After the murder of Duncan Nothing goes Right for Macbeth and his Wife Essay Example for Free

After the murder of Duncan Nothing goes Right for Macbeth and his Wife Essay Shakespeare first showed Macbeth in the court of a newly crowned King James the First. Some people would argue that in places this was written as a piece of flattery for James the first. James was meant to be a descendant of Banquos and therefore Shakespeare shows Banquo to be a valiant and heroic character throughout the play. However, Shakespeare had to be careful what he said in the play, as he didnt want to upset the King. This play could be written as a piece of propaganda or a warning to anybody who went against the King. The play supports the Stuarts doctrine of the Divine Right of kings. This states that kings are appointed by God and therefore going against them is as sinful as going against God himself, the greatest punishment should be put against anybody who does so. This is shown all the way through the play up until the death of Macbeth himself. Macbeth starts the play as a great hero and is well respected by his fellow lords and friends. He has shown himself to be a great warrior and is referred to by some as Bellonas Bridegroom who helped to save Scotland from invasion by the King of Norway and an attack by MacDonald. Macbeth is highly regarded by the King, who calls Macbeth a valiant cousin, worthy gentleman. Macbeth is rewarded, by the King, the role of Thane of Cawdor after the previous Thane proved to be a traitor and tyrant. However, by the end of the play Macbeth is hated by all and is considered to be a traitor and tyrant. I believe that had Macbeth not have murdered Duncan, he would have carried on his good name and maybe gained the role of King without having to do anything to gain it. We can see that Macbeth starts to suffer from the murder almost directly after when he says that he thinks he hears a voice: Methought I hear a voice cry Sleep no more! Macbeth does murder sleep, This could be seen as the first part of Macbeths punishment for murdering the king. He has been cursed so that he can no longer sleep because he has murdered the king whilst he sleeps. We can see that this is true because throughout the rest of the play Macbeth does not sleep well again. Macbeth knows now that he will never be forgiven for what he has done and almost immediately regrets his actions and wishes that he could undo it. Macbeth panics after he does the deed and he murders Duncans guards before anyone goes into the room. He thinks that this will be seen as an act of courage and loyalty to the King but doesnt realise that instead he is getting rid the only other people that could have been blamed for the murder and taken the suspicion away from himself and lady Macbeth. In doing this Macbeth draws suspicion to himself straight away from Macduff who says, Wherefore did you so?. This is the first time we see Macduffs suspicions and they carry on to the very end of the play at which time he goes on to kill Macbeth himself. Macbeth realises Macduff and does not feel safe. Macduff shows the extent of his view of the murder of Duncan by not attending the coronation of Macbeth. Macbeth notices this and his fear grows. After becoming King, Macbeth realises that it does bring him nothing more. He becomes more and more suspicious of Banquo, who is beginning to query Macbeth over the murder of Duncan. Macbeth realises how big of a threat Banquo could be to him and says: To be thus is nothing, But to be safely thus: our fears in Banquo Stick deep. Macbeth is constantly tortured by the witches prophecy of the desendants of Banquo becoming King. If it were true then Macbeth would never built a true dynasty. Macbeth hates this thought and we see it plague him all trough the play. We then see Macbeths change. He orders Banquo and Fleance to be murdered. Yet, unlike the first, his wife is not involved and he hires criminals to do it for him instead of doing the deed himself. This, in my opinion, is the first time we see Macbeth going it alone and leaving lady Macbeth out of his plans. Macbeth believes that by killing Banquo and his son he will be preventing the second prophesy from coming true and put his mind at rest. However, the plan is not completely successful and Fleance escapes. Macbeths reacts to this by saying: Then comes my fit again:I had else been perfect Macbeth is saying that if that had not have gone wrong then it would have been perfect but now it has brought back his unsettlement because if Fleance still lives that means that the prophecy may still come true. His feeling of never having any satisfaction of king returns to him. Macbeth then has a banquet with all his lords and ladies and he gives the game away. He sees the ghost of Banquo sitting in a seat and in his shock and panic he begins to shout out in madness excuses for what he has done. Lady Macbeth tries to cover up for him but Macbeth carries on. The lords become ever more suspicious as begin to understand what Macbeth has done. After the lords have gone Macbeth tells his wife what he done to Banqou and I think this is when Lady Macbeth realises what her husband has turned into and what Kingship has brought him and her. After the feast the lords begin to feel that Macbeth is not a worthy king, referring to the feast as the tyrants feast. Lennox refers to the situation as: our suffering country Under a hand accursd This means that Scotland is under the rule of a hand (Macbeth) which is unworthy or bad. This tells us that Macbeth is growing more and more unpopular within the lords and he has now lost all of the respect and good name that they once gave him. Macbeth begins to fall ever more into despair and goes to see the witches for some more advice. They tell him that he is safe and gives a feeling of security. Macbeth now feels better but the witches then rob him of any happiness by reconfirming Banquos descendants becoming king by showing him an image of kings to come who all look like Banquo. Macbeth is now unhappier than ever and we can see the full extent of which being king has brought absolutely no satisfaction whatsoever. Macbeth, in his despair, says: I am in blood Steppd in so far that should I wade no more, Returning were as tedious as goer. This shows us a gory view of him wading through all of the blood of his victims and to turn back and try and do right would be as hard or tedious as it would be to finish off what he has started and to carry on with the murders. Macbeth has by now lost all of his kindness and any compassion that he once had. His lords are slowly deserting him and his wife and him are further apart than ever. From the beginning of the play Macduff has suspected Macbeth of the murder of Duncan and he now has proof enough to flee to England and join Malcolm. Macbeth has now turned bitter and twisted and vows that he will now do whatever he thinks without thinking about the consequences: From this moment The very firstlings of my heart shall be The firstlings of my hand. Macbeth then decides to do his worse deed yet, he orders the murder of Macduffs wife and child. This shows Macbeths lords openly that he is a true tyrant and nothing but a bloody killer. He now loses even more support when Ross leaves him. Not only does he lose support but he also gives Macduff even more reason for revenge and makes Macduff even more eager to overthrow him. Macbeth now realises that he has lost all his support and that he is hated over all the land and is close to despair. By now Macbeth has lost all human feelings that he once had and even when he learns of his wifes death he simply shrugs it off saying, she would have died hereafter. All feelings of love or hatred or guilty have now been wiped from him and he is now a bitter and lifeless person. He begins to believe that life has no meaning. When Macbeth learns of Macduffs oncoming he is not afraid and says, I will not yield lay on Macduff, he is saying that he will not retreat but instead will wait for Macduff and take him on. Macbeth is not afraid anymore and now just waits for his fate. Macbeth fights to his death and ends up being killed by Macduff in the final confrontation. We can see Lady Macbeths slow spiral of despair throughout the play to the point of suicide. She started off as an ambitious woman who was in love and who wants nothing but the best for husband. She assists in the murder and tries her hardest to make her husband gain Kingship. At the beginning she was in complete control of her husband and the marriage yet by the end she loses all of this and Macbeth pays no attention whatsoever to her. Being queen gives her absolutely no satisfaction and realises that all of the plans were nothing more than a complete waste of time. I believe that after the murder of Duncan nothing goes right for Macbeth and his wife. It eventually pushes Lady Macbeth to suicide and causes the murder of Macbeth himself. I believe that if they had not carried out the murder then Macbeth would have kept his good name and maybe the witches prophesies would have come true without any encouragement. Macbeth had everything and should have been grateful for it. Lady Macbeth became greedy and should have let her husband do what he wanted to instead of pushing him into the initial murder.

Risk Management For Huawei

Risk Management For Huawei HUAWEI is a well known company Providing Telecommunication business all over the world but risks cannot be ignored. The Purpose of this manual is to provide suggestion to handle the risks in the company functional areas The manual can be helpful in identifying the efficiency of the risk management system. Also can be beneficial in less attention risk areas. It will use the standards, policy and strategy of Huawei to identify the tools of the risk management system. The risk management should be parallel activity and must be well documented.For easy understanding the risk management system is divided in three Stages. Stage 1 Development of Strategy and vision for the risk management system with clear goals. This is beneficial for the awareness of the company employees. The engagement of the employees will increase the success of risk management. Risk aware culture will improve and work better of Risk management. This stage included the planning, roles and responsibilities, communication, resources and training of having level. Stage 2In stage2 the proposal for various areas are considered in risk management, which identify the responsibility of individual area and various kind of training is needed, a campaign should be create among the employes regarding risk management. Industry and market risk: Business: customer and market, product and innovation Operational risks: including Safety systems, Environmental risks, Human reliability, Organizational risk Financial risks: the risk associated to any form of finance (credit, market) Stage 3 In stage 3 identification of the process and the way of application in each individual area and the way to interwork build the process of risk management. Risk Identification: Manual in practical Statistics as input Risk Assessment:In the culture of the company the information about the risk management should be important part. Risk Response and Risk control. Proper Training of Risk analysis. To identify the need of training for the people whose responsibility is coordinating and implementing the risk management. The manual does not give direction for each area specifically, but will be the general guidance to need of implementation of risk management The responsible person in each area wil analyze and detailed knowledge That will make risk management successful. Competency Policy in Risk Analysis An organization may use a numerous methods and technique when risk mapping is implement . For risk analysis, there are a wide range of techniques used: HAZOP/HAZAN/FMEA/FTA Studies Statistical analysis of past incidents Consequence modeling Risk level Comprehensive Quantitative Risk Assessments Monte Carlo simulations Determination of individual/societal risks Determination of environmental risks In the light of the above manual personnel in the organization will have required experience for the described techniques. The policy will include evaluating the competence strength and weakness of the skills. It will also identify and shape the risks which apply to different people working in various departments.The realization of sophisticated methods used by experts. Creation of risk mitigation along with control plan with the option of implimintation. The input should be provided for the development of organization risk management system. Authorization of Risk Traning. The Managers working with other departments should be responsible for traning.Approval should be made by top management and ensure of the planning. .Relation to the market with competence considerations. Operational risks The risk factors may be caused due to deliveries and financial situation on the supplies side.one of the factor is long term dependency to supplier. Safety Regulations should be implemented. Production risk Risk Analysis Requirements Supplier risk Information Risk. Financial Risk. The Hauwei has made efforts to control Risks in its acatvities.Due to the expansion of the company internationally, new partners are entered and IT dependency increases new risks are created. Huawei has been affected due to currency inflation in the market. To mitigate these kind of risk arises from foreign currency exchange Huawei use cash equivalents, financial receivables, debt of short and long term. Types of Financial Risk Change in Currency conversion rate Interest rates Assets lost Economical risk . Management ReviewTo see status of the project and resource allocation management review is done. The analysis results of audits, preventive and corrective actions is done by management rivew.Due to management review some decisions can be made like increase resources:Imrovement in risk management process,machines,manpower etc The information management system can be introduced and be the out put for management review. . Some methods we can use: SWOT This technique is used on finding strength, weaknesses, opportunity and threats and then analysis of risk on the basis of our finding. In Huawei we keep on conduct SWOT analysis which can help in identifying and managing of risk.. Breakdown: Risk in break down is of great importance and should be checked regularly and preventive measure should be taken to minimize. Product Liabilities: liability like people must be kept into deliberation. Accept Risk Some of the risk may be of low importance and just accept without removing.The significant business risk may be formal and must be decided by senior managers. Avoid Risk Avoidance risk is to change business practices and no more exposed to specific risk. Transfer Risk To share some of the risk with other is called transfer risk we can take Insurance policy as a example. Risk management organizational levels Each member of the organization has to play a role in management system control,as it is the process dependent on the people.The role of individual people in risk control varies in organization .The most top management should define the rules for risk management and control.every body in the organization should have responsibility of controlling the risk. COMPTENCE ANALYSIS: Competence analysis in an organization can be done by interviewing the individuals or the teams and asses what needs to be done to improve the situation in order to minimize the risk of failure. In order to understand competence analysis we have to describe the level of competence so that we could compare the risks involved in different areas of the organization.A target framework derived from business strategies, plans, objectives and targets.Analysis of strategic requirements, gathered from the obtained framework. Covering all aspects of changes required regarding to that framework. Strategic, critical,declining and core competencies. Level of competence is different in different areas of an organization, depending upon the roles and responsibilities of the employees. We can make a competency model by dividing the organization into teams depending on their ability, experience and skills with more focus in the risk management area. In this way we will be able to see the important competencies in different departments. We split the competence levels into the following three: Low Medium High COMPETENCE MAPPING: Competence mapping is the process from which we can asses and determine the strength of workforce of employees to avoid any kind of risks. The employees play an important role in the success and development of an organization.We can use the competence mapping to identify the knowledge of the employees in risk management and then fill the gaps with the training. Competence mapping is a chart that shows the specification level. The present competence level and required level is marked in the chart with the diversified lines. The gap between the lines points out the required developments that must be addressed in the competence development plan. When the competence levels are evaluated, the competence mapping can be drawn. COMPETENCE GAPS: It is essential to define the competence gaps of the employers; because the performance of the employers depends in large part of skills of the employers. It is also very important for many organizations to define which skills, that the employers must have, are necessary for that particular area of the organization.Analyzing the Competence gap help us to identify which competence in risk management is needed for each employee. We can identify these gaps by comparing the current situation of the workforce and our future needs. If we have a rating between Current Requirements and Future Requirements and it is larger than the Competency that we posses that means we have a competency gap. This helps them improve and provide an environment for the implementation of risk management system. PLANNING FOR IMPROVED COMPETENCE SHORT RANGE AND LONGRANGE Risk management can not be seen as one time project, it has to improved and followed up all time. It is needed a plan for the improvement of the competence in order to make it works. Also it is very important to have a plan for improving the competence in a short and long range. After the evaluation of the risk management knowledge of the employees, the plan for the competence training short range will be developed. Once the competence gaps are found out, here are the required basic steps that must befollowed in order to develop a plan to overcome those gaps and to improve the competencies. Finding out the key skills required by the organization Evaluate the personals: To evaluating the personals and examine their levels in each of the relevant competencies. Requesting a feedback from stakeholders, colleagues and managers. Ordering and prioritizing the gaps: When it comes to focusing on closing the gaps, risk management department should choose the best option or way to cope it. It could beanother training class or a session with subject matters, reading for self-improvement subjects etc. Controlling the progress: The final step for the overcoming the competence gaps and improving them process should be monitoring the process that the risk department or committee have taken to increase the personnels competence levels. Once the committee is convinced that the target level for the personals is reached, they can close and improve the gap and move to the next priority area. IMPLEMENTATION PLAN FOR THE COMPETENCE TRAINING IN RISK ANALYSIS SYSTEM Since the word competence is quite important for the job performance, the role of managers to do the planning and implementation of training process is very critical. So, they should be very careful before and during the training process, since their misunderstandings could lead up the unexpected risks.Creating a training material is important to be ensure that this training is delivered to the right personnel at the right time.It is undeniable that using competency training and competency assessment provide theorganization to reduce risk and to improve performance by developing competency frameworks. Below, there are rules that should be taken into account when creating or implementing a competence training system in a risk analysis system; It is important for employees to be able to actualize their performance what they have learned during the training process and to be encouraged to apply their thoughts and opinions into the real case. This will allow them to be clear and be more precise while they identify, evaluate and analyzing the risk. It is clear that competence training is used within the risk analysis system of an organization in order to increase efficiency of employees current job performance.Competence training system should be well integrated to risk analysis system so that the attendances are active participants and able to create solutions to reduce the risk of the organization during and after the training system.A risk analysis system can be well done by applying the competence training to risk committee.This can provide the employers a better understanding and gives some real ideas in the field of risk management. PLANS FOR SECURING THE COMPETENCE NEEDED There is a need of reviewing the strategy for securing the competence needed, A plan for spreading the information within the company has to be reviewed all the time through the internal trainings, job rotation, documenting all the work done from consultants working in the different areas and spreading the culture of sharing knowledge among the employees. The risk manager has to be working very close to the managers of each area to identify the key persons and not allowing that a gap occurs when the person leaves the company, jeopardizing the projects and products quality Securing the competencies for an organization can be guided by an integration approach that is measured by the organizations strategy. As an instance, for an organization, in order to secure the necessary competencies, some actions can be taken such as developing and involving new skills and competence in the right place and right time.Enriching the value of expertise of the organization by clearly identifying the strategicareas.Additional training for the development by ordering and prioritizing the training programs.After the competence are determined, identifying a competence development plan byutilizing from career planning, experts opinion, guidance for recruitment etc. EVALUATION OF TRAINING RESULTS The evaluation of the trainings demonstrates that if this training has a positive or negative or no impact on the risk area.After defining the risk areas and objectives in these risk areas, these objectives can be evaluated by using a post-training evaluation form. About the content, methods, materials and delivery of the training, the participants opinions can be asked and they can asked to ratetheir satisfactions about these titles. After gathering these risk evaluation forms andparticipants opinions, the training workshops about risk areas can be revised and performed again. In order to evaluate the impact of the training on defined risk areas, an impact monitoring exercise can be performed. This can involve sampling from random trainersevaluations about these training. These evaluations can be a questionnaire which was fulfilled by participants about the trainings. AUDIT OF THE COMPETENCE SYSTEM To audit the competence of the system, the standards, guidelines and procedures should be identified. Standards determine compulsory requirements for auditing and reporting. They can be auditors skills, knowledge or experience, etc. Also the auditors should use professional judgments in their application. The aim of guidelines is to explain how to obey the auditing standards. Apart from these standards, guidelines and procedures, an auditor would be going in search of addressing these issues to audit an organizations compliance with the competence.The organization should evaluate the impressiveness of activities taken to meet competence needs and to make certain the needed competence has been gathered.The organization can use many kinds of techniques and tools like role-play,observation, reviews of trainings and employment records, interviews, etc. for theevaluation method of effectiveness of activities.The organization should determine what competencies are needed by team performing work which affects quality.The auditor should determine the approach to define these competencies for organization.To control the quality characteristics of products or processes, the competent personnel should be assigned.The auditor may survey job descriptions, testing or official examination activities,records of management reviews, definitions of responsibilities and authorities, audit records, customer complains, process validation records, etc. to verify the competenceof personnel for the work. IMPROVEMENTS AND CORRECTIVE ACTIONS Improvement opportunities during an audit can be documented to make certain corrections.Also problems can be related with the specific compliance areas and business processes so that high risk areas can be identified easily.Corrective actions are steps which are taken to address existing non compliance and make improvements. These actions take care of actual problems which have been occurred. They define the cause of these problems and solve them by removing causes. These corrective actions can be defined as problem solving processes. Problem costs can be determined so that resources can be set aside to areas where the business would utilize them with best benefit. PREVENTIVE ACTIONS The organization should define the actions to remove the causes of potential non conformities in order to prevent their occurrence. These actions should be defined properly due to the effectiveness of potential problems. The process of preventive actions can be defined as :Define potential problems and their causes.Evaluate the requirement for preventive actions for these problems.Define and execute the action needed.Record the results of preventive action and review it.

Market Analysis and International Investment

Market Analysis and International Investment 1-(A) From various editions of the Economist, collect time series data of Big Mac prices for 3 countries and assess whether Purchasing Power Parity (PPP) holds. Discuss whether the (Big Mac Index) is a good Price index to be used in this analysis. Answer: The economist’s Big Mac index shown in table 1 has been used since 1986 as an indicator aimed to assess how PPP (Purchasing Power Parity) stands against most traded currencies such us the US dollar. Before entering into further analyses, it is worth providing some relevant information on the PPP theory and assess whether the Big Mac index implicitly delivers points of comparison that subsequently reflect exchange rate parity conditions across 120 nations where this worldwide known burger is largely sold.[1] Purchasing power parity theory by Rudiger Dornbush (Salamanca School) attempts to explain that two currencies adjust in compensation owing to the difference between the rates at which the two countries under watch are inflating. In relation to this, the underlying principle of the PPP theory lies in the law of a single price. This law can be simply explained based on the commodities trade whereby companies around the world tend to purchase goods from countries where these are more competitive in terms of price.[2] Following this first hypothesis, there is a determination mechanism starting when goods are purchased abroad and at the same time the demand for foreign currency results in increasing the value of the currency and putting extra pressure on the price of the good itself. Based on this scenario, the PPP entails that two currencies should stand at a level where buying the same goods in the two countries is equivalent. Furthermore, the theory projects that real effective exchange rate will remain constant through time. Based on further research, this work lays out some elements that intervene as potential culprits for not letting the PPP system operates over a short and medium-term horizon. As a relevant consideration to the findings and major setback to the PPP theory, the foreign exchange market framework has changed considerably over the last years moving exchange rates from fixed to floating. In the same context, capital movements and internal policies now explain differentials in exchange rates rather than a simplistic scenario of supply and demand of goods.[3] For instance, in 1973 the oil embargo led unexpectedly the United States, Japan and Italy to depreciating their currencies as a result of currency pressure. According to Buiter and Miller (1992), the exchange rate accommodation mechanism has a much broader significance than the one explained by PPP’s scope; the exchange rate is a measurement of competitiveness as a progressive or â€Å"non-casual† variable. Therefore, exchange rate is a price that reflects an efficient international financial market as opposed to a predetermined state controlled through market forces exclusively. Supporting the previous introduction and with regard to the Big Mac index headway between two years in a row, PPP does not always hold. Moreover, due to the composition of the product, Big Mac does not reflect a truthful price index to determine whether an exchange rate is undervalued or overvalued. According to the economist magazine, Big Macs are not cross-border trading goods as approximately 55% to 60% of the product costing is represented by non-traded goods such us labour, rent and services. Therefore, a price index with no dependence on international trading cannot fully reflect exchange rate comparisons; every country has a unique competitive position mainly produced by internal structures and factors such us labour market, productivity and purchasing capacity. Purchasing power parity theory brings cear shortcomings and most of them can be determined superficially by the Big Mac index and its trend. The most commonly mentioned problems behind the use of PPP: Trade Barriers Changes in patterns of demand and output Similar purchasing patterns and taste in products Varying price indices Taxation Long-term vs. short-term outlook Table 1 shows full coverage for the Big Mac index over a large group of countries. As a complementary part of the analysis this work has chosen two currencies to compare against the US dollar and determine the PPP trend between 2004 and 2005. In 2004 the Big Mac price in the US was US$ 2.90 compared to US$1.26 in China and US$ 5.18 in Norway. In 2005 the corresponding prices represented an increment of the US price by 5.5% to US$ 3.06, 0.7% in China and 16.9% in Norway reaching prices of US$1.27 and US$6.06 respectively. Following the PPP theory, it indicates that exchange rates move to rectify changes in inflation rates. In 2004 China’s currency was 57% undervalued and Norway 79% overvalued; the model expects that an inflationary process in the US of 5.5% would have generated a rectifying movement to close gaps. On the contrary, while the Big Mac price index in the US rose by 5.5%, China’s currency dropped further from 57% undervalued to 59% and Norway continued the other direction and got appreciated dramatically from 79% to 98%. If Big Macs could be exported, no buyers would be looking at Norway since its real international competitiveness is far below. However, in terms of purchasing capacity the Norwegians are potentially capable of purchasing Big Macs as their income per head is considerably higher than in US and China. (B)Choose any two countries and collect (approximately) one year of daily data of a forward exchange rate, the spot exchange rate and the two corresponding interest rates. Can you make any arbitrage profits? Carefully discuss. Answer: To open the discussion about the exchange rate market and its relationship with interest rates, the answer introduces the concept of Eurocurrency market. This is a marketplace where participants make money through borrowing and depositing currencies at a price dictated by interest rates. In this regard, the transactions period varies as short as overnight and in some cases as long as five years. For this exercise the answer considers one participant and two currencies, US Dollar and GBP based on data from 2005 central bank statistics. On January 31st 2005, this person borrowed US$ 18’833.000 in the US and made the decision to arbitrage in GPB pounds. Diagram 1.0 illustrates the foreign exchange arbitrage based on the use of financial instruments to generate profits. Diagram 1.0 Source: Author calculations Borrowed at US$ 18’833.000 at 4.83% and one repayment at the end of the first year (365 day repayment of US$ 19’743.633) Evaluate potential arbitrage: Sell US$ 18’833.000 to buy sterling pounds at GBP/USD 1.8833 and obtained  £10’000.000 Made deposit of  £10’000.000 at 6.20% for 12 months and agreed to received  £10’482.999 Same take a forward contract to buy US$ 19’742.633 1year forward at sustaining GBP/USD at 1.8526 and sell:  £10’657.256; losses: ( £36.716) The arbitrage would produce losses as USD appreciates against the US dollar on a 12-month period; you cannot make profits. 2-(A) Discuss the importance of the exchange rate as an economic variable for international investment decisions or for importers and exporters. Answer: Exchange rates are a key factor that concerning their mechanisms of adjustments and vulnerability originates differential positions and volatility risk within an economic outlook. In relation to this effect, Buiter and Miller’s approach (1992) explains that monetary policies combining prices stabilisation, capital freedom and rational expectations in the foreign exchange market produce a â€Å"transitional† effect on the level of international competitiveness and leave industry sectors exposed.[4] For financial assets and exchange rates levels, international trade activities have rapidly evolved into a more developed and complex sector that operates freely within a global economic system and lead economies to frequently reaching higher levels of surpluses or deficits. On a daily basis scenario, portfolio strategist search for competitive positions worldwide that match investment targets. Concerning the structure of the investment, foreign exchange forecasts are a driving force at the stage of resources allocation and use of financial instruments (Derivatives). But how the exchange rates intervene as a decisive economic variable and in which sectors they deliver benefits or vice-versa? Milton Friedman gives his opinion to this question, starting by responding on the effects over exchange rates through monetary policies; he says â€Å"†¦..monetary policy actions affect asset portfolios in first instance, spending decisions in the second, which translate into effects on output and then on prices. The changes in exchange rates are in turn mostly a response to these effects of home policy (on output and prices?) and of similar policy abroad†¦..†[5]. If one assumed Friedman’s comments, domestic policies move exchange rates affecting decisions in a certain order. With regards to international trade, one of the most compelling examples on how exchange rates affect the performance of particular sectors compared to others is the case of the British economy. On one hand an overvalued pound has jeopardised to some extent the lack of competitiveness of the industrial production and exports in the UK by soaring internal prices and changing the productive structure of the country. Conversely, on the other hand the levels of interest rates together with a strong currency have triggered capital inflows, which are being allocated on different asset classes and also in the continuous boost of service sectors (i.e. Financial Services). To understand the mechanism linking imports and exports with exchange rates, Maurice Levi (1990) explains that on a supply and demand setting the supply curve of a currency illustrates the quantity of that currency supplied and the price of the currency, given by the exchange rate, the supply curve of a currency is calculated as a result of a country’s demand for imports. This event occurs when buyers pay for imports that are sold in foreign currency, then the country’s recipients of the goods must sell their domestic currency for the requested foreign exchange and when imports are invoiced in local currency the foreign beneficiary of the currency sells it. In any case imports result in the country’s currency being supplied. The amount of the currency supplied is equal to the value of imports.[6] On the contrary, the demand curve for a currency shows the value of the currency that is demanded at each likely exchange rate. The need to buy a country’s currency takes off from the need to pay for the country’s exports; the currency’s demand curved is derived from the country’s export supply curve, which shows the volume of exports at each price of exports[7]. To summarise the answer, exchange rates send strong signals to both, portfolio investors and international traders; however the degree of the effect varies depending on the competitive position of the economy. In terms of traded goods, exchange rates place the level of international competitiveness of goods compared to the same goods in other country. On investment allocations such us bonds and equities, an exchange rates outlook is essential to sustain or withdraw positions. In relation to investments, exchange rate risk is generated by uncertainty in the future exchange rates at which the asset or liability will be converted into dollars. Thus, bonds, foreign stocks, real estates and accounts receivable and payable may be subject to exchange rate risk if their value in home currency is beaten by exchange rates. Concerning imports and exports of services such us tourism, banking services, consulting, engineering amongst others react to exchange rates variations in the same way as imports and exports of goods. (B) Collect data for 3 countries of your choice and assess the importance of the exchange rate for international equity investors. Use different investment horizons. Equity investors react to market sentiments, set out overall investment positions and individual strategies underpinned by economic forecasts. Decisions are based upon a group variables and future scenarios; for instance it is widely recognised the existing inverse relation between interest rates and equities. When interest rates are moved up by major central banks such us the Federal Reserve, European Central Bank (ECB), Bank of England and Bank of Japan, shares lose momentum and in most of the cases fall. In terms of foreign exchange conditions, investors go long on equities when they feel comfortable with correct valuation of the currency and if the economy’s balance of payments works in line with the external position of the country. In other words, the exchange rate is determined by the aggregated equilibrium between currency demand and supply. If any country is not in the position to sustain its competitiveness on its currency it sends strong signal for investment decisions. The following three countries US, UK and China have been selected to understand how bursaries respond or relate to changes in exchange rate: US Dow Jones (1-Y Horizon) US is a highly liquid market, Chart 1.0 shows market transactions above 2 billion US dollars a day sustaining levels over 1 year horizon. The Dow index moved up from 10500 (approx) in June 2005 growing by 3.8% (approx) to June 9th 2006. In chart 2.0 Euro gains grounds on the US dollar by almost 5% over the same period as shown on the Dow Jones outlook above. Thus, Euro appreciated by 5% against US dollar and Dow Jones with a slight growth without losing transaction levels. Hence, no particular direct correlation is found on the two variables (Exchange rate and Stock Index). However, it is relevant to clarify that more components such us interest rates expectations, unemployment levels in the US and Euro land, mortgage activities, retail index and companies profitability have an effect on these trends. UK FTSE (2-Year Horizon) In a 2-year Horizon, FTSE shows strong momentum soaring by 22% (approximately from 4500 to 5500); uptrend with a relevant drop in June 2006 due to oil prices and decision on interest rates accommodation by the FED and ECB. This analysis in terms of the pound outlook shows two scenarios for the currency. In 2004 starts at GBP/USD1.82 falling to its 18-month lowest level to 1.72 (5.8%), then it picks up again and in less than 5 months rebounds to 1.85. Again the analysis does not find a direct relationship between a positive steady FTSE trend and sterling variations. CHINA Shanghai Composite 6-Month Horizon The third example involves Chinese Yuan and US Dollar, which have experienced international trade growth five times faster than in 1990s decade. On one hand, Chinese moved from being the 9th most important destination for US Exports to being currently the 4th delivering an impressive uptrend in 2005 above 20% increase (United States Trade Representatives, 2006). On the other hand, the effect of Chinese exports has been stronger, in 2004 china’s trade surplus with the US increased by 24.5% to 202 billion US dollars, the largest between two economies according to the Economic Policy Institute in 2006. Over the last 6 months, the Chinese Yuan has not followed a revaluation against the US Dollar; as it would have been expected due the international trade context explained before (only 2% appreciation). In relation to the Shanghai composite index, it has experienced spectacular growth outperforming other stock markets (44% increases in the same period). Based on these figures, the analysis indicates, exchange rate is not the driving factor to buy stock in China; investors continue forecasting strong growth in Chinese listed companies due to strong internal market performance, domestic consumption as well as industry development. 3- Today is the 16th of December 1998.You are a small importer/exporter having to pay  £5,000,000 on the 26th of February 1999.You are concerned about exchange rate risk and you are considering using currency futures to hedge your currency risk. What would be your hedged and unhedged outcome with hindsight? Carefully explain what will happen over this hedging period with your margin account. One Pound Sterling futures contract is  £62,500 and the initial and maintenance margins are $2,295 and $1,700 respectively. Answer: (Using spreadsheet â€Å"Market†) and concepts from Brian Kettell (Financial Economics p321-330) In futures the principle is to sell what is overpriced and buy what is underpriced. In this example if the GBP/USD is overpriced (futures) less US dollars per Sterling pounds you should sell the futures contract on February 26th 1999 (Long Position in the Spot Market), which means purchase GDP/USD at the Spot Rate Spot Price Futures GBP/USD 1.6750-08 1.6060-1.5998 (at a Premium) The advice for the US importer is to protect the US value by hedging 80 contracts of Sterling Pounds using futures contracts. However, in this case the US dollar as of February 26th when the payment will be made, the futures price shows a US dollar at a premium, which means, the dollar will appreciate. Action: Unit of Trading  £ Pounds Go long in the future market selling your futures contract (right to deliver at 1.6060) and holding on at the the Spot Market. Currency Hedge US dollar against British Pound:  £5.000.000 at a spot rate February 26th 1999: Action buy future Contracts:  £62.500 Number of contracts: 80 Value locked on December 16th 1998:  £62.500 x 1.6750= US$ 104.687 Value of each futures contract on February 26th 1999: £62500 x 1.6060 = US$ 100.375 Net Profit of each contract: US$4. 312 x 80 = US$ 344.960 (Hedging profits) At the end of the period, without hedging you would have benefited as US dollar got appreciated. However, with hedging you will obtain profit margins of US$ 4312 in each contract improving your initial margins. Bibliography Bank of England Statistics available at: http://www.bankofengland.co.uk/statistics/index.htm Economic Policy Institute available at: http://www.epinet.org/content.cfm/webfeatures_econindicators_tradepict20060210 The Economist Big Mac Index available at: http://www.economist.com/markets/bigmac/displayStory.cfm?story_id=4065603 Federal Reserve Statistics available at: http://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Kettell, B. (2001) Financial Economics, Making Sense of Market Information: Prentice Hall: London Levi, M (1990). International Finance, the Markets and Financial Management of Multinational Business. McGraw-Hill Series in Finance: United States MacDonald R, Taylor M, (1992). Exchange Rate Economics Volume I â€Å"Monetary Policy and International Competitiveness: The problems of adjustments Willem H. Buiter and Marcus Miller, Published by Edward Elgar: England Walmsley, J. (1996). International Money and Foreign Exchange Markets, An introduction. Published by John Wiley Sons Ltd Baffins Lane Chichester. West Sussex Appendix Appendix I. Daily Data End month average Daily forward weighted interest premium/discount rate, instant Daily average of 4 rate, 12 months, US Spot exchange rate, access deposit, UK Banks base rates Dollar US $ into Sterling Bank branch accounts IUDAMIH XUDLDFY XUDLUSS IUMTHAI 04-Jan-05 4.75 -3.075 1.8833 n/a 05-Jan-05 4.75 -3.005 1.8881 n/a 06-Jan-05 4.75 -2.97 1.8754 n/a 07-Jan-05 4.75 -2.925 1.868 n/a 10-Jan-05 4.75 -2.905 1.8748 n/a 11-Jan-05 4.75 -2.85 1.877 n/a 12-Jan-05 4.75 -2.895 1.8932 n/a 13-Jan-05 4.75 -2.85 1.8806 n/a 14-Jan-05 4.75 -2.755 1.8684 n/a 17-Jan-05 4.75 -2.715 1.8593 n/a 18-Jan-05 4.75 -2.85 1.8669 n/a 19-Jan-05 4.75 -2.895 1.8769 n/a 20-Jan-05 4.75 -2.93 1.8706 n/a 21-Jan-05 4.75 -2.92 1.8693 n/a 24-Jan-05 4.75 -2.94 1.8757 n/a 25-Jan-05 4.75 -2.89 1.8647 n/a 26-Jan-05 4.75 -2.955 1.8815 n/a 27-Jan-05 4.75 -2.945 1.8864 n/a 28-Jan-05 4.75 -2.935 1.8829 n/a 31-Jan-05 4.75 -2.92 1.8859 2.18 01-Feb-05 4.75 -2.9 1.8799 n/a 02-Feb-05 4.75 -2.895 1.8848 n/a 03-Feb-05 4.75 -2.84 1.8794 n/a 04-Feb-05 4.75 -2.885 1.8858 n/a 07-Feb-05 4.75 -2.835 1.8657 n/a 08-Feb-05 4.75 -2.855 1.8561 n/a 09-Feb-05 4.75 -2.965 1.8578 n/a 10-Feb-05 4.75 -2.95 1.8712 n/a 11-Feb-05 4.75 -2.96 1.8654 n/a 14-Feb-05 4.75 -2.945 1.8869 n/a 15-Feb-05 4.75 -2.935 1.8872 n/a 16-Feb-05 4.75 -2.83 1.8786 n/a 17-Feb-05 4.75 -2.81 1.8906 n/a 18-Feb-05 4.75 -2.79 1.8944 n/a 21-Feb-05 4.75 -2.8 1.897 n/a 22-Feb-05 4.75 -2.9 1.9057 n/a 23-Feb-05 4.75 -2.985 1.906 n/a 24-Feb-05 4.75 -2.955 1.9077 n/a 25-Feb-05 4.75 -2.89 1.9153 n/a 28-Feb-05 4.75 -2.89 1.9257 2.18 01-Mar-05 4.75 -2.875 1.9198 n/a 02-Mar-05 4.75 -2.94 1.9101 n/a 03-Mar-05 4.75 -2.9 1.9084 n/a 04-Mar-05 4.75 -2.885 1.9258 n/a 07-Mar-05 4.75 -2.87 1.9139 n/a 08-Mar-05 4.75 -2.86 1.9311 n/a 09-Mar-05 4.75 -2.835 1.9212 n/a 10-Mar-05 4.75 -2.77 1.9236 n/a 11-Mar-05 4.75 -2.72 1.927 n/a 14-Mar-05 4.75 -2.64 1.9119 n/a 15-Mar-05 4.75 -2.61 1.9157 n/a 16-Mar-05 4.75 -2.65 1.9284 n/a 17-Mar-05 4.75 -2.595 1.9237 n/a 18-Mar-05 4.75 -2.555 1.9155 n/a 21-Mar-05 4.75 -2.515 1.8962 n/a 22-Mar-05

Walmart :: essays research papers

http://laplaza.org/~totem/econ.html Retail Business, Jobs, Taxes and Prices in Taos Support your friends and neighbors and local businesses. Say NO to an SS Wal-Mart! Since Wal-Mart came to Taos, the number of retail businesses decreased from 438 to 231. In the last five years alone, retail jobs decreased from 3156 to 1500. (US census, pub 1/2003) Those closed businesses and the lost jobs supported community members, their children, their employees, and the stores in which they shopped. More local businesses will close after a Wal-Mart superstore comes to town. If businesses close at the same rate, Taos will lose 47% of its current retail stores and 54.5% of its retail jobs in a few years. What do we tell the families who have lost businesses or jobs that pay a living wage? Will as many tourists visit when we have fewer restaurants and shops because Taose�os can't afford to support them during the year? Can local banks stay open with fewer local business and worker deposits and when Wal-Mart deposits its money at night and withdraws it in the morning? How long will Wal-Mart remain profitable and open when fewer people have money to spend? Gross Receipts Taxes In 1998 Wal-Mart accounted for only 4.6% of the total taxes due Taos from all industries. (NM Taxation & Revenue Dept. and Wal-Mart) Do we change our land use code because Wal-Mart wants to blanket the country? What do we say to the hundreds of people who worked three years to produce Vision 20/20 and our land use code? Do we change our code that would support a local economy of thriving tourist and local-serving businesses, cottage industries and home businesses, agriculture and small sustainable industries that do not negatively impact the environment? What do we leave for our children and grandchildren? Food Prices Wal-Mart tells shoppers that they have low prices. However, a comparison of prices between the Taos food stores and the Wal-Mart superstore in Espanola shows:

The Texture of the Sixth Poem of Song of Myself :: Song of Myself Essays

The Texture of the Sixth Poem of Song of Myself In number six of Whitman's poetic series "Song of Myself," it seems that he is trying to convey the point that to die is not what people make it out to be. Whitman throughout many of the poems in this series, describes death as "lucky" and beneficial. He also explains how death leads to the beginning of life in this poem. The tone at the very beginning of this poem seems a bit youthful. Especially when the question "What is grass?" is posed to him by a child. This opening line gives you a great mental picture of a child about the age of five or six, walking up and asking innocently a question that you cannot answer. By using the line, "fetching it to me with full/ hands;" Whitman gives you that image right from the beginning. From there he goes into this sort of naïve tone, guessing what grass means. By doing so he shows himself to be mortal and not all-knowing. During this time in the poem, he gives beautiful metaphorical imagery, comparing the grass to other things and illustrating a better idea of what the grass is. Also during this speculation period, the wording becomes denser, as the ideas become complex. Whitman moves from the single-lined "childish" voice, into the adult stage of the poem. Here, he becomes surer of what the grass is and does less guessing. Around line 101, Whitman starts toward the turning point in the essay, describing the death aspect of the grass. Words like "dark" change the mood of the poem to a slower, sadder state. At line 110, the poem takes a sudden change and reads much quicker. It changes into a kind of argument and Whitman speaks more affirmatively. Now it seems as if he has been enlightened and understands what the grass is. The feeling of death changes to life and darkness changes to light. In a subtle way, he gives the reader a feeling of lightness and life, because in the last four lines he begins all of the lines with "A's" and as you read it you get that choral "Hallelujah" feeling. Whitman shows you the light. He tells you why death is a good thing. There is no more fear. "To die is different from what any one supposed, and/luckier.

Ap Psychology Intelligence

Intelligence In my high school your intelligence level is based on your ability to master material in difficult courses, which is quite different to people the same age in the Amazon rain forest. Their intelligence level is based on their knowledge of the medicinal properties of local plants. In both of these very different locations intelligence is the ability to learn from experience, solve problems, and use knowledge to adapt to new situations. General intelligence is also known as the g factor. To be labeled as intelligent would correlate with a high g factor.There are also the theories of multiple intelligences, which include Gardner's eight intelligences and Sternberg's three intelligences. Gardner's eight intelligences include abilities in linguistics, logical-mathematics, music, spatial awareness, body-kin esthetics, interpersonal relations, interpersonal relations, and nature. Gardner views intelligence as multiple abilities that come in different packages. For example, in t he cases of people with Savant Syndrome who often score low on intelligence testing, yet have one area of intense brilliance, such as the Rain Man.Sternberg's three intelligences include Analytical(academic problem-solving), Creative intelligence, and Practical intelligence. Analytical intelligence is assessed by intelligence testing, with question having only one correct answer. Creative intelligence is shown by how people react to new situations and create new ideas. Practical intelligence is needed for every day problem-solving, with problems having many possible answers. Creativity is the ability to produce ideas that are both novel and valuable. Exceptionally high scores on intelligence tests support the presence of high creativity.Sternberg identified five components of creativity, which include; Expertise(well developed knowledge base), Imaginative thinking skills, A venturesome personality, Intrinsic motivation, and a creative environment. To boost your creativity it is best to develop your expertise by finding something that you are passionate about and become an expert on it. Next, you need to allow time for incubation, which means, give your mind plenty of time and rest to make connections with the wealth of knowledge you have exposed yourself to. Then, you need to set aside time to let your mind roam freely.That means television, computers, and video games are off the table. Instead, go for a walk, jog, or meditate. Lastly and most importantly, experience other cultures and ways of thinking. Travel to many different countries and soak up the culture through common activities and quality time spent with native peoples. Emotional intelligence has four main components, which include, perceiving emotions(to recognize them in faces, music, and stories), understanding emotions(to predict them and how they change and blend), managing emotions(to know how to express them in varied situations), and using emotions to enable adaptive or creative thinking.Thos e who are emotionally intelligent are often more successful in careers, marriage, and parenting situations, as compared to academically smart people. It is believed that there is a strong correlation between brain size and intelligence. For example, Lord Byron's brain was approximately two pounds heavier than the normal three pound brain. In another case Albert Einstein's brain was studied and was found to be 15% larger in the parietal lobe's lower region, which is the area for mathematical and spatial processing. How fitting!Another strong correlation lies between neural processing speed and intelligence. This correlation is the result of one of two possibilities. Perhaps people who process more quickly accumulate more information, or processing speed and intelligence share an underlying genetic influence. How is intelligence determined, and then given a numerical value? Tests are made by psychologists, but what makes the tests themselves credible? The whole idea of testing intelli gence came about around the same time that France made it mandatory for children to attend school.To know what children needed special schooling, a test to determine mental age was created by Binet. Mental age is the chronological age that most typically corresponds to a given level of performance, typically associated with a certain chronological age. For example, an average seven year old would have a mental age of seven, but if a seven year old is above average he/she may have a mental age of eight or above. The test created to determine mental age is referred to today as the Stanford-Binet, it is the American revision of the original intelligence test.Using the mental age a person's intelligence quotient(I. Q. ) can be determined. I. Q. Is the ratio of mental age to chronological age all multiplied by 100. There are two main types of modern tests to test mental abilities, and they are achievement tests and aptitude tests. Achievement tests are designed to assess what a person ha s learned. Examples of achievement tests include course exams, intelligence tests, and driver's license exams. Aptitude tests are designed to predict a person's future performance; aptitude is the capacity to learn.Examples of aptitude tests are the S. A. T. and the A. C. T. What are the principles of intelligence test construction? To understand this we first need to understand standardization and the normal curve. Standardization is defining meaningful scores by comparison with the performance of a pretested group. The normal curve is the symmetrical bell-shaped curve that describes the distribution of many physical and psychological attributes. Most scores fall near the average, and fewer and fewer scores lie near the extremes. Next, we need to understand reliability and validity.It is very important to have reliability in standardized testing. Reliability is the extent to which a test gives consistent results, as assessed by the consistency of scores on two halves of the test, o r on retesting. High reliability does not promise a test's validity. Validity is the extent to which a test measures or predicts what it is supposed to. What are dynamics of human intelligence? They are about the stability over the life span of a person, and about the extremes of intelligence. As you age your intelligence can either increase or decrease, as it is all in your power.Intelligence in correlation with aging comes in three stages: Phase I: Cross-Sectional Evidence for intellectual decline, Phase II: Longitudinal Evidence for Intellectual Stability, and Phase III: It all Depends. Phase I concludes that the decline of mental ability with age is part of the general aging process of the organism as a whole. Phase II concluded that until late in life, intelligence remained stable, sometimes even increasing. For example, John Rock developed the birth control pill at age 70, and Frank Lloyd Wright designed N. Y. C. ‘s Guggenheim Museum at age 89!Phase III concluded a perso n's crystallized intelligence increases until you die, but a person's fluid intelligence decreases beginning shortly after the twenties and very rapidly after age 85. The correlation between intelligence and age all comes down to phase III†¦ it really does all depend! In conclusion, there are many factors when determining the levels of intelligence of human beings. Some of them are creativity, emotional intelligence, testing methods, age, and many more. Whether you are an American high school student, or a teenager in the Amazon rainforest determining intelligence is very much the same.

An analysis on leaderships’ effect on culture Essay

Facts ConnectCo is an outbound call center in Toronto, Ontario and is the Canadian Subsidiary of a U.S. marketing and sales consulting practice. The parent company has provided services to Fortune 500 companies over its five years of operations and employs approximately 75 people. ConnectCo has annual revenues of $29.4 million, with Symbol Office Solution as their biggest account at $20 million annually, for a contract length of three years. This contract awarded ConnectCo net profits as high as 35% of sales. What ConnectCo offers to clients is the convenience and cost savings of removing a costly field sales force and replaces them with a more cost efficient outbound call center. These call centers help customers with technical problems, provide new equipment updates, and disseminates knowledge about new technologies or equipment. The Symbol account, as previously mentioned, provides a significant sum of ConnectCo`s total revenue and was first negotiated by Charlie Gallagher, the vice-pre sident of Canadian operations, and is managed by Chad Macdonald. Joe Davis is a passionate and experienced consultant that has worked closely with clients to identify and implement solutions to very specific problems. He joined ConnectCo hoping to learn from the pool of experience that he saw within the organization, with the majority of them being former Xerox employees with considerable knowledge in increasing sales. His role in the organization was to ensure that the level of service that ConnectCo provided met or surpassed the needs of clients. As per his position within the company he was the first to notice the discrepancy within the Symbol account. The contract that was signed between ConnectCo and Symbol required that there be a certain number of Inside Account Executives (IAE) that be trained at all times and at a phone making calls in the client`s interests. The recent decline in the IAE pool has left several seats open, with no calls being placed on behalf of Symbol, however they were still billing the customer as if the seats where all operating at full capacity while they should only be billing them for filled operators. The amount of the discrepancy totals $81000. The terms of the contract have been modified several times over its effective term with the first being an extension of the contract and the notice of intent to develop mutually agreed to service levels. Service level targets were never established. Symptoms The four factoring symptoms are communication, trust, accountability, responsibility and integrity. These symptoms are the leading cause for Connectco’s inability to run operations smoothly and effectively. The lack of communication within Connectco is causing headaches for Davis as information continues to be blocked by â€Å"noise† within the company. The communication is next to nonexistent from the top of the hierarchy to the department managers within the company. The lack of trust throughout the company is not helping their cause when trying to create an effective and demanded product for fortune 500 companies. There is little trust betwee the top managers and employees that they will complete their respected jobs at hand with the level of trust level between employees and managers decaying over time and as the situation worsens. Accountability is near nonexistent within the organization. Davis is not able to hold his manager accountable because of his past record in doing so. Accountability is crucial in order for Connectco to run smoothly in the future. Conflict frequently causes employees to look to offload their work onto others to not be responsible for failure, as in the case of Chad Macdonald passing the role of dealing with the Symbol account off to Joe Davis. Finally, there is little integrity. Dealing with the account neither Chad nor Charlie believe that the best solution would be to deal with the problem and would both prefer to make a decision that would go against the main values of the corporation that includes trustworthiness. There is a valid case of values incongruence within ConnectCo. These four main symptoms are major attributes to the problems faced within Connectco and are the four elements that may be the solutions to solving Connectco’s organizational problems in the near future. Problem Statement ConnectCo`s current situation is the direct result of the poor corporate culture as evidenced by the symptoms that are present. This culture stems from the leadership`s poor ethics and lack of values and has cascaded to the rest of the organization. Joe Davis, the new manager of the Planning and Reporting department for ConnectCo, began his new job about a month ago finds himself in the uncomfortable situation of questioning the morals of his coworkers that has led to the jeopardized relationship between ConnectCo and their largest client: Symbol Office Solutions. Joe must decide how to approach this conflicting situation as a new member of the company without compromising his own morals and values. Analysis In evaluating the relevant models to address the problem statement there is one model in particular that effectively incorporates several of the models needed to perform an analysis of the corporate culture at ConnectCo; Edgar H. Schein’s Model of Organizational Culture. Schein’s model is the most relevant to identify the reason for the symptoms and problems currently facing ConnectCo. The incorporation of the many different aspects to identify the culture of an organization including atifacts, shared values, and shared assumptions enables a thorough review of the culture present at ConnectCo. The following analysis will break down Schein’s model and evaluate each section with the following relevant analysis to get a better understanding of the situation. It will be presented in the following order; artifacts, shared values, shared assumptions. Artifacts Communication within the ConnectCo organization does not represent the ideal scenario for a well-run organization. This lack of proper communication and clarity is unfortunately spilling over into its business dealings with clients. Both represent one of the most evident aspects of the artifacts of the company, the cultural norms that are evident to others and neither is impressive. To begin, this analysis will focus on internal communication and then shift focus to the external communication with other organizations. â€Å"Davis opened up a new message and types a simple e-mail, in case Gallagher picked it up with his Blackberry†. This is but one example of the many e-mail conversations that take place within the ConnectCo organization. The situation that ConnectCo finds themselves in is extremely complicated, owing a client a credit for $81000, yet the medium with which Joe Davis chose to use to relay his message was e-mail. A quick analysis of the media richness hierarchy model shows that in this particular situation, which can be easily identified as non-routine and ambiguous, this medium carries too little data-carrying capacity. If ConnectCo is going to come up with a solution they are going to need to switch to a much richer medium such as face-to-face to get a better understanding of the issue and come up with better outcomes. A second occasion that warrants investigation is the initial email from Joe Davis to Charlie Gallagher. In this initial email he again used to wrong medium to convey the breadth of the issue that is ambiguous and non-routine. Charlie chose to respond in an email as well, with nine words. This will play a factor again in the analysis of the shared values, more specifically the espoused values that leadership (Gallagher) conveys. Communication between the organizations is also very weak, speaking to the weak cultural artifacts of the ConnectCo organization, and possibly Symbol. It has been acknowledged that they do indeed have face to face communications with their customers, Gallagher does meet with Puhl for golfing events face to face, this does not represent an ideal time, however, as the venue is much to informal to discuss business matters as public meetings contain significant noise, literally and figuratively, that may lead to the message being decoded incorrectly. The rest of the communication between the two parties, even between the account relationship manager Chad MacDonald and Steve Puhl was done either by telephone or by email. Another aspect of the artifacts of communication that deserves attention is the construction of the contract. Again, the communication process model is most relevant and one of the simplest ways to word the breakdown is that the contract contained too much noise and was not properly decoded by ConnectCo. The ambiguity of the contract comes from many revisions, some of which were not even available to the relevant employees such as Joe Davis and using words such as â€Å"notwithstanding† which was interpreted differently by Joe Davis, Chad MacDonald, and Charlie Gallagher. This occurred because the contract was not descriptive enough. Another aspect to the artifacts portion of the model of organizational culture is the ceremonies that take place within the organization. These ceremonies are used by certain employees and management to get the attention of an audience. In this particular situation the most evident are the golfing trips that Gallagher takes with clients to cement his position as the most important contact to the clients. And finally, the organizational structure, which has a great effect on culture. ConnectCo currently has a client structure, as negotiated within the contract agreement, the organization will maintain a set number of staff specifically to service that account. Espoused Values â€Å"Our values reflect what is important to us. They are a shorthand way of describing our individual and collective motivations. Together with beliefs, they are the causal factors that drive our decision-making.† (http://www.valuescentre.com/values/?sec=values_overview) The above quote reflects what should be the core of any business, the values shared by all of the different employees congruent to the plan laid out by management for the success of the organization. In Schein`s model shared or espoused values represent the second of the 3 components and the first of the invisible dynamics, as in they cannot be easily observed by others. Richard Barrett, author of Building a Values-Driven Organisation: A Whole System Approach to Cultural Transformation believes that values can be either positive or negative and each can have an equal and opposite effect on the corporations culture. The espoused values must begin as an individual value through some authority figure, such as a founder, senior management, or even an individual with significant power within an organization. These individuals` culture then influences their immediate coworkers, the teams with which they operate, then the organization as a whole. These individuals can therefore set the values for the whole organization regardless of what the dominant culture of the organization through countercultures. â€Å" The culture of an organisation, or any group of individuals that share a common identity, is a reflection of the values and beliefs of the leadersâ€Å". (http://www.valuescentre.com/leadership/?sec=leadership__culture) With limited information on the dominant culture of ConnectCo as established by its American head company, which include integrity and trustworthiness, it can only be assumed that the culture that prevails at Connectco is a subculture of the organization as a whole. The following analysis suggests that the counterculture present in ConnectCo is the direct result of the actions of Charlie Gallagher. As the leader in the organization Charlie has had a profound effect on the values and ethics present within the organization. His handling of the Symbol account clearly demonstrates his values and ethics. His position as leader and culture setter warrants investigation based on several components. First, the competency of his leadership will be analyzed incorporating an analysis of his personal values and the source of his power. To begin, Charlie possesses several characteristics of an effective leader. He has significant self-concept, his personality skills are high, he has the motivation to be a leader, and significant knowledge of the business. These competencies push those that work for him to have the same skills as demonstrated in Chad MacDonald; however, his low integrity has also been transmitted to other co-workers. By encouraging Davis to p lay with the numbers and do things that were out of the contract he shows his low integrity. This has led to a lack of trust that is evident from Joe Davis and several other members of the ConnectCo staff throughout the handling of the symbol account. This is not the only negative quality that has displayed. Gallagher also exhibits limited cognitive and practical intelligence. His recommendation to simply `go with the lowest cost` shows a lack of understanding of the situation (and going back to communication) the ambiguity of the situation , this has pervaded to his employees where Chad was more than willing to agree to a band aid solution going against ethical business practices. Neither fully understands the situation and Chad was more than happy to hand off the problem to Joe Davis even though he was the relationship manager on the account and dealing with clients is outside of the scope of work for Joe Davis. The reason for Gallagher`s lack of integrity can be easily explained through the Swartz values circumplex. Clearly, Gallagher is more focused on self-enhancement, his need for achievement is evidenced through the fact that everyone must know that he is the one that negotiated the Symbol account and demonstrated through his golf business trips, as well as his refusal to accept responsibility for poorly negotiating a contract and failing to adhere and communicate the contents of the contracts that he signed. He is also a leader that craves power and prefers significant power distance, as proven by his screening of his employees’ calls and not showing up to the meeting with Joe Davis and Chad MacDonald to clarify the contract for them. Both of these values compromise his integrity and unfortunately those values are only two that his leadership has caused the rest of the organization to adopt, the need for security security being another. Gallagher`s aforementioned need for power is also affecting the culture of the organization. His handling of the Symbol account and the contract shows that he uses a wheel formation of information control to maintain power within the organization. By him going golfing with the big shots at Symbol rather than relationship manager Chad, shows that he needs to maintain that control of information which in turn gives him control over Chad and the account. This is combined with Joe Davis` perception of an upward appeal within the organization that made him rethink his ability to go to the higher ups with the information because he believes that the management will take the side of Gallagher given that they are both MBA graduates. Fear is an influence tactic that Gallagher has wielded to maintain order and obedience from his employees through his connection with the president. The effect on culture is that because employees cannot contact upper management the values that he imposes on the organization will be the ones that dictate how operations are carried out. Indirectly, this is what has causes the problem with ConnectCo and Symbol. Gallagher controlling the information has prevented Chad from acting in the best interest of the company to ensure the contract is followed and that there are no issues. It also means that now since the contract has not been followed the persons involves will use the cultural aspects of poor integrity and dodging that he has used with his employees as Chad demonstrated by dodging Steve Puhl and pushing the problem onto Joe Davis. Shared Assumptions and Values Analysing the shared assumptions of ConnectCo with the Schwartz’s Values Circumplex, we notice that the company talks about wanting to keep their most important client Symbol satisfied by valuing self-transcendence and conservation however their actions and dealing of the contract with Symbol do not reflect those values. The appropriate way to describe the values that ConnectCo tend to go by is self-enhancing. They are working for the client to provide them with everything listed in the contract, in this case a sufficient amount of IAEs, but are hiding information from Symbol to protect their own well-being. This seems to be enforced by Charlie Gallagher as he is telling Joe Davis that they should not have to pay any penalty fees to Symbol for empty seats at the IAE position if there are current individuals in training for that position. Now we will look at the ethical values and behaviour the moral intensity of ConnectCo, more specifically Charlie Gallagher’s ethical s ensitivity to the issue. The degree to which they should be applying ethical principles should be is high because Symbol is their biggest client and has trusted ConnectCo for a few years. However, the intensity being put forth is minimal as they are trying to get out of paying money to Symbol for not having staffed enough IAE’s and they are forcing Joe Davis to go against his values and follow suit. This shows how little Charlie Gallagher cares about ethically conducting operations with clients and co-workers, as Joe Davis is being pressured into complying with Charlie’s demand because he does not want to risk losing his job even though what Charlie is telling him to do is illegal. Taking a look at the conflict process model we find our sources of conflict between, Gallagher, Davis and Steve Puhl from Symbol. The most obvious source is the communication between Gallagher and Puhl. First of all the contract between the two is too vague and open for interpretation as the service level targets have not been defined for almost two years. Charlie is also not communicating the issue of his understanding of the contract, as he is just assuming that they should not have to pay Symbol credit for not having the specified amount of IAE’s because he is claiming that during those times they had individuals in training to fill those positions. Another issue is that even if what Gallagher interpreted was true, he does not have any data to prove that he had employees in training because he failed to communicate to Chad MacDonald, Joe Davis and to Carole Lam the exact details of the contract. This puts Joe in a uncomfortable situation when he receives a call from Steve Puhl and is unsure what the contract requirements. Another source of conflict is the incompatible goals and differentiation between Charlie and Joe. Joe is simply trying to do the right thing because he is new to the company and wants to make a good impression by doing things ethically however Charlie is trying to make it seem like he is fulfilling the terms of the contract by making assumptions of the contract to get away with not having to pay Symbol their deserved credit. Another source of conflict is the scarcity of important resources. As mentioned previously Carole Lam the analyst was never told to keep data on the amount of days and which days that employees were in training. Joe needed this data to complete his work but obviously was unable to retrieve complete and accurate data on employee training. The way that Charlie seems to be handling this conflict is by avoiding communication with clients and co-workers. He is notorious for screening calls, he failed to show up to a meeting with Chad MacDonald and Joe Davis, and when asked how to calculate the credit owed to Symbol he simply tells Davis to use the lowest cost to save ConnectCo money and make himself look good. He also does not seem to be of much help to Joe Davis as Gallagher is the one who began this lack of communication which has led to faulty handling of Symbol’s credit account, and seems to be avoiding Joe Davis. This is causing the rest of the employees to obey his ideas beca use they have no idea what the contract actually calls for and even if they did know, would likely be unwilling to challenge his decisions because he is higher up in the company. Alternatives Alternative #1: Bring these numbers and issues to the President and CEO Pros| Cons| * Issues dealing with the Symbol account get addressed * Issues with the culture of the organization get addressed * Issues are addressed to an authority that can fix these problems and remove the negative counterculture * Keeps the organization from committing accounting fraud like other companies (Enron) * Brings to light all the ethical issues surrounding Charlie Gallagher and Chad MacDonald * Addresses turnover issues that have become routine in the company| * This act could cause tension between Joe and his direct superior (Gallagher) * There is a risk that the President sees this act as disloyal * Working with Gallagher and MacDonald after bringing their issues to light will be difficult moving forward * President/CEO may share the same dysfunctional attitude towards the culture in the organization| This alternative should include him making an appointment with the President/CEO and bringing analyst Carole Lam to help support his findings. She is well aware with the financial numbers and how Gallagher is letting ConnectCo take money from their top client. This meeting needs to be face-to-face in order to bring about the severity of the conflicting situation. The meeting needs to include all facets of the organizations current lack of corporate ethical values and which individuals must be held accountable. Joe must conclude that if there are immediate corporate culture changes, he would still like to keep working with Gallagher and MacDonald and build a trusting and functional working relationship with both. This will help ease the tension between himself and his immediate superior as well as showing the President that he is capable of handling mismanagement. This alternative is highly recommended and addresses all the facets of this situation. Alternative #2: Quit and find another job Pros| Cons| * Joe no longer has to deal with the resoundingly shaky ethical structure and poor communication at ConnectCo * Joe doesn’t become a â€Å"part of the problem† * Joe no longer has to deal with Gallagher’s lack of trust and consideration with their top clientele at his cost * Joe doesn’t become an accomplice to committing accounting fraud| * Leaving an organization after only one month doesn’t look good to future prospective employers * This would go against his newly engaged fiancà ©e who wanted to see him â€Å"get off the road† * No severance package * No recommendation or verbal support from ConnectCo once he leaves| This alternative does not come recommended as it leaves Joe and ConnectCo with an uncertain future. Should Joe decide to leave the company, he would not get a severance package and future employers will wonder why he lasted only a month at his previous job making it more difficult to find employment opportunities. Also, his fiancà ©e did not want his moving around for work a lot and two jobs in less than two months will leave his situation at home stressful. Also, should prospective employers contact ConnectCo, they would have no reason to support Joe for his limited work. Although Joe does not have to deal with this poor corporate culture, running away from the situation does not help in any positive way. Alternative #3: Try to resolve issue without Chad MacDonald or Charlie Gallagher Pros| Cons| * Helps ease relationship between ConnectCo and Symbol * Steve Puhl does not have to deal with Chad (who he is getting nowhere with) * Joe can try to incorporate cultural changes to those he can * Has Carole Lam to help him fix the financial disparities of the comapny| * Leaving Chad and Charlie in the dark is risky * Steve Puhl may accidently contact Chad or Charlie and miscommunication may occur * Does not address how to fix the imminent turnover issues surrounding the IAE’s * Not reporting these changes with his superior could cost him his job| Because Joe handles the reporting side of the company, it would go against his responsibilities as an employee to bring up any new information regarding Symbol and can be subject to his employment being terminated if Gallagher was to find out. This alternative is incredibly risky, but does see some rewards. These rewards include easing the relationship between ConnectCo and Symbol and slowly changing the culture in the corporation as best he can. Unfortunately, he is only just a manager and a new one, so it would be hard for him to get others to respond to his command when there hasn’t been enough relationship development between his other employees. With this in mind, it is best to look at other alternatives. Recommendation Our recommendation is based off of Alternative #1, in which we suggest brining the financial statements and issues to the attention of the President and CEO. This will allow us to ensure that all problems in relation to the Symbol account and the culture of the organization are addressed accordingly. This will also shed light on the ethical issues that need to be addressed, surrounding Gallagher and MacDonald. As well, it will prevent any consequences from occurring, resulting from accounting fraud. Once Joe Davis meets with the President and CEO to inform them of his findings, it will be up to the President to create and urgency for change within the organization. In order to implement this change we would recommend the use of Lewin’s Force Field Analysis Model. By implementing this model the President could unfreeze the current situation, change the organizational culture and ethics of the company, and then freeze the company in that state. By doing so the company would chan ge into operating with a more socially responsible client first attitude. By creating urgency for change the President could use client satisfaction as a driving force to push the employees, in order to ensure each client receives the customer service they deserve. By ensuring the client is always receiving social and ethical treatment, it will drive away any restraining forces, such as lack of integrity, which can be attributed to the accounting fraud. Now we can consider how the President could unfreeze and re-freeze the company in order to complete the change. The President should focus on creating an adaptive culture, in which the company will have an external focus. By creating an external focus the employees will realize that the organizations success depends on continuous change to be a more stakeholder and client oriented company. In this situation it means focusing on changing into a more socially and ethically aware organization to better serve the clients. There is also an internal focus that must be implemented as well. This includes employees working towards the organizational goals that are set. In this situation the organizational goals would be to provide better customer service. As well by creating an adaptive culture, employees would have a stronger sense of ownership within the organization, and therefore take more responsibility for their performance and tasks. Therefore we believe that since a company’s culture often reflects the leader’s personality, it really is up to the President to make the steps necessary to change the organization. One final step we would recommend taking, is to fire Charlie Gallagher. The basis of firing Gallagher is the fact that he was trying to commit accounting fraud. Therefore the company would have just cause for his dismissal. By firing Gallagher, this would also be the first step towards creating a socially and ethically driven company; Gallagher is simply a restraining force that is preventing the organization from making that move towards a better organizational culture. Action Plan Our recommendation is often referred to as whistle blowing, which is when a company employee goes public or to his superiors with private information that could hurt the company. This technique is usually used when social and ethical responsibilities are being neglected or ignored. While it may seem simple enough, the process is far from smooth and the employee doing the whistle blowing is often made out to be a burnt out low level employee who is unhappy. So before Joe does anything of the sort he must be prepared for anything to happen. The best way to approach this alternative would be: 1. Collect all relevant information and be prepared to present your case and be able to answer any and all questions 2. No president of CEO wants to hear that their company’s values and ethics are being compromised, so he must prepare a plan B in order to protect himself from media and personal scrutiny. 3. Joe must schedule a face-to-face meeting with the CEO to ensure that there is no outs ide noise or misinterpretations with his information and language 4. When presenting his findings, Joe must deliver his message in a way that is not an attack or critique. He must not point out what is wrong but what needs to be improved and why. 5. As part of his presentation Joe needs to incorporate his own recommendations and action plan. Once he goes through with this meeting there is not turning back. The recommendation and action plan should follow a similar tone to what was mentioned above, it should not only identify the problems but what needs to be done to fix them and how to go about fixing them. 6. After the meeting is over all Joe can do is wait for the decisions by the CEO and board of governors. At this point in time a lot of different things can happen and Joe needs to be prepared for any outcome. The optimistic outcome would be to have your action plan ready to implement and begin fixing the company. The pessimistic outcome would be that they reject his action plan and making his career a nightmare. If this were the case Joe should be prepared to look for another job, or be prepared to defend himself from public scrutiny. Joe is caught in the middle of a lose-lose situation, so his best alternative is the lesser of two evils. It is difficult being the new guy in a company, especially when you’re the one telling that what they are doing is wrong. However, sometimes it takes an outside perspective to identify the problems that have gone unnoticed for too long. If Joe can present a clear and strong case that does not personally offend the CEO, and present the opportunities for improvement, the process should run as smooth as possible.