Managing oganisational relationships Essay

Introduction â€Å"No Organisation can hope to keep up with the fast pace of change of the world today without enthusiastically embracing change within itself.† [www.thecommonwealth.org 2005] The above statement is very powerful, but one I strongly agree with, because changes are taking place everyday and if managers don’t respond to these changes then the business is most likely to suffer. Managers may have little ability to prevent change, but awareness that change is coming – can make it easier to deal with. If an organisation is prepared to handle an event, then many problems can be prevented or solved without difficulty. Management versus Leadership There is a continuing controversy about the differences between management and leadership. I think it’s obvious that a person can be a leader without being a manager and vice-versa. According to the management theorist Mary Follett: â€Å"Management is the art of getting things done through people† [M.Follett 1989] However, the idea that a Manager only manages people – I think is over-simplified. This is because managers hold many responsibilities. I have outlined below the role of a manger: – Decision Maker – Are held responsible for results – Have conflicting goals to achieve – Need to Plan and Budget – Work with and through people – organise staff. Whereas, leadership is; â€Å"the ability of an individual to influence, motivate and enable others to contribute toward the effectiveness and success of the organisation.† [House et al., 1999] From the above statement I can gather that the role of a leader is to mainly to: – Communicate – Motivate and, – Encourage employees Leadership is a managerial activity where employees work together towards achieving company goals. The difference between managers and leadership is that – managers are elected to supervise the work of other people in the organisation and carry out formal duties. While, leaders influence the behaviour or actions of others. Managers value stability, order and efficiency. Meanwhile, leaders value flexibility, innovation and adaptation. Managers are concerned more about how things get done and try to get people to perform better. Whereas, leaders are concerned with what things mean to people and try to get people to agree about the most important things to be done. As you can see there are many differences between management and leadership. I believe leaders are more effective than managers, as they influence workers to achieve company targets and their leadership approach is usually very effective. At Morrisons – the leadership style is very effective as the leader has many good characteristics. I have outlined these below; * Good communication skills * Is decisive * Good at delegation These characteristics help employees feel more valued as they know what is going on in the company and so try harder for the company to achieve targets. There are many approaches leaders can emphasise on: – Trait approach – Behaviour approach – Power-Influence approach – Situational approach – Integrative approach There are strengths and weaknesses to each of these approaches – and the approach used highly depends on the nature of the organisation and the situation they are in. I would say that at Laurens – cake factory, the managers implements a behavioural approach. They are very authoritarian – where they focus on power, decision making and hold authority with the leader. The management style they hold is ‘Task Management’. This is when they: * Focus on production * Expect schedules to be met * Problems arise from other peoples mistakes I don’t believe, that this approach is very effective because employers don’t involve employees in decision-making and don’t provide opportunity for training and development. I think this would make staff feel less valued and not part of a team – so, will not motivate them to perform better to achieve targets. Performance Management â€Å"performance management includes activities to ensure that goals are consistently being met in an effective and efficient manner.† [www.managementhelp.org 2005] Performance management can focus on performance of an organisation, a department, processes to build a product or service, employees etc. Performance management reminds us that training, strong commitment and working hard alone are not results. The major contribution of performance management is its focus on achieving results. Performance management redirects our efforts away from business and gets managers to think towards effectiveness. Recently, organisations have been faced with challenges – of increasing competition from businesses across the world. This means that all businesses must choose effective strategies to remain competitive. Employees must commit to these – to ensure strategies are implemented effectively. This situation has put more focus on effectiveness, to achieve results. All of the results across the organisation must continue to be aligned to achieve the overall result for the organisation to survive and thrive. It is only then that organisations can really tell if they are performing. Culture of an Organisation Every organisation has its own unique culture, based on values of the top management who direct the organisation. However, over time individuals attempt to change the culture of their organisations to fit their own preferences or changing marketplace conditions. This culture then influences the decision-making processes and effects styles of management. Mullins defines the culture of an organisation as: â€Å"a collection of traditions, values, policies, beliefs and attitudes that constitute a pervasive context for everything we do and think in an organisation.† [Mullins 2002] A key role for culture is to differentiate the organisation from others and provide sense of identity for its members. At Accordia the culture is very democratic – as the manager delegates responsibilities on others. It is also creative and innovative because they are always open to new ideas. They build their culture around quality based upon commitment to the company as a whole. Cross Culture â€Å"As a business becomes more global the need to understand cultural differences is critical to success.† [M. BERGER 1996] Berger highlights the importance of cultures. I think it is essential to understand the basics of good cross-cultural relationships, because when people do things differently, they are not necessarily wrong – they just don’t follow this in their culture. I have drawn out a table below – giving an example of ‘how UK and France have different styles of conducting meetings’: UK France Purpose of meetings is to agree actions and make decisions Acceptable to astray from agenda in discussions Stick to agenda, deviate only if new priorities emerge Purpose of meetings is to give input to decisions, not necessarily to make decisions Time conscious Don’t challenge the ‘Big Boss’ Defined follow-up actions are generally agreed The key decision-maker may not be at meeting People are expected to attend on time and stay through out the entire meeting Not time-conscious – people come and go during meetings, there can be side discussions. Figure 1 [M. Berger 1996] As you can see there are many cultural differences. The UK and France have completely opposite managing styles. From respect and understanding people can find ways to work together – based on mutual strengths. I think cultural values affect attitudes and behaviours around the world and we need to examine how one can adapt their skills to the cultural approach in which they find themselves in. Flexible Working â€Å"Flexible working is the term used to describe the ability to employ people – when and where required in the interests of everybody.† [R. Pettinger 2002] There has been a huge movement towards flexible working over the years and Neatly & Hurstfield found that: â€Å"Employers were making increasing demands on all employees to become more flexible, both in working hours and in functional flexibility.† [Hurstfield 1995] Flexible working involves the creation of work patterns and arrangements which are based on the need to maximise organisational output, customer and client satisfaction and staff expertise and effectiveness. I found out that there are many approaches to flexible workforce – Atkinson was one of them, where he produced the ‘flexible firm’ model in 1984. Diagram – flexible firm I believe that this model has more relevance today – because when we look at the retail sectors – every employee is flexible. For example; At Woolworths they have their core managers – who work contracted hours. And then all the other employees are part time workers with high flexibility hours. I think they take advantage of the functional flexibility, where they recruit more staff and create short-term contracts – when sales are likely to be high, eg) Christmas. This maximises flexibility – as they are getting workers in only when needed. I think the flexible firm model – shows that the environment is more competitive and the need for cost effectiveness is important. I think Atkinson was well ahead of his time – and predicted accurately. I consider the greatest emphasis was based on the flexibility in part time working – as many retailers implement this model. Psychological Contract The term Psychological contract is; â€Å"the perceptions of the two parties, employee and employer, of what their mutual obligations are towards each other.† [www.adelphi-associates.co.uk] It is the psychological contract that effectively tells employees what they are required to do in order to meet their side of the agreement, and what they can expect from their job. There has been conflict in employees not commiting to their contract, but due to the changes occuring recently, employees have been persuaded to taking the contract more seriously. I have listed the changes below: – The nature of jobs – more employees are on part time and temporary contracts, so, functional flexibility is more popular – Organisations have downsized and delayered – so individual employees are carrying out more tasks. – Markets, technology and products are constantly changing – customers are becoming more demanding. So, quality and service standards need to be of high standards – Traditional organisational structures are becoming more inflexible – so, new methods of managing are required. The effect of these changes is that – the ability of the business to add value, rests on employees, where they are seen as the key business drivers. Organisations that wish to succeed have to get the most out of their resources. In order to do this, employers have to know what employees expect from their work. This is where the psychological contract is used – as a framework for monitoring employee attitudes. Since 1990’s employees have low job security – due to the impact of globalisation. This has completely changed the traditional contracts where there is ‘no job for life’. The new contract mainly focusses on fair pay and treatment and also opportunities for training and development – notion of ‘continuous learning’. On this analysis, employers can no longer offer job security and this has underminded the basis of employee commitment. Conclusion To conclude, I have found out that change within an organisation is inevitable and managers need to respond to these changes for their business to remain successful. The trend towards globalisation – is accelerating as foreign competition intensifies. This leads to a change in managerial responsibilities – where managers must be able to understand and communicate with people from different cultures. Cultural diversity is increasing within the workforce – where managers require the understanding of values, beliefs and attitudes of people from different cultures. I believe it is necessary for managers to have the understanding of building mutual relationships and have respect for diversity – so they can work together without difficulties. Flexible working has also become very popular, where employers are constantly seeking flexible staff. This is so they can fully utilise their resources effectively. Organisations are familiar with the notion of ‘high-quality staff willing to work – when required’. This is due to the fact that – the staff, expertise and resources have to be engaged when customers and clients demand. The psychological contract enables employers to look at the welfare of employees. eg) what employees want: fair pay, continuous learning, opportunity for training and development etc. Overall, I have found out that – the nature of organisations are changing with the times – and both employees and employers are benefiting from these particular changes. Also, these changes have a huge impact on Managerial theories today.    References Books: STREDWICK. J. (2005). An Introduction to Human Resource Management. Elsevier Butterworth Heinemann: Oxford. PETTINGER. R. (2002). Managing the Flexible Workforce. Capstone Publishing: Oxford. BERGER. M. (1996). Cross-Cultural Team Building, McGraw-Hill: London. BJERKE. B. (2001). Business Leadership and Culture. Edward Elgar: Cheltenham. MARTIN. G, KEATING. M. (2004). Managing Cross-Cultural Business Relations. Blackwell: London. MILES. R. (1975). Theories of Management: Implications for Organisation Behaviour and Development. McGraw-Hill: Oxford. WATERS. M. (1995).Globalization. Routledge: London. STREDWICK. J, ELLIS. S. (1998). Flexible Working Practices. Institue of Personnel Development: Wiltshire. YULK. G. (2002). Leadership In Organisations. Prentice Hall: New Jersey. ATCHINSON. T. (1978). Management Today. Harcourt Brace Jovanovich: New Harcourt Brace Jovanovich: New York. Web Sites: (2005). Culture of Organisations. [online]. Available at: URL:http://www.cardiff.ac.uk/learn/business/aim/culture [Accessed on 20/1/2006]. (2003). Employee Peformance Management. [online]. Available at: URL:http://www.managementhelp.org [Accessed on 20/1/2006]. (2005). Psychological Contract. [online]. Available at: URL:http://www.cipd.co.uk/subjects/empreltns/psycntrct/ [Accessed on 21/1/2006]. (2005). Academic leadership: Online Journal. [online]. Available at: URL:http://www.academicleadership.org/ [Accessed on 27/1/2006].

Julia’s Food Booth

(A) Formulate and solve an LP model for this case The objective here is to maximize the profit. Profit is calculated for each variable by subtracting cost from the selling price. The decision variables used are X1 for pizza slices, X2 for hotdog, and X3 for BBQ sandwich.X1 (pizza) X2 (hotdog) X3 (sandwich) Sales Price 1.50 1.50 2.25 Cost 0.75 0.45 0.90 Profit 0.75 1.05 1.35*For Pizza Slice: Cost/Slice = $6/8 = $0.75 cost per slice Maximize Z = 0.75 X1 + 1.05 X2 + 1.35 X3 Constraints: Budget: 0.75X1 + 0.45X2 + 0.90X3 ≠¤ 1500 Oven Space: 24X1 + 16X2 + 25X3 ≠¤ 55,296 in2 The calculation for the oven space is as follows: Pizza slice total space required for a 14 * 14 pizza = 196 in2. Since there are eight slices, we divide 196 by eight, and this gives us approx. 24 in2 per slice. The total dimension of the oven is the dimension of the oven shelf, 36 in * 48 in = 1728 in2, multiplied by 16 shelves = 27,648 in2,  which is multiplied by 2, before kickoff and during the halftime, giving a total space of 55,296 in 2.(B) Evaluate the prospect of borrowing money before the first game. The shadow price or dual value is $1.50 for each additional dollar Julia would increase her profit, if she borrows some money. However, the upper limit of the sensitivity range is $1,658.88, so she should only borrow $158.77 and her additional profit would be $238.32 or a total profit of $2488.32.(C) Evaluate the prospect of paying a friend $100/game to assist. Yes, she should hire her friend for $100/game for it is almost impossible for her to prepare all the food in such a short time. In order for Julia to prepare the hotdogs and barbeque sandwiches she would need the additional help. With Julia being able to borrow the extra $158.88 she would be able to pay her friend.(D) Analyze the impact of uncertainties on the model.The impact of uncertainties such as weather (to sunny, rainy, or cold), competition, increase in food cost, and the attendance at each of the six games could r educe the demand for the items sold by Julia. If it is raining or cold then there may not be as many patrons at the games and if it is to hot people may not want to eat before or during the games. The higher the uncertainties the demand shifts, therefore the solution of the LP model will change and so does her profit. She will not be able to produce a $1000 profit under high uncertainty.

Research Report Assessment Paper Example | Topics and Well Written Essays - 1250 words

Report Assessment - Research Paper Example Amongst various studies that have been conducted concerning this significant subject matter, a sort of moderate attitude towards the exercise of restraints with the elderly people can be viewed. A few of the reasons that can be considered as quite vital concerning the use of physical restraints with elderly people are viewed to be related with the safety concern of the patients (Werner & Mendelsson, 2001). With this concern, the purpose of this study is to forecast the adequacy of Theory of Reasoned Action (TRA) and also to explain the reasons about why the nurses are executing physical restraints with elderly people and ultimately how they are benefitted. Research Question or Hypothesis The research questions that are appropriate for this particular study has been portrayed hereunder. Whether the attitude, approach and the subjective norms are related to the intention of nurse’s intention towards employing physical restraints particularly with the elderly people? How the nurs e’s attitude, approach, subjective norms and objectives to exercise physical restraints are linked with selected professional as well as demographic variables? Research Variables Dependent Variables The main dependent variables used in the study include moral obligation, intention, attitude as well as subjective norm. Independent Variable Independent variables are mainly regarded as the socio- economic characteristics like age and professional facets such as years in the profession and the percentage of restraints used. The independent variables are first examined and then their merged effects are taken into concern for making further study. Extraneous Variables There are two extraneous variables that can be viewed in this study. These comprise years of education and religious belief of the people (Werner & Mendelsson, 2001). Research Design Research designs in general are of three kinds that include experimental, descriptive and causal research design. The research design us ed in this study is causal research design. It is often viewed to be a study which highlights the impact of one thing over the other (University of Southern California, n.d.). In this regard, a particular research design of correlation design has been taken into concern in the study with 303 nursing staffs in the region of Central Israel (Werner & Mendelsson, 2001). Population and Sample Setting In terms of setting, the population or the sample volume for this research study can be viewed as 303 staff members of nursing in an 800-bed hospital located in the central area of Israel (Werner & Mendelsson, 2001). Target and Accessible Population Participants have been asked to report their consent by taking into concern three different cases. These cases have been presented hereunder. 1. The first case is of an 87 year-old patient having cognitive deterioration and is hospitalized for three days. 2. The second case is of a 80 year-old patient who has been suffering from Cerebral Vascular Accident. 3. The third case included that of a 75 year-old patient who is suffering from moderate cognitive impairment (Werner & Mendelsson, 2001). Sample and Sampling Plan Three hundred and three nursing staff members of an 800 bed elder care hospital had participated in the study which was conducted. Females constituted majority of the population with

NUTRITION AND DENTAL HYGIENE IN THE ELDERLY Essay

NUTRITION AND DENTAL HYGIENE IN THE ELDERLY - Essay Example Efforts to help them independently brush can be made by strapping their toothbrush on their hand with a wide elastic band; enlarging brush handles by taping it to a sponge; and lengthening the handle of toothbrushes through tongue depressors. Automatic flossers can be used to help them floss; or while flossing their teeth for them, music can be played or the TV can be turned off to provide some distraction (Paterson, 2000). For those with dentures, their gums and the roofs of their mouths must be gently brushed with toothpaste for the removal of plaque and for the stimulation of gums; their dentures must be cleaned daily and all residues of food removed (Paterson, 2000). In order to improve the oral health of the elderly, a nutritional assessment must first be carried out in order to determine the patient’s diet and determine if he is taking in the proper foods to remain healthy. The patient’s daily water intake must also be evaluated. The goal for the patient is for hi m to receive and achieve an energy intake of from 30 to 40kcal/kg/day and a protein intake 1.2 to 1.5 g protein/kg/day (Haute Autorite de Sante, 2007). The French National Nutrition Health Program is also recommended for these patients.

534 chapter 6,7 Essay Example | Topics and Well Written Essays - 500 words

534 chapter 6,7 - Essay Example Digital technology is vital in class because it makes learning in class quite simple and fast. Three web resources that are essential in learning include amazon, Google scholar and online tutorials. Amazon is a vital web resource because students can use it to buy books that they may need to get more info about a particular topic in class. Google scholar is a globally recognized company that ensures that students can access scholarly articles online. With Google scholar, students can do research about a certain topic or search for information that can enable them do research on a particular subject. There are also a number of online tutorials for learning how to use a particular software, how to design websites, and educational toys. These online tutorials offer the students access to information that can enable them learn new things such as designing websites, using software and acquiring new skills. Social networking issues are important in class because they help students and teachers connect with each other. When students and teachers are able to connect with one another, it means that they can communicate effectively and students will be able to tell their teachers whether or not they understand a point in class. Social-ethical issues in class include effective communication, reading, discussion and writing about the subject in class. The social-ethical issues are important because they ensure that the students clearly understand what the teacher is teaching. Distance learning is recommended for elementary, middle and secondary level because it cuts off the monotony of learning in class. Some students in such levels maybe busy working or doing other causes. Distance learning becomes effective for such students because they no longer have to move to a particular location to attend the classes. Technology has also enabled the ease of distance learning because people can

The downside of trusted computing Essay Example | Topics and Well Written Essays - 250 words

The downside of trusted computing - Essay Example The problem comes up with the main purpose of the chip. It is technically achievable with trusted computing, to protect the hardware for its possessor as well as to secure it against its holder. Other related issues comprise of the exploitation of validation of software remotely. In this case, the maker and not the client who possesses the computer system make a decision on what software would be permitted to run ("Weighing the pros and cons of the Trusted Computing Platform," n.d.). Another concern is that client action in these circumstances might be recorded in a proprietary database without the knowledge of the user. In this case, user privacy happens to be an issue as well as forming a security acquiescence conflict. Designs that exist are essentially damaged since they expose the public to new dangers of anti-consumer as well as anti-competitive behavior. Although the hardware is employed as per published specifications, it can still be utilized in a manner that harms computer possessors. Second, makers of certain trusted computers as well as components may surreptitiously implement them wrongly ("Weighing the pros and cons of the Trusted Computing Platform," n.d.). Hardware enrichments may be one technique to develop computer safety ("Trusted Computing: Promise and Risk | Electronic Frontier Foundation," n.d.). Treating computer holders as enemies is not growth in computer security. The owner control, interoperability and competition as well as similar issues intrinsic to the NCSCB and TCG approach are very serious that we advocate against embracing these trusted computing technologies up to the time these issues have been

Buddhism Essay Example | Topics and Well Written Essays - 1500 words

Buddhism - Essay Example Mahayana or the ‘lesser vehicle’ is the physical, mental and spiritual discipline to maintain the purity of mind and body. As stated in the Yoga Darshana Upanishad, â€Å"not to do any ill-being in the act, in a word, in thought, that is ahimsa according to the Veda, for the Atman is present everywhere, inaccessible to the senses, in all beings; recognizing atman in them, that is true ahimsa†. It teaches compassion, ascesis, and contentment. The Lotus Sutra explains the infinite possibilities open to man. People have an infinite capacity to be good or bad. Through the Lotus Sutra, man can realize that it is possible to change for the better. Second, it teaches that all things are manifestations of the great life-force of the universe. In short, all things are coexisting and necessary for existence. Hinayana or the ‘greater vehicle’ can be equated to Theravada. The teachings concentrate on the four Noble Truths as defined by Buddha. For all these, the first Noble Truth is to be comprehended; the second is to be abandoned; the third is to be realized while the fourth is to be developed. In order to do this, there is a need to reconcile the physical senses and desires to a person’s mental concept of the things ‘desired’ by man. It teaches the concept that nothing is permanent, thus there is nothing significant when it pertains to anything physical in nature. With the recognition that everything is an offset from desire, there is a need to purge the mind of desires by recognizing the Four Noble Truths. (De Bary, 1969). 3. The Four Noble Truths form the very heart of Buddha’s teaching. It consists of the ‘Dukkha’ or suffering, the origin of suffering, the end to suffering, and lastly, the path to the end of suffering. Firstly, it must be recognized by an individual that there is suffering (Dukkha). Second, one must realize the origin of one’s suffering and it is attached to three kinds of desire (tanha): desire for sense of pleasure (kama tanha); desire to become (bhava tanha); and desire to get rid of

Macy's case Essay Example | Topics and Well Written Essays - 1500 words

Macy's case - Essay Example Macy’s has for some period has been one of the most influential and innovative players in departmental store sector, contributing to adoption of numerous managerial and technological innovations that include data processing, store merchandising, inventory control, among others. By the 50s, almost every state, in America, had its own departmental store. However, fifty years later, this had changed drastically with a decline in sales. Macy’s decided on converting regional departmental stores into one brand while also repositioning the store in order to differentiate it from its competitors. While the move was derided in some quarters as futile due to the demise of the departmental store as a whole, some analysts were of the idea that the store’s strategy was vital in revitalizing the declining industry. Which factors in the external environment could affect (positively and negatively) the success of Macy’s new strategy? Which internal factors could affect th e success of the company’s strategy? Departmental stores are currently in danger of extinction. While there were thirty-five major chains of departmental stores in the 80s, there are only thirteen left in operation today. Conventional departmental stores in the 90s accounted for two and a half percent of total income for American households, which have dropped to 1.6%, forcing departmental stores to reinvent their business strategies or suffer the risk of being run out of business. This results in the emergence of two models in for the departmental store sector in search for a profitable return. One has been the strong retail brand. The approach has been successful for departmental stores in the promotion and creation of in-house merchandise brands. Departmental stores are, therefore, able to promote their brands and name, assuming that the brands will reach a significant level of popularity, as opposed to relying on individual third party brands. Another model involves the s howcase approach that involves leveraging vendors of brands that are accountable for a substantial share of the retail process. The key, in this model, is the promotion of the shopping experience attraction, although this model leads to lower margins of profit. One factor that affects retail sales is the economic environment that dictates the consumer’s expendable income. At Macy’s 2005 consolidation, the retail business operated under positive economic conditions. This changed in 2008 with the advent of the economic recession that stretched throughout 2010. Some improvement was noted in 2011, although this was tempered by the increased oil prices and an increase in cotton prices. Another factor was industry products and services with the new departmental store model of the 90s utilizing decreased space and coming to resemble specialty-clothing stores. Women’s products, such as cosmetics and apparel wear accounted for sixty percent of floor space, men, and child ren accessories accounted for 20%, and household goods accounted for 20%. The new model did away with traditional departmental store wares. Departmental stores placed increased emphasis on fashion, differentiating them from low-end competitors and responding to complaints of blandness from customers. Departmental stores also began attempts at developing unique positions from a selection of five categories including low end, lower middle, upper-middle, high-end

Case Study-Cross Culture Management Course Term Paper

Case Study-Cross Culture Management Course - Term Paper Example There are various sources of innovation. Those are both internal and external sources of innovation as identified from the case study. The most prominent internal sources of innovation are incongruities, unexpected occurrences, industry and market changes and process needs. The opportunities that are present outside the organization in its social as well as intellectual environment are changes in the perception, new knowledge and demographic changes. The case study also explains the various principles of the innovation. The purposeful and systematic innovation starts by analyzing the sources of the new opportunities. Innovation requires knowledge, ingenuity and focus. It has been derived from the case study that because of entrepreneurial initiatives have always augmented the practice of innovation. Application of the Concepts Leaders and the managers play a vital role in the cross cultural management. The main problem that has been found in the case study is related to the term inno vation. The companies don’t have the kind of culture that is required by the innovators to be successful when thinking of innovating. The culture has an adverse influence on the management.

Why Literature Essay Example for Free

Why Literature Essay It has often happened to me, at book fairs or in bookstores, that a gentleman approaches me and asks me for a signature. It is for my wife, my young daughter, or my mother, he explains. She is a great reader and loves literature. Immediately I ask: And what about you? Dont you like to read? The answer is almost always the same: Of course I like to read, but I am a very busy person. I have heard this explanation dozens of times: this man and many thousands of men like him have so many important things to do, so many obligations, so many responsibilities in life, that they cannot waste their precious time buried in a novel, a book of poetry, or a literary essay for hours and hours. According to this widespread conception, literature is a dispensable activity, no doubt lofty and useful for cultivating sensitivity and good manners, but essentially an entertainment, an adornment that only people with time for recreation can afford. It is something to fit in between sports, the movies, a game of bridge or chess; and it can be sacrificed without scruple when one prioritizes the tasks and the duties that are indispensable in the struggle of life. It seems clear that literature has become more and more a female activity. In bookstores, at conferences or public readings by writers, and even in university departments dedicated to the humanities, the women clearly outnumber the men. The explanation traditionally given is that middle-class women read more because they work fewer hours than men, and so many of them feel that they can justify more easily than men the time that they devote to fantasy and illusion. I am somewhat allergic to explanations that divide men and women into frozen categories and attribute to each sex its characteristic virtues and shortcomings; but there is no doubt that there are fewer and fewer readers of literature, and that among the saving remnant of readers women predominate. This is the case almost everywhere. In Spain, for example, a recent survey organized by the General Society of Spanish Writers revealed that half of that countrys population has never read a book. The survey also revealed that in the minority that does read, the number of women who admitted to reading surpasses the number of men by 6. 2 percent, a difference that appears to be increasing. I am happy for these women, but I feel sorry for these men, and for the millions of human beings who could read but have decided not to read. They earn my pity not only because they are unaware of the pleasure that they are missing, but also because I am convinced that a society without literature, or a society in which literature has been relegatedlike some hidden viceto the margins of social and personal life, and transformed into something like a sectarian cult, is a society condemned to become spiritually barbaric, and even to jeopardize its freedom. I wish to offer a few arguments against the idea of literature as a luxury pastime, and in favor of viewing it as one of the most primary and necessary undertakings of the mind, an irreplaceable activity for the formation of citizens in a modern and democratic society, a society of free individuals. |[pic] | e live in the era of the specialization of knowledge, thanks to the prodigious development of science and technology and to the consequent fragmentation of knowledge into innumerable parcels and compartments. This cultural trend is, if anything, likely to be accentuated in years to come. To be sure, specialization brings many benefits. It allows for deeper exploration and greater experimentation; it is the very engine of progress. Yet it also has negative consequences, for it eliminates those common intellectual and cultural traits that permit men and women to co-exist, to communicate, to feel a sense of solidarity. Specialization leads to a lack of social understanding, to the division of human beings into ghettos of technicians and specialists. The specialization of knowledge requires specialized languages and increasingly arcane codes, as information becomes more and more specific and compartmentalized. This is the particularism and the division against which an old proverb warned us: do not focus too much on the branch or the leaf, lest you forget that they are part of a tree, or too much on the tree, lest you forget that it is part of a forest. Awareness of the existence of the forest creates the feeling of generality, the feeling of belonging, that binds society together and prevents it from disintegrating into a myriad of solipsistic particularities. The solipsism of nations and individuals produces paranoia and delirium, distortions of reality that generate hatred, wars, and even genocide. In our time, science and technology cannot play an integrating role, precisely because of the infinite richness of knowledge and the speed of its evolution, which have led to specialization and its obscurities. But literature has been, and will continue to be, as long as it exists, one of the common denominators of human experience through which human beings may recognize themselves and converse with each other, no matter how different their professions, their life plans, their geographical and cultural locations, their personal circumstances. It has enabled individuals, in all the particularities of their lives, to transcend history: as readers of Cervantes, Shakespeare, Dante, and Tolstoy, we understand each other across space and time, and we feel ourselves to be members of the same species because, in the works that these writers created, we learn what we share as human beings, what remains common in all of us under the broad range of differences that separate us. Nothing better protects a human being against the stupidity of prejudice, racism, religious or political sectarianism, and exclusivist nationalism than this truth that invariably appears in great literature: that men and women of all nations and places are essentially equal, and that only injustice sows among them discrimination, fear, and exploitation. Nothing teaches us better than literature to see, in ethnic and cultural differences, the richness of the human patrimony, and to prize those differences as a manifestation of humanitys multi-faceted creativity. Reading good literature is an experience of pleasure, of course; but it is also an experience of learning what and how we are, in our human integrity and our human imperfection, with our actions, our dreams, and our ghosts, alone and in relationships that link us to others, in our public image and in the secret recesses of our consciousness. |[pic| |] | his complex sum of contradictory truthsas Isaiah Berlin called themconstitutes the very substance of the human condition. In todays world, this totalizing and living knowledge of a human being may be found only in literature. Not even the other branches of the humanitiesnot philosophy, history, or the arts, and certainly not the social scienceshave been able to preserve this integrating vision, this universalizing discourse. The humanities, too, have succumbed to the cancerous division and subdivision of knowledge, isolating themselves in increasingly segmented and technical sectors whose ideas and vocabularies lie beyond the reach of the common woman and man. Some critics and theorists would even like to change literature into a science. But this will never happen, because fiction does not exist to investigate only a single precinct of experience. It exists to enrich through the imagination the entirety of human life, which cannot be dismembered, disarticulated, or reduced to a series of schemas or formulas without disappearing. This is the meaning of Prousts observation that real life, at last enlightened and revealed, the only life fully lived, is literature. He was not exaggerating, nor was he expressing only his love for his own vocation. He was advancing the particular proposition that as a result of literature life is better understood and better lived; and that living life more fully necessitates living it and sharing it with others. The brotherly link that literature establishes among human beings, compelling them to enter into dialogue and making them conscious of a common origin and a common goal, transcends all temporal barriers. Literature transports us into the past and links us to those who in bygone eras plotted, enjoyed, and dreamed through those texts that have come down to us, texts that now allow us also to enjoy and to dream. This feeling of membership in the collective human experience across time and space is the highest achievement of culture, and nothing contributes more to its renewal in every generation than literature. |[| |p| |i| |c| |]| t always irritated Borges when he was asked, What is the use of literature? It seemed to him a stupid question, to which he would reply: No one would ask what is the use of a canarys song or a beautiful sunset. If such beautiful things exist, and if, thanks to them, life is even for an instant less ugly and less sad, is it not petty to seek practical justifications? But the question is a good one. For novels and poems are not like the sound of birdsong or the spectacle of the sun sinking into the horizon, because they were not created by chance or by nature. They are human creations, and it is therefore legitimate to ask how and why they came into the world, and what is their purpose, and why they have lasted so long. Literary works are born, as shapeless ghosts, in the intimacy of a writers consciousness, projected into it by the combined strength of the unconscious, and the writers sensitivity to the world around him, and the writers emotions; and it is these things to which the poet or the narrator, in a struggle with words, gradually gives form, body, movement, rhythm, harmony, and life. An artificial life, to be sure, a life imagined, a life made of languageyet men and women seek out this artificial life, some frequently, others sporadically, because real life falls short for them, and is incapable of offering them what they want. Literature does not begin to exist through the work of a single individual. It exists only when it is adopted by others and becomes a part of social lifewhen it becomes, thanks to reading, a shared experience. One of its first beneficial effects takes place at the level of language. A community without a written literature expresses itself with less precision, with less richness of nuance, and with less clarity than a community whose principal instrument of communication, the word, has been cultivated and perfected by means of literary texts. A humanity without reading. untouched by literature, would resemble a community of deaf-mutes and aphasics, afflicted by tremendous problems of communication due to its crude and rudimentary language. This is true for individuals, too. A person who does not read, or reads little, or reads only trash, is a person with an impediment: he can speak much but he will say little, because his vocabulary is deficient in the means for self-expression. This is not only a verbal limitation. It represents also a limitation in intellect and in imagination. It is a poverty of thought, for the simple reason that ideas, the concepts through which we grasp the secrets of our condition, do not exist apart from words. We learn how to speak correctlyand deeply, rigorously, and subtlyfrom good literature, and only from good literature. No other discipline or branch of the arts can substitute for literature in crafting the language that people need to communicate. To speak well, to have at ones disposal a rich and diverse language, to be able to find the appropriate expression for every idea and every emotion that we want to communicate, is to be better prepared to think, to teach, to learn, to converse, and also to fantasize, to dream, to feel. In a surreptitious way, words reverberate in all our actions, even in those actions that seem far removed from language. And as language evolved, thanks to literature, and reached high levels of refinement and manners, it increased the possibility of human enjoyment. Literature has even served to confer upon love and desire and the sexual act itself the status of artistic creation. Without literature, eroticism would not exist. Love and pleasure would be poorer, they would lack delicacy and exquisiteness, they would fail to attain to the intensity that literary fantasy offers. It is hardly an exaggeration to say that a couple who have read Garcilaso, Petrarch, Gongora, or Baudelaire value pleasure and experience pleasure more than illiterate people who have been made into idiots by televisions soap operas. In an illiterate world, love and desire would be no different from what satisfies animals, nor would they transcend the crude fulfillment of elementary instincts. Nor are the audiovisual media equipped to replace literature in this task of teaching human beings to use with assurance and with skill the extraordinarily rich possibilities that language encompasses. On the contrary, the audiovisual media tend to relegate words to a secondary level with respect to images, which are the primordial language of these media, and to constrain language to its oral expression, to its indispensable minimum, far from its written dimension. To define a film or a television program as literary is an elegant way of saying that it is boring. For this reason, literary programs on the radio or on television rarely capture the public. So far as I know, the only exception to this rule was Bernard Pivots program, Apostrophes, in France. And this leads me to think that not only is literature indispensable for a full knowledge and a full mastery of language, but its fate is linked also and indissolubly with the fate of the book, that industrial product that many are now declaring obsolete. |[pic| |] | his brings me to Bill Gates. He was in Madrid not long ago and visited the Royal Spanish Academy, which has embarked upon a joint venture with Microsoft. Among other things, Gates assured the members of the Academy that he would personally guarantee that the letter - would never be removed  from computer softwarea promise that allowed four hundred million Spanish speakers on five continents to breathe a sigh of relief, since the banishment of such an essential letter from cyberspace would have created monumental problems. Immediately after making his amiable concession to the Spanish language, however, Gates, before even leaving the premises of the Academy, avowed in a press conference that he expected to accomplish his highest goal before he died. That goal, he explained, is to put an end to paper and then to books. In his judgment, books are anachronistic objects. Gates argued that computer screens are able to replace paper in all the functions that paper has heretofore assumed. He also insisted that, in addition to being less onerous, computers take up less space, and are more easily transportable; and also that the transmission of news and literature by these electronic media, instead of by newspapers and books, will have the ecological advantage of stopping the destruction of forests, a cataclysm that is a consequence of the paper industry. People will continue to read, Gates assured his listeners, but they will read on computer screens, and consequently there will be more chlorophyll in the environment. I was not present at Gatess little discourse; I learned these details from the press. Had I been there I would have booed Gates for proclaiming shamelessly his intention to send me and my colleagues, the writers of books, directly to the unemployment line. And I would have vigorously disputed his analysis. Can the screen really replace the book in all its aspects? I am not so certain. I am fully aware of the enormous revolution that new technologies such as the Internet have caused in the fields of communication and the sharing of information, and I confess that the Internet provides invaluable help to me every day in my work; but my gratitude for these extraordinary conveniences does not imply a belief that the electronic screen can replace paper, or that reading on a computer can stand in for literary reading. That is a chasm that I cannot cross. I cannot accept the idea that a non-functional or non-pragmatic act of reading, one that seeks neither information nor a useful and immediate communication, can integrate on a computer screen the dreams and the pleasures of words with the same sensation of intimacy, the same mental concentration and spiritual isolation, that may be achieved by the act of reading a book. Perhaps this a prejudice resulting from lack of practice, and from a long association of  literature with books and paper. But even though I enjoy surfing the Web in search of world news, I would never go to the screen to read a poem by Gongora or a novel by Onetti or an essay by Paz, because I am certain that the effect of such a reading would not be the same. I am convinced, although I cannot prove it, that with the disappearance of the book, literature would suffer a serious blow, even a mortal one. The term literature would not disappear, of course. Yet it would almost certainly be used to denote a type of text as distant from what we understand as literature today as soap operas are from the tragedies of Sophocles and Shakespeare. |[pic| |] | here is still another reason to grant literature an important place in the life of nations. Without it, the critical mind, which is the real engine of historical change and the best protector of liberty, would suffer an irreparable loss. This is because all good literature is radical, and poses radical questions about the world in which we live. In all great literary texts, often without their authors intending it, a seditious inclination is present. Literature says nothing to those human beings who are satisfied with their lot, who are content with life as they now live it. Literature is the food of the rebellious spirit, the promulgator of non-conformities, the refuge for those who have too much or too little in life. One seeks sanctuary in literature so as not to be unhappy and so as not to be incomplete. To ride alongside the scrawny Rocinante and the confused Knight on the fields of La Mancha, to sail the seas on the back of a whale with Captain Ahab, to drink arsenic with Emma Bovary, to become an insect with Gregor Samsa: these are all ways that we have invented to divest ourselves of the wrongs and the impositions of this unjust life, a life that forces us always to be the same person when we wish to be many different people, so as to satisfy the many desires that possess us. Literature pacifies this vital dissatisfaction only momentarilybut in this miraculous instant, in this provisional suspension of life, literary illusion lifts and transports us outside of history, and we become citizens of a timeless land, and in this way immortal. We become more intense, richer, more complicated, happier, and more lucid than we are in the constrained routine of ordinary life. When we close the book and abandon literary fiction, we return to actual existence and compare it to the splendid land that we have just left. What a disappointment awaits us! Yet a tremendous realization also awaits us, namely, that the fantasized life of the novel is bettermore beautiful and more diverse, more comprehensible and more perfectthan the life that we live while awake, a life conditioned by the limits and the tedium of our condition. In this way, good literature, genuine literature, is always subversive, unsubmissive, rebellious: a challenge to what exists. How could we not feel cheated after reading War and Peace or Remembrance of Things Past and returning to our world of insignificant details, of boundaries and prohibitions that lie in wait everywhere and, with each step, corrupt our illusions? Even more than the need to sustain the continuity of culture and to enrich language, the greatest contribution of literature to human progress is perhaps to remind us (without intending to, in the majority of cases) that the world is badly made; and that those who pretend to the contrary, the powerful and the lucky, are lying; and that the world can be improved, and made more like the worlds that our imagination and our language are able to create. A free and democratic society must have responsible and critical citizens conscious of the need continuously to examine the world that we inhabit and to try, even though it is more and more an impossible task, to make it more closely resemble the world that we would like to inhabit. And there is no better means of fomenting dissatisfaction with existence than the reading of good literature; no better means of forming critical and independent citizens who will not be manipulated by those who govern them, and who are endowed with a permanent spiritual mobility and a vibrant imagination. Still, to call literature seditious because it sensitizes a readers consciousness to the imperfections of the world does not meanas churches and governments seem to think it means when they establish censorshipthat literary texts will provoke immediate social upheavals or accelerate revolutions. The social and political effects of a poem, a play, or a novel cannot be foreseen, because they are not collectively made or collectively experienced. They are created by individuals and they are read by individuals, who vary enormously in the conclusions that they draw from their writing and their reading. For this reason, it is difficult, or even impossible, to establish precise patterns. Moreover, the social consequences of a work of literature may have little to do with its aesthetic quality. A mediocre novel by Harriet Beecher Stowe seems to have played a decisive role in raising social and political consciousness of the horrors of slavery in the United States. The fact that these effects of literature are difficult to identify does not imply that they do not exist. The important point is that they are effects brought about by the actions of citizens whose personalities have been formed in part by books. Good literature, while temporarily relieving human dissatisfaction, actually increases it, by developing a critical and non-conformist attitude toward life. It might even be said that literature makes human beings more likely to be unhappy. To live dissatisfied, and at war with existence, is to seek things that may not be there, to condemn oneself to fight futile battles, like the battles that Colonel Aureliano Buenda fought in One Hundred Years of Solitude, knowing full well that he would lose them all. All this may be true. Yet it is also true that without rebellion against the mediocrity and the squalor of life, we would still live in a primitive state, and history would have stopped. The autonomous individual would not have been created, science and technology would not have progressed, human rights would not have been recognized, freedom would not have existed. All these things are born of unhappiness, of acts of defiance against a life perceived as insufficient or intolerable. For this spirit that scorns life as it isand searches with the madness of Don Quixote, whose insanity derived from the reading of chivalric novelsliterature has served as a great spur. |[pi| |c] | et us attempt a fantastic historical reconstruction. Let us imagine a world without literature, a humanity that has not read poems or novels. In this kind of atrophied civilization, with its puny lexicon in which groans and ape-like gesticulations would prevail over words, certain adjectives would not exist. Those adjectives include: quixotic, Kafkaesque, Rabelaisian, Orwellian, sadistic, and masochistic, all terms of literary origin. To be sure, we would still have insane people, and victims of paranoia and persecution complexes, and people with uncommon appetites and outrageous excesses, and bipeds who enjoy inflicting or receiving pain. But we would not have learned to see, behind these extremes of behavior that are prohibited by the norms of our culture, essential characteristics of the human condition. We would not have discovered our own traits, as only the talents of Cervantes, Kafka, Rabelais, Orwell, de Sade, and Sacher-Masoch have revealed them to us. When the novel Don Quixote de la Mancha appeared, its first readers made fun of this extravagant dreamer, as well as the rest of the characters in the novel. Today we know that the insistence of the caballero de la triste figura on seeing giants where there were windmills, and on acting in his seemingly absurd way, is really the highest form of generosity, and a means of protest against the misery of this world in the hope of changing it. Our very notions of the ideal, and of idealism, so redolent with a positive moral connotation, would not be what they are, would not be clear and respected values, had they not been incarnated in the protagonist of a novel through the persuasive force of Cervantess genius. The same can be said of that small and pragmatic female Quixote, Emma Bovary, who fought with ardor to live the splendid life of passion and luxury that she came to know through novels. Like a butterfly, she came too close to the flame and was burned in the fire. |[pic| |] | he inventions of all great literary creators open our eyes to unknown aspects of our own condition. They enable us to explore and to understand more fully the common human abyss. When we say Borgesian, the word immediately conjures up the separation of our minds from the rational order of reality and the entry into a fantastic universe, a rigorous and elegant mental construction, almost always labyrinthine and arcane, and riddled with literary references and allusions, whose singularities are not foreign to us because in them we recognize hidden desires and intimate truths of our own personality that took shape only thanks to the literary creation of Jorge Luis Borges. The word Kafkaesque comes to mind, like the focus mechanism of those old cameras with their accordion arms, every time we feel threatened, as defenseless individuals, by the oppressive machines of power that have caused so much pain and injustice in the modern worldthe authoritarian regimes, the vertical parties, the intolerant churches, the asphyxiating bureaucrats. Without the short stories and the novels of that tormented Jew from Prague who wrote in German and lived always on the lookout, we would not have been able to understand the impotent feeling of the isolated individual, or the terror of persecuted and discriminated minorities, confronted with the all-embracing powers that can smash them and eliminate them without the henchmen even showing their faces. The adjective Orwellian, first cousin of Kafkaesque, gives a voice to the terrible anguish, the sensation of extreme absurdity, that was generated by totalitarian dictatorships of the twentieth century, the most sophisticated, cruel, and absolute dictatorships in history, in their control of the actions and the psyches of the members of a society. In 1984, George Orwell described in cold and haunting shades a humanity subjugated to Big Brother, an absolute lord who, through an efficient combination of terror and technology, eliminated liberty, spontaneity, and equality, and transformed society into a beehive of automatons. In this nightmarish world, language also obeys power, and has been transformed into newspeak, purified of all invention and all subjectivity, metamorphosed into a string of platitudes that ensure the individuals slavery to the system. It is true that the sinister prophecy of 1984 did not come to pass, and totalitarian communism in the Soviet Union went the way of totalitarian fascism in Germany and elsewhere; and soon thereafter it began to deteriorate also in China, and in anachronistic Cuba and North Korea. But the danger is never completely dispelled, and the word Orwellian continues to describe the danger, and to help us to understand it. |[pic| |] | o literatures unrealities, literatures lies, are also a precious vehicle for the knowledge of the most hidden of human realities. The truths that it reveals are not always flattering; and sometimes the image of ourselves that emerges in the mirror of novels and poems is the image of a monster. This happens when we read about the horrendous sexual butchery fantasized by de Sade, or the dark lacerations and brutal sacrifices that fill the cursed books of Sacher-Masoch and Bataille. At times the spectacle is so offensive and ferocious that it becomes irresistible. Yet the worst in these pages is not the blood, the humiliation, the abject love of torture; the worst is the discovery that this violence and this excess are not foreign to us, that they are a profound part of humanity. These monsters eager for transgression are hidden in the most intimate recesses of our being; and from the shadow where they live they seek a propitious occasion to manifest themselves, to impose the rule of unbridled desire that destroys rationality, community, and even existence. And it was not science that first ventured into these tenebrous places in the human mind, and discovered the destructive and the self-destructive potential that also shapes it. It was literature that made this discovery. A world without literature would be partly blind to these terrible depths, which we urgently need to see. Uncivilized, barbarian, devoid of sensitivity and crude of speech, ignorant and instinctual, inept at passion and crude at love, this world without literature, this nightmare that I am delineating, would have as its principal traits conformism and the universal submission of humankind to power. In this sense, it would also be a purely animalistic world. Basic instincts would determine the daily practices of a life characterized by the struggle for survival, and the fear of the unknown, and the satisfaction of physical necessities. There would be no place for the spirit. In this world, moreover, the crushing monotony of living would be accompanied by the sinister shadow of pessimism, the feeling that human life is what it had to be and that it will always be thus, and that no one and nothing can change it. When one imagines such a world, one is tempted to picture primitives in loincloths, the small magic-religious communities that live at the margins of modernity in Latin America, Oceania, and Africa. But I have a different failure in mind. The nightmare that I am warning about is the result not of under-development but of over-development. As a consequence of technology and our subservience to it, we may imagine a future society full of computer screens and speakers, and without books, or a society in which booksthat is, works of literaturehave become what alchemy became in the era of physics: an archaic curiosity, practiced in the catacombs of the media civilization by a neurotic minority. I am afraid that this cybernetic world, in spite of its prosperity and its power, its high standard of living and its scientific achievement would be profoundly uncivilized and utterly soullessa resigned humanity of post-literary automatons who have abdicated freedom. It is highly improbable, of course, that this macabre utopia will ever come about. The end of our story, the end of history, has not yet been written, and it is not pre-determined. What we will become depends entirely on our vision and our will. But if we wish to avoid the impoverishment of our imagination, and the disappearance of the precious dissatisfaction that refines our sensibility and teaches us to speak with eloquence and rigor, and the weakening of our freedom, then we must act. More precisely, we must read. MARIO VARGAS LLOSAs new book, The Feast of the Goat, will be published by Farrar, Straus Giroux in November. He is professor of Ibero-American Literature and Culture at Georgetown University.

Economic Value Added And Shareholder Value Added Accounting Essay

Economic Value Added And Shareholder Value Added Accounting Essay Agrawal (2007) defines shareholder value added (SVA) as the term used for the difference between the wealth held by the shareholders at the end of a given year and the wealth they held the previous year. In other words, SVA is the estimated future cash flows that are discounted to present value to calculate the value of the firm continuously. Measuring the current performance is based on comparing these cash flow estimates and periods real cash flow (Rappaport, 1986). Therefore, SVA represents the economic profits generated by a business above the minimum return required by all providers of capital. Value term is added when the overall net economic cash flow of the business exceeds the economic cost of all the capital employed to produce the operating profit. Hence, SVA integrates financial statements of the business (profit and loss, balance sheet and cash flow) into one meaningful measure. Economic Value Added (EVA) is best explained by Drucker (1998) as, EVA is based upon something we have known for a long time: What we call profits, the money left to service equity, is usually not profit at all. Until a business returns a profit that is greater than its cost of capital, it operates at a loss. In other words, EVA is a measure that tells what has happened to the wealth of shareholders. Accordingly, earning a return greater than the cost of capital increases value of a company, and earning less destroys the value. EVA is calculated as the excess of net operating profit over the cost of capital including cost of equity. EVA is the mostly encountered index of measuring economic profit. It is an index of measuring internal and external performance of companies being introduced by Stern Steward American consulting firm. EVA index is relevant in quantifying the capacity of a company of creating value for capital suppliers; capital cost represents the index of the average efficiency expected by investors under similar risk circumstances. Return on Capital Employed There are many definitions for the return on capital employed (ROCE), but the widely-used definition, as evidenced by the fact that it is the standard measure produced by DATASTREAM and Standard Poors Compustat Service is ROCE equals to EBIT over capital employed. It is measured by comparing the profits made by the firm with the capital used in making the profit and set as a percentage or fraction. Hence, ROCE measures the efficiency of management in the application or use of the organizations funds or resources in a given financial period Value Based Management According to Coca-Colas A Guide to Implementing Value-Based Management, 1997, VBM is defined as a set of principles that allows us to manage value at all levels of our business. Value creation becomes not just our companys mission, it becomes the philosophy we work with daily. It becomes the framework for everything we do. VBM measures are generally based on comparison between (a) corporate market value corporate accounting book value and/or (b) on the residual income measure. VBM provides an integrated management strategy and financial control system designed to mitigate agency conflicts and increase shareholder value. VBM systems attempt to accomplish this goal by providing managers with a set of decision-making tools (metrics) that can identify which alternatives create or destroy value, and often by linking compensation and promotions to shareholder value. VBM provide a mechanism for linking managers decisions to firm performance outcomes that create shareholder value and provide a means to further align shareholder and managerial interests. Blue Ocean Strategy Blue ocean strategy (BOS) is a set of ideas encompassing tools and methodologies to help companies gain a competitive edge by creating uncontested market space or Blue Oceans. It is based on the view that market boundaries and industry structure are not given and can be reconstructed by the actions and beliefs of industry players. W. Chan Kim and Rene Mauborgne, called this as the reconstructionist view. Blue ocean strategies reconstruct market boundaries, thereby freeing companies from head-to-head competition and instead opening new market space to achieve a leap in value for both buyers and for themselves. Identifying a potentially successful strategic move does not require any special capacities, vision or foresight about the future. All new insights come through looking at familiar data from a new perspective. Blue ocean strategy integrates the range of a firms functional and operational activities. In this sense, blue ocean strategy is more than innovation. It is about strategy that embraces the entire system of a companys activities. METHODOLOGIES Shareholder Value Added The SVA methodology is an approach to assist management in the decision making process. Its applications include performance monitoring, capital budgeting, output pricing and market valuation of the entity. SVA = (Present value of cash flow from operations during the forecast period + residual value + marketable securities) Debt. The net of the present value of cash flow and the opportunity cost associated with the firms capital is a measure of the surplus or additional value provided to the shareholders as a result of the firms activities. This formula is expressed in dollar terms for a period Economic Value Added The EVA methodology can be applied to create wealth for the owners of businesses from all levels or size of the firms. It is a performance measurement which directly links strategy to value and is therefore the key to wealth creation. EVA = Net Operating Profit after Taxes (NOPAT) (Capital*WACC) NOPAT is an operating performance measure after taking account of taxation, but before any financing costs. Interest is totally excluded from NOPAT as it appears implicitly in the capital charge. Capital costs include both the cost of debt finance and the cost of equity finance. The cost of these sources of finance is reflected by the return required by the funds provider. This capital cost is referred to as the Weighted Average Cost of Capital Economic Value Added will increase if: New capital is invested and it earns more than the cost of capital. Capital is divested from the business if it does not cover the cost of capital. NOPAT increases without increasing the capital employed. Return on Capital Employed The ROCE methodology indicates how well the management has used the investment made by owners and creditors into the business. It is commonly used as a basis for various managerial decisions. ROCE = EBIT/ (Total Assets Current Liabilities) The ROCE ratio can be found for a number of years so as to find a trend as to whether the profitability of the company is improving or otherwise. Value Based Management VBM methodology provides an integrated framework for making strategic and operating decisions. By aligning internal business processes, strategies, and corporate governance and investor communications, VBM provide a common discipline, a consistent culture, and a singular focus on value for all business activities. There are many ways to measure and implement VBM in the business. Four approaches have been widely used in practice. One is fundamental value analysis (FVA). Two is returns to shareholder (RTS). Three is economic profit. Four is the relationship between the market value of the firms financial instruments and the book value of the firms operating assets (MVA, the q- ratio, and the market-to-book ratio). Planning and control analyses of the structure of income, costs, and investments are also employed in implementing the four approaches. In implementation, each approach to value based management (VBM) starts with strategic planning processes, ties performance to incentive compensation, requires top management involvement, as well as information and training programs for employees. The four approaches to VBM also take into account other stakeholders such as employees, consumers and community. VBM must also evaluate changing economic, cultural, and political environments. The strategic planning process analyzes long term trends, cyclical economic changes, competitive forces, and effective development of managerial capabilities and other resources. Blue Ocean Strategy To create a blue ocean market, there are several frameworks and tools to be applied in the business. First approach is the strategy canvas which is both a diagnostic and an action framework for building a compelling blue ocean strategy. It serves two purposes. First, it captures the current state of play in the known market space. This allows managers to understand where the competition is currently investing; the factors the industry currently competes on in products, service, and delivery; and what customers receive from the existing competitive offerings on the market. Second approach is the Four Actions Framework which is the value innovation analysis. This approach asks four key questions to challenge an industrys strategic logic and business model. The first question forces a company to consider eliminating factors that company in an industry have long competed on. The second question forces a company to determine whether products or services have been over-designed in the race to match and beat the competition. The third question pushes a company to uncover and eliminate the compromises an industry forces customer to make. The fourth question helps a company to discover entirely new sources of value for buyers and to create new demand and shift the strategic pricing of the industry. All the four questions allow a company to systematically explore how it can reconstruct buyer value elements across alternative industries to offer buyers an entirely new experience, while simultaneously keeping its cost structure low. Third approach is the Eliminate-Reduce-Raise-Create Grid. The grid pushes companies not only to ask all four questions in the four actions framework but also to act on all four to create a new value curve. By driving companies to fill in the grid with the actions of eliminating and reducing as well as raising and creating, the grid gives companies four immediate benefits; it pushes them to simultaneously pursue differentiation and low costs to break the value/cost trade-off, immediately flags companies that are focused only on raising and creating and thereby lifting their cost structure and often over-engineering products and service, is easily understood by managers at any level, creating a high level of engagement in its application and because completing the grid is a challenging task, it drives companies to robustly scrutinize every factor the industry competes on, making them discover the range of implicit assumptions they make unconsciously in competing. APPLICATIONS AND PRACTICES BY CORPORATE ENTITIES Shareholder Value Added The use of SVA gives an insight into the investment performance of the business by clearly identifying the opportunity cost of the investment, being the cost of capital, and comparing this to the return generated from the business. SVA can be applied to all the segments within a firm. Accordingly, it is primarily used by managers to evaluate the performance of divisions or branches. Practices AFS Consulting (2004) did a research on SVA performance with the Malaysian Banking Industry. The result shows that Maybank Berhad (MBB) and Hong Leong Bank Berhad (HLBB) emerge as banking institutions that create the best shareholder wealth or value among the local banks. While MBB and HLBB have enormous potential to be the leading domestic bank competing with foreign banks, both banks are still lagging behind in shareholder value creation compared to the incumbent foreign banks, which operate in a highly restrictive and controlled environment. Economic Value Added EVA can be used for the purposes like setting the organizational goals, performance measurement, determining bonuses, communication with shareholders and investors, motivation of managers, capital budgeting, corporate valuation and analyzing equity securities. Practices The study done by Issham Ismail on the performance of GLCs (Government-Linked Companies) and non-GLCs in Malaysia using EVA found that the outcomes of the study indicate a negative relationship between the size of the companies and the EVA values. The larger companies tend to have lower EVA values. In Malaysia, the GLCs are generally larger in size as compared to non-GLCS. Therefore, companies with government as their stakeholders tend to exhibit lower EVA scores than the companies without government stakeholders. It is believed that the Malaysian government prefers investing in public amenities companies to protect public interest, evidenced by their active role in Telekom, POS and TNB. These types of companies do not have higher value than their competitors, where the competitors are usually profit-oriented organization. This outcome further emphasizes that companies that have both the characteristics, large sized and government-linked, tend to have lower EVA values. It also leads to findings that an expansion of size government holding companies tends to increase the cost of capital in greater proportion to the any returns it generates. Return on Capital Employed ROCE is used to prove the value the business gains from its assets and liabilities, a business which owns lots of land but has little profit will have a smaller ROCE to a business which owns little land but makes the same profit. It basically can be used to show how much a business is gaining for its assets, or how much it is losing for its liabilities. Practices Norman Kahl and Jawad Shaikh (2003) analyzed ROCE trends over time for twelve major telecommunication service providers. The sample size represents nearly two-thirds of the US and nearly three-quarters of the Western European telecom services market. The result shows a significant regional difference exist, with ROCE at around 9% in the US and -8% in Europe. The negative European ROCE can only partially be explained by the enormous write-offs made in 2001 and 2002. Other finding is that past and present initiatives of the industry have mainly focused on revenue generation and operational efficiency; but less focus on asset utilization. This shows that by consistently leveraging all three drivers of ROCE (revenue generation, operational efficiency, and asset management), companies are able to get back on track and may even gain a sustainable leap versus their competitors. Value Based Management VBM emphasizes long-term cash flows analysis and risk analysis in all aspects of managerial decision making, such as evaluating individual projects and determining the economic value of the overall strategy of the business. The VBM approach is ultimately aimed at the goal of structuring and managing a company in a way that will create more value for its owners. Bromwich (1998) observes the need for measuring tools, applicable to different organizational levels, such as corporate and business unit level, while Ottoson and Weissenrieder (1996) emphasize the need for measurement systems that can be used for internal and external communication. Practices Harley E. Ryan, Jr. and Emery A. Trahan (2007) examine the performance of 84 firms that adopt value-based management (VBM) systems during the period 1984-1997. The result shows that the typical firm significantly improves residual income after adopting VBM. This improvement persists for the five post adoption years studied. They also found a negative relation between tying compensation to VBM and post-adoption performance. Furthermore, firms reduce capital expenditures following VBM adoption, but that the reductions in spending do not differ based on the firms growth opportunities. Overall, the evidence suggests that VBM improves economic performance and the efficient use of capital. Blue Ocean Strategy The frameworks and tools introduced by Kim and Renee (2006) are essential analytics that can be applied to allow companies to break from the competition and open up blue oceans of uncontested market space. Practices According to The Star Online dated July 16, 2007 titled Blue Ocean Strategy for Corporate Malaysia, Harvard Business School Professor D. Quinn Mills, states that there were many companies worldwide that are adopting BOS either knowingly or unknowingly. In addition, companies that know how to apply BOS to access a bigger market would reap significant benefits in terms of earnings. On questions regarding the Malaysian companies adopting BOS, he said: We believe the strategy is still fairly new to local companies. However, it is likely that many CEOs are aware of BOS but have yet to fully understand and apply the strategy to their companies. He also cited Air Asia as an example of a successful company that had identified a Blue Ocean and created a business model to capture and untapped and un-served market in the travel industry. Mills also said BOS was especially important for a country like Malaysia with a small population and market.

John Dalton :: essays research papers

JOHN DALTON John Dalton lived with his family in Eaglesfield, Cumberland. They lived in a small thatched cottage. When John was born he had an older brother, who was seven years older than him and a sister who was two years older than him. Johns birth was not recorded in the family bible, but when he asked his elders, they said he was born on the 5th of September in 1766. The Daltons were Quakers, and have been since the 1690’s. John was always a very smart and curious child. He was actually one of the smarter people in the village. He was a lucky child, who received schooling. This was a very big deal considering there were only 215 English men that could even read. He was always interested in mathematics and in science. When John reached the age of twelve he opened a school of his own. This was a problem with the Daltons because he was often threatened and beat up. Around 1790 he finished an eleven volume classified botanical collection. He became a well known person in the community for his amazing achievements in academics. He became very interested in becoming a doctor. The family although had to talk John out of becoming a doctor due to the lack of money in the families income. They also did not feel that John would like being a physician in the long run. Later at the age of twenty six John discovered that he was color blind. This occurred when his mother and he were fighting about the color of a skirt. In 1793 John moved to Manchester to tutor. This is where he began working on his greatest work. He then joined a group called Manchester Literary and Philosophical Society. In 1773, he published his first book, Meteorological Observations and Essays. What he wrote in the was "Each gas exists and acts independently and purely physically, rather than chemically." John was constantly studying and making observations. John made over 200,000 observations. In 1803, he attempted to explain his laws of partial pressures. That’s when John started to explain his major contribution to science called the atomic theory. He figured this when he was studying for a test! He figured out that the reaction can take place on two different portions in exact ratios.

Family and Church Essay -- essays research papers

Family and Church: Enduring Institutions I.  Ã‚  Ã‚  Ã‚  Ã‚  General Family Life As a result of myths of white family life, there has been much confusion over the nature of black families. One of the myths of the nineteenth century entails the close- knit white family, which was parallel to that of the European family. Also, as a result of these myths, scholars often ignored the differences of American and European life. For example, women in frontier areas had a much stronger voice in family affairs than most scholars realized, simply because of the shortage of women. Therefore, women exercised a large percentage of authority in the family. In the cities where family was of little importance as an economic unit and the father was often at work, the care of the children was primarily the responsibility of the mother. By 1880, the American family became more democratic. After the second half of the nineteenth century, changes in the nature and functions of the family occurred. For example, changes such as industrialization, improvements in transportation, the weakening of religious bonds, and increased knowledge of birth control, led to more working wives and more premarital sex, downgraded the importance of family. As a result of relaxed divorce laws and a greater emphasis on romantic love, there was an increase in the number of divorces. By the 1970’s, one in every three marriages ended in divorce, the failure rate for new marriages was thirty percent, nine million people were divorced or separated, and twelve million single individuals were heading households with children. There were so many divorces that a large number of whites were practicing serial monogamy, meaning one person having only one spouse at time, but more than one in his or her lifetime. Most often researchers speak of the pathological disorganization of the black family and imply that all black families are matriarchal, meaning the woman is the head of the household. The dangerous part of this myth was popularized by Daniel P. Moyhnihan, who asserted that the pathological weakness of the black family was,† capable of perpetuating itself without the assistance from the white world.† The weakness of the black family may be seen as a direct result of centuries of white oppression of blacks and not as inherent and immutable. The black family grew out of a complex combination o... ... black clergy felt that Afro Americans had a special duty to regenerate the land of their fathers. The African Methodist Episcopal Church established a mission in Haiti in 1827, for instance, to â€Å"aid in making the Haitian nationality and government, strong, powerful, and commanding among the civilized nations of the earth.† VI.  Ã‚  Ã‚  Ã‚  Ã‚  Literary Praise for the Black Church Black poets, less critical of black religion than novelists, captured more of the essential spirit of the church than most scholars could. While occasionally complaining about the excessive humility of black Christians, the poets used the rhythm and message of sermons, prayers and services in celebration of God’s love and promise of deliverance. The black minister, portrayed sympathetically, was also a favorite subject of black poets. Like James Weldon Johnson, many of the poets reproduced the cadences and messages of the folk sermon. They portrayed the minister’s beautiful word pictures. Among the best of them was Paul Laurence Dunbar’s 1896 poem, â€Å"An Antebellum Sermon,† which demonstrates the black preacher’s attempt to correlate biblical messages with his flock’s hope of early rewards.

Steve Jobs’ Personality Led to His Success

Steve Jobs was one of the founders of one of the most common technology-based companies today: Apple. With the advancement of computers, the Macintosh computer by Apple arose. More and more advancements in technology led to a series of computers, tablets, phones, and mp3 players made by Apple to become popular. Apple’s advancements in technology made it, in my opinion, one of the most favorable companies when it comes to technology. Jobs success can be attributed to his perseverance, intuition, and personality traits. It wasn’t easy for Jobs.Though a big part of the launch of Macintosh computer, he was let go from Apple due to power struggles. However, twelve years later, Jobs returned to help the company from falling into bankruptcy. He was conscientious about his work. Even though Jobs had been let go, he saw this as an opportunity to return to the work he loved. In this time, Jobs founded Pixar, a successful movie studio that produced animated films. He had also crea ted NeXT computer, which Apple eventually bought out and incorporated into their current systems. Jobs believed the only way to do great work were to do what you loved.Conscientiousness is just one of the big five traits Jobs portrayed. Jobs clearly had to be very open to experience in his career. If Jobs had not been intellectual and imaginative his work might not exist. Had he not thought and pursued his ideas, Apple would not have asked Jobs to return to save the company. They knew he was smart enough to handle the job. Jobs also had to be open-minded to new ideas to help with the advancement of Apple. Their technology was ahead of other companies and is what led to its success, to do this, companies have to be proactive and open to new ideas.Jobs displayed much emotional stability throughout his career. I think you have to have emotional stability to be able to handle such a big company with all the challenges. Jobs stressed always â€Å"being yourself. † He would walk ar ound with dirty feet and would even do odd things around the office to relieve stress. It seemed as Jobs battled with cancer, he rarely slowed down. He used this disease to drive him to pursue his dreams and focus on his efforts. Though Jobs’ wasn’t the most philanthropic man, he still offered a personality of extroversion and agreeableness. I feel his lust to do what he loved, made him amicable.

Management Competencies

Management Competencies – Experience of a Healthcare Manager Context Health care organisations in New Zealand today face similar challenges to those in other highly developed countries (1, 2). With growing aging populations and increasing burden of chronic illnesses the demand for publically funded health and disabilities services continues to grow significantly (1). This increase in need coupled with the advancements in technology has driven the costs of providing publically funded healthcare services to unsustainable high levels (1, 2).Public spending on healthcare has continued to rise at the rate of 6% per year over the last decade with 21% of share of public spending being on health in 2010 (2, 3). In a background of the global economic crisis, District Health Boards (DHBs) who are charged with the provision of publically funded health and disability services are increasingly having to re-engineer their systems and services to provide value in financially constraint envir onments (2).While this at a systems level may mean taking a â€Å"whole of systems† approach with integrated service models (2), at the unit-specific services level it also includes focused attention on productivity, quality, waste reduction and safety. Key Competencies of the Service Manager Management competence is an important determinant of healthcare organisational performance (5). Competence is an individual’s knowledge, skills and behaviours relevant to their practice and performance (6, 7).Evidence from the Management Matter Research Project indicates that â€Å"higher management practice in hospitals is strongly correlated with hospitals’ quality of patient care and productivity outcomes† (8). It reported that improved management practice in hospitals were related to better clinical outcomes, increased patient satisfaction and better financial performance (8). The management role focused in this case is the service manager, a middle management ro le responsible for the strategic development and deliverables of the health service.The role is also accountable for the operational budget and management of staff. This paper explores the experience of the service manager challenged with transforming the health service from a dysfunctional average performing unit to a high performing, progressive and highly respected and valued service. It discusses the competencies of effective management with some reflection by the health service manager on the management approach utilised.Given the challenges of improving performance and developing a highly functional team, the service manager utilised the influential model of leadership style over the traditional reactive and transactional style as the predominant style of management (9, 10). This included engaging the workforce in developing a common vision for the service with clear objectives (11). In order to ensure the service goals were aligned with the organisational goals, an important characteristic of the service manager during this process was having a good understanding of the changing healthcare environment and the organisational priorities (11, 12, 13).Critical to achieving change and success was also his ability to work with staff to collectively determine and communicate the â€Å"Why†, â€Å"What†, â€Å"How†, â€Å"Who† and â€Å"When† elements of managing change. Regular reinforcement of both the positive and negative implications of the situation as well as setting mutually agreed expectations were also important to achieving change (11). This transformational style of management was also instrumental in gaining confidence and trust of staff in order to manage the workforce culture issues of mistrust, low morale and dissatisfaction largely resultant from historical experiences.The evidence for efficacy of this style and the associated competencies has been demonstrated by 2 studies reporting that transformational lead er behaviour has significant positive impact on employee satisfaction and psychological well-being (14, 15). Additional leader/manager behaviours required and demonstrated by the service manager were those that focused on individualised consideration including; creating close working relationships which encourage mutual respect, empowering and including employees in decision making, creating opportunities for employee development through coaching and mentoring and team building (16).The benefits of these behaviours are evidenced in other leadership theories including behavioural (consideration behaviours) approach and leader-member exchange theory (11, 14, 17, 18, 19). Followership and early recognition of the relationship dynamics of a team are also key elements to effective management. Working closely with followers and those with team influential ability is useful when change is likely to be difficult or experience high levels of resistance (11).The use of a collective approach t o resolving a problem and delegating the ownership of solution creation to a staff member with high peer influential ability results in achievement of objectives. The ability of the service manager to move appropriately between directive and participatory type management styles was also important in certain situations (11, 19). This was particularly useful for implementing workplace behavioural expectations like punctuality and managing disrespectful behaviours.A key competency for healthcare manager effectiveness relevant to the management style illustrated above is emotional intelligence (EI) (20). Essentially, this competency recognises the â€Å"importance of highly developed interpersonal skills and the ability to get along with others† to be effective at influencing and negotiating (20). The key attributes of a manager with high EI include self-awareness, self regulation, self motivation, social awareness and social skills (20). A summary of the key management competenc ies relevant to the management style described here is illustrated by the matrix diagram below (Figure 1) (12, 13).In summary, management styles in healthcare that are based upon the principles of transformational and behavioural leadership and utilise the respective competencies are likely to be more successful. Furthermore, while there are specific skills, behaviours and knowledge that describe the key competency domains, their use in practice is interrelated (see Figure 1) and often context-specific. [pic] References 1. The Global Health Policy Summit 2012. Report of the inaugural meeting 1 August 2012. Institute of Global Health Innovation. London: Imperial College London (UK); 2012. https://workspace. imperial. ac. k/global-health-innovation/Public/GHPS_2012_Summit_Report. pdfs 2. Mays N. Reorienting the New Zealand healthcare system to meet the challenge of long term conditions in a fiscally constraint environment. Jan 2013 (revised version). Paper prepared for New Zealand Tre asury Long-term Fiscal External Panel, November 2012, and Chair of Public Finance, Victoria University of Wellington and New Zealand Treasury conference, Affording our Future, Wellington, 10-11 December. http://www. victoria. ac. nz/sacl/about/cpf/publications/pdfs/Nick-Mays-Revised-Conference-Paper-Jan-2013-website-version. pdf 3. Ministry of Health.Health Expenditure trends in New Zealand 2000-2010. Aug 2012. http://www. health. govt. nz/publication/health-expenditure-trends-new-zealand-2000-2010 4. 5. Fine, D. Establishing Competencies for Healthcare Managers. Healthcare Executive. 2002; 172(2): 66-67. (Cited by: Shewchuk R M. O’Connor S, Fine D. Building an Understanding of the Competencies Needed for Health Administration Practice. Journal of Health Care Management. 2005; 50(1):32-47). 6. Filerman GL. Closing the management competence gap. Hum Resource Health. 2003; 1: 7. (Cited by: Santric MM, Bjegovic-Mikanovic VM, Terzic-Supic ZJ, Vasic V.Competencies gap of managemen t teams in primary health care. Euro J Pub Health. 2010; 21(2): 247-253). 7. Parry SB. Just what is a competency? And why should you care? Training. 1998: 58-64. (Cited by: Santric MM, Bjegovic-Mikanovic VM, Terzic-Supic ZJ, Vasic V. Competencies gap of management teams in primary health care. Euro J Pub Health. 2010; 21(2): 247-253). 8. Dorgan S, Layton D, Bloom N, Homkes R, Sadu R, Van Reenen J. Management matters. Why good practice really matters. Healthcare Management Survey. McKinsey & Company. London School of Economics and Political Science. 2010: 1-28. ttp://cep. lse. ac. uk/textonly/_new/research/productivity/management/PDF/Management_in_Healthcare_Report. pdf 9. Rubin RS, Munz DC, Bommer WH. Leading form within: The effects of emotion recognition and personality on transformational leadership behaviour. Academy of Management Journal. 2005; 48: 845-858. (Cited in: Yaker J, Donaldson-Fielder E. Management competencies for preventing and reducing stress at work. Identifying a nd developing the management behaviours necessary to implement the HSE management standards. Phase 2. 2007. http://www. hse. gov. uk/research/rrpdf/rr553. pdf ) 10.Bass BM.. Two decades of research and development in transformational leadership. European Journal of Work and Organizational Psychology. 1999; 8: 9-32. (Cited in: Yaker J, Donaldson-Fielder E. Management competencies for preventing and reducing stress at work. Identifying and developing the management behaviours necessary to implement the HSE management standards. Phase 2. 2007. http://www. hse. gov. uk/research/rrpdf/rr553. pdf ) 11. Banaszak-Holl J, Nembhard I, Taylor L, Bradley E . Leadership and Management: A Framework for Action. Chapter 2. In: Burns LB, Bradley EH, Weiner BJ (editors).Shortell and Kaluzny’s Health Care Management Organisation Design and Behaviour. New York: Delmar Cenage; 2012. p. 33-62. 12. Stefl M. Common competencies for all healthcare managers: The Healthcare Leadership Alliance Model. J Healthcare Management. 2008; 53(6): 360-73. 13. Anderson P, Pulich M. Managerial competencies necessary in today’s dynamic health care environment. Health Care Manager. 2002; 21(2): 1–11. 14. Sosik JJ, Godshalk VM.. Leadership styles, mentoring functions received, and job related stress: A conceptual model and preliminary study. Journal of Organizational Behaviour. 000; 21: 365-390. (Cited in: Yaker J, Donaldson-Fielder E. Management competencies for preventing and reducing stress at work. Identifying and developing the management behaviours necessary to implement the HSE management standards. Phase 2. 2007. http://www. hse. gov. uk/research/rrpdf/rr553. pdf ). 15. AlimoMetcalfe B, AlbanMetcalfe RJ. The development of a new transformational leadership questionnaire. The Journal of Occupational & Organizational Psychology. 2001: 74: 1-27. (Cited in: Yaker J, Donaldson-Fielder E. Management competencies for preventing and reducing stress at work.Identifying and developi ng the management behaviours necessary to implement the HSE management standards. Phase 2. 2007. http://www. hse. gov. uk/research/rrpdf/rr553. pdf ). 16. Shewchuk RM, O’Connor S, Fine D. Building an Understanding of the Competencies Needed for Health Administration Practice. Journal of Health Care Management. 2005; 50(1):32-47. 17. Gerstner CR, Day DV. Meta-analytic review of leader-member exchange theory: correlates and construct issues. Journal of Applied Psychology. 1997: 82; 827-844. (Cited in: Yaker J, Donaldson-Fielder E. Management competencies for preventing and reducing stress at work.Identifying and developing the management behaviours necessary to implement the HSE management standards. Phase 2. 2007. http://www. hse. gov. uk/research/rrpdf/rr553. pdf ). 18. Graen GB, UhlBien M. Relationship based approach to leadership: Development of leader-member exchange theory of leadership over 25 years: Applying a multi domain perspective. Leadership Quarterly. 1995; 6: 219 -247. (Cited in: Yaker J, Donaldson-Fielder E. Management competencies for preventing and reducing stress at work. Identifying and developing the management behaviours necessary to implement the HSE management standards.Phase 2: 2007. http://www. hse. gov. uk/research/rrpdf/rr553. pdf). 19. Yaker J, Donaldson-Fielder E. Management competencies for preventing and reducing stress at work. Identifying and developing the management behaviours necessary to implement the HSE management standards. Phase 2. 2007. http://www. hse. gov. uk/research/rrpdf/rr553. pdf ) 20. Freshman B, Rubino L. Emotional Intelligence: A core competency for health care administrators. Health Care Manager 2002 20(4): 1- 9. ———————– Figure 1: Key Management Competencies for a HealthCare Manager