Pearson Correlation Essay Example for Free

Pearson Correlation EssayThe regression coefficient was calculated to measure the correlation mingled with the two variables namely, monthly charge and speed of connection, on the qualified variable which is the volume of DSL subscription. Regression coefficient is a constant which represents the rate of change of one variable, which in this dissertation is the volume of DSL subscription, as a function of changes in the other variables, namely monthly charge and speed of connection (Kachigan, 1991).Descriptive statistics were used to explain the statistical indicators of the following variables (a) DSL monthly charge in OECD member countries, (b) DSL speed of connection in OECD member-countries, and (c) volume of DSL subscription in the light of the problem under study. The descriptive measures twisting the following three major characteristics of each the above-mentioned variables distribution, central tendency and the dispersion or variability. The distribution couplingm arizes the frequency of individual set or ranges of values for each variable.The central tendency of the distribution is an estimate of the center of a distribution of values. Three major types of estimates of central tendency are the mean, which is simply the sum of all the individual values divided by the number of values the median, which is the score found at the middle of the values arranged either from highest to last(a) or lowest to highest and the mode which is the most frequently occurring value in the set of info (Trochim, 2006 Sternstein, 2005).Dispersion, on the other hand refers to the spread of the values well-nigh the central tendency, measured either using the range and the measure deviation. The range is simply the difference between the highest and lowest values in the distribution whereas the standard deviation shows the relation that a set of values has to the mean of the sample, its numerical value indicating how one specific value in the distribution is clu stered virtually or is scattered from the mean of the distribution (Trochim, 2006 Freund Williams, 1983).Methodology for Chapter 4 Pearson Correlation and Descriptive Statistics In Chapter 4, the Pearson correlation was utilized to find the degree to which the following pairs of variables are linearly associated (a) GDP and Internet usage, GDP and mobile phone usage and GDP and fixed phone usage (b) population and Internet usage in Middle East, (c) population and mobile usage in Middle East, and (d) population and fixed phone usage in Middle East.Interpretation of the specific relationships between the aforementioned pairs of variables was facilitated using Table 1 on page 2. Descriptive statistics were used to discuss the statistical indicators of the following variables (a) fixed telephones in the 30 provinces of Iran, (b) data network capacity in 30 provinces of Iran, and (c) mobile penetration in 30 provinces of Iran.The same statistical descriptors outlined in Chapter 3 wer e adopted for Chapter 4.REFERENCES Asian Development Bank. (2007). Aggregate Measures of Competitiveness. Retrieved December 31, 2007, from adb. org http//www. adb. org/documents/books/ADO/2003/part3_3-3. asp. Easton, V. J. , McColl, J. H. (2004). Statistics Glossary Paired data, correlation regression. Retrieved December 31, 2007, from Statistical Education Through Problem Solving

Entrepreneurship the purist most challenging application of the art and science of business. Essay Example for Free

Entrepreneurship the purist most challenging application of the art and science of business. EssayCorporate America repeatedly cites the lack of entrepreneurial skills as the single biggest deficiency in MBAs something that we fix in this business. Entrepreneurial skills and knowledge are mandatory for creating your own venture (for-profit or non-profit) , creating a new business unit within an existing enterprise, creating a new product or service offering andlaunching it, or for bonnie being a much more inventive and creative desk jockey in a lumbering, bureaucratic human cesspit of non-productive activity.The conception and start-up stage of a new organization is a critical stage of the companys life-cycle. It is the time for the venture to pull itself together and get up and running in time for opening day. It is an extremely busy time in the ventures life, requiring a thorough understanding, application, and execution of your MBA concepts skills.In this capstone course w e examine the idea of entrepreneurship, its symbiotic existence with Corporate America, the origin of new (company) concepts, setting up the new legal entity, raising funding from outside investors or donors, developing and writing a comprehensive business plan, and pitching your concept to a ornament of seasoned investors or potential donors. Some key topics complicate (1) demographics for small businesses, (2) conceiving and understanding a sound business model, (3) financial forecasting and modeling for new start-ups, (4) cash flow management in start-ups, (5) name sheets, (6) the venture capital business, (7) multiple funding rounds, (8) start-up company valuations, (9) liquidation preferences, (10) leveraging strategic alliances, (11) the role of the Board of Directors, (12) restricted stock, stock options, and 83(b) elections, and (13) creating and leveragor) toastation that will be delivered to a panel of professional investor/donors at the conclusion of the course.CAP580 2 will be delivered as a combination of lecture and discussion. The instructor demands active participation from the fork members.COURSE OUTLINEImportant note The detailed descriptions of all assignments along with all exercises are found on the (new) Moodle course site. session 1 Monday, 26 August 2013Introduction and OrientationHow the course will be conductedClassification of businessesSmall business demographicsWhat is entrepreneurship and why should you be highly interested in this rout?Major assignments and due dates Concept Description Abstract cod on 23 September 2013 Business Plan Outline Due on 7 October 2013 Interview with Entrepreneur save-Up Due on 14 October 2013 Prospectus Due on WEDNESDAY by NOON, 4 December 2013 Final Business Plan Due on MONDAY, 9 December (in conformation) 2013 Live PowerPoint Presentation 9 December 2013No class on Monday, 2 September Labor DaySession 2 Monday, 9 September 2013The Entrepreneurial Mind and ProcessEntrepreneurial Re silience during Challenging TimesHow Entrepreneurs Craft Strategies That WorkApples Core Case postulateIggys Bread of the World Case subject areaSession 3 Monday, 16 September 2013Recognizing and Screening the OpportunityBackground Note Note on Business Analysis for the Entrepreneur ZOOTS The Cleaner Cleaner Case StudySession 4 Monday, 23 September 2013The Business PlanHBR Article How to Write a Great Business PlanBusiness Plan for Room for Dessert Case StudyYour Concept Description Abstract DueSession 5 Monday, 30 September 2013The Founder and the Team HR MattersNanoGene Technologies, Inc. Case StudySession 6 Monday, 7 October 2013 licit Matters the Start-Up EcosystemBackground Note Legal Matters and Entrepreneurship Corporate law firms Intellectual property (IP) law firmsThe Start-Up Ecosystem Certified public accountants (CPAs) The Board of Directors The Advisory Board Key business partnersSmartix(A) Dancing with Elephants Case StudySmartix(B) The Last DanceSmartix(C) Rethin king the NegotiationsSmartix(D) Reflections from the Other Side of the TableBusiness Plan Outline Due TonightSession 7 Monday, 14 October 2013Financing the inferPunchTab Inc. Case StudyInterview with Entrepreneur Write-Ups DueFall Break is 15 18 October 2013.Session 8 Monday, 21 October 2013Capitalization of the Start-Up, Part 1Session 9 Monday, 28 October 2013Capitalization of the Start-Up, Part 2Session 10 Monday, 4 November 2013Capitalization of the Start-Up, Part 3Session 11 Monday, 11 November 2013Growing the BusinessWhat Entrepreneurs Get WrongFacebook Case StudyGordon Biersch Case StudyGordon Biersch New Challenges and Opportunities Case StudySession 12 Monday, 18 November 2013 enthronement Decision MakingWalnut Venture Associates (A) RBS Group Investment Memorandum Walnut Venture Associates (B) RBS Due industry Customers Walnut Venture Associates (C) RBS Due Diligence Market Size Walnut Venture Associates (D) RBS Deal TermsThanksgiving Week break is 25 29 November 20 13. No class on 25 November.Session 13 Monday, 2 December 2013Documentary (movie) Start-Up.comSession 14 Monday, 9 December 2013Final PresentationsCOMMENTS ON CAP5802 ENTREPRENEURSHIPIMPORTANT YOUR HOMEWORK ASSIGNMENTS ARE collectible IN HARD COPY IN CLASS ON THE SPECIFIED DUE DATE. LATE ASSIGNMENTS WILL BE MARKED DOWNSEE rank POLICY BELOW.Your workload in this course will be above average. That we meet only one time per week for three hours implies that you will involve a weeks worth of homework to do in between class meetings unlike the homework load that you would receive in a course that meets multiple times per week.Specifically, I expect you to attend all of our classes. I expect you to arrive on time and remain in class until we are finished with the session. I expect you to arrive with your material fully prepared this requirement is critical. I expect you toparticipate actively and effectively in class. I expect you to demand of yourself and your fellow class membe rs complete fidelity to high personal ethical standards. I expect you to keep your cellular knell out of our classroom or with you, but powered off. I do not expect you to ever leave the classroom to accept or refurbishment a telephone call. I expect all aggroup work and responsibilities to be evenly distributed among the team up members. I expect all individual-specified exercises to be effected by you independently with no assistance received from anyone else.CAP5802 GRADESThere is no final exam in CAP5802. Instead, we have the final presentations from each start-up concept. Four factors shrink from into your grade counting in CAP5802 (1) your homework scores watch those tricky computational problems, (2) your write-up of your interview with an entrepreneur, (3) your completed business plan which should be sufficiently tantalize to cause the general partners of Kleiner Perkins Caulfield (who successfully funded Genentech, Amazon, and Google, among others) to saliva te, and (4) a stunning live presentation during our final class meeting which should convince even the most risk averse grandmother to allocate a chunk of her retirement stash to fund your promising venture.(1) CLASS PARTICIPATIONWe have 23 articles/case studies that we use to tag on some of the vital content to this course. I expect you to give every one of them a thorough read and abridgment. I encourage you to discuss them with your team members. I will call on you in class whether or not you raise your hand and ask you to answer questions or to explain concepts/situations in the assigned readings. I will score your response on a three-point scale as follows 3 brilliant2 adequate1 needs improvement(2) HOMEWORK ASSIGNMENTSYour home work assignments are due in class in hard copy on the specified duedate. I will penalize you for late homework assignments. That is how the real business world works. If you are going to be out of town, always complete and turn in your assignment EARLY. When you are LATE with your homework assignments, you lose points in the computation of your final grade. No appeals allowed. The point value for each homework question is famed in (*) next to the question. You will find all of the homework assignments on the course site.(3) INTERVIEW WITH ENTREPRENEUREach team will find an accredited entrepreneur someone who has started their own business/organization and currently is running the business or non-profit organization. The business/organization can be anything ranging from an ice flutter truck to a non-profit social service organization that provides outplacement services to displaced investment bankers. I will provide you with the list of questions for the interview. You only need to find the involuntary entrepreneur (they generally love to talk about their businesses) and complete the interview then write it up.(4) COMPLETED BUSINESS PLAN FOR YOUR VENTUREEach team will compose a comprehensive, professional-quality busi ness plan for their business concept. There are two important milestones/due dates for the business plan assignment (1) the abbreviated plan outline due date, (2) the completed plan due date the last class meeting.(5) CORPORATE OVERVIEW PRESENTATION OF YOUR VENTUREYour team will present your corporate overview/launch plan during our final class meeting. You will be graded on the originality, content, and delivery of your concept. We expect to have a judging panel present comprising demanding, unreasonable investor-types to critique your conceptsCAP5802 GRADE COMPUTATIONThere are five sources of points that are used in your final course grade computation(1) Class participation points as noted above. I will check up on up yourpoints, and normalize your grand substance over 50 possible points.(2) homework Assignment points as noted with each HW assignment question. I will add up your total homework points, divide this total by the total possible homework points, and arrive at a final percentage score for your homework.(3) 50 points for your entrepreneur interview write-up(4) 100 possible points for your business plan, distributed as follows Quality of idea = 10 ptsCompelling market opportunity = 10 ptsOrganization of plan = 10 ptsClarity of plan = 10 ptsFinancial analysis = 10 ptsMarketing plan = 10 ptsSales and distribution plan = 10 ptsCompetitive analysis = 10 ptsSales/revenue forecast = 10 ptsSurviving CAP5802 = 10 pts(5) 100 possible points for you final presentation, distributed as follows Originality and cleverness of the presentation = 20 ptsRunning within the allotted time = 20 pts fecundity of content = 20 ptsPresentation delivery = 40 ptsNote that your presentation scores will be a compilation of our guest judges scoring. write up indicates that the judges are rather severe scorers.I will assign final course grades based on your final total point tally tot possible participation score (%) 50 pointsTotal possible homework (%) 100 pointsTotal p ossible interview with entrepreneur 50 pointsTotal possible written business plan 100 pointsTotal possible live presentation 100 pointsA splendid time is guaranteed for all.

Enterprise Resource Planning System for Insurance Sector

Enterprise Resource Planning System for Insurance SectorThe Indian Insurance industry is a flourishing one which has some(prenominal) national and international players who compete for excellence. With several reforms and policy regulations, the Indian policy sector has witnessed direful growing in the recent by.India having around 17% of the worlds population is a largely untapped market. Nearly 80% of the Indian population being without a life, health and non life insurance, a growing number of insurance companies atomic number 18 now emerging in the Indian insurance sector. With the opening up of the economy, several international leaders in the insurance sector atomic number 18 trying to venture into the India insurance industry.The harvesting in the insurance industry directly impacts the reinsurance industry. Reinsurance providers are basically companies that provide insurance cover to insurance companies so as to cover their risk. With the growth in the amount of insur ance products sold by the insurance companies their risk component goes on increasing. So as to cover this risk, companies resort to reinsurance. Thus the reinsurance market is all growing at a rapid pace.The growth of the Reinsurance industry in India is coupled with a number of challenges. Challenges faced by the reinsurance industry include shrinking margins, increasing competition etc. In order of magnitude to meet the challenges, reinsurance companies across the globe have begun leveraging heavily on their information and communication technologies.Reinsurance firms are using enterprise management replys to increase productiveness, spare on expenses, to buzz off higher client satisfaction, thereby resulting into customer retention and to improve sales performance.General Insurance stomach of India (GIC Re) is the fix reinsurance community in the domestic reinsurance market in India with more than three decades of experience in the Re-Insurance business. GIC is headquarter ed in Mumbai.In India, GIC provide reinsurance to the direct insurance participation as it is the sole reinsurer in the market of domestic reinsurance. It is one of the leaders in the facultative bureauments and domestic companies treaty programmes.OBJECTIVES FOR ENTERPRISE RESOURCE PLANNING SYSTEMThe key objectives for initiating ERP death penalty were as followsSo as to retain leadership position in the national (Indian) reinsurance market.The intention of emerging as the leader of reinsurance in the Afro Asian markets.To obtain an integrated view of all business transactions.MAJOR BUSINESS CHALLENGES face up BY GIC RECustomer-CentricityThe change in focus of the organization to being customer-centricity created a number of issues for the caller-up.It became Copernican to have optimal cognition of all the customer segments.Customized products and services were required to designed to meet the needs of each of the identified customer segments.It became valuable to adopt cro ss selling of products and services as an important growth strategy.It also became important to provide any time and any place reachability to the customers.CompetitionThe growing number of players in the market created an environment of intense competitionIn order to sustain such levels of competition it became imperative for the company to adopt in the altogether strategies and identify means of securing a competitive utility over its competitors.world(a)izationExpansion of company operations across multiple geographical locations also made it necessary for GIC Re to identify means of effective monitoring and control.Expansion also increased the level of competition by adding new competitors from the new geographical locations.Product CommoditizationThe increase in competition was impacting the companys profit margins.It became absolutely necessary for the company to distinguish its brand from competitors.Lower customer the true and increasing price sensitivity were also measu re threats to GIC Re.ConsolidationIt was important to bring about a consolidation across the organization so as to deliver a clear value to its customers.ComplianceExpansion of operations across multiple geographical locations made its imperative to comply with multi-national regulations.MAJOR IT CHALLENGES FACED BY GIC REData QualityData maintained by the organization was fragmented by the line of business, the branches, the different geographical locations etc.It was important to consolidate this data and provide high quality of product and operations related data.Process IntegrationIt was important to exampleize and streamline cross working(a) processes and develop and integrated workflow.The company was suffering from value leakage due to non integration of systems.Legacy IT SystemsThe bequest system used by the company did non reflect the change in focus from being a contract centric to customer centric insurance provider.Reduction of Operation ComplexityThe company used a n umber of applications to manage the daily activities.As a result, a number of interfaces had to be monitored and managed which proved to be very difficult.It thus became important to reduce the number of interfaces and bring about standardization across the interfaces.EXPECTATIONS FROM ERPReduction in general cost through improved efficiency and increased productivityDrive business innovationTo a give a competitive advantage to the company over its competitorsDriver for business growthImprove overall customer experience and satisfactionEnsure regulatory complianceSupport global operationsCreate new r regularue streams for the companyEnsure growth of existing revenue streamsCHOICE OF jack oakThe major factors contributing to the choice of patsy are as followsIntegrated Enterprise platform for transacting GICs businessThe company required a platform that would integrate all the processes and procedures across the enterprise.The system was required to standardize all processes and s treamline set of processes across the organization instead than streamlining large number of procedures.The company expected the have an enterprise wide visibility of business operations.SAP Reinsurance solution being used by Global Industry leaders Munich Re and Hannover ReOne of the major contributing factors to choosing SAP was the companys biggest competitor and the global industry leader Munich Re and Hannover Re had use SAP Reinsurance system.Adoption of the global best practicesBy 2005, SAP Insurance had almost all insurance service providers running it.SAP had in the past implemented both the insurance and reinsurance packages for multiple clients.This enabled SAP to gain an understanding of the global best practices in the prevalent in the industry.GIC Re hoped to reap the benefits of this knowledge in their own implement of SAP Reinsurance.Most companies who had previously implemented ERP had strong positive experience with SAP for their insurance portfolioERP IMPLEMENT ATION START get out Early 2005ERP GO LIVE DATE February 2006SAP VERSION SAP R/3 Version 4.7GEOGRAPHICAL SCOPE Offices in India, London and DubaiSAP MODULES IMPLEMENTEDSAP FS-RI ReinsuranceSAP FS-RI is an insurance solution that enables reinsurance firms, direct insurers and brokers to come upon a reinsurance process that is completely integrated and streamlined.SAP FS-CD Collections / DisbursementsSAP FS-CD is a solution designed for insurance service providers to standardize and streamline their billing and disbursement activities for their policyholders and agency holders.SAP IM-IC (CFM) Investment ManagementSAP IM-IC (CFM) module provides useful tools for coverage of WBS which are in progress, PO commitments and assets that have been capitalized.SAP FI-CO FinanceThe SAP FI-CO module can be viewed as the core of the integrated SAP system as it deals with the monetary impacts on business and other modules of SAP.SAP HR Human ResourcesSAP HR is the largest module implemented It deals with the management of valet de chambre resources and human capitalSAP BIW Business IntelligenceSAP BIW is the business intelligence module that provides analytical, reporting and data warehousing solutionIMPLEMENTATION CHALLENGES frontmost SAP Reinsurance (FS-RI) implementation outside Europe.First SAP FS-CD Implementation in India.First SAP IM-IC implementation in India in an Insurance/Reinsurance environment.One of the few Active Reinsurers in the world using SAP FS-RILegacy data MigrationCustomisation of Reinsurance Module (FS-RI)Risk Manager in FS-RI (Facultative Business) had not yet been implemented even in EuropeIMPLEMENTATION HIGHLIGHTSOpportunity to critically re-look the companys business processes and practices and incorporate changes wherever required.Elimination of data inconsistency by correcting, validating and cleansing legacy data.Opportunity to streamline the organisation by adopting the global best practices in the industryBUSINESS BENEFITSTight integr ation between underwriting and technical Accounting processes thereby providing better business focus.Integrated processes eliminating almost all redundancies and inter-departmental reconciliations.Increased automation reduced manual intervention and improved data quality.Improved reserving process (tracking the discipline of outstanding loss reserves).FINANCIAL STRATEGIC BENEFITSSAP allowed visibility of all assetsStandardized evaluation of all assets were achievedDaily updates to the investment portfolio enable the company to achieve integrated investment managementEffective real time risk compendiumTOTAL COST OF OWNERSHIP95 % of the companys requirements were met by th standard solution offered by SAP and minimal customization was requiredOPERATIONAL BENEFITSThe operation benefits as evaluated by the company after two years of implementation are as followsKEY PERFORMANCE INDICATORS (KPI)IMPACTTime to measure performance-70%Time to plan for new projects and activities-30%Time t o performance market risk analysis-80%Efforts to map sources of risk-80%Reporting Flexibility+90%Quality of Reports+80%Quality of Portfolio evaluation+90%Quality of transaction mapping+90% proximo PLANSUp gradation from SAP R/3 Version 4.7 to SAP ECC 6.0 platformConnecting offices in Moscow, Malaysia and South Africa to the upgraded ERP networkGeneral Insurance Corporation of India has derived significant benefits from implementation of SAP Reinsurance. From this case it is evident that SAP has the potential of being a measure source of improved efficiency and competitive advantage for insurance service providers.APPENDIX1 Monitor Performance Executive Dashboard2 CEO Dashboard3 Sales Dashboard

HSBC Pricing Strategy Analysis

HSBC Pricing Strategy AnalysisAs long as the wider economic stance remains doubtful, it is advisable for HSBC to adopt a wait-and-see approach and a careful look at their disdaines, stress testing them for both economic downturn and full-blown recession. And it would be useful to factor in the wider commercial and operational impacts through combined risk, valuation, economics, operations and HR teams. Certainly, for financial services firms like HSBC, crisis management quench necessary in the form of asset and portfolio revaluation on a mark-to model basis for both management and constitutional accounting purposes and this may rent some independent validation.Within the last decade the best consumer bank HSBC garnered awards along with soaring rankings. This was just one of those awards won by the HSBC in its small mathematical border. Such achievements, rankings, and awards commode be directly resulting from HSBCs business strategies. As the last decades success is not e ver lasting due to increased competition in the persistence facilitated by globalization, trade liberalization rather is become more difficult for the corporation to maintain its leading position through offering the righteousness in the service. The company needs to add diverse values to its scheme to establish its position in the bottom segment.Traditional views on competitive return have extravagantlylighted such barriers to entry as economies of scale, patent protection, access to capital, and regulated competition. More recent views have highlighted different aspects of competitive advantage, a firms tender resources and human capital. New demands facing organizations as a result of heightened competition, globalization, and technological advances have put a premium on creativity and innovation, speed and flexibility, as rise as efficiency.The UK government is amending its regulation in an aggressive manner to secure the industry from the future crisis. Operating enviro nments in the economy have continued to make better as the effects of government and central bank policies work through the system and it may be that HSBC has passed, or are about to pass, the bottom of the roll in the financial markets. Reducing branded activities that present high risks has become a key governing issue for the sell banking industry. After the crunch, the key challenges the banking industry facing is the shortages of capital liquidity/lack of funding, high credit costs, and global price volatility. HSBC may modify its strategy to comply with the economic down-turn and the tightened regulation.Financial intercommunicate and strategy may need careful reappraisal as many expectations supporting HSBCs strategies, plans, budgets and transactions could well need revision and material variegate susceptibility also have to be disclosed under regulatory, statutory or stock exchange obligations. A comprehensive contingency strategy to overcome incident and business co ntinuity need to be organized to gain a transparent understanding of decision making process in the case of disconnected market fall. Plenty effort may need to be considered to establish changes to models, policies, processes and operations in response to lessons learned. HSBC needs to be organized to comply with the following(a) once in a lifetime financial shock.The UK government, which has been widely criticised in the wake of the near collapse of the Northern Rock, wants to reform the current system by imposing new rules and regulation. HSBC may follow a flexible strategy where it can easily adopt the regulation maintaining the higher customer satisfaction level. As the crunch could well shake out further changes in regulation, or prompt further demands for change from stakeholders. Reviewing risk model adequacy by hydrofoil of exposures or by back-testing of model assumptions on asset volatility, correlation, and liquidity may be carried out by HSBC to maintain the safeguard .Reviewing the adequacy of the reporting system, foc exploitation on the transparency, rationality and strength of valuation models accuracy and quality of underlying reference entropy adequacy of tone downs on model use and maintenance consistency in the bases and assumptions of risk and valuation models (particularly as assumptions may not reflect recent experience) and effectiveness of risk escalation procedures in the event of serious market volatility or disruption.HSBC may check policies, procedures and avail cogency of skilled people to respond quickly and effectively to serious market volatility or disruption to stem losses (or even make profits). It may also review the adequacy of Limit framework reporting framework Stress-testing procedures.HSBC needs to play their pricing strategies very cautiously as it has generated many hundreds of millions of pounds per annum in revenue from these charges. Review operational capability to handle the situation, with particular focus on effectiveness of the process, infrastructure along with functional capacity (front, middle, back office) and straight through process/workflow evaluation.Specifically, in response to a competitors pioneering new product introduction, academic research finds many conditions that kindle a greater desirability of immediate market entry while many other conditions suggest a greater desirability of a retard response. The areas where there is a consensus among decision makers with the academic literature, as well as areas where views differ from that of the literature. Changes and discusses shrewdnesss gained into the decision making processes of managers for market entry measure decisions. The study can help managers in follower firms achieve greater success in formulating market entry timing strategies by reducing ambiguity in the timing implications of many internal and external conditions, as well as by drawing attention to potential action biases.As the Crucial Official gov erning and Agency Economic and Financial Data are of highly questionable in terms of validity HSBC may educate itself about the realities of the marketplace using Alternative Data Sources. Collecting and staying familiar to genuine information about the market can save one much financial grief as well as positioning one for profit. As technology plays an important role in the Banking industry, HSBC may integrate the latest features in their operational strategy to get the competitive advantage. Technology helps the company to introduce differentiation among the industry where it can help the bank to charge extra if that technology adds values to the customers.Customers ecstasy by providing customized service to establish the bond with the customers so that they can rely on the Banks activities. By redesigning product with additional facilities HSBC can attract the lower and the mid-level customers. Customer-facing business requirements are also more easily accommodated, and if thes e principles are applied, operational productivity and operating performance can both be raised. The key to success relies on the quality customer interface and experience, with identifying the need to offer people/individuals something they want to be identified with fits in with their own brand choices gives them a sense of control and is easy for them to use at the time that they want to use it.The expectations of the Customers of the Retail Banking industry towards the service providers is getting higher to get their transactional needs right for every time. With minimizing the tolerance level for error, politicians and regulators championing consumer rights and editors being ready to run headlines about banking mistakes, it is a must for HSBC to have resilient, available and effective transactions processing and management systems. These systems and the change environments within which they are maintained must also be capable of meeting the needs of the current and emerging mar ket needs. It is observed that non-banks have achieved high levels of personalisation in their engagement with customers, and new entrants to the retail market such as PayPal have established the competitive standard. Although PayPal is now a bank, it has achieved a financial performance to rival that of a global banks transactions business by providing an interface to bank services, having an effective launch strategy and giving to customers the things that they valued convenience and the ability to keep their financial accounts private. HSBC may create new channel to get the competitive advantage over the industry rivals.At this time all the organisations now understand the importance of knowing their customers as individually and uniquely as possible. This means understanding individual needs and then being able to touch those individual needs to the actual priorities of each customer at any given point in time. Few systems have the ability to provide insight into a customer li fecycle or into current customer priorities as transactions systems do.In mature markets with high barriers to entry and which display stable market share, data excavation can be vastly effective in generating new revenue streams and in establishing a differentiated service proposition. Successful data mining will include the use of refined cross-examination tools and a periodic ad hoc analysis along with data warehouse. Success is determined by integrated process management, detailed transactions analysis and alignment with a clear customer segmentation and strategy.Small and Medium Enterprises have become key players in the retail banking industry as its segment it getting bigger day by day with the globalization and increased competition. A careful selection of SMEs and product revision to attract those SMEs can help HSBC may generate increased revenue.As interest rate is a parameter which plays a key role in the banking industry and enthronization industry, HSBC can tailor it s product in a way where the customer will be attracted and communicate the benefit of the product to the target market to gain competitive advantage. Economic profit may be easier to manage though the environment is more competitive than before by simplifying the investment decision and clarifying the accountabilities.Understanding the value of the customers and identify the sacrifice the bank will have to make to that is the vital issue. Investing in understanding and developing this aspect of their service to customers is a parallel, to develop new products, services, markets and pricing strategies. Operational and business interactions may be obtained by bringing the transactions management at the same place, and these scale efficiencies may also be applied to effective risk and incident/ disaster management.Results for the affected banks are definitely substantial which change to their good will, opportunity loss of potential revenue and also the cost of modification and reme diation. For the people involved in managing the incident it was an uncomfortable time dealing with imperfect and incomplete data while trying to provide coherent and reliable information to many internal and external stakeholders.

Best Practice And Best Fit Approach In HRM Management Essay

Best Practice And Best Fit Approach In HRM Management Essay1. IntroductionThe discussion amidst promoters of stovepipe design and best fit approaches has sparked widespread controversy in the human resource caution (HRM) area. The topic has gained much scholarly attention because it non only addresses a theoretical controversy but handlewise possesses a utmost degree of practical managerial signifi sack upce. The essay has the aim to analyse best confide and best fit approaches in HRM of a multinational enterprise. The reader receives insight into capital of Nebraska Electrics organization through a deterrent example-study analysis of practical HR approaches serving as a basis for riseing practical managerial implications in the last part of the paper.2. Critical evaluation of best practice and best fit practices in HRM2.1 Best practice approachThe best practice approach claims that certain bundles of HR activities exist which universally condense companies in reaching a war-ridden advantage regardless of the organisational setting or industry (Redman and Wilkinson 2009). Best practice modellings imply a close connection between HR practices and organizational performance and are often associated with proud commitment counselling (Paauwe Boselie 2003). Empirical research in the best-practice field shows similar groups of HR polices which are especially fit for maximizing performance irrespective of market and product strategies (Peffer 1998, Guest 2000). Best practice bundles of activities are characterized as in return compatible HR activities which forge last levels of work force competence, encourage motivation and introduce a workdesign boosting employee commitment (Maloney and Morris 2005). Based on concepts from expectancy theory (Vroom 1964, Lawler 1971) best practice HR will progeny in higher levels of feature, productiveness and low rates of absenteeism and wastage (Guest 2000).The best practice approach suffers from a series of l imitations. Firstly, when implementing best practice standards organizations run risk of introducing mutually prohibitive combinations give care team working and compensation ground on someone performance resulting in a deterioration of employee collaboration through overexaggerated arguing (Delery 1998 in Redman and Wilkinson 2009). Secondly, high commitment management systems are generally a complex undertaking requiring large in roams of planning and top level management commitment. Thirdly, critics same(p) Milkovich and Newman (2002) argue that best practice HR neglects direct linkages with organizational strategies and is minted by the belief that outstanding high performing human resources will influence strategy. By making HR policy precede corporate strategy an organization risks prescribing standardized sets of one size fits all best practice approaches which will not support the particular needs of employees and be detrimental to overall strategic objectives (Maloney and Morris 2005). Fourthly, discussions with regard to the appropriate choice of best practice measures resulting from an insufficient research methodology and theoretical definition exist (Marchington and Grugulis 2000 in Redman and Wilkinson 2009).2.2 Best fit approachThe best-fit model is considered as a variant from precedent models of Harvard, Michigan and York and is called matching model for HRM (Sparrow and Hiltrop 1994). It is based on developing HRM policies according to business strategy. Strategy involves planning future activities, performances objectives, and policies towards reaching the corporate aims. HRM strategy should be designed and applied to support the given corporate strategy (Lawler 1995). The best-fit approach questions the universality assumption of the best-practice perspective. It emphasizes contingency fit between HR activities and the organizations stage of development, an organizations internal structures and its external environment like clients, suppliers, competition and labour markets (Redman and Wilkinson 2009). HR policy should be minted by the appropriate context of individual employees and therefore support the overall competitory strategy. Aligning HRM practices to strategies can enable companies to create potential competitive advantages (Schuler and Jackson 1987 in Redman and Wilkinson 2009).The best fit approach is also subject to sever criticism. Firstly, Boxall and Purcell (2003) criticizes that in a changing business environment companies and their strategies are subject to multiple alternating contingences and that it is merely possible to adjust broad(a) HR systems to new challenges frequently. Secondly, as companies move through their life-cycle HR practices have to be ordered which soupcons to an alternating treatment of employees which can have a demotivating effect and show inconsistency in corporate refining (Boxall and Purcell 2003).3. Analysis of Lincoln Electrics HRM approach3.1 Evaluation Best practice or best fit approach in certain HR practices3.1.1 Selection practicesFor the hiring of its U.S. workforce Lincoln Electronic is applying best practice methods as it pursues a selective employment approach aiming at attracting skilled personnel that can connect to the companies high performance ethic and live up to select standards. New hires have to pass a three-month probation period and prove their work dedication in trainee platform (Bjrkman Galunic 2003). For the established U.S. operations promoting experienced employees from in spite of appearance can be regarded as an element of best fit approach of aligning HR goals with corporate quality strategy (Lawler 1995). It is coherent with Lincolns strategy of binding the best employees and rewarding them for their semipermanent arrive atments with responsibility thus keeping its intellectual capital and ensuring a sustainable competitive advantage in field of performance, knowledge and quality. In the international ma nagement Lincoln made the mistake of relying too much on inexperienced U.S. managers from within and only afterward the disaster of the international subsidiaries started to move from its unitary strategy towards a more responsive best fit approach to external environmental by hiring more internationally experienced external managers in China and Europe which fits the international expansion strategy (Hastings 1999). In its Chinese recruitment it adapts to the Chinese labor market by personally promoting and introducing prospective employees through senior management to identify personalities who can live up to performance, education and quality requirements applying a best fit approach (Bjrkman Galunic 2003). This is in line with common relationship and social network oriented selection practices in China (Warner 2005).3.1.2 Training practicesLincoln is applying a best fit strategy which aims at enhancing employees abilities, technical and business knowledge through a significan t investment in globally recognise best practice training methods (Marchington Grugulis 2000). Examples are a sophisticated trainee program for sales and engineering trainees, constant vocational trainings for experienced workers and regular work evidence programs (Bjrkman Galunic 2003). These actions aim at supporting and maintaining the lord efficiency objectives creating core competences compared to industry rivals and a competitive advantage. Lincolns approach to training employees resembles the immersion training exileed by Toyota which also conducts extensive investment in workers qualifications to achieve highest productivity and quality (Spear, 2004).3.1.3 Reward systemThe reward system which has been invented by founder James Lincoln is at the core of the successful individual performance working system. In the US, Lincoln employs a highly compensated piece-work system which is linked to individual employee performance based on a slew of work-related factors (Bjrkman Galunic 2003). The reward system is able to motivate employees for achieving commitment through a remuneration which is at the top of its industry (Bjrkman Galunic 2003). remuneration system possesses clear management commitment and is seen as the key for achieving outstanding employee commitment direct to advantages in costs, productivity and quality (Hastings 1999). Group collaboration within the company is created through specific bonus pools which are allotted to work group performance. The bonuses are then distributed to the members of that group according to their quantified relative performance on the semi-annual merit rating based on factors like idea generation, quality, reliability, dependability and output (Milgram Roberts 1995). Employees are closely bound to the organization through a long-term stockpurchase plan as part of their remuneration making them entrepreneurs at their workplace (Bjrkman Galunic 2003). Classification of the reward system in one of the HRM approaches is ambiguous. Lincoln invented the individual performance-system as the major component towards developing its employees for becoming its core strength through an unbeatable motivation and quality-drive (Milgram Roberts 1995). This is the utilization of the best fit approach minting HR towards organizational strategic objectives. The performance payment system has proven immensely successful becoming an internal best practice. Empirical studies by MacMillan and Schuler (1984) confirm the success of individual performance- pay with end-of-year bonuses at US bearings company Baimco and at the aviation company PEOPLexpress. For its global operations Lincoln is forced to abide by national restrictions in the legal environment (e.g. prohibition of piecework in Germany) and traditional working habits in the socio-cultural environment to align its reward system to local standards (Bjrkman Galunic 2003). In Europe, it is forced to conduct a best fit approach abiding by local r egulations and adjust to differing standards of motivation where workers value benefits like vacation over annual bonuses.3.1.4 Employee allianceThe best fit approach is also utilized for the field of employee participation. The company possesses an open-door policy where employees can contact management directly. Flat hierarchies with minimal supervisory management lead to very low communication barriers and wide-opportunities for taking responsibility (Milgram Roberts 1995). Due to participation is one of the evaluation criteria for employee remuneration Lincoln has a very high workforce participation rate concerning continuous improvement suggestions. Similar continuous improvement and feedback programs are also pursued by Japanese companies like Nissan in order to enhance productivity (Erstand 1997). That not only encourages idea generation but also directly involves employees in major decisions like the turnaround after the economic crises (Hastings 1999). Although workers ar e not unionized a very lively participation with the management board takes place through the Employee Advisory Board leading to a very high level of workforce trueness. The best fit participation approach supports the core competence and sustainable competitive advantage of productivity and innovative quality as major strategic objectives (Pfeffer 1995)3.2 External and internal factors influencing Lincolns HR strategy3.2.1 External factorsFirstly, the legal environment both in Lincolns home(prenominal) market and international markets significantly influences the HR strategy. Regulations regarding the legality of piece-work systems, vacation requirements and working hour limitations force Lincoln to adapt HR practices in all fields elucidated in chapter 3.1. In the U.S. more performance driven and entrepreneurial HR approaches are possible whereas regulations in Europe, Asia and Latin America force Lincoln to mystify to adapt local HR practices (Bjrkman Galunic 2003). Secondly, Lincoln is affected by the cultural diversity of its operations again creating barriers for the introduction of performance driven measures in markets like Western-Europe and China. Whereas in the U.S. traditionally hierarchy is low and employee idea generation is common, Chinese goal is more subversive and critical idea generation practices will sell (Zhu 2005). Similarly hiring and training practices are different across cultures The U.S. and Europe allow for the application of best practices in recruitment and training. In Asia Lincoln needs to align to the environment of conducting rather relationship oriented hiring and in-depth skill development (Warner 2005). Thirdly, different market maturity and industry-life-cycles between developed and developing markets affect Lincolns HR approaches with differences in hiring, training and workforce participation.3.2.2 Internal factorsThe first major internal factor affecting Lincolns HRM is the life-cycle of the respective subsidiary . U.S. and Canadian operations have a historical carriage with high levels of employee loyalty, trust, identification with the individual performance culture and a well attuned work organization and low hierarchies (Bjrkman Galunic 2003). Due to recent acquisitions and Greenfield investments in Europe and Asia loyalty and identification with the overall corporate objectives and working ethics is unincisive (Hastings 1999). Lincoln is challenged developing HR-approaches to create employee involvement and implement the performance driven internal values. Especially, immense discrepancies between the subsidiaries international managers and the U.S. headquarters management are major obstacles for the development of globally coherent HRM strategies which can enforce the overall companys performance (e.g. objections against incentive system, language barriers, management philosophies) (Hastings 1999). Lincolns executives do not possess the required international management skills and ar e very much minted by idealized U.S. practices.3.3 hard-nosed managerial lessons and broad implications for HRM practicesPractical managerial HRM implications which can be drawn from the Lincoln case are the following. Lincolns HRM strategy is based on a best fit approach designed to achieve an optimal vertical fit with the overall corporate strategy with a strong alignment towards the competitive strategic objectives of employee productivity and product quality on the companys domestic American market (Basset 1999). Lincoln is immensely successful on the U.S. market because it matches HR approaches to corporate, competitive and functional level strategy to achieve a sustainable competitive advantage.Internationally, Lincoln is not able to transfer the U.S. model of best fit to its subsidiaries. Environmental factors like legal requirements and cultural differences take on it impossible to use a system which is based on individual performance (Bjrkman Galunic 2003). Lincoln is lim ited in conform to its HR approach to what would be best for reinforcing its efficiency and quality driven competitive advantage.The Lincoln case illustrates that in a global context companies are influenced by a multitude of contingences. A universalist HRM approach within a MNC applying a certain bundle of HRM best practices will not render an optimal outcome for the entire organization (Sims 2007). According to Dowling et al (2008) International managers need to take a more detailed approach by identifying individual circumstances of national subsidiaries and fitting HRM strategies to achieve a mutual enforcement between local requirements and corporate strategy. For some a best practice approach might be a superior solution while for other subsidiaries only certain best practice elements (e.g. hiring, training, rewards etc.) might prove to be effective In Europe Lincoln fails to develop any sort of HRM strategy which can satisfy the environmental requirements and reinforce its competitive differentiation strategy at the same time. Due to a lack of international knowledge Lincolns managers rely on the status quo (Hastings 1999). In Europe an introduction of best practice methods with a HPWS would have immediately allowed ensuring better construe and performance in the newly acquired international subsidiaries through standardized practices (Maloney and Morris 2005). The best fit approach in Lincolns Chinese subsidiary incorporates lessons learned from the European sorrow Lincoln is able to adapt HR strategy to environmental requirements of culture, legal requirements and the market and at the same time introduce best fit approaches in hiring and employee development to support its competitive strategy.The broader implication is that there is no single best way to approach HRM. Companies should design their approach according to elements of best practice and best fit to achieve the best possible outcomes. Studies conducted by Mendonca Kanungo (1994) and Cyert March (1963) show that the adaption of HRM approaches to local international environments is essential for companies leading to and adaption of processes and practices to fit with the local workforce. self-made MNCs like Unilever, Royal Dutch Shell and Nestl are those that conduct HRM strategies based on localized requirements incorporating elements from best fit and also standardized best practices (Briscoe Schuler 2004). In this context a localized resource-based HRM approach can be a good possibility to create synergies between internal competences with strategy and performance.4. ConclusionTo put everything under consideration, one can see that best fit and best practice approaches offer companies powerful tools for shaping human resource management processes. The case study has illustrated that an application of one bundle of best practice strategies across all geographies of MNCs, as proposed by Pfeffer (1998), is almost impossible because of regional differences in w ork-related practices, laws culture and characteristics of motivation. Similarly, sticking to a best fit strategy which is only aligned to the contingency of strategy and a neglect of environmental forces and internal capabilities can lead to a failure of HR in international markets. The case has shown that the concepts of best practice and best fit have to be analyzed and adapted to character the localized needs of international subsidiaries in order to pave the way to overall global competitive advantages through HR.

AIDS in the Eighties :: AIDS HIV Diseases Essays

AIDS in the EightiesFour years ago I got into a near fatal car accident and lost a lot of blood. I was rushed into a nearby San Francisco hospital where doctors treated me with transfused blood. Ironically, the same blood that saved my spiritedness will eventually lead to my death. It is currently 1987 in San Francisco, one of many areas in the world suffering from a virus believed to have come from Hesperian Africa. Earlier in the decade scientists discovered the virus was linked to the disease, Acquired Immuno-Deficiency Syndrome, which dominantly afflicted gay males. The virus, which was not extensively covered by the media, was reported to have been ancestral with bodily fluids through sexual contact, shared needles, fetus transmissions, and blood transfusions. Scientists discovered that the virus contained surface proteins that binded to receptors on CD4 T cells. The virus would then undergo self-importance replication and hide inside T cells. The nascent virus then e merged out of the cells nucleus, causing T cells to lyse. This cycle continued and gradually decreased the persons unsusceptibility toward pathogenic microbes. There have been many conflicting reports as to how this virus found its way from Western Africa to distant parts of the world. A popular conclude may have been from a person that killed a monkey containing the simian form of the virus. The person may have eaten the monkey and contracted the zoonotic virus. another(prenominal) perspective comes from devout religious individuals that believe the virus was brought to earth by God as a punishment to the sinning gays and lesbians. Either way, the disease became widespread, infecting both males and females. Its spread was due to travel. Because the world has become a smaller place from airplanes, cars, trains, and boats, the disease shifted from a localized epidemic to a worldwide pandemic. The media is partially answerable for the current image that AIDS patients have wi th the public. Uninformed reports from television, radio, newspapers, and magazines caused the public into a panic that lasts to this day. A few years ago, accounts of gay men dying from common diseases like the cold and flu began appearing in the media. Pretty soon, normal individuals became very sick from common diseases. Because early accounts had singled out homosexuals as having this unknown disease, it was fictive that homosexuals had spread the virus.

Time and Change in Poetry Essay -- Robert Herrick Thomas Hood Poems Es

Time and Change in PoetryComparing and discussing two poems compose by two different nation in two different times on the exposed of time and change. Time and ChangeI will be comparing and discussing two poems written by two differentpeople in two different times on the subject of time and change. Thesubject time and change is part of our everyday lives and it affectsour behaviour and attitudes.The first poem I will be studying is To the Virgins, to Make Much ofTime which I will refer to as poem 1 and is by Robert Herrick in the16th Century. The title of the poem scores the reader think that it hasa sexually oriented meaning to it. The second poem is I Remember, IRemember, which I will be referring to as poem 2 and is by Thomas rowdy in the 18th Century. The title of this poem suggests to thereader that it is a personal poem based on the poets own lifeexperiences. Both poems talk to a greater extent or less time and change in different ways.Poem 1 is written to instruct young pe ople what to do with their timeand poem 2 is written in first person narrative and talks about howdifferent life is.Both poems encourage you to read them and put the same message crosswaysto enjoy what you have while it lasts. I think the time and changetopic is very important and by studying and analysing each poemcarefully, you hindquarters see a new perspective on life.A theme is something that you can find throughout a poem, play, booketc. It lets the reader/ listening know what it is about and lets youunderstand the meaning of the piece more clearly. The themes of thetwo poems look at the concept of the changes between being youthful togrowing mature and discuss how time passes quickly in your life. Theyboth convey natur... ...It is always instructingyoung people what to do with their time and how to spend it, as wellas a instructive advice. I feel the poem repeats its message too manytimes but this helps to put the point of the poem across more stronglyfor people to underr stand what it is about.I think both poems put the point of time and change across strongly intheir own, unique way and it helps people to understand what theactual subject matter means and is trying to demonstrate. The poemsare written well and both discuss how ageing affects you.Poem 2 make sme think of my childhood and my most precious memorieswhereas poem 1 makes me think of my prospective and what could happen. Bothpoems have the impact to make you think of the past, present andfuture and lets you know that all three are different and its down toyou as to what you do with your life and time.