Level of readiness of the company to go through the journey of change

The company is well prepared to establish, ratify, and embrace change. Besides, a considerable percentage of employees have already accepted the need for change. This is a critical step when scrutinized critically. It is important to adopt viable change mechanisms to ensure that an organization meets it periodic goals.Advertising We will write a custom case study sample on Level of readiness of the company to go through the journey of change specifically for you for only $16.05 $11/page Learn More For a company to achieve positive changes, acceptance is the first provision demanded in the change ratification processes. Every stakeholder must accept the need for change as demonstrated in the case. This is a crucial provision when considered comprehensively. Those who are against the current situation (acceptance) hardly succeed in their fight for change. This occurs due to inadequate dynamism, readiness, and well-orchestrated change provisions. It is impo rtant to establish credible dreams for the desired change. Many challenges are faced by those who are trying to bring change in an organization. Through the mentioned change acceptance, the studied company will open up by experiencing the need for some credible changes. Consequently, the company will continue to expand in the realms of operations and other considerable developmental provisions. Agreeably, employees of the concerned company have proved that they have some considerable approaches towards change. That is why many have embraced it. Statistics also indicate that many employees in the organization have made the first move towards change. From the graph, there is high level of production. The company has managed this through cutting costs. This was achieved by getting rid of some unessential activities. Additionally, they have also managed to do away with some operational costs. However, the change in the company is impressive because there is improved rate of processing a nd increased reliability. In the nonproduction part (human side), there is high business standards as well as excellent management-employee relationship. Conversely, they have been able to achieve this since employees themselves feel motivated to establish, ratify, and embrace change.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Additionally, the company is adequately prepared to go through the process of change. They have a considerable support from the management crew, employees, and other stakeholders. Consequently, the company has come up with a management strategy by developing tactics, taking actions and carrying out implementation. Although many employees have recommendable attitude towards change, some of them, still have not given it a second thought. As a result, there is low percentage towards the perception on change. But those with positive attitude are just enough to h elp the company achieve its goal (preparing for change). Mutual trust and respect is also prevailing in the company and this is a fantastic sign indicating the level of preparation and readiness. However, most people still do not understand the aspects of change simply because there is little communication. Although, Production and non-production phases have low understanding, this manufacturing company is still prepared enough given that many employees have accepted the change. This is a vital consideration in the context of change. Aspects of Change Readiness Evidently, the seven aspects of change are applicable in this context. Perception towards change is the attitude of employees towards the recommended transformation. With reference to an individual’s refusal to change processes, some failures might be realized. This is avoidable by convincing employees to accept the need for proposed changes. For example, employees will be able to eliminate the probable barriers to cha nge. Concurrently, employees’ participation in change management is fully dependent on the attitude of the managers towards change. Agreeably, it is possible for managers to create change initiatives and influence employees to embrace them. Conversely, individual’s cognitive processes are some of the influential factors in the development of organizational change. When members of a given organization resist change, the agenda of transformation in that organization will definitely not succeed.Advertising We will write a custom case study sample on Level of readiness of the company to go through the journey of change specifically for you for only $16.05 $11/page Learn More An organization trying to push for a huge change must embrace some mutual trust and esteem. This will eventually reduce a company’s internal marketing. Internal marketing comprises of conflicts between employees and the company, politics and inadequate communication within the organization. Consequently, instead getting rid of this competition, employees spend a lot of energy fighting each other. To actively achieve this goal of attaining mutual trust, conservation must be carried out. For example, the company should not employ people and consequently expel them on baseless grounds. Accordingly, through mutual trust and change initiative, the organization will automatically retain its employees thus avoiding destruction of the company. Creating an environment with excellent friendship between the public and private sectors is always necessary. However, to build up this relationship and the general trust, the company’s centre of attention should be on transformation. Older principles should be avoided and sovereignty encouraged. Vision for change and managing the proposed change are important provisions in this context. It is evident that they will demonstrate the real picture of an organization. Although both the change and corporate vi sion are important, organizations interested in achieving this goal must recognize their difference. For example, these change visions are easily understood by the employees and the organization. This occurs because they can be written without trouble and easily communicated. This is far much different from corporate vision because it is not only for a single organizational change but also about future changes. Additionally, it is about endless principles and behaviors (accepting and implementing change) necessary for the prosperity of an organization. The company will definitely manage this change process by employing people with excellent principles and behaviors.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Efforts towards managing organizational change are majorly laborious and emotional. It usually delays the commencement of this transform and the final result of an organization. This change is always necessary to ensure that a company’s involvement is appropriate. To successfully achieve this, the company must consider achieving something better and exemplary. Additionally, it should construct problem and opportunity structure. Changes always begin with an opportunity to be utilized and a problem which needs a solution. For example, organizations are trying to find solutions for inadequate growth and poor organization of the expenses. However, they are also trying to acquire new technologies as well as fighting globalization. It is important to attain the management’s support for change. Employees should also realize the need for the concerned changes. Consequently, the organization will manage the process of transformation only when the teams involved are successful. Change management involves both the perception of an organization and that of an individual. However, individual change management requires some knowledge on how to successfully acquire the concerned change. Additionally, as an organization continuously transforms, its success entirely relies on employees. Organizations manage the changes by actively communicating and facilitating the training of employees. Additionally, employees have also realized that to manage this, they must be informed about the need for change and have that desire to take part in the process. However, they have some knowledge on how manage change and are able to put into practice the necessary skills and behaviors. For example, organizations have realized that change can not be achieved without the support of the employees and have taken that initiative of supporting them. Conversely, they have not only put in place some programs to manage change but also corrective measures like taking care of the managers a nd supervisors. However, there is an excellent connection in change management between individuals and organizations. Some aspects regarding the place of work should be considered for viable change ratification. There must be positive perceptions towards change efforts. Communication is essential when unveiling changes, every employee should be aware of what occurs in the organization and how these will have an impact on them. Individuals who understand change are more open-minded than those who do not. Additionally, the organization should demonstrate the advantages of the transformations to the employees. By making employees to be part of the company and its objectives, they will easily recognize the importance of making changes and eventually help it move forward. Managing transformations in organization is achieved when there is considerable planning and implementation strategies. For example, people affected should also be consulted and incorporated in the changes. Organization s trying to bring changes through force always have troubles with employees. However, change should be practical, measurable, and easy to attain. These characteristics are usually necessary when working on personal change. Organizations must first know their goal with regard to the changes, individuals affected, and their responses. The above changes are greatly connected to individual management and organizational change. Besides, people should be aware of the existence of change and management. This case study on Level of readiness of the company to go through the journey of change was written and submitted by user Kaliyah S. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

At the End of the Play Alfieri Says Essay Example

At the End of the Play Alfieri Says Essay Example At the End of the Play Alfieri Says Essay At the End of the Play Alfieri Says Essay Relationships between Eddie and Alfieri During the Play? Throughout the play Arthur Miller presents a natural growth in the relationship between Eddie and Alfieri and displays a gradual increase in emotions between them. When Eddie first approaches Alfieri with his quandaries he opens up his worries deeply and emotionally but Alfieri stays professional. Eddie: I see it in his eyes; hes laughing at her and hes laughing at me. Alfieri: Eddie Im a lawyer, I can only deal with what is provable. You understand that dont you? Can you prove that? Eddie obviously feels very happy to open up to Alfieri because he hasnt told anyone his feelings before then. Alfieri is replying in a flat and impassionate manner. Now look Eddie He is almost giving Eddie the cold shoulder and saying Eddie there is nothing I can do so wake up and deal with it. Eddie is saying things to Alfieri and coming across as frantic and desperate for an answer that will help him. Eddie doesnt calm down throughout their first talk and starts to get irritable when he feels Alfieri is patronising him. He says things like I know what is in my mind Mr. Alfieri. And Listen will you listen to me a minute. And Wait a minute Im telling you sumpm. And Mr. Alfieri I cant believe what youre telling me. Eddie obviously doesnt like the response he is getting. He doesnt like Alfieris blunt and inconsiderate reaction to his exertion. As their first talk comes to an end Alfieri shows his intelligence about his analysis of the situation and Eddie doesnt like it. Alfieri: But Eddie shes a woman now. Eddie: Hes stealing from me! Eddie actually steers away from what Alfieri said about Catherine becoming a woman and refers back to his hatred and jealousy towards Rodolpho. Alfieri: She wants to get married Eddie, she cant marry you can she? Eddie: What you talking about marry me! I dont know what the hell you talking about! Eddie gave a furious response to the hint Alfieri had given. He reacted as if it was a preposterous idea and he was totally oblivious to what Alfieri had meant. But Alfieri and Eddie both know the truth and this just adds to the confused angry and helpless state Eddie was in. In Act 2 Eddie and Alfieri meet again for the second time. Alfieri explains how he had stayed on late from work just to see Eddie. When Alfieri is introducing the it he sets the scene he says his eyes were like tunnels. Meaning Eddie had an unexplainable look in his eyes consisting of numerous emotions. His eyes had a set plan and now all he had to do was walk down the tunnels into the end result of all his problems. His eyes were deep and meaningful. This time Alfieri is more inquisitive and attentive to the conversation. The first time they met it was Eddie asking all the questions and now Alfieri is asking the majority of them. Alfieri: What does Marco say? , What did you do that for Eddie? And She actually said shes mourning for him? This all signals that Alfieri is taking a more interested view of things and is starting to view things from Eddies perspective. However Alfieri is still taking an authoritative approach to the conversation and expresses his views to Eddie in a slightly more take my advice or leave it manner. Alfieri: This is my last word Eddie, take it not, thats your business. Morally and legally you have no rights you cannot stop it; she is a free agent. So Alfieri has taken a small step out of his role of talking about the law and is now talking about morals. He is actually showing some care to Eddie and attempting to persuade him to make the right decision by talking about morals to back up his argument. Eddie replies with Didnt you hear what I told you? The truth about the situation s hit Eddie hard and Eddie is refusing to give in. It was at this point Alfieri knew Eddie was going to make a big mess of things and tried his hardest to put Eddie on the right track. The relationship between Eddie and Alfieri has expanded into more of a deep and meaningful one. This is evident in Alfieris concern for Eddie and Eddies less manic behaviour towards Alfieri. As the play is nearing the end Marco has a talk with Alfieri about what to do about Eddie. Alfieri reacts to Marcos anger with a concern for Eddie. Alfieri: You wont touch him. This is your promise? Alfieri makes it clear to Marco that he wont touch Eddie and makes Marco promise not to do so. So even now Alfieri knows this will end up traumatic, he is fighting against the inevitable and his care for Eddie shines through. When Eddie is stabbed and then dies Alfieri comes on stage to conclude the play. He does this in an honest and thoughtful manner. and even though how wrong he was, and his death useless, I tremble for I confess that something perversely pure calls to me from his memory Alfieri is making a compromise between Eddies good and bad points. When he says his death is useless, he means his death didnt solve anything and didnt make anything better. So he is saying even though his death wasnt incredibly significant, his character is shining through in Alfieris mind. Alfieri is coming to terms with the fact that Eddie isnt just another client, he is passed that, and their relationship progressed evocatively. Alfieri says and so I mourn for him.. I admit it with a certain.. alarm. This line ends the play very thoughtfully. Alfieri is admittedly upset about Eddies death. He says he admits it with a certain alarm. The pause is crucial, it means that even Alfieri knows what is going to happen is inevitable; he is still alarmed when it happened. He says he admits it with a certain alarm meaning it is a specific type of alarm. He acts as if he doesnt know what word to use but alarm fits perfectly to emphasize on Eddies abrupt and tragic death. As the play progressed it was clear to see an increase in the importance of the relationship between Eddie and Alfieri. Eddie obviously respected Alfieri a lot and actually gained his own respect back for being so strong willed and honest. Alfieri was alarmed when Eddie died even though he knew it was going to happen. This proves he has a lot of feelings for Eddie that only escaped when he had died. So throughout the play their relationship had developed into something that was significant and special.

Case study Response Case of the Rotary Compressor Essay

Case study Response Case of the Rotary Compressor - Essay Example Another factor that caused the disaster was lack of expertise for successful design and implementation of the venture. While suggestions were made for outsourcing, and an experienced personnel offered services besides proposals for joint ventures with experienced organizations, General electric resorted to using its personnel that turned out to be inefficient. Reducing the testing period for the product from the proposed two years to two months is another cause of the disaster as flaws could not be adequately detected (Evans, 2007). Responsibility over these failures lies with both the line supervisor and the company’s top management. The line supervisor failed to recognize the potential threats to the project’s success and to enlighten the top management for informed decision making. The management is also responsible for its decision to use internal human resource for the project instead of the proposed outsourcing (Evans, 2007). The disaster might have been prevented by the management implementation of suggestions and recommendations at lower level of the organization’s structure. These included the expressed opinions of the company’s engineering technicians as well as a consultant’s opinion that called for extra measures in undertaking the project. Respecting the proposals would have designed an efficient product, free from the later identified faults. Another possible initiative that could have prevented the disaster is competence in decision making among the organization’s top management. Similarly, adherence to the originally stipulated ‘two-year’ testing period would have identified the project’s problems for either corrective measures or alternative projects (Evans, 2007). The major learnt lesson from the case is the fact that operational efficiency is a very important aspect in a production process. Such efficiencies require focus from a project’s first step, which is preliminary research on feasibility, up to evaluation of a

Export Management Task Article Example | Topics and Well Written Essays - 2000 words

Export Management Task - Article Example For all of you who are involved in the industry and to those of you who have had the occasion to become involved on a personal level, You will no doubt agree with me when I say that it is an industry which is predicated on logistics, scheduling, and documents. Moreover, all of the logistics must be arranged far in advance, the scheduling must all come together into one unit at a specific time, and at a specific place, and all of the documentation must be accomplished accurately, and on time, in accordance with previously stipulated agreements. Having said that, I will now present the various components and aspects which comprise the Export Management Task. Export sales contracts can be formal or informal, depending on the foreign buyer. One should be cautioned that any contract which is made quickly and informally when some of the conditions are assumed or left to be clarified later, is a dangerous, ill advised, and not a good practice standard. Of course, most of us are aware of off ers to sell which are presented over the phone, which covers the product to be sold, the quantity, the price per unit, outlining delivery, the terms, and the medium of payment, which is often accepted by the foreign buyer. Also, we are familiar with a call from the buyer, with an offer to buy. offer to buy. 2This type of contract may be preceded by a series of offers and counter offers before the final offer and acceptance. This type of contract remains informal if it is not confirmed in writing. This type of contractural practice is most common and acceptable between branches of the same company, or between long standing trade partners, or between very reputable companies who trade in commodities which are prone to rapid changes in prices. It is my caution to you, that unless one of the three above-mentioned conditions are characteristic of your transaction, then this informal mode, should not be your practice. The most assured way to a void any and all misunderstandings, is to get the buyer to agree to the use of what is commonly referred to as General Standard Conditions. "These are standardized contract terms that permit the parties to refer to a pre- established set of rules that can be incorporated into the contract"(SIT). If you elect to choose this standardized proforma, then you must by all means, become keenly familiar with the contents, because once the generalized Standard Conditions have been adopted, they are legally binding whether or not both parties are aware of and understand every provision"(SIT) According to the Secrets in International Trade, an offer to sell may also be made via telex, courier, air mail, cable, facsimile and today even via e-mail. The exporter confirms the terms and stipulations of the sale via a proforma invoice: the proforma invoice will detail the entire order, The type of shipment ( i.e., f.o.b. Plymouth) quantity, type of item, unit cost, and total cost. As an addendum one might also include certain terms such as the name and address of the preferred bank, and the preferred shipping3 date. Upon receipt of the proforma invoice, the buyer will confirm his acceptance by

Green Business Assignment Example | Topics and Well Written Essays - 1000 words

Green Business - Assignment Example I have decided to install some renewable source of power that does not require any fossil fuels such as coal, petrol or diesel. Also by using such renewable source of power, I will help reduce the load of CO2 from the environment. For renewable source of energy, it has been decided to install solar PV cell based system that not only meets my energy requirements but will produce surplus electricity that will be sold at the prevailing rates to the electrical grid. The advantage is that the PV based solar energy is covered for feed-in-tariffs for the generation of renewable power and that is how this project can generate decent revenue even after meeting captive requirements. Producing and Selling Green Energy The technology selected is Solar PV cell based with inverter, batteries and meters. PV cells or in scientific world known as photovoltaic is heart of the system. The benefit with such technology is that it is eco-friendly–without any harmful effects on environment. It requi res only one-time capital investment and there is no operating cost involved. Maintenance cost is hardly any except batteries that need to be replaced only after 3-4 year period. The photovoltaic cells are made of silicon microchips or wafers and due to their unique property they absorb solar energy to produce electrical energy. Higher the solar energy, more the electrical current or power it can produce. The direct current can be converted into AC current by the equipment called inverter and the power can be stored in the array of batteries. A typical PV based solar energy system can be shown as per the following diagram. Source: http://homepower.com/basics/solar/#MainDCDisconnect Project Report for PV based Solar System Installation Capacity- 10kWh Name of the Company Producing PV Solar System 1. Freesource Energy, UK 2. Techno Sun, UK 3. First Solar, US 4. Solar Europa, UK The plan is to produce 10 kW-hour of renewable source of energy with captive consumption of 5kW-hour and bal ance will be sold to the electric grid at the prevailing rates. Costs The current cost of 2.77kW-hour system is found to be ?11,000 (including VAT at 5%). The investment required for 10kW-hour system is approximately ? 45,000. (Solar Electricity) Consumption The Production unit will consume 2kW and balance 8 kW will be sold to the grid through a scheme called feed-in-tariffs. Understanding Feed-in-Tariffs The Feed-in-Tariffs are available to those who own and produce renewable source of energy. The tariffs for Solar PV based unit for 4-10kW production unit are 37.8p/kWh of energy. The benefit is available for the duration of 25 years. (Tariff Levels†¦ 2011) Revenue Calculation A) By Selling Surplus Power The surplus power that is available is 8kW and that can be sold to grid. Considering daily production for about 12 hours, the per day revenue will incur 37.8?8?12 =?36.28 Considering 150 days of solar energy production in a year (number of days solar energy available) it will g enerate revenue of 150?36.28= ?5443 B) Saving Incurred by Captive Consumption Captive consumption is again 2kW and since no operating cost is involved to produce it, whatever payment is made in buying grid electricity is now saved. Considering conventional average grid electricity charges of 10p per kWh, and working of 10 hours in a day, per day saving comes to 2?10?10=?2 Again, assuming available benefit for 150 days (number of days s

Advantages And Disadvantages Of Jvc Versus Wholly Owned Management Essay

Advantages And Disadvantages Of Jvc Versus Wholly Owned Management Essay When companies enter the international market, they are facing a very important decision-making. That is they enter the target market in which appropriate entry model. There are several entry modes to enter the international market. Two of them were discussed in the report: international Joint Venture Companies (JVCs) and wholly-owned subsidiaries. In light of the influence of the WTO with respect to relaxation of restrictions on foreign ownership across many industries in countries such as China and India, anecdotal evidence suggests that many companies are now opting to set-up wholly-owned subsidiaries rather than international Joint Venture Companies. Reasons they select wholly-owned subsidiaries were analyzed in the report. Disney Paris was taken as the case and the failed joint venture case shows that it is a key issue for companies to select appropriate entry mode to target country when they choose the target market. Advantages and disadvantages of the JVC versus the wholly-own ed subsidiary were analyzed in several aspects. In a wholly owned subsidiary, senior managers almost have the same cultural background and cultural differences and cultural conflicts could be avoided in management, while this cultural differences and cultural conflicts has been there at the time in JVCs. wholly owned subsidiaries have higher control right than JVCs and they can protect commercial secrets in order to avoid losing to the partner and competitors. They put higher investment and get higher returns than JVCs. While compared with JVCs, wholly-owned subsidiaries have some disadvantages in operational risks, higher opportunity cost, relatively large political risk and disadvantage of exit. Wholly-owned subsidiaries have higher operational risks than JVCs due to uncertain factors in operation and higher opportunity cost because they develop new sales channels and advertising channels to operate effectively under the host environment. Political risk is higher as they depend on the host countrys political environment and political stability. Wholly-owned subsidiaries could exit the host country difficultly because the full investment while JVCs are easier to end. More and more companies select a wholly-owned subsidiary as a few reasons discussed above. They hope get appropriate recognition and support from the host country, at the time get larger profit. 2.0 Theory and entry mode Entering the international market is that a business participates in global market competition and international business development with capital, products, technologies, services and policy. Market heterogeneity induces a positive correlation between firms decisions that can be spuriously confounded with positive strategic interactions. (Victor, Mira, Roman, 2007, p.449). Enterprises should elect the appropriate entry mode in understanding various factors. The factors are including companys strategy, international experience, and inherent technology, economies of scale, culture, pricing, promotion, investment costs, market size and market growth, political and legal, risk and so on. It can be seen in figure 1. Figure 1 the Factors of selecting entry mode Political Legal Economic Marketing Research Competitive Analysis Promotions Logistics and Distribution Products Services Pricing Culture Market Entry Strategy Organising/ Restructuring Disney opened the Euro Disney theme park in Paris, France, selecting the joint venture companies with the investment of 1.8 billion U.S. dollars, and 49% of total shares. Which the equity brought about was a considerable control on management and operation. The operating results of Disneyland Paris are not satisfactory so far. The number of tourists in Paris was much lower than expected during the first year and the per capita spending was below the expected level. All these made operating loss reach 900 million U.S. dollars of the Paris theme park, forced the closure of a Paris park hotel, and fired 950 employees. The failed joint venture case shows that it is a key issue for companies to select appropriate entry mode to target country when they choose the target market. The motive of selecting entry mode was to entering the market as fast as possible and to obtain benefit from the existing market share of the local firm.( Estrin et al.,1997, p.136). Enterprises should elect the appropriate entry mode in understanding various factors. The factors are including Unified strategic actions, international experience, and Exit barriers, economies of scale, culture, Control right, Profits received, Trade Secrets, market size and market growth, Limited market size, risk and so on. 2.1 International Joint Venture Companies The joint venture enterprise refers to joint investment, management and shares options and a total risk. The Joint venture partners can take advantage of a mature marketing network and they are easily accepted by the host country because of the participation of local enterprises. 2.2 Wholly-owned subsidiaries An enterprise directly invested to set up wholly-owned subsidiary in other countries. They can use a variety of forms such as brand, trademark, patented technology and other investment. 3.0 Reasons for wholly-owned subsidiaries When a company enters the international market, they do not know whether the selected entry mode is the optimal. They make decision and select an entry mode according to various factors. More and more companies now select wholly-owned subsidiaries when they enter the target country. For example, company with internal funds, or low leverage, are more likely to choose wholly-owned subsidiaries while they need to raise investment. (Klaus Meyer Saul Estrin, 1998. p.9). There are several reasons: firstly, technical content and differentiation in their products are so high. Once other companies master technology, they would lose their competitive advantages. So they select wholly-owned subsidiaries in order to avoid these assets and technology used and obtained by competitors. Secondly, products are difficult to imitate by competitors. They can not b e replaced, so the company does not regard to market share when they plan to enter the target countries. Thirdly, their products are scarce in target countries, and they are easily accepted and applied properly once they enter in. they do not need to rely on local sales channels and political relations. On the other hand, wholly-owned subsidiary is better than joint venture. Firstly, setting-up wholly-owned subsidiaries can help companies retain more easily technology and knowledge to increase corporate brand value. Secondly, setting-up wholly-owned subsidiaries can establish good mechanisms for operational control, handling disputes and optimizing resources to enhance the marketing control. For example, American and Japanese manufacturing companies, financial services companies and tourism companies set up wholly-owned subsidiaries can help in Australia. When they chose Australia as the target country, they analyzed all kinds of factors, and finally they took full advantages in the service and quality, the original brand and trademark, to establish wholly-owned subsidiaries. The subsidiary has the same business model a nd service methods with parent company. Relative advantages and disadvantages of the JVC versus the wholly-owned subsidiary When companies enter the international market, they are facing a very important decision-making. That is they enter the target market in which appropriate entry model. The following will discuss and analyze the advantages and disadvantages of two modes. Table 1 advantages and disadvantages of the JVC versus wholly-owned subsidiary Wholly-owned subsidiaries JVCs Control right High Low Trade Secrets Remain Known by others Unified strategic actions High Low Profits received High Low Risk High low Resources Cost High Low Cultural Differences High Low Limited market size High Low Exit barriers High low 4.0 Advantages and disadvantages of the JVC versus the wholly-owned subsidiary 4.1 Advantages of the JVC versus the wholly-owned subsidiary 4.1.1 Cultural Differences Social and cultural factors have a very important effect on international market entry mode, and it is mainly on the cultural differences between the home country and host country. The cultural value pattern may strengthen the relative importance of one of these values over the other one. (Piotr, Agnieszka Krystyna, 2008, p.227). The cultural differences are from language, values, life and work patterns, management and business model. If the cultural differences are obvious, the home country needs to spend more to adapt to cultural distance. In a wholly owned subsidiary, all senior managers come from the home country. They have the same cultural background and the same management philosophy, the same way of thinking and behavior patterns. When they consider the strategic objectives and strategic interests, they take the parent companys strategic objectives and long-term direction as goals. So cultural differences and cultural conflicts could be avoided in management. While in the joint venture company, managers and employees come from different countries with different cultural backgrounds, they have different values, different management attitudes and different operational practices. Unavoidable conflict happens as long as they work together. The stronger partner usually represents their economic achievements, so at rules, which are proposed by globalization and which would become an assumption not only for development of universal market, but also for standards of appropriate cultural behavior that would be suitable for representatives of all cultures. (Hofstede, G. 2001).And this cultural differences and cultural conflicts has been between partners from the beginning of joint venture, discussing cooperation, deciding to cooperate, establishing joint ventures to co-management and co -operation. 4.1.2 Control right Parent company participates in the management and decision-making, according to the Articles of Association, because they are the controlling shareholder of wholly-owned subsidiaries. All of these companies would benefit from a framework for decision making to determine if entry into this market is feasible for them. (Dennis Chwen, 2002, p.332).The principal leaders are appointed by the parent company, and their appointment, assessment, rewards and punishments are done by parent company. On the other hand, the parent company should regulate the business development plan, the orientation of investment and management activities, while the wholly-owned subsidiaries should formulate or revise their own development strategies and recent planning under the guidance of parent company. On the third, the parent company should supervise operating conditions and asset quality in order to security, value-added and profit of invested assets. At the same time, wholly-owned subsidiaries should rep ort the financial condition and ensure the authenticity and accuracy of the provided information of the production, management and financial operations. The company can accept the common control when they select the entry mode of Joint ventures, and they will find the right partner and selecting lower ownership. Joint ventures companies could not control the company because they are in minority equity position. They could not control the management and operation, and they could not control the productions sales and t infringement of copyright and paten. It is hard to find a reasonable partner who is fully meet the conditions. On the other hand, limited resources could not be used rationally because of contention for control right. The lack of resources are caused scattered resources and new contention for resources started, again and again, leading to a vicious cycle. Finally, they lost their core competitiveness. This will cause instability of the joint venture, which ultimately lead to instability of the dissolution of the joint venture. JVCs Wholly-owned subsidiaries High control right High stockholding Low control right Low stockholding Table 2 the control right and stockholding 4.1.3 Protection of commercial secrets Wholly-owned subsidiary have large advantage in trademarks, and other technology to prevent meddle in its technical and business secrets, protection of basic monopoly position. Running a business of wholly owned subsidiary can be a simple assembly or complex manufacturing activities, and they have total control-right. The company could completely control the entire management and sales, production and promotion. They could independently dispose profits, and they can protect technology and commercial secrets. For the joint venture company, the local partners contributions are often the local knowledge, local government relations, market share, sales organizations and customer groups, which are the knowledge and understanding of environmental conditions, while foreign partners contributions are typically including technology, management and international support. For example, Australian companies established joints venture with China or India, they increased business investment, as well as provided a number of high value-added products and technologies. Therefore, it is possible that technical secrets and commercial secrets are lost to the partner, and develop into the competitors. 4.1.4 Higher returns In the long term strategic objectives, parent companies pursue to maximize the total value of foreign market, and they speed up the penetration and more control to put effectively wholly-owned subsidiaries into global system. Setting up wholly-owned subsidiaries could get a full return as the increasing experience overseas, fully using companys abilities and cultivating international competitive advantage. A firms return on capital is increasing its industrys state of demand, so it can takes advantage of favorable economic conditions.( Jose M. Pleth-Dujowich, 2008, p.2). Wholly-owned subsidiaries could introduce more advanced technology and equipment and management methods to produce highly competitive products. And parent companies adjust business strategy according to business activities to obtain the overall maximum benefit. In addition, the profits and other legitimate rights and interests which foreign investors obtained after investment in the host country are protected by the laws of the host. The legitimate profit and other lawful income can be remitted back to the home countries. On the other hand, wholly-owned subsidiaries may enjoy tax reduction or exemption preferential treatment in accordance with the provisions of the host country tax revenue. Relatively speaking, Joint venture companies put lower investment, and therefore, they get back low control right and lower return. The home countries are mainly investment of technology and capital, as well as the training on production and management of local staff to get successful conversion on technology and knowledge. Joint venture companies must be in win-win state. That means the return of each joint venture partner is larger and enough, if they are in win-win state so as to work hard for the next success. If a companys return is not in the win-win state, which shows one investment is failure and maybe the two investments are failure. the joint venture partners could not accept the strategic mistake and they should restructure or abandon the joint venture. The lower risk means lower profit for the joint venture companies, especially when productions of a joint venture company are for export, the profit of return will not be very high and even less. 4.2 Disadvantages of the JVC versus the wholly-owned subsidiary 4.2.1 Operational risks Wholly-owned subsidiaries have higher operational risks than JVCs due to uncertain factors in operation. There are some problems in the management of wholly-owned subsidiaries, such as imperfect governance structure, inadequate organizational structure, and inappropriate personnel selection. All these problems could cause wrong decisions, collusion, and low efficiency. On the one hand, subsidiaries engaged in related transactions or matters beyond approval authority or the scope of business, which might result in investment failures, litigation and loss of assets. On the other hand, the elected directors, managers and chief accountants and other senior managers can not plenipotentiary the parent company and they did not make strategies and consider the interests from the perspective of the parent company, and these would result in incorrect formulation and implementation of accounting methods and inaccurate information on the consolidated financial statements. The inaccurate informat ion and methods would bring out high risk on investors, and the company and investors would make decision-making mistakes and face to legal proceedings and other aspects of risks. The joint venture company has generally no problems above. On the one hand, the home country needs to learn and adapt to local environmental conditions to better understand the host countrys economic, political, social, cultural, etc., so as to help investors make the right decisions. They can absorb partners business management skills, experienced business and promotion channel to changes in demand and market share. Nippa1, Beechler and Klossek (2007) studied IJV success to find IJV regard to the foreign parent-local parent fit in. On the other hand, every decision-making need to be recognized by both home and host country managers. Once one partner that the other one harms the interests of the joint venture resulting in damage to the company, they would make recommendations to board of directors in order to improve co-operation. The two sides are fighting for the maximizing interests to avoid operational risks. 4.2.2 Higher opportunity cost Wholly owned company needs to develop their own knowledge and capacity, develop new sales channels and advertising channels to operate effectively under the host environment. For example, sales representatives need to look for good advertisers, and communicate with the advertising and coordination. Finding a good advertiser needs time and money, because advertisers are producers of goods and services who are interested in selling their products to customers and post ads on the media support. (Claude, Carole Bruno,2009, p.5). So the home country needs to go through best efforts to develop new business, and achieve the certain level in the strategic mode of a wholly owned subsidiary. They have to pass a long-term cultivation to get new business skills and required knowledge, so there is a higher opportunity cost. Joint venture company has low opportunity cost. They can more easily access the local market knowledge, understanding competitors and the local government policy from the partners. Companies develop network relationships with important customers, suppliers that the local business partners possessed through mutual commitments and learning.(Lee, Jun and Johanson, 2006,p.62). The Joint venture partners can take advantage of a mature marketing network, branding, economic relations, political status, consumer preferences, etc. and they are easily accepted by the host country because of the participation of local enterprises. 4.2.3 High input costs and high risk Establishing wholly-owned subsidiary, the parent company would face new challenges in strategic planning, marketing strategy, organizational design, and resource allocation, especially in financial management and internal control and other aspects. The parent company invests greatly on capital and resources for wholly-owned subsidiary, because the parent company pays the total investment in the host country, so it is extremely risky. The wholly-owned subsidiary has more affected by environmental uncertainties and greater risk. All the capital investment results in difficult changes in the capital, and further results in assets sunk costs. The full amount of capital investment and sunk costs would limit the strategic flexibility and increase the investment risk. At the meantime, large-scale investment of resources will lead to high switching costs, which in turn generates a high risk. So the higher control right, the more capital investment and the higher risk. But the host countries like wholly-owned subsidiaries, because they want to attract foreign investment without their own capital, and they increases tax revenues without the business risk. There is smaller capital and human capital investment for joint venture companies, and relatively speaking, the risk is lower. Risks should be taken to entering international market. Most companies decided to establish joint venture with the local business, because they want to reduce the risk of entering new markets. So they are looking for joint venture partners who are operating related product lines and have a good understanding of local markets. The foreign parent and the local company combined their resources so as to create competitive advantages and create dominant in marke. (Contractor and Lorange, 2002). Firstly the foreign partners started the cooperation from simple sales and marketing operations to a further risk reduction measures. Secondly, they can increase product sales. Finally, the foreign partners can improve or re-design products in order to better adapt to the local market and make large-scale investment. 4.2.4 Relatively large political risk The establishment of a wholly owned subsidiary has very stringent requirements for the host countrys political environment and political stability. The parent company can set up wholly owned subsidiary when the target country is under the situation of political stability, sound legal system, liberal investment policies, and exchange rate stability. In addition, the profits and other legitimate rights and interests which foreign investors obtained after investment in the host country are protected by the laws of the host. The legitimate profit and other lawful income can be remitted back to the home countries. On the contrary, the wholly owned subsidiary would be significant losses if the host country has political instability and investment policies and investment environment get some changes, which might result in the dissolution of wholly owned subsidiary. Joint venture companies get supported by the host governments. For the host countries, on the one hand, Joint venture companies can bring a number of high value-added products and technologies, and new management style. On the other hand, the local companies provide local government relations, market share, sales organizations and customer groups, and they could not lost their control right and equity. While for the home countries, JVCs can reduce the risk of operation and politics in different countries, regions and industries. They could get the support and cooperation on the tax barriers and preferential policies. 4.2.5 Disadvantage of exit For the wholly owned subsidiary, the parent company has to bear all the resources and costs, including costs of human resources, employment, labor costs, the investment of technical support, sales channel development and advertising costs and so on. They have high switching costs. Serious losses would be resulted in if they exit the target countries for some reason. For example, political situation of the host country has undergone drastic changes, and the wholly owned subsidiary can not maintain their normal production and operation, so the parent company had to close wholly owned subsidiary. The parent company may not fully recover the investment cost before they exit the host country, without mention profit. So it is very obvious disadvantage of exit. The joint venture companies are easier to end. JVCs entered the host country with lower cost of investment and some were into target country only with technology. They could end relationship of cooperation and exit target country when political environment changed and economic deterioration was serious. And they end the relationship with lower cost. On the other hand, they can terminate the agreements when market conditions or the business itself have also changed with lower price or cost 5.0 Conclusion Entering the international market is that a business participates in global market competition and international business development with capital, products, technologies, services and policy. The home countries should select the right entry mode for the international strategy and they should clear their own objectives firstly to choose entry mode. Entry mode provides information about the consequences of enter international relating shifts in market demand to changes in the equilibrium number of firms. (Timothy and Peter, 2008, p.978). Two of them were discussed in the report: international Joint Venture Companies (JVCs) and wholly-owned subsidiaries. Different entry mode means different control right. Enterprises should elect the appropriate entry mode in understanding various factors. The factors are including Unified strategic actions, international experience, and Exit barriers, economies of scale, culture, Control right, Profits received, Trade Secrets, market size and market g rowth, Limited market size, risk and so on. Compared with JVCs, wholly-owned subsidiaries has advantages in cultural differences, control right, protection of commercial secrets and higher returns. On the other hand, wholly-owned subsidiaries have some disadvantages versus JVCs. In the long term strategic objectives, parent companies pursue to maximize the total value of foreign market, and they speed up the penetration and more control to put effectively wholly-owned subsidiaries into global system. While, as for the joint venture, the local joint venture partners contributions are local knowledge, local government relations, market share, sales and customer groups because they have well-known about the local market, culture and knowledge and the understanding of economic environment. The foreign partner invested in technology, management and international support. This combination can reduce opportunity cost and switching costs to have clear business and promotion objectives and win the market share. However, there is no general optimal entry mode when enterprises enter the international market, because the international economic environment is perplexing and political environment is complex. The parent companies should select the reasonable entry mode acc ording to their own resources and strategic objectives and strategic policy.

Consider changes Owen made in Anthem For Doomed Youth. How effective Es

Consider changes Owen made in Anthem For Doomed Youth. How effective do you find them in presenting the Pity of War? In this essay I intend to analysis how effective the redrafts of the poem 'Anthem For Doomed Youth' by comparing the first and final drafts. I will go about this task by comparing and contrasting the parts of the poem, which have been change to the ones, which appeared in the final draft. The first change that one is confronted with is the change of the title. Owen begins with the word 'dead', which is changed to 'doomed'. The reason for changing this is because it makes the readers first impressions very deep. The word 'doomed' hits closer to home than the word 'dead' as doomed creates image sin the readers mind that all the youth will die as opposed to 'dead' which simply accounts for the dead. The word doomed has a greater impact within the readers mind. The word doomed also has a sense of inevitability about it and those involved have no control over it. It hints to the reader that the youth of the soldiers has been taken away due to the horrific events that they will encounter whilst at war. As youth is meant to be a time of happiness. The overall impact if this change does do a lot for the poem to emphasise the 'Pity of War'. In the first line the soldiers are referred to in the final draft as 'cattle' from the passive verb of 'fast'. The word 'cattle' creates connotations within the readers mind of the slaughtering of the animals and creates a much more violent picture. It also spells out to the reader that the reason for cattle is so they can be slaughter and their existence serves no other meaning which could be linked to the purpose of the troops being in the battle field; t... ...ake an effort but it seems to make war be a petty thing and as soon as darkness strikes everyone puts down guns and waits until morning. Overall the majority of the changes are to make the lines have more impact but some are also to be in with the structure. The poem is in two stanzas, the first seems to create a picture of the entire events of a whole war. Due to the way it talks of battle and then mention remembrance at the end. Due to the language used and the usage of alliteration the stanza seems to have a sense of speed about it and overall creates a very compelling picture of war. The second stanza has a much more religious and emotional view about it. The pace is slowed down and there is much emphasis on the connotations and imagery, which the author crates. The poem is a very true reflection of the way in which life was wasted in World War One.

Milk and Cassava Cake

CASSAVA CAKE INGREDIENTS * 2 pounds Cassava root, grated * 1 can Coconut Cream * 1 can Coconut Milk * 3 Eggs, beaten * 1 cup Whole Milk * 1 stick or 1 cup Butter, melted * 2 cups Sugar * 1/2 teaspoon Salt * 1 teaspoon Vanilla Extract * 1/2 cup grated Cheese (optional) Topping: * 1 can Condensed Milk * 1/3 cup Coconut Cream * 3 Egg yolks * 1/2 cup grated Cheese PREPARATION TIME : 15 minutes COOKING TIME : 60 minutes Pre-heat oven at 400  °F 1 Mix together all the cassava ingredients except the topping. Portion the mix into 2 separate baking pans (or one rectangular pan) and pop them in the oven. Bake for 35 – 40 mins or until the top is firm and set. 3 Mix together the topping and simmer for a minute. Set aside. 4 Pour the topping onto the cake and bake for another 15 minutes or until golden brown. Test for doneness – please see Cook's Tip below. 5 Let the Cassava Cake cool down for 30 minutes or longer before slicing and serving. BENG'S TIPS * The cassava cake cooks f aster if you portion the mix into 2 or 3 smaller pans than baking them all in one pan. The center of the cake gets cooked last so to test for doneness – the top should be golden brown, then insert a toothpick in the center and if comes out clean, it's done. * Substitution : for a creamier, tastier cake, use Half and Half, light cream or evaporated milk instead of whole milk. Also, you can use 6 egg yolks instead of 3 whole eggs. Read more: http://www. filipino-food-recipes. com/cassavarecipefilipino. html#ixzz2OUdbDbsQ Cassava Cake Cassava cake is another all-time favorite dessert in the Philippines.It is made from grated cassava which Filipinos call kamoteng kahoy or balanghoy. Desserts made from cassava are very popular because cassava is easily grown anywhere in the country. This is another kakanin (Filipino native sweet delicacies) that is so perfect for special occasions and even for regular snack or dessert. It is so easy to make —just mix all the ingredients and put it in the oven! The only hard part is waiting for it to bake! 🙂 Cassava cake is so popular that there are a lot of different versions available. Check out mine! I shared this on Miz Helen's Country Cottage's Full Plate Thursday, It's a Keeper Thursday, and Sweet Tooth Friday. Prep Time: 10 minutes   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cook Time: ~1 hour and 20 minutes   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Servings: 12-15 Ingredients: Cake: * 2 packs grated cassava (1 lb each) * 1 ? 14-oz. can condensed milk * 1 14-oz. can coconut cream * 1 12-oz. can evaporated milk * 3 eggs * ? cup sugar (If you want it sweeter, you can double the amount of sugar) Toppings: * ? can condensed milk * 1 egg Procedure: 1. Preheat oven to 375 degrees. 2. In a small bowl, mix ? can condensed milk and 1 egg. Set aside. 3.In a large bowl, mix all cake ingredients thoroughly. 4. Transfer to a lightly greased baking dish or pan. Bake for 1 hour. 5. Pour the condensed milk and egg mixture on top of the cassav a cake. Bake for 20 minutes more or until desired brown color is achieved. (I usually bake it for 25-30 minutes because my husband loves it with a little burnt sides. ) 6. Remove from oven and allow to cool down completely. (In the Philippines, it is usually topped with grated cheese, but my daughters don’t like it that way so I omitted that part. ) 7. Slice and serve for dessert or even for snack.

The Greatness of Corporate Soul Essays - Virtue, Nicomachean Ethics

The Greatness of Corporate Soul Essays - Virtue, Nicomachean Ethics Bus 102 Sec 022 The Greatness of Corporate Soul In the article The Greatness of Corporate Soul, the author suggests that business enterprises are looking for a paradigm of the market economy that both achieve intellectual and practical authenticity of the corporation's purpose. In order to understand greatness of soul, we should first understand Aristotles conception of virtue itself. According to Aristotle, there are two classes of virtues. There are intellectual and character virtues. It is certain that Aristotles virtues was widely recognized by the people from Aristotles period to present. A companys greatness can be both financially or philosophically or both. This essay includes essential informations that reveals how greatness driven by superior expertise can help households, small businesses, and multinational corporations to exceed their potentials and lead to success. If an employee in the company can make commitment to hard work and have perpetual endurance for his/her tasks, the likelihood of them succeeding in the co mpany is very high. Not only does these ingredients move cooperations toward greatness, but also help to promote a healthier environment for the society. The idea of greatness requires discipline of perseverance. The foundation of business are closely related to social,behavioral and management science. According to Aristotles Nicomachean Ethics, the standards for corporation to success are not fully based on building prestige and honor but rather to have a strong integrity of character of management decisions in order to perpetual vitality of the firm. This kind of standard is the paradigm of a successful management and should be adopt by all corporations. In essay one, the author suggests that the political and economic system that support the idea of greatness is capitalism. However, capitalism is not simply just the definition of wealth and resources but is infused deeply within the social contract. The social contract is a theory addresses the questions of the origin of our soc iety and authority of the state over the individual. Today in our society, there are many mechanisms available to managers to maintain their high ethicality in their organization. examples can be ethics-oriented management and ethics training. We can make use of such mechanisms to make corporation stronger both financially and ethically. Greatness of soul is a type of virtue of character which requires the owner to have intellectual virtue. Greatness of soul is closely related to generosity. Since the great souled person has the correct view of value, external goods are often seem to be not the first priority when they think about management. External goods without virtue is not acceptable because those goods are not earned based on ethics guideline. Only the good person deserves glory and honor. Also, the great-souled person does not really care about everything. A person with greatness of soul will not even care even for honor because the desire for external good is weak and thus he will not have the motivation to perform despicable actions. Overall, the greatness of soul make the virtues greater. The author believes that all virtues are closely related to each other, there are always connections amongst any virtues. This is because things will not occur in isolation with other things. Aristotles purpose of showing the idea of the greatness of soul is to teach us how to distinguish the promise of human. There are many great companies around the globe who already have adopted the idea of corporate soul. Understand greatness is the key for a company to establish effective management systems that can utilize their resources to fairly serve the society. In order to understand greatness of soul, we should first understand Aristotles conception of virtue itself. The idea of greatness requires discipline of perseverance. Not only does these ingredients move cooperations toward greatness, but also help to promote a healthier environment for the society. Understand greatness is the key for a company to establish effective management systems that can utilize their resources to fairly serve the society.

L 20 - Presentation Skills ( 3 ) Essays - Communication Studies

L 20 - Presentation Skills ( 3 ) Essays - Communication Studies L 20 - Presentation Skills ( 3 ) Top t ips for effective presentation s Preparation Cue cards 31991305778500 u se index cards only keywords number your cards one theme per card use colour coding Rehearsal at least twice check timing the most impo rtant part of the preparation Beginning Capture audience ' s interest by relating the subject to them and giving specific purposes . 520890520574000 Speak slowly at the beginning as nervousness speeds us up. Begin your presentation in a cheerful way with a smile. In case you forget, write the word SMILE on your first cue card. Language Use everyday language, concrete words, and rhetorical qu estions Avoid jargon, complex phrases, being too formal, and long sentences Body language Posture - stand up straight, with feet slightly apart. Gestures - use of hands and facial expression can hold audience ' s attention. Hands - one palm holding the other hand is a relaxed, confident position Eye contact imagine that you are a lighthouse, with its beam continually moving 46891285778500 round the whole audience Avoid playing with pens or fiddling with hair Task 1 Look at the following list of talking habits and rank them from most distracting (1) to least distracting (8). When you have finished, compare your view with the results of a survey of managers in the United States. ______ Foreign accent ______ Talking too softly ______ Poor grammar / mispronouncing words ______ High pitched voice ______ Talking too fast ______ Using erms , errs, you knows' ______ Talking too loudly ______ Monotonous, boring voice Voice Project your voice and aim for the back Emphasize the importance by saying some words louder or repeating them Go faster to excite Go slower to show importance Pause often and look round audience Give emphasis with voice and body Task 2 To make a presentation interesting, you have to make your voice interesting. Read aloud the sentences below emphasizing the underlined words and think about the meanings of these sentences. 1. This course will help you become a much better presenter. 2. This course will help you become a much better presenter. 3. This course will help you become a much better presenter. 4. This course will help you become a much better presenter. 1. 2. 3. 4. Ending You should include a summary before drawing a conclusion. You should try to relate your ending to the beginning. This wraps up the message neatly and effectively. You should end your presentation with a quotation, anecdote, question or call for action. You should memorise the ending so that you have maximum impact on the audience. You should never rush through the ending as the audience remembers this part more than anything else. Task 3 The extracts below are from the end of a presentation, but they are in the wrong order. Put them in a logical order. If you have any more questions, I'd be happy to answer them. Thank you for your time and interest. So, to summarize, we've looked at four of the main areas where cross-cultural communication can be improved: language, time, space, and logical reasoning. Before I let you go, I'd just like to leave you with one of my favourite quotations: " The peoples of the world are like islands shouting at each other over seas of misunderstanding. " Let's start building those bridges. 46285152286000 __________ __________ __________ __________ Answering questions If you don't know the answer to something, say so - be honest. Any attempt at covering up will be immediately noticed by the audience and they will lose confidence in everything else you have said. Task 4 - Match the situations to the responses. Situations A member of the audience Responses 1. asks a very long and unclear question that you just can't understand. [ ] That's not really the subject of my presentation today, but I'll be happy to talk to you about that after we're finished here. 2. starts by saying: I have three questions' [ ] I'm sorry. I don't quite see what you mean. Could you rephrase your question? 3. asks a question that requires a very long and complicated answer. [ ] Sorry to

Banking Technology in the Fight against Money Laundering in UK Private Essay

Banking Technology in the Fight against Money Laundering in UK Private Banking - Essay Example Banking has gone a long way since this was practised in Italy during the Renaissance Period. In other parts of the world, the ancient Persians and Arab traders had used a primitive form banking facilities to ply their commerce. China even had some form of checking facilities where the traders from faraway areas could encash a check for their use while in foreign lands. Globalisation in trade and commerce has made banking a crucial part of a modern economy. The fast growth in world commerce and finance has also brought with it new challenges not seen before. Along the heels of globalisation is the growth of crime syndicates and certain individuals who find it convenient to use modern banking facilities to move large sums of money around. This attempt to hide the monies is known as money laundering and it is the purpose of this research paper to explore how the use of modern banking technology can help in the fight against this pervasive crime. The amount of money being laundered in an estimate given by Asian Development Bank (ADB) is about $2.17 to $3.61 trillion annually or around 3%-5% of the total world gross domestic product. This represents a huge security risk to international finance and presents social, economic and political concerns due to narco-politics. 1.1. Early use of Technology in Banking The early uses of technology in the banking industry were for efficiency and accuracy. At that time, security was not yet a major concern. Use of electronic banking has also gone a long way from initial use of computers to keep customers' records, compute for interest and other transactions. Information and communications technology (ICT) resulted in great strides in efficiency in the financial and banking services sectors but this also spawned cyber-crimes (Shroff, 2007) related to money and banking such as identity thefts, illegal transfers of money or fictitious accounts. The use of computer technology was meant to be a tool for competitive advantage such as improving customer service. The adoption of computer technology in the industry was related to needs of information technology such as creating a niche strategy for bank branches (Violano & Collie, 1992). 1.2. Objectives The primary research question of this paper is to investigate the effectiveness of using banking technology in fighting money laundering in private banking in the United Kingdom. In particular, this research objective is of great importance considering that London is one of the biggest financial centres in the world in terms of banking, investments and fund flows. A lot of the world’s funds pass through the London banking system and the criminals use this opportunity to mingle their funds with legitimate funds of local and foreign investors. Additionally, subsidiary research questions are posed in relation to the main question: 1. What are the steps involved in the money laundering process and what methods are used to launder money (the various ways to cover the tracks of its origin)? It is important to know what steps are involved in money laundering so it is easier to catch the criminals. The point is to disrupt the money flow and catch the criminals as early as possible and it takes knowledge of the money laundering process to do it effectively. 2. What existing banking technologies are used in the fight against money laundering? Existing banking technologies using modern computers are found to be inadequate in detecting money laundering. The urgent need is to use a far more sophisticated technology that is effective in detecting certain patterns from among thousands of seemingly-unrelated transactions. 3. What are the areas that are susceptible to money laundering in UK private banking? There are several areas in which money laundering can be done through the facilities and services of private banking. It can include practically the whole host of investment areas where large sums of money can be profitably invested and more importan tly, in the areas where it does not attract unwanted attention

Respond Assignment Example | Topics and Well Written Essays - 250 words - 1

Respond - Assignment Example In my point of view, the best example of my words is music industry. Lyrics to modern popular songs almost always include coarse language, especially it can be witnessed in rap songs. Sexual relationships, racism and other taboo topics are broached by many performers. It is done mainly to offend their opponents or to simply to get a good PR. But the worst thing is that public condones and even encourages that. 2. Last century may boast with an impressive amount of films. Some of them were good, real opuses, while others turned out to be simple flicks. But there was one film which was a huge sensation and gave birth to dozens of remakes. I am talking about the very first episode of the James Bond film series. It is called â€Å"Dr. No†, shot back in 1962 and since that time there have been made more than 20 films about this MI6 secret agent. Moreover, the traces of James Bond films can be found in tons of other thrillers and spy movies. The one of most recent rehashes of it is the film called â€Å"Kingsman: The Secret Service†. Of course, the plot of this movie somehow differs from traditional James Bond style; however, the theme of secret agents and their incredible spy gadgets was undoubtedly borrowed from the 007 Agent’s