Living with Strangers Free Essays

In the event that you live with commotion, Ignorance and superfluous consideration as standards consistently. I accept you live In a city with rambling life. On the off chance that you particularly need to go to one of these sort of urban areas, at that point you could without much of a stretch go to New York. We will compose a custom article test on Living with Strangers or on the other hand any comparative subject just for you Request Now Since a great deal of the perspectives you would assume are in a city, really discovers place at this extraordinary spot. Many individuals imagine that the attractions make the city one of a kind with high rises coming to over the skies. A tall and pleased woman welcomes everybody that shows up, and alluded various occasions through verse and melodies, however at this case, it isn't the environmental factors cap Is uncommon, about this city. Rather, we need to look towards the individuals offense York. They make New York one of a kind on account of the Ignorance they are equipped for appearing out in the open. In this article, Sir Hustled essentially centers around an unwritten law †the imagine it-isn’t-happening-law. It is an odd wonder since one would imagine that individuals move to the urban areas to be around others and to get in contact with other lost spirits when, truth be told, more often than not is spent inside or looking down at the ground In a jam-packed metro. This can be seen all through the story, for instance, goodness can see toward the starting where she moves to New York from an unassuming community In Minnesota where it is entirely expected to state â€Å"hi†, and in the event that you don't do it, at that point it will be considered as self-importance. Contrasted with New York that idiom â€Å"hi† to an outsider would be viewed as peculiar. In any case, the inquiry is what way, is the correct method to respond on the off chance that somebody welcomes you? This is the motivation behind why Sir Hustled doesn't have a response to this yet this Is the reason she decided to compose a paper. It Is essentially an emotional assortment of her contemplations on this Issue she has partitioned Into three shopping center parts, the first being her own back-story. In addition to the fact that this provides the peruser a snappy Idea of who the writer is and how she feels with a domain so not quite the same as what she is utilized to, however progressively basic, a presentation like this is principal in all sorts on the off chance that you need to get an association with your perusers. Above all else, we feel unknown in thick urban communities since everybody are caught up with accomplishing something different, and don't have the foggiest idea, which could Indicate the motivation to why there is a lot of wrongdoing In gigantic urban areas. Second, this might be the reality to why individuals are acting insane in broad daylight, since you don't know even a small amount of the residents, you permit yourself to be progressively outgoing. Hustled bolsters her own hypothesis about the urban laws by saying that in each city, there are couple of nuts who conveys their message. Maybe about that affection is just sent from Jesus Christ, or we are destined in year x. Be that as it may, it appears as though these nuts are not getting any reaction, yet they start a response of feelings inside the head of ordinary individuals â€Å"pretend it isn’t occurring, imagine It Isn’t happening†¦ â€Å". To this point, Sirs Hustled has censured the urban law carefully, be that as it may, In the last piece of the paper, It appears as though she recognizes the upsides of this impact provided that you are engaging in a conversation, it can wind up horrendously off-base, in the event that you Just essentially ask someone else considerately, to kill his cigarette inside a metro, you could get a danger with your life at stakes. Consequently, he despite everything violated the urban law about â€Å"pretend it isn’t happening†, and obnoxiously assaults the little man, who was asking amiable. On the other Sir Hustler’s girl, Sophie, took the tram when abruptly a nut said to Sophie the amount he cherished her. She attempted to disregard him, however toward the end she felt awkward overlooking him. At that point, out of nowhere, someone else intruded on, attempting to be snide and entertaining. By doing this he recognized what he Just have had bean observer to out in the open. This man helped Sophie, he helped her give a grin all over, and through this, he changed her whole day. However, he could have been a crowd of people and it would have appeared as though it never had occurred. What may just appear as a situation could be in the following second reality. As it were, this opens a window to another universe of characters, and this is the thing that Sir Hustled is attempting to communicate oblivious. A dull and static piece of the human, abruptly gets customized and gives us that appeal and argumentation, can help us towards coming more grounded people. On the off chance that you make a point of view to the town where Hustled is from in Minnesota, you will see that Just on the grounds that you utilize the meet- - welcome strategy, where you Just monotone state â€Å"h'† to another, doesn't make you to a more genuine individual than one who overlooks you in New York. The implicit laws of a general public may assist individuals with getting by in a specific situation at the end of the day it keeps us from considering others unpredictability. Rather than speculation everybody is an individual, you think everybody is a piece of a gathering. On the off chance that you need to become somebody, you need to confide in yourself. Step by step instructions to refer to Living with Strangers, Papers

Grover Cleveland Free Essays

Grover Cleveland ! Stephen Grover Cleveland was conceived on March 18, 1837, in Caldwell, New Jersey. Cleveland’s father was a pastor, initially from Connecticut, and his mom was from Baltimore. He was the ? fth of nine kids, named Stephen Grover, however he didn't utilize the name â€Å"Stephen† in his grown-up life. We will compose a custom exposition test on Grover Cleveland or then again any comparative point just for you Request Now ! In 1841, his family moved to Fayetteville, New York where he burned through the majority of his adolescence. In 1850 Cleveland’s father took a pastorate in Clinton, New York , and the family needed to move to oblige for his activity. They moved again in 1853 to Holland Patent, New York. Not long after the move Cleveland? s father past away. After the demise of his dad Cleveland dropped out of school to help bolster his family. A senior in his congregation offered to pay his school educational cost in the event that he vowed to be a clergyman like his dad, Cleveland declined, and rather chose to move West. On his way West, Cleveland halted by his uncles house in Buffalo, New York. While there he was given an administrative activity at his uncles law ? rm. Cleveland uncle was a notable individual in New York, and he would acquaint him with a great deal of in? uential men there. Cleveland later took a clerkship with the ? rm, and afterward turned into a certi? ed legal counselor. Leaving his uncle? s ? rm in 1962 to begin his own ? m. He constructed a notoriety for himself as being submitted and devotion to difficult work. ! Cleveland avoided legislative issues until 1970, where he ran for sheriff of Erie County, which he won. After his multi year term as sheriff he came back to the ? eld of law, opening law ? rm with his two companions. There he ended up at the highest point of Buffalo’s legitimate network. ! In 1881 the law based gathering pioneers moved toward Cleveland and inquired as to whether he might want to run for Mayor of Buffalo, he took of? ce January 2, 1882. His term as city hall leader gave him the notoriety of being a legitimate government official, the notoriety before long spread past Erie County. As Cleveland? s notoriety developed, the law based gathering started to think of him as a potential chosen one for senator. At the point when the majority rule show couldn't settle on their two driving competitors Rosewell P. Bloom, and Henry W. Slocum, Cleveland developed as the trade off decision, and on January first 1883, he took of? ce winning the political race by an embarrassing margin. Cleveland’s obtuse, legit ways as representative won him well known recognition. ! In 1884 Cleveland was viewed as a main contender for the presidential designation. What's more, because of bombing wellbeing of different contenders he was assigned to be the popularity based candida te for the 1884 political decision. While the well known vote was close, with Cleveland winning by only one-fourth of a percent, the discretionary votes gave Cleveland a greater part of 219â€182. What's more, is confirmed as leader of the United States on March fourth, 1885. ! Cleveland’s ? rst term was uneventful, however was set apart by ? rmness on his part to the standards which he esteemed profitable to the country. He utilized the veto power upon bills passed by Congress. On June 2, 1886, Cleveland wedded Frances Folsom, in the Blue Room of the white house. He was the subsequent president to be hitched in the White House. After his ? st term was up the law based gathering renominated Cleveland, however he lost the political race, accepting 168 discretionary votes, to Benjamin Harrison? s 233 votes. Despite the fact that Cleveland had lost the discretionary votes, he had won the well known vote by increasingly then 100,000 votes. Cleveland resigned to private life and continued the act of the law in New York. ! In 1892 Cleveland was selected for president a third time in progression. He won getting 277 discretionary votes to Harrison? s 145 (22 were thrown for James B. Weaver of Iowa, the up-and-comer of the â€Å"People’s† party). Cleveland’s second term incorporated some significant occasions. The most significant was the cancelation of the silver enactment, which had been a developing hazard for ? fteen years. ! Cleveland’s second term terminated on the fourth of March 1897, and he at that point resigned into private life. He was very much regarded, and continually counseled on his insight. He was a trustee of Princeton University and Stafford Little instructor on open undertakings. Furthermore, lived in New Jersey, until his demise on the 24th of June 1908. Significant Event During Administration ! Grover Cleveland? s ? rst term (1885-1889) was uneventful. Cleveland utilized his veto power sparingly. Vetoing 413 bills in his ? st term, more than 66% of which were private annuity bills. Cleveland diminished tax collection upon American residents, because of the developing overflow of cash in the United States Treasury. Cleveland was additionally a backer of the tax change. He accepted that the levy ought to be diminished, this con? ict was never settled in Cleveland? s 1885-1889 term, and would stay an issue for the up and coming decisions. During his ? rst term, Cleveland named two judges to the preeminent court. The ? rst, Lucius Q. C. Lamar in 1887, and the second Melville Fuller a couple of months after the fact. ! Grover Cleveland? s second term (1893-1897) contained some remarkable occasions. The most significant was the nullification of the silver enactment, this had been crawling up for as long as 15 years. Individuals would turn their coin notes in for gold, rather than silver, causing an exhaustion of the United States gold save. Cleveland canceled the demonstration to forestall the consumption of the country’s gold stores. The issues for Cleveland didn? t stop there however. A strike started against the Pullman Company (assembling of railroad vehicles) against low wages and long work hours, and by June 1894, 125,000 railroad laborers were protesting, incapacitating the countries exchange. Cleveland felt that a government arrangement was required. So he sent government troops to the rail habitats to protect the trade of the US proceeded. ! Having turned around the silver enactment, Cleveland? s next objective was to turn around the impacts of the McKinley levy. The Wilson-Gorman Tariff Act was ? nally went in 1894 after numerous changes by the house, this somewhat decreased the United States duty rates, and forced a 2% annual expense. Cleveland was shocked with the ? nal bill and condemned it as shameful result of the control of the Senate. Still he trusted it was an improvement over the McKinley duty and permitted it to turn into a law without his mark. Objectives and Initiatives Election of 1884 ! Cleveland? s crusade for his 1884 political race was centered fundamentally around the defilement in governmental issues. His notoriety for being an adversary of defilement end up being one of the Democrats most grounded resource for the 1884 political decision. His adversary James G. Blaine was known to be a degenerate government official, he would corruptly in? uenced enactment for the accomplishment of organizations , later master? ting on the offer of bonds he claimed in them. This degree of defilement made a few people swarm over to Cleveland? s side, since they were more worried about ethical quality than with party. ! Cleveland lectured trustworthiness and ef? iency in government. In any event, when Cleveland was accused of fathering an ill-conceived kid, he quickly conceded the chance of himself being the children father. Appointment of 1888 ! Cleveland? s renomination in 1888, against Republican chosen one, Benjamin Harrison, was centered for the most part around the Wilsonâ€Gorman Tariff Act. The republicans forcefully safeguarded defensive taxes, where as Cleveland felt the duty cost? s ought to be decreased. ! Cleveland was sure that he would have the option to pull another triumph in this political decision, and despite the fact that he had won the mainstream vote 48. 6 percent to Harrison? s 47. percent he lost the discretionary vote due to somewhat losing in the significant game evolving states. ! Appointment of 1892 ! The appointment of 1892 was a rematch of the prior year, with the democrats selecting Grover Cleveland, and the republicans naming Benjamin Harrison. Also, an outsider had risen on the scene: the People’s Party, they had given their assignment to James B. Weaver of Iowa. ! This political race was by Cleveland biographer Allan Nevins, â€Å"the cleanest, calmest, and generally respectable in the memory of the post-war generation† this was for the most part because of the way that Harrison? spouse was biting the dust of tuberculosis. Harrison didn't actually crusade, and Cleveland stuck to this same pattern out of compassion to his political adversary as not to utilize Mrs. Harrison’s ailment to further his potential benefit. ! The issue on taxes had attempted to the republicans advantage the political decision previously, yet in the course of recent years the cost of imported great had gotten increasingly elevated. Such a large number of voters who favored Harrison the prior year had turned their perspectives to either Cleveland or Weaver of the People? s Party. At long last Cleveland won by wide edges in both the famous and discretionary votes, and was chosen the 24th leader of the United States. Accomplishments ! Grover Cleveland had numerous accomplishments during his presidential vocation. He halted the relinquishment of the highest quality level, spared land from Hawaii and right up 'til today is the main president to serve two non-back to back terms. Cleveland had earned the trust of the individuals because of his battles to expel defilement from the political framework. He is likewise one of the eight leaders of the United States to be imprinted on a bill (Paper Currency, $1,000 Bill) Evaluation ! Grover Cleveland appear? s to be the ideal lawmaker. He was straightforward, reasonable, and experienced. I am by all account not the only one who thought so too. In the multiple times Cleveland had run for president, he had won the well known vote without fail. The decisions he made appeared to be extremely shrewd and evoked minimal unfriendly activities from the individuals of the United States. Catalog â€Å"American President Reference Resource: Campaigns and Elections. † Millercenter. organization. The Miller Center, n. d. Web. 22 Oct. 2012. . â€Å"American President. † Millercenter. organization. The Miller Center,

The People You Meet COLUMBIA UNIVERSITY - SIPA Admissions Blog

The People You Meet COLUMBIA UNIVERSITY - SIPA Admissions Blog One of the things I love about my job is that I constantly get to meet fascinating people.   This is certainly the case for SIPA students as well due to the vast number of events held on campus. This week I participated in a Marine Executive Association event in New York City.   The event was a career and education panel focused on helping active and retired Marines think strategically about their future. During the networking portion of the event I met a gentleman by the name of David Danelo who it turns out is an accomplished author.   He has written two books and I immediately added both to my “to read” list.     If you are interested in border issues and/or security issues, it sounds like his two books provide deep insight and fodder for future study and analysis. The book that especially piqued my interest is entitled, The Border: Exploring the U.S. â€" Mexican Divide.   To research the book, David traveled the length of both the U.S. and Mexico sides of the border over a period of several months.   Border issues are a hot political topic and the likelihood of increased discussion in the future makes this sound like a fascinating read. George P. Shultz, U.S. Secretary of State from 1982-89 states: Danelo provides invaluable information and insight in this book, which deserves a wide and attentive audience. The other book is entitled, Blood Stripes â€" A Grunt’s View of the War in Iraq.   The mainstream media often pays attention to the large policy issues related to the war in Iraq, but very rarely have I heard in depth accounts from those in the field. Both of these books look interesting and if either of these topics is of interest to you and you plan on studying at SIPA, they might provide great preparation and insight prior to enrolling in our program. The New York Post states: Activists, left or right, will find this book uncomfortable, but its honesty makes it a great education for the rest of us.

The People You Meet COLUMBIA UNIVERSITY - SIPA Admissions Blog

The People You Meet COLUMBIA UNIVERSITY - SIPA Admissions Blog One of the things I love about my job is that I constantly get to meet fascinating people.   This is certainly the case for SIPA students as well due to the vast number of events held on campus. This week I participated in a Marine Executive Association event in New York City.   The event was a career and education panel focused on helping active and retired Marines think strategically about their future. During the networking portion of the event I met a gentleman by the name of David Danelo who it turns out is an accomplished author.   He has written two books and I immediately added both to my “to read” list.     If you are interested in border issues and/or security issues, it sounds like his two books provide deep insight and fodder for future study and analysis. The book that especially piqued my interest is entitled, The Border: Exploring the U.S. â€" Mexican Divide.   To research the book, David traveled the length of both the U.S. and Mexico sides of the border over a period of several months.   Border issues are a hot political topic and the likelihood of increased discussion in the future makes this sound like a fascinating read. George P. Shultz, U.S. Secretary of State from 1982-89 states: Danelo provides invaluable information and insight in this book, which deserves a wide and attentive audience. The other book is entitled, Blood Stripes â€" A Grunt’s View of the War in Iraq.   The mainstream media often pays attention to the large policy issues related to the war in Iraq, but very rarely have I heard in depth accounts from those in the field. Both of these books look interesting and if either of these topics is of interest to you and you plan on studying at SIPA, they might provide great preparation and insight prior to enrolling in our program. The New York Post states: Activists, left or right, will find this book uncomfortable, but its honesty makes it a great education for the rest of us.

The People You Meet COLUMBIA UNIVERSITY - SIPA Admissions Blog

The People You Meet COLUMBIA UNIVERSITY - SIPA Admissions Blog One of the things I love about my job is that I constantly get to meet fascinating people.   This is certainly the case for SIPA students as well due to the vast number of events held on campus. This week I participated in a Marine Executive Association event in New York City.   The event was a career and education panel focused on helping active and retired Marines think strategically about their future. During the networking portion of the event I met a gentleman by the name of David Danelo who it turns out is an accomplished author.   He has written two books and I immediately added both to my “to read” list.     If you are interested in border issues and/or security issues, it sounds like his two books provide deep insight and fodder for future study and analysis. The book that especially piqued my interest is entitled, The Border: Exploring the U.S. â€" Mexican Divide.   To research the book, David traveled the length of both the U.S. and Mexico sides of the border over a period of several months.   Border issues are a hot political topic and the likelihood of increased discussion in the future makes this sound like a fascinating read. George P. Shultz, U.S. Secretary of State from 1982-89 states: Danelo provides invaluable information and insight in this book, which deserves a wide and attentive audience. The other book is entitled, Blood Stripes â€" A Grunt’s View of the War in Iraq.   The mainstream media often pays attention to the large policy issues related to the war in Iraq, but very rarely have I heard in depth accounts from those in the field. Both of these books look interesting and if either of these topics is of interest to you and you plan on studying at SIPA, they might provide great preparation and insight prior to enrolling in our program. The New York Post states: Activists, left or right, will find this book uncomfortable, but its honesty makes it a great education for the rest of us.

Using Decision Trees In Financial Management - Free Essay Example

Sample details Pages: 11 Words: 3428 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Decision trees are diagrams that show the sequence of interrelated decisions and the expected results of choosing one alternative over the other. Typically, more than one choice or option is available when youre faced with a decision or, in this case, potential outcomes from a risk event. The available choices are depicted in tree form starting at the left with the risk decision branching out to the right with possible outcomes. Decision trees are usually used for risk events associated with time or cost. Steps in decision tree analysis Main steps in decision tree analysis are as follows: 1. Identifying the problem and alternatives To understand the problem and develop alternatives, it is necessary to acquire information from different sources like marketing research, economic forecasting, financial analysis, etc. As the decision situation unfolds, various alternatives may arise which are to be identified. There would also be kinds of uncertainties in terms of market size, market share, prices, cost structure, availability of raw material and power, governmental regulation. Technological change, competition, etc. Recognising that risk and uncertainty are inherent characteristics of investment projects, persons involved in analyzing the situation must be encouraged to express freely their doubts, uncertainties, and reservation and motivated to suggest contingency plans and identify promising opportunities in the emerging environment. 2. Delineating the decision tree The decision tree represents the anat omy of decision situation. It illustrates decision points along with the alternative options available for experimentation and action at these decision points chance points where outcomes are dependent on a chance process and the likely outcomes at these points This decision tree diagrammatically reflects the nature of decision situation in terms of alternative courses of action and chance outcomes which have been identified in the first step of the analysis. If myriad possible future events and decisions are considered, it can become very complex and cumbersome. As a result, it would not be a useful tool of analysis. If many elaborate events are taken into account then it may obfuscate the critical issues. Hence it is necessary to simplify the decision tree so that focus can be given on major future alternatives. 3. Specifying probabilities and monetary outcomes After delineating the decision tree, probabilities corresponding with each of the possible outcomes at various chance points and monetary value of each combination of decision alternative and chance outcome have to be gathered. The probabilities of various outcomes can be defined objectively. For instance, based on objective historical data the probability of good monsoon can be defined. On the other hand, probabilities for real life outcomes are somewhat difficult and cannot be obtained. For example, one cannot determine the probabilities for success of a new automobile launch. These have to be defined subjectively and based on experience, judgment, understanding of informed executives and their intuition. Also, it is difficult to assess cash flows corresponding to these outcomes. So again judgment of experts helps in defining these cash flows. 4. Evaluating various decision alternatives The final step in decision tree analysis includes evaluation of various alternatives. This can be done as follows: starting with the right- hand end of the tree and then we calculate the expected monetary value at various chance points that come first as we proceed leftward. Given the expected monetary values of chance points in step 1, evaluate the alternatives at the final stage decision points in terms of their expected monetary values. At each of the final stage decision points, select the alternative which has the highest expected monetary value and truncate the other alternatives. Each decision point is assigned a value equal to the expected monetary value of the alternative selected at that decision point. Proceed backward (leftward) in the same manner, calculating the expected monetary value at chance points, selecting the decision alternative which has the highest expected monetary value at various decision points, truncating inferior decision alternatives, and assigning values to decision points, till the first decision point is reached. Wikipedia A decision tree is a decision support tool that uses a tree-like graph or model of decisions a nd their possible consequences, including chance event outcomes, resource costs, and utility. It is one way to display an algorithm. Decision trees are commonly used in operations research, specifically in decision analysis, to help identify a strategy most likely to reach a goal. Another use of decision trees is as a descriptive means for calculating conditional probabilities. When the decisions or consequences are modelled by computational verb, then we call the decision tree a computational verb decision tree[1]. In decision analysis, a decision tree and the closely-related influence diagram is used as a visual and analytical decision support tool, where the expected values (or expected utility) of competing alternatives are calculated. A decision Tree consists of 3 types of nodes:- 1. Decision nodes commonly represented by squares 2. Chance nodes represented by circles 3. End nodes represented by triangles Drawn from left to right, a decision tree has only burst nodes (splitting paths) but no sink nodes (converging paths). Therefore, used manually, they can grow very big and are then often hard to draw fully by hand. Analysis can take into account the decision makers (e.g., the companys) preference or utility function, for example: The basic interpretation in this situation is that the company prefers Bs risk and payoffs under realistic risk preference coefficients (greater than $400K in that range of risk aversion, the company would need to model a third strategy, Neither A nor B). Don’t waste time! Our writers will create an original "Using Decision Trees In Financial Management" essay for you Create order Uses in teaching This section requires expansion. Decision trees, influence diagrams, utility functions, and other decision analysis tools and methods are taught to undergraduate students in schools of business, health economics, and public health, and are examples of operations research or management science methods. [edit] Advantages Amongst decision support tools, decision trees (and influence diagrams) have several advantages: Decision trees: Are simple to understand and interpret. People are able to understand decision tree models after a brief explanation. Have value even with little hard data. Important insights can be generated based on experts describing a situation (its alternatives, probabilities, and costs) and their preferences for outcomes. Use a white box model. If a given result is provided by a model, the explanation for the result is easily replicated by simple math. Can be combined with other decision techniques. The following example uses Net Present Value calculations, PERT 3-point estimations (decision #1) and a linear distribution of expected outcomes (decision #2): [edit] Example Decision trees can be used to optimize an investment portfolio. The following example shows a portfolio of 7 investment options (projects). The organization has $10,000,000 available for the total investment. Bold lines mark the best selection 1, 3, 5, 6, and 7, which will cost $9,750,000 and create a payoff of 16,175,000. All other combinations would either exceed the budget or yield a lower payoff.[2] Decision Making Tools: Decision Tree Analysis and EMV Decision Makers Toolkit Decision-making is the cognitive process of selecting a course of action from among multiple alternatives. Every decision-making process produces a final choice. Thats what Wikipedia says anyway. What it doesnt say is that some decisions must be made for outcomes that will occur in the future. However, there are a couple of tools that can be put to use in helping make complex decisions, namely, Expected Monetary Value and Decision Tree Analysis. Expected Monetary Value (EMV) EMV is a balance of probability and its impact over the range of possible scenarios. If you have to make a decision between two scenarios, which one will provide the greater potential payoff? Scenario 1 Best case provides a 20% probability of making $180,000 BC = 20% X $180,000= $36,000 Worst case provides a 15% probability of loosing [-$20,000] WC = 15% X(-$20,000) =(-$3,000) Most likely case provides a 65% probability of making $ 75,000 MLC = 65% X $75,000 = $48,750 Total Expected Monetary Value 100% $81,750 Scenario 2 Best case provides a 15% probability of making $200,000 BC=15% X $200,000 =$30,000 Worst case provides a 25% probability of making $15,000 WC= 25% X $ 15,000 = $ 3,750 Most likely case provides a 60% probability of making $45,000 MLC=60% X $45,000 = $27,000 Total Expected Monetary Value 100% $60,750 Which scenario do you choose? Number one, because it has the highest EMV, or $81,750 Decision Tree Analysis In decision tree analysis, a problem is depicted as a diagram which displays all possible acts, events, and payoffs (outcomes) needed to make choices at different points over a period of time. Example of Decision Tree Analysis: A Manufacturing Proposal Your corporation has been presented with a new product development proposal. The cost of the development project is $500,000. The probability of successful development is projected to be 70%. If the development is unsuccessful, the project will be terminated. If it is successful, the manufacturer must then decide whether to begin manufacturing the product on a new production line or a modified production line. If the demand for the new product is high, the incremental revenue for a new production line is $1,200,000, and the incremental revenue for the modified production line is $850,000. If the demand is low, the incremental revenue for the new production line is $700,000, and the incremental revenue for the modified productio n line is $150,000. All of these incremental revenue values are gross figures, i.e., before subtracting the $500,000 development cost, $300,000 for the new production line and $100,000 for the modified production line. The probability of high demand is estimated as 40%, and of low demand as 60%. The development of a decision tree is a multi step process. The first step is to structure the problem using a method called decomposition, similar to the method used in the development of a work breakdown structure. This step enables the decision-maker to break a complex problem down into a series of simpler, more individually manageable problems, graphically displayed in a type of flow diagram called a decision tree. These are the symbols commonly used: The second step requires the payoff values to be developed for each end-position on the decision tree. These values will be in terms of the net gain or loss for each unique branch of the diagram. The net gain/loss will be revenue less expenditure. If the decision to not develop is made, the payoff is $0. If the product development is unsuccessful, the payoff is $500,000. If the development is successful, the decision is to build a new production line (NPL) or modify an existing production line (MPL). The payoff for the NPL high demand is ($ 1,200,000 $500,000 development cost -$300,000 build cost) or $400,000. For a low demand, the payoff is ($700,000 $500,000 development cost -$300,000 build cost) or -$100,000. The payoff for the MPL high demand is ($850,000 -$500,000 development cost $100,000 build cost) or $250,000. For a low demand, the payoff is ($720,000- $500,000 development cost $100,000 build cost) or $120,000. The third step is to assess the probability of occurrence for each outcome: Development Successful = 70% NPL High Demand = 40% MPL High Demand = 40% Development Unsuccessful = 30% NPL Low Demand = 60% MPL Low Demand = 60% Probability Totals* 100% 100% 100% *Probabilities must always equal 100%, of course. The fourth step is referred to as the roll-back and it involves calculating expected monetary values (EMV) for each alternative course of action payoff. The calculation is (probability X payoff) = EMV This is accomplished by working from the end points (right hand side) of the decision tree and folding it back towards the start (left hand side) choosing at each decision point the course of action with the highest expected monetary value (EMV). Decision D2: New Production Line vs. Modified Production Line high demand + low demand = EMV high demand + low demand = EMV (4 0% X $400,000) + (60%X -$100,000) (40% X $250,000)+(60% X $120,000) $100,000 $172,000 Decision Point 2 Decision: Modified Production Line with an EMV of $172,000 Decision 1: Develop or Do Not Develop Development Successful + Development Unsuccessful (70% X $172,000) (30% x (- $500,000)) $120,400 + (-$150,000) Decision Point 1 EMV=(-$29,600) Decision: DO NOT DEVELOP the product because the expected value is a negative number. When doing a decision tree analysis, any amount greater than zero signifies a positive decision. This tool is also very useful when there are multiple cases that need to be compared. The one with the highest payoff should be picked. Real options analysis: tools and techniques for valuing strategic ÂÂ  By Johnathan Mun https://books.google.co.in/books?id=X47bm9Etd7ICpg=PA649lpg=PA649dq=decision+tree+applications+oil+and+gassource=blots=W47wkDY2Xtsig=YwtNvZ8KEDJ-60CEK87Xhodouishl=enei=Bnz3TP7kMI-srAec-63vDwsa=Xoi=book_resultct=resultresnum=2ved=0CB0Q6AEwATge#v=onepageq=decision%20tree%20applications%20oil%20and%20gasf=false pgs.258,474 Remington: the science and practice of pharmacy https://books.google.co.in/books?id=NFGSSSbaWjwCpg=PA743lpg=PA743dq=decision+tree+applications+pharmaceuticalssource=blots=V64QMimyuosig=cdQYBEgEJSf_lON-Alkhv4E6B4Ehl=enei=8oT3TLOOLcS3rAfw1azvDwsa=Xoi=book_resultct=resultresnum=6ved=0CDYQ6AEwBTg8#v=onepageqf=false pg.740 decision tree analysis the project manager can use decision tree analysis when a decision involves a series of several interrelated decisions. The project manager computes the Expected Monetary value (EMV) of all strategies and chooses the strategy with the highest EMV. Assume that the project manager has four alternative strategies, S1, S2, S3, S4. The resulatant values for each strategy at different probability levels are R1, R2, and R3. Assume that the probability of occurrence of these results is 0.5, 0.2 and 0.3. the payoff matrix for this problem is given in table 18.4. Table 18.4. Payoff Matrix R1 R2 R3 S1 13 10 9 S2 11 10 8 S3 10 12 11 S4 8 11 10 P=0.5The project manager can also represent this problem as a decision tree. Figure 18.3. depicts the decision tree for the given problem. The project manager finally selects strategy S1 as it has the highest value. EMV (A) = 0.5 ( 13)+0.2(10) +0.3(9) = EMV (B) = 0.5(11) +0.2(10) + 0.3(8) = EMV (C) = 0.5(10) +0.2(12) + 0.3(11) = EMV (D) = 0.5(8) +0.2(11) + 0.3(10) = Review of literature 1. Introduction R and D management, by its very nature, is characterized by uncertainty since effective R and D requires a complex interaction of variables. It is important to balance strategic management (allocate resources and do the right R and D) with operational management (execution of projects) and at the same time take into account issues of people management (leadership, motivation, organisation and teamwork) (Menke, 1994). The strategic aspect of R and D management alone requires the resolution of some very important questions, namely Do we have the right total R and D budget? Are we allocating it to the right business and technology areas? Do we have the right balance of risk and return; of long- and short-term projects; of research vs development; of incremental vs innovation? Are we working on the right projects and programmes with the right effort? It is clear that for success in R and D it is critical to determine what is right for the particular company. The normal p rocess for doing this is through the development of a technology strategy. In practice, the approach used will be that which best fits the operating method of the company but, as Braunstein (1994) has pointed out, the approach is less important than the output, which has to link the corporate goals and strategy to the companys major functional units. Having defined what the business objectives should be for the R and D programme and the overall strategic framework that will define the technology plan, it is then possible to move on to what is probably one of the most problematic parts of technology management, the selection of individual R and D programmes. There is a comprehensive literature of potential methods which can be used (Baker and Pound, 1964; Gear et al., 1971; Souder, 1978). Many of these compare projects with different distributions of possible outcomes and risk, often using relatively complex quantitative methods. There are a number of interdependencies that have t o come good before the project finally produces value for the company and it has been argued (Morris et al., 1991) that because many of the major decisions (and many sub-decisions at intermediate milestones) can be taken singly, the overall process is less risky that might initially be thought. Not surprisingly, therefore, Morris goes on to propose that, when choosing R and D projects, there is merit in going for long shots since this is effectively the purchase of options which can be dropped later if the project does not look like bearing fruit. Moreover, the higher risk projects (almost by definition) tend to be the ones that have the highest payback if they are successful (see also Kester, 1984). 2. Decision making under uncertainty Uncertainty in a business situation is often expressed verbally in terms such as it is likely, it is probable, the chances are, possibly, etc. This is not always very helpful because the words themselves are only useful when they convey the same meaning to all parties. It is clear that different people have different perceptions of the everyday expressions which are often used to describe uncertainty. Uncertainty exists if an action can lead to several possible outcomes and an essential, but, challenging aspect of R and D management is to identify the likelihood or probability that these outcomes or events will occur. There are two main interpretations of probability. The first is grounded in the estimation of the probability of an event in terms of relative frequency with which the event has occurred in the past and is usually referred to as objective probability. The second views probability as being the extent of an individuals or groups belief in the occurrence of an event a nd is usually termed subjective probability. Subjective probability estimates are often included in the models suggested as useful for project selection in R and D planning. Such probabilities might be derived from past experience with similar research projects plus any special features that make the current effort unique or different and alter the past up or down from this base line. A number of tools have been proposed to help in the process of generating probabilities, though they are by no means perfect. Schroder (1975) draws attention to some of the problems that occur in deriving probabilities of technical success and concludes that subjective probabilities are a rather unreliable predictor of the actual outcome of individual success. He proposes a number of reasons for this which he categorises as either intentional or unintentional (conscious biasing). To decrease the unintentional errors he suggests the following actions: O ensure that risk assessors have sufficient e xpertise in their field and a comprehension of subjective probabilities. O improve the availability of information and particularly documentation. O fully exploit information systems and attempt to utilize incentive systems which reward accuracy and reliability. O analyse past performance in assessing probabilities to provide valuable insight into potential improvements. O utilise well-tried approaches to help in the subjective probability assessment. It is evident, however, that some confidence levels need to be established and perhaps the most obvious way of achieving this is by the collation over a period of time, of how prior assessments have compared with reality. For this to have genuine value will require a comparison of the assumptions that have been made at each assessment. 3. The use of financial methods for risk analysis Benefit/cost ratios have been popular for some time, since they are simple and are an attempt to understand the potential gain for the effort required. In performing even a simple benefit/cost analysis, it is necessary for the decision-maker to provide quantitative information in order to ascribe a value to a project. When this has been done, the project can be viewed as a relatively simple financial investment and therefore subject to more standard financial investment tools. The danger of this is that it gives no consideration to the fact that technical programmes are often aimed at a wide range of strategic objectives, a point made by Mitchell and Hamilton (1988) who made a separation into: O exploratory/fundamental type work which is aimed primarily towards the concept of knowledge building. For this type of work, the business impact of which is often poorly defined and wide ranging and here R and D is often best considered as a necessary cost of business. O well under stood technical programmes usually associated with incremental improvements of existing products which can be clearly defined. Here the R and D can be seen as an investment and treated accordingly. As usual with two extremes, the difficult part is the mid-ground where neither approach is particularly suitable. Authors have attempted to use techniques borrowed from the financial community which often has to deal with uncertainty. Risk analysis is a key area in financial markets and several of the approaches used in financial analysis are also found in the R and D management area; for example, decision trees and Monte Carlo analysis.

Personal Statement Bass Co Essay - 1572 Words

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During the time I worked at G.H. Bass Co, I was able to learn all the language and skills necessary to be a sales associate. Furthermore, I was able to fully understand the values that all the members shared, thus also mastering the ethos of the community. Lastly, I transitioned from an outsider to an insider when I built up my character and reputation in the job. That’s when I am really considered an expert in my field, and entered the discourse community successfully. Terminologies wereShow MoreRelatedCompare and Contrast Any Two Theories of Leadership Essay1515 Words   |  7 Pagesterms are interchangeable as they both rely on the application of influence to get a workforce to commit to accomplishing a given task. From Adairs statement it could be argued that they are different descriptions of the same thing. Transactional leadership relies on the workers behaviour being influenced by means of reward by the leader. 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The International Industrial And Financial Business Structure

Within an advancing world, global economic development has become a common public good. A concept driven by global economic trade, globalisation can be defined by actions of development, investment, technological advancement and global communication. The ‘international industrial and financial business structure’ of globalisation has provided foreign economic opportunities of investment. Through adopting adapted versions of globalisation, some developed nations such as the United States has seen continued success. However, the negative ramifications of globalisation for developing nations has produced a less favourable side to the debate and to the definition. The dramatic transformation of introducing developing countries into the modern international trade market has hindered the stability of these nations economics. However, potential adoption of proposed globalisation methods could overcome this hindrance. Definitions of globalisation by notable figures and the condu ct of case work within Vietnam and India presents both sides of the debate: how globalisation has both helped and hindered developing countries. The term globalisation is broad when concerning areas such as economics, politics and social behaviour in development. 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Constructivist Teaching free essay sample

Students will glue the different materials on their documents to get an accurate, clear, and artistic picture. Once the students complete the diagrams, the teacher will distribute a word bank to all students except advanced students, and then expect students to identify the different bones of the body. Students will take their diagrams to the front of the classrooms and, talk about the materials they used to build the skeleton. Students will turn in their diagrams at the end of the allotted time. Guided Practice The Teacher will review and discuss the individual bones and their locations using the drawing displayed on the on the whiteboard. The teacher and students will study the role of the skeletal system, and its benefits to the humans. Independent Practice Students will have a variety of different art materials and objects to choose from to complete their own picture of the human body. The students will have the opportunity to be as creative as they would like to be such as using a Q- tip for arm bones, and using cut pieces of toothpicks for finger bones. We will write a custom essay sample on Constructivist Teaching or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The students will receive a word list containing the name of the bones (for the exception of advanced students) to identify the different bones on their diagrams. Closure The students will have the opportunity to present their diagrams to their peers. The students will reflect on the materials used to construct the skeletal system. All students will turn in their assignments at the end of class. The students will use the diagram as a guide them on a future planned test. Evaluation Diagram handouts Glue Art materials: Q- tips, toothpicks, pipe cleaners, popsicle sticks Word bank ResourcesDiagram and text book for further information. Constructivism in the Lesson Plan The constructivism theory states that students need to be encouraged to use current and previous knowledge to acquire new knowledge. This lesson encouraged students to use their acquired knowledge to accomplish the assignment. The constructivism theory also states that the student should use his or her personal information and decisions (Bruner, 1966). This lesson allows the student the right to use their creativity to make their diagrams. The students can choose whichever materials they want to help build their diagrams. The diagrams can be any size, any material, or combination of materials, cartoonish, realistic, etc. It is entirely up to the student to decide what they want their diagrams will look like, as long as they identify and placed the bones where they want them to go. The 12 Science Processes in the Lesson Plan -Observation took place when the teacher displayed the human skeleton on the whiteboard.

Oscar Wilde Essays (636 words) - Oscar Wilde, Anglo-Irish People

Oscar Wilde Oscar Fingal O'Flahertie Wills Wilde (1854-1900) was an Anglo-Irish dramatist, novelist, essayist, short-story writer, critic, and poet. He was part of the Decadence, a loosely affiliated coterie of writers and artists of the 1890s whose lives and works manifested a highly stylized, decorative manner, a fascination with morbidity and perversity, and an adherence to the doctrine "art for art's sake." After having a hard childhood, where he was dressed as a girl until the age of nine, he viewed life more critically than others. He often focused in on the upper class, and wrote of their absurdity, superficiality, and snobbery. Yet mainly, he wrote of what he felt at the time and what is around him. In The Importance of Being Earnest and A Woman of No Importance, it is evident that the environment, lifestyle, and events in the life of Oscar Wilde has influenced him in writing such one-sided critical satires, in which he reserved none of his strong opinions. When it came to satires, Wilde was the master of such literary art. "Wilde has accomplished such satire from the hallowed edifice of romantic literature certain standard characters, themes, and plot situations in order to build out of them a comedy that fuses contemporary social satire with a straight-faced taking-off of the usages of the popular fiction and drama of his time" (Poupard 418). In the beginning he tried to be a serious writer, but failed miserably. It was believed that as an entertainer he was more morally clearsighted (Bryfonski 504). Although he was full of strong idealism and human sympathy, his dissatisfaction with the society of the 1880's and 90's caused him to make highly personal and melodramatic attacks on issues which he possibly have never looked close enough to understand. Because of this, he was thought of as only presenting one side of life (498). He presented the upper English class with clear hostility, and stressed their corruption, shallowness, snobbery, and lack of genuine moral scruples (502). Wilde had a colorful and scandalous social life, and was even jailed for a while. He believed that people should be self-expressive vs. self-repressive, and therefore never held anything back. "What is termed sin is an essential element of progress . . . without it, the world would stagnate or grow old or become colorless" (Bloom 101). Wilde found criticism and self-consciousness necessary as sin. He believed that criticism plays a vital role in the creative process, and that criticism is an independent branch of literature with its own procedures (91). "Wilde was one of the first to see that the exaltation of the artist required a concomitant exaltation of the critic. If art was to have a special train, the critic must keep some seats reserved on it" (90). Wilde stated that: "If we are all insincere, masked, and lying, then the artist is prototype rather than exception. If all the sheep are black, then the artist cannot be blamed for not being white" (Bloom 102). Wilde believed that art should be made for the sake of art, and that art is permanent, and near immortality. "Only the artist can give to the beauty he sees a form that moves it towards its own ideal and preserves it from erosions of change" (Bryfonski 505). Wilde felt that since man and nature are in constant change, art was more ordered than life, more beautiful. The world of art is "more real than reality itself" (506). Yet Wilde had a word of warning: "All art is at once surface and symbol. Those who go beneath the surface do so at their peril" (Schmidgall 149). What Wilde was trying to express is that art is so real, that if one dares to go beneath the surface, one may find things that he/she does not want to find. Wilde loved children, and loved the youth. Wilde proposed to speak for the young, with even excessive eagerness at times. Both The Importance of Being Earnest and A Woman of No Importance mainly evolves around the youthful characters.

William the Conqueror essays

William the Conqueror essays William the conqueror was an extraordinary man. He reigned over England from 1066-1087.During this time he achieved many great things. Winning the battle of Hastings, the Domesday book and so on. People described him as a fine soldier a great administrator and NOT a cruel man by the standard of his age. Read on and discover how he seized complete control of England! William the conqueror had spent months preparing all his armour, weapons, boats and training his army. He was going to invade England and kill the new King on the throne, Harold Godwinson, who had taken an oath to give William the throne, but had gone back on his word. As soon as William reached English shores, he began burning everything in sight, so that Harold would race down from wherever he was to try and stop William, but in the process leave half his army behind. On October the 14th the famous battle of Hastings took place. Harolds army were worn out for they had just fought a battle in the North. They were on top of a hill, and had an advantage, because they were keeping a tight shield wall, when all of a sudden they made a fatal mistake! Saxons broke away from the shield wall, and Williams army massacred Harold and his army, showing no mercy. William then seized control of the throne and became King of England, as all Saxon leaders were dead there was no one to stop him. Now, with William on the throne, he had to work fast before the Saxons rebelled. There were 10,000 Normans and a 1,000,000 Saxons. William had to get complete control, and fast. He started by building instant castles all over the country. These were called Motte and Baileys. They consisted of a mound of earth which was the Motte, and on top of this some Normans ( Williams army) lived in a Keep, a wooden kind of castle. The Bailey was flat ground, a kind of village, where Saxons lived. William did this so he could show Saxons who was boss! Stone castles were built late ...

Applying Organizational behavior when motivating employees Research Paper

Applying Organizational behavior when motivating employees - Research Paper Example In relation to the rapidly growing global business environment, marketers have been widely witnessed to implement a number of strategic measures in order to keep the workforce more optimistic with regard to their specific roles and responsibilities within the organisation. In this regard, Organisational Behaviour (OB) has long been observed to play an essential role for the entrepreneurs to develop strong workforce in accordance with the vision and postulated business goals (Tishman et al., 2012). Emphasising the notion of OB to play as an essential role in employee motivation, the primary objective of this report is to critically analyse the practice of OB by United Healthcare (UHC) while empowering performance and long-term relationship of the employees within the organisation. In this regard, the report intends to critically assess the key principles and practices of OB that are highly practiced by UHC to keep the employees satisfied within their respective job roles. In order to critically identify the importance of OB in employee motivation, the report would also ascertain key influencing factors that can enable UHC to successfully satisfy its employees along with their expected performance within the organisation. UnitedHealth Care (UHC) is considered as one of the largest and prominent health carriers across the United States. The organisation is a major part of the UnitedHealth Group Inc., one of the largest and diversified healthcare organisations in the global managed health care industry. Founded in the year 1977, UHC tends to involve a wide array of advanced healthcare systems and procedures to provide extensive services to the clients located in different regions across the globe (1UnitedHealth Group, 2013). With respect to the recent financial year, the group has been recognised to ascertain revenue earnings of US$ 111 billion in the financial year 2012,

A Stranger to Marxs Estranged Labor Essay Example | Topics and Well Written Essays - 1750 words

A Stranger to Marxs Estranged Labor - Essay Example Karl Marx's Theory of Alienation gives us an idea about the dehumanizing effects of capitalism that affects the worker in the society. Marx's idea of worker alienation pertains to the worker being deprived of all his fundamental human qualities as a result of the production process.As the society develops, people become alienated and estranged from his work, his being, and his society. In his essay â€Å"Estranged Labor† from the Economic and Philosophical Manuscripts of 1844, Marx saw how the whole society must falls apart into two classes — property owners and propertyless workers. As a writer and journalist struggling to make a living, his observations on Germany’s poor and oppressive condition greatly influenced his writing ideas (Wheen, 2001). Marx saw how rich factory owners have set antagonistic conditions towards workers who are subjected to a mechanized process of production. He argues that in contrast to the pre-capitalist period wherein the worker owns the means and ways of production, the workers in capitalist societies have no control over the entire production process. As a result, Marx observed that â€Å"the object which labor produces confronts as something alien† because the product does not belong to the worker anymore. This paper aims to examine the capitalist society’s alienation of the worker and how our modern society alienates the worker from his product, its labor process, from his fellow workers and eventually from himself. By looking at the four aspects of alienation, I will be able to examine and apply his ideas in relation to my work. In this way, I will be able to verify the truthfulness of his ideas in my own experiences at the workplace. Estranged Labor: The Wordplay The word â€Å"estranged† is peculiar. It’s from a late 15th century old French word estranger which means â€Å"to treat as a stranger† or extraneus in Latin (Barnhart, 1988). Nowadays however, the word has tak en a different form to mean from â€Å"being removed from customary environment or associations† to a more interesting definition â€Å"to arouse especially mutual enmity or indifference in where there had formerly been love, affection, or friendliness† (Mirriam-Webster, 2011). It is this later form that Marx uses in his theories, and what he thinks will eventually lead to the uprising of the workers. From Small Shop Owners to Factory Workers The idea about the worker being alienated from the product, the process, his fellow workers and eventually from himself is understandable. In pre-capitalist society a worker would start his day by producing his own goods at his shop. It could be a weapon, a shoe, a tool or a simple an agricultural commodity. He would set out in his own speed and choice of production process. He would be able to change his production method or style as he communicated with his buyers. He would choose a payment to satisfy his own simple lifestyle an d to make sure that he had enough money to function in society. If he needed more money he might improve his products, perhaps develop new designs or qualities to enhance the function of his product. He would always be in close cooperation with the people around him and the society as he is greatly dependent upon them for the growth and development of his business. The kind of society I just described differs a great deal from the society we live in nowadays. Modern workers are not a part of the development process of the products they make. Usually, people produce things now in factories where they perform repetitive and closely monitored labor tasks by their managers and employers. This makes the entire process of work â€Å"impersonal† or â€Å"alien† to the worker. Worse, they are most often paid a low salary that does not reflect what they produce, but manages the capitalist to make a hefty profit. There would most often be fierce competition among fellow workers to get bonuses or a less meaningless job function. From this comparison over the state of workers in

The Impact of Leadership on Business

The Impact of Leadership on Business This essay will discuss the impact of leadership on businesses. Leadership concepts can be categorised into three main theories. Transactional leadership which is mainly applied in a relatively stable situation, Transformational leadership which can be well used in an atmosphere where big changes have happened and contextual leadership which is used in a constantly changing and chaotic situation. Therefore the main difference is the environment within they function. Good and effective leadership has many details which are going to be described trough appropriate academic theories. Leadership has many aspects such as attitude towards objectives and operations or representation of the company. All of these aspects link together in order to achieve competitive advantage. Probably the most important factor is the influence of leadership on other members of the business, particularly on the followers. The main body of the essay will investigate how leaders behaviour and attitude navigates the company trough controlling employees. There are many opinions about which extent leadership describes a pattern of behaviour, a bundle of personal characteristics or its role fulfilled in a group. This part of the essay will give a better understanding of these criteria, however it must be pointed out that there is not a perfect answer for that, because of the waste number of academic arguments on this topic. In its essence, leadership in an organizational role involves (1) establishing a clear vision, (2) sharing (communicating) that vision with others so that they will follow willingly, (3) providing the information, knowledge, and methods to realize that vision, and (4) coordinating and balancing the conflicting interests of all members or stakeholders. A leader comes to the forefront in case of crisis, and is able to think and act in creative ways in difficult situations. Unlike management, leadership flows from the core of a personality and cannot be taught, although it may be learnt and may be enhanced through coac hing or mentoring. (www.businessdictionary.com) The popular view is that it does matter who is in charge, leadership quality determines the performance of the group and poor group performance can be overcome by leadership. A group of people is capable of working on their on, but only in a limited extent. Sooner or later one or more individuals will arise from the team because they think differently or imagine the solution in other ways. External factors will also cause the team to change in structure, for example someone has to represent the group and it is also necessary to monitor the tasks, consequently a member has to take responsibility. Without an appointed leader the management would be extremely difficult in an organisation. Living examples are all around us, the parliament, educational institutions, and successful businesses all with appointed leaders. There are some; however who believe in contrary view and argue that it does not matter who is in charge because there is n o real power (Chester Bernard) and that there are few differences between leaders and followers. (Skogdill 1949, Mann 1961) The contingency theory explains that the effectiveness of leadership depends on situation and Pfeffer (1978) argues that the group performance is determined by factors beyond the power of the leader. However the belief in the importance of leadership gives us comforting illusion of control. The theory further explains that there is not a best way to lead and in certain new situations the well developed leadership style may not be successful. This may result in certain very successful leaders become ineffective when they are transplanted into another situation or when the factors around them change. (www.snc.edu) This statement refers to how great leaders who were very successful made wrong decision when the business changed. A good example is Jurgen Schrempp and Robert Eaton, the CEOs of the Daimler-Chrysler merger. Both of them were very effective leaders in t heir own companies. These organisations are famous worldwide so naturally the leaders enjoy a prestigious position which assumes that they are people who really are the best and do not make mistakes. However, when the merger began and the cultural differences occurred, the lack of adaptation of leaders led to failure. Contingency theory does not differ much from situational theory because both assume that there are more options about the right way to do things. Situational leadership assumes that the best action of the leader depends on a range of situational factors. Contingency theory involves a wider view which includes contingent factors about the individuals capability and situational theory focuses on the behaviour of the leader in different situations. (www.changingminds.org) For example in a given situation the good leader will not act in a single style i.e. transactional method but will be able to adjust his behavioural pattern so he makes the most out of the situation. A c lear example is the army where leadership is highly situational complemented by transformational effects. Soldiers without motivation are performing totally differently and just a little lack of performance can lead to total failure, meanwhile the general or whoever is in command needs to adapt to the current situation quickly and reasonably as possible. There are many aspects which will influence the decisions such as the capability and motivation of followers and their relationship with the leader. External factors such as stress and mood will also affect the leaders behaviour. Yukl (1989) distinguishes between six main variables: Subordinate effort: the motivation and actual effort expended. Subordinate ability and role clarity: followers knowing what to do and how to do it. Organization of the work: the structure of the work and utilization of resources. Cooperation and cohesiveness: of the group in working together. Resources and support: the availability of tools, materials, p eople, etc. External coordination: the need to collaborate with other groups. (www.changingmins.org) According to Tannenbaum and Schmidt (1958) there are three main forces which influence the leaders decisions and actions. These forces are present in both the leader, followers and in the situations which causes the leaders behaviour variable. Liputt and Whites (1943) research on after school club shows that leaders adopted one of three leadership styles which affects the performance of the members of the group. These are: Autocratic, whereas followers are just told what to do and good performance is only achieved when the leader is present. This style involves low morale. Laissez faire style can be described with the phrase just let people get on with it, meaning there are no strict instructions. In this case there is a moderate moral and the performance is generally low and only rises when the leader is absent. The Democratic style provides the best results -high morale and perform ance and it is achieved by involving people in the decisions and encouraging discussions. There are radical examples for these styles out there. One of the simplest is politics. Parliaments in most of the countries operate in a democratic style. People work together and they are equal but a formal leader is present. Whereas in autocratic societies it is inevitable to notice low moral in certain groups and opposition towards autocratic parties. Zaccaro, Fotit and Kenny carried out a research questioning what kinds of people occupy leadership positions: (Four Tasks Model) Do the same people emerge as leaders irrespective of the task, or does it depend on the task? (This leads back to contingency theory.) Participants completed Snyders self monitoring scale and the results show that only individuals who are able to be flexible can emerge as leaders across different tasks. Lord and Alligers meta analysis shows, (1986) (A meta analysis treats all evidence as if it came from a single study using statistical techniques) that same people will not always make good leaders and they will not be always preferred in different groups, same kinds of people will not become leaders in real organisations -but it depends on situation and factors influence perception of leadership. (Contingency theory) Leadership is positively associated with quality of speech, quality of ideas and friendliness (Malloy and Ianowsky 1992) Leaders acquire their positions in different ways. It could happen by seizing power by force, which is called usurpation or it can be inherited. Other ways are election/popular acclaim or appointment. It is essential to investigate how leaders emerge and what kinds of people become successful in this position. One of the theories discussing this topic is the Great Man Theory. It assumes that à ¢Ã¢â€š ¬Ã… ¾Leaders are born and not made and great leaders will arise when there is a great need. (www.changingminds.org) Studies on leadership in the past examined individuals who were already great leaders. There were almost always from aristocracy because it was difficult for lower class people to emerge amongst the ranks of society. However there are exceptions such as Robin Hood. He represented a very appealing organisational vision and he gained a waste number of followers via communicating the right policies. He created a very successful organisation by advertising his company values, so successful that even the present formal authority which represents for example a big competitor company had troubles gaining market share. This suggests that the quality of leadership is indeed what wins in business. The notion that great men would arise in the time of need often bare mystical aspects and it was easy to justify by mentioning historical characters such us Churchill or Jesus. Many studies discuss which kind of personalities are the best suited for leadership positions. Leaders are generally good in handling people but this does not necessary mean being friendly over the top. Keeping a bit of distance can keep up the respect and authority. While leaders, especially transformational ones tend to care a lot about the feelings of their followers, it does not mean that they would not be task oriented. They are indeed achievement focused but they realise the importance of filling up followers with enthusiasm in order work together towards the vision. The work of Hua Gu ofeng represents (leader of China for a perioid after of Maos death) real transformational leadership. He himself did not take credit for his work that caused fundamental changes in the governance of the nation but instead aimed to influence many others to work towards his vision. The Trait Theory assumes that People are born with inherited traits. Some traits are particularly suited to leadership. People who make good leaders have the right (or sufficient) combination of traits. (www.12manage.com) There are several researches about these traits, usually studying great and successful leaders. According to McCall and Lombardo (1983), there are four main traits and Stogdill (1974) summarised the typical traits and skills a good leader probably possesses. à ¢Ã¢â€š ¬Ã… ¾Emotional stability and composure People with these characteristics are able to handle stress, they are self confident, organised and cooperative. A leader should be adaptable to situations, learn from their mistakes instead of covering them up. Good interpersonal skills are a requirement; the leaders manner of speech has to be diplomatic, fluent, intelligent and able to persuade others. It is essential to have knowledge about many areas, to be assertive and reactive to social situations and be a ble to take responsibility. It is undeniable that leadership skills can be coached and an individual can learn to become a better leader and some argue that situational factors are much more important then inherited characteristics. An interesting study about twins who were separated at birth however reveals that there are far more genetically inherited traits then previously supposed. Another interesting fact that many historical leaders lived with some handicap that they had to overcome. It could be traumatic childhood or reading problems or just being relatively short compared to others. There are very well known examples such as Hitler or Napoleon. According to Bales (1950) leadership has two key roles and one individual can not occupy both. Task specialist persons offer opinions and give directions in task oriented aspects of group life, and socio emotional persons respond and pay attention to feelings of other group members. According to the Contingency theory leadership effectiveness depends on situation. Fiedler (1965) differentiates between three contingencies: The first is about the quality of leader-member relation, the second is task clarity and the last one speaks about the amount of power the leader has. Combinations of these contingencies determine which side is most effective. According to Tetlock (1979) the behaviour of the leader is critical does the leader encourage open discussion or not? Group decision making involves two main aspects: The risky shift: groups tend to recommend risky alternative rather then the individuals. Polarization: tendency for groups to make decision that are more extreme than the indivi dual members initial decision in the direction favoured by the mean. Polarization has four aspects: social comparison, persuasive arguments, self categorisation and repeated attitude expression. Sanders and Barens Social comparison model: Comparing behaviour and opinions with thoughts of others in order to establish correct (socially approved) way of thinking. People are influenced by information that supports their decision and thus become more extreme in their view. This is called persuasive arguments. (Burnstein and Vinokur) When talking about Transformational leadership, various theories overlap both operationally and conceptually. Bass Transformational Leadership Theory assumes that à ¢Ã¢â€š ¬Ã… ¾Awareness of task importance motivates people and a focus on the team or organization produces better work. Others like Burns argues that à ¢Ã¢â€š ¬Ã… ¾Association with a higher moral position is motivating and will result in people following a leader who promotes this. Working collaboratively is better than working individually. (www.changingminds.org) He describes transformational leadership as à ¢Ã¢â€š ¬Ã… ¾a process where leaders and followers engage in a mutual process of raising one another to higher levels of morality and motivation.' In general transformational leadership assumes that individuals will follow inspiring people. Someone with a vision and passion can reach goals and it is possible to achieve great things with enthusiasm. A good example is Mahatma Gandhi. He satisfied the needs of his fo llowers, while remaining loyal to a higher purpose instead of using his position to seize power. His visions about a greater good and not about himself were passed on to many of his followers. To work under a transformational leader may be a very good experience because such leaders are interested in success of others and they carry out their job utilising a great deal of energy. The first thing transformational leaders begin with is to develop a clear vision and plan the future which will motivate potential followers. Selling the vision is the second most important factor. This takes commitment and some people need more time to join but many individuals follow radical visions quickly. Therefore a transformational leader will use every opportunity to convince others to follow and these aspects all contribute towards winning in business. The leader has to be very careful who he trusts and in creating trust and personal integrity is critical because they are not only representing the vision but selling themselves as well. Looking forward on the way may be differ, some leaders already know the right path and simple needs others to follow, some do not have a developed plan but are willing to explore possibilities towards success. The important fact is to make progress and to accept occasional failures. The transformational leader who has a developed vision knows the direction and will be satisfied as long as progress is being made. Transformational leaders will want to represent their group and are always visible. This is the last stage during the development of the vision. They are acting as a role model by their actions, showing how their followers should behave. They also put constant effort into delegating and motivating their inferiors and listening to their opinions. According to Bass charisma is important but not sufficient. Leaders with such attribute will influence the followers emotions and cause identification with the leader. Bass also notes that authentic transformational leadership has moral aspects. These are Idealized influence, Inspirational motivation, Intellectual stimulation, Individualized consideration, moreover The moral character of the leader, The ethical values embedded in the leaders vision, articulation, and program (which followers either embrace or reject), The morality of the processes of social ethical choice and action that leaders and followers engage in and collectively pursue. Their commitment encourages their followers to go on even when questions arise about the possibility of the fulfilment of the vision. If people are demoralised their efforts will eventually decrease causing the business to loose or to give advantage to its competitors. Methods of sustaining motivation include several techniques such as use of cultural symbolism of the company or ceremonies. According to Burns the usage of these motivational tools (social and spiritual values) is very useful because it gives people the feeling of being connected to the higher purpose giving their work a meaning and identity to themselves. Little changes and acknowledgement of peoples performance give them the feeling of significance and enha nce their progress. The transitional leader has to keep a good balance between his attentions to actions which contribute towards progress and to constantly cultivate the mental state of their followers. They believe that success is being achieved trough commitment and they are naturally people oriented. Burns opinion is that transactional leadership is less effective because it involves selfish concerns. By appealing to social values people are encouraged to work together. Burns also clearly differentiates between transformational and transactional approach. The characteristics of transactional leadership will be explained in the next paragraph in more detail. Transformational leaders aim to constantly transform the organisation and this transformation naturally has an effect on the people in it. They might be transformed in a way as well, maybe to be like the leader himself. Bass emphasizes the way leaders transform their followers: Increases the followers task importance and valu es, influence them that instead of their own interest keep the organisational goal in front of them and activating their higher-order needs. à ¢Ã¢â€š ¬Ã… ¾Transformational Leaders are often charismatic, but are not as narcissistic as pure Charismatic Leaders, who succeed through a belief in themselves rather than a belief in others. (www.changingminds.org) à ¢Ã¢â€š ¬Ã… ¾In contrast to Burns, who sees transformational leadership as being inextricably linked with higher order values, Bass sees it as amoral, and attributed transformational skills to people such as Adolf Hitler and Jim Jones. This paragraph aims to give an insight into transactional Leadership. The transactional style assumes that followers are encouraged by reward and motivated by punishment. It also argues that if clear commands are present then it will enchance the operation on social systems. When speaking about employees doing their job their also have to accept their managers as authority and that they role and purpose is to carry out the tasks their supervisors betrust them. This already starts when the potential employees sign their contracts whereby they are provided salary in return for their subordination. The typical transactional leader gives clear instructions to their subordinates whereas hes expressing what is expected to do in order to to fullfill their role and thus acquiring their rewards. Naturally it leads to disciplinary action in case of unsatisfying performance. These punisment measures are not always mentioned but employees usually know these formal systems. When the subordinate r ecevies his task, he is considered fully responsible of it and expected to be able to do it. In a sitation when things are not going according to plan, it is going to be the subordinates responsibility and fault. This will attract punishment measurements. Transactional leaders often do not pay attention when something operates as defined even if subordinates exceed their normal performance. However these situtations require extra appreciation to keep the moral of the subordinates up, to reward their extra effort in their work, because in the opposite case they will not feel that they should work with extra enthausism in the future. Transactional leadership does have many limitations but, however being a working method it is often used. When differentiating between management and leadership it is undoubtedly closer to management. There are several limitations in this approach as it only takes into account the rational follower who is driven by money and reward with a predictable beha viour. However it is not as simple to describe peoples behaviour because there are emotional and social factors. Behaviourism is what supports this leadership style but it has to be emphasized that in an economic situation where there is a need for skill and demand for employees this leadership styles would be often insufficient. It is essential that we differentiate between Leadership and Management. Often people use these notions interchangeably however there are major differences which need to be adressed. The main difference is how leaders and managers motivate people. Managers become leaders as well if there is a need to follow a path which is different form usual or something new. People who are inferior to a manager are called subordinates and there is a formal authority present. Naturally there are levels of power which is called seniority. On the other hand, leaders have followers who may be subordinates in case they are managers but following is a voluntary behaviour and thus formal authorial control needs to be given up. To win in business there has to be cooperation between management and leadership. It is truth that the aspects are different but both are essential. Leadership vision and strategy becomes the real achievement if it is managed effectively (Mullins) If within an organisation there is good leadership present it still requires an effective management team to carry out the objectives. It servers as a pillar and without it the result will be inefficient. On the other hand a good management team can not get proper feedback and directions without effective leadership. These aspects of the business need to work cooperatively and to achieve competitive gain a combination between skilled leadership and competent management is required. (Kotter 1990) We have discussed transactional and transnational style already and generally we can apply these theories when distinguishing between managers and leaders. As described, managers bear with authority and their subordinates carry out task as ordered and in return expect an agreed reward. Managers work for a company and usually do not make fundamental decisions. They are getting payed to work within à ¢Ã¢â€š ¬Ã… ¾tight constraints of time and money so it is natural that they expect the same working style from their subordinate s. Thus this is a transactional approach. However when leading people something more is needed than financial credit because followers have to want to follow you and perhaps go into certain situations they would not risk otherwise. Leaders have to inspire followers and appeal to them enough to make them believe in the goal. The power of this can be tremendous. A good example is Alexander the Great who was able to convince his warlords to be loyal for decades in his campaigns. This may happen trough a charismatic, transformaional style only when enough appreciation and attention is given. Leaders who have strong charisma often find that people will follow them and their ambitions because it does not only give them financial benefit but also has a positve effect on their lifes and personalities. à ¢Ã¢â€š ¬Ã… ¾They are always good with people, and quiet styles that give credit to others (and take blame on themselves) are very effective at creating the loyalty that great leaders engend er. A different aspect is the attitude towards risky decisions and and new methods. Leaders generally investigate these ways in order to improve the business and constantly look out for opportunities. They consider it part of their job to encounter problems and come up with new and better solutions. In contrast managers are risk aware and they stick to well working procedures and rules. In the always competitive world of businesses organisations need to constantly focus on improvement and change. Given the challenges which occur because of the competing companies over the market, the factor of leadership is very important. To complete the estimated mission and to make out the most of employee abilities trough the companys vision, effective leadership is necessary. Leadership is a force which manages organisational procedures and coordinates the employees to achieve the companys objectives. The actions of the leadership represent the organisation itself, motivate followers and encourage them to work in accordance of various ethics and values. To win in business coordination of the followers is fundamental because they are the core of the operation functions. Therefore a good relationship between leaders and followers is essential to achieve a good performance.