of a common cause, which is normally the tasks set by the company (Salas et al. 2008). Probably, Daniel the project manager and Janet the client manager know that George is new staff in the organisation but they were not helping George as a team member. They did not give instructions or even ask if George has got any problem with the report and only expected on George will finish the report more than what he has done. 2. 6 Motivation Finally, ABC consulting failed to implement the motivation procedures in motivating its staffs. Motivation is the forces within a person that impact on an individual’s direction, intensity and persistence of voluntary behaviour (McShane et al. 2013). Particularly, ABC consulting firm was not successful in motivating George. First of all, they failed to identify the ability of George and the ability can make a difference in task performance and behaviour. They thought George was a bit more extroverted, that is why George could not complete the report well as they expected. The second is competencies of George; it includes knowledge, skills, personality, and self-concept, values etc. that results in superior performance. People can realise that ABC consulting firm did not implement well in matching George’s competencies with job’s task requirements and even though they did not provide any training for George, it caused an unproductive of George performance and organisational effectiveness. Moreover, the failure of ABC consulting firm in identifying the role perception to George that means they did not help George understand the job duties assigned to or expected of him. Thus, George could not finish his report as his manager wanted. 3- Literature review The problems in the case study Not as Easy as 1, 2, 3 related with few particular theories in the organisational behaviour which includes the organisational justice theories, motivational theories and expectancy theory of motivation. 3. 1 Organizational Justice The organisational justice contains the different theories that are distributive justice, procedural justice and interactional justice, and they all relate to the fairness in organisations. For example, fair payment, equal opportunities for promotion between employees, and personnel selection procedures etc†¦ Distributive justice is conceptualized as the fairness associated with decision outcomes and distribution of resources. An individuals react to actions and decisions of fairness made by organizations every day, and the distributing of outcomes or resources can be tangible (e. g. , pay) or intangible (e. g. , praise). Perceptions of distributive justice can motivate staffs when outcomes are considered to be equally applied (Adams 1965). On the other hand, procedural justice is defined as the fairness of the processes that lead to outcomes. When individuals feel the process involves characteristics such as consistency, accuracy, ethicality, and lack of bias then procedural justice is enhanced or they can have a voice in the process (Leventhal 1980). Additionally, interactional justice refers to the treatment that an individual receives the explanations or news with respect as decisions are made (Bies Moag 1986). Colquitt (2001) also declares that interactional justice is divided into two components: interpersonal and informational justice. Interpersonal justice that means the respect and propriety in people behaviours, besides informational justice related to the fairness of the explanations given in terms of their timeliness, specificity, and truthfulness. Therefore, the fairness is very significant in every organisation because people attitudes and behaviours are affected by the fairness of the managers’ decisions that can impact job attitudes and work performances and behaviours. Furthermore, Perceptions of justice can also impact many key organizational outcomes such as motivation (Latham Pinder 2005) and job satisfaction (Al-Zu’bi 2010). There are some common outcomes affected by organizational justice include trust, performance, job satisfaction, organizational commitment, organizational citizenship behaviours, counterproductive work behaviours, and absenteeism and so on. Firstly, trust can be built from the employee’s belief that since current organizational decisions are fair, future organizational decisions will be fair. In addition, a positive relationship between an employees and supervisors can lead to trust in the company (Karriker Williams 2009). According to (Hubbell Chory-Assad, 2005; Cohen-Charash Spector, 2001) procedural justice is the strongest related to trust in organisations. Secondly, work performance is also affected by organisational justice. Procedural justice affects performances as a result of its impact on employee attitudes. Distributive justice affects performances when efficiency and productivity are involved (Cohen-Charash Spector 2001). Thus, organisations need to improve the organisational justice in order to increase the productivities and performances. Karriker Williams (2009) also states that improving justice perceptions can improve productivity and performance. Thirdly, Job satisfaction and organizational commitment, (Al-Zu’bi 2010) declared that the greater of employee’s perceptions of justice result in higher levels of job satisfaction and greater injustice perception will result in lower levels of job satisfaction. Moreover, DeConick 2010; Cohen-Charash Spector (2001) argues that if employees feel the fairness in procedural justice within the organisation, it will result more commitment to the firm and vice versa. Fourthly, the organizational actions and decisions are perceived as more just, employees are more likely to engage in organisational citizenship behaviours (Karriker Williams 2009). Fifthly, the Counterproductive work behaviours (CWBs), there are many reasons that explain why organizational justice can affect CWBs. For example, increased judgments of procedural injustice can lead to employees’ unwillingness to comply with an organization’s rules because the relationship between perceived procedural injustice and CWBs could be mediated by perceived normative conflict, the extent to which individuals feel conflict between the norms of their workgroup and the policy of the organization (Cohen-Charash Spector 2001),. Finally, the Absenteeism and withdrawal of employees due to the perception of organisational justice, such as someone could not get onto a bonus or promotion is an example of a situation in which feelings of injustice may lead to absenteeism from work without reason. Furthermore, distributive justice perceptions are most strongly related to withdrawal in the company (Cohen-Charash Spector 2001). In addition, there are several motivational theories in the organization which relates to many different aspects. Yet, the author is only focuses on the Maslow’s needs hierarchy theory and Expectancy theory of motivation because these theories have involved in the problems in ABC consulting firm. 3. 2 Maslow’s needs hierarchy theory Maslow’s needs hierarchy theory is a motivation theory of needs arranged in hierarchy, it use to motivate people of fulfil their needs from lower to higher. Maslow used the terms Physiological, Safety, Belongingness (Love), Esteem and Self-Actualization needs to describe the pattern that human motivations generally move through (McShane et al. 2013). Physiological needs Physiological needs are the physical requirements for people survival in the workplace, if they are not satisfy with these needs, their body cannot function properly and will ultimately fail. Physiological needs of individuals are thought to be the most important; they should be met first in order to implement their tasks and function well in the organisations. For example, food, air, water, shelter, etc. Safety needs Every organisation needs to ensure that their employees are safe at work, with their physical needs relatively satisfied, the individuals safety needs take precedence and dominate behaviours. The safety and security needs comprise personal security, financial security, health and wellbeing security and Safety net against accidents/illness and their adverse impacts such as; working violence, natural disaster, job security, economic crisis, resources, morality, health etc. (Maslow 1954). Love and belongingness The company has fulfilled employees’ physiological and safety needs, they need to motivate their staffs with third level of human needs which is interpersonal and involves feelings of belongingness. According to Maslow (1943), people need to feel a sense of belonging and acceptance among their social groups including small groups (intimate partners, mentors, colleagues, and confidants), and large groups (sport teams, professional organisations, clubs). Belongingness and loved are very important because there are many people become susceptible to loneliness, social anxiety, and clinical depression in the absence of this love or belonging element, Hence organisations should satisfy this type of need in order to motivate its employees. Esteem Every individual needs to feel respected; it contains the need to have self-esteem and self-respect. Esteem presents the typical people want to be accepted and valued by others. People are likely engaged in a profession or hobby to gain recognition and these activities give the individual a sense of contribution or value. Most people in the companies have a need for stable self-respect and self-esteem and these needs can be described in two versions. Maslow (1954) points out two versions of esteem needs: a lower version and a higher version. The need of respect from others people is lower version of esteem, such as a status, recognition, fame, prestige, and attention. The need for self-respect is higher version, for example, the person may have a need for strength, competence, mastery, self-confidence, independence and freedom. Self-actualization This is the highest level of needs in order to motivate staffs of Maslow’s hierarchy needs theory. Maslow (1954) contends this level as the desire to accomplish everything that employees can, to become the most that people can be. Individuals may perceive or focus on this need very specifically. For example the self-actualization needs are morality, creativity, spontaneity, problem solving etc. Maslow also states that to understand this level of need, individuals must not only gain the previous needs, but they have to master them. In general, the lower-order of needs (physiological, safety, and love) and the higher-order (self-esteem and self-actualization) of needs are classified in Maslows hierarchy of needs is not universal and may different due to the cultures, individual differences and availability of resources in the region or geopolitical entity and country. On the other hand, Maslows hierarchy of needs fails to demonstrate and expand upon the differences between the intellectual and social needs of those raised in individualistic societies and collectivist societies. 3. 3 Expectancy theory Expectancy theory is a motivation theory based on the idea that people believe there are relationships between the efforts they put forth at work, the performances they achieve from those efforts, and the rewards they receive from their efforts and performances. In other words, people will be motivated if they believe that more effort will result to good performance and good performance will get the desired rewards (Fred 2011). According to Vroom (1964), (Chen ; Miller 1994) the expectancy theory contains three components as follows: Expectancy: Expectancy could be explained as the belief that strong or more effort will lead to better performances. This can be described by the thinking of if individuals work harder, they will make the outcomes better. However, in order to get better results individuals also need to have the correct resources available, the skills that are match with the job at hand, and having the necessary support to accomplish the job correctly. Instrumentality: Instrumentality can be described as the thought that if people perform well, then those people will get the value outcomes. Nevertheless, trust and respect for managers who make decisions on individuals deserve to receive what rewards, and see the transparency in the processes of who gets what rewards is something that help instrumentality is having a clear understanding of the relationship between performances and the outcomes. Valence: Valence means value and refers to beliefs about desired outcomes. There are individuals differences in the level of value associated with any specific outcomes. For instance, the bonus may not motivate employees if some one is motivated by increased status, promotion. Valence can be thought of as the pressure or significance that a individual puts on an expected outcomes. Vroom (1964) alleges that the force of motivation in an employee can be calculated using the formula: Motivation = Valence*Expectancy*Instrumentality Application of Expectancy Theory in the Workplace Organizational Applications: Expectancy Leaders need to have an ability to understand expectancy as related to the E-P linkage because it is very useful in the organisations. There are five different components for a manager to keep in mind concerning this linkage. First, a leader needs to design some challenging tasks for employees because unchallenging tasks can make employees feel boredom, frustration and marginal performance. Challenging objectives allow for self-confidence, education, ability development, training, skills and experience, among other things (Isaac et al. 2001). The next component is a leader must consider their staffs’ competencies because individuals differ on experience, knowledge, training, skill, and educational level etc. objectives need to be assigned based on the individuals level of abilities, if people feel they are not capable to finish the works assigned, the E-P linkage will be weak. A good leader needs to provide the necessary skills to the followers in order for them to be successful (Vroom 1964). Third, managers have to recognize that its employees differ greatly regarding their levels of self-esteem in regards to completing a task. Fourth, leaders need to determine and specify which are possible or impossible outcomes constitute acceptable performances. The leaders and its staffs both need to communicate and reach a mutual agreement on the behaviour that represents a successful outcome for each of them. Fifth, leaders need to recognize that expenditure of effort for many followers leads to satisfaction on the job (Brown Peterson 1994). Most of employees want to feel useful, competent, involved and productive. The workplace provides a vehicle to fulfil these needs. A manager that is aware of these different aspects of people perceptions, as they relate to expectancy, can effectively understand and facilitate the E-P linkage for each of their employees (Isaac et al. 2001). Managing these elements effectively can help a leader to strengthen the expectancy of each of their followers. The strengths and Weaknesses of Expectancy Theory Strengths Expectations are influenced by incentives and rewards, with clearly goals set, this will trigger a motivational process that can improve performances. According to Vroom (1964) an individual’s motivational force can be equated to the level of expectancy multiplied by the instrumentality multiplied by the valance. If any one of these factors is scored as a zero, then the motivational score will also be zero (Penn State World Campus 2011). This can easily be seen in situations where a people believe the amount of effort put on tasks will not result in the expected rewards, in situations where the level of performances will not yield the desired outcomes or that the rewards will not have the desired value as expected, the individual’s motivational level will be zero (Penn State World Campus 2011). On the other hand, when all the components of the equation are high, the motivational force will also be high (Penn State World Campus 2011). In general, by utilizing expectancy theory, companies must understand the importance of demonstrating appreciation for their employees works, and as a result, their employees will perform stronger, and show more loyalty towards the organizations. Weaknesses The weaknesses of between-subject design can be seen in the distinct of each person places on the effort, performance and value of rewards, because this design is quantitative, the comparisons between people are hard to measure. In addition, the applications of the theory in the organisations, in some companies’ the rewards some employees receive might not be seen as attractive as many people change their idea of desired rewards. What may have been a good incentive at one point in time may no longer hold its value to that individual anymore (Penn State World Campus 2011). Expectancy theory is only focusing on the extrinsic motivational factors and the conscious decisions employees make about their performances. Many managers and staffs are not motivated solely by extrinsic factors, such as a pay check, bonus, or public recognition. Consequences, the concept of instrumentality is found to be ambiguous and difficult to operationalise (Wabba ; House 1974). Therefore, it is hard for leaders in an organization to really understand what motivates their employees before attempting to utilize the expectancy theory model. 4- Solutions and suggestions 4. 1 Organisational Justice The case study Not as Easy as 1, 2, 3 has shown that ABC consulting firm has the problem with the fairness in the organisation. Hence, in order to improve and protect the fairness in ABC firm, the organisation should design procedures so they can be consistently, clearly applied to all employees and work groups. For example, have a structured performance review process so all workers are reviewed using consistent criteria. Furthermore, they must develop a policy about organisational justice system which includes procedural justice, distributive justice and interactional justice; like ABC firm needs to provide training and give instruction about the tasks for all new staffs, or provide tests of applicants’ knowledge, skills and experiences. Moreover, on the procedural fairness of recruitment processes, the manager and human director should not promise anything till the new staffs have finished their tasks. The state of Queensland (2012) also alleges that appoints or promotes workers based on performance, using valid and reliable selection and recruitment methods. Because if they promise something to the new employees and they could not receive it later, they will feel disappointed. It causes employees want to leave the organisation and it costs company more to do other recruitments; like George who had sent out job applications after he was refused to get onto the bonus system as his manager and human resource director promised him in the interview. Additionally, in order to maintain the relational fairness the manager needs to treat workers with respect, dignity and politeness at all times. George manager, Janet who should comment and response on his work more polite and respectful, Janet said â€Å"we thought you were a little more extroverted† and â€Å"the report had been ripped to shreds†. Besides, managers have to ensure that management structures across the organisation and reporting lines within work team are clear. This will help workers know who they are accountable to and where they can go for help with work problems, and Ensure workers have an up to date role or position description, which includes the role purpose, reporting relationships and the key duties expected of them. 4. 2 Stress George was so stressed and he could not concentrate on anything, there was simply too much to do, and he had not much time left to implement his report. Particularly, George was stress due to the way his manager Janet treated him, unclear expectations, urgent deadlines etc. Hence, In order to develop an effective stress management program in ABC consulting firm, first way is individual intervention. This starts off by monitoring the stressors in the individual, observes what are the reasons of the stress, next is attacking that stressor and try to develop the methods to alleviate them in any way. Developing social support is vital in individual intervention, being with others to help individual cope has proven to be a very effective way to avoid stress (BMJ group 2013). In addition, according to Lehrer et al. (2007) there are several ways the organization can change that employers and managers can make in order to reduce workplace stress, presented below. Develop work, health and safety program Provide training, ensuring all employees are understand Show that every employee are valued and useful Provide chances for career development Establish a zero-tolerance policy for harassment Clearly identify individual employees’ roles and duties Consult staffs about scheduling and work rules Make management actions consistent with organ

The Concept Of Childrens Day

The Concept Of Childrens Day Universally, Children s Day is celebrated on 20th November, every year. This date was chosen as a day to celebrate childhood. Prior to 1959 Children s Day was universally celebrated in the month of October. This was first celebrated in the year 1954, as decided by the UN General Assembly. Basically this day was instituted with the sole aim of promoting communal exchange and understanding among children, as well as to bring about beneficiary action to promote the welfare of children, all over the globe. The date 20th November, was chosen as it marks the anniversary of the day in 1959, when the Declaration of the Rights of the Child was adopted by the United Nations General Assembly adopted. In 1989 the Convention on the Rights of the Child was signed on the same date, which has been sanctioned by 191 states, ever since. However, while 20th November is universally celebrated as Children s Day, in India this day has been preponed to 14th November, the date the marks the birth anniversary of independent India s first Prime Minister Pandit Jawaharlal Nehru. The reason why his birthday has been chosen for the celebration of children is because of his love and passion for children. Pandit Nehru is also regarded as the country s special child to have been the first Prime Minister, after her long struggle for independence. The day is marked with a lot of activities for children. But the fact remains that only a section of the country s children actually have an opportunity to celebrate their existence. Schools organize events and activities that their students thoroughly enjoy, but there is an entire populace of young ones that are left ignored on this special day the downtrodden street children. Instead of celebrating it with pomposity in schools and clubs and hotels, why not bring a difference into the lives of children who are unprivileged. While celebrating being a child, the fortunate ones should be reminded about their good fortune to have all that they are endowed with, while there are others who can barely feed or clothe themselves. Thus, while this day was globally instituted to provide children with basic Rights, maybe one can make a difference to a child s life by doing something special. Parties and celebrations happen all the time, but how about taking the fortunate children to homes that shelter street children and have them befriend those kids, donating clothes, toys, stationery, books, etc. Another way of celebrating this day differently would be to have your children, whether as teacher or parent, organize a party for some underprivileged children. In fact, if this is done in every neighborhood, imagine how many smiles there will be across the nation. Childhood is about innocence and playfulness. It is about joy and freedom. Maybe on this day you can make your own child sign up to sponsor the education of an unprivileged child, either through an NGO dedicated to educating and providing better living conditions for street children, or maybe you could do so for your employee s child. Celebrating Children s Day is about giving children the right to enjoy and grow into healthy and educated citizens of the country, and if you can teach your child the value of sharing with others what they are lucky to have, then not only your child will grow into a responsible human being, but also another child who otherwise could have ended up being a delinquent, had it not been for your thoughtfulness. As mentioned earlier, Childrens day in India is celebrated on Pandit Nehrujis birthday as a day of fun and frolic, a celebration of childhood, children and Nehrujis love for them. As a tribute to his love for children, Nehrujis birthday is celebrated all over India as CHILDRENS DAY Children are the future citizens of the country. The future of the country depends upon the present children. If the children do not develop in a proper way, the countrys future will be ruined. This was rightly realized by our late Prime Minister Jawaharlal Nehru. So, he advised the people to stop observing his birthday on the 14th November and to observe this day as the childrens Day. Since 1956 the 14th November is every year, observed in India as the Childrens Day. Advantages: On the Childrens day the neglecting people will get an opportunity to think of the future of their children. The whole society will think of its duty and responsibility towards the children. They will think of what have been done for the children in the year past and what should be done for them in the year coming. Because children are the future citizens of the country and the future of the country depends upon the present children. People will know that every individual in our society has a sacred duty towards the children. How this day is observed: Every year on the 14th November the Childrens Day is observed everywhere in our country. People gather in meetings to discuss over the future of the children. They discuss over how to build children as the ideal citizens. They discuss about how to make the child healthy physically, mentally and morally. Because if the students be not properly built, the future of the country will be in ruin. So, they take pledge not to neglect their children. The Childrens Day makes them realize that child is the father of man. On the Childrens Day, the children are given new garments and rich food. They are given picture books. Conclusion: Children are the future of our country. They are the future of our nation. So, every individual should realize the importance of the Childrens Day. Childrens day is celebrated in India on 14th november every year with a great celebrity. It is celebrated on the birthday of Jawaharlal Nehruji who loved and was loved by children. He was called as Chacha ji by children However, while 20th November is universally celebrated as Children s Day, in India this day has been preponed to 14th November, the date the marks the birth anniversary of independent India s first Prime Minister Pandit Jawaharlal Nehru. Childrens Day is an event celebrated on various days in many places around the world. International Childrens Day is celebrated on June 1 and Universal Childrens Day is on November 20.[1]Other countries celebrate a local childrens day on other dates. The reason why his birthday has been chosen for the celebration of children is because of his love and passion for children. Pandit Nehru is also regarded as the country s special child to have been the first Prime Minister, after his long struggle for independence. The day is marked with a lot of activities for children. But the fact remains that only a section of the country s children actually have an opportunity to celebrate their existence. Schools organize events and activities that their students thoroughly enjoy, but there is an entire populace of young ones that are left ignored on this special day the downtrodden street children.As mentioned earlier, Childrens day in India is celebrated on Pandit Nehrujis birthday as a day of fun and frolic, a celebration of childhood, children and Nehrujis love for them. As a tribute to his love for children, Nehrujis birthday is celebrated all over India as CHILDRENS DAY His great love for roses as well as children is a well-known fact. In fact he often compared the two, saying that children were like the buds in a garden. They should be carefully and lovingly nurtured, as they were the future of the nation and the citizens of tomorrow. He felt that children are the real strength of a country and the very foundation of society. Most importantly he did not discriminate between the sexes and believed in giving equal opportunities to girls and boys. In fact his own little girl grew up to be the third Prime Minister of India. Quite naturally, he was the beloved of all the children who gave him the endearing name of Chacha Nehru. As a tribute to this great man and his genuine love for children, his birthday is celebrated all over India as UNIVERSAL CHILDRENS DAY. A day of fun and fanfare. It is not only a national holiday, but is celebrated with singing, dancing and storytelling in schools and colleges as well as on radio and television. Special functions are held to honour children all over the country. The significance of Childrens Day But amidst all this pomp and glory, we should not lose sight of Chacha Nehrus real message. That is providing our children with a safe and loving environment in which to grow as well as giving them ample and equal opportunities through which they can take great strides and contribute to the progress of the nation. This day serves as a reminder to each and every one of us, to renew our commitment to the welfare of children and teach them to live by their Chacha Nehrus standards and example.

System Design Of The Waterfall Implementation Model Information Technology Essay

System Design Of The Waterfall Implementation Model Information Technology Essay The Waterfall model is a chronological software development process, where the progress in develop the software is flowing from upward to downward (like waterfall) through the stages of Requirements, Design, Implementation, Verification and Maintenance. The first waterfall model is published on article in 1970 by Winston W. Royce[1]. In Royces original waterfall model, the following stages are followed in order: The waterfall model implemented in this study is preceded with the requirement analysis. Here, the requirements of the new software will be identified. The literature review about the software or system that wants to design must be done. Even a small project of calculate the sum of numbers also need to be written with the output in mind. All requirements will be listing and presented to the team of programmers. The software and hardware will be analyzed include the deciding of computer language used to design the software. System Design This implementation is followed by the next stage in the waterfall model, which is the system design phase. In this section, the requirements that have been analyzed will be translated into detailed design and flowchart of the software code is being created. System design is the important stage that depending on the previous stage to make the great implementation and can be executed properly. When have anything requirements to be insert in designing the code, it will be add up in the requirement analysis phase and the design phase is carried out based on the new set of resources. System Construction (Coding) In the system construction phase, all the design will be converted into machine-readable coding. The coding of the software that wants to be developed and implemented is carried out based on the algorithm or flowchart designed before. Here, all of the ideas in developed the software of program to be designed is turn up. System Integration The various codes designed by different programmers will be integrated together so that, at the next stage of system testing will have no problem. System Testing The complete coding will follow by the testing department where it testing based on the functional and non-functional requirements. It checks if there is any problem in the designed software and if it follows the specifications. At this stage, testing activity will include the involvement of computer technician and client. Here, the good flow of the process in designing the software will ensure satisfaction from the client. If there is any problem with the design, it must be reverted back to the system design. Coding and testing are repeated again. System Installation For the last stage of the software development process, using waterfall model, a proper execution of all previous stages will ensure it is followed the requirements and more important to satisfied the client. The setup of final software which needs to be installed at the client system will be tested so that, the client does not face any problem while using the software. Here, the product is handed over to client. System Maintenance Some support regarding the software that has been developed must be provided to the client. If have any problem about the software or clients demand some further enhancements to the current software, so that, all of the process need to be started from the requirements analysis. Waterfall Model Advantages and Disadvantages Advantages Disadvantages Linear model are the most trouble-free to be implemented and easy to understand. Cannot go back if the design phase has any problem. The amount of resources required to implement this model is very minimal. Any change in implementation the software is a source of confusion. Documentation is produce at every phase of the waterfall model development. Small error that arises in the completed software will become a big problem. Testing is done in every main stage of software coding. Errors in the code only discovered when the testing phase is reached. Waste time and other important resources. Employs a organized, conventional method of project development and delivery. Client doesnt get a chance to see the software until the last stage of development cycle. Not suitable for project requirements that are dynamic or constantly changing Waterfall Model Vs Agile [3] Waterfall Model Agile Model History Waterfall model established as a method by Winston Royce in 1970. The idea of Waterfall model was generate from the hardware manufacture strategies and construction strategies that were produce in 1970s. Agile model were formally defined by Edmonds in 1974. The agile model of software development progress in 1990s when developers changed from traditional structured to flexible development styles. Conceptual Difference Waterfall model is the chronological process of software development. The model phases are state below: Requirements specification, conception, analysis, design, coding, testing and debugging, installation, and finally maintenance. The next stage of development can be do when the first stage are fully completed. After the design stage is finish, proceed to implement based on the coding stage without any alterations. Agile model focuses on agility and adaptability in development process. Involves multiple iterative that used to improve the output of process. The design can be changed even in the last minutes due to iterative implementation. Faster than waterfall model and deliver the working program. Efficiency Less efficiency than agile model due to its compliance to the real world. The last minute changing in requirements and design are more complicated. More efficient than waterfall model due to their iterative and compliant nature. Product can be produce in short time and integrated with changes. Suitability Waterfall model is appropriate for development of programs that are already stable and doesnt need a major alteration. Agile model is appropriate for web based application where the iterative nature helps in integrating and repairs the various bug that arise over time. Discussion and Conclusion Waterfall model (heavy method) works best when we can clearly define our requirements that consist of two; system requirements and software requirements. All the requirements must be documented so that it is easy to develop the software based on the requirements that have been listed. After the requirements are clearly define, it will eliminate the problem in the design and development phase while also enforcing discipline to our workers or designers and programmers. All workers will clear on the scheduling and customer expectation. Based on the comparison between waterfall method and agile method, we understand that, there is no win or lose situation because between those two methods, it has their respective advantages. For example, agile method is also the variation of the waterfall method where it is exist when developers decide to changed from traditional structured, segmented, bureaucratic approaches to more flexible development styles. Therefore, the agile method or light weight method is introduced in 1974. The method should be use in software development are depends on the project, team members, and the company environment that we work in. For example, the waterfall model is most suitable for development of programs that are already stable and do not need bigger alteration. It is also involved a large size of team and focuses on large project. Thats why it needs a bigger amount of cost to develop this project. Even this waterfall model known as the orthodox method, it still widely use because it is a linear model and simplest to implemented. Waterfall model still continues to remain as the one of the most commonly use methodologies even the new system that more flexible was exist, the widely uses of waterfall model is the reason why it is studied and adapted in various software management and development project. For a conclusion, the process of software development will be easier if we understand the waterfall model diagram. This method is not only simplest software process model for application development, but also known as the most popular model for its ease of implementation in the area of software development. ISO 12207:2008, SYSTEMS AND SOFTWARE [4] Engineering: Software Life Cycle Processes Software life cycle processes is a structure corresponding to the processes, activities, and task used for gaining development and maintenance of software products. Specialization of the system life cycle processes is the software life cycle processes. In the context of organizational wish for is to define the standard processes that suitable to the company business where follow the processes from organizational rather than follow the ISO standard. Life cycle model is not include in the standard, however, life cycle processes will be mapped onto life cycle model that suitable to the project, and accepted by the organization. System Context Processes ISO 12207 is more specific because it is include the software specific information to provide more widely defined processes in ISO 15288. The name of processes in ISO 15288 also slightly changed in ISO 12207. This contribution is for satisfaction of the corresponding processes in ISO 15288 and provides more specialization to those processes. Software Implementation Processes Software Implementation is the software-specific specialization of the ISO 15288 standard. The life cycle model is select and development activities are mapped to that model. Standard and procedure are based on the requirements of project and implementation plans. Software implementation process is supported by six lower level processes: Software Requirement Analysis To develop the software requirement, the system requirement must be analyzed. The software requirements need to be reliable and visible with the system requirements. Software Architectural Design To translated the software requirements into a high-level design and allocated to software components. Software Detailed Design To develop the design of each software to a greater levels and then to be coded and tested. Software Construction Each software unit and database is coded and tested. Software Integration A documented plan for the integration of software unit is develop and executed. When software requirements are satisfied, it proceeds to qualification testing. Software Qualification Testing Demonstrate that the software product performs as specified.

The Caretaker by Harold Pinter Essay -- Caretaker Harold Pinter Essays

The Caretaker by Harold Pinter In this essay I will take the position that the audience see Davies as both a social victim and a social parasite. Firstly a definition of a social victim and a social parasite will be given. A social victim is an individual who is looked down upon by other members of society, vulnerable to blame and not accorded the same rights as others. Therefore this disenfranchised group of people do not experience the usual comforts and perks of society. A social parasite is someone who exists off the backs of others efforts and not their own. Davies is a social victim because of his low social standing as a vagrant. He is definitely at the bottom of the social hierarchy; perhaps he is there because others have trodden on him to climb higher themselves .It is not explained how, but what we do know is that because Davies is a social victim, to survive he also becomes a social parasite. Throughout the play Davies shows some strong traits to the audience of being a social victim. The audience's very first impression of Davies is that his appearance is one of a vagrant, "Davies wears a worn brown overcoat, shapeless trousers, a waistcoat, vest, no shirt, and sandals." This description shows Davies either does not take a large amount of care in his appearance, or he cannot afford smart, tidy clothes. This makes the audience feel sorry for him. The audience recognises that his anti-social appearance sets Davies apart from the rest of society. The waistcoat Davies is wearing gives the impression that he was once a respected gentleman. However, the worn and shapeless clothes he is also wearing in contrast with the waistcoat make him look unkempt and scruffy. Davies likes to portray hi... ...aps he had the intention of stealing from Aston. He noticeably does not want Aston to see him looking around in this way; this is shown because Davies opens the door to see if Aston is gone, and then closes before looking around. It could be considered that Davies does this because he would not want Aston to think he is taking advantage of him. Davies is inquisitive. He picks up some random items of Aston's, comments on them, and puts them back. To the audience, Davies is so interested in Aston's things because he wants to see what Aston is worth. If Aston had little, there would be less point in staying, as there would nothing to gain from Davies' perspective. To conclude, there are many episodes within the first act that reflect both Davies' victimisation and his opportunism, thus enabling the audience to view him as social victim and social parasite.

Thomas Jefferson: Contributions to Literature and Other Fields :: essays research papers fc

Thomas Jefferson is commonly most notable for his contributions to American political history. He was President of the United States, the first secretary of state to George Washington, minister to France with Benjamin Franklin, governor of Virginia, and congressman. (725) Jefferson’s literary works strongly reflect the focus, love, and ambition that he had for this country. Aside from the aspirations for the United States, he also very much appreciated it’s then un-tainted beauty, as he makes note of in Notes on the State of Virginia when he speaks of the Natural Bridge, â€Å"It is impossible for the emotions, arising from the sublime, to be felt beyond what they are here: so beautiful an arch, so elevated, so light, and springing, as it were up to heaven, the rapture of the Spectator is really indescribable!† (733)   Ã‚  Ã‚  Ã‚  Ã‚  Jefferson was born on April 13, 1743 in Shadwell, or what is now known as Albemarle County, Virginia. He was born unto Jane Randolph Jefferson and Peter Jefferson. His mother was from a wealthy, and one of the first families of Virginia. His father was a self-educated man that became a country official and surveyor. (725) Sadly, Peter Jefferson died when young Thomas was only fourteen leaving him two thousand seven hundred and fifty acres of land.   Ã‚  Ã‚  Ã‚  Ã‚  Jefferson entered the college of William and Mary in 1760 when he was but seventeen years old. His habits were those of patience and severe application. Math was his favorite study, at which he very much excelled in. When came time for relaxation, he exercised his skill at the violin. Jefferson swiftly graduated in only two years with the highest of honors that the school offered. Afterwards, he studied law with a friend from William and Mary, George Wythe. In 1769 he began six years of service as a representative in the Virginia House of Burgesses. The following year he began building Monticello on part of the land inherited from his father. The exquisite mansion, which he designed in every detail, took years to complete, but part of it was ready for occupancy when he married Martha Wayles Skelton on January 1, 1772. They had six children, only two of whom survived into adulthood. (web) Jefferson's reputation began to reach beyond Virginia in 1774, when he wrote a political pamphlet, A Summary View of the Rights of British America. Arguing on the basis of natural rights theory, Jefferson claimed that, â€Å"ties to the British monarchy were voluntary and not irrevocable.

Market Timing and Capital Structure for Baker and Wurgler

It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related to historical market values. The results suggest the theory that capital structure is the cumulative outcome of past attempts to time the equity market. Introduction â€Å"Equity market timing† refers to the practice of issuing shares at high prices and repurchasing shares at low prices. Equity market timing appears to be an important aspect of real corporate financial policy. In this paper, B&W ask how equity market timing effects capital structure and whether it has a short-run or long-run impact. The variation in market-to-book ratio is a proxy for manager’s perceptions of misevaluation. The main finding is that low leverage firms are those that raised funds when their market valuations were high (measured by the book-to-market ratio), while high leverage firms are those that raised funds when their market valuations were low. The influence of past market valuations in capital structure is economically significant and statistically robust. The influence of past market valuations on capital structure is also quite persistent, this means that they have a long-run impact. The tradeoff theory predicts that temporary fluctuations in the market-to-book ratio or any other variable should have temporary effects. The evidence however indicates long-term effects as well. The standard pecking-order theory implies that periods of high investment will push leverage higher toward a debt capacity, not lower as the results in this paper suggest. The theory of entrenched managers suggests that managers exploit existing investors ex post by not rebalancing the capital structure with debt, this may be an explanation of the findings in this paper. 1. Capital structure and past market valuations Individual financing decisions depend on market-to-book ratios. Does market-to-book affects capital structure through net equity issues as market timing implies? And does market-to-book has persistent effects that help to explain the cross section of leverage? Data and summary statistics. Table I shows that book leverage decreases sharply following the IPO. Over the next 10 years, it rises slightly, while market value leverage rises more strongly. The book leverage trend is an age effect, not a survival effect. Most notable is the sharp switch to debt finance in the year following in the IPO. Under B&W’s definitions for financing activity, the change in assets is equal to the sum of net debt issues, net equity issues, and newly retained earnings. The concurrent increase in equity issues is suggestive of market timing. Determinants of annual changes in leverage B&W document the net effect of market-to-book on the annual change in leverage. Then they decompose the change in leverage to examine whether the effects comes through net equity issues, as market timing implies. Three control variables are used that have been found to be correlated to leverage: Asset tangibility, profitability, and firm size. B&W regress each component (equity issues, debt issues, and newly retained earnings) of changes in leverage on the market-to-book ratio and other independent variables. This allows them to determine whether market-to-book affects leverage through net equity issues, as market timing implies. The effect of market-to-book on changes in leverage does indeed come through equity issues. Panel C shows that market-to-book is not strongly related to retained earnings, ruling out the possibility that market-to-book affects leverage because it forecasts earnings. The effect of profitability on changes in leverage arises primarily because of retained earnings. Firm size plays an important role at the time of the IPO. Determinants of leverage. If managers do not rebalance to some target leverage ratio, market timing may have persistent effects, and historical valuations will help to explain why leverage ratios differ. The relevant historical variation in market valuations is measured by the â€Å"external finance weighted-average† market-to-book ratio. This variable takes high values for firms that raised external finance when the market-to-book ratio was high and vice-versa. The intuitive motivation for this weighting scheme is that external financing events represent practical opportunities to change leverage. It therefore gives more weight to valuations that prevailed when significant external financing decisions were being made, whether those decisions ultimately went toward debt or equity. This weighted average is better than a set of lagged market-to-book ratios because it picks out, for each firm, precisely which lags (intervals) are likely to be the most relevant. Intuitively the weights correspond to times when capital structure was most likely to be changed. When firms go public, their capital structure reflects a number of factors, including market-to-book, asset tangibility, size, and research and development intensity. As firms age, the cross-section of leverage is more and more explained by past financing opportunities, as determined by the market-to-book ratio, and past opportunities to accumulate retained earnings, as determined by profitability. Historical within-firm variation in market-to-book, not current cross-firm variation, is more important in explaining the cross section of leverage. The results from Table III and IV show that the effect of historical valuations on leverage is large and separate from various effects documented in prior literature. Persistence So far two main results have been documented. First, high market valuations reduce leverage in the short run. Second, historically high market valuations are associated with lower leverage in the cross section. By measuring changes from the leverage prevailing in the year before the IPO, the dependent variable includes the effect of the IPO itself. This is useful because the IPO is a critical financing event known to be connected to market value. Historical market valuations have large and very persistent effects on capital structure. This effect is independent of various control variables. 2. Discussion Tradeoff theory In perfect and efficient markets capital structure is irrelevant. Some of the imperfections that lead to an optimal tradeoff are as follows: Higher taxes on dividends indicate more debt, higher non-debt tax shields indicate less debt, higher costs of financial distress indicate more equity, agency problems can call for more or less debt. The market-to-book ratio can be connected to several elements of the tradeoff theory but it is most commonly attached to costly financial distress. The key testable prediction of the tradeoff theory is that capital structure eventually adjusts to changes in the market-to-book ratio. However, evidence indicated that variation in the market-to-book ratio has a decades-long impact on capital structure. B&W’s results make the point that a considerable fraction of cross-sectional variation in leverage has nothing to do with an optimal leverage ratio. Pecking order theory In the pecking order theory there is no optimal capital structure. The static model predicts that managers will follow a pecking-order (internal, debt, equity). The pecking order theory regards the market-to-book ratio as a measure of investment opportunities. Periods of high investment opportunities will tend to push leverage higher toward a debt capacity. However, to the extent that high past market-to-book actually coincides with high past investments, B&W’s results suggest that such periods tend to push leverage lower. The dynamic version predicts a relationship between leverage and future investment opportunities. B&W’s results control for current market-to-book and show that leverage is much more strongly determined by past values of market-to-book. Managerial entrenchment theory High valuations and good investment opportunities facilitate equity finance, but at the same time allow managers to become entrenched. They may then refuse to raise debt to rebalance in later periods. Market timing theory Capital structure evolves as the cumulative outcome of past attempts to time the equity market. There are two versions of equity market timing. The first is a dynamic form with rational managers and investors and adverse selection costs that vary across firms or across time. Temporary fluctuations in the market-to-book ratio measure variations in adverse selection (information asymmetry). The second version of equity market timing involves irrational investors or managers and time-varying mispricing. If managers try to exploit too-extreme expectations, net equity issues will be positively related to market-to-book. The critical assumption is that markets need not be inefficient, managers may simply believe that they can time the market. 3. Conclusion A variety of evidence suggests that equity market timing is an important aspect of real financial policy. This evidence comes from analyses of actual financing decisions, analyses of long-run returns following equity issues and repurchases, analyses of realized and forecast earnings around equity issues, and surveys of managers. We find that fluctuations in market valuations have large effects on capital structure that persist for at least a decade. The most realistic explanation for the results is that capital structure is largely the cumulative outcome of past attempts to time the equity market.