Levers of Control, Balanced Scorecard 1, Non-Financial Performance Article

Levers of Control, Balanced Scorecard 1, Non-Financial Performance Measures - Article Example The writers say that there are still a lot of firms which do not realize the importance of nonfinancial performance measures and have no such procedures to measure them, on other hand there are many others which only use off the shelf procedures and frameworks for measuring it and do not dig deep to track the activities which actually affect the framework. Companies make many mistakes in using these off-the-shelf and even their own frameworks one of which is that they do not link the measures to the strategy and don’t know that which nonfinancial performance measure they should track. In their research they found that only 30% firms have developed their own causal models which develop cause-and-effect relationship between chosen drivers of strategic success and outcomes. Second mistakes the companies make is that even after developing causal models they do not validate the link between the selected measures and strategy, i.e. afterwards they do not examine the results to verif y that if their selected measure is actually contributing towards the goal or not, or to what extent it is effective for achieving goal, so that it may be weighed accordingly and thus they remain fail to determine the relative importance of each measure and resultantly they fail in proper allocation of resources. During their research they found that out the firms that develop causal models, only 21% of them validated the link between measures and strategy. The third mistake made by the firms is that they do not establish right performance targets. Because right performance is only beneficial or fruitful upto a certain extent and after that point it produces diminishing or even negative returns, so it’s very important to set a level for right performance so that resources are not wasted into non-productive or counterproductive activities and may be directed towards more productive factors. Fourthly, about 70% of the firms that build causal models and validate links between se lected measures and strategy and set right performance targets, adopt such metrics to measure the results which lack statistical validity and reliability. To solve the four problems discussed above writers have lined a six step procedure according to which; firstly, a causal model should be developed on the basis of the hypothesis in the strategic plan. Secondly, firm should pull up the useful data from already available data and by using all of the available data and systems of all of the departments. Thirdly, collected data should be turned into information by using different statistical tools and models. Fourthly, ongoing reassessment of results should be done regularly and causal model should be refined accordingly because effectiveness of different activities goes on changing with the passage of time and new activities/ factors keep on emerging. At fifth, results and conclusions of data analysis should be used in decision making and for future planning. Finally, results and out comes should be assessed to see the effectiveness of action plans. The writers are right in concluding that nonfinancial performance measures are more effective if they are based on more sophisticated qualitative and quantitative inquiries into the factors actually contributing to the economic results. The article â€Å"How new top managers use control systems as levers of strategic renewal†

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

FGM - Research Paper Example This study is important because it reveals the reality behind female genital mutilation which is presumed ‘extinct’ by most people yet very much alive in the UK. Statistical evidence from the National Health Service (NHS 2014) reveals that an estimation of at 20,000 number of girls below 15 years are at risk of FGM each year and about 66,000 number of women are facing the consequences of FGM. However it is imperative to acknowledge that most FGM cases in the UK are tied to populations of communities who practice FGM such as those in Birmingham. These could be a group of refugees or immigrants of the first generation. Catfur (2012) reveals that female genital mutilation in the UK was outlawed about 30 years ago and facilities set across hospitals in England to help those who had already been mutilated. Ironically, statistics reveal that the rate of FGM is on the rise yet no one has ever been prosecuted in the court of law. This is a demonstration of law ineffectiveness to help high population that is at risk. The UK government has also failed in informing people about FGM practice more so in learning institutions where most potential victims are found (Catfur 2012). People don’t really talk about FGM as if it does not even exist yet it keeps loosening the social bond between men and ladies in a number of communities within the UK. Perhaps the government is not entirely to blame after all; it is quite difficult for the authorities to tell when someone was mutilated until the time when they are about to give birth complicating law enforcement against the perpetuator. Or probably the mutilati on was done out of the UK soil and furthermore conducting checks on children based on their health records to see whether they are mutilated is in itself child abuse (Catfur 2012). The motives behind practicing FGM are based on cultural, religion, health, and

Effects of the Recession on the Housing Market

Effects of the Recession on the Housing Market Introduction This part of the dissertation seeks to understand and investigate the cause of the current global recession and how it has affected the housing market in the UK. Housing Market Trends After the housing markets spectacular collapse in the 1990s, the UK housing market staged a significant revival. According to the HBOS index, the average house price stood at about  £163,000 in 2005, approximately double the  £82,000 it would have been worth in 2000. Cameron (2005) suggests that house prices surpassed their 1989 peak, relative to average household incomes. The other traditional measure of affordability, the ratio of interest payments to income, is not so overstretched, but only if capital repayments and unsecured debt are ignored. In addition, the strength of the housing market reflects the exceptional economic performance of the economy in 2005, which in turn is partially due to the sensible independent monetary policies pursued by the Bank of England Cameron (2005). As a result, it is suggested that Britain dealt with the world economic slowdown of 2001-2003 a great deal better than the majority of chief economies, producing six per cent growth. This vigorous expansion cannot completely describe the strength of the house price boom. Consequently, numerous economists have argued that there is a bubble in the British housing market, in common with a number of other countries, such as Spain, Australia, Canada, Sweden, and parts of the USA. FIGURE 1 Figure 1 shows the ratio of average house prices to average earnings, a key measure of affordability, for Great Britain and three major regions up to 2004 which is before the economic recession struck. As is visible, there is a positive contrast of cyclical behaviour in each series, with a surprising rise since 1999. According to the HBOS index, prices rose by only 1.3% over the nine months from July 2004 to April 2005. One of the main causes of this poor rise was due to the fact that many households were affected by the increases of the Bank of England base rate. Moreover, the increasing lack of demand within first time buyers, together with decreased numbers of house sales and low request rates for mortgages, implies that house prices have become separated from their underpinnings. The Nature of the Housing Market Housing markets are unusual for a number of reasons Housing markets are peculiar for a number of reasons. First, houses take time to build, so when demand rises, supply can only respond with a considerable lag. Indeed, to all intents, the short-run supply of housing is fixed. Second, houses are an asset that pays an implicit income (that is, the amount of rent that the owner saves by owning a house), so the value of the house should reflect expectations about future rents. But more importantly, since house-ownership in the UK is so widespread, a house is most householdsà ¢Ã¢â€š ¬Ã¢â€ž ¢ most important asset and since prices can go down as well as up, households are thereby exposed to a considerable amount of risk (almost half a million households had their homes repossessed in the 1990s). Unfortunately, it is not really possible to offset this risk since nobody offers insurance against a fall in prices. The Global economic recession It seems to have been agreed that the financial crisis which formed the birth of the current global economic recession was formed in the millennia of 2000 as a result of several factors which influenced increased housing sales and increased mortgage lending. [Sakbani (2009), Turalay (2009), Sel (2009)] One of the main factors which influenced the financial crisis was the boom in the housing market which was the result of increased supply of housing which persuaded financial institutions to increase and extend mortgages at attractive rates which mortgages borrowers could not afford to pay back. At the time of increased mortgage lending, the mortgage lenders had liquid assets that where at a level never seen before and this encouraged them to invest their assets into higher earning assets. This boom gave mortgage lenders an opportunity to double their portfolio of mortgage lending in respect of the past 10 years and mortgages reached some 50 per cent of their total lending assets after 2001 (Sakbani, 2009). The second factor which influenced housing sales was the record low-interest rates which were put in place by major banks to attract would be house buyers into purchasing mortgages at very low interest rates and other influences was the deregulation of financial institutions, there was a attitude throughout the major central banks of self regulation and with the increased financial innovations, major banks tended to regulate themselves. The final major factor was the disappearance of inflation fear as banks began to grow and increase portfolios, their self confidence began also to grow and any fears which were previously held started to disappear and this therefore relaxed their customer vigilance (Sakbani, 2008). As the demand for housing rose in the last decade and a half, this reached a record high in all major countries including the UK and USA. In the USA in particular, housing units sold in 2005 reached a peak of 1,283,000 as compared to an average of 609,000 in 1995-2000. More than 6 million units were sold in the five years up to 2006 (US Economic Forecast, 2009). The affects of this, increased the wealth and amount of disposable income available to households which in turn, increased the growth of the US economy up to 2007. It is recognised however, that this increase in economies and housing sales would not have taken place if there was a reduction in the availability of cheap mortgages being made available in the USA and UK up to 2005 and the substantial increase of low interest rates (IMF, 2008). The major banks began to operate under reduced regulation and with the global financial markets know in full swing, this increased the housing boom in the UK as some mortgages contained grace periods of up to three years and minimal down payments where required and with the introduction of low-interest rates, only fuelled the housing boom. Furthermore, these mortgages that where being taken out by borrowers would have originally been considered as non-credit worthy or, at very least, borrowers who incurred debts beyond their capacity to pay back (Ronald, 2008). As the banks began to run these debts, they ensured that the higher the risk, the higher should be the lending rate which therefore gave rise to the subprime mortgage market; this is a market whose borrowers may have difficulty maintaining the repayment schedule. Proponents of subprime lending maintain that the practice extends credit to people who would otherwise not have access to the credit market. As Professor Rosen of Princeton University explained, The main thing that innovations in the mortgage market have done over the past 30 years is to let in the excluded: the young, the discriminated against, the people without a lot of money in the bank to use for a down payment.à ¢Ã¢â€š ¬? It has now been agreed that this would have only ended in one way, this being collapse of the housing market and financial institutions. As borrowers started to run out of finances to repay their mortgages and defaults began to increase, the rate of increase in housing prices started to fall and could not compete with the rate of debt which therefore meant that borrowers could not refinance their loans or sell their houses at large profits [(The) Economist (2008), Sakbani (2008), Elise (2008)]. One way this could have been prevented is that if banks had extended their mortgage loans under the old conditions of mortgage lending, they would have had to hold them on their books and eventually would have run out of funds. But starting in the late 1980s, financial innovations made it possible for mortgage lenders to unload their loans to pools, which can transform these personalised, non-negotiable obligations into derivative securities guaranteed by the mortgages (Sakbani, 2008). After the crisis erupted, the International Monetary Fund (IMF, 2008) estimated the size of these securities at more than $945 billion, while Goldman Sachs put them at more than $1.0 trillion. In September 2008, the IMF revised its estimate to $1.4 trillion ((The) Economist, 2008). On January 28, 2009 the IMF once more revised its estimate to $2.2 trillion. All these estimates therefore prove that, nobody had any idea of the amount of the non-performing assets. Sakbani (2008) tends to suggest that there were many culprits that where directly related to the financial crisis of 2008 which include: the greedy banks and other financial institutions with their irresponsible and uninformed behaviour, the equally greedy borrowers, the absence of regulations covering all the financial institutions involved and not just banks, the lacunae of vigilant supervision at both the states and federal levels, the non-regulated and non-transparent character of the financial innovations, the failure of the rating agencies to do their job and finally the loose monetary policy of the Greenspan era in the years 2001-2004. Mr Greenspan, testifying on October 23, 2008 before a Congressional Committee, admitted his error in believing that investment managers would exercise prudence in their operations and accepted that the regulatory system was loose and fundamentally obsolete. Since the beginning of the economic recession, there has been a high reduction in new housing starts after a reduced number of sales. Berkeley Homes for example, reported sales down by 50% in the summer of 2008, also with housebuildersà ¢Ã¢â€š ¬Ã¢â€ž ¢ shares falling to low levels, there is major financing problems which continue to suffer. Housing Developments Policy Turalay (2008) appears to suggest that at the beginning of the downturn, the position of the UK housing market did not appear to be that bad as it was expected that there would be a gradual slow down in housing sales and then a fairly rapid recovery process which would not adversely affect the economy, however, this did not prove to be the case and no-one could have predicted what actually happened. Although UK economist Andrew Oswald, famously declared in November 2002; à ¢Ã¢â€š ¬Ã…“I think we are about to go through the great housing crash of 2003 to 2005. . . . I advise you to sell your house, and move into rented accommodation Panic will then set inà ¢Ã¢â€š ¬?(Pickard, 2005, p. 9). When comparing the period of July-October 2007 with July-October 2008, evidence suggests that a fall in average sale prices of around 14 per cent (Land Registry, 2008). It has been noted by Pryce Sprigings (2008) that measuring price change is hampered by the fact that selling times have risen substantially and indices are therefore not comparing like with like à ¢Ã¢â€š ¬Ã¢â‚¬Å" ideally one would like to compare, for example, the acerage price of houses that sold within a month on the market in 2007 with average prices of houses that sold within a month on the market in 2008. Evidence also suggests that transaction volumes have fallen dramatically from around 111,000 sales per month in England and Wales between July and October 2007 to 45,000 sales per month between July and October 2008, which is a fall of 60 per cent (Land Registry, 2008). Other data sources also reported this fall including Halifax, Nationwide, Land Registry and Council of Mortgage Lenders (CML). Some locations are showing even greater falls, with city centre flat and apartment markets appearing to be particularly vulnerable. During Oswaldà ¢Ã¢â€š ¬Ã¢â€ž ¢s prediction, real average house prices rose at one of the steepest rates recorded in modern times, by nearly a quarter in real terms, from  £140,593 in 2003 quarter 1, to  £173,412 in 2006 quarter 1, based on nationwide real mix adjusted house prices see Figure 1 below, and continued to rise for a further two years until quarter 4 of 2007. Figure 1 Real House Prices There appears to have been significant early interventions from the government and the Bank of England to keep both the housing market and the wider economy on course. Consecutive cuts to base rates, addition of  £50bn of liquidity into the finance markets by the Bank of England to alleviate the credit crunch, and  £2.7bn fiscal improvement to balance low-income households for the withdrawal of the 10p tax rate. It was expected that these would all combine to form an apparently positive reinforcement, however this would prove not to be the case as in March 2008, initial indications emerged of a somewhat more speedy slowdown in the housing sector was about to develop. The RICS housing market survey of that month specified that surveyor attitude with regard to house prices had weakened to the lowest point since the survey began in 1978 and the ratio of completed sales in the previous three months to the stock of unsold property on the market fell to 0.224, the lowest since September 1996 (RICS UK Economic Brief, 2008). With mortgage approvals falling by 44 per cent in the same year (2008), this resulted in a significant fall in housing demand which led to banks being unwilling to offer new loans on houses. Although there is no surprise that the housing market has took a downturn and because this has happened before, there are no unexpected events occurring, Pryce and Sprigings tend to suggest that the speed and severity of the decline has been unusual. They go on to express that this leads us to naturally question whether our policies, our regulatory frameworks, our collective approach to housing and cultural obsession with house prices, have in some way exacerbated this particular manifestation of that cycle by sustaining the upswing well beyond mean trend and perhaps resulting an unnecessarily sever and rapid downturn (Pryce and Sprigings, 2008). These questions however are not wholly of interest to housing professionals as links between residential property and the broader market as well recognised. An example of this is stated by Goodhart and Hofmann (2008, p.180), where they find; à ¢Ã¢â€š ¬Ã…“a significant multidirectional link between house prices, monetary variables, and the macroeconomy with the effects of money and credit amplified when house prices are boomingà ¢Ã¢â€š ¬?. It is agreed by Maclennan and Pryce that housing impacts on the real economy via the construction, financial, estate agency and legal sector and through housing equity financed consumption, all of which are sensitive to housing market fluctuations, and all have become increasingly inter-linked across nations as a result of the globalisation of capital and labour (Maclennan and Pryce, 1996). It is also in agreement with numerous authors, Malpass in particular, that housing also impacts on welfare; not only through homelessness caused by repossessions (i.e. owner occupiers and renters affected by landlord default) at a time of crisis, but increasingly through equity release funding of education support (including accommodation) at the start of life and elderly care at the end. (Malpass, 2005). Another article which backs Malpassà ¢Ã¢â€š ¬Ã¢â€ž ¢ suggestion is the announcement of the Homes and Communities Agency (HCA) which has confirmed the closing of Local Authority New Build (LANB) as a national programme. This is a result of the Treasury announcing that it was cutting  £220 million from HCAà ¢Ã¢â€š ¬Ã¢â€ž ¢s budget, this follows on from the cut to the May budget of  £230 million. The new builds where seen as a solution to ease the housing crisis of the UK since the recession and to add to Malpassà ¢Ã¢â€š ¬Ã¢â€ž ¢ argument, Baroness Hanham stated in the House of Lords; à ¢Ã¢â€š ¬Ã…“There will be casualties; I donà ¢Ã¢â€š ¬Ã¢â€ž ¢t have any doubt that there will be casualtiesà ¢Ã¢â€š ¬? Furthermore to this statement, Labours Lord McKenzie warned à ¢Ã¢â€š ¬Ã…“It will force many to move or end up homeless and create ghettos of the poorà ¢Ã¢â€š ¬?. Unfortunately, the literature and policy debates on the nature and consequences of housing markets have evolved rather dichotomously. As Maclennan (2008, p. 424) observed; à ¢Ã¢â€š ¬Ã…“Many nations are now involved in two housing discussions, namely à ¢Ã¢â€š ¬Ã…“homelessness and affordabilityà ¢Ã¢â€š ¬? and à ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã‹Å"house price booms, bubbles and bustsà ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢. The first theme has largely been the domain of social policy ministries, lobbies and researchers (Carter and Polevychok, 2004).The second has absorbed the macroeconomic policy community, including central banks, finance ministries, financial institutions and some academic economists, who are concerned about à ¢Ã¢â€š ¬Ã…“stabilityà ¢Ã¢â€š ¬?. Affordability and stability are often discussed as if they are unrelated, not just in the press, but also within policymaking circles.à ¢Ã¢â€š ¬? Researchers can now endeavour to bridge this gap in housing discussions. By using the analogy of sowing and reaping, à ¢Ã¢â€š ¬Ã‹Å"whatsoever a man soweth, that shall he also reapà ¢Ã¢â€š ¬Ã¢â€ž ¢ (Galations 6:7, King James Version). It can be highlighted how scrupulous aspects of the existing recession should require policy makers and researchers to reflect on the failures of policy that have arisen as a result of the à ¢Ã¢â€š ¬Ã…“fragmented nature of housing thinking within modern governmentsà ¢Ã¢â€š ¬? (Maclennan, 2008). Pryce and Sprigings propose that the great correction that is currently underway is a consequence, not only of transcendent global forces, but also significantly of UK policy decisions on financial liberalisation and housing. And if we are reaping what we have sown in domestic policy, who are the winners and losers, and what are the implications for how we evaluate UK post-war policy? It has been made clear that such issues are underpinned by major policy, theoretical, and empirical questions that will most probably be debated at length in the future. What Pryce and Sprigings have done, is highlighted the issues and hope that highlighting these issues will offer some key pointers as to how the future debate should be structured and what might be done to ensure a more integrated approach to modernising UK housing policies. It is argued that successive governments i.e. Conservative Party and Labour Party have promoted homeownership since the end of the Second World War and its benefits it brings financially to the lease holder if they are the occupier as one of the White Papers show from 1953, which states; à ¢Ã¢â€š ¬Ã…“One object of future housing policy will be to continue to promote, by all possible means, the building of new houses for owner occupation. Of all forms of saving this is one of the best. Of all forms of ownership this is one of the most satisfying to the individual and the most beneficial to the nationà ¢Ã¢â€š ¬? (1953White Paper, Houses: The Next Step). Gradually homeownership became deeply embedded in the UK psyche as the tenure of aspiration (Ronald, 2008). However, people then become aware that homeownership may not be best suited for everyone and this is a point that is raised by Sprigings (2008) where he identified that by encouraging low-income households into homeownership, we are subjecting them to the worst of its costs and risks while the market may restrict for them the potential of its benefits. This idea was also backed up by Pickard (2005) where he stated that housing is believed to be a great long-term investment on average, but for the deprived areas, and for the poorest households, homeownership may simply not produce the promised benefits. Housing developments and the global recession can be seen as interlinked with certain groups of society and those in less secure jobs as people on low income will bear the biggest brunt of the recession as low income workers and people in less secure jobs are more than likely to face financial difficulties when it comes to mortgage repayments as they are likely to lose their jobs or see rising inflation and rising interest rates and therefore low income households are likely to leave homeownership at the worst point because they are facing the biggest impact of the recession and also when the market begins to resume to normality again, low-income households may find it harder to re-enter the housing market when house prices are low because there is a proven correlation between credit being made available and housing prices and low-income households may not be able to obtain credit when house prices are still low therefore not enabling them to enter the housing market when it seems mo st beneficial. The CML also back up this idea as figures for October 2008 show that, the value of loans has decreased to 83 per cent of the value of the property therefore, as it has been established that long term dividends on housing can be superior, low-income households will find it difficult to witness these dividends as they will be exiting the housing market when it begins to deteriorate and trying to enter the housing market when it is difficult to obtain credit. Pryce (2008) seems to perceive that the promotion of homeownership by successive UK governments and therefore the rapid increase of owner occupation may have inadvertently produced a money pump working in the opposite direction. Another theory which Pryce (2008) identifies is the fact that low-income and particularly ethnic groups are less likely to enjoy the benefits of inter-generational housing welfare transfer. Keister (2003) also backs up the second theory of Pryce (2008) by identifying that children from larger families accumulate less wealth than do those from smaller families and that siblings dilute parentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ finite financial resources and non material resources. Sibship size also reduced that likelihood of receiving a trust account or an inheritance and decreases home and stock ownership. Buy-to-Let Mortgages Buy-to-Let mortgages where developed in 1995 and where designed as a new financial product in the UK which enabled individuals to purchase a mortgage on a property for the purpose of letting the property out to future tenants. The benefits from these mortgages can include a stable income from rental receipts, as well as an accumulation of wealth if house prices go up. However one of the main factors of risk with taking out a buy-to-let mortgage is leverage speculation where the landlord purchases a property expecting to sell the house at a later date for a higher price or that rental income will exceed the repayment amounts of the initial loan. Buy-to-Let mortgages have became extremely popular with apprentice investors as this type of mortgage attracts middle income people to start to develop into small-scale landlords as a means of investing for their retirement. The volume of these loans grew rapidly in value as shown in Figure 2. Figure 2 BTL loan Pryce (2008) expresses concern at the fact that 90 per cent of total BTL advances since 1999 have been taken out during periods of above-trend house prices, and  £74 billion of BTL mortgages, which is more than half of the total BTL advances since 1999, were issues at the very peak of the housing boom. This can be seen in Figure 3. Fig 3 It is therefore in agreement that, a significant proportion of BTL loans are at risk because there is consensus that the value of securities will fall below the outstanding mortgage debts. This consensus is backed-up by the fact that repossessions on BTL properties as a per cent of all BTL mortgages almost doubled in the space of 18 months from the second half of 2005 to the first half of 2007 before the first round of gloomy house price results were released in late 2007. Latest CML data also reinforces this claim as they show a large increase in BTL accounts over three months in arrears at the third quarter of 2008 having trebled in number in 12 months to around 18,000. (Pryce and Sprigings 2008). If home owners begin to default on their loans then the impact could be significant not only for lenders, but for particular sectors of the housing market as 80 per cent of BTL properties are terraced of flats and these account for almost a third of the entire UK private rented stock (Sprigings, 2008). One of the key features of the BTL which there is much agreement on is the impact it seems to have had on new housing supply with flats coming to dominate supply, particularly in city markets. (Taylor 2008, Sprigings 2008). Fig 4 Effects of the Recession on the Housing Market Effects of the Recession on the Housing Market Introduction This part of the dissertation seeks to understand and investigate the cause of the current global recession and how it has affected the housing market in the UK. Housing Market Trends After the housing markets spectacular collapse in the 1990s, the UK housing market staged a significant revival. According to the HBOS index, the average house price stood at about  £163,000 in 2005, approximately double the  £82,000 it would have been worth in 2000. Cameron (2005) suggests that house prices surpassed their 1989 peak, relative to average household incomes. The other traditional measure of affordability, the ratio of interest payments to income, is not so overstretched, but only if capital repayments and unsecured debt are ignored. In addition, the strength of the housing market reflects the exceptional economic performance of the economy in 2005, which in turn is partially due to the sensible independent monetary policies pursued by the Bank of England Cameron (2005). As a result, it is suggested that Britain dealt with the world economic slowdown of 2001-2003 a great deal better than the majority of chief economies, producing six per cent growth. This vigorous expansion cannot completely describe the strength of the house price boom. Consequently, numerous economists have argued that there is a bubble in the British housing market, in common with a number of other countries, such as Spain, Australia, Canada, Sweden, and parts of the USA. FIGURE 1 Figure 1 shows the ratio of average house prices to average earnings, a key measure of affordability, for Great Britain and three major regions up to 2004 which is before the economic recession struck. As is visible, there is a positive contrast of cyclical behaviour in each series, with a surprising rise since 1999. According to the HBOS index, prices rose by only 1.3% over the nine months from July 2004 to April 2005. One of the main causes of this poor rise was due to the fact that many households were affected by the increases of the Bank of England base rate. Moreover, the increasing lack of demand within first time buyers, together with decreased numbers of house sales and low request rates for mortgages, implies that house prices have become separated from their underpinnings. The Nature of the Housing Market Housing markets are unusual for a number of reasons Housing markets are peculiar for a number of reasons. First, houses take time to build, so when demand rises, supply can only respond with a considerable lag. Indeed, to all intents, the short-run supply of housing is fixed. Second, houses are an asset that pays an implicit income (that is, the amount of rent that the owner saves by owning a house), so the value of the house should reflect expectations about future rents. But more importantly, since house-ownership in the UK is so widespread, a house is most householdsà ¢Ã¢â€š ¬Ã¢â€ž ¢ most important asset and since prices can go down as well as up, households are thereby exposed to a considerable amount of risk (almost half a million households had their homes repossessed in the 1990s). Unfortunately, it is not really possible to offset this risk since nobody offers insurance against a fall in prices. The Global economic recession It seems to have been agreed that the financial crisis which formed the birth of the current global economic recession was formed in the millennia of 2000 as a result of several factors which influenced increased housing sales and increased mortgage lending. [Sakbani (2009), Turalay (2009), Sel (2009)] One of the main factors which influenced the financial crisis was the boom in the housing market which was the result of increased supply of housing which persuaded financial institutions to increase and extend mortgages at attractive rates which mortgages borrowers could not afford to pay back. At the time of increased mortgage lending, the mortgage lenders had liquid assets that where at a level never seen before and this encouraged them to invest their assets into higher earning assets. This boom gave mortgage lenders an opportunity to double their portfolio of mortgage lending in respect of the past 10 years and mortgages reached some 50 per cent of their total lending assets after 2001 (Sakbani, 2009). The second factor which influenced housing sales was the record low-interest rates which were put in place by major banks to attract would be house buyers into purchasing mortgages at very low interest rates and other influences was the deregulation of financial institutions, there was a attitude throughout the major central banks of self regulation and with the increased financial innovations, major banks tended to regulate themselves. The final major factor was the disappearance of inflation fear as banks began to grow and increase portfolios, their self confidence began also to grow and any fears which were previously held started to disappear and this therefore relaxed their customer vigilance (Sakbani, 2008). As the demand for housing rose in the last decade and a half, this reached a record high in all major countries including the UK and USA. In the USA in particular, housing units sold in 2005 reached a peak of 1,283,000 as compared to an average of 609,000 in 1995-2000. More than 6 million units were sold in the five years up to 2006 (US Economic Forecast, 2009). The affects of this, increased the wealth and amount of disposable income available to households which in turn, increased the growth of the US economy up to 2007. It is recognised however, that this increase in economies and housing sales would not have taken place if there was a reduction in the availability of cheap mortgages being made available in the USA and UK up to 2005 and the substantial increase of low interest rates (IMF, 2008). The major banks began to operate under reduced regulation and with the global financial markets know in full swing, this increased the housing boom in the UK as some mortgages contained grace periods of up to three years and minimal down payments where required and with the introduction of low-interest rates, only fuelled the housing boom. Furthermore, these mortgages that where being taken out by borrowers would have originally been considered as non-credit worthy or, at very least, borrowers who incurred debts beyond their capacity to pay back (Ronald, 2008). As the banks began to run these debts, they ensured that the higher the risk, the higher should be the lending rate which therefore gave rise to the subprime mortgage market; this is a market whose borrowers may have difficulty maintaining the repayment schedule. Proponents of subprime lending maintain that the practice extends credit to people who would otherwise not have access to the credit market. As Professor Rosen of Princeton University explained, The main thing that innovations in the mortgage market have done over the past 30 years is to let in the excluded: the young, the discriminated against, the people without a lot of money in the bank to use for a down payment.à ¢Ã¢â€š ¬? It has now been agreed that this would have only ended in one way, this being collapse of the housing market and financial institutions. As borrowers started to run out of finances to repay their mortgages and defaults began to increase, the rate of increase in housing prices started to fall and could not compete with the rate of debt which therefore meant that borrowers could not refinance their loans or sell their houses at large profits [(The) Economist (2008), Sakbani (2008), Elise (2008)]. One way this could have been prevented is that if banks had extended their mortgage loans under the old conditions of mortgage lending, they would have had to hold them on their books and eventually would have run out of funds. But starting in the late 1980s, financial innovations made it possible for mortgage lenders to unload their loans to pools, which can transform these personalised, non-negotiable obligations into derivative securities guaranteed by the mortgages (Sakbani, 2008). After the crisis erupted, the International Monetary Fund (IMF, 2008) estimated the size of these securities at more than $945 billion, while Goldman Sachs put them at more than $1.0 trillion. In September 2008, the IMF revised its estimate to $1.4 trillion ((The) Economist, 2008). On January 28, 2009 the IMF once more revised its estimate to $2.2 trillion. All these estimates therefore prove that, nobody had any idea of the amount of the non-performing assets. Sakbani (2008) tends to suggest that there were many culprits that where directly related to the financial crisis of 2008 which include: the greedy banks and other financial institutions with their irresponsible and uninformed behaviour, the equally greedy borrowers, the absence of regulations covering all the financial institutions involved and not just banks, the lacunae of vigilant supervision at both the states and federal levels, the non-regulated and non-transparent character of the financial innovations, the failure of the rating agencies to do their job and finally the loose monetary policy of the Greenspan era in the years 2001-2004. Mr Greenspan, testifying on October 23, 2008 before a Congressional Committee, admitted his error in believing that investment managers would exercise prudence in their operations and accepted that the regulatory system was loose and fundamentally obsolete. Since the beginning of the economic recession, there has been a high reduction in new housing starts after a reduced number of sales. Berkeley Homes for example, reported sales down by 50% in the summer of 2008, also with housebuildersà ¢Ã¢â€š ¬Ã¢â€ž ¢ shares falling to low levels, there is major financing problems which continue to suffer. Housing Developments Policy Turalay (2008) appears to suggest that at the beginning of the downturn, the position of the UK housing market did not appear to be that bad as it was expected that there would be a gradual slow down in housing sales and then a fairly rapid recovery process which would not adversely affect the economy, however, this did not prove to be the case and no-one could have predicted what actually happened. Although UK economist Andrew Oswald, famously declared in November 2002; à ¢Ã¢â€š ¬Ã…“I think we are about to go through the great housing crash of 2003 to 2005. . . . I advise you to sell your house, and move into rented accommodation Panic will then set inà ¢Ã¢â€š ¬?(Pickard, 2005, p. 9). When comparing the period of July-October 2007 with July-October 2008, evidence suggests that a fall in average sale prices of around 14 per cent (Land Registry, 2008). It has been noted by Pryce Sprigings (2008) that measuring price change is hampered by the fact that selling times have risen substantially and indices are therefore not comparing like with like à ¢Ã¢â€š ¬Ã¢â‚¬Å" ideally one would like to compare, for example, the acerage price of houses that sold within a month on the market in 2007 with average prices of houses that sold within a month on the market in 2008. Evidence also suggests that transaction volumes have fallen dramatically from around 111,000 sales per month in England and Wales between July and October 2007 to 45,000 sales per month between July and October 2008, which is a fall of 60 per cent (Land Registry, 2008). Other data sources also reported this fall including Halifax, Nationwide, Land Registry and Council of Mortgage Lenders (CML). Some locations are showing even greater falls, with city centre flat and apartment markets appearing to be particularly vulnerable. During Oswaldà ¢Ã¢â€š ¬Ã¢â€ž ¢s prediction, real average house prices rose at one of the steepest rates recorded in modern times, by nearly a quarter in real terms, from  £140,593 in 2003 quarter 1, to  £173,412 in 2006 quarter 1, based on nationwide real mix adjusted house prices see Figure 1 below, and continued to rise for a further two years until quarter 4 of 2007. Figure 1 Real House Prices There appears to have been significant early interventions from the government and the Bank of England to keep both the housing market and the wider economy on course. Consecutive cuts to base rates, addition of  £50bn of liquidity into the finance markets by the Bank of England to alleviate the credit crunch, and  £2.7bn fiscal improvement to balance low-income households for the withdrawal of the 10p tax rate. It was expected that these would all combine to form an apparently positive reinforcement, however this would prove not to be the case as in March 2008, initial indications emerged of a somewhat more speedy slowdown in the housing sector was about to develop. The RICS housing market survey of that month specified that surveyor attitude with regard to house prices had weakened to the lowest point since the survey began in 1978 and the ratio of completed sales in the previous three months to the stock of unsold property on the market fell to 0.224, the lowest since September 1996 (RICS UK Economic Brief, 2008). With mortgage approvals falling by 44 per cent in the same year (2008), this resulted in a significant fall in housing demand which led to banks being unwilling to offer new loans on houses. Although there is no surprise that the housing market has took a downturn and because this has happened before, there are no unexpected events occurring, Pryce and Sprigings tend to suggest that the speed and severity of the decline has been unusual. They go on to express that this leads us to naturally question whether our policies, our regulatory frameworks, our collective approach to housing and cultural obsession with house prices, have in some way exacerbated this particular manifestation of that cycle by sustaining the upswing well beyond mean trend and perhaps resulting an unnecessarily sever and rapid downturn (Pryce and Sprigings, 2008). These questions however are not wholly of interest to housing professionals as links between residential property and the broader market as well recognised. An example of this is stated by Goodhart and Hofmann (2008, p.180), where they find; à ¢Ã¢â€š ¬Ã…“a significant multidirectional link between house prices, monetary variables, and the macroeconomy with the effects of money and credit amplified when house prices are boomingà ¢Ã¢â€š ¬?. It is agreed by Maclennan and Pryce that housing impacts on the real economy via the construction, financial, estate agency and legal sector and through housing equity financed consumption, all of which are sensitive to housing market fluctuations, and all have become increasingly inter-linked across nations as a result of the globalisation of capital and labour (Maclennan and Pryce, 1996). It is also in agreement with numerous authors, Malpass in particular, that housing also impacts on welfare; not only through homelessness caused by repossessions (i.e. owner occupiers and renters affected by landlord default) at a time of crisis, but increasingly through equity release funding of education support (including accommodation) at the start of life and elderly care at the end. (Malpass, 2005). Another article which backs Malpassà ¢Ã¢â€š ¬Ã¢â€ž ¢ suggestion is the announcement of the Homes and Communities Agency (HCA) which has confirmed the closing of Local Authority New Build (LANB) as a national programme. This is a result of the Treasury announcing that it was cutting  £220 million from HCAà ¢Ã¢â€š ¬Ã¢â€ž ¢s budget, this follows on from the cut to the May budget of  £230 million. The new builds where seen as a solution to ease the housing crisis of the UK since the recession and to add to Malpassà ¢Ã¢â€š ¬Ã¢â€ž ¢ argument, Baroness Hanham stated in the House of Lords; à ¢Ã¢â€š ¬Ã…“There will be casualties; I donà ¢Ã¢â€š ¬Ã¢â€ž ¢t have any doubt that there will be casualtiesà ¢Ã¢â€š ¬? Furthermore to this statement, Labours Lord McKenzie warned à ¢Ã¢â€š ¬Ã…“It will force many to move or end up homeless and create ghettos of the poorà ¢Ã¢â€š ¬?. Unfortunately, the literature and policy debates on the nature and consequences of housing markets have evolved rather dichotomously. As Maclennan (2008, p. 424) observed; à ¢Ã¢â€š ¬Ã…“Many nations are now involved in two housing discussions, namely à ¢Ã¢â€š ¬Ã…“homelessness and affordabilityà ¢Ã¢â€š ¬? and à ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã‹Å"house price booms, bubbles and bustsà ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢. The first theme has largely been the domain of social policy ministries, lobbies and researchers (Carter and Polevychok, 2004).The second has absorbed the macroeconomic policy community, including central banks, finance ministries, financial institutions and some academic economists, who are concerned about à ¢Ã¢â€š ¬Ã…“stabilityà ¢Ã¢â€š ¬?. Affordability and stability are often discussed as if they are unrelated, not just in the press, but also within policymaking circles.à ¢Ã¢â€š ¬? Researchers can now endeavour to bridge this gap in housing discussions. By using the analogy of sowing and reaping, à ¢Ã¢â€š ¬Ã‹Å"whatsoever a man soweth, that shall he also reapà ¢Ã¢â€š ¬Ã¢â€ž ¢ (Galations 6:7, King James Version). It can be highlighted how scrupulous aspects of the existing recession should require policy makers and researchers to reflect on the failures of policy that have arisen as a result of the à ¢Ã¢â€š ¬Ã…“fragmented nature of housing thinking within modern governmentsà ¢Ã¢â€š ¬? (Maclennan, 2008). Pryce and Sprigings propose that the great correction that is currently underway is a consequence, not only of transcendent global forces, but also significantly of UK policy decisions on financial liberalisation and housing. And if we are reaping what we have sown in domestic policy, who are the winners and losers, and what are the implications for how we evaluate UK post-war policy? It has been made clear that such issues are underpinned by major policy, theoretical, and empirical questions that will most probably be debated at length in the future. What Pryce and Sprigings have done, is highlighted the issues and hope that highlighting these issues will offer some key pointers as to how the future debate should be structured and what might be done to ensure a more integrated approach to modernising UK housing policies. It is argued that successive governments i.e. Conservative Party and Labour Party have promoted homeownership since the end of the Second World War and its benefits it brings financially to the lease holder if they are the occupier as one of the White Papers show from 1953, which states; à ¢Ã¢â€š ¬Ã…“One object of future housing policy will be to continue to promote, by all possible means, the building of new houses for owner occupation. Of all forms of saving this is one of the best. Of all forms of ownership this is one of the most satisfying to the individual and the most beneficial to the nationà ¢Ã¢â€š ¬? (1953White Paper, Houses: The Next Step). Gradually homeownership became deeply embedded in the UK psyche as the tenure of aspiration (Ronald, 2008). However, people then become aware that homeownership may not be best suited for everyone and this is a point that is raised by Sprigings (2008) where he identified that by encouraging low-income households into homeownership, we are subjecting them to the worst of its costs and risks while the market may restrict for them the potential of its benefits. This idea was also backed up by Pickard (2005) where he stated that housing is believed to be a great long-term investment on average, but for the deprived areas, and for the poorest households, homeownership may simply not produce the promised benefits. Housing developments and the global recession can be seen as interlinked with certain groups of society and those in less secure jobs as people on low income will bear the biggest brunt of the recession as low income workers and people in less secure jobs are more than likely to face financial difficulties when it comes to mortgage repayments as they are likely to lose their jobs or see rising inflation and rising interest rates and therefore low income households are likely to leave homeownership at the worst point because they are facing the biggest impact of the recession and also when the market begins to resume to normality again, low-income households may find it harder to re-enter the housing market when house prices are low because there is a proven correlation between credit being made available and housing prices and low-income households may not be able to obtain credit when house prices are still low therefore not enabling them to enter the housing market when it seems mo st beneficial. The CML also back up this idea as figures for October 2008 show that, the value of loans has decreased to 83 per cent of the value of the property therefore, as it has been established that long term dividends on housing can be superior, low-income households will find it difficult to witness these dividends as they will be exiting the housing market when it begins to deteriorate and trying to enter the housing market when it is difficult to obtain credit. Pryce (2008) seems to perceive that the promotion of homeownership by successive UK governments and therefore the rapid increase of owner occupation may have inadvertently produced a money pump working in the opposite direction. Another theory which Pryce (2008) identifies is the fact that low-income and particularly ethnic groups are less likely to enjoy the benefits of inter-generational housing welfare transfer. Keister (2003) also backs up the second theory of Pryce (2008) by identifying that children from larger families accumulate less wealth than do those from smaller families and that siblings dilute parentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ finite financial resources and non material resources. Sibship size also reduced that likelihood of receiving a trust account or an inheritance and decreases home and stock ownership. Buy-to-Let Mortgages Buy-to-Let mortgages where developed in 1995 and where designed as a new financial product in the UK which enabled individuals to purchase a mortgage on a property for the purpose of letting the property out to future tenants. The benefits from these mortgages can include a stable income from rental receipts, as well as an accumulation of wealth if house prices go up. However one of the main factors of risk with taking out a buy-to-let mortgage is leverage speculation where the landlord purchases a property expecting to sell the house at a later date for a higher price or that rental income will exceed the repayment amounts of the initial loan. Buy-to-Let mortgages have became extremely popular with apprentice investors as this type of mortgage attracts middle income people to start to develop into small-scale landlords as a means of investing for their retirement. The volume of these loans grew rapidly in value as shown in Figure 2. Figure 2 BTL loan Pryce (2008) expresses concern at the fact that 90 per cent of total BTL advances since 1999 have been taken out during periods of above-trend house prices, and  £74 billion of BTL mortgages, which is more than half of the total BTL advances since 1999, were issues at the very peak of the housing boom. This can be seen in Figure 3. Fig 3 It is therefore in agreement that, a significant proportion of BTL loans are at risk because there is consensus that the value of securities will fall below the outstanding mortgage debts. This consensus is backed-up by the fact that repossessions on BTL properties as a per cent of all BTL mortgages almost doubled in the space of 18 months from the second half of 2005 to the first half of 2007 before the first round of gloomy house price results were released in late 2007. Latest CML data also reinforces this claim as they show a large increase in BTL accounts over three months in arrears at the third quarter of 2008 having trebled in number in 12 months to around 18,000. (Pryce and Sprigings 2008). If home owners begin to default on their loans then the impact could be significant not only for lenders, but for particular sectors of the housing market as 80 per cent of BTL properties are terraced of flats and these account for almost a third of the entire UK private rented stock (Sprigings, 2008). One of the key features of the BTL which there is much agreement on is the impact it seems to have had on new housing supply with flats coming to dominate supply, particularly in city markets. (Taylor 2008, Sprigings 2008). Fig 4

Essay on Elizabeths Strength of Character in Pride and Prejudice

Elizabeth's Strength of Character in Pride and Prejudice  Ã‚        Ã‚   In her novel, Pride and Prejudice, Jane Austen used the character of Elizabeth Bennet to epitomize the harmonious balance between reason and emotion in a woman, making her a truly admirable and attractive character.    Elizabeth's strength of character is emphasized by its contrast with the weak, naive acceptance of Jane's, the instability and excess of Mrs. Bennet's and the blind, weak-willed following of Kitty's. Her strength is also shown in her rejections of the proposals of Mr. Collins and Darcy. Unlike her mother, she does not base her choice of lovers on the financial security they will give her, and has the strength to reject them. This is especially evident in her rejection of Darcy's initial proposal, when she displays a passionate strength in her anger due to her belief that he has willfully prevented Jane and Bingley's marriage and wronged Wickham by refusing to grant him the property that the old Mr. Darcy bequeathed him. In both cases, the suitor is self-assured that his suit will be accepted, and as a result Elizabeth's rejections are amplified by the size of the blows that their egos receive. In Rosings, she does not let Lady Catherine tyrannize her as "the mere satellites of money and rank, she thought she could witness without trepidation." The Lucases and Collinses are submissive to Lady Catherine, with Maria being "frightened almost out of her senses", and it is probable that society as a whole behaves likewise, as Elizabeth suspects she is "the first creature who had ever dared to trifle with such dignified impertinence". She is again presented as a rebel against ideas of class when Lady Catherine pays a visit to her to ensure that ... ...Chrie, D., (ed.), Nineteenth Century Literature Criticism. Detroit, MI: Gale Research Company, 1986. Vo. 13, pp. 53-111. Austen, Jane. Pride and Prejudice. New York: Airmont Books, 1962. "Jane Austen, " Discovering Authors' Modules, http://galenet.gale.com/a/acp/netacgi/nph-brs?d=DAMA&s1=bio&s2=Austen,+Jane&1=50&pg1=DT&pg2=NM&p=1& Moler, Kenneth. Pride and Prejudice: A Study in Artistic Economy. Boston, MA: Twayne Publishers, 1989. "Novels: 'Pride and Prejudice.'" in The British Critic. Vol. XLI, Feb., 1813: 189-90. Southam, B.C., (ed.), Jane Austen: The Critical Heritage. Landon, NY: Routledge & Kegan Paul - Barres & Nobel Inc., 1968. Weldon, Fay. From Letters to Alice: On First Reading Jane Austen. Taplinger Publishing Co. Inc, 1984 in Readings on Jane Austen. Ed. Clarice Swisher. San Diego, CA: Green Haven Press, 1997: 34-41.   

Apply Problem Solving

Problem solving is not always an easy task to tackle. During my years of work experience I have seen and been part of several problem solving situations, and everyone is different, and everyone handles these situations differently. In order to solve them successfully sometimes you have to persuade certain people and sometimes science needs to prove it wrong or right. Working in title and escrow can be frustrating, challenging, long hours, and most importantly extremely stressful.This was the career path I was on over nine years ago, and my thoughts were that I would be doing this position for the rest of my career. The mortgage industry was very hectic and busy at the time and people were refinancing their homes and some were refinancing twice a year. The rates were incredible and housing prices continued to rise, and it seemed as if everyone was either buying new homes or refinancing their existing homes. The economy at the time was doing well and many people were buying new items a nd charging them.We would cut many checks to credit card companies to pay off their balances through the refinance stage. The better the rates became the busier we became, but we didn’t higher any new employees. We were all working long hours and as the months went on instead of working until six in the evening we were working until eight or nine in the evening and sometimes on the weekends. My manager kept expressing to the higher management that we needed to higher more employees to keep up with the demand and give the same high quality of service.They continued to ignore her and continued to brush it off. Until one day when she crunched the numbers and showed them that the company was burning out their employees and spending so much money on overtime. In the last six months with all the overtime they, spent they could have hired an additional three people and still would have been less expensive for the company. The management finally realized that they needed to hire on t wo more people to keep up with the work and continue to strive with our quality of customer service and not burn out the employees they had.In the following two weeks we had two new assistants and we were all able to work until our scheduled time five in the evening and no more weekends. About 10 years ago I was diagnosed with gastritis which is when the lining of my stomach becomes inflamed, irritated, or erosion happens. This is caused by stress, eating spicy foods, dairy products, and eating acetic products such as tomatoes or oranges. I went through different tests to be diagnosed and when the doctors diagnosed me they wanted me to take antacid prescribed drugs such as Prevacid and Nexium.Yes these were both scientific drugs, but they were not helping the situation. I was still having nausea and stomach pains while I was taking the prescribed drugs. Eventually I spoke to a friend who was going to a holistic doctor and would not stop talking about how great she was. During this t ime I was married and my husband was a paramedic so of course he did not believe in alternative medicine. He was against it and thought it would never work. Even though he was not opened to alternative medicine I was. Being miserable I realized and figured out that it would not hurt to try and talk to her.I meet with her and she put me on some natural herbal release pills and probiotic pills. Within days I was benefiting from those natural herbs. I was able to slowly bring dairy and acetic products gradually back into my diet and not feel the nausea or receive the stomach cramps. Since that day I have not taken Prevacid or Nexium and I feel great. I do believe in scientific medicine, but I also believe in natural herbs that come from the ground. Through this process I learned that we cannot be closed minded and need to be opened to other possibilities at certain times.Through my experiences in title and escrow I realized that you cannot change everything, and if there are certain is sues or problems that need to be changed or fixed that at times certain people need to see the facts before they believe it or change it. With my diagnosis I am very happy that I was opened to new ideas and didn’t only believe what others believed because if I did I might not have been able to manage my gastritis. In life we experience many things, and there are always problems to be solved, but what matters is how you go about solving them.

Male vs female

Nowadays, management of an organization involving the male and female executives. So, gender is an issue that is often associated with managerial effectiveness in the organization setting. Therefore, to ensure the effectiveness of organization settings the male and female manager should know the role to be play. Moreover to be competent in the organization setting both of the male and female should have the characteristic that need in organization settings.Where both of the male and female should play the role as the monitor that they should consistently to survey the environment inside and outside the organization might be limited to information that is useful for organization setting. In playing the role of the speaker, they should give the important information to the organization. As the speaker ,they should act as the representative of the organization in giving information to the external people of the organization. Based on these roles, we can determine the performance of the both gender male and female in the organization setting.Furthermore, competency perspective limitation also can be seen through both of them implies a universal approach. Where they should not be bias or focus only on certain individual in the organization setting. Alternative combination of competency might be work Just as well as the way to measure the competency of the male and female in organization setting. In addition, assume their leadership is within the person. But, sometimes leadership is also relation with the followers . Not forgetting, competency refer to leadership performances.This should be bear on in mind for the both of them in the organization setting. According to the perspective that centered by gender, an individual will attribute with the different way. Based on their gender the previous research by Bet and Fitzgerald 1987,Henning and Jarring,1997,Olden 1985 said that female have the feminine leadership behavior which are trust and caring. Moreover, Eagle, Man ikin, Slinky 1992 also said where the male manager will use the masculine leadership that interested to authority the people under them.The difference of the gender can give the influence to how male and female attributes and their leadership style. Therefore, possible gender differences may also influence the roles played by male and female managers in the organization. Aback et al (1994) ported that female always easily to improve level in organization compared to the male manager. This is based due to the female is working more professional than male in playing their role as the manager and less involving emotional and intuition.Moreover the difference in working style for both male and female can be seen when female are more to the transformational leadership and the male are more to the transactional leadership. From the perspective of the role comparison male and female, there are no significant difference in all the role between male and female but as the role of inspired inn ovation. This is because male and female understand clearly their own role should be played by each of them in the organization setting. Male are more positive in attitude towards female in their interaction or communication.Male attitude is not influence by the number of how many times they had communication but the quality of the communication and interaction. In addition, there will be more explanation about the attitude that influence the performance of the male and female in organization setting in this research. The factor of this issues that who are more competent in the organization setting also ad been discuss in this research. Then, all the question that who are more competent? Who are better performance can be answered with the evidence to strength the point given. 2. CHARACTERISTICS AND ATTITUDES OF EMPLOYEES IN AN ORGANIZATION Employing either a man or woman should have a good character and attitude and excellent for improving productivity of an organization. Excellent worker hopes to enhance the quality of the work. Employees who have excellent not only skilled and expert in employment but also a noble character. Characteristics good employees and excellent as follows: 1) Confidently In committing some employment, confidence in the Job aspect is very important to ensure a consistent quality and high quality of employment.The confidently attitude can also convince others of the quality of work we do. If one is a manufacturer of a product, confident attitude is needed to convince other men, on the benefits of the products we produce and sell. Without a sense of confidence, an entrepreneur will not be able to build a good effort. Because if there is not a confident attitude in an employee, this will cause them to quickly feel hopeless and give up. 2) Smart in communication Communication is needed in making a decision.Leading organizations prefer to hire someone who has the skill and ability in communicating in a good and wise either by writing or sp eaking. Communication of inaccurate or inappropriate can cause many problems in a company. 3) Motivated A good employee never hesitates to take responsibility or a higher position. He is also willing to work outside working hours to meet the goal or to solve a problem, though working in the discussion is not one of constant work that is usually given. Therefore, highly motivated employee who is required to advance or the success of an organization. ) Able to work in teams A develop of organization must consist of employees that have can work as a team. Many companies consist of a team. Any company that effectively requires a team effort. Employers can contribute an ideal employee. 5) Ethical Work rules are made to be followed. There is a secret place of work should be kept. A good employee by company policy and inspire others to do the same. Attitudes of an employee in an organization as follows: 1) Honesty Honest work is painstaking work. It can produce something good with a sincer e heart. Besides that, a good employee is honest about his work.Self-criticism and be willing to accept feedback is important to be a good study. For example, a farm worker who works with wages from hand to mouth, but still work well to perform sincerely and sheer devotion to his Job is to make money for the needs of the family. 2) Genius or smart The employee an excellent and wise in use of the time and resources around him. It always uses the time of his life with the best and always improves himself either in attitudes, knowledge and skills or Job performance. Employees can make the right session in making a decision.This increases the productivity of an organization. 3) Active and Energetic Employees who have excellent have an excellent practice in safeguarding the physical health, mind and emotions. In charge of not only the physical health care nutritional quality but it is also always do exercise and get enough rest or sleep. Discretion in managing themselves and the tendency to do Just that beneficial activity makes him more disciplined, healthy, active and productive. 4) Hard work Hard work is the work we must have the nature of work or workaholic able to achieve he targets to be achieved.They can take advantage of the optimum time so sometimes it does not care about time, distance and the difficulties encountered. In their work vigorously and strive hard to achieve good results and maximum. The employee who wants to excel at work need to work hard. The entrepreneur also needs to work hard to promote products released. 5) Discipline and keep time Every boss likes to keep workers past, disciplined and meticulous. Period is money. Coming through to the officials, who did not need to take breaks, and leaving officials dilly earlier than usual adverse reputable.Competition teen males and females also occur frequently in the transaction forevermore an organization. Each party between male and female compete each other to prove that they are ahead in all as pects and have a level of competence that culminated in managing things. However, the issues of competent between men and women are note easily formulated and determine without evidence and legal studies and strong on performance between boys and girls. Evaluation to prove this issue is based on videoconferencing from a reliable source so that it does not rise to a bias in determining the contents of a decision.The female cannot say that they are more efficient in managing things, and so did the men. Generally,male and female each have their own expertise in managing any work. These are not denied when the success of in an organization is the result of hard work of male and female who are as the backbone to movement and development of an organization. Without the involvement of both the survival of an organization disable continue the operation. Labor between male and female is desirable and arguably the skills of both parties to be needed to complete the task and they are complemen tary to each other.Nowadays, household now has arisen a number of male and female shows more competence in performing tasks in an Organizational. In today large organization, as a women climb up the corporate leader, getting worse crisis. While the statistics vary slightly around the world this is consistent trend. At the lowest more than half of the worker in organization is female. At the higher level in organization, the number of woman small. At the CEO Level, worldwide there are only 3% to 4% who are women. The table below showed the statistic.This phenomenon is quite surprising because when he studied information broadly ascribes the overall success of the women have when placed in a position of leadership success is very high. It raises the question of when the analysis of the success they have in the range of functionality that is dominated by men. The study about this issue making for more than a decade at 2011 and 2012 for the overall effectiveness. Overall Effectiveness i n Leadership a) Different by Age To better understanding the differences between male and female it is instructive to look at overall effectiveness by age.For female as leader appears to change over time. As female and male begin their career there is very little perceived different. Men soon are perceived in an increasingly positive way and more effective than women. As women mature they are perceived in an increasingly positive way and more effecting than their male counterparts. At the age of 25 the efficient of male and female are no difference, starting from 26 and above until 40 years old the effective level of male increase and starting to slow after 40.But for woman, the effective level is starting to increase from the age 40 and above. B) Different by level for overall leadership effectiveness by gender by position The sue about male and female who are really competent these days in organization settings have been answered and have results on the competent between both of t hem. According to Jack Zinger and Joseph Folkway (2012) article by Harvard business review based on the research stated that between male and female, advance more women than men on the competency of the organization as a whole.Survey for 360 evaluations is the Judgment of a leader's peers, bosses and direct report with asking these individuals to rate each leader's effectiveness overall and judge based on the 16 competencies overall. N fact at every level, more women were rated by their peers, their bosses, their direct reports, and their other associates as better overall leaders than their male counterparts and the higher the level, the wider that gap grow.The table below shown the overall level of competent between male and female by the gentlefolk (2011) c) Different by top competencies top leader between male and female Based on the Zinger Folkway (2011) state that as specifically, at all levels women rated are higher in full 12 of the 16 competencies that go into outstanding l eadership. The level of impotency between male and female are different in a small scale incremental for female compared to male. From the 16 competency there are two which is; take initiative and drives for result are scored the female tend to highest degree.The competent of male in the development strategy perspective are outscores female. The table below showed the 16 competency between male and female. The sources that getting from the gentlefolk (2011). Based on the table above clearly describe the difference between male and female on the level f competencies. From the 16 competencies, 14 of them are preceding by female. It confirms that women actually scored higher than male On 12 of the 16 competencies. Male scored higher in two competencies which is technical or professional expertise and development perspective. Each reader will have a several theory why this happens.The explanation about this outcome is many women live with that necessitates them getting things done in or der to survive. In Job settings, women feel that she need to work harder that male to prove them. Some expression from female in performing his work is â€Å"we feel that constant pressure to never make mistake and to continually rove our value in organization†. That is because, at least woman don't feel their performance are safe. They're afraid to rest on their laurels and feel satisfied. Besides that, they're feeling need to take initiative they are more highly motivate to take feedback to heart.Basically, those are fundamental behaviors that derive the success of every leader whether male or female. Female and Nurturing competencies The chart above demonstrate that these competencies. Those competencies highlight that women were seen more effective in getting thing done, being role models and delivering result. The skills describe leaders who take on difficult challenges, ensure that people act with integrity and who simply achieve challenge result. According to the dilem ma on June 2014 published the one article about â€Å"women in top Job are viewed as ‘better leader' than man†.Based on the new study, women in executive positions are perceived as better leaders than men. Basically, woman in business are too sensitive or not as competent can stop them from advancing through the so- called ‘slackening. But once women has breach the barrier, these qualities actually work in her favor according to a Duke University researcher. The research published in the Journal of applied psychology, found top women executives were credited with responsibility for their success. They were viewed as both more competent and more relationship-oriented than men.Because of these, it can lead them to be perceived as more effective leaders than their male counterparts. Lead researcher, Professor Lehigh Rosette said, ‘in business environment, even if women are through to be competent they are frequently through to be not nice. But on the higher run gs of the corporate ladder, competence and niceness may have a certain level of compatibility or woman top leaders. The second study also rated female as more relationship- oriented because they expected top women to involving in a more traditionally feminizes' type of leadership, an employee focused leadership style that is increasingly viewed effective.Professor Rosette (2014) said, ‘let's face it, women are often viewed as having to work twice as hard to get half as far and successful women executives may benefit from the perception, leading to a female leader advantage. Usually we always hear the business mantra â€Å"think leader, think male† this may Egan to fade as employees and other stakeholders more begin to value those leadership skills that focus on relationship and not Just traditional leader nature that are more in line with masculinity.Results of the study, the researchers pointed out and warned that women leaders should be aware that their behavior will be different at different levels within the company due to the success of women will change the impression when they move on the corporate ladder. What cause the difference between male and female? Why female are more perceives more effective, what are we frequently heard was, â€Å"in order to get the same recognition and rewards, I need to De twice as much, never make a mistake and constantly demonstrated my competence†. The short version of what we regularly heard from woman was that â€Å"we must perform twice as well to be through half as good). The result from â€Å"practicing Self Development†, the competency measure the extent to which people ask for feedback and make changes based on the feedback. We know most people begin their career perceived more motivated to ask for feedback and take action to improve. In the analysis age for male and female. Female at age 40 maintain the habit of asking for feedback and taking action to improve. The effectiveness of men on this competency continuous to decline as they age.Male assume that they are doing fine and don't really need much feedback. 4. 0 THE ISSUES OF GENDER AND THEIR PERFORMANCE BASED ON THE CURRENT ISSUE â€Å"Women are equally important role in the company†. That has being said this recently in an article released by the Tutu's Malaysia newspaper dated November 21 , 2013. Article also discusses about the problem of gender differences in the marketability of an organization, whether private sector or public sector. According to the article, It affirms the role of women in the public and private sectors should be noted comparable male servants in order to improve an organization from all angles.Minister of Women, Family and Community Development Dates Romania Abdul Karri said the matter as women nowadays qualified great responsibility on par with the skills and experience of male employees. She added, the government is also implementing efforts to promote government-linked comp anies to appoint at least 30 per cent of female employees in the highest position and promote at least one woman on the board until 2016. Government also provides incentives to encourage provide more opportunities for staff women to advance, including tax breaks for companies as well as the provision of training and consultation. Public and private sectors are also required to eliminate gender disparities in terms of experience, competence, nations and cultures to eliminate any form of discrimination,† he said when opening the Forum of Women in Rural normal 2013, here today. Add Spiritual ministry also held a Director of women's programs that provide guidance on training curriculum including technical and soft skills to enhance the ability of women to come leaders of caliber. This year, he said, a total of 645 women attended the program, while the total 790 women signed up for the course. At the same time, 83 women have been appointed directors of public companies during the y ear,† he said. In the meantime, she urged local employers do not catch quota determined by the government to achieve the target percentage of women appointed to the board of directors. Instead, he said the appointment should be given priority to quality and competent staff who are able to assume responsibility. â€Å"Quota provided the only dude, but more importantly how far a company which entitles them to higher office,† he said.Based on the article in Tutu's Malaysia newspapers, it is clear that women should take participant in the organization sector whether public or private sector. â€Å"The competency of woman implement the Job is the main criteria†. That's the title of an article released by Tutu's Malaysia newspapers dated 24 February 2010. Article discusses the influx of female employees in the public sector, particularly high-level positions. Eightieths Gung Congress Sustain Peckers-Peckers Dalai Participated Am (Spaces), Mad Shah Mood.Zinc yesterday e xpressed concern over the dominance of women in the public service is growing. Current trends show more women appointed to the post and decide which will have long-term implications for the development and growth of the country. The condition is due to the capabilities of the woman to pass the merit system for office than men. † The situation is to some extent cause an imbalance to the number of civil servants. And has raised fears him thus he suggested that something should be done to avoid any serious difference ratio between men and women in the future.Influx of female employees in the public sector, particularly for professional positions is due to their academic achievement. Thus, women are not to blame for the amount because they are also the most dominate placement in an institution of higher learning in the country than men, As a result of the lack of male staff in the public sector cause of personnel forced women do work outside the office, and it now appears differen t when women are able to perform a variety of tasks that were once dominated by men only. Based on the source of the author at his work place is also filled with women and our administrative duties.Based on the above article it is clear that women now dominate the public sector and also the position of the highest office previously is dominated by men. This occurs is due to increasing the performance of women as being more efficient when performing tasks. According to figures available, the average employee thinks the increase of women in the public sector is not alarming contrast to their efficiency and capacity to undertake the task is the key criteria that must be well on an employee regardless of male or female.What priority is given to he work of an employee should be able to perform the duties of other quality perfectly. This is because men and women, each has advantages and disadvantages and it is a matter that can't be disputed Development and economic growth over the past f our decades have also witnessed rapid progress not only contributed by the employment of men, but also involves the role and contribution of women. On-going efforts to create gender equality (gender) saw demand for female labor force shows significant improvement (Tutu's Namely Online, 2004). For example, the success of Tan Sir Dry.Katharine Aziza was appointed as the first female Governor of Bank Engage Malaysia (BAN) to prove the belief that women are capable of performing the essential duties if they are given the opportunity to do this. Besides that, there are many more women who are successful in their career such as Tune Dry. Sadomasochist. All, Dates Sere Raffish Aziza, Denationalization Small, Dates Dry. Amazon Ottoman,Dates Dry. Northeastward and Attachment Humid. This in turn saw the women were able to compete with the men, and to contribute to the development and progress of the country.As a whole, female are developing equally read with male. Women more mature and aware of all the turmoil within and outside the country since forever women are aware that their role will still be needed for advancement. Finally, the women are Just like men that have professionals in carrying out their duties, especially in the field of management, and other organizations. In addition, many women who have made their mark in the world. Currently many women have succeeded in exploring areas that have been dominated by men.Women were actively match the performance of the men and also worked as a good decision maker in the administration of the country or company. Therefore, the greatness of women do not doubt that the success that has been created. The increase of 14. 8 percent of women working in the professional field to prove that women are able to move forward in line with the men (Tutu's Borneo Online, 2013). It is clear that women are also capable of engaging in a professional line with men. The performance also proved that women also play an important role and con tribute to the development and progress of the country today.Other than that, the Tutu's Borneo also wrote that the statistical achievements of women in Malaysia is very insistent and good and covers a variety of fields, in education, the number of women is more than male students in session 2013/2014 amounting to 68. 02 percent from 41. 573 candidates. In addition, the success of women nowadays it's because women have a higher education than men and they also have the opportunity and independent to gain knowledge (ester's Actuate Eightieths Politic Actuate Minter Narrations Abraham).Conclusions, in this modern are not surprising that women are also can involve in the field more challenging. For example, fields of politics, engineering, mechanical, and other many field ventured by male. So, caused women eave a higher education resulted in an organization are more likely to choose a female employee over the male employee. Besides that, women are also having a good attitude and charac teristic of employee between men such as discipline and keep time, hard work, ethical, and others. 5. CONCLUSION There is an issue that who are more competent in the organization setting between the male and female. Therefore this issue had been discussing by given the factors and characteristic that contributes to the issue. Employing either a man or woman should have a good character and attitude and excellent for improving productivity of n organization. Excellent worker hopes to enhance the quality of the work. Employees who have excellent not only skilled and expert in employment but also a noble character. Where the characteristic is important and needed in the organization setting.These days the issues between men and women who are really competent in the organizational settings have raises various perspective and responses among them. The competent in the organization has created a lot of perception among the public either male or female. From the research and the previous r esearch also based on the statistic or any other provided evidence, we can include that female is more competent than male in organization setting. This is based on the factor influence in the aspect of attitude and the other factors such as communication, and their performance in organization setting.Besides that, women are also having a good attitude and characteristic of employee between men such as discipline and keep time, hard work, ethical, and others. Female are more active in playing their role in the organization setting compare to the male. This happen maybe because of female give more commitment in playing their role in their organization setting. This can be seen from the aspect of their passionate in encouraging others, sharing authority and information and also more interested in managing by using skills between interpersonal relationships.This including the role likes mentor, facilitator, inspired, innovation, monitor and coordinator. Moreover, female always try to p ut in others the feeling they are also the part of the organization starting from the performance decision making and to the strategies making. Thus, clearly that proven female is more interesting and hardworking in play their role to ensure the effectiveness of the organization setting. In addition male should be more hardworking and more focus in understand and play the role in organization. Furthermore, this issue can help to inspired male to increase their performance in organization setting.

Speech on Air Pollution Essay Example

Speech on Air Pollution Essay Example Speech on Air Pollution Paper Speech on Air Pollution Paper Essay Topic: Air pollution Water pollution Therefore, ozone is at its peak during hot summer days. Exposure to high levels of ozone can have serious consequences on your health. It can cause respiratory disease, loss of pulmonary elasticity, and premature aging of our lungs. Next, is acid rain, which OCCUrs in the atmosphere in the form Of sulfur and nitrogen oxide. These pollutants can have serious damaging affects on aquatic, forest and wildlife ecosystems, as well as deterioration of buildings. Carbon monoxide is another form of pollution. It reduces the bloods ability to carry oxygen. If a human is exposed to higher levels, it can cause chest pains, angina attacks or even death. Coal-burning power plants and motor vehicles are among the largest contributors to air pollution. Around 70% of the carbon monoxide found in the Northeast comes from cars. They also are the biggest source of hydrocarbon and nitrogen oxide emissions which help form ozone. Acid rain deposits are found in fossil fuels emitted from utility and industrial sources. The power plants that were built before the 1 977 Clean Air Act did not have to comply because they were supposed to be phased out eventually. Many are still operating today, releasing much more pollution than modern plants. 97 percent of the acid rain and haze-causing sulfur dioxide, 85 percent of the ozone smog-causing nitrogen oxide, and 99 percent of the toxic mercury pollution come from the utility sector. Unfortunately, these pollutants can be carried in the atmosphere by weather systems. Thus, they can travel for hundreds of miles causing damage as they go. Acid deposits in the soil can have devastating affects in the forest. It gradually causes the loss of plant nutrients, calcium and magnesium. This leads to dying off of trees in the forest. Also, acid deposits in lakes and streams have led to a drop in fish production. Mercury is another source of pollution which can be harmful to humans and wildlife. It comes from the emissions of coal-burning power plants and is deposited into the air and water. This chemical damages the nervous system, and has a detrimental affect on reproduction and prenatal development. Greenhouse gases, carbon dioxide and methane, absorb energy radiated by the Earth and then send it back into our atmosphere as heat. This is called the greenhouse effect. During the last century, with the increased use of fuels, the levels of these gases have increased dramatically. The result has been an increase in the Earths temperature causing ice masses to melt and sea levels to rise. Coastal flooding in some areas and droughts in others have affected plant and animal life. Changes in climates have also occurred which affects wildlife and ecosystems. In my opinion, air pollution can and is having a devastating affect on the entire planet. We have already seen some of its affects. Forests are shrinking, some types of exotic plant and wildlife have become endangered or even extinct. We all need to work together to make sure that regulations are upheld. We must become the watchdogs and enforcers so that air pollution does not win and rob us of our future generations. Here in the Northeast, states are working together to find ways to reduce pollution. They have established programs to regulate emissions of hazardous air pollutants. Federal standards, such as the sasss Clean Air Act, have been implemented which states must comply with.

Concert essays

Concert essays The whole time the audience was quiet and just sat, watched and listened. There was one person behind me that kept tapping to the beat of the music, but stopped after a while. That was very distracting because I would hear the tapping right in my ear and couldn't concentrate on the orchestra. The concert consisted of music by Hadyn, Tschaikovsky and Mozart. The orchestra played Hadyn's symphony no. 94 and scenes from the Nutcracker. Along with Mozart's Toy Symphony. Basically the concert was focused on holiday music and at the end they had a sing-along for the whole audience to join in. The orchestra consisted of mainly the string family, like violins, cello, viola. Also the woodwind family, which was flutes and clarinet. They also played with the drums, cymbals, tamborine and triangle. The music was very peaceful and relaxing. It was played soft, but at times would get louder. All the instrumentalists were nsync and altogether. There was not one note off that I could realize. It looked like they all enjoyed being up there and playing for the audience. There was one man I was watching who seemed to have a hard job. He was playing the tamborine and triangle. In every song he had to make sure he played at the exact time he was supposed to, otherwise the whole song would be ruined. That was impressive because it takes a lot of practice and listening skills to play it right on time. I enjoyed going to this concert because it was sort of uplifting. I just blanked everything out of my head and just concentrated on the peaceful music playing. The best part was when they played parts of the Nutcracker. Those songs are some of my favorite and to just hear them live was an experience. The Nutcracker songs make me want to hear more and I never want them to end. When I first heard I had to go to a classical concert I thought to myself how boring. But after experiencing it I really enjoyed it and would definitely attend another one. ...

Tear Gas - What to Do If You Are Exposed

Tear Gas - What to Do If You Are Exposed Tear gas (e.g., CS, CR, Mace, pepper spray) is used to control riots, disperse crowds, and subdue individuals. It is intended to cause pain, so exposure to it is not fun. However, the effects of the gas usually are temporary. You can expect relief from most of the symptoms within a couple of hours of exposure. This is a look at how to prepare for a potential encounter with tear gas, with tips on how to respond. Symptoms of Tear Gas Exposure stinging and burning of the eyes, nose, mouth, and skinexcessive tearingblurred visionrunny nosesalivation (drooling)exposed tissue may develop a rash and a chemical burncoughing and difficulty breathing, including a feeling of chokingdisorientation and confusion, which may lead to panicintense anger The disorientation and confusion may not be totally psychological. In some cases, the solvent used to prepare the tear gas may contribute to the reaction and may be more toxic than the lachrymatory agent. What to Do Tear gas usually is delivered in the form of a grenade, which is fitted onto the end of a gas gun and fired with a blank shotgun cartridge. Therefore, you may hear shots being fired when tear gas is used. Dont assume you are being shot at. Do not panic. Look up when you hear the shot and avoid being in the path of the grenade. Tear gas grenades often explode in the air, delivering a metal container which will spew gas. This container will be hot, so do not touch it. Do not pick up an unexploded tear gas canister, since it could explode and cause injury. The best defense against tear gas is a gas mask, but if you dont have a mask there are still steps you can take to minimize damage from tear gas. If you think you might encounter tear gas you can soak a bandana or paper towel in lemon juice or cider vinegar and store it in a plastic baggie. You can breathe through the acidified cloth for several minutes, which should give you sufficient time to get upwind or reach higher ground. Goggles are a great thing to have. You can use tight-fitting swim goggles if chemical safety goggles arent available. Dont wear contacts anywhere you might encounter tear gas. If you are wearing contact lenses, immediately remove them. Your contacts are a loss as is anything else you cant wash. You can wear your clothes again after you wash them  but wash them separately that first time. If you dont have goggles or any sort of mask, you can breathe the air inside your shirt, since there is less air circulation and therefore a lower concentration of the gas, but that is counterproductive once the fabric becomes saturated. First Aid First aid for eyes is to flush them with sterile saline or water until the stinging starts to abate. Exposed skin should be washed with soap and water. Breathing difficulties are treated by administering oxygen and in some cases using medication that are used to treat asthma. Medicated bandages can be used on burns.

Project Report Essay Example | Topics and Well Written Essays - 10000 words

Project Report - Essay Example There were opportunities in various areas, with the combination of both the companies’ products reaching a wider customer base. However, there were challenges as well because of lack of apt and optimum integration or merger, with Fiorina not able to achieve success. This lead to the initiation of change management process, with the new CEO Mark Hurd taking over the combined entity. So, this paper will review the merger between HP and Compaq in 2001, identifying the strategic management issues that preceded the merger on both sides, along with the changes in the management strategy resulting from the combined operations Organized human activities which are carried out in-group will be most times organized or constituted into an organization. Thus, organizations are physical ‘structures’, in which humans or employees from different backgrounds will converge to accomplish the allocated work under the under the supervision of a leader and managers, for the benefit of the organization as well as their personal benefit. ‘Collage’ of employees in the sense, organizations will be normally constituted with employees coming from different backgrounds, culture, etc, who will also have different education qualifications, skill level and attitude. Employees will be recruited and apportioned into different departments based on their skills and knowledge and for better arrangement in the organization. These departments, which make up an organization, only play an omnipresent and crucial role in the proper and effective functioning of the organizations, by adopting various feasible and e ffective strategies. That is, with every organization wanting to expand their reach and achieve success through one means or other, they have to formulate and implement various strategies. So, when the organization has enough opportunities, it can set targets and