Questions Essay Example | Topics and Well Written Essays - 750 words - 3

Questions - Essay Example Policies of the Company were framed from the head office which did not allow for the tailoring of policies to suit the needs of the local regional markets. The framing of decisions from the head office also made the operations of the Company more bureaucratic and customers were less efficiently served. Hence, this decision making framework was not appropriate to serve the complexities of the international environment. The Company has recently recognized this and has reorganized its structure by establishing a regional structure to bring decision making closer to its clients. The decision making structure has been reorganized to give greater decision making power to regional heads. This allows greater client focus and to achieve global product excellence. It allows managers to be receptive to the needs of the regional economies and helps to make the organization leaner and more efficient. The Company has taken steps to reduce the complexity of its business operations and reorganized its internal structure to adapt to its external environment. 2. Hickson et al (1971) have proposed the strategic contingencies theory of intra organizational power. This theory suggests that the extent of power of sub units will be determined by the extent of power they have over contingencies. Every organization is riddled with uncertainties about future events due to the lack of available information. The ability of the subunits to cope effectively with these uncertainties and reduce their impact for other sub units will determine the extent of intra organizational power that they have. When a subunit’s work is linked more pervasively to others in the organization, and when the sub unit is able to respond immediately and affect the activities of others in the organization, it is likely to enjoy a greater power than the other sub-units. In my organization which is a banking conglomerate,

Restrictionist Policy, Mexican Labor, and Immigration Essay Example for Free

Restrictionist Policy, Mexican Labor, and Immigration Essay The article on Jewish refugees, Mexican guestworkers and administrative politics vividly describes the immigration policies that the United States followed during the turn of the twentieth century.   A cursory reading of the article would show what type of policy regime the United States followed with regards immigration and the factors that affected the same.   The article also depicted the different treatments towards Southern and/or Latin American immigrants, more specifically Mexicans, and European and/or Asian immigrants, more specifically Jewish Germans.    This paper is a summary of the article, focusing on the two abovementioned topics.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The United States immigration policy during the turn of the twentieth century was coined to be a two-tiered bureaucracy.   The first layer was the new State Department and consular officials â€Å"employed exclusionary powers to all but shut down European and Asian immigration.†Ã‚   The second layer was administered by the Labor Department, which was characterized by the legal and illegal immigration of southern and Latin Americans, more specifically the Mexicans.   This second layer was actually described as an â€Å"iron triangle,† illustrated by â€Å"southwestern growers, immigration bureau officials, and powerful congressional committees dominated by southern and western conservatives.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This two-tiered immigration regime was actually a result of the rise of the World War I protectionist state, wherein there was a need for self-defense against foreigners since they were considered as dangerous and/or inferior.   This protectionist regime is highlighted by the Passport Control Act of 1918 wherein aliens are required to obtain a visa from consular officials abroad before they were allowed to enter the United States.    Note however that despite the end of the war, there was a move to continue implementing the Passport Control Act of 1918 as the country is still vulnerable to national security threats.   This law actually complemented the Immigration Act of 1917 and both previous laws were in turn supported by the 1924 Quota Act wherein inspections overseas where done prior to embarkation for the United States.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The restrictionist or nativist regime being discussed by the article was illustrated by two examples.   The first example is one for the first layer, or the shutting down if immigration to Europeans and Asians.   In fact, this shut down affected not only workers but refugees as well.   With the rise of Nazi Germany in Europe, and ideas of anti-Semitism spreading fast, many German Jews and Germans who opposed the Nazi Government were seeking asylum, to protect themselves from the Nazis. However, there seemed to be an unmistakable prejudice against the Germans and the Jews, bolted by an executive order in 1930 which barred aliens who were likely to be of public charge (or those wage earners who are coming to the United States without means of support).   There was a move to loosen this strict executive order by allowing bonds for entering refugees, which was actually ineffective since this was a double barrier for the refugees who were seeking asylum:   they needed a bond to enter the United States and yet the Nazi Government did not allow them to take capital out of the country. True, it was claimed that the idea of asylum as the special commitment of the American people.   And yet the article had enumerated a couple of reasons why despite the special commitment, the entrance of refugees cannot be as lax as those of Mexicans since refugees will only be a public charge, and attention should be paid to the many citizens of the United States who are homeless, unemployed and are struggling as well.   And yet another irony occurs, the strict policy was only on the German Jews and not on the British who were seeking refuge in the United States, and granting visas to Chinese immigrants, justified only by courting alliance with the Chinese during the war. The complete opposite of the experiences of the Jewish refugees were the Mexican workers.   This is actually the second tier of the regulatory policies on immigration by the United States government.   As compared to the European immigrants, the Mexican immigrants had an easier time entering the United States.   Despite the increase in illegal immigration due to inefficient and unmonitored security of the Canadian and Mexican borders, which was blamed on the lack of funds, lack of men and lack of facilities to effectively guard the borders of the United States, there were more legitimate reasons why the Mexican workers were easily granted immigration into the country.    One reason is that there is a need for unskilled workers.   Nativist and restrictionist politicians believed that the reason why Americans are being sent to school is so that they will not do the back-breaking work that unskilled laborers do.   Another reason, which is tied to the first, is that Mexican workers mean cheaper labor.   And lastly, the stay of Mexican migrant workers in the United States is but temporary and they can easily be expelled and sent back to their home countries.   In fact, this was proven when rumors started spreading that even immigrants will be enlisted in the armed forces to fight during the war.   Instantly, the Mexican workers returned to their native countries. Of course, the increase in Mexican guestworkers was not continuous as the Great Depression raised sentiments that the Mexicans were taking the work of the Americans and there was a heightened deportation campaign.   But this did not last long since the construction of highways and the invention of automotive traveling.  Ã‚   Once again, Mexican immigration was on the rise. The abovementioned summary of the article â€Å"Two-Tiered Implementation† definitely shows a great disparity of treatment between the Europeans and the South Americans.   But the same is understandable as the article sufficiently explained the justification for such. The United States, although committed to granting asylum to refugees, is practical in the sense that refugees will be taken care of the public and at the time of the implementation of the nativist immigration policies, the economic situation of the country just does not permit it to loosen immigration of refugees.   But on the other side, the United States gain greatly from the entry of cheap Mexican workers, allowing the Americans to concentrate on skilled jobs, and without having to worry about the deportation of the workers as their native country is just a border away. Indeed, there were good reasons, supported by evidence, that the article posed in explaining the restrictionist regime and the differences in immigration between the Jews and the Mexicans.

Leadership And Service Improvement Management Essay

Leadership And Service Improvement Management Essay The study of leaders and leadership has led to many competing theories which attempt to distill the essence of great leadership into its component parts, to allow others to acquire some of these attributes, and become more effective leaders. The very earliest theories on leadership tended to assume that leaders were born, and that leadership was not a skill, or set of skills that could be acquired. The overall impression was that Great Men had inherited leadership qualities from their ancestors, which would make them effective leaders when placed in positions of authority (Kirkpatrick and Locke 1991). This is not a very helpful way to look at leadership, and does nothing to assist students of leadership in their efforts to become better leaders themselves. It is not, though a great leap from identifying natural leaders to identifying which parts of their character or personality mark them out from others. This underpins the Trait theories of leadership. Trait theory was studied extensively in the mid part of the 20th Century, and had a wide range of results. Kirkpatrick and Locke (1991) explain that trait theory made no assumptions as to the origins of the traits studied, but simply highlighted the differences between leaders and non-leaders. In 1974, Stodgill published the results of his studies of leadership theory, and identified 22 traits and skills which are present to varying degrees in the individuals studied. This did not show how individuals could become better leaders, but, the identification of leadership as a skill has been vital in the subsequent development of leadership training. He himself ultimately concluded that A person does not become a leader by virtue of the possession of some combination of traits. (Stodgill 1948 cited in Levine 2008) McGregor (2005) looked at leadership behaviours as relating to underlying traits or world views. They examined the ways in which managers and leaders approached a task, and tried to understand the motivating factors. McGregror (1960) felt there were two major theories of human motivation which lay behind the actions of the leaders he studied. His theories were labelled X and Y. Theory X assumes that the average human being inherently dislikes work, and therefore must be coerced to perform at the required level. The motivating factors here are extrinsic. Theory Y assumes that work is a natural part of life, as much as is play or rest, and intrinsic motivation is key. This intrinsic motivation can be viewed as an expression of the Hierarchy of Needs (Maslow 1943) The work of McGregor informed the production of methods to map leadership behaviours. Blake and Mouton (1964) plotted concern for production against concern for people. This produces a helpful framework for mapping behaviours, but it is rather passive in form, and seems mainly useful for reflection or critique, to inform future endeavours. It does not necessarily inform leaders of what behaviour is best suited to the group they are working with at a particular time. Action centred leadership was proposed as a leadership model by Adair (1973). His time in the Army and work as a trainer at the Royal Military Academy at Sandhurst led him to develop a model that considers three domains; Task, Team and Individual. He argues that each domain requires the attention of a leader, but the relative importance of each will vary. The relationship of these domains is represented by a venn diagram: Task needs Team maintenance needs Individual needs This model then details the areas a leader should address in each domain: Task: Practical managerial concerns, for example creating a plan, monitoring performance Team: Facilitating group working by agreeing standards of behaviour, resolving group conflicts etc. Individual: Ensuring individuals are performing as well as possible by supporting through challenges, allocating work according to strengths etc. There is considerable overlap and interaction between each of these domains, and it is argued that attention to each domain is required for a balanced team. The key feature of this model which made such an impact was providing a practical framework which allowed leaders to combine some of the softer skills of leadership with more managerial traits of time management and task focus. Situational / Contingency Theories of Leadership The studies of leadership discussed above have all looked at leaders and leadership behaviour and described them, allowing leaders to analyse their behaviour. The theories above, over time have been developed to include a degree of dynamism, but were initially descriptive exercises. It was the recognition that there was not necessarily on right way of leading that prompted thinking about the possibility of adaptive styles of leadership (Schermerhorn 1997). The study of leadership in different situations and settings, and the observation that the most effective style of leadership changed with respect to situational variables led to situational leadership models. The earliest described was the Contingency Model (Fiedler 1964). This model relies on a self-rated scale to determine a preferred leadership style. Fiedler then studied working conditions, and described them through three variables: Leader-member relations how willing team members trust and will follow a leader Task structure: how well defined a task is, or if it follows a standard procedure Position Power: the extent of the rewards and punishments a leader has available. Through his studies, Fiedler constructed a visual guide to represent his findings about which type of leader was most effective given the situational variables. The model states that leaders with high LPC scores should work with teams where the situation is moderately favourable. The more task focused leaders will be more effective in situations which are either very favourable or unfavourable to the the leader. This model has been studied extensively and has received both criticism (Ashour 1973) support (Strube and Garcia 1981). A major source of controversy in this model is the LPC. One important point to note is that Fiedler felt leaders would find their behaviour difficult to alter, and organisations should therefore pick the correct leader for a given team. This is in contrast to other models which suggest leaders should be adaptable. The Hersey-Blanchard (1969) model of situational leadership looks at a different variable in the team context; the maturity of followers. The underlying assumption is that a leader should adopt a style of leadership which reflects the needs of the team. This is in direct contrast to Fiedlers (1964) assertion that organisations should pick leaders given the favourability of the situation. In this model, a two by two grid which is very similar to the Blake Mouton (1964) Managerial Grid, is used to describe four leadership styles: S1: Telling (low relationship, high task) S2: Selling (high relationship, high task) S3: Participating (high relationship, low task) S4: Delegating (low relationship, low task) There is an accompanying scale which rates the team a leader is concerned with: M1: Low competence, and low commitment M2: Low competence, and high commitment M3: High competence with low/variable commitment M4: High competence and high commitment The M score for maturity of the team members was developed over time, and was later divided to reflect job and psychological maturity (Hersey and Blanchard 1982). Job maturity is the ability or capacity to perform the task in hand. Psychological maturity indicates motivation. The model has received criticism from a theoretical standpoint, and from empirical research. Graeff (1983) claims that the maturity scale is invalid, as it classifies workers who have skill and are unmotivated (M3) as more mature than those who lack skill but are dedicated to a task(M2). He also argues that the additive nature of job and psychological maturity in the model is invalid. He supports this view by suggesting that in tasks where skill requirements are low, motivation has a much greater importance. One study into the model concluded that, because high follower maturity did not obviate the need for supervision, their results lent very little support to the model (Cairns et al 1998). This study though had methodological flaws, a skewed population, and did describe some support for aspect of the SLT model. The practical application of this model relies on the ability of the leader to determine the maturity of their followers, and reflect this in their leadership style. Perhaps the most important aspect of the model is the recognition that leadership styles are not fixed, and leaders can change their approach to suit a given team or individual. In modern healthcare settings, there has been a change in the nature of teams. There is no longer a stable, small, hierarchical team. Instead, teams form and disperse on an almost shift-by-shift basis. To lead effectively in this environment, it is necessary to be adaptable, and be able to support team members to realise their potential. The models described above illustrate that there is no one best way to lead a team. Instead, by appreciating the different situations, individuals and tasks involved, leaders stand a better chance of forming teams which can cope with the varying demands of the modern NHS. Perhaps Goleman (2000, p.4) has argued this most eloquently through his work which revealed that the most effective leaders do not rely on only one leadership style; they use them seamlessly and in different measure depending on the business situation. Service Improvement Methods: The literature describes a large number of service improvement methods which have been applied in some form to healthcare settings. Most service improvement methodologies that have been implemented in healthcare have been adopted from industry, where the driving force is to maximise profits for shareholders. The adoption of industrial techniques for service and quality improvement has often met with a degree of resistance from the medical profession (Moss and Garside 1995) and from the health sector as a whole. This has been attributed to the professional nature of healthcare, which involves large numbers of autonomous, independent practitioners who often place independence of clinical decision making at the heart of their operating values. (Degeling et al 2003) Recently though, there has been a recognition within the medical profession of the need to drive up standards in healthcare, and to focus on overall quality of care, rather than just direct clinical activity. Included in most definitions of quality is efficiency of healthcare delivery. This focus on efficiency is built on the growing recognition that publicly funded healthcare systems need to be accountable for the expenditure they make. (Donabedian 1988) It is in the context of increased demands for efficiency, increasing burden of chronic disease, and ever increasing expectations from the users of the health services that service improvement tools have started to be implemented on a wider scale than ever before. Systematic approaches to service improvement have been in existence for a long time. Taylor published his Principles of Scientific Management in 1911 after many years of employing what are now known as time and motion studies to various industrial processes. His approach was much criticised for giving too much power to managers, and its use was even banned by the American Senate in defence establishments for relying too heavily on command and control leadership (Mullins 2005a). However, his methods produced great improvements in efficiency, and he made an argument about systems which is still valid today: The remedy for this inefficiency lies in systematic management rather than in searching for some unusual or extraordinary man.(Taylor 1911) Total Quality Management This approach to systematic improvement was developed by Deming during his work with Japanese manufacturers in the aftermath of World War II. He was initially concerned with teaching statistical control methods to Japanese manufacturers to improve efficiency. However, he adjusted his teaching to focus on the process, rather than individual performance, and emphasised the need for good management and a collective push for optimisation. He published his recommendations for industry, government and education, which set out his 14 points for management in the seminal work Out of the Crisis (Deming 1986). TQM is more than a technique or set of tools for improvement, and can be described as a way of life for an organisation as a whole, committed to total customer satisfaction through a continuous process of improvement and involvement of people. (Mullins 2005b) TQM has been utilised in healthcare since the early 1990s, and aspects of it are increasingly being employed today. It is often the tools associated with the approach which are used, rather than the wholesale systems change originally described, and this lack of clarity regarding the true nature of what is called TQM has contributed to a lack of clear evidence of benefit. (Øvretveit and Gustafson 2002) Where the whole package of TQM has been implemented, results have been mixed, but there are numerous examples of where certain elements have shown benefit. The most commonly employed techniques derived from TQM are statistical control methods, and the PDSA cycle. Plan Do Study Act (PDSA) Alongside his work on TQM, Deming is credited as being one of the key proponents of the PDSA (or PDCA) cycle. This cycle of learning, implemented as a quality improvement tool had been taught by Shehwart (1939) whilst Deming was working with him. Deming took this knowledge to Japan and it formed part of his work on TQM (Hossain 2008). The cycle reflects Kolbs learning cycle (1973), and is a tool for testing changes, and reacting to the results. It can be seen as either a standalone tool for change, as part of a larger system of change, or as a key part of a philosophy for wide-scale change across an organisation.(Cleghorn and Headrick 1996) The PDSA cycle consists of four parts: Plan: The objective of the test must be defined, and a method of data collection must be incorporated. Do: The planned change to a process is carried out, with concurrent data collection Study: The data is analysed, compared with predicted outcomes, and a summary of learning is produced. Act: The conclusions from the data are utilised, and used to inform the next plan. The underlying rationale for the PDSA cycle lies in systems theory. Systems theory implies that small scale changes within a system can create large results. The PDSA cycle is useful for testing small changes, and reflecting on the effects before either applying them across a whole system, or making further changes (Berwick 1998). When linked together, PDSA cycles can be used to drive up quality. This approach of multiple linked cycles and this approach of multiple linked PDSA cycles is used in the Model for Improvement, the rapid cycle model of change, and the collaborative approach (Langley et al 2009, 1992; Institute for Healthcare Improvement 2003). In contrast with small PDSA schemes within a team or organisation, the collaborative approach uses multiple PDSA cycles within separate organisations, whilst aiming for improvement in a shared area of care: The PDSA model, when used within the model for improvement, or as a chain of cycles within a single team is a clear, simply understood, but powerful tool for implementing change, and improving quality. Its strength lies in its ability to be applied to small scale changes, but achieve significant results. From an organisational point of view, the relatively small amount of resource which is required to test each hypothesis makes this model very attractive. Processes can be studied with little disruption of everyday activity, and if the results are not favourable, learning can continue without significant loss to the organisation. In clinical processes, the PDSA cycle is an excellent tool for testing hypotheses, especially where evidence may be lacking and inaction seems inappropriate, but action without reflection sees un-wise (Berwick 1998) The smaller, more local focus of PDSA cycles, and small resource requirements make this model particularly accessible to staff of all levels, and as the engagement of frontline staff, and in particular doctors has been shown to be a key factor in the success of change in the healthcare setting, this is a major strength. (Greenhalgh et al 2004 and Øvretveit 2005) The incorporation of the PDSA cycle into wider schemes of change management brings additional complexity, and also invites additional problems. There have been varied results in the implementation of the collaborative approach within healthcare as a service improvement tool. Some studies report great success (Monteleoni and Clark 2004; Schonlau et al 2005) while others (Newton et al 2007) found that there were difficulties using the same model. The major difficulties identified were lack of adequate resources, the conceptual difficulties associated with the model, and poor leadership. A recent review concluded that there is currently no evidence about the long term results or cost effectiveness of collaboratives compared with other models. (Øvretveit 2002). Toyota Production System (TPS) / Lean One approach to service improvement which is being applied with growing enthusiasm within the NHS is Lean. Lean thinking and theory emerged from studies of the manufacturing processes at Toyota. The term was first used in the late 1980s and the approach grew in stature after the publication of The Machine that Changed the World (Womack et al 1990). Lean was not originally a single tool or approach, but instead was a philosophy to which all members of an organisation aligned themselves. This whole systems approach is probably now better recognised at the Toyota Production System (Liker 2003). The success of Lean/TPS has led to a proliferation of schemes which fall under the umbrella of Lean thinking but do not necessarily hold to the original principles. The TPS was developed in the 1950s in Japan, and was first published in English in 1977 by Sugimori et al. The system has been studied extensively, but many organisations, despite implementing the principles behind the TPS, have not achieved the efficiencies and quality that Toyota exhibit. (Spear and Bowen 1999). There have been many attempts to reduce the TPS to a method which can be applied in many settings, but as Sutherland and Bennett (2007) state, such a complex process cannot be adequately documented. They suggest that instead, to understand the system, one must learn from mentors, much like a child learns and forms habits from their parents. Liker (2003) sets out 14 principles of the TPS, but for the purposes of this assignment, three will be examined: 1. The thorough elimination of waste (muda) 2. Jidoka or the primacy of quality 3. Kaizen continuous incremental improvement Ohno (1988) identifies 7 wastes (muda) which should be eliminated from any system. These are: Overproduction production of more than is required for immediate use Delay / Waiting any delay between the end of one process, and the start of another. Unnecessary transportation of materials Overprocessing using more energy than required for a given process, or exceeding the agreed specification Excess inventory any raw materials or work in progress in excess of customer requirements. Motion any unnecessary movement of workers, eg. reaching / stretching. Defects any process or work that results in unacceptable goods These wastes have immediate equivalents in most healthcare settings, and underpin a lot of the efforts in healthcare which are labelled as Lean. From these definitions many techniques for identifying waste have been developed. The NHS Institute for Innovation and Improvement (NHSIII) has developed a series of products known as the Productive Series which use the elimination of waste to improve healthcare. The tools used in the productive series are often taken directly from industry (NHSIII 2007), and include some elements which date back as far as the Scientific Methods described by Taylor (1911). Jidoka is defined by Toyota (2010) as automation with a human touch. When applied to a manufacturing context, this emerges as the principle that a process should continue unless a defect is noted. Once that defect has been detected, work should stop until the problem is solved. This principle ensures in manufacturing that if a machine or worker detects a problem, or a process issue, the line is stopped, a solution introduced and, vitally, incorporated into the standard workflow. In this way, the defect should not arise again. The early detection of defects on a production line, and the empowerment of workers to raise the alarm if defects occur also reduces waste. It is unfortunate that, although many principles of the TPS/Lean system are implemented in healthcare, it is often this concern for detecting problems and creating solutions which are incorporated into standard work which fails to be introduced. One reason cited for this area failing to be implemented is that clinical care c annot stop, in in this respect, clinicians feel methods for producing widgets cannot be applied to the art of healing (Wilson et al 2001). There are examples of where this concept has been introduced, into the healthcare environment, with clear evidence of improvements (Ballà © and Rà ©gnier 2007), but a recent paper argues that more could be done (Grout and Toussaint 2010) Kaizen is the culture of continuous, incremental improvements to a system (Imai 1986). This cultural philosophy of scientific experimentation, conducted at the lowest possible level in the organisation, is held up by Spear and Bowen (1999) as one of the key elements of the success of the TPS, and as a key stumbling block for others who seem unable to replicate Toyotas success. This philosophy, combined with other unwritten rules combine to create a community of scientists, who engage in experimentation to solve problems. These problems are often on a small scale, and the process closely follows the PDSA cycle. When this principle of widespread, incremental change is adopted across an organisation, with recognition of the value of tacit knowledge, it is possible for a learning organisation to emerge (Howells 1996). In conclusion, there are many approaches to leadership and service improvement which are being used in the healthcare setting today. Use of an adaptive model, which allows a leader to change management style depending on the team they are leading, and the task in hand, is most appropriate for leaders of modern medical teams, in a large part due to the very flexible nature of the teams involved. The application of industrial quality improvement techniques to healthcare has great potential, and successful trials have been conducted. However, a common feature discussed in analyses of obstacles to implementation is the engagement of medical professionals. Through the use of effective leadership, and engagement of these key stakeholders, it is possible to lay the foundations for a learning organisation. A learning culture which is open to the possibilities of change through quality improvement strategies will ultimately be the most fertile environment in which to implement change for a be tter quality of care.

Alexander The Great :: essays research papers

Alexander the Great(Alexander III) (356-323 BC) â€Å"My son, ask for thyself another kingdom, for that which I leave is too small for thee.† (King Philip of Macedonia, 339 BC) From victory to victory, from triumph to triumph Alexander created an empire that marked history and brought him eternal glory. Alexander brought Greek ideas, culture and mentality to the conquered countries and assured expansion and domination of the Hellenistic Culture which together with the Roman Civilization and Christianity presents the fundaments of what is now called Western Civilization. -Born in Pella, Macedonia, 356 BC, parents were Olympias and Philip II (legends of Alex having gods for parents: Zeus and Olympias) Olympias supposedly is an ancestor of Achilles, While Philip’s is Hercules 12 yrs old: only child able to tame horse Buecephalus(Ox head), who would later carry him in all his conquests until his death in India(city of Buecephala) 13-16 yrs old taught by Aristotle 340 BC Philip goes on expedition to Byzantium, leaves Alexander, prince regent to rule Macedonia. During this time, Alexander conquered the Maedi, a troublesome Thracian tribe. Made Alexandropolis 337 BC Philip II is assassinated; Alexander takes over, not all approve of him -Only half Macedonian -Did not care, and proceeded to kill all allegedly linked to father’s murder 335 BC takes Thebes 334-333 BC Phrygia- cuts Gordian knot, which could only be undone by the man who was to rule Asia. Battle of Issus- Victory- Crushes Darius II of Persia Darius flees- left behind entire family, and tent filled with 3000 talents of gold (today in U.S.- 1.2 billion $) gains most of western Asia Minor 332- reaches Egypt, Egypt welcomes him as their great liberator Founded Alexandria 331- Battle of Arbela- crushed Darius again, Babylon recognizes Alexander as King of Asia Alexander enters Susa and Persepolis uncontested 329-328- defeated Scythians(nomads who had murdered Macedonians) at Jaxartes 327-326 Invasion of India – capture of Porus

Domination, Church and Naacp Paper

To sustain the many privileges of the white society, the tripartite system of racial segregation was formed. In order to function properly, the â€Å"tripartite system of domination† aimed to control the blacks in three distinct ways: economically, politically and personally. In the economical standpoint, work place inequality was heavily apparent. Blacks were placed at the bottom of the work hierarchy. Even in the comfort of their common unskilled occupations, they were still controlled by the whites. It was very rare to have a black in a position that held some sort of authority. Most of the supervisor jobs were handed to the whites, which gave them the decision of who was hired, fired and who would take on the toughest work load. Politically, blacks were just excluded from any political processes, simple as that. New laws were constantly being passed to eliminate the Black voices. Such tactics include the poll tax, the grandfather clause, all white primaries, and most commonly, through fear and intimidation. The due process of law was indisputably controlled by whites and always worked in the favor of whites as well. And lastly just to hit home with blacks, whites made sure that blacks were not only constantly reminded that they were the inferior race but that they also felt inferior. Separate schools, bathrooms, water fountains, and entrances were just a few of the ways their plan was carried out. The NAACP and the church worked together to battle racism. NAACP meeting would be held in the churches and there leaders would plan out the major battles of the modem civil rights movement. The NAACP provided these leaders with resources and organizing skills. The church and the NAACP set the stage for the future of modern civil rights movements.

Balancing Control in Management

In any kind of organization, management control and management styles are core representatives of the way the organization works and how the people within the organization interact. To have a positive and healthy organizational environment, a suitable and balanced management style is very important. An organization has many plans and tasks that it takes care of either on a day to day business or time specific projects. The kind of management control over these projects and the involvement of the manager along with the employees also plays a crucial part in how successful these tasks and projects are.Management in a business environment comprises a combination of the different theories of management styles and the actual implementation or the practice. it is extremely important of a task for an organization to find the right kind of business management style which would be suitable to the kind of environment and personality your organization or business has and should be given a lot o f time and a lot should be invested in it.This is important because knowing your weaknesses and working on them to make them your strong points and also highlighting the strong points of your personality can help the organization grow and enable smooth process of communication with the employees and other people of concern. (Daud, 2008) If you consider the management style that exercises a lot of control and power over the employees and where the management has a lot of emphasis on what is being done on projects, it is basically known as an autocratic style of leadership.In this style the manager wants to take care of everything by enforcing a lot of power and sometimes misusing his or her power. Here more power and trust is given in the hands of the boss or the manager rather than the employees themselves. Rather than making the employees feel a part of the decision or the process, the management tends to take care of all the important decisions and creates a very cold and unconcer ned environment for the employees to work in. The problems that arise in this kind of leadership are that there is no employee manager relationship.People are not motivated to work because they feel like they are working under a dictatorship and they have no say in what the organization does. There is no employee loyalty or sense of belonging. This kind of style does manage to get the work done but at the expense of the morale of the employees. Employees in these kinds of culture are generally dissatisfied and there is a high employee turnover which refers to the amount of employees that leave the organization. (Beam, 2008)When we talk about the management style that has an open environment and complete freedom is given to the employees to make their own decisions and to build a casual and open environment where there are no rules or there is no one to answer to, you are basically describing a democratic style of management. Here the management has very little influence over what th e employees are doing and there is no form of formal control or guidance over the employees. The employees are given maximum freedom of input in projects and plans of the organization.Although the final decision is still taken by the management in this style of control, the employees are efficiently involved in the process before these decisions are made. The problem with this kind of management is that it completely ignores one of the core aspects of management that is control. The lack of control can have serious consequences on the kind of output the employees produce. With some kind of control, the management is able to keep the employees on their toes and is able to produce the outcome on time.In this kind of democratic leadership, the environment is such that employees are happy to come and there is a sort of comfort and the employees feel like they are a part of the organization, however, the relaxed environment can be misused by the employees to the extent that their work ho lds less importance than building and maintaining relationships. (Daud, 2008) Now we realize how important it is to create a balance between these two very diverse styles of management and management control. so one of these alternatives is known as â€Å"the laissez fair management style†.This style is one approach that aims to strike a balance between the two different approaches by using the advantages and avoiding the disadvantages of both the democratic and autocratic styles of leadership. This is a more accommodating style of management, This approach gives a balanced amount of power to the employees by allowing them to give their input in the decision making process while giving the management the control over making the decisions on both the project and how the employees are performing over projects and plans.Here the employees is not shunned and is given a fair chance to participate but also is under the control of the management so that he or she is answerable for a nything that they are doing or any task that they have been assigned to do so to the upper management. This way the balanced environment of work and healthy employee and management relationship is also maintained. References Beam, J. (2008).What is Employee turnover, Retrieved on September 3, 2008 from http://www. wisegeek. com/what-is-employee-turnover. htm Daud, Naz (2008), Different Management Styles, Retrieved on September 3, 2008 from http://www. articlesbase. com/management-articles/different-business-management-styles-432524. html Windmueller, J. (1996). Conflict analysis and resolution bookshelf, Retrieved on September 3, 2008 from http://www. spcomm. uiuc. edu/projects/vta/vta021. 401

Neumann Surname Meaning and Family History

Neumann Surname Meaning and Family History The Neumann surname originated as a descriptive surname or nickname  for a new man, settler, or newcomer, from the German prefix neu, meaning new, and mann, meaning man. NEWMAN is an English version of this surname. Neumann is the 18th most common German surname. Surname Origin: German, Danish, Jewish Alternate Surname Spellings:  NEUMAN, NAUMANN, NEWMAN, NEUMANNS, NEUMANS, VON NEUMANN, NUMAN, NAUMAN, NAWMAN, NEIMAN, PNEUMAN Famous People with the Neumann Surname Balthasar Neumann  - 18th-century German architectJohn von Neumann - famous Hungarian  mathematicianElsa Neumann - German physicistGerhard Neumann - German-American aviation engineer Where the Neumann Surname Is Most Common According to surname distribution from Forebears, the Neumann surname is most common in Germany, where it is the 16th most common last name. Its also fairly common in Austria, ranking 120th.  According to WorldNames PublicProfiler, the Neumann surname is found throughout Germany, but especially in the northeastern part of the country in the states of Brandenburg, Mecklenburg-Vorpommern, and Sachsen. The Newman surname, on the other hand, is most frequent in southern England, in the South West, South East, and East Anglia regions. Surname maps at Verwandt.de indicate the Neumann surname is found in the greatest numbers in Berlin, followed by the cities and counties of Hamburg, Region Hannover, Recklinghausen, Mà ¼nchen, Essen, Kà ¶ln,  Là ¶bau-Zittau, Dortmund, and Bremen. Genealogy Resources for the Surname Neumann Meanings of Common German Surnames: Uncover the meaning of your German last name with this article on how various types of German surnames originated, and a list of the 50 most common last names in Germany.Neumann  Family Crest - Its Not What You Think: Contrary to what you may hear, there is no such thing as a Neumann  family crest or coat of arms for the Neumann surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted.Newman Family  DNA  Surname Project: Individuals with the Newman  surname, and variations including Neumann, Neuman, Nauman, Naumann, Nawman, Newnam, Newnom, Neaman, Neiman, Numan, Pneuman, and von Neumann, are invited to participate in this group DNA project in an attempt to learn more about Newman family origins. The website includes information on the project, the research done to date, and instructions on how to participate.Neumann Family Genealogy Forum: This free message board is focused on descendants of Neumann  ancestors around the world. FamilySearch Neumann Genealogy: Explore over 3.2  million results from digitized  historical records and lineage-linked family trees related to the Neumann surname on this free website hosted by the Church of Jesus Christ of Latter-day Saints.Neumann Surname Mailing List: Free mailing list for researchers of the Neumann  surname and its variations includes subscription details and a searchable archives of past messages.DistantCousin.com - NEUMANN  Genealogy Family History: Explore free databases and genealogy links for the last name Neumann.GeneaNet - Neumann Records: GeneaNet includes archival records, family trees, and other resources for individuals with the Neumann  surname, with a concentration on records and families from France and other European countries.The Neumann  Genealogy and Family Tree Page: Browse genealogy records and links to genealogical and historical records for individuals with the Neumann  surname from the website of Genealogy Today.

Is being a drag king or queen wrong Professor Ramos Blog

Is being a drag king or queen wrong Drag queens and kings are performance artists that dress in feminine or masculine clothing that acts, sings and does comedy performances. RuPaul’s Drag Race is a very popular reality game show that drag queens compete for the title of America’s Next Drag Superstar. â€Å"Drag has always served a purpose. We mock identity, were shapeshifters,† Rupaul affirms at its core, it’s a social statement and a big F**K you! to male-dominated culture.† (Davies). I have watched the show numerous times and I support drag kings and queens because it’s a way of expressing themselves and they can be who you are while inspiring others who want to join that community. I think if someone wants to dress masculine and their a female I dont see anything wrong with that and vice versa. There are tons of people who participate in these races across the world today. A study used of a theoretical psychoanalytic framework which is a personality organization and the dynamics of personality development to analyze the life history of a professional drag queen Belo Horizonte, Minas Gerais. The choice to use â€Å"life story† as a data collection and analysis strategy allowed them to illuminate how the subject lives and articulates his story and the choices of work that allows an expression of his desire. They found three elements which were the looks and clothes that sustained a fantasy that has found a placed in society, the link of some singular identity traits with social dimension of work and the affections that sustain a form of social recognition (Thais Z.G. De Oliveira). Some people don’t agree with my opinion because I strongly feel that they don’t like the fact of people dressing or acting the ways of the opposite gender. The main reasons why I think they dont support it is because they think drag can be degrading to women or men which I don’t agree. â€Å"We don’t value feminine ideals and in many cases we don’t respect them, so when we see drag queens performing stereotypes that we consider to be about women or men, we either understand and enjoy the exaggeration or we are confronted by the insulting connotations people associate woman with.† Another example, â€Å"There must be a reason women don’t do this to menturning masculinity into entertainment as a joke, that is. Why is it funny for men to dress up† (Levengood). It’s true that more men do drag than woman but there is still pressure among woman to act and dress a certain way no matter if there dressing like a woman or man. I think it is a big step and a lot of thought to become a drag queen or king because a lot of people aren’t accepting and they are afraid of being themselves and they are altering their appearance dramatically. If more people are accepting then more and more people will feel comfortable and happy with what they are doing in their lives. An experimental understanding of drag reveals that the significant rewards from the activity-contextual power and status, self affirmation and empowerment are powerful motivating factors. Instead of being deviant and or partaking in pathological behavior, female impersonators can be seen as operating or an incentive system where the benefits of doing drag positively enrich the quality of the performers life in a context where successful queens are held in their highest regards (Hopkins). Teaching others about drag race whether their family, friends or classmates about this topic will open the doors and it lets them see the outlook on this category. A study showed that female students often found attending a drag show to be a fun experience free of the sexual harassment found in most bars, while male students often contextually experience being a social minority for the first time in their life. From both attending drag shows and or watching recordings of them students have reported gaining an experiential appreciation of the preformed basis of gender sexuality and inequality (Schacht SP). I believe there should be more adult men and women who attend these kinds of shows whether they are gay, straight, bisexual and so on, it can create an accepting community of all different kinds of sexualities and show younger people it is okay to attend or participate. Teaching teenagers will hopefully create a more accepting atmosphere among non drag kings/queens and drag kings/queens because teens tend to judge and make fun of people. Teaching children about this topic will make people more angry then happy because some might think that were trying to change their ways and have them thinking it could be fun to alter their appearance when in reality it is to teach them what it is, what they do and why they do it. If we continue to spread positivity and let others do what makes them happy then a lot of these issue wouldn’t occur and people won’t be called names or looked down upon in todays society which will truly make a difference. Davies, Wilder, â€Å"RuPaul’s Drag Race and What People Get Wrong About the History of Drag†, EBSCOhost, March 2018, p.6-6 1p, http://web.b.ebscohost.com/ehost/detail/detail?vid=2sid=8fb24123-2a76-4210-b095-bdce29e8594a%40sessionmgr103bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#AN=128520811db=a9h. Hopkins J. Steven. â€Å"Let the Drag Race Begin†, Taylor Francis Online, Sept 2008, p 135-149, https://www.tandfonline.com/doi/abs/10.1300/J082v46n03_08. Levengood, Elizabeth. â€Å"Is Drag Degrading to Woman?†, Medium, Dec 2017, https://medium.com/@leve0064/is-drag-degrading-to-women-c2eacaa5f065. Schacht, SP. â€Å"Beyond the boundaries of the classroom: teaching about gender and sexuality at a drag show†. Pubmed, 2004, https://www.ncbi.nlm.nih.gov/pubmed/15132493. Thais, Z.G. et al, â€Å"IDENTIFYING AS A DRAG QUEEN AND THE MEANING OF WORK.†,EBSCOhost, Vol 19, p1-24, 24p, http://web.b.ebscohost.com/ehost/detail/detail?vid=4sid=8fb24123-2a76-4210-b095-bdce29e8594a%40sessionmgr103bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#AN=135047343db=a9h.

Marketing ad Assignment Example | Topics and Well Written Essays - 250 words

Marketing ad - Assignment Example The leading title article is about Lady Gaga and is only related indirectly to the advertisement as the advertisement incorporates reference to music. The advertisement is directed at seemingly young individuals who are both socially conscious and interested in music. This is clear as the ice cream can in the advertisement is being utilized as a stage with the music festival Bonnarroo being prominently featured on a sign within the advertisement. The advertisement asks the reader to simply appreciate the ice cream’s image, and later purchase the ice cream over other ice creams. While there are no other ice cream advertisements, there are there are other advertisements competing for the reader’s attention. Unconsciously I made comparisons between these ads based on a visually or stimulating appealing nature. To me it appears to be a good investment as the ice cream looks delicious and the owners of the company have a positive image. References Rolling Stone. (2011) Issue 1131, May 26th

The Justification, Planning, and Preparation for the Attacks by Al-Qai Essay

The Justification, Planning, and Preparation for the Attacks by Al-Qaida in the United States on September 11, 2001 - Essay Example This paper will seek to reflect on the detailed planning, preparation and attempts at justification that bin Laden and his entire Al-Qaida organization did prior to the devastating September 11th attacks. In my opinion, the United States had not afforded the proper degree of attention to the threat that was posed by the bin Laden led Al-Qaida organization. This is evidenced by although bin Laden is quoted in a report issued by the United Kingdom government as having issued a number of proclamations against the United States, urging Muslims around the world to kill both American citizens and their military forces, the United States never took any direct action against this potential threat. In making the threat, Osama bin Laden had justified the attacks by claiming that the people of Islam had for long endured suffering from the wanton injustice, aggression and iniquity that was being forcibly imposed on them by the Zionist-Crusader alliance and their respective collaborators. He argued that it was now time that Muslims engaged in a Jihad targeted at cleansing the land from these Arabian peninsula crusader occupiers. Of concern also is that even after the devastating attacks conducted by the group in East Africa, against United States targets, relatively very little effort was put in place to try reign in and cripple the threat that was being posed by this organization. According to the same United Kingdom report, Bin Laden had justified attacks on American and Jewish targets by claiming that Muslims that happened to die in the course of them would be rewarded as they were carrying out God’s work (Murphy 239). The planning for the attacks on the United States was very extensive and took a number of years as is seen to be characteristic of all the attacks conducted by the Al-Qaida organization. In moving the attackers to the United States several years prior to the attacks, taking them through flight schools and using flight simulators to help them carefully study the controls of some of the larger aircraft; I believe that the al-Qaida organization displayed a great degree of detail in its planning.  Ã‚  

Briefing note on crime prevention Essay Example | Topics and Well Written Essays - 1500 words

Briefing note on crime prevention - Essay Example The treatment for prisoners used to be inhuman, severe and even merciless, and they languished in solitude till the completion of their prison terms. The mode of correction and retributive actions varied from disciplinary confinements and exile to painful lashes or even death. (Prisoners' Rights) [1] Every right thinking citizen in society hopes for the day when the surface of the earth will be crimeless and whatever is left of crime get nipped in the bud. But as of now, everyone is aware this is, at best, a distant dream. The Geneva Convention of 27 July 1929 comprising 97 articles, laid down general principles for humane treatment of prisoners at all times. It was a historical landmark which recognized the basic rights of the prisoners such as food and clothing, hygiene, mental and physical recreation, contact by mail with the near and dear ones, and their religious practices. It particularly emphasized on protection of the inmates from acts of violence, insults and public curiosity. (Geneva Convention) [2] The silver lining of the present time is that there is a growing school of professionals and social activists who are firm in the belief that it is possible to prevent crime to a large extent, and in many cases where it has taken place, it is possible to apply corrective measures without resorting to custodial confinement within the four walls of a prison. (Rehabilitation of Offenders) [3] Rehabilitation of Offenders Act, 1974 In England, the Rehabilitation of Offenders Act, 1974, is the landmark legislation towards this effort. It seeks to provide the offender, particularly the youth a second chance to get back on track and join the mainstream with a sense of responsibility and purpose. This act provides opportunity, under some conditions, to the ex-offender to 'wipe the slate clean' and begin all over as if he had not committed any criminal act at any point in his lifetime. Nonetheless, this happens after a period of rehabilitation depending on the gravity of the offence and the custodial sentence awarded as consequence. A rehabilitation period is the length of time set from the date of conviction. Once this period is over, subject to certain conditions and exceptions, an ex-offender does not have to mention his conviction when applying for a job. The Act is likely to help people facing minor convictions. People with many convictions, especially serious convictions, may not find the Act beneficial unless the last convictions are very old. For someone with a criminal record and on the lookout for work, it is necessary to know about the Rehabilitation of Offenders Act, 1974, which explains the legal requirements for both employers and employees, and the rules associated with the rehabilitation period. It is quite a complicated Act and as such, it is advisable to go through it with someone who is familiar with the act. Under this legislation, the conviction is said to be "spent" after the period of rehabil

Course Project - Best Buy Research Paper Example | Topics and Well Written Essays - 750 words

Course Project - Best Buy - Research Paper Example In 1981, Schulze attended a weeklong management seminar which made him take a step in expanding the Sound of Music’s to include VCRs and other appliances. Later on in 1984 he introduced the superstore format which greatly expanded warehouse sizes and product offerings leading to quick capture a large portion of the market (Pederson & Gant, 2004). During the late 1980s, competitive companies were established since they realized the huge profits made by Best Buy Company from the superstore format and from the sale of hot ticket consumer items such as VCRs (Pederson & Gant, 2004). Highland Superstores a chief competitor to Best Buy Company, made it decline its net earnings after entering Best Buy’s core Twin Cities market in early 1987 (Pederson & Gant, 2004). For some time, both companies benefited from the market share increases and profits, but finally the market was overcrowded by other stores who were competing for the same dollars. The decreased profits by Best Buy Company made Schulze come up with the idea of building Concept II stores in 1989, which would make the company more noticeable from the competition since the average customer recognized little difference among the superstores (Votteler, 2002). The idea behind Concept II stores was to ensure that shoppers were entering electronic discount stores which had limited need for sales aid and a desire for hassle free buying which would ensure no waiting for merchandise from the back room or switching from counter to counter. Thus, the Best Buy stores would have well stocked showrooms, fewer salespeople, more self help product information, one stop purchasing of products and answer centers for those with questions. These were some of the best effective strategies used by Best Buy Company to fight off competition. In April 1991, Highland stores exited the metropolitan area, conceding defeat and

The UK Food Retail Sector Essay Example | Topics and Well Written Essays - 1750 words

The UK Food Retail Sector - Essay Example Narver, J.C. & Slater, S.F. (1990) The effect of a market orientation on business profitability, Journal of Marketing 54(5) pp.20-35. A substantive journal resource that also describes the methodology behind delivering superior value to customers by attaining a market orientation. The article has strengths to support the changes occurring in the UK food sector as it describes how to disseminate information relating to customers and competition and what actions to take to ensure manifestation of total customer value. The authors link knowledge with business processes to describe market orientation and their potential effects on industry profitability with the customer always the focus of business changes. Smith, N. (2009) Vertical focus food retail: delivering the goods, New Media Age London. 28 May, p.17. A substantive and popular media source that focuses specifically on food retailing and the competitive activities of Tesco, Sainsbury’s and Asda as they operate in this oligo poly. The article maintains strengths to support knowledge regarding the food sector by describing the unique differentiation strategies of the supermarkets that either build or remove market share against competition. There is a specific focus on pricing strategies for the major food retailers related to consumer sentiment and the current economic recession in the UK. Whitelock, N. (2003) Tesco’s new recruits see the big picture, Training & Management Development Methods 17(1) pp.801-804. This scholarly resource focuses specifically on Tesco in order to understand how it develops internal management and employee talent to assist in creating a market orientation. The article... In the end, the author sums up with findings and analysis. Based on the research findings, the supplier and consumer controls in the external market drive the majority of the business innovations and competitive marketing that occurs with each major UK food retailer. Where these businesses once used face-to-face concepts for customer service and satisfaction, they are now turning toward technology as part of the changing social demographic in this country. Social media has become more mainstream and so has subscribership to Internet services and consumers are demanding more convenience related to their food purchases. This change in social attitude has significant impact on how the business structures its capital investments and also how they provide goods and services through technology. The recession also shapes the market-orientation of major food retailers in the UK, which has led to more value-conscious and price-sensitive buyers. Since companies in the oligopoly must mimic many of the competitive actions, there are always pricing wars that occur on products that continue to increase and then subsequently decrease market share with major competitors such as Asda and Tesco. Price will shape the future of UK retailing until the recessionary environment has changed and become more stable. The demands of customers and their significant buying power and willingness to defect based on price or perceptions of quality will also determine the shape of the food retailing environment over the next three years.

HR Strategy of Brunazzi Sports Systems Research Paper

HR Strategy of Brunazzi Sports Systems - Research Paper Example Brunazzi Sports Systems, as core brand of Bendicco, aims to expand their manufacturing and engineering excellence worldwide by opening new development centers and manufacturing facilities abroad. The suggested location for this new venture in China. As China is a constantly growing economy, with labor cost less than other countries, therefore, setting up plants in China would help the organization reduce cost from various aspects. Furthermore, it would also allow Brunazzi Sports System to gain a competitive edge in the market of high-performance exhaust systems because, at present, a number of international organizations are looking to set up their business operations in China. In order to fulfill the expansion plans, adequate strategic resourcing, reward management strategies, performance management subfield and training, and development strategies need to be devised for the next five years. Therefore, due to the dynamic nature of the work environment and market Brunazzi Sports Syst ems to strategically resource its employees so that it not only proves to be cost-effective but also bring success to the organization. Furthermore, a proper reward management system known as the total reward will be devised in which the employees will be given compensations and benefits for the services they render to the organization. The total reward system would include both financial and non-financial rewards that would not only benefit the employees but it would also build a healthier psychological contract and a more appealing Brunazzi brand. Another significant aspect of the strategic human resource plan is the performance management of the employees. This will include the appraisal of the employee's overall performance in accordance with the organization’s performance  standards. Any discrepancies between both will result in the issue being properly addressed.

Course Project - Best Buy Research Paper Example | Topics and Well Written Essays - 750 words

Course Project - Best Buy - Research Paper Example In 1981, Schulze attended a weeklong management seminar which made him take a step in expanding the Sound of Music’s to include VCRs and other appliances. Later on in 1984 he introduced the superstore format which greatly expanded warehouse sizes and product offerings leading to quick capture a large portion of the market (Pederson & Gant, 2004). During the late 1980s, competitive companies were established since they realized the huge profits made by Best Buy Company from the superstore format and from the sale of hot ticket consumer items such as VCRs (Pederson & Gant, 2004). Highland Superstores a chief competitor to Best Buy Company, made it decline its net earnings after entering Best Buy’s core Twin Cities market in early 1987 (Pederson & Gant, 2004). For some time, both companies benefited from the market share increases and profits, but finally the market was overcrowded by other stores who were competing for the same dollars. The decreased profits by Best Buy Company made Schulze come up with the idea of building Concept II stores in 1989, which would make the company more noticeable from the competition since the average customer recognized little difference among the superstores (Votteler, 2002). The idea behind Concept II stores was to ensure that shoppers were entering electronic discount stores which had limited need for sales aid and a desire for hassle free buying which would ensure no waiting for merchandise from the back room or switching from counter to counter. Thus, the Best Buy stores would have well stocked showrooms, fewer salespeople, more self help product information, one stop purchasing of products and answer centers for those with questions. These were some of the best effective strategies used by Best Buy Company to fight off competition. In April 1991, Highland stores exited the metropolitan area, conceding defeat and

HR Strategy of Brunazzi Sports Systems Research Paper

HR Strategy of Brunazzi Sports Systems - Research Paper Example Brunazzi Sports Systems, as core brand of Bendicco, aims to expand their manufacturing and engineering excellence worldwide by opening new development centers and manufacturing facilities abroad. The suggested location for this new venture in China. As China is a constantly growing economy, with labor cost less than other countries, therefore, setting up plants in China would help the organization reduce cost from various aspects. Furthermore, it would also allow Brunazzi Sports System to gain a competitive edge in the market of high-performance exhaust systems because, at present, a number of international organizations are looking to set up their business operations in China. In order to fulfill the expansion plans, adequate strategic resourcing, reward management strategies, performance management subfield and training, and development strategies need to be devised for the next five years. Therefore, due to the dynamic nature of the work environment and market Brunazzi Sports Syst ems to strategically resource its employees so that it not only proves to be cost-effective but also bring success to the organization. Furthermore, a proper reward management system known as the total reward will be devised in which the employees will be given compensations and benefits for the services they render to the organization. The total reward system would include both financial and non-financial rewards that would not only benefit the employees but it would also build a healthier psychological contract and a more appealing Brunazzi brand. Another significant aspect of the strategic human resource plan is the performance management of the employees. This will include the appraisal of the employee's overall performance in accordance with the organization’s performance  standards. Any discrepancies between both will result in the issue being properly addressed.

The capsize screening value Essay Example for Free

The capsize screening value Essay This week I’m asked to solve the following word problem in relation to a real world radical formula. Problem 103 on pages 605-606 states: To be considered safe for ocean sailing, the capsize screening value C should be less than 2 (www.sailing.com). For a boat with a beam (or width) b in feet and displacement d in pounds, C is determined by the function: C=ã€â€"4dã€â€"^(-1/3) b. Find the capsize screening value for the Tartan 4100, which has a displacement of 23,245 pounds and a beam of 13. 5 feet. Solve this formula for d? The accompanying graph shows C in terms of d for the Tartan 4100 (b=13.5). For what displacement is the Tartan 4100 safe for ocean sailing? (Dugopolski, 2012). a) The first part of the problem requires that I substitute the variables with their given values. I need to find the value of C, which represents the capsize screening value. To do so, I need to replace d, the displacement value in pounds, with 23,245; and, also replace b, the beam’s width in feet, with 13.5. I do not need to convert the inches to feet using a decimal value because that was already done. By following the order of operations I first need to solve for the exponent before multiplying across. The radical exponent of -1/3 means that I have to apply the reciprocal of the cubed root of d and use that value within my multiplication. C=4d^(-1/3) bCapsize formula C=4(23245)^(-1/3) (13.5)Replace variables with given values C=4(1/ã€â€"23245ã€â€"^(1/3) )(13.5)Convert the reciprocal of the negative radical exponent C=4(1/28.539)(13.5)Factor the radical exponent, then the rational number (computed with a calculator and then rounded to thousandths place) C=4(0.035)(13.5) Multiply all terms C=1.89Capsize screening value is less than 2; this boat is safe to sail. b) The second part of the problem asks that I solve the formula for d, the displacement value in pounds. Since I will use the same capsize formula, I will not replace any of the variables. I just need to convert the formula to solve for d.

Dividend Discount Model and Price Earning Model

Dividend Discount Model and Price Earning Model Financial theory holds that the value of a share of stock is equal to the sum of the discounted future expected dividends. The Dividend Discount (DD) requires two inputs, firstly a forecast of future dividends and secondly, a rate at which these dividends will be discounted to their present value. The appropriate discount rate that will be used is the rate of return available on risk-free investments plus a risk premium. The Capital Asset Pricing Model is one of the most widely used models for calculating discount rates. Once the discount rate estimated, all future dividends must be discounted to their present value. Although near term dividends may be estimated with some confidence, to make the DD model operational an assumption regarding long term dividends is necessary. Two common assumptions regarding dividend growth and their associated valuation models are: (i) Earnings growth as well as dividend growth will be constant with the Gordon Model, and (ii) Multiple stages of growth can be approximated. Therefore, it is obvious that the forecasts and the assumptions necessary for operating DD models induce the emergence of significant errors into this theoretically correct approach. Common Stock Valuation Concepts The value of a common stock can be defined as the present value of the future dividend stream in perpetuity. This concept is consistent with the assumption that the corporation will indeed have a perpetual life, in accordance with its charter. If the value of a stock is equivalent to the value for a perpetual annuity with a constant level of payments, the general formula is as follows: Value per share of stock = Where = Expected dividend per share = Cost of equity The formula shown above for stock valuation treats the firm together with its stock as if they will exist forever. There are two basic inputs to the model. First is the expected dividends and secondly the cost on equity. To obtain the expected dividends, we make assumptions about expected future growth rates in earnings and payout ratios. The required rate of return on a stock is determined by its riskiness, measured differently in different models, the market beta in the CAPM, and the factor betas in the arbitrage and multi-factor models. The model is flexible enough to allow for time-varying discount rates, where the time variation is caused by expected changes in interest rates or risk across time. Zero growth model In this model it is assumed that the same amount of dividend will be paid for all the time periods up until infinity. The formula is given as follows after it has been simplified by using the formula sum to infinity of geometric progression: Where V = value, D = dividends per share k = percentage discount rate However, this model is quite restrictive as it is unreasonable to assume that the same amount of dividend will be paid by a stock for an indefinite time period. The model may be useful for determining the value of preferred stock which usually yields a fixed amount of dividend. Constant (Gordon) growth model The major drawback of the zero growth model is that it is assumed that a firm will pay the same dividend throughout its lifetime. However, in the real world most companies are expected to grow over time and consequently make more profits leading to more dividends being paid. This model assumes that there is a constant growth rate for the corporation being analysed and it is most suitable for valuation of stable and mature companies. This model was created by Myron Gordon, and thus it was named as the Gordon Model. The formula for constant growth model is derived from the zero growth model. If the dividends are assumed to grow at a certain constant rate, the formula becomes: Where g = annual constant percentage growth in dividends per share D = next years dividends. The Gordon growth model is a simple and powerful approach to valuing equity. In order for the model to work the following assumptions must be held: Dividends will grow at a constant rate and it will continue for an infinite period. The required rate of return is greater than the steady growth rate. The required rate of return is constant until infinity. It is also important to note that the model has some limitations. The Gordon growth model is a simple and convenient way of valuing stocks but it is extremely sensitive to the inputs for the growth rate. Used incorrectly, it can yield misleading or even absurd results, since, as the growth rate converges on the discount rate, the value goes to infinity. As the growth rate approaches the cost of equity, the value per share approaches infinity. If the growth rate exceeds the cost of equity, the value per share becomes negative. Multistage Dividend Discount Model The assumption of the Gordon Growth Model that there is a stable dividend growth rate from now on to the indefinite future is not realistic for many or even most companies. The studies of Sharpe, Alexander and Bailey (1999) state that the growth fall into three stages namely the growth phase, transition phase and the mature phase. Two-stage Dividend Discount Model The two-stage growth model allows for two stages of growth an initial phase where the growth rate is not a stable growth rate and a subsequent steady state where the growth rate is stable and is expected to remain so for the long term. While, in most cases, the growth rate during the initial phase is higher than the stable growth rate, the model can be adapted to value companies that are expected to post low or even negative growth rates for a few years and then revert back to stable growth. The model is based upon two stages of growth, an extraordinary growth phase that lasts n years and a stable growth phase that lasts forever afterwards. Value of the Stock = PV of Dividends during extraordinary phase + PV of terminal price Where DPSt = Expected dividends per share in year t ke = Cost of Equity (hg: High Growth period; st: Stable growth period) Pn = Price (terminal value) at the end of year n g = Extraordinary growth rate for the first n years gn = Steady state growth rate forever after year n There are three problems with the two-stage dividend discount model. The first two would apply to any two-stage model and the third is specific to the dividend discount model. The first practical problem is in defining the length of the extraordinary growth period. Since the growth rate is expected to decline to a stable level after this period, the value of an investment will increase as this period is made longer. The second problem with this model lies in the assumption that the growth rate is high during the initial period and is transformed overnight to a lower stable rate at the end of the period. While these sudden transformations in growth can happen, it is much more realistic to assume that the shift from high growth to stable growth happens gradually over time. The focus on dividends in this model can lead to skewed estimates of value for firms that are not paying out what they can afford in dividends. In particular, we will under estimate the value of firms that accumulate cash and pay out too little in dividends. The H Model for valuing Growth Fuller and Hsia (1984) presented the H model is a two-stage model for growth, but unlike the classical two-stage model, the growth rate in the initial growth phase is not constant but declines linearly over time to reach the stable growth rate in steady stage. The model is based upon the assumption that the earnings growth rate starts at a high initial rate and declines linearly over the extraordinary growth period (which is assumed to last 2H periods) to a stable growth rate. It also assumes that the dividend payout and cost of equity are constant over time and are not affected by the shifting growth rates. However, the limitations of this model is that it avoids the problems associated with the growth rate dropping precipitously from the high growth to the stable growth phase, but it does so at a cost. First, the growth rate is expected to strictly decline linearly. Therefore small deviations from this assumption do not affect the value significantly, but large deviations can cause problems. Another important point is that the assumption that the payout ratio is constant through both phases of growth exposes the analyst to an inconsistency i.e. as growth rates decline the payout ratio usually increases. Three-stage Dividend Discount Model The three-stage dividend discount model combines the features of the two-stage model and the H-model. It allows for an initial period of high growth, a transitional period where growth declines and a final stable growth phase. It is the most general of the models because it does not impose any restrictions on the payout ratio. This model assumes an initial period of stable high growth, a second period of declining growth and a third period of stable low growth that lasts forever. This model removes many of the constraints imposed by other versions of the dividend discount model. In return, however, it requires a much larger number of inputs for instance year specific payout ratios, growth rates and betas. For firms where there is substantial noise in the estimation process, the errors in these inputs can overwhelm any benefits that accrue from the additional flexibility in the model. Estimating k and g Companies with unpredictable or recurring earnings pattern, or rapidly thriving companies, require a more complex dividend capitalisation model framework that can accommodate dissimilar dividend growth patterns. In practice, applications may require elaborate variations of the dividend capitalisation model, nevertheless this simplified form provides a convenient means of analysing the determinants of stock value. To begin with, the value of the stock should be greater, the greater the earning power and capacity of the corporation to pay out current dividends, D. Correspondingly, the higher the growth rate of the dividends, g, the greater the value of the corporations stock. Finally, the greater the risk of the corporation (the higher the discount rate, k) the lower will be the value of the stock. The discount rate is alternatively referred to as a required return. It is composed of two elements-a risk-free return and a risk premium. The risk-free return is, in turn, generally considered to consist of a real return component and an inflation premium. The real return is the basic investment compensation that investors demand for forgoing current consumption or, alternatively, the compensation for saving. Investors also require a premium to compensate for inflation; this premium will be high when the inflation rate is expected to be high and low when the inflation rate is expected to be low. Because the real return and the inflation premium comprise a basic return demanded by all investors, the risk-free return is a component of all securities. The risk premium is made up of the following elements-interest rate risk, purchasing power risk, business risk and financial risk. The risk premium might be considered to be a function of the stocks systematic risk (beta), which is determ ined by these four fundamental risk factors. As securities differ in their exposure to these risk elements, the premium or return that investors require to compensate for risk will differ across securities. The constant dividend growth model reveals that the following three factors affect stock prices, ceteris paribus: 1) the higher the dividend, the higher the stock price; 2) the higher the dividend growth rate, the higher the stock price; 3) the lower the required rate of return r, the higher the stock price. Empirical Studies on the DDM Issues of dividend policy range from its puzzle by Black (1976) to its irrelevance by Miller and Modigliani (1961), to its relevance by DeAngelo et al. (1996). Other issues include theories on dividend payment, such as stakeholders theory, pecking order theory, agency cost, signalling theory, bird-in-hand fallacy and clientele effect. The information asymmetry between managers and shareholders, along with the separation of ownership and control, formed the base for another explanation of why dividend policy has been so popular. Dividend irrelevance theory Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and that stockholder wealth is unchanged when all aspects of investment policy are fixed and any increase in the current payout is financed by fairly priced stock sales. The main assumption is that there is 100 per cent payout by management in every period. Other assumptions are: that there exist perfect capital markets; that is, no taxes or transactional cost, the market price cannot be influenced by a single buyer or seller, and free and costless access to information about the market; that investors are rational and that they value securities based on the value of discounted future cash flow to investors; that managers act as the best agents of shareholders; and that there is certainty about the investment policy of the firm, with full knowledge of future cash flows. Bird-in-hand theory Al-Malkawi (2007) asserts that in a world of uncertainty and information asymmetry, dividends are valued differently from retained earnings (capital gains): A bird in hand (dividend) is worth more than two in the bush (capital gains). Owing to the uncertainty of future cash flow, investors will often tend to prefer dividends to retained earnings. Though this argument has been widely criticised and has not received strong empirical support, it has been supported by Gordon and Shapiro (1956), Lintner (1962) and Walter (1963). The main assumptions are: that investors have imperfect information about the profitability of a firm; that cash dividends are taxed at a higher rate than when capital gain is realized on the sale of a share; and that dividends function as a signal of expected cash flows. Signalling hypothesis Though Miller and Modigliani (1961) assumed that investors and management have perfect knowledge about a firm, this has been countered by many researchers, as management who look after the firm tend to have more precise and timely information about the firm than outside investors. This, therefore, creates a gap between managers and investors; to bridge this gap, management use dividends as a tool to convey private information to shareholders (Al-Malkawi, 2007). Petit (1972) observed that the amount of dividends paid seems to carry great information about the prospects of a firm; this can be evidenced by the movement of share price. An increase in dividends may be interpreted as good news and brighter prospects, and vice versa. But Lintner (1956) observed that management are reluctant to reduce dividends even when there is a need to do so, and only increase dividends when it is believed that earnings have permanently increased. Clientele effects of dividends theories. Investors tend to prefer stocks of companies that satisfy a particular need. This is because investors face different tax treatments for dividends and capital gains and also face some transaction costs when they trade securities. Miller and Modigliani (1961) argued that for these costs to be minimised, investors tend towards firms that would give them those desired benefits. Likewise, firms would attract different clientele based on their dividend policies. Though they argued that even though clientele effect may change a firms dividend policy, one clientele is as good as another, therefore dividend policy remains irrelevant. Al-Malkawi (2007) affirms that firms in their growth stage, which tend to pay lower dividends, would attract clientele that desire capital appreciation, while firms in their maturity stage, which pay higher dividends, attract clientele that require immediate income in the form of dividends. Al-Malkawi (2007) grouped the clientele effect into two groups, those th at are driven by tax effects and those driven by transaction cost. He argued that investors in higher tax brackets would prefer firms that pay little or no dividends, to get reward in the form of share price appreciation, and vice versa. Transaction cost-induced clientele, on the other hand, arises when small investors depend on dividend payments for their needs; this clientele prefers companies who satisfy this need because they cannot afford the high transaction cost of selling securities. Dividends form the hard core of stock values. As Justice Holmes remarked, the commercial value of property consists in the expectation of income from it. (In Galveston, H. S. A. Ry. Co. v. Texas, 210 U. S. 217, 226.) Black (1976) observed, The harder we look at the dividend picture, the more it seems like a puzzle, with pieces that just dont fit together Williams applied Fishers work on stock valuation and developed the famous dividend discount model (DDM) (Fewings, 1979, p. 12). Williams defines the investment value of stock as the present worth of all the dividends to be paid upon it (Williams, 1956, p. 55). He further makes it clear that the investment value of a common stock is the present worth of its net dividend to perpetuity (Williams, 1956, p. 63). Amid this theoretical research, the academic world was divided and a fierce debate erupted concerning the irrelevance of dividend policy in the determination of the valuation of firms or their stocks. The inconsequence of dividend policy in the stock valuation contemplates the equivalence of the valuation using earning approach and the valuation using discounted dividend approach. Fishers inter-temporal investment and consumption model predicted that earnings which are reinvested at the going rate of capital instead of being released for consumption neither adds nor subtracts from the value of the overall stream of benefits (Fewings, 1979, p. 17). Thus, according to Fisher, dividend policy is irrelevant in the valuation of stocks. One must remember that Fishers theory is applicable under perfect capital markets with certain futures. At the same time, Graham and Dodd (1934) developed their valuation methodologies based on the assumption that the firms main objective is to pay dividends to shareholders. Empirical evidence in the market suggested a positive correlation between stock prices and dividend payout (Harkavy, 1953), suggesting the relevance of dividends in the valuation of stocks. Gordon and Shapiro (1956), Walter (1956) and Solomon (1963) supported this hypothesis. In accordance with the relevance of the dividend policy on the valuation of stocks, Gordon extended Williams model of stock valuation to include retained earnings. He further developed the model to include continuous equity financing. These dividend dependent models are called the bird-in-the-hand models by authors like Frankfurter et al. (2003), as they are based on the assumption that there are two opportunity rates one for the firm and the other for the investor. The firm should retain 100 per cent of its earnings if the opportunity rate of a firm is greater than the opportunity rate of the investor. The seminal paper of Miller and Modigliani (1961) argued the irrelevance of dividend policy and the equivalence of the valuation of stocks using four approaches, namely the discounted cash flow (DCF) approach, the current earnings plus future investment opportunities approach, the discounted dividend approach and the stream of earnings approach. This equivalence was proven under assumptions of perfect capital markets, rational behaviour and perfect certainty. In addition, Miller and Modigliani (1961) point out that the dividend policy may be relevant when a revision in the dividend policy points to some information that the investors do not know. This information content of dividends argument led to the development of dividend signaling models. The irrelevance of dividends is not resolved. Academics are still divided into two, if not more, schools of thought on the subject. Price Earnings Ratio A firms profitability, risk, quality of management, and many other factors are reflected in its stock and security prices. Hence, market value ratios indicate the markets assessment of the value of the firms securities. The price/earnings (P/E) ratio is simply the market price of the firms common stock divided by its annual earnings per share. Sometimes called the earnings multiple, the P/E ratio shows how much investors are willing to pay for each dollar of the firms earnings per share. Earnings per share comes from the income statement, so it is sensitive to the many factors that affect the construction of an income statement, from the choice of GAAP to management decisions regarding the use of debt to finance assets. The price/earnings ratio is stated as: Stock prices are determined from the actions of informed buyers and sellers in an impersonal market. Stock prices reflect much of the known information about a company and are fairly good indicators of a companys true value. Although earnings per share cannot reflect the value of patents or assets, the quality of the firms management, or its risk, stock prices can and do reflect all of these factors. Comparing a firms P/E to that of the stock market as a whole, or with the firms competitors, indicates the markets perception of the true value of the company. While the P/E ratio measures the markets valuation of the firm relative to the income statement value for per-share earnings, the price-to-book value ratio measures the markets valuation relative to balance sheet equity. The book value of equity is simply the difference between the book values of assets and liabilities appearing on the balance sheet. The price-to-book-value ratio is the market price per share divided by the book v alue of equity per share. A higher ratio suggests that investors are more optimistic about the market value of a firms assets, its intangible assets, and the ability of its managers. The price-to-book value ratio is stated as: Market value indicators reflect the markets perception of the true worth of a firms future prospects. As such, market perceptions of a firms value are important to the financial analyst. However, the market may not be perfect; investors may become overly optimistic or pessimistic about a firm. The fact that a firm presently has a higher P/E or price-to-book-value ratio than its competition does not automatically imply that the firm is better managed or really deserves its higher valuation. Some firms may have low market value ratios because they truly deserve them; other firms may suffer from extreme and undeserved pessimism on the part of the market. High market value ratios can be similarly deceptive. The analyst must determine whether a firm deserves its market value ratios or not. Empirical Studies on the P/E model Ball and Brown (1968) are amongst the first pioneers who provided evidence that accounting earnings are potentially useful to investors for the valuation of equity. Furthermore, Beaver, Clarke and Wright (1979) also concluded that earnings act as a major determinant for equity valuation. Despite many researchers were inspired by the work of Ball and Brown prior study on price earnings ratio may trace back to 1934 when Graham and Dame considered that the major factors affecting price earnings ratio are factors coming from investors and companies. Internal scholars pay more attention to price earnings ratio status and qualitative or quantitative studies using cross sectional data model or time serials model are made in detail when stock market is established. As an important index measuring stock investment value and reflecting stock market development status, price earnings ratio is not only useful for department of banking custody to make sound regulation measures but helpful for inv estors to distinguish stock investing risk and select advisable invest strategy. Shroff (1995) cites that earnings of firms with high P/E ratio and high return on equity exhibit higher explanatory powers for stock returns. According to Barth et al. (1998) income statement plays fundamental role for equity valuation. Burgstahler Dichev (1997) found that book value and earnings being interrelated, act as component of equity value. Therefore it implies that the value of the firm can be expressed as a function of both earnings and book value of equity. Consequently, the higher is the earnings to book value ratio, the more relevant earnings will be as a determinant of equity value. While a lower earnings to book value ratio will imply book value being more important determinants of equity value. According to the work of Jan Ou (1995) firms which are reporting net losses, their earnings explain very little of equity price, but on the other hand book value of equity is an important determinant of stock price. Penman (1998) finds that book value provides greater relevance than earnings in equity valuation for firms with an extreme earnings to book ratio. Collins et al. (1997) further report that the value-relevance of earnings and book value of equity moves inversely to each other. Ou and Penman (1989) note that P/E ratios are good predictors of future earnings while changes in share price are poor predictors of future earnings. Ou Sepe (2002) find that the larger the spread between analysts forecasts of a firms future earnings and reported current earnings, the less value-relevant current earnings and the more the market relies on book value for equity valuation. Researches undertaken by Nicholson (1960), McWilliams (1966), Latane et al. (1969), Dowen and Bauman (1986), Keim (1990), and Fama and French (1992) provide evidence that stock returns are linked to P/E ratios. Penman (1996) notes that the P/E ratio acts not as a predictor of share price or returns but of future earnings levels. Allen et al. (1998) conclude similarly as their results indicate that firms with high E/P stocks have relatively low earnings growth while companies with low E/P shares experience high earnings growth. Furthermore, Fuller et al. (1992) conclude that low P/E ratio stocks generate low future earnings growth while high P/E ratio shares result in high earnings growth. Another line of research (e.g., Beaver, 1989; Mande, 1994) provides strong evidence that earnings aids investors in evaluating a firms dividend paying ability. As Larcker (1989) notes, share price is determined in the market through capitalisation (i.e., discounting) of the future cash flows or dividends expected to accrue to stockholders. Since earnings provide an information signal about future cash flows, stock price is affected by expectations concerning earnings. Because P/E ratios act as predictors of future earnings, these ratios are also linked to share price or returns. Moreover Nelson and Kim (1993) and Campbell and Shiller (1988) have documented that dividend yield predicts stock returns with some success, as it capture expectations about dividend growth as well as expected returns. While Lamont (1998) argues that the P/E ratio has independent predictive power for excess returns in addition to the dividend price ratio. Ang and Bekaert (2003) detect a strong role for the P/E ratio as a predictive instrument for future dividend growth. Since the P/E ratio is a function of expected growth in earnings, obviously expected growth in earnings are eminent in the valuation of a stock. Limitations of P/E The P/E is a fairly simple tool for assessing company value. But it has been argued that  the P/E ratio is not always reliable. There are plenty of reasons to be wary of P/E based stock valuations. The P/E ratio is supposed to enumerate how many years worth of current earnings a company will need to produce in order to arrive at its current market share value. Naturally, investors want to be able to buy more earnings for every dollar they pay, so the lower the P/E ratio, the less expensive the stock. The calculation of the ratio sounds simple enough, but here are some of the dangers associated with taking P/E ratios at face value. The first part of the P/E equation, price, is straightforward. The market price is easily available from the stock exchange market. On the other hand, coming up with an appropriate earnings number can be tricky. You have to make a lot of decisions how to define earnings. Earnings are not always clear cut. Earnings can be affected by unusual gains or losses which sometimes obscure the true nature of the earnings metric. Whats more, reported earnings can be manipulated by company management to meet earnings expectations, while creative accounting choices, shifting depreciation policies or adding or subtracting non-recurring gains and expenses, can make bottom line earnings numbers bigger and, in turn, P/E ratios, smaller and the stock appear less expensive. Investors need to be wary of how companies arrive at their reported EPS numbers. Appropriate adjust ments often have to be done in order to obtain a more accurate measure of earnings than what is reported on the balance sheet. Then there is the matter of whether to use trailing earnings or forward earnings figures. Located right in the companys latest published income statement, historic earnings are easy to find. Unfortunately, they are not much use for investors, since they say very little about what earnings are in store for the year and years ahead. Its the companys future earnings that investors are interested in most since as they reflect a stocks future prospects. The biggest limitation of the P/E ratio is that it tells investors next to nothing about the companys EPS growth prospects. If the company is growing quickly, you will be comfortable buying it even it had a high P/E ratio, knowing that growth in EPS will bring the P/E back down to a lower level. If it is not growing quickly, you might shop around for a stock with a lower P/E ratio. It is often difficult to tell if a high P/E multiple is the result of expected growth or if the stock is simply overvalued. A P/E ratio, even one calculated using a forward earnings estimate, does not always tell whether or not the P/E is appropriate to the companys forecasted growth rate. Finally, theres the tricky issue of a companys debt load. The P/E ratio does nothing to factor in the amount of debt that a company carries on its balance sheet. Debt levels have an impact on financial performance and valuation, yet the P/E does not allow investors to make comparisons between debt-free firms and those bogged down with outstanding loans and liabilities.