Personal Goals

Leadership is a highly esteemed characteristic that attaches maximum political, business and social value with it. Every group, irrespective of its size and influence, is always in search for a leader whom it can trust to steer ahead through all the possible challenges and difficulties. Therefore leadership is an individual attribute   that allows one person   to motivate and carry many others towards common dreams and goals. Leadership, by its very definition, commands implicit faith, and confidence in the actions, decisions and philosophy of the leader. Here it is vital to understand that leadership is a dynamic and integral quality of a person and leaders emerge from ordinary groups; they are not made, elected or appointed. Arguably, there are no definite copy-book rules to construct a leader. The difficulties, complexities, and challenges associated with a situation give impetus to leadership qualities in otherwise ordinary people who believe in themselves that they are capable of rising up to the difficulties as well as helping others out of it. Therefore although it might be difficult to ‘teach’ a person quality of good leader, yet one can expect to inculcate leadership qualities by observing styles and principles of successful leaders. It is said that a leader is a dealer in hope. Leadership is then about inspiration, motivation, encouragement and direction that pulls people to accomplishments that they would not had managed if left alone. However, effective leadership is a very challenging domain as it requires some impeccable personal and organizational traits that can be developed and realized through considerable experience, knowledge and self- discipline. There are no fixed guidelines, set of rules and laws that exactly prescribe the traits, qualities and attributes of a successful leader. Quite often the leadership is situational and the leader is required to act purely through intuition and circumstantial requirements. However there are certain essential skills and characteristics that are rather mandatory for effective leadership are 1 Trustworthiness: Trustworthiness is about integrity in action. Effective leadership is about achieving coordination in words and actions and following the age old principles of truth, honesty and personal integrity. 2. Fairness: Leaders can’t afford to be biased or prejudiced or it would jeopardize the confidence of the followers in their secular character. 3. Communication and listening skill. Leadership requires excellent communication and listening skill through which the leaders can articulate their views unambiguously and also hear the views of others to give them sense of participation and involvement. 4. Initiative: Leadership is about taking initiative and orienting other people towards it. Taking initiative pulls the organization rapidly ahead. 5. Good judgment: Leaders must have the ability to process all information in the backdrop of their knowledge to make correct decisions 6. Motivational capacity: Leadership is ineffective if it cant motivate people to the dream and vision of the leader. It is the most desirous quality of a leader and one that is hallmark of leadership. A good leader should be honest, loyal and committed to the goals of the organization he intends to lead. A good leader should not have a desire for wrongful gains or hidden agendas. This is why perhaps people emphasize on transparency in all dealings of any organization. Some leaders have a self plan and pursue them rather than acting in the interests of the organization. Committed to the cause of the organization or group and being live to the sacrifices and pains of your colleagues is a basic quality of a good leader. National leaders and particularly the freedom fighters of several nations had steadfast qualities and determination in them, which helped them carry on and ultimately succeed. A good leader is perhaps a good follower. There is never a stage in which you have mastered everything and this applies even to leadership. Each day you learn more and more, perhaps the rights and wrongs of your own acts too. I have always been a wilful learner and strongly believe I should always keep learning if I am to lead.   I have always respected people with values and accountability. A leader is accountable for his actions and should voluntarily open up to any questions or suspicions in his dealings. Similarly a good leader should also emphasize such qualities among his followers and make them accountable too. Simplicity is a mark of identity for any leader and projecting himself as a role model. A leader’s thoughts, actions and words should be a reflection of him, inspiring all who follow. A leader indeed should have uncommon qualities to successfully lead his organization. One of the main challenges of a leader is his ability to manage change. Change is a permanent reality across time. The world is changing at an unprecedented pace, as never before witnessed. Change in an organization, group or any set up involves altering its structure, processes, the behaviour of its management and staff, its strategy, environment etc. The structure of an organization is one of the most common targets of change. This includes the manner in which it is held together, the various configurations of people and the relationship between them, communication channels, job roles and skills. The relationships within an organization are extremely important as it contributes to the internal shape and coherence. Some processes which are altered as a result of change implementation are communication processes, management processes and learning process. Periodic reviews of its goals and progress are vital for any organization or team to stay aligned with its objectives and expectations. I understand the need and consequences of change, which an organization undertakes according to the demands placed on it. Ongoing communication can motivate managers and employees and help them to overcome resistance to an initiative, keep them prepared for the ups and downs of change. Organizations are managed by several forms of leadership based on the exertion of authority within the organization. Two main, but interconnected types of leadership in organizations are the transformational leadership and the transactional leadership, both having strong philosophical and ethical foundations. Transformational leadership gives followers the opportunity to assess the leader’s view, to seek explanations and provide solutions, while transactional leadership is more based on imposition, where followers are driven by the praise, promise or reward of the leader. In the transactional leadership, the followers are confronted by reproof, threats and disciplinary actions. Transformational leadership has become more popular in the last three decades primarily due to the changing global economy. Transformational leadership promotes equality, justice and human rights through loyalty and fairness. Recent findings suggest that team performance and communication are improved under transformational leadership. Authentic transformational leaders are sometimes transactional too. The leader may present his opinion, plans and exhort agreement on them, which however may be in the mutual interest of all involved. I consider myself as a typical transformational leader open to criticism and discussion, unafraid of my decisions being questioned. After all only collective thinking and cooperation can bring results. People generally do whatever they want to do or, are motivated to do. Motivation is another vital component associated with productivity in workplaces. Suitable theories and principles of employee motivation are applied with basic logic to address the psyche of employees who are to be motivated. Motivation can also be described as a crucial skill for any business to succeed. It involves inducing individuals from his actual and deviant state to a required desired state in a specific way. Each motivational system must be specifically designed according to the organization and prevailing circumstances. Recognizing and understanding the motivational factors for each employee or follower is very important. It would be surprising to know that things like job security, money etc. cannot help in motivating people. However fear, like yelling from boss, do serve as a short-term motivator. Employees, colleagues and supporters all need to be motivated to perform to the levels expected of them. As a thoughtful leader, I can easily motivate my employees by setting an example and not forcing them to follow me. Recruitment is a very important function of human resources and recruitment strategies are vital in attracting talented and smart prospective candidates. Selection of best candidates who fit with the work culture of the organization is very important. The recruitment also has a direct bearing on the retention factor in an organization, apart from work efficiency and quality. Be it an organization, a political party or any association; it is very essential that only the right people with the right mindset occupy responsible positions. My association with people helps me to identify such people with the right mentality and the ones who should be kept away. As a leader I try to ensure that the goals and ideals of my employee are not shouldered by wrong persons. Conflict and dissatisfaction with superiors like other leaders and officers is another common cause for resignations. When managers or team leaders fail to provide the required leadership by bullying their subordinates or treating people unfairly, it gives rise to employee discontent. Such situations emphasize on the qualities of the manager and the team leader. Only those with well-developed leadership qualities must be selected as second level leaders. They should be trained in leadership skills, methods of resolving conflict and also on dealing with grievances. Poor selection or promotion decisions too can result in rapid turnover. The selection and promotion processes must be on par with the capabilities of the individuals, with regard to the work they do. As a leader, I know that I keep a close watch on the attrition rate of my organization to seek answers as to what makes people unhappy within my business. I have also implemented exit interviews to identify grievances and offer redress. Leadership is not a characteristic that exists in isolation. As it is defined, leadership implies establishing coordination, orientation, cooperation, and collaboration among the followers to accomplish designated objectives and goals. It is   possible when leaders can inspire their followers with respect, admiration, discipline, confidence in the abilities of the leader while being helped to envision themselves as empowered individuals. A good leader has the ability to take over even most complex, demanding and otherwise impossible condition by exhibiting personal integrity, ethical and moral traits and values that other can relate to and aspire to imbibe in their own conduct (Laurie, 2000, 53). Here it is important to distinguish personal charisma from leadership, as personal charisma, being an person specific phenomena, can awe people but hardly give them impetus to follow in the footsteps of the leader. Leadership is also means natural acquisition of power and potential to change its equation affect over the leaders and their followers. There inherent dangers associated with power, and for most of the people, the timeless adage-‘power corrupts’ suits justly. Power contains a temptation that is hard to resist and has potential to become the ultimate goal for a person rather the tool that was designated in helping to achieve the goals.   But a genuine leader understands this irony of power and therefore believes that power should be shared with others so that it can grow. The real power of leaders is their ability to inspire others with a sense of power and confidence

Comparing Two Computer Advertisements Two Computer advertisements Essay

Whether you like it or not, the media, to a large extent, defines your life and the way you think. It includes television, cinema, radio, video, magazines, books , the internet and newspapers. In this essay I will be taking an analytical look at two computer advertisements that caught my attention in two different newspapers, namely The Guardian, and The Sun. What is amazing is the amount of space taken up by both advertisements. Both adverts can be categorized as advertorials as the companies they represent are describing and promoting their respective products. As the Guardian is a broadsheet and The Sun a tabloid, it goes without saying that each will target a different audience. The content in text A features a computer and tells the reader about the software and hardware that they are trying to sell. The article is written in quite a persuasive style. The Macintosh Performa in text A is advertised in The Sun and makes use of an attention-grabbing heading that is also ambiguous: â€Å"Difficult. Temperamental. Hard to understand.† On a quick glance at the text and looking at the picture of a sullen-looking boy, one is ready to make the association about a boy who is possibly throwing a tantrum. And it is in the ambiguity where the punch-line lies. Unlike the boy who will be tantrumming from time to time, â€Å"with the Macintosh Performa, there’s no frustrating, baffling patience-trying set-up procedures†. The layout is really spectacular. The article takes up an entire page. The main text is set out in three columns, relatively densely printed with early paragraphs playing on the implication that both computers and children can be â€Å"Difficult. Temperamental. Hard to understand.† The rest of the text stresses that the Performa is a â€Å"well-behaved† and versatile computer. The text is broken up by the use of two line drawings of the computer and the software. The tone of the text is reassuring, helpful, and stresses accessibility of the Performa’s functions. The price of the computer is tactically delayed until the third column: † The price of the computer start at just à ¯Ã‚ ¿Ã‚ ½1,099.† The reader or prospective buyer will at this point feel that it is worth every penny with all its functions. There is also a constitutional reference to the model featured and appears in very small print at the foot of the page. And a list of dealers is also in very small print at the foot of the page. Advertisement B shows a weak distant view of the front of an Aptiva computer. The company that promotes this product is IBM and their logo is located in the right hand corner at the bottom of the page. The complete system is there for the reader to see. I also think that they are trying to tempt the reader as they use a cluster of adjectives: † Loud, colourful, fast-moving, enjoyable, stuff† The immediate contrast between the two texts is the layout. Unlike text A, that has three columns, text B has no columns, only paragraphs with sub-headings. And this makes the advert appear dull and unattractive to the readers. But then again, the audience in this case is different to that of text A. As this advertisement appears in the broadsheet newspaper, its readers are usually keen business people and the emphasis is not so much on entertainment but on efficiency and cutting edge technology. Therefore, when the price â€Å"1,799† is quoted the reader will not be surprised at all. However, a touch of humor is added when â€Å"OK, maybe not for dogs.† appears in very small print next to the price. This humorous note may have been included to discourage readers from dwelling on the price. Reference to the model featured appears in a very small print at the foot of the page. The heading is fairly conventional, using bold, white lettering against a black background. The main text is set out in paragraphs and the word â€Å"Stuff† is repeated in the large 5 sub-headings. The tone of the text is light-hearted, whimsical, with a joke in each of the first two sections. You can also see the TOYS â€Å"R† US logo under the photo of the computer which tells you they are the outlets for the new Aptiva. Both advertisements use persuasive techniques for example, repetition in text B – the word â€Å"stuff.† The word â€Å"stuff† gives it a more colloquial style. Of the two advertisements I liked the Performa more as it appears to be very user friendly: â€Å"As soon as you plug it in, the Performa can run,†¦Ã¢â‚¬  However, it needs to be said, that when you buy an Aptiva, you buy into a new lifestyle.

Approaches to Knowledge Management Practice

â€Å"Tacit Knowledge† versus â€Å"Explicit Knowledge† Approaches to Knowledge Management Practice by Ron Sanchez Professor of Management, Copenhagen Business School and Linden Visiting Professor for Industrial Analysis, Lund University Contact information: Department of Industrial Economics and Strategy Solbjergvej 3 – 3rd floor DK 2000 Frederiksberg, Denmark email: [email  protected] dk Abstract This paper explains two fundamental approaches to knowledge management.The tacit knowledge approach emphasizes understanding the kinds of knowledge that individuals in an organization have, moving people to transfer knowledge within an organization, and managing key individuals as knowledge creators and carriers. By contrast, the explicit knowledge approach emphasizes processes for articulating knowledge held by individuals, the design of organizational approaches for creating new knowledge, and the development of systems (including information systems) to disseminat e articulated knowledge within an organization.The relative advantages and disadvantages of both approaches to knowledge management are summarized. A synthesis of tacit and knowledge management approaches is recommended to create a hybrid design for the knowledge management practices in a given organization. JEL code: Moo 1 Introduction Managers concerned with implementing knowledge management in their organizations today face a number of challenges in developing sound methods for this still emerging area of management practice.Both the growing literature on knowledge management and the advice offered by various knowledge management consultants, however, seem to advocate forms of knowledge management practice that often appear incomplete, inconsistent, and even contradictory. This paper suggests that the current lack of coherence in the diverse recommendations for knowledge management practice results from the fact that the development of both theory and practice in this emerging fi eld is being driven by two fundamentally different approaches to identifying and managing knowledge in organizations.These two approaches are characterized here as the â€Å"tacit knowledge† approach and the â€Å"explicit knowledge† approach. This paper first clarifies how these two fundamental approaches differ in both their philosophical premises and derived recommendations for practice, and it summarizes the main strengths and weaknesses of each of the two approaches in practice. We then suggest that sound knowledge management practice requires a creative synthesis of the two approaches that enables the strengths of one approach to offset the inherent limitations of the other approach, and vice versa. . Tacit Knowledge versus Explicit Knowledge Approaches Even a casual review of the many articles and consulting recommendations on knowledge management practice today soon reveals a plethora of recommended processes and techniques. Unfortunately — especially fo r the many managers looking to researchers and consultants for insights to guide development of sound knowledge 2 management practices — many of these recommendations seem unconnected to each other, and in the worst cases many seem to be quite at odds with each other.Close analysis of these recommendations, however, usually reveals that the many ideas for practice being advanced today can be grouped into one of two fundamentally different views of knowledge itself and of the resulting possibilities for managing knowledge in organizations. These two views are characterized here as the â€Å"tacit knowledge† approach and the â€Å"explicit knowledge† approach. Let us consider the basic premises and the possibilities for knowledge management practice implied by each of these two views (see Table 1 for a summary of the differences in the two approaches).The Tacit Knowledge Approach The salient characteristic of the tacit knowledge approach is the basic belief that k nowledge is essentially personal in nature and is therefore difficult to extract from the heads of individuals. In effect, this approach to knowledge management assumes, often implicitly, that the knowledge in and available to an organization will largely consist of tacit knowledge that remains in the heads of individuals in the organization. 1Working from the premise that knowledge is inherently personal and will largely remain tacit, the tacit knowledge approach typically holds that the dissemination of knowledge in an organization can best be accomplished by the transfer of people as â€Å"knowledge carriers† from one part of an organization to another. Further, this view believes that learning in an organization occurs when individuals come together under circumstances that encourage them to share their ideas and (hopefully) to develop new insights together that will lead to the creation of new knowledge.Recommendations for knowledge management practice proffered by resea rchers and consultants working within the tacit knowledge approach naturally tend to focus 1 Some writers and consultants have even gone so far as to argue that all knowledge is tacit in nature. The irony in trying to communicate to others the â€Å"knowledge† that all knowledge is tacit, however, should be obvious. 3 on managing people as individual carriers of knowledge.To make wider use of the tacit knowledge of individuals, managers are urged to identify the knowledge possessed by various individuals in an organization and then to arrange the kinds of interactions between knowledgeable individuals that will help the organization perform its current tasks, transfer knowledge from one part of the organization to another, and/or create new knowledge that may be useful to the organization. Let us consider some examples of current practice in each of these activities that are typical of the tacit knowledge approach.Most managers of organizations today do not know what specific kinds of knowledge the individuals in their organization know. This common state of affairs is reflected in the lament usually attributed to executives of Hewlett-Packard in the 1980s: â€Å"If we only knew what we know, we could conquer the world. † As firms become larger, more knowledge intensive, and more globally dispersed, the need for their managers to â€Å"know what we know† is becoming acute.Thus, a common initiative within the tacit knowledge approach is usually some effort to improve understanding of who knows about what in an organization — an effort that is sometimes described as an effort to create â€Å"know who† forms of knowledge. 2 An example of such an effort is the creation within Philips, the global electronics company, of a â€Å"yellow pages† listing experts with different kinds of knowledge within Philips’ many business units.Today on the Philips intranet one can type in the key words for a specific knowledge domain — say, for example, knowledge about the design of optical pickup units for CD/DVD players and recorders — and the yellow pages will retrieve a listing of the people within Philips worldwide who have stated that they have such knowledge. Contact information is also provided for each person listed, so that anyone in Philips who wants to know more about that kind of knowledge can get in touch with listed individuals. 2Know-how, know-why, and know-what forms of knowledge can also be described (see Sanchez 1997). 4 An example of the tacit knowledge approach to transferring knowledge within a global organization is provided by Toyota. When Toyota wants to transfer knowledge of its production system to new employees in a new assembly factory, such as the factory recently opened in Valenciennes, France, Toyota typically selects a core group of two to three hundred new employees and sends them for several months training and work on the assembly line in one of Toyota’s e xisting factories.After several months of studying the production system and working alongside experienced Toyota assembly line workers, the new workers are sent back to the new factory site. These repatriated workers are accompanied by one or two hundred long-term, highly experienced Toyota workers, who will then work alongside all the new employees in the new factory to assure that knowledge of Toyota’s finely tuned production process is fully implanted in the new factory. Toyota’s use of Quality Circles also provides an example of the tacit knowledge approach to creating new knowledge.At the end of each work week, groups of Toyota production workers spend one to two hours analyzing the performance of their part of the production system to identify actual or potential problems in quality or productivity. Each group proposes â€Å"countermeasures† to correct identified problems, and discusses the results of countermeasures taken during the week to address probl ems identified the week before. Through personal interactions in such Quality Circle group settings, Toyota employees share their ideas for improvement, devise steps to test new ideas for improvement, and assess the results of their tests.This knowledge management practice, which is repeated weekly as an integral part of the Toyota production system, progressively identifies, eliminates, and even prevents errors. As improvements developed by Quality Circles are accumulated over many years, Toyota’s production system has become one of the highest quality production processes in the world (Spear and Bowen 1999). 5 The Explicit Knowledge Approach In contrast to the views held by the tacit knowledge approach, the explicit knowledge approach holds that knowledge is something that can be explained y individuals — even though some effort and even some forms of assistance may sometimes be required to help individuals articulate what they know. As a result, the explicit knowled ge approach assumes that the useful knowledge of individuals in an organization can be articulated and made explicit. Working from the premise that important forms of knowledge can be made explicit, the explicit knowledge approach also believes that formal organizational processes can be used to help individuals articulate the knowledge they have to create knowledge assets.The explicit knowledge approach also believes that explicit knowledge assets can then be disseminated within an organization through documents, drawings, standard operating procedures, manuals of best practice, and the like. Information systems are usually seen as playing a central role in facilitating the dissemination of explicit knowledge assets over company intranets or between organizations via the internet. Usually accompanying the views that knowledge can be made explicit and managed explicitly is the belief that new knowledge can be created through a structured, managed, scientific learning process.Experim ents and other forms of structured learning processes can be designed to remedy important knowledge deficiencies, or market transactions or strategic partnering may be used to obtain specific forms of needed knowledge or to improve an organization’s existing knowledge assets. The recommendations for knowledge management practice usually proposed by researchers and consultants working within the explicit knowledge approach focus on initiating and sustaining organizational processes for generating, articulating, categorizing, and systematically leveraging explicit knowledge assets. Some examples of knowledge management practice in this mode help to illustrate this approach. In the 1990s, Motorola was the global leader in the market for pagers. To maintain this leadership position, Motorola introduced new generations of pager designs every 12-15 months. Each new pager generation was designed to offer more advanced features and options for customization than the preceding generat ion. In addition, a new factory with higher-speed, more flexible assembly lines was designed and built to produce each new generation of pager. To sustain this high rate of product and process development, Motorola formed teams of product and factory designers to design each new generation of pager and factory. At the beginning of their project, each new team of designers received a manual of design methods and techniques from the team that had developed the previous generation of pager and factory.The new team would then have three deliverables at the end of their project: (i) an improved and more configurable next-generation pager design, (ii) the design of a more efficient and flexible assembly line for the factory that would produce the new pager, and (iii) an improved design manual that incorporated the design knowledge provided to the team in the manual it received — plus the new and improved design methods that the team had developed to meet the product and production goals for its project.This manual would then be passed on to the next design team given the task of developing the next generation of pager and its factory. In this way, Motorola sought to make explicit and capture the knowledge developed by its engineers during each project and to systematically leverage that knowledge in launching the work of the next project team. In addition to its tacit knowledge management practice of moving new employees around to transfer knowledge of its production system, Toyota also follows a highly Using modular product architectures to create increasingly configurable product designs, Motorola was able to increase the number of customizable product variations it could offer from a few thousand variations in the late 1980s to more than 120 million variations by the late 1990s. 7 disciplined explicit knowledge management practice of documenting the tasks that each team of workers and each individual worker is asked to perform on its assembly lines.These d ocuments provide a detailed description of how each task is to be performed, how long each task should take, the sequence of steps to be followed in performing each task, and the steps to be taken by each worker in checking his or her own work (Spear and Bowen 1999). When improvements are suggested by solving problems on the assembly line as they occur or in the weekly Quality Circle meetings of Toyota’s teams of assembly line workers, those suggestions are evaluated by Toyota’s production engineers and then formally incorporated in revised task description documents.In addition to developing well-defined and documented process descriptions for routine, repetitive production tasks, some organizations have also created explicit knowledge management approaches to supporting more creative tasks like developing new products. In the Chrysler unit of DaimlerChrysler Corporation, for example, several â€Å"platform teams† of 300-600 development engineers have responsib ility for creating the next generation platforms4 on which Chrysler’s future automobiles will be based.Each platform team is free to actively explore and evaluate alternative design solutions for the many different technical aspects of their vehicle platform. However, each platform team is also required to place the design solution it has selected for each aspect of their vehicle platform in a â€Å"Book of Knowledge† on Chrysler’s intranet. This catalog of developed design solutions is then made available to all platform teams to consult in their development processes, so that good design solutions developed by one platform team can also be located and used by other platform teams.Other firms have taken this explicit knowledge management approach to managing knowledge in product development processes even further. For example, GE 4 A platform includes a system of standard component types and standardized interfaces between component types that enable â€Å"plu gging and playing† different component variations in the platform design to configure different product variations (see Sanchez 2004). 8 Fanuc Automation, one of the world’s leading industrial automation firms, develops design methodologies that are applied in the design of new kinds of components for their factory automation systems.In effect, instead of leaving it up to each engineer in the firm to devise a design solution for each new component needed, GE Fanuc’s engineers work together to create detailed design methodologies for each type of component the firm uses. These design methodologies are then encoded in software and computerized so that the design of new component variations can be automated. Desired performance parameters for each new component variation are entered into the automated design program, and GE Fanuc’s computer system automatically generates a design solution for the component.In this way, GE Fanuc tries to make explicit and capt ure the design knowledge of its engineers and then to systematically re-use that knowledge by automating most new component design tasks. 9 Advantages and Disadvantages of Tacit versus Explicit Knowledge Approaches Like most alternative approaches to managing, each of the two knowledge management approaches we have discussed has both advantages and disadvantages.We now briefly summarize the main advantages and disadvantages of the two approaches (these are also summarized in Table 2). Advantages and Disadvantages of the Tacit Knowledge Approach One of the main advantages of the tacit knowledge approach is that it is a relatively easy and inexpensive way to begin managing knowledge. The essential first step is a relatively simple one — identify what each individual in the organization believes is the specific kinds of knowledge he or she possesses.Managers can then use this knowledge to assign individuals to key tasks or to compose teams with appropriate sets of knowledge to c arry out a project, to improve performance in current processes, or to try to create new knowledge in the organization. As Philips did with its intranetbased â€Å"yellow pages,† managers may also elect to create an open database listing the knowledge claimed by individuals in the organization to facilitate knowledge sharing between individuals.A tacit knowledge approach may also lead to improvements in employee satisfaction and motivation when an organization â€Å"officially† recognizes and makes visible in the organization the kinds of knowledge that individual workers claim to have. In addition, the tacit knowledge approach is likely to avoid some of the practical and motivational difficulties that may be encountered in trying to secure the cooperation of individuals in making their knowledge explicit (discussed under the explicit knowledge approach below). 10A further advantage often claimed for tacit knowledge management approaches derives from the view that maki ng knowledge explicit increases the risk that knowledge will be â€Å"leaked† from an organization, so that leaving knowledge in tacit form also helps to protect a firm’s proprietary knowledge from diffusing to competing organizations. (The potential disadvantages of leaving knowledge in tacit form are summarized below. ) Although relatively easy to begin, the tacit knowledge approach also has some important long-term limitations and disadvantages.One disadvantage in the tacit knowledge approach is that individuals in an organization may claim to have knowledge that they do not actually have or may claim to be more knowledgeable than they really are (Stein and Ridderstrale 2001). The knowledge that various individuals have is likely to evolve over time and may require frequent updating to correctly communicate the type of knowledge each individual in the organization claims to have now.In addition, if knowledge only remains tacit in the heads of individuals in an organ ization, then the only way to move knowledge within the organization is to move people. Moving people is often costly and time-consuming and may be resisted by individuals who fear disruptions of their careers or family life. Even when knowledgeable individuals are willing to be moved, an individual can only be in one place at a time and can only work so many hours per day and days per week, thereby limiting the reach and the speed of the organization in transferring an individual’s knowledge.Moreover, sometimes transferred individuals may not be accepted by other groups in the organization or may otherwise fail to establish good rapport with other individuals, and the desired knowledge transfer may not take place or may occur only partially. Most seriously, leaving knowledge tacit in the heads of key individuals creates a risk that the organization may lose that knowledge if any of those individuals becomes 11 incapacitated , leaves the organization, or — in the worst case — is recruited by competitors. Advantages and Disadvantages of the Explicit Knowledge Approach In general, the advantages and disadvantages of the explicit knowledge approach constitute an inverted â€Å"mirror image† of the advantages and disadvantages of the tacit knowledge approach. Whereas the tacit knowledge approach is relatively easy to start and use, but has important limitations in the benefits it can bring, the explicit knowledge approach is much more challenging to start, but offers greater potential benefits in the long term.Let us first consider the long-term advantages of the explicit knowledge management approach, and then the challenges that have to be overcome to start and sustain this approach in an organization. Perhaps the main advantage of the explicit knowledge approach is that once an individual articulates his or her knowledge in a document, drawing, process description, or other form of explicit knowledge asset, it should be possible thro ugh use of information systems to quickly disseminate that knowledge throughout an organization or indeed anywhere in the world.In effect, converting tacit knowledge into explicit knowledge creates an asset that is available 24/7 and is free from the limitations of time and space that constrain the dissemination of tacit knowledge by moving individuals. Moreover, knowledge that has been made explicit within an organization can often be more carefully codified and more effectively leveraged than tacit knowledge assets. To codify some forms of knowledge is to categorize and order the knowledge so that important interrelationships between different kinds of knowledge within the firm can 5Of course, under patent, copyright, or trade secrecy laws, an organization may have intellectual property rights in the tacit knowledge developed by individuals in the organization, and these rights may discourage — though not entirely prevent — individuals from sharing such knowledge wit h other organizations. 12 be identified. For example, forms of knowledge that are related by sharing a similar theoretical or practical knowledge base can be identified, as can forms of (complementary) knowledge that are interrelated by being used together in an organization’s processes.Once the various forms of explicit knowledge in an organization are codified in this way, knowledge created in one part of an organization can be proactively leveraged through information systems to people and groups elsewhere in the organization that can benefit from having that knowledge. Moreover, by disseminating some instance of explicit knowledge to other individuals who have expertise in that knowledge domain, the explicit knowledge can be discussed, debated, tested further, and improved, thereby stimulating important â€Å"incremental† forms of organizational learning processes.Such processes also help to identify which individuals in the organization are actually capable of mak ing significant contributions to the organization’s knowledge base, and which are not. An important further advantage of systematically articulating and codifying an organization’s knowledge is that this process makes an organization’s current knowledge base more visible and analyzable, and this helps an organization to discover deficiencies in its knowledge assets.In effect, by making an organization’s current knowledge base more visible, so that the organization can begin to see more clearly what knowledge it does have, it should be possible for an organization to begin to see more clearly what knowledge it does not have. Focused, structured, managed learning processes to remedy important knowledge deficiencies can then be launched and may lead to more â€Å"radical† forms of organizational learning.Once an organization establishes processes for articulating, codifying, and leveraging explicit knowledge assets, the systematic dissemination of exp licit knowledge within the organization should minimize the risk that it will lose vital knowledge if key individuals become unavailable or leave the organization. 13 To obtain the potentially significant benefits of an explicit knowledge management approach, however, a number of organizational challenges must be overcome. These challenges arise primarily in assuring adequate articulation, evaluation, application, and protection of knowledge assets.Individuals may not have sufficient skill or motivation to articulate their useful knowledge. Individuals vary greatly in the precision with which they can state their ideas, and some individuals — perhaps many — may need organizational support to adequately articulate their knowledge into useful knowledge assets. 6 Providing organizational support to individuals to articulate their knowledge may have a significant financial cost and inevitably takes time. An even more fundamental challenge arises when an individual is capab le of articulating his or her knowledge, but resists requests by the organization to do so.At the heart of such resistance is usually a belief that an individual’s job security or position of influence in an organization depends on the tacit knowledge that he or she has and that the organization needs. Such beliefs result in fear that full revelation of an individual’s important knowledge would be followed by dismissal or loss of influence in an organization, because — presumably — the individual would no longer be as necessary or important to the organization. Overcoming such fears is likely to require a profound rethinking of the employment relationship in many organizations, especially with regard to key knowledge workers.New employment norms may have to be defined and institutionalized that both seek and reward ongoing learning by individuals and their continuing contributions of explicit knowledge to the organization. 7 6 Of course, the more knowledg e-intensive an organization’s work is, and the more an organization is populated by â€Å"knowledge workers† with advanced education and training in formally communicating their ideas, the less difficult the articulation of explicit knowledge within the organization should be. Further, not all knowledge of individuals will necessarily be worth more to the organization than it may cost the organization to help or to reward individuals who try to articulate their knowledge. Essentially, managers must try to understand when the marginal cost of articulating knowledge is becoming greater than the marginal benefit of 14 Organizations must also meet the challenge of adequately evaluating knowledge that has been made explicit by individuals.Individuals with different backgrounds, education, and organizational roles may have varying sets of knowledge, with resulting differences in their deeply held ideas about the most effective way to get something done. Such differences will be revealed in the process of making their ideas and knowledge explicit, and managers implementing explicit knowledge approaches must establish a process for evaluating the individual knowledge that has been made explicit and for resolving conflicting knowledge beliefs of individuals.Organizations with experience in managing this process have found that the people involved in such evaluation processes must be respected within the organization for their expertise, objectivity, and impartiality. In most organizations, the time of such people is usually both very valuable and in short supply, and involving such people in evaluating explicit knowledge in many forms may impose a significant cost on the organization (although the resulting benefits may far outweigh the costs).Since knowledge is useful to an organization only when it is applied in action, a further challenge in implementing explicit knowledge management approaches is assuring that knowledge articulated in one part of the organization is not rejected or ignored by other parts of the organization simply because they prefer to stay close to their own familiar knowledge base — i. e. , because of an intra-organizational â€Å"not invented here† syndrome. One approach to managing this concern is the implementation of organizational â€Å"best knowledge† and â€Å"best practice† practices.In this practice, the committee of experts responsible for a knowledge evaluation process (discussed above) examines both the theoretical knowledge and practical applications of knowledge articulated within the organization, and defines the â€Å"best extracting the next bit of knowledge from an individual. Since no one currently knows exactly how to make such a cost-benefit analysis at the margin, as a practical matter organizations that implement the explicit knowledge approach do not strictly try to optimize this process and tend to prefer to â€Å"err† on the side of articulating mo re -rather than less — knowledge. 5 knowledge† and â€Å"best practice† in applying that knowledge currently available within the organization. The various groups within the organization to whom this knowledge or practice applies are then required either to adopt and use the currently defined â€Å"best knowledge† and â€Å"best practice,† or to demonstrate convincingly to the committee of experts that they have developed better knowledge or better practice in applying knowledge.If a group persuades the expert committee that their knowledge or practice is better than the currently defined â€Å"best knowledge† or â€Å"best practice† in the organization, the expert committee then modifies the current â€Å"best knowledge† or â€Å"best practice† for the organization in light of the new knowledge they have received from the group. Implementing such a rocess for assuring that an organization’s best knowledge and prac tice are actually used requires a high degree of organizational discipline in adhering to the organization’s current best knowledge and best practice, and such discipline will normally require building a high degree of organizational trust that the process of the expert committee for deciding best knowledge and best practice is objective, impartial, and transparent. Finally, an organization that creates explicit knowledge assets must take care that those assets remain within the boundaries of the organization and do not â€Å"leak† to other organizations, especially competitors.Security measures of the type most organizations now routinely use to protect their databases must be extended to provide security for the organization’s explicit knowledge base. 16 Conclusions As described above, the tacit and explicit knowledge management approaches involve quite different emphases and practices, and one might naturally be led to ask, â€Å"Which approach is right? â⠂¬  As with most alternative approaches to management issues, however, the answer is â€Å"Both are right — but in the right combination. As the discussion in this chapter has suggested, there are important advantages to be obtained through both the tacit and explicit knowledge management approaches, and in many respects, the advantages of each approach can be used to help offset the disadvantages of the other. In any organization, therefore, the goal is to create a hybrid design for its knowledge management practice that synthesizes the â€Å"right† combination and balance of the tacit and explicit knowledge management approaches.What the â€Å"right† combination and balance may consist of will vary with a number of factors — the technology the organization uses or could use, the market conditions it faces, the â€Å"knowledge intensity† of its strategies and operations, the current attitudes of its key knowledge workers toward the organization, the degree of geographical dispersion of its knowledge workers, the resources available to the organization to invest in developing infrastructure and processes for its knowledge management practice, and so on.However, some basic guidelines may be suggested. Organizations that have not implemented systematic knowledge management approaches should in most cases begin with tacit knowledge management practices of the type discussed in this chapter. Such practices are relatively inexpensive, fast to implement, and less challenging organizationally than full-blown explicit knowledge management practices, and they often create surprising organizational interest in and energy for developing more extensive knowledge management practices.In any event, implementation of tacit knowledge management practices should be seen and communicated within the organization as only the first step in an evolving management 17 process that will eventually include more formal and systematic explicit knowled ge management practices. Achieving some initial organizational successes through use of tacit knowledge practices also helps to build confidence that the much greater organizational demands involved in implementing explicit knowledge management practices will be worth the effort.We have discussed here a number of reasons why in the long run organizations that manage to implement effective explicit knowledge approaches not only will be more effective at leveraging their knowledge, but will also become better learning organizations. When the respective advantages of tacit and explicit knowledge management practices can be combined, an organization should be able to develop and apply new knowledge faster and more extensively than organizations that do not try to manage knowledge or that use only tacit or only explicit knowledge management practices.Thus, the eventual goal for most organizations will be to devise and implement hybrid knowledge management practices in which explicit know ledge management practices complement and significantly extend their initial tacit knowledge practices. 18 References Sanchez, Ron (2004). â€Å"Creating modular platforms for strategic flexibility,† Design Management Review, Winter 2004, 58-67. Sanchez, Ron (2001). â€Å"Managing knowledge into competences: The five learning cycles of the competent organization,† 3-37 in Knowledge Management and Organizational Competence, Ron Sanchez, editor, Oxford: Oxford University Press.Sanchez, Ron (1997). â€Å"Managing articulated knowledge in competence-based competition,† 163-187 in Strategic Learning and Knowledge Management, Ron Sanchez and Aime Heene, editors, Chichester: John Wiley & Sons. Spear, Steven, and H. Kent Bowen (1999). â€Å"Decoding the DNA of the Toyota Production System,† Harvard Business Review, September-October 1999, 97-106. Stein, Johan, and Jonas Ridderstrale (2001). â€Å"Managing the dissemination of competences,† 63-76 in Knowled ge Management and Organizational Competence, Ron Sanchez, editor, Oxford: Oxford University Press. 19 Table 1Basic Beliefs in Tacit versus Explicit Knowledge Management Approaches Tacit Knowledge Approach Explicit Knowledge Approach Knowledge is personal in nature and very difficult to extract from people. Knowledge can be articulated and codified to create explicit knowledge assets. Knowledge must be transferred by moving people within or between organizations. Knowledge can be disseminated (using information technologies) in the form of documents, drawings, best practices, etc. Learning must be encouraged by bringing the right people together under the right circumstances.Learning can be designed to remedy knowledge deficiencies through structured, managed, scientific processes. 20 Table 2 Advantages and Disadvantages of Tacit versus Explicit Knowledge Management Approaches Tacit Knowledge Approach Explicit Knowledge Approach Advantages: Advantages: Relatively easy and inexpensive to begin. Articulated knowledge (explicit knowledge assets) may be moved instantaneously anytime anywhere by information technologies. Employees may respond well to recognition of the (claimed) knowledge. Likely to create interest in further knowledge anagement processes. Important knowledge kept in tacit form may be less likely to â€Å"leak† to competitors. Codified knowledge may be proactively disseminated to people who can use specific forms of knowledge. Knowledge that has been made explicit can be discussed, debated, and improved. Making knowledge explicit makes it possible to discover knowledge deficiencies in the organization. Disadvantages: Disadvantages: Individuals may not have the knowledge they claim to have. Considerable time and effort may be required to help people articulate their knowledge.Knowledge profiles of individuals need frequent updating. Ability to transfer knowledge constrained to moving people, which is costly and limits the reach and speed of kn owledge dissemination within the organization. Organization may lose key knowledge if key people leave the organization. Employment relationship with key knowledge workers may have to be redefined to motivate knowledge articulation. Expert committees must be formed to evaluate explicit knowledge assets. Application of explicit knowledge throughout organization must be assured by adoption of best practices. 21 22

Why do directors need to have their duties spelled out in statute Essay

Why do directors need to have their duties spelled out in statute - Essay Example directors must promote the success of the company for the benefit of its members rather than benefiting other group’s interests, but in the same way, have to observe the interests of other groups that contribute to the success of the company such as suppliers. Enshrining the regulations as law in spelling the director’s duties, is meant to formulate a favourable corporate legal environment that offer ease of access to the corporate form, minimum interference with the company management and appropriate investor protection for the overall success of the company (Companies Act 2006, Section 170-177). Advantages The codification of directors’ duties provides a clear working ground that promotes a patent definition of their roles in ensuring that the company achieves greater heights of prosperity and growth. Right from management roles and integrating issues within the market under which the company competes the law provides that directors as trustees should act in the interest of the company’s success. They should have regard to all relevant considerations and highlighting areas of particular importance that will steer the company in heights of growth. Integrating and widening the enterprise culture is an increasing major policy that is upcoming in the United Kingdom. This however is enshrined in coming up with suitable legislation that will govern the directors of business companies in their exercise for the duties. This will help in providing a successful platform for initiatives in businesses to elevate the UK business environment into global standards and making it the best place to do business. The modernization of the company law is a significant drive to facilitate and enhance the UK business enterprises to be competitive in the entire Europe and around the world appropriate investor protection and managerial freedom Directors as Managers of the companies in the UK are expected to ensure that the proposed intervention legislation are modelled to

Code of Ethics in Architectural Practice Essay Example | Topics and Well Written Essays - 2000 words

Code of Ethics in Architectural Practice - Essay Example Through the use of a clearly defined set of ethical expectations on the conduct of architects, the AIBC can define the integrity of the profession of architecture in order to supply the public with credible and competent professionals who all conform to standards of practice. The AIBC (Architectural Institute of British Columbia) is a self-regulated, independent professional organization in Canada that provides entry for architects into their professional careers. By ensuring that the education and conduct of those in the profession of architecture adhere to their standards, the organization can help the public with hiring competent and worthy members for their work. The organization provides a resource for conflict resolution, as well as and advocacy an advisory program in order to service the public for understanding how, when, and why to hire an architect. The AIBC maintains a directory of members which allows the public to hire accredited and responsible architects. In the proces s of defining appropriate professional behaviors and administration of the position of architect, the AIBC provides a code of ethics in order to set standards for performance (AIBC) The Code of Ethics According to Quatman and Dhar, architects must adhere to â€Å"codes of ethics, building codes and professional standards of design† ( 352). Without these standards, the safety of the public will be at risk and the integrity of the profession would be compromised. Architects are required to be licensed, which requires 5600 hours of work experience and completion of the certification examination. The AIBC provides a complete code of ethics that architects are expected to abide by in order to ensure high quality production of work. The code has been released as a PDF so that all members can review and adhere to the structure of the code. The code begins by clarifying that when the word ‘architect’ is used, it should be applied to architects, architecture firms, as wel l as licensees and associates of AIBC. The bylaws of the organization require that a code of ethics be created and that each member reads this code of ethics and takes the following oath: Solemnly do I declare that having read and understood the Act of the Architectural Institute of British Columbia, its Bylaws and Code of Conduct, and having passed the examinations, I am eligible for membership. Further do I announce that I will uphold professional aims, and the art, and the science, of architecture and thereby improve the environment. I also accept with obligation the need to further my education as an architect. I promise now that my professional conduct as it concerns the community, my work, and my fellow architects will be governed by the ethics and the tradition of this honourable and learned profession (AIBC 4). According to the document, â€Å"This ‘oath’ underpins and informs the profession’s fundamental obligations and expectations of its members †Å" (AIDC 4). The reading and acceptance of the code is designed to ensure that all members of the organization, which should include all members of the architect profession, understand their responsibilities in regard to the ethics code. The first section deals with professional engagement. The code outlines the way in which the relationship between the architect and his or her client should be formed. The laws by which

Does a government imposed price control provide an efficient market Term Paper

Does a government imposed price control provide an efficient market - Term Paper Example This effect is long-term as the elasticity of supply is high and the availability of the product is being rationed by price, eventually black market arises to compensate this shortage. This is a clear indication that the government intervention has reduced the efficiency of the market and created new market failure characteristics like the emergence of a black market where goods and services evade tax through smuggling in addition to violation of several other rules of the trade (Mises, 197-248). On the other hand, price floors raise the equilibrium price for they are set at minimum. These price floors are inclusive of reduced wages and agricultural marketing boards. On condition that the price floors bind, then they will definitely decrease the amount of goods in demand and increase the quantity which is being supplied. Eventually this will create a surplus in the market and thus lower the prices below the equilibrium price. Economists argue that lowered wage laws may subsequently result to increased levels of unemployment and this phenomenon mostly affects the youth as business units often offer high wages (Riesman, 35-78). A free market is a market where the equilibrium price is controlled by forces of demand and supply. When a tax is imposed on such a market; there emerges a difference between supply and demand prices and the equilibrium is disrupted and this results to a tax wedge. When a tax has been imposed on any transaction in then market, the resulting difference between the demand and the supply price is commonly referred to as the tax wedge. Taxes are mandatory payments to the government from the society and they have substantial influence on the normal market trends; basically of the buying and the selling price difference (Mises, 327-361). In a competitive market which is devoid of these price regulations from the government, the equilibrium price is

Human and animals Cloning Essay Example | Topics and Well Written Essays - 750 words

Human and animals Cloning - Essay Example Thus even after numerous failures in the initial stages the initial stages the scientists worked on the procedure of this vitro Fertilization process where the scientific community from the United States came to be successful with the first IVF baby that was born in 1978. However it should be stated in the same context that the US quickly banned it after the baby came out. (King, 126) The debate over cloning continued but at last non human cloning was allowed and approved in Science Congress. Dolly the sheep was cloned by the famous scientists Ian Wilmut and Keith Cambell in 1996. This was a phenomenal breakthrough in the history of microbiology and the survival of the sheep became the point of interest. However, it survived its initial complications and proved that cloning is a safe method for life forms. At the same context it should also be mentioned that the Dolly success brought in many more companies into the cloning business. The second successful experiment was Little Nicky. It has been estimated that about 87 tries were incorporated to clone Little Nicky, in which two resulted in pregnancy. Only one survived though. However, this proved that cloning was highly achievable and it was safe too. (Dev, 78-81) Logically, the next step of the scientific community was to venture into Human Cloning. But there are several arguments for and against this measure. One argument suggests that the human gene pool is more complicated that that of a sheep thus tampering with it would surely harm its contents. These people argued that the cloning of human would surely weaken the gene pool. Another group of argument suggested that cloning would be very detrimental to human health and that health risk could become a big concern in future if human cloning is allowed. (Kar, 145) There are also legal complications regarding the fact. However, in 1998 the legal authority granted the right of everyone to have a child in the famous case of Blingdon V. Abbott. (Fletcher, 188) But there are complications suggested by many quarters. There lies the chance of side effects of cloning. It is believed that LOS or large offspring syndrome develops a lot of abnormalities in a large group. Furthermore, as cloning is a process where exact DNA replications are made the method of cross breading would seize to exist. This is important as Cross breading would make people to diverse and thus develop. Then again uses of spare part organs are in scrutiny too. Many people don't believe that one should use and embryo for organs. (Deb, 323) However the aspect of Cloning in Agriculture supports the use of cloning as streamline of Clone Elites would likely lead to mass production of transgenic animals where no safe guards are put on animals once it is able to produce protein. The quality of the products would also be taken into account as in cows the quality would vary as most cows produce about 1000 gallons, but one can get cows the make 2000 gallons with cloning alongside the overall quality of most if not all food would go up. (Lamb, 243-245) This would lead to a huge profit margin and main companies in the agriculture cloning field like Biotech are already taking interest in the

Economics of Money and Banking Essay Example | Topics and Well Written Essays - 1250 words

Economics of Money and Banking - Essay Example Investments are a boon for the progress of any economy. This does not imply that the commercial banks would charge negative interest rates to the investors in order to boost up investment thresholds in the country. The banking institutions may offer loans at zero interest rates. Zero interest rate policy under taken by the central bank of a country is a situation where they charge a low nominal rate of interest (Woodford, 2001). This is associated with stimulating the economy, when the pace of economic development is low in a nation. Interest rates can never be negative, a negative interest rate charged on loans is a hypothetical state where the bank would offer concessions on loans charged to the investors or borrowers. This will not only involve loss of gross reserve in a bank but also lead to non potential investments in the economy. The commercial banks will land up offering loans on risky and unviable projects and thus may be forced to offer implicit bail outs to many failed pro jects in the economy. This would make the overall investment market uncertain in the economy. Thus, interest rate charged on loans can never be negative. The Taylors rule is a model used for determining the interest rates in the economy; it was introduced by John Taylor in 1992. This rule explained the different interest rates that the Federal Reserve would probably set in future in United States, based on the theory of rational expectations in macroeconomics. Taylor framed his model assuming that all the economic entities in the market will always have positive expectations about the future economy. The Taylors model cannot consider the long term prospects of an economy (Asso, Kahn and Leeson, 2010). As taken in this essay, the Taylors formula is: r=p+0.75(5.5%-u) + 0.5(p-2) + 2. Where r = Federal funds rate. u= Unemployment rate. p= Rate of inflation. Fig 1: Federal Fund Interest Rates by Taylors Rule Years Federal Fund Rate  ® 01/03/10 -1.24 01/06/10 -1.48 01/09/10 -1.48 01/12/ 10 -1.40 01/03/11 0.02 01/06/11 -1.25 01/09/11 -1.18 01/12/11 -0.80 01/03/12 0.19 01/06/12 -0.58 01/09/12 -0.28 01/12/12 -0.28 (Source: STLOUISFED, 2013a; STLOUISFED, 2013b) The table above shows the different quarterly rates of interest, the Federal Reserve could set in 2010, 2011 and 2012 according to the Taylors Rule. â€Å"Yes†, following the above schedule it can be concluded that the Taylors rule suggested keeping the federal funds rate negative in the recent years. This is because the economy is facing recessionary trails in the market in the last few years. A negative interest rate would suggest the Federal Reserve to set expansionary monetary policies and augment the velocity of circulation of money in the U.S. economy. Task 2 In normal market conditions, Taylors rule suggested that the federal funds rate must be such that the inflation and real interest rates in the economy would be 2% and the rate of unemployment naturally existing in the economy would be 6%. Howev er considering the present recessionary trails in the market the Taylors rule have suggested that the federal funds rate must be negative to induce monetary easing in the crisis economy of U.S. The Taylors rule has become an important pivotal support for most of the policies framed by the federal bank. However, the analysis about different economic outcomes made by the Federal Bank is much deeper than the other central banks in the globe. Taylors rule viewed that the U.S. economy was in a crisis in the recent years, it was desirable for the U.S. central bank to simply adopt

Data Flow charts Essay Example | Topics and Well Written Essays - 500 words

Data Flow charts - Essay Example ss called decomposing, modelling hierarchy or leveling; this process of leveling is series of detailing diagrams until all the primitive functions are properly identified. When DFD fits on a single window is known as level 1 DFD. Level 2 is a DFD that expands the level 1 or top-level. All the levels below are level 3, level 3 and so on. A level that cannot be further be decomposed is called bottom-level process (Systems Analysis and Design, n.d.). Flowchart assists the auditors and accountants in analyzing the current system of the organization for the control loopholes and weakness ants the reporting the same to the management. This assists the auditors in defining the audit trail, follow it up and finally evaluate the system. Further it assists in assessment of the control risk of the company. The system analyst use the flowcharts to show how the information flows in an organization environment, thus each department is evaluated on the data is receiving and sending and makes sure only the valid and necessary data is

The Impact of Social Media on Businesses Essay Example | Topics and Well Written Essays - 1500 words

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Harrison Bergeron Essay Example for Free

Harrison Bergeron Essay In 2081, all of society is forced to be equal. In Kurt Vonnegut, Jr.’s short story, Harrison Bergeron, everyone is assigned â€Å"handicaps† that make them equal to everyone else. These handicaps included wearing weights around the neck, wearing a mask to cover beauty, and having a device in the ear so thinking could not be overdone. â€Å"Nobody was smarter than anyone else; nobody was better looking than anyone else; nobody was stronger or quicker than anyone else. All this equality was due to the 211th, 212th, and 213th amendments that were added to the Constitution. † (Vonnegut 369) Harrison Bergeron is a valid representation of the potential control of a government and the repercussions a society could face if every individual were forced to be identical. The short story is based off of three characters: Hazel, George and Harrison Bergeron. George was forced to wear a device in his ear that prevented him from thinking too much since his intelligence level was above normal. Hazel, on the other hand, â€Å"had a perfectly average intelligence, which meant she couldn’t think about anything except in short burst.† (Vonnegut 370) Harrison was their son that was captured at the age of fourteen by the H-G government. Harrison was athletic and handsome. His handicaps included wearing headphones instead of an earpiece, spectacles that nearly made him blind, and about three hundred pounds of metal. â€Å"To offset his good looks he was forced to wear a red nose, shave off his eyebrows, and to cover his white teeth with black caps.† (Vonnegut 372) Hazel and George were watching television when news came on about Harrison Bergeron escaping from prison. The news cast told those watching that this man was extremely dangerous and flashed pictures of him upon the screen. George realized that it must be Harrison but the realization was quickly taken from his mind when the sound of a collision went off in his head. After George opened his eyes, the picture of Harrison was gone but he was actually shown on television yelling, â€Å"I am the Emperor!† Because of Harrison’s great strength and tall features everyone was cowering down to him, except one ballerina that stood up to be his empress. Harrison had ripped off all his handicaps and the handicaps from the empress and the  musicians. Harrison and his empress were dancing to the music that he forced the musicians to play, when â€Å"Diana Moon Glampers, the handicapper general, came into the studio with a double-barreled ten-gauge shotgun. She fired twice, and the Emperor and the Empress were dead before they hit the floor.† (Vonnegut 374) Shortly after, the Bergeron’s television had gone off. George leaves to get a beer and upon his return he sees that Hazel has been crying. George asks her why she has been crying but because she can only think in short burst she can’t remember why the tears were coming. Because of George and Hazel’s handicaps, they could not remember that Harrison was their son that had just been killed on the television. Due to everyone being forced to be equal to one other, the government made the people become stupid, slow, and even obeying the law because of fear of punishment. Harrison knew he was good looking, athletic and smart. When Harrison escaped from prison and disobeyed the law, it would be easier for him to rule over others because everyone else was still chained to the law. With his great strength and rebellion he became an â€Å"Emperor† for a short time. Foreshadowing was shown when Hazel and George talked about taking some weight off of George’s neck. George explains to Hazel â€Å"that if he tried to get away with it, then other people’d get away with it-and pretty soon we’d be right back to the dark ages again, with everybody competing against everyone else.† George asks Hazel what she thinks would happen to the society, Hazel replies, â€Å"Reckon it’d fall all apart.† (Vonnegut 371) The government knew that if people listened to Harrison that everyone would start disobeying the law, so they got rid of him. They could have also shot him because they got scared of what they could not control. By showing the killing on television, it showed the society what will happen if they start rebelling. A sedated society, that of which is handicapped, is much easier to control. I believe Harrison Bergeron shows what exactly it would be like for everyone to be equal. It also effectively represents the kind of control that a government would have over a society. If the government gives everyone equality and makes them â€Å"weak† it gives the government way more power than what they already have. At some point in time everyone has the thought of an equal society but we do not think of what it would take for that to happen. Harrison Bergeron shows what the consequences would be. I believe the fact that everyone is unique should be more appreciated rather than wanting to bechanged. If people were forced to be equal life would be the same for everyone and not as adventurous and fun. The problem with an equal society is that no one would be able to be their selves. In order for everyone to be equal, there would have to be some consequences for those who rebel against the law. Also, the handicaps would be necessary in order for everyone to be equal. This would give the government complete control over a society which could also cause problems. Harrison Bergeron is a vivid representation of the potential a government could have on a society, and the dangers of an equal society. Bibliography Vonnegut, Kurt. â€Å"Harrison Bergeron.† Magazine of Fantasy and Science Fiction.(1961) 1st release

The themes in Hamlet Essay Example for Free

The themes in Hamlet Essay Hamlet by William Shakespeare is a revenge tragedy that illustrates a tragic heros struggle with two opposing forces: moral integrity, and the need to avenge his fathers murder. Hamlet the prince of Denmark discovers from his fathers ghost that his father has been murdered with malicious premeditation and this atrocious act was committed by none other than his uncle Claudius. Inevitably Hamlet is instigated to seek revenge, however is incapable of such action due to the need for certainty and other emotional, psychological, and ethical factors; thus he remains indecisive. Through Hamlets complex, divided, introspective character and with the help of such an intriguing plot Shakespeare exposes the themes of immorality, revenge, and death; which are evidently the most significant and recurring themes throughout the play. Immorality plays a significant role in the play. The plot commences with Claudius not only committing the immoral act of regicide but also repulsively seducing the queen into marriage; completely disrupting the natural order of Denmark. Therefore Claudius has deprived the prior king of life, of crown, of queen Such corruption leads to Denmark being represented as a physical body which has been made ill as the people come to believe that something is rotten in the state. (I, iv, 90) The appearance of the previous kings ghost confirms a sense of foreboding about the future of the country since the new king has forced himself onto the throne through corrupt means. All this corruption affects Hamlets view of the world as well, where he comes to believe that the world is merely possessed by things rank in gross in nature. ( I, ii, 136) Even before Hamlet encounters his fathers ghost who reveals the truth about the murder, Hamlet is searing with indignation over how his mother with most wicked speed, [did] post with such dexterity to incestuous sheets (I,ii,156 157) Thus Hamlet foreshadows that such dissolute deeds cannot come to good (I. ii. 158) However when the ghost does reveal the truth Hamlet is overwhelmed with disgust at the immorality and injustice of his own uncles and his mothers foul deeds. Inevitably the occurrences of such immoral acts have brought a burning need within Hamlet, a need to seek to revenge; which is another significant theme that recurs throughout the play. Indisputably, revenge is probably the most essential theme in the development of Hamlet. Revenge is a dreadful, decadent and a bloodthirsty emotion and is the driving force behind two of the main characters in the play- Hamlet and Laertes. However Shakespeares conduct of revenge within Hamlet differs completely to the quintessential style of revenge during his era. Shakespeares illustration of revenge delves more into the physiological and moral aspect of seeking revenge; where he portrays that revenge is not an action that usually comes innately because even overpowering emotion cannot bring about immediate action. Therefore Hamlet contemplates heavily and plans the revenge, but fails to put his ideas into action until the last scene. The first sign of revenge is evidently seen in the beginning where Hamlets fathers ghost urges him to revenge his foul and most unnatural murder. (I. v.25). However Hamlet was still not convinced by the ghost as he believes it may be the devil( II,ii) Therefore in order to catch Claudiuss conscience and prove the ghosts message, Hamlet has a play enacted in the scenario of his fathers murder. This shows Hamlets need for certainty and deep contemplation. Even after The kings outburst when he had the perfect opportunity to kill whilst he was praying, Hamlet failed to perform. Hamlet states Now he is praying a villain kills my father and for that, I, his sole son, do this same villain send to heaven( III,iii). It is evident that Hamlet is a man with too much reason (III.ii) and not enough action. One could argue that it is as if he develops excuses for not completing the deed, mainly because he is human and that the deed is immoral. Therefore he is incapable of performing such action immediately. This proves that every action; even revenge is affected by rational considerations, involving the need for truth or certainty as well as moral, physiological and emotional factors. Nevertheless it seems as though Hamlet disbelieves the notion of performing a deed in a purposeful and controlled way; because when Hamlet does take action; killing Polonius, he prefers to do it irresponsibly, blindly and viciously. It evidently shows his thirst for revenge as well as the obscurity and complexity of his character. Hamlets blind, irrational, and impulsive, manner of killing Polonius without being aware of his identitiy formulates the beginning of a vicious cycle of retribution; as Hamlet becomes a part of Denmarks squalor and misery. This irrepressible and unjustifiable murder instigated Laertess(Poloniuss son) quest to avenge his fathers death. Later on in act 5 Hamlet and Laertes have the opportunity to avenge their fathers in a gruesome duel. However this only leads to their downfall, revenges eventual outcome- death. Shakespeare utilizes the theme of death as a cleanser of corruption, as all the corrupt players are killed through unnatural means which ultimately restores the natural order of Denmark. As destined the characters receive the deaths they deserve. Thus the king dies in Hamlets hand as well as being poisoned like the queen, whereas Hamlet dies in a soldierly fashion being provided the respect a soldier deserves. Inevitably death is seen as the ultimate resolution for immoral injustice. Death is not only seen as a cleanser of corruption but according to Hamlet death carries various meaning involving freedom, inevitability and the fact that death renders life meaningless. It is evident that Hamlets obsession with death works in three stages: death as a means of escape or freedom, his circle of life theory and the physical decay of death which proves the futility of life. From the very beginning Hamlets seems to find the world weary, stale, flat and unprofitable. (I,ii,129-134) and would have ended his agony by committing suicide if the everlasting had not fixed his canon `gainst self-slaughter. ( I. ii. 129-134) Hamlet ponders over the means to handle his outrageous fortune(III,i, lines 58-70)and contemplates whether he should fight the slings and arrows (III,i lines 58-70) that life has thrown upon him or he should end the heart ache and a thousand natural shocks (III, i,lines 58-70) by killing himself. However he is afraid of the after life and chooses the nobler (III. i, 58-70) path to face the suffering of life in order to avoid the gruesome aftermath of death. According to Hamlet aftermath can also involve the grave where the person has to face worms and maggots feeding on him, evidently pointing out that death is a leveler which inevitably everyone is entitled for. Therefore he believes that life goes around in a circle because a man may fish with the worm that hath eat of a king, and eat of the fish that hath feed of that worm. (IV,iii, 30-32) Hamlet also believes that life is meaningless because after death all physical beauty is lost. So with Yoricks skull in hand he reminisces upon all the moments he spent with Yorick and what has become of him now. Likewise, regardless of how women emphasize on their beauty; as Hamlet states to this favor she must come. (V. i. 192-195) Evidently Shakespeare, through the voice of Hamlet proves that all the greed and lust for power eventually leads to nothing in the face of death. Shakespeares utilization of the significant intertwining themes of death, revenge and immorality, he is able to coherently elucidate how immoral injustice can never be restored and unless all the corrupt players are purged and a new king, in this case Fortinbras, is crowned. In addition Shakespeare also exposes that ultimately revenge is not the solution for internal peace but rather when committed it brings forth chaos and disorder within the society; forcing death to be the only resolution to cleanse the corruption and bring back peace and harmony to the state. In the process of the play these universal themes are dealt not in the conventional sense but in a reality based fashion which any human being can easily relate to, and this is what makes Hamlet such a tour de force.

The Theory And Arguments Of Dividend Policy Finance Essay

The Theory And Arguments Of Dividend Policy Finance Essay Dividend is a cash payment made by a company to its shareholders. A companys dividend decision has important implications for both its investment and financing decisions which would what money should be give to the shareholder and how much money should be kept in the firm which may be used in the later years. The dividend decision, which consider the amount of funds retained by the company and the amounts to be distributed to the shareholders, is closely linked to both investment and financing decisions. For example the company with few projects should return the unused funds to shareholder by the way of paying more dividends. A company with several suitable projects that maintains high dividends will have to fund from external sources. In the recent years, the decision what amount to retain and what amount to pay has become an important corporate decision. The Management should take into account the expectation of the shareholders and the capital market when making dividend decision. Theory of Dividend Policy Waston and Head ( 2007) state that there are two main theories of dividend policy which are as follows: Dividend Relevance Theory: Lintner (1956) and Gordon (1959) claim that dividend policy affects the value of a firm, because of shareholder prefer dividend to capital gain. The logic of their preference regarding dividend is that divided is certain but not capital gain. So, dividend policy affects the value of a company. The assumptions of Gordon findings are investors are risk averse and uncertainty augments with regard to whether dividend payments would take place in future. Dividend Irrelevance Theory: Miller and Modigliani (1961) claim that value of a firm is not influenced by its dividend policy in perfect capital market with some assumptions. The assumptions which are needed for the perfect market are as follows: There is no tax effect on dividend and capital gain There is no transaction cost All the investors are behaving rationally There is a perfect market Arguments for and against that a Higher Cash Dividend Payout Increases the Share Price Arguments in favor of the statement: Information content: Waston and Head (2007) mention that a higher cash dividend payment plays an important role to provide favorable information to the investors. Higher cash dividend indicates that the companys financial condition is strength. Reduce Conflict of Interest: Waston and Head ( 2007) states that management tries to ensure their personal benefits, whereas owners are concerned about their own interest which cause agency problem. Higher dividend payment rate decreases conflict of interest, because it indicates that agent (management) is doing all things for the wellbeing of the shareholders. Risk free: Gitman (1997) argues that higher cash dividend reduces the uncertainty of shareholders income, so it leads to increase the share price of a company. Arguments against the statement: Shortage of Cash: High cash dividend payments cause shortage of cash which lead to forgo of making investments in profitable projects and it will act as a fuel to reduce the share price rather than increase. Increase the Cost of Capital: The given company has to manage fund from the external source which is comparative expensive than retained earnings, because of paying higher cash dividend, the capability of the given firm decreases to collect fund from internal source i.e. retained earnings. Therefore, a higher payment of cash dividend increases the cost of capital and decreases the share price. Hindrance of Growth: A higher payment of cash dividend hinders growth of the firm through squeezing the investment capacity. Arguments for and against that Divided Payment is Irrelevant to Maximize the Shareholders Wealth Argument in favour of the statement Homemade Dividend: Dividend is irrelevant to the maximization of shareholders wealth, because of if the company does not pay dividend, shareholders can continue their regular income through selling some holding shares which is called homemade dividend. Profitability: The market price of share depends upon the earnings or profitability of the firm and not the dividend policy of the given firm. Arguments against the statement The Clientele Effect: There are some differences for the different types of investors which invested in the given stock of the firm. Normally, the investors such as Pensioners and Institutional investors expect regular income in order to meet their liabilities. But in case of wealthy investors, they expect capital gain rather than small regular income in the form of dividend. So, dividend payment ratio is relevant to change the share price. Information Content: Waston and Head ( 2007 ) mention that a higher cash dividend payment plays an important role to provide favorable information to the investors . Higher cash dividend indicates that the companys financial condition is strength. Reduce Conflict of Interest: Waston and Head ( 2007 ) say that management tries to ensure their personal benefits, whereas owners are concerned about their own interest which cause agency problem. Higher dividend payment rate decreases conflict of interest, because it indicates that agent (management) is doing all things for the wellbeing of the shareholders. Risk free: Gitman (2009 ) argues that higher cash dividend reduces the uncertainty of shareholders income, so it leads to increase the share price of a company. Argument for and against that Dividend payment should be avoided since it reduces Shareholders Wealth Arguments in favour of the statement Tax effect: Shareholders need to pay tax on the dividend received on the shares which decreases their net income as a result it will decrease wealth. Reduction of investment in profitable projects: Payment of dividend to the shareholders will reduce the opportunity of the firm to invest in the profitable projects. So, the firm should try to avoid the dividend payment to its shareholders and try to concentrate on its investment opportunities. Argument against the Statement Information content: Waston and Head ( 2007) mention that a higher cash dividend payment plays an important role to provide favorable information to the investors . Higher cash dividend indicates that the companys financial condition is strength. Reduce Conflict of Interest: ( 2007) mention that management tries to ensure their personal benefits, whereas owners are concerned about their own interest which cause agency problem. Higher dividend payment rate decreases conflict of interest, because it indicates that agent (management) is doing all things for the wellbeing of the shareholders. Risk free: Gitman (2009 ) argues that higher cash dividend reduces the uncertainty of shareholders income, so it leads to increase the share price of a company. Determinants of Dividend Policy: Samuels and Brayshaw (1995) and Weston, Beasely and Brigham (1996) mention that the following factors affect the dividend policy: Constraints on dividend payments : There are some constraints in the dividend payments which includes Debt contract imposes some restrictions because the interest on debt is to be paid before the dividend and it is the obligatory payment. The face that the dividend payment should not exceed the retaining earning which was mentioned in the balance sheet It is subject to the availability of the cash , because the dividend is paid only with cash. Investment Opportunities: Company which pays more dividends it will postpones the opportunity to invest in the new acceptable projects which might be selected on the basis of Net present value of the project. Alternative source of capital: When a firm want to raise a capital though either debt or equity it have to incur some cost which is known as Cost of capital. Generally, a firm which want to raise money should try to make the cost of capital low. Normally, the Equity cost of capital and cost of debt capital should be referred as external cost and the retained earnings should be mentioned as internal cost. If have retained earning almost, its cost is less when compared to the cost of external cost. If the firms has strong Retained earning it should not depend upon the profit of firm which is not predictable, and you could not restrict your investment opportunities in new projects. Ownership dilution: If the management of the company think that they should not allow any further shares by raising through equity capital or they are reluctant to dilute the ownership it should hold large amount of retaining earning or reserves. If the firm has large number amount of reserves then it need to raise capital for any future projects. Hence, the company which dont like dilution of control should hold sufficient amount of reserves or retaining earning and whenever they need they can use for the Business. Effect of dividend policy: The effect of dividend policy depend on 4 factors this includes :Shareholder desire for current future income; the perceived riskiness of dividends versus capital gains; the tax affect on the capital gain or divided which may depend upon the relevant statues and the information content of dividend. Distributable profits: The companies act stipulated that the dividend should be paid out accumulated net realized profit which includes the current profit and the previous accumulated profit. Because there is no concise definition of the word accumulated profit in the act the Committee of Accounting Bodies issued guidelines on the determination of the realized and the distributable profits and the mentioned that the profit is as per the Accounting standards and Generally accepted accounting principles i.e., Profit available for distribution should be calculated after providing accumulated loosed from the previous year. Liquidity: When the firm announces the dividend it should have sufficient cash to pay the dividend otherwise there liquidity position should be strong. Because, the company may generate more profit its does not mean that it should have it have all the profit realised in terms of cash. It may invest some funds in Projects or investment for returns. So the management should consider the liquidity before announcement of dividend. CONCLUSION The dividend policy is the crucial part of the management decision that need to be handled carefully . If they handled properly they need not to worry about the investment decision and financial decision. According to the dividend relevance theory, the dividend policy plays a vital role in hands of the investors because the wrong decision might affect the capital structure of the firm. We got from the theory that dividend give the signal effect to the investores and it has a clientele effect so we cant avoid the payment of dividend. On the other hand if we pay dividend regularly year by year it will affect the growth of the company and it will create liquidity problems. Big company like Mcdonals they avoid the dividend in the intial year and they will create a Brand name across the world and later they pay the dividend.

The Basic Dilemma Of The Artist :: essays research papers

<a href="http://www.geocities.com/vaksam/">Sam Vaknin's Psychology, Philosophy, Economics and Foreign Affairs Web Sites The psychophysical problem is long standing and, probably, intractable. We have a corporeal body. It is a physical entity, subject to all the laws of physics. Yet, we experience ourselves, our internal lives, external events in a manner which provokes us to postulate the existence of a corresponding, non-physical ontos, entity. This corresponding entity ostensibly incorporates a dimension of our being which, in principle, can never be tackled with the instruments and the formal logic of science. A compromise was proposed long ago : the soul is nothing but our self awareness or the way that we experience ourselves. But this is a flawed solution. It is flawed because it assumes that the human experience is uniform, unequivocal and identical. It might well be so - but there is no methodologically rigorous way of proving it. We have no way to objectively ascertain that all of us experience pain in the same manner or that pain that we experience is the same in all of us. This is even when the causes of the sensation are carefully controlled and monitored. A scientist might say that it is only a matter of time before we find the exact part of the brain which is responsible for the specific pain in our gedankenexperiment. Moreover, will add our gedankenscientist, in due course, science will even be able to demonstrate a monovalent relationship between a pattern of brain activity in situ and the aforementioned pain. In other words, the scientific claim is that the patterns of brain activity ARE the pain itself. Such an argument is, prima facie, inadmissible. The fact that two events coincide (even if they do so forever) does not make them identical. The serial occurrence of two events does not make one of them the cause and the other the effect, as is well known. Similarly, the contemporaneous occurrence of two events only means that they are correlated. A correlate is not an alter ego. It is not an aspect of the same event. The brain activity is what appears WHEN pain happens - it by no means follows that it IS the pain itself. A stronger argument would crystallize if it was convincingly and repeatedly demonstrated that playing back these patterns of brain activity induces the same pain. Even in such a case, we would be talking about cause and effect rather than identity of pain and its correlate in the brain.