Biography of Bobby Seale, Black Panther Party Co-founder

Bobby Seale (born October 22, 1936) co-founded the Black Panther Party with Huey P. Newton. The organization, which was the most well-known group launched during the black power movement, stood out for its free breakfast program and emphasis on self-defense—a departure from the nonviolent philosophy advocated by civil rights activists. Fast Facts: Bobby Seale Known For: Co-founder, along with Huey P. Newton, of the Black Panther PartyBorn: October 22, 1936 in Dallas, TexasParents: George and Thelma SealeEducation: Merritt Community CollegeSpouse(s): Artie Seale, Leslie M. Johnson-SealeChildren: Malik Seale, Jaime SealeNotable Quote: â€Å"You dont fight racism with racism, the best way to fight racism is with solidarity. Early Life and Education Bobby Seale, the first child of George and Thelma Seale, was born on October 22, 1936. He grew up with a brother (Jon), a sister (Betty), and a first cousin (Alvin Turner—the son of his mother’s identical twin). In addition to Dallas, the family lived in other Texas cities, including San Antonio. Seales parents had a rocky relationship, separating and reconciling repeatedly. The family struggled financially and sometimes rented out parts of their home to other families to earn additional income. Seales father, George, was a carpenter who once built a home from the ground up. He was also physically abusive; Bobby Seale later described being whipped with a belt by his father at age 6. When the family moved to California, George Seale struggled to get carpentry work or join a union, as unions often excluded African Americans during the Jim Crow era. When George Seale did manage to enter a union, he was one of just of three black men in the state with union membership, according to Seale. As a teenager, Seale hauled groceries and mowed lawns to earn extra cash. He attended Berkeley High School but dropped out to sign up for the US Air Force in 1955. After a conflict with a commanding officer, Seale was dishonorably discharged. However, this setback did not deter him. He earned his high school diploma and made a living as a sheet metal mechanic for aerospace companies. He also worked as a comedian. In 1960, Seale enrolled in Merritt College, where he joined a black student group and his political consciousness took hold. Two years later, he met Huey P. Newton, the man with whom he would start the Black Panthers. Founding the Black Panther Party At a 1962 demonstration against the Kennedy Administrations naval blockade of Cuba, Seale befriended Huey Newton. Both men found inspiration in black radical Malcolm X and were devastated when he was assassinated in 1965. The next year, they decided to form a group to reflect their political beliefs, and the Black Panthers were born. The organization reflected Malcolm X’s philosophy of self-defense by any means necessary. The idea of armed African Americans proved controversial in the broader United States, but as the civil rights movement waned following the assassination of the Rev. Martin Luther King Jr., many young black Americans leaned towards radicalism and militancy. The Black Panthers were particularly concerned about racism in the Oakland Police Department, but before long, Panthers chapters sprang up nationwide. The Black Panther Party became most well known for their 10-point plan and free breakfast program. The 10-point plan included culturally-relevant teaching, employment, shelter, and exemption from military service for African Americans. Legal Battles In 1968, Bobby Seale and seven other protesters were charged with conspiring to incite a riot at the Democratic National Convention in Chicago. When the trial date arrived, Seales lawyer was ill and unable to appear; the judge denied the request to delay the trial. Seale claimed the right to defend himself in order to advocate for his own constitutional rights, but the judge did not allow him to give an opening statement, cross-examine witnesses, or speak to the jury. Seale contended that the judge had denied him his right to counsel, and he began to speak out in protest during the proceedings. In response, the judge ordered him bound and gagged. Seale was chained (later strapped) to a chair, with his mouth and jaw strapped shut, for several days of the trial. Ultimately, the judge sentenced Seale to four years in prison for contempt of court. That sentence was later overturned, but it did not mark the end of Seale’s legal troubles. In 1970, Seale and another defendant were tried for killing a Black Panther believed to be a police informant. The hung jury resulted in a mistrial, so Seale was not convicted of the 1969 murder. As his court battles unfolded, Seale wrote a book tracing the history of the Black Panthers. The book, published in 1970, was titled Seize the Time: The Story of the Black Panther Party and Huey P. Newton. But the time Seale spent behind bars awaiting the outcomes of various court cases had taken a toll on the group, which began to fall apart in his absence. The settling of the court cases saw Seale take charge of the Panthers again. In 1973, he changed focus by putting his bid in to become the mayor of Oakland. He placed second in the race. He left the Panthers the following year. In 1978, he wrote his autobiography, A Lonely Rage. Later Years In the 1970s, the black power movement subsided, and groups like the Black Panthers ceased to exist. Deaths, prison sentences, and internal conflicts spurred by initiatives like the FBI’s Counterintelligence Program played a role in the unraveling process. Bobby Seale remains politically active, giving talks on his life and activism at college campuses and other venues. More than 50 years after the Black Panthers formed, the group continues to influence politics, pop culture, and activism. Sources â€Å"Bobby Seale.† PBS.org.Bennett, Kitty. Bobby Seale: Black Panther leader was one of the Chicago Eight. AARP Bulletin, 27 August, 2010.Glass, Andrew. Kennedy imposes naval blockade of Cuba, Oct. 22, 1962. Politico, 22 October, 2009.Seale, Bobby. â€Å"Seize the Time: The Story of the Black Panther Party.† 1970.

Embracing the Past A Difficult Ideal in African American...

During the struggle to rise to a higher social class, many African Americans have chosen to embrace white ideals while rejecting their heritage and anything that associates one with their â€Å"blackness† This type of rejection to one’s culture has been shown many times in African American literature. In â€Å"The Wife of His Youth,† by Charles Chesnutt, and Invisible Man, by Ralph Ellison, the authors use their writing to show this disconnection; both Chesnutt and Ellison are able to capture the struggle and help their characters to overcome it by embracing their pasts, which can be a very difficult ideal in African American heritage. In â€Å"The Wife of His Youth,† the main character, Mr. Ryder, is a man that has left slavery behind and has been†¦show more content†¦Ryder’s actions, was when he said ’Perhaps hes outgrown you, and climbed up in the world where he wouldnt care to have you find him’ (Chesnutt 926). This is tr uly the struggle for not only Mr. Ryder as the protagonist, but also for many other members of the African American community. As Mr. Ryder has built himself up so high, he would not want to embrace his slavery roots, which includes his slave wife. During the Blue Vein Society event, which he was going to host in order to propose to a young, very prominent lighter colored woman, Mr. Ryder gives a speech hypothetically laying out the woman’s story from her husband’s point of view. He talks about the rags to riches story of an escaped slave man who â€Å"made his way to the North†¦ where he had larger opportunities.† This man continued to grown up â€Å"to be as different from the ignorant boy who ran away from fear of slavery as the day is from the night.† He lists his own accomplishments of qualifying himself â€Å"by industry, by thrift, and by study† to be held in such high esteem by the community and by the Blue Vein Society. Then he mentio ns the wife he left behind, â€Å"not one who had walked by his side and kept pace with him in his upward struggle,†(631) but one who has continued to lead a downtrodden life. The strain in his decision is based on all of these factors. If Mr. Ryder embraces his previous slave wife, he would be giving up his prestigious life, one the he strived towards whileShow MoreRelatedCultural Immersion Project 3- Couple of the Muslim Faith Lillian Reaves1481 Words   |  6 Pagesa result of Rahim’ childhood experience, those experiences made him unsocial and difficult for him to relate with the opposite sex. Despite the negative effect that Rahim’s cultural background has had on his social life, the background has made him become determined and responsible in life. His cultural beliefs have played a significant influence in his past relationships. Dina cultural background is African American. To me, this seemed to be a perfect chance for a successful marriage since theyRead MoreBlack Naturalism and Toni Morrison: the Journey Away from Self-Love in the Bluest Eye8144 Words   |  33 Pagesnaturalistic perspective; however, while doing so I will propose that because Morrison s novels are distinctly black and examine distinctly black issues, we must expand or deconstruct the traditional theory of naturalism to deal adequately with the African American experience: a theory I refer to as black naturalism. But before I do this I think it is important to discuss why it is worth our while to dig up naturalism once again to explore not only earlier black novels but contemporary works as wellRead MoreThe History of Mexican Americans Essay2462 Words   |  10 PagesProblems in Mexican American History Zaragosa Vargas writes, Nearly two thirds of Latinos in the United States are of Mexican descent, or Chicanos- a term of self definition that emerged during the 1960s and early 1970s civil rights movement. Chicanos reside mainly in the Southwest, the Pacific Northwest, and the Midwest. Their history begins in the precolonial Spanish era, and they share a rich mestizo cultural heritage of Spanish, Indian, and African origins. 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Furthermore, a recent intelligence agency report stated findings that employees coming to retirement ageRead MoreEmployee Engagement and CSR: TRANSACTIONAL, RELATIONAL, AND DEVELOPMENTAL APPROACHES12982 Words   |  52 Pagesâ€Å"Volunteerism is a linchpin of the integrated philanthropy system— providing energy, expertise, and time to build the capabilities of nonprofits, and ensuring that each employee embodies the values and social mission of the organization.† In the past decade, Unilever employees have been engaged en masse to make over the business. On the food side, twenty thousand recipes have been reformulated to reduce trans fat, saturated fats, sugar, and salts. Base-of-the-pyramid investments in home CALIFORNIA

Ambiguity in Projects Samples for Student-Myassignmenthelp.Com

Question: Discuss about the Ambiguity in Projects. Answer: Introduction Ambiguity, in the literal sense of the world, refers to the situation or a statement that can lead to more than one interpretation. According to Philippo et al. (2013), one of the most essential criteria that is expected of project managers is to have the capability of managing ambiguous situations, as most organizational project teams are bound to face certain ambiguous situations during the life cycle of the entire project. FCB Abu Dhabi Advertising Agency is one of the leading advertisement agencies of the United Arab Emirates. The agency has been associated with some of the biggest campaigns of the year, like those used by Coca Cola, Paper Plus, Nivea and Levis. The following sections of the report provides an insight into the ambiguous scenarios that project teams associated with the organization have experienced in real life and the impact of such ambiguity on the lifecycle of the project. Background of the organization Foote, Cone Belding, or FCB is one of the largest advertising networks operates globally. Headquartered at Chicago, the organization is currently owned by the Interpublic group. At present, the organization operates across 90 countries of the world, the UAE being one of the most prominent ones (Fcb.com 2016). The FCB Abu Dhabi Advertising Agency has been in the receiving end of several awards, including the Caples, Effies, El Ojo along with those awarded at The One Show and the Cannes. In fact, the organization is well known for its genuine participation in ensuring the success of their client brands. Ambiguous situation in the organization Khushbu, a UK based fashion line had approached the sales team of The FCB Abu Dhabi Advertising Agency with the aim of branding their products in the UAE. Kushbu is a well known fashion brand in Europe, primarily due to the unique nature of the products that they sell: perhaps it is the sole organization that sells 'Islamic Wear' for women, using online platforms (Khushbu.tootinglife.com 2016). It is well known fact that women residing in the United Arab Emirates are encouraged to wear 'Islamic Wear', thus the interest expressed by the administrative authorities of Kushbu so as to launch their products in the country was solely based on the demands of the market (Epps and Demangeot 2013). However, the members of this project teams soon identified certain ambiguous situations that they felt should be resolved before the campaigns could be designed and launched: 1. The first and foremost issue that the project team identified was that the tagline used by Khushbu: while selling their product in Europe, Khushbu used the tagline Even covered women care about their appearance (Khushbu.tootinglife.com 2016). However, the project team of The FCB Abu Dhabi Advertising Agency was spilt into halves regarding the tagline to be used while launching the product line on the national television of UAE: while some of the members were against robbing off the brand of their signature tagline, yet another section was skeptical about using the same (they feared that the tagline might appear to be disrespectful towards the women residing in UAE) (Fcb.com 2016). 2. On the other hand, the project team had also identified the fact that the products launched by Khushbu were quite high (Khushbu.tootinglife.com 2016). The team was thus uncertain about the section of the population that should be targeted in the campaigning process. Besides, the pricing strategy, the un-traditional features of the 'Islamic Wears' designed and sold by the fashion line also required the identification of the particular section of the population that could be targeted, much before the campaigns could be designed (Pasha-Zaidi, Masson and Pennington 2013). At the very same time, the project team were not able to cover all sections of the potential customers (top, low and mid) as campaigns of such large scale require huge budgetary funds that the authoritative heads of Khushbu were not eager to bear with (Fcb.com 2016). Thus, it can be said that the ambiguity of the project laid in the fact that in spite of Khusbus idea being innovative, their signature tagline, style and design were controversial and that The FCB Abu Dhabi Advertising Agency neither had the data required to identify the section of the population that could be targeted effectively. In order to find solutions to the issues identified by the project team, the marketing team indulged in an extensive market research regarding the demand of the untraditional Islamic wears (similar to the ones designed and developed by Khushbu) among the women of the United Arab Emirates (Fcb.com 2016). Besides this, the marketing team also put efforts towards realizing whether the signature tagline of the brand would be acceptable to the UAE society. After the data collection process was completed, analytical tools were used to identify that particular section of the population that could be targeted for the purpose of campaigning. Besides this, the marketing team ultimately developed a new tagline for the fashion line with which the products were launched in the market (Epps and Demangeot 2013). Impact of the ambiguity on the organizational projects The impact of the ambiguous situation (as described in the section above), have been enlisted below: Positive Impacts the ambiguity on the organizational project The first and foremost point that demands mention in this context is that the fashion line of Khusbu was finally launched in the UAE without raising any discontent or complaints from the generals mass: courtesy to the new tagline designed by the project team of The FCB Abu Dhabi Advertising Agency (Khushbu.tootinglife.com 2016). Figure: Khusbu launched in UAE with a new tagline (Source: Khushbu.tootinglife.com 2016) On the other hand, the project team had identified educated women belonging to high income group families should be considered by Khusbu as the primary target customer group in the UAE . It is worth mentioning that almost 70 percent of the students attending Universities in the UAE are women, thus, the market chosen by the project team is quite extensive and promises significant revenue collection (Pasha-Zaidi, Masson, and Pennington, 2013). It is worth mentioning that in spite of the fact that the marketing agency was forced to conduct the survey as they had no information based on which the target market could be decided on, the data collected from the process was efficiently utilized in several other projects: the information available on the official website of The FCB Abu Dhabi Advertising Agency indicates that the campaigns designed for Olay and Nivea were largely based on the results of this particular survey (Fcb.com 2016). Negative Impacts the ambiguity on the organizational project The market survey made by the FCB was conducted over a period of six months, thus incurring considerable amount of cost to the fashion line. Thus increased time and budgetary requirements of the project were the primary adverse impacts of the ambiguities of the project (Gutirrez 2014). On the other hand, Khusbu is a renowned brand among the Muslim communities of the United Kingdom. Robbing of the brand of their signature tagline indeed forced them to build their reputation in the UAE from the scratch. Importance of acceptance of ambiguity in conducting a successful project Researchers Philippo et al. 2013 are of the opinion that among very few well tested and approved laws of conducting successful projects, the fact that Ambiguity Kills Projects holds true for projects of all sizes, structures and domains. However, the authors have also pointed out the very fact that in spite of the large number of tools and methods available for managing projects, embracing ambiguities is still considered to be imperative. Researcher Gutirrez (2014) seconds their opinion by stating that the very fact that the presence of ambiguities has adverse effects on the success of projects encourages project teams to document the SMART goals of the project, to identify the risks associated with it, to define the scope of the project and to develop strategies that could be used for overcoming the uncertainties. Thus, it can be said that while acceptance of ambiguity in projects might lead to disastrous outputs, embracing the same actually results in the utilization of methods that enables optimum management of the said projects. In respect to the situation under consideration, the campaigns designed for Khusbu might have been ruined completely in case the marketing team of The FCB Abu Dhabi Advertising Agency had incorrectly identified the target market (Fcb.com 2016).. Conclusion The above mentioned sections of the report provide an insight into ambiguities identified in one of the campaigning projects undertaken by The FCB Abu Dhabi Advertising Agency. The ambiguities have been defined in section 3, along with the measures taken by the project team to overcome it. Besides this, the impact of the ambiguous situation (both positive and negative) on the success of project have been provided in section 4, while a generalized discussion on the effects of accepting project ambiguities has been provided in section 5 of the report. In the light of the information provided in the report, it can thus be concluded that while ambiguous situations indeed threat the success of organizational projects, the attempts and efforts made towards overcoming such uncertainties leads to the adaptation of strategies that ultimately leads to the successful completion of any project, irrespective of its size, structure or domain. References Epps, A. and Demangeot, C., 2013. The rainbow of diversity versus the rain of fragmentation: the futures of multicultural marketing in the UAE.Foresight-The journal of future studies, strategic thinking and policy,15(4), pp.307-320. Fcb.com, 2016.FCB Abu Dhabi Advertising Agency - United Arab Emirates. [online] FCB Global. Available at: https://www.fcb.com/location/abu-dhabi [Accessed 27 Jul. 2016]. Gutirrez, E., 2014. Managing Ambiguity When Evaluating and Selecting New Ideas in Project Portfolio Management.International Journal of Innovation and Technology Management,11(05), p.1450030. Khushbu.tootinglife.com, 2016.Khushbu - Women's wear, Fashion, Salsas kameez in TootingLife. [online] Khushbu.tootinglife.com. Available at: https://www.khushbu.tootinglife.com [Accessed 27 Jul. 2016]. Pasha-Zaidi, N., Masson, T. and Pennington, M.N., 2013. Can I get a job if I wear Hijab? An exploratory study of the perceptions of South Asian Muslim Women in the US and the UAE.International Journal of Research Studies in Psychology,3(1). Philippo, E.J., Heijstek, W., Kruiswijk, B., Chaudron, M.R. and Berry, D.M., 2013, April. Requirement ambiguity not as important as expectedresults of an empirical evaluation. InInternational Working Conference on Requirements Engineering: Foundation for Software Quality(pp. 65-79). Springer Berlin Heidelberg.

Nature of Financial Management free essay sample

In the earlier years, it was treated synonymously with the raising of funds. In the later years, its broader scope, included in addition to procurement of funds, efficient use of resources. Scope of Financial Management Financial is broadly concerned with the acquisition and use of funds by a business firm. The important tasks of financial management, as related to the above, may be categorized as follows: A. Financial Analysis, Planning and Control †¢ Analysis of financial condition and preference †¢ Profit Planning †¢ Financial forecasting †¢ Financial Control B. Investing †¢ Management of current assets (cash, marketable securities, receivables and inventories) †¢ Capital Budgeting (identification, selection and implementation of capital projects) †¢ Managing of mergers, reorganizations and divestments C. Financing †¢ Identification of sources of finance and determination of financing mix †¢ Cultivating sources of funds and raising funds †¢ Allocation of profits between dividends and retained earnings Important Topics in Financial Management Table 1. 1 Balance Sheet and Topics in Financial Management Share Capital EquityCapital Structure and Cost of Capital Preference Reserves and Surplus Debentures Unsecured Loan Current Liabilities ProvisionsWorking Capital Trade CreditorsFinancing Policy Provisions Fixed Assets (Net)Capital Budgeting Gross Block Less Depreciation InvestmentSecurity Analysis Current Assets, Loans and Advances Cash and bank balancesCash Management ReceivablesReceivables Management InventoriesInventory Policy Loans and Advances Miscellaneous Expenditure and Losses Table 1. We will write a custom essay sample on Nature of Financial Management or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 2 Income statement and Topics in Financial Management Net SalesRevenue risk Cost of goods Sold Materials and stocks Wages and Salaries Other Manufacturing Expenses Gross ProfitGross profit margin Operating Expenses Selling and Administration Expenses DepreciationDepreciation Policy Operating Profit Non operating surplus / deficit Earnings before interest and taxBusiness risk InterestFinancial risk Profit before tax TaxTax planning Profit after taxReturn on equity DividendsDividend policy Retained Earnings Goals / Objectives of Financial Management- Traditional Approach – It has been traditionally been argued that the objective of a company is to earn profit. This means that the finance manager has to make decision in a manner that the profit is maximised. Each alternative, therefore, is to be seen as to whether or not it gives maximum profit. Profit maximization objective gives rise to a number of problems as below: i) Profit maximization concept should be considered in relation to risks involved. There is a direct relationship between risk and profit. Many risky propositions yield high profit. Higher the risk, higher is the possibility of profits. If profit maximization is the only goal, then risk factor is altogether ignored. i) Profit maximization, as an objective does not take into account time pattern of return. Proposal A may give a higher amount of profits compared to proposal B, yet if the returns begin to flow say 10 years later, proposal B may be preferred which may have lower overall profits but the returns flow is more early and quick. iii) Profit maximization, as an objective is too narrow. It fails to take into account the social considerations as also the obligations to various interests of workers, consumers, society as well as ethical trade practices. Further, most business leaders believe that adoption of ethical standards strengthen their competitive positions. iv) Profits do not necessarily result in cash flows available to the stockholder. Owners receive cash flow in the form of either cash dividends paid to them or proceeds from selling their shares for a higher price than paid initially. Modern Approach The alternative to profit maximization is wealth maximization. This is also known as Value maximization or Net Present Worth maximization. Value is represented by the market price of the company’s equity shares. Prices in the share market at a given point of time, are the result of many factors like general economic outlook, particular outlook if the companies under consideration, technical factors and even mass psychology. However taken on a long-term basis, the share market prices of a company’s shares do reflect the value, which the various parties put on a company. Normally, the value is a function of two factors (i) The likely rate of earnings per share of a company (EPS) and (ii) The capitalization rate EPS are calculated by dividing the periods total earnings available for the firm’s common shares by the number of shares of common shares outstanding. The likely rate of earnings per share (EPS) depends on the assessment as to how profitably a company is going to operate in the future. The capitalisation rate reflects the liking of the investors for a company. If the company earns a higher rate of earning per share through risky operations or risky financing pattern, the investors will not look upon its shares with favour. To that extent, the market value of the shares of such a company will be low. If a company invests its fund in risky ventures, the investors will put in their money if they get higher return as compared to that from a low risk share. The market value of a firm is a function of the earning per share and the capitalisation rate. Suppose the Earning per share are expected to be Rs. 7 for a share, and the capitalisation rate expected by the shareholder is 20 per cent, the market value of the share is likely to be 7 7 x 100 = - = Rs. 5 20% 20 This is so because at this price, the investors have an earning of 20%, something they expect from a company with this degree of risk. The important issues relating to maximizing share prices are Economic Value Added (EVA) and the focus on stakeholders. Economic Value Added (EVA) is a popular measure used by many firms to determine whether an investment – proposed or existing – contribute positively to the owner’s wealth. EVA is calculated by subtracting, the cost of funds used to finance or investment fr om its after-tax-operations profits. Investments with positive EVA increase shareholder value as those with negative EVA reduce shareholders value. For example, the EVA of an investment with after tax operations profits of Rs. 510,000 and associated financing costs of Rs. 475,000 would be Rs. 35,000 (i. e. Rs. 410,000 – 375,000) Because this EVA is positive, the investment is expected to increase owner wealth and is therefore acceptable. What about Stakeholders? Stakeholders are group such as employees, customers, suppliers, creditors, owners and others who have a direct economic link to the firm. A firm with a stakeholder focus consciously avoids actions that would prove detrimental to stakeholders. The goal is not to maximize stakeholder well being but to preserve it. It is expected to provide long run benefit to shareholders by maintaining positive stakeholder relationships. Such relationship should minimize stakeholder turnover, conflicts and litigation. Clearly, the firm can better achieve its goal of shareholder wealth maximization by maintaining cooperation with other stakeholders rather than having conflict with them. The Role of ethics Ethics is standards of conduct or moral judgment. Today the business community in general and the financial community in particular are developing and enforcing ethical standards, purpose being to motivate business and market participants to adhere to both the letter and the spirit of laws and regulations concerned with business and professional practice. An effective ethics program is believed to enhance corporate value. An ethics program can reduce potential litigation and judgment costs, maintain a positive corporate image, and build shareholders confidence, and gain the loyalty, commitment and respect of the firms stakeholders. Such actions, by maintaining and enhancing cash flow and reducing perceived risk, can positively affect the firm’s share prices. Ethical behaviour is therefore viewed as necessary for achieving the firm’s goal of owner wealth maximization. Place of Finance function in the organization structure: The finance function is almost the same in most enterprises. The details may differ but the important features are universal in nature. The finance function occupies such a major place that it cannot be the sole responsibility of the executive. The important aspects of the finance function have to be carried on by the top management i. e. the Managing Director and the Board of Directors. It is the Board of Directors, which makes all the material final decisions involving finance. Financial management in many ways is an integral part of the jobs of managers who are involved in planning, allocation of resources and control. The responsibilities for financial management are disposed throughout the organization. For example: †¢ The engineer, who proposes a new plant, shapes the investment policy of the firm. The marketing analyst provides inputs in the process of forecasting and planning. †¢ The purchase manager influences the level of investment in inventories. †¢ The sales manager has a say in the determination of receivable policy. †¢ Departmental managers, in general, are important links in the financial control system of the firm. The chief financial officer (CFO) is basically to assist the top manageme nt. He has an important role to contribute to good decision making on issues, which involve all the functional areas of the business. He must clearly bring out financial implications of all decisions and make them understood. CFO (his designation vary from company to company) works directly under the President or the Managing Director of the company. Besides routine work he keeps the Board of Directors informed about all the phases of business activity, including economic, social and political developments affecting the business behaviour. He also furnishes information about the financial status of the company by reviewing from time to time. The CFO may have different officers under him to carry out his functions. Broadly, the functions are divided into two parts. (i) Treasury function (ii) Control function Treasury function (headed by financial manager) is commonly responsible for handling financial activities, such as financial planning and fund raising, making capital expenditures decisions, managing cash, managing credit activities, managing the pension fund and managing foreign exchange. The control function (headed by Chief Accountant / Financial Controller) typically handles the accounting activities such as corporate accounting, tax management, financial accounting and cost accounting. The treasurer’s focus tends to be more external, the controllers focus more internal: BOARD OF DIRECTORS Managing Director/President V. P ProductionV. P FinanceV. P Sales Treasurer Controller Credit Cash Banking PortfolioCorporate Taxes Internal Budgeting Management Management Relation ManagementGeneral Audit Accounting Cost Accounting Fig 1. 1 Organization chart of finance function Relationship of field of finance with economics – The field of finance is closely related to economics. Financial managers must understand the economic framework and be alert to the consequences of varying levels of economic activity and changes in economic policy. They must be able to use economic theories as guidance for efficient business operation. Examples include supply-demand analysis, profit-maximizing strategies, and price theory. The primary economic principle used in managerial function is marginal analysis, the principle that financial decisions should be made and actions taken only when the added benefits exceed the added costs. Nearly all-financial decisions ultimately come down to an assessment of their marginal benefits and marginal costs. Relationship to Accounting – The firm’s finance (treasurer) and accounting (controller) activities are closely related and generally overlap. Normally managerial finance and accounting are not often easily distinguishable. In small firms the Controller often carries out the finance function and in large firms many accountants are also involved in various finance activities. There are two basic differences between finance and accounting: i) Emphasis on cash flows: The accountant’s primary function is to develop and report data for measuring the performance of the firm, assuming its financial position and paying taxes using certain standardized and generally accepted principles. The accountant prepares financial statements based on accrual basis. The financial manager places primary emphasis on cash flows, the inflow and outflow of cash. ii) Relating to decision-making: Accountants devote most of their operation to the collection and presentation of financial data. The primary activities of the financial manager in addition to ongoing involvement in financial analysis and planning are making investment decisions and making financing decisions. Investment decisions determine both the mix and the type of assets held by the firm. Financing decisions determine both the mix and the type of financing used by the firm. However the decisions are actually made on the basis of cash flow effects on the overall value of the firm. Interface with other Functions Finance is defined as the lifeblood of an organization. It is a common thread, which binds all the organizational functions as each function when carried out creates financial implications. The interface between finance and other functions can be described as follows: Manufacturing Finance i) Manufacturing function necessitates a large investment. Productive use of resources ensures a cost advantage for the firm. i) Optimum investment in inventories improves profit margin. iii) Many parameters of the production cost having effect on production cost are possible to control through internal management thus improving profits. iv) Important production decisions like make or buy can be taken only after financial implications have been considered. Marketing Finance – i) Many aspects of marketing management have financial implications e. g. hol d inventories to provide off the shelf service to customers and thus increase sales; extension of credit facility to customers to increase sales. i) Marketing strategies to increase sales have additional cost impact, which needs to be weighed carefully against incremental revenue. Personnel Finance – In the global competitive scenario business firms are moving to leaner and flat organizations. Investments in Human Resource Development are also bound to increase. Restructuring of remuneration structure, voluntary retirement schemes, sweat equity etc. have become major financial decisions in the area of human resource management. Strategic Planning – Finance – Finance function is an important tool in the hands of management for strategic planning and control on two counts – i) The decision variables when converted into monetary terms are easier to grasp. ii) Finance function has strong inter-linkages with other functions. Controlling other functions through finance route is possible. Methods and Tools of Financial Management – i) In the area of Financing – Funds are procured from long-term sources as well as short-term sources. Long-term funds may be made available by owners, i. e. hareholders, lenders through issue of debentures / bonds, from financial institutions, banks and public at large. Short-term funds may be procured from commercial banks, suppliers of goods, public deposits etc. The finance manager has to decide on optimum capital structure with a view to maximize shareholder’s wealth. Financial leverage or trading on equity is an important method by which return to shareholders can be increased. ii) F or evaluating capital expenditure (investment) decisions, a finance manager uses various methods such as average rate of return, payback, internal rate of return, net present value and profitability index. ii) In the area of working capital management there are various methods for efficient utilization of current resources at the disposal of the firm, thus increasing profitability. The centralized method of cash management is considered a better method of managing liquid resources of the firm. iv) In the area of dividend decision, a firm is faced with the problem of declaring dividend or postponing dividend declaration, a problem of internal financing. There are tools to tackle such situation. v) For the evaluation of a firm’s performance there are different methods. For example, ratio analysis is a popular technique to evaluate different aspects of a firm. vi) The main concern of the finance manager is to provide adequate funds from the best possible source, at the right time and the minimum cost and to ensure that the funds so acquired are put to best possible use through various methods / techniques are used to determine that funds have been procured from the best possible available services and the funds have been used in the best possible way: Funds flow and cash flow statements and projected financial statements help a lot in this regard. The changing role of Financial Management in India – Modern Financial Management has come a long way from the traditional corporate finance. The finance Manager is working in a challenging environment, which changes continuously. As the economy is opening up and global resources are being tapped, the opportunities available to finance manager have no limits. At the same time one must understand the risk in the decisions. Financial management is passing through an area of experimentation and excitement, as a large part of the finance activities carried out today were not heard a few years ago. A few instances are enumerated below: i) Interest rates have been deregulated, further interest rates are fluctuating, and minimum cost of capital necessitates anticipating interest rate movements. ii) Rupee has become freely convertible in current account. iii) Optimum debt equity mix is possible. The firms have to take advantage of the financial leverage to increase the shareholders wealth. However financial leverage entails financial risk. Hence a correct trade off between risk and improved rate of return to shareholders is a challenging task. v) With free pricing of issues, the optimum price of new issue is a challenging task, as overpricing results in under subscription and loss of investor confidence whereas under pricing leads to unwarranted increase in number of shares and also reduction of earnings per share. v) Maintaining share prices is crucial. In the liberalized scenario the capital markets is the important avenue of funds for business. The dividend and bonus policies framed, has a direct bearing on the share prices. i) Ensuring management control is vital especially in the light of foreign participation in equity (which is backed by huge resources) making the firm an easy takeover target. Existing managements may loose control in the eventuality of being unable to take up the share entitlements. Financial strategies to prevent this are vital to the present management. Forms of Business Organization – The three most common forms of business organization are the sole proprietorship, the partnership and the company. Other specialized forms of business organizations also exist. Sole proprietorship are the most In terms of total receipts and net profits corporate form of business dominate. Sole Proprietorship – A sole proprietorship is a business owned by one person who runs for his own profit. Majority of the business firms are sole proprietorships. The typical sole proprietorship is a small business e. g. bakeshop, personal trainer or plumber. The majority of sole proprietorship is found in the wholesale, retail, service and construction industries. Typically, the proprietor along with few employees runs the business. He raises capital from personal resources or by borrowing and is responsible for all business decisions. The sole proprietor has unlimited liability, towards creditors not restricted to the amount originally invested. The key strengths and weaknesses of sole proprietorship are given in table 1. 3. Partnership – A partnership firm is a business run by two or more persons for profit. Partnership accounts for the next majority of business and they are typically larger than sole proprietorship. Finance, legal and real estate firms often have large number of partners. Most partnerships are established by a written contract known as ‘Deed of Partnership’. In partnership, all partners have unlimited liability for all the debts of the partnership. In India, partnership is governed by the Partnership Act, 1932. Strengths and weaknesses or partnerships are summarized in Table 1. 3. Company Form – A company form of business is a legal entity, separated from the owners, with perpetual succession. Just like an individual, the company can sue and be sued, make and be party to contracts and acquire property in its own name. The company form of organization is the dominant form of business organization in terms of receipts and profits. Although, corporations are involved in all types of business, manufacturing corporation account for the largest portion of corporate business receipts and net profits. The key strengths and weaknesses of corporate form are summarized in Table 1. 3. The owners of the company are its shareholders, whose ownership is evidenced by either common shares or preference shares. Shareholders get a return by receiving dividends i. e. periodic distribution of earnings or gains through increase in share price. Owner’s liability is limited to the amount paid on their shares. Shareholder elects the Board of Directors through vote. The Board of Directors has the ultimate authority in running the organization including making the general policy. The President or Chief Executive Office (CEO) is responsible for managing day to day operations and carrying out the policies established by the Board. The CEO is required to report periodically to the firm’s board of directors. The corporate form of business are subject to strict control by Regulatory Agencies including Companies Ac, 1956, SEBI, etc. Table I Strengths and weaknesses of the common forms of business organizations Sole Proprietorship |Partnership |Company | | | | | |Strengths | | | | | | | |Owners receive all profits and incurs all losses |Can raise more funds than the sole proprietorship |Owners liability is limited to the extent paid on | | |their shares | |Low organizational costs |Borrowing powers enhanced by more owners | | | | |Can achieve large size via sale of shares | | |More available manpower and managerial skill | | |Income is included and taxed on owners personal tax | |Ownership (share) is readily transferable | |return |Income included and mixed on individual partner’s tax | | | |return |Long life of the firm | |Independence | | | | | |Can have professional managers | |Secrecy | | | | | |Has better access to financing | |Ease of dissolution | | | | | |Receives some tax advantage | | | | | | | | | |Weaknesses – |Owners have unlimited liability and may have to cover | | | |debts of other partners |Taxes generally higher, because corporate income is | |Owner has unlimited liability towards debt of the firm| |taxed and dividends paid to owners are also taxed. | |Partnership is dissolved when partner dies |(the latter has been exempted at the hands of the | |Limited fund raising power limits growth | |shareholders in India) | | |Difficult to liquidate or transfer partnership | | |Proprietor must be jack-of-all trades | |More expensive to organize than other forms of | | | |business | |Difficult to give employees long-run career | | | |opportunities | |Subject to greater control by regulating authorities | | | | | |Lacks continuity when proprietor dies or unable to | |Lacks secrecy since the shareholders must receive | |operate | |financial reports at periodic intervals | | | | | Limited Liability Partnership A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partners misconduct or negligence. This is an important difference from that of an unlimited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation. In some countries, an LLP must also have at least one general partner with unlimited liability. Unlike corporate shareholders, the partners have the right to manage the business directly. In contrast, corporate shareholders have to elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as corporate individuals the legal responsibility to manage the corporation in the corporations best interest. An LLP also contains a different level of tax liability from that of a corporation. Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries, the LLP is more suited for businesses where all investors wish to take an active role in management. There is considerable confusion between LLPs as constituted in the U. S. nd that introduced in the UK in 2001 and adopted elsewhere  Ã¢â‚¬â€ see below  Ã¢â‚¬â€ since the UK LLP is, despite the name, specifically legislated as a Corporate bo dy rather than a Partnership. India The Limited Liability Partnership Act 2008 was published in the official Gazette of India on January 9, 2009 and has been notified with effect from 31 March 2009. However, the Act, has been notified with limited sections only. The rules have been notified in the official gazette on April 1, 2009. The first LLP was incorporated in the first week of April 2009. 1. In India, for all purposes of taxation, an LLP is treated like any other partnership firm. 2. be limited to their agreed contribution in the LLP. 3. Further, no partner would be liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partners wrongful business decisions or misconduct. 4. LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession. Indian Partnership Act, 1932 shall not be applicable to LLPs and there shall not be any upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners can not exceed 20, LLP Act makes a mandatory statement where one of the partner to the LLP should be an Indian. 5. Provisions have been made for corporate actions like mergers, amalgamations etc. 6. While enabling provisions in respect of winding up and dissolutions of LLPs have been made, detailed provisions in this regard would be provided by way of rules under the Act. 7. The Act also provides for conversion of existing partnership firm, private limited company and unlisted public company into a LLP by registering the same with the Registrar of Companies (ROC) 8. Nothing Contained in the Partnership Act 1932 shall effect an LLP. 9. The Registrar of Companies (Roc) shall register and control LLPs also. 10. The governance of LLPs shall be in electronic mode based on the successful model of the present Ministry of Corporate Affairs Portal. Chapter Assignments – 1. What are the tasks of Financial Management? 2. Discuss the salient features of the traditional approach to Corporation Finance. 3. Discuss the distinctive features of modern approach to Corporation Finance. 4. What is the normative goal of financial management? 5. â€Å"Financial Management is an integral part of the jobs of all managers. Hence it cannot be entrusted to a staff Department†. Discuss. 6. Discuss some of the problems the financial managers in a developing country like India have to grapple with. 7. Draw a typical organization chart highlighting the finance function of a company. 8. Which of the following functions should be the responsibility of a Finance Manager? i) Maintaining the books of account. ii) Negotiating loans with banks iii) Preparation of cost statements iv) Conducting of internal audit v) Analysis of new projects i) Ensuring that enough cash is available at all the branches and factories of the company. vii) Assisting the management in taking a decision regarding the quantum of dividend. viii) Negotiating under-writing agreements in case of new issues ix) Preparing the financi al statements. x) Deciding about change in the policies regarding recruitment. xi) Decision on administrative practices. xii) Change in marketing and advertising techniques routine. 9. Which of the following statements are true? i) It is the job of the finance manager to approve all payments. ii) The finance manager has to keep a proper balance in the procurement and use of funds. iii) Acquisition of fixed assets is of no concern to the finance manager. v) It is always advisable to distribute the total amount of profit as dividend. v) Since it is crucial that all sections of the business have adequate cash, it is a good policy to give each sections of the business double the amount of cash that they normally require so that they can meet even emergencies. vi) Debentures and loans from financial institutions are very important sources of long-term funds. vii) It is better if no credits are given to the customers since this would mean that no amounts are tied up in sundry creditors. v iii) In a period of rising prices, it is better to stock as much as raw material as possible, irrespective of the cost of procuring funds. x) A proper capitalization ensures that there is a balance between long-term funds and short-term funds and also proper ratios are maintained between the various sources of funds. 10. Which of the following statements do you agree? i) Financial management is essential only in private sector enterprise. ii) Only capitalists have to bother about money. The bureaucrat is to administer and not manage funds. iii) The public administrators in our country must be given a basic understanding of essentials of finance. iv) A state owned Transport Company must immediately deposit in the bank all its takings. v) â€Å"Financial Management is counting pennies. We do not believe in such miserly attitude†. vi) â€Å"Finance function is important as any other function in an organization†.

Why the Model T Is Called the Tin Lizzie

Why the Model T Is Called the Tin Lizzie Despite its initial humble appearance,  the Model T became the most influential car of the 20th century. Priced so that the average American could afford it, the Model T was sold from 1908 until 1927. Many also may know Henry Fords Model T by its nickname, the Tin Lizzie, but you may not know why the Model T is called the Tin Lizzie and how it got its nickname. A 1922 Car Race In the early 1900s, car dealers would try to create publicity for their new automobiles by hosting car races. In 1922  a championship race was held in Pikes Peak, Colorado. Entered as one of the contestants was Noel Bullock and his Model T, named Old Liz. Since Old Liz looked the worse for wear, as it was unpainted and lacked a hood, many spectators compared Old Liz to a tin can. By the start of the race, the car had the new nickname of Tin Lizzie. But to everyones surprise, Tin Lizzie won the race. Having beaten even the most expensive other cars available at the time, Tin Lizzie proved both the durability and speed of the Model T. Tin Lizzies surprise win was reported in newspapers across the country, leading to the use of the nickname Tin Lizzie for all Model T cars. The car also had a couple of other nicknames- Leaping Lena and flivver- but it was the Tin Lizzie moniker that stuck. Rise to Fame Henry Fords Model T cars opened up the roads for the American middle class. The car was affordable because of Fords simple but ingenious use of the assembly line, which increased productivity. Because of this increase in productivity, the price dropped from $850 in 1908 to less than $300 in 1925. The Model T was named the most influential car of the 20th century as it became a symbol of Americas modernization. Ford built 15 million Model T cars between 1918 and 1927, representing  as much as 40 percent of all car sales in the United States, depending on the year. Black is the color associated with the Tin Lizzie- and that was the only color available from 1913 to 1925- but initially, black was not available. Early buyers had a choice of gray, blue, green, or red. The Model T was available in three styles; all mounted on a 100-inch-wheelbase chassis: The five-seat touring carThe two-seat runaboutThe seven-seat town car   Modern Usage Tin Lizzie is still most associated with the Model T, but the  term is used colloquially  today to describe a small, cheap car that looks like it is in a beat-up condition. But keep in mind that looks can be deceiving.  To go the way of the Tin Lizzie is a phrase that refers to something outdated that has been replaced by a newer and better product, or even a belief or behavior.

Dissociative Identity Disorder in Black Swan Essay

Dissociative Identity Disorder in Black Swan Essay Black Swan Film Review Essay Black Swan Film Review Essay Black Swan is a psychological thriller by Darren Aronofsky about a ballerina who slowly goes insane during the time of repetition for the ballet performance Swan Lake. The movie is made very well in terms of psychopathology. The main heroine, ballerina Nina, is so immersed in her own perception of the ballet performance that she begins to identify real life with the plot of the ballet, and herself with a swan: firstly, with White - Odette and then with Black - Odile. Finally, the latter prevails. Nina suffers from dissociative identity disorder. Speaking of everyday language, it is a split personality. Dissociative Identity Disorder in Black Swan Psychologists are well aware of this kind of disease, and nowadays it is thoroughly studied. Several features inherent to dissociative identity disorder are shown accurately in Black Swan. Meanwhile, the other psychological disorders were used to create an atmosphere of the film and do not correspond to the disease symptomatology. Without a doubt, among dissociative disorders, the most â€Å"cinematic† type of the illness is a split personality or multiple personalities. The patient has several â€Å"alter personalities† that exist in parallel, each one in its own reality. Drama potential of the problem was proved in Black Swan. Apparently, authors of the film are clearly impressed by the fact that an infantile girl and a brutal killer can peacefully coexist in the one person. Severe stress experienced by the individual often becomes the cause of the syndrome of â€Å"splitting† (Bruch, 2015). In the thriller Black Swan, it is clearly demonstrated what happens when the â€Å"realities† of the two personalities accidentally begin to come into contact. The main heroine gets the lead role in the ballet. It is the role of Swan Queen, and it involves two opposite sides. Nina must fulfill the role of the White and Black Swan. First one fits her perfectly because Nina was like White Swan: modest and shy, nervous and fearful. However, Black Swan, the other part her performance, turned out to be an overwhelming task. Since it embodied dissolute and evil forces of human nature, Black Swan was the opposite of her own character. Therefore, to immerse in the role, Nina had to change herself, to become a â€Å"black†, as well as awaken own dark and evil nature. Eventually, the acting exercise turned into a real obsession or paranoia. Black Swan moved into Nina, displacing White. She has become an embodiment of evil for the role that ultimately she performed undoubtedly perfect. However, White Swan and its light essence could not exist in Nina anymore. It would not be a mistake to suggest that Nina suffers from dissociative identity diso rder. Dissociative identity disorder is a very rare psychiatric disease from the group of dissociative disorders in which an individual’s personality is split, and it seems that there are several different characters (or ego states) in the body of one person (Ross, 2000). In the certain moments, there is a â€Å"switch† in a person, and one person replaces another one. These â€Å"individual† may have a different gender, age, nationality, temperament, intelligence, philosophy, respond differently to the same situation. After the â€Å"switch†, the currently active person can not remember what happened during the time another person was active (Ross, 2000). This disorder is an extreme manifestation of dissociation. It is a psychological defense mechanism in which a person begins to perceive what is happening to him or her as if it is going on to someone extraneous (Goldberg, 2014). This mechanism is useful because it allows a person to be protected from excessive, unbearable emotions. However, in cases of excessive activation of this mechanism, dissociative disorders appear. Contrary to popular belief, these disorders are not associated with schizophrenia (Goldberg, 2014). The parts of the patient’s self-identity resulting from separation (dissociation) from his or her personality can not be considered independent integrated personality. Usually, the person is not aware of the other people’s presence in the body (Lawrence, 2010). According to DSM-IV, dissociative identity disorder is diagnosed if the following criteria are present: In the patient, there are two or more distinct identities or personality states at the same time. Each of them has a sustainable model of attitude, outlook, and their own approach to reality. At least two of these identities alternately take control over the behavior of the patient. The patient could not recall important information about him- or herself, and it goes beyond the ordinary forgetfulness (Lawrence, 2010). In addition to the symptoms listed in the DSM-IV, in patients with dissociative identity disorder depression, suicide attempts, sudden changes in mood, anxiety, and anxiety disorders, phobias, panic attacks, sleep and nutrition disorders, and other dissociative disorders, hallucinations may also occur (Kihlstrom, 2005). Dissociative identity disorder is closely related to the mechanism of psychogenic amnesia. The latter is a memory loss that has a purely psychological nature without physiological disturbances in the brain. This is a psychological defense mechanism by which a person can displace the traumatic memories from consciousness. However, in the case of identity disorder, it helps individuals to â€Å"switch† (Kihlstrom, 2005). Excessive activation of this mechanism often results in the development of common everyday problems with memory in patients suffering from the identity disorder. Dissociative identity disorder is believed to be caused the by the combination of several factors: intolerable stress, ability to dissociate, a lack of care, and concern in relation to the child in traumatic experience, or lack of protection from subsequent undesirable experience. Adults with this disease often describe the situation of violence in childhood (Lawrence, 2010). These data indicate that the abuse in childhood acts as the main cause of identity disorder among patients. Some of them may not experience violence, early loss (e.g., death of a parent), serious disease, or other extremely stressful event (Lawrence, 2010). The ballerina has a mental disorder of neurotic character since adolescence. It is an obsessive self-inflicted injury that is confirmed by Nina’s mother. However, one can suggest that it was not self-inflicted wounds. It was just a child’s abuse the true nature of which the mother could not know due to busyness in developing her own ballerina career. Besides, Nina has no father. Perhaps the death of the parent was the cause of the future disorder. The reasons for dissociative identity disorder experiencing by the heroine are not completely clear in the movie. Thus, she already had the disorder. It is likely to worsen by bringing up by the mother, liability, dream, guilt, and the fierce competition. At the very beginning of the film, the heroine is said that â€Å"Perfection is not just about control. It is also about letting go†. Since that time, the split of her personality began. There are two swans: humble and aggressive. Since early childhood, Nina was taught to suppress her emotions, especially aggression. Thus, she is not able to play Black Swan. Emotionally, during the development, she stopped on the level of a small child. It can be evidenced by the look at her bedroom that is full of pink lingerie and many toys. Just killing a humble person, she was able to play Black Swan. So then, realizing what happened, to play a dying person. The starting point for the emergence of the alter ego was stress and obsession of overvalued idea of perfectionism. Its nature can be twofold: hysterical - then triumphal ballet career is expected, and schizophrenic - psychic catastrophe and professional and life fall. The presence of hallucinations is not a mandatory obstacle to the performance of the ballerina. Thus, the dual personality is created and entered Nina’s life. Its nature can be twofold: hysterical - and then waiting for the actress triumphal ballet career; schizophrenic - ahead of psychic catastrophe and professional life fall. The presence of hallucinations is not a mandatory obstacle to the ballerina’s performance. The presence of alter ego is shown in the film quite accurately. It is brightly highlighted by the mother phrase in relation to Nina â€Å"It is not my Nina†. The Black Swan personality is acting in the following scene. Nina is more and more disturbing by the fear that Lily wants to take away her role. Nina rehearses all the evening before the premiere of the ballet. She suffers from hallucinations. Nina goes to the hospital to Beth, who threw herself under a burning car and was injured. Suffering from depression, Beth takes nail file and begins to pierce her face. After unsuccessful attempts to stop Beth, Nina runs from her chambers and jumps into the elevator. There she suddenly realizes that nail file, with the help of which Beth cut her face, somehow appeared in her hands. In a fit of panic, Nina runs home. One can suggest that alter ego of Nina, Black Swan, hurt Beth. However, Nina should not remember this. This is also a mismatch between the symptoms of dissociative iden tity disorder. In the film, it was not shown that Nina forgot periods when the second person operated. She rather does not understand what is going on when Black Swan is acting. Also, the symptoms of dissociative identity disorder as depression, suicide attempts, sudden changes in mood, anxiety disorders, and phobias were absent. However, they do not always occur in this disease. A source of horror in Black Swan is the unexplained mutation of the human body. Alien personality, which grows through the skin, changes the way of thinking. However, these shocking scenes of the heroine’s metamorphosis, her moments of going crazy can not be considered completely accurate with respect to dissociative identity disorder. As was mentioned above, the person does not know that another personality is present in his or her body. Nina always thinks that she is bleeding. Germination of feathers through the skin and permanent blood wounds on the body are the attempts of alter ego to come into Nina’s reality. However, it can be considered as a cinematic metaphor and visual means used to deepen the impression of the film (not the features inherent to such mental disorder as personality split). The scenes in which Nina suffers from a variety of aberration are typical psychiatric symptoms of the hallucinatory-delusional syndrome developing in a stressful situation. The hallucinatory-delusional syndrome may accompany dissociative identity disorder. Nina’s hallucinations are shown the most brightly in the scene when she imagined that she killed her rival by the glass from the mirror. However, in reality, she hurt herself. The wound was deep, but obviously because of the shock Nina did not feel the pain and went to the final stage where danced the last part and then died. Negative attitudes towards people with mental disorders begin with prejudice. Familiarity with mental illness leads to a more enlightened view of the problem. However, the main factor is correct information. With the proper image in the movie mental disorders, stigma can be overcome. With regards to treatment, correct and incorrect depictions of disorders do not have significant effect because initially physicians are more aware of the problem. In fact, Black Swan is a story of the human disease, a split personality, and psychosis. Excellent acting shows the struggle of the individual with her second â€Å"I†. In the heavy pursuit of a dream or obsession, White Swan is suffering but fights. Black Swan also goes ahead and does not stop fighting. These swans are two â€Å"I† of one person. There are black and white sides of Nina’s personality. All her life is connected with the struggle of these two egos. Feelings and nervous breakdowns are developing in dissociative identity disorder. Nina is struggling with herself. However, she does not know who she is for sure. Identity disorder is extremely difficult for her. Eventually, the role destroys her.

Angola - High mortality rate Term Paper Example | Topics and Well Written Essays - 1500 words

Angola - High mortality rate - Term Paper Example ain consists of agricultural highlands, with a large savanna in the east and south; and rain forest strips in the north and the enclave of Cabinda (U.S. Department of State, 2011). Angola has a tropical climate. According to the WHO (2011), the total population of Angola is 18,498,000. Its main ethnic groups are: â€Å" Ovimbundu 37%, Kimbundu 25%, Bakongo 13%, mixed racial 2%, European 1%† (U.S. Department of State, 2011). Around 17% of its population are children 5 years old and below. Approximately 42% live in the rural areas. The official language in Angola is Portuguese and the Portuguese compose the largest non-Angolan population. Angola has a republic government system. A new constitution was enacted on February 5, 2010 and three days after, President dos Santos established a new government. The new constitution made a party list system where citizens can vote for a party, instead of a single candidate, and the president will be the head of the winning party’s list (U.S. Department of State, 2011). It created a new office of the vice president, and removed the position of the prime minister. The next presidential and parliamentary elections are projected to occur in 2012. Angola is rich in oil, gas, and diamonds, but remains in the lower rings of 10% of numerous socioeconomic indicators (U.S. Department of State, 2011). GDP growth in 2009 did not improve, though higher GDP projections are expected for the coming years (U.S. Department of State, 2011). An estimation of Angola’s oil reserves showed it to range from 9.5 billion to 13.5 billion barrels (U.S. Department of State, 2011). Crude oil composed around 50% of Angolas GDP, as well as 95% of its exports, and 72% of government revenues in 2010 (U.S. Department of State, 2011). Angola also generates 40,000 bpd of locally refined oil. Angola ranks 160th in the UNDP Human Development Index (WHO, 2005, p.1). The main determinants of health are the financial resources of the country, the availability of

Judaism and Hinduism Essay Example | Topics and Well Written Essays - 500 words

Judaism and Hinduism - Essay Example Religions exist around the world the world to guide the spirituality of people. They tend to explain the source of everything and life after death. They guide people with their morals and beliefs (Clack and Clack 2). Two of the religions are Judaism and Hinduism which are two of the oldest major religions in the world. The history has proven their credibility in providing the path toward enlightenment for the believers as they have millions of followers. Similarities and Differences Judaism began 4000 years ago as a Middle East religion and its people are known as Jewish. As centuries passed, many Jews or Jewish people had lived in various nations at present; they cover over 100 countries (Faelli 5). On the other hand, Hinduism is another religion that exists since 3,000 or more years in the past. The people of that religion are called Hindus who once lived along a river in India. The famous Indus River became Hindu to describe that group of people. The Hindus have varying beliefs but many similarities classify them under the religion they call Sanatan Dharma (Symmons 4). Both religions exist for a long time but they started from different places. The comparison of the two religions would be seen in the succeeding paragraphs.

Labor union membership Essay Example for Free

Labor union membership Essay Research Question: Is there a relationship between highest year of school completed and socioeconomic index? The two interval/ratio variables are respondent’s highest year of school completed and socioeconomic index. The independent variable is respondent’s highest year of school completed and dependent variable is respondent’s socioeconomic index. The null and alternate hypotheses are Null hypothesis, H0: There is no significant relationship between highest year of school completed and socioeconomic index. Alternate Hypothesis, H1: There is a significant relationship between highest year of school completed and socioeconomic index. The variable highest year of school completed measures respondent’s education in terms of years of schooling completed. The unit of measurement is in years. The variable is a good example for the interval level of measurement, as it has not only a rank but also has meaningful intervals between scale points. The variable socioeconomic index measures respondent socioeconomic index scores reflecting the education, income, and prestige associated with different occupations. There is no unit of measurement for an index value. It is measured in terms of number (or percentage). The variable is a good example for the ratio level of measurement, as it have all the properties of the other three data types (nominal, ordinal and interval), but in addition possess a meaningful zero that represents the absence of the quantity being measured. The average highest year of school completed of respondents is about 13. 15 years and varies from mean by about 3. 04 years. About half of the respondents have highest year of school completed is above 13 years. The range of highest year of school completed is 20 years with minimum and maximum being 0 and 20 years, respectively. A 95% confidence interval for respondent’s highest year of school completed is between 12. 99 to 13. 30 years. Thus, it can be said with 95% confidence that respondent’s highest year of school completed is between 13. 0 to 13. 3 years. The average socioeconomic index of respondents is about 47. 24 and varies from its mean by about 18. 76. About half of the respondents have socioeconomic index above 38. 9. The range of socioeconomic index is 80. 1 with minimum and maximum being 17. 1 and 97. 2, respectively. A 95% confidence interval for respondent’s socioeconomic index is between 46. 26 to 48. 22. Thus, it can be said with 95% confidence that respondent’s socioeconomic index is between 46. 26 to 48. 22. The value of correlation coefficient between highest year of school completed and socioeconomic index is about 0. 585. This indicates a moderately strong positive relationship between highest year of school completed and socioeconomic index. In other words, there appears that as respondent’s highest year of school completed increases, respondent socioeconomic index increases. The regression equation is given by Socioeconomic Index = – 0. 255 + 3. 613(Highest Year of School Completed) The slope regression coefficient is given by 3. 613. This suggests that for every years increase in respondent’s highest year of school completed, increases respondent socioeconomic index by about 3. 613, on average. The intercept regression coefficient is given by – 0. 255 and it has no meaning in given context. The value of coefficient of determination (R2) is 0. 343. This suggests that highest year of school completed explains about 34. 3% variation in respondent socioeconomic index. However, the other 65. 7% variation remains unexplained. Thus, there is moderate effect of highest year of school completed on respondent socioeconomic index. Highest years of school completed significantly predicts respondent socioeconomic index, ? = 0. 59, t(1414) = 27. 15, p . 001. Highest years of school completed also explains a significant proportion of variance in respondent socioeconomic index, R2 = . 34, F(1, 1414) = 737. 24, p . 001. In other words, there is a significant relationship between highest year of school completed and socioeconomic index. We can reject the null hypothesis at the . 05 level of significance as p-value (. 001) is less than . 05. Thus, we can conclude that the research hypothesis is valid for the population of interest and we should generalize to the population level. Since, the sample size is large; therefore, we do not risk any type of error in offering this conclusion. The only concern is that the assumptions (The errors (residuals) are normally distributed, have constant variance and are independent.) related to simple regression analysis is not checked. Research Hypothesis 2 Research Question: Is there a relationship between highest year of school completed and number of hours per day watching television? The two interval/ratio variables are respondent’s highest year of school completed and number of hours per day watching television. The independent variable is respondent’s highest year of school completed and dependent variable is number of hours per day watching television. The null and alternate hypotheses are Null hypothesis, H0: There is no significant relationship between highest year of school completed and number of hours per day watching television. Alternate Hypothesis, H1: There is a significant relationship between highest year of school completed and number of hours per day watching television. The variable highest year of school completed measures respondent’s education in terms of years of schooling completed. The unit of measurement is in years. The variable is a good example for the interval level of measurement, as it has not only a rank but also has meaningful intervals between scale points. The variable number of hours per day watching television measures respondent number of hours per day watching television programs. The unit of measurement is in hours per day. The variable is a good example for the ratio level of measurement, as it have all the properties of the other three data types (nominal, ordinal and interval), but in addition possess a meaningful zero that represents the absence of the quantity being measured. The average highest year of school completed of respondents is about 13. 05 years and varies from mean by about 3. 08 years. About half of the respondents have highest year of school completed is above 12 years. The range of highest year of school completed is 20 years with minimum and maximum being 0 and 20 years, respectively. A 95% confidence interval for respondent’s highest year of school completed is between 12. 89 to 13. 30 years. Thus, it can be said with 95% confidence that respondent’s highest year of school completed is between 12. 9 to 13. 2 years. The average number of hours per day watching television of respondents is about 2. 89 hours and varies from its mean by about 2. 23 hours. About half of the respondent’s number of hours per day watching television is above 2 hours. The range of number of hours per day watching television is 24 hours (may be data error) with minimum and maximum being 0 and 24 hours (may be data error), respectively. A 95% confidence interval for respondent’s number of hours per day watching television is between 2. 78 to 3. 01 hours. Thus, it can be said with 95% confidence that respondent’s number of hours per day watching television is between 2. 8 to 3. 0 hours. The value of correlation coefficient between highest year of school completed and number of hours per day watching television is about -0. 289. This indicates a weak moderate negative relationship between highest year of school completed and number of hours per day watching television. In other words, as respondent’s highest year of school completed increases, number of hours per day watching television decreases. The regression equation is given by Hours per Day Watching TV = 5. 636 – 0. 210(Highest Year of School Completed) The slope of regression coefficients is given by –0. 21. This suggests that for every year increase in respondent’s highest year of school completed, decreases respondent’s number of hours per day watching television by about 0. 21 hours, on average. The intercept of regression coefficients is given by 5. 636, which suggests that individual with no education watches about 5. 6 hours of television each day, on average. The value of coefficient of determination (R2) is 0. 084. This suggests that highest year of school completed only explains about 8. 4% variation in respondent’s number of hours per day watching television. The other 91. 6% variation remains unexplained. Thus, there is very weak effect of highest year of school completed on respondent’s number of hours per day watching television. Highest years of school completed significantly predicts respondent’s number of hours per day watching television, ? = -. 29, t(1483) = -11. 64, p . 001. Highest years of school completed also explains a significant proportion of variance in respondent’s number of hours per day watching television, R2 = . 08, F(1, 1483) = 135. 52, p . 001. In other words, there is a significant relationship between highest year of school completed and number of hours per day watching television. We can reject the null hypothesis at the . 05 level of significance as p-value (. 001) is less than . 05. Thus, we can conclude that the research hypothesis is valid for the population of interest and we should generalize to the population level. Since, the sample size is large; therefore, we do not risk any type of error in offering this conclusion. The only concern is that the assumptions related to simple regression analysis is not checked.

To Kill a Mockingbird by Harper Lee :: essays research papers

How does Scout and Jem’s perception of Boo Radley change during the novel? How does Boo affect the lives of the Finch household in the novel? Boo Radley is the neighborhood mystery. The Radley place fascinated the children, because it was a popular subject of gossip and superstition in Maycomb. Arthur Radley had gotten into trouble with the law when he was a boy. Instead of being sent to the state industrial school, his father took custody of him within their house. He was not seen again for fifteen years. Many legends grew up about the Radley house and about what went on inside. Miss Stephanie Crawford, added to the stories - which included stories of crime, mutilation, curses and insanity. Dill was fascinated by these stories, and gave Scout and Jem the idea of making Boo Radley come out of seclusion. When Dill, always eager for a new adventure, dares Jem to run up to the house and touch the door. Jem thought things over for a few days. Finally, filled with fear, he accepted the dare. He ran up, touched the house, and ran back. As the three children stared at the old house, they thought they saw an inside shutter move. On the last night that Dill was in Maycomb they decided to go to the Radley place to take a peak in one of the windows. When they were there, they saw a shadow of a man pass, they ran and while they were running they were fired upon by a shotgun, Jem got his pants caught in the fence. He took them off and they ran back to the woods. About 10 minutes later the neighborhood was gathered outside the Radley place. The adults asked Jem, Scout, and Dill where they had been, Jem told them they were playing strip poker and that was how he had lost his pants. Later that night Jem made a run for his pants he found them neatly folded and sew on the fence. Scout and Jem start to find things in a tree right outside the Radley house, they find different trinkets such as a watch, a knife, and some figures that look like them. When they were walking by one day, Mr. Radley was putting cement in the tree’s hole, he said it was sick and that it needed to be filled. So that ended the gifts in the tree.

Insurance and Jessie Robinson

Questions 1. Think of a real or made up but realistic example of a pure risk that you or someone you know may face, and then answer the questions below. a. Describe the specific risk. (1-3 sentences. 0. 5 points) b. What sort of negative outcomes are possible for this type of risk? (1-3 sentences. 1. 0 points) c. Would this risk be likely to create unexpected expenses? Why or why not? (1-3 sentences. 1. 0 points) d. Describe at least one way you could protect yourself against this risk. (1-3 sentences. 1. 0 points) 2.Think of a real or made up but realistic example of a speculative risk that you or someone you know may face, and then answer the questions below. a. Describe the specific risk. (1-3 sentences. 0. 5 points) b. What sort of negative outcomes are possible for this type of risk? (1-3 sentences. 0. 5 points) c. What sorts of positive outcomes are possible for this type of risk? (1-3 sentences. 0. 5 points) d. Would this risk be likely to create unexpected expenses? Why or wh y not? (1-3 sentences. 1. 0 points) e. Describe at least one way you could protect yourself against this risk. 1-3 sentences. 1. 0 points) 3. Imagine that you are a parent with young children. You want to get life insurance to protect your children financially until they are old enough to produce their own incomes. Would term life insurance or permanent life insurance be a better choice in this situation? Why? (2-4 sentences. 1. 0 points) 4. Describe two types of insurance that you have or are likely to have at some point in your life. What risks are these insurance plans protecting you against? Why do you think these types of insurance are important? 4-8 sentences. 3. 0 points) 5. List four valuable items that might be kept in an apartment or house. Next to each item, write the estimated dollar amount that each item might be worth. (Complete sentences are not necessary. 1. 0 points) 6. In your Section_6 folder, navigate to and open the Example_Insurance_Application, and then comple te the steps below to save a copy of the file with your initials in your Section_6 folder. a. Click the File menu, and then Click Save a Copy. b. If a Save a Copy dialog box appears, click Save a Copy. c.Make sure the Save in drop-down list is set to your Section_6 folder. If not, click the drop-down list, then click Local Disk (C:), then double-click your course folder, and then double-click the Section_6 folder. d. In the Name: field, type Example_Insurance_Application followed by your initials. e. Click Save. 7. Follow the instructions below to fill out the Example_Insurance_Application for Jessie Robinson. This is an application for renter's insurance. (4. 0 points for completing the form correctly according to the instructions below) a.Fill out the Applicant Information section of the form using the name Jessie Robinson, the date of birth 7/15/88, the SSN 888-88-8888, and the email address [email  protected] com. Jessie Robinson is not retired. b. Jessie Robinson is renting a n apartment on  785 Maple Avenue  in  Seattle,  WA. The zip code of the address is 00448. c. Imagine what Jessie Robinson's answers to the yes and no questions under Coverage Information might be. TIP: There are no right or wrong answers, but make sure to answer each question. d. Choose a date for Jessie Robinson's coverage to begin and the number of years Jessie has had insurance coverage.TIP: There are no right or wrong answers, but be sure to answer each question. e. List Jessie Robinson's reason for applying for new insurance as Moving to a new address. f. List the estimated cost of the four household items you determined in question 5 above as the answer to â€Å"How much personal property coverage do you need? † g. Imagine whether Jessie Robinson has animals, and then list what kind. TIP: Consider your answer to the  question â€Å"Do you have an animal that is vicious or attack trained, or that has previously bitten or injured anyone? † before you answ er this question. h. Click the File menu, and then click Save. . In your Section_6 folder, navigate to and open the Example_Insurance_Claim, and then complete the steps below to save a copy of the file with your initials in your Section_6 folder. a. Click the File menu, and then Click Save a Copy. b. If a Save a Copy dialog box appears, click Save a Copy. c. Make sure the Save in drop-down list is set to your Section_6 folder. If not, click the drop-down list, then click Local Disk (C:), then double-click your course folder, and then double-click the Section_6 folder. d. In the Name: field, type Example_Insurance_Claim followed by your initials. . Click Save. 9. Follow the instructions below to fill out the Example_Insurance_Claim for Jessie Robinson. This is a renter's insurance claim form. (4. 0 points for completing the form correctly according to the instructions below) a. Use the information from the Insurance_Application form you filled out in question 7 above to fill out the Insurance Policyholder Information section of the Insurance_Claim form. TIP: Jessie Robinson's phone number is 206-999-0000. b. Fill out the rest of the form with a realistic loss Jessie might have suffered, such as a fire, flood, or robbery.Imagine how severe the damage was and what, if any, evidence Jessie has of the loss. Describe what happened and list at least two damages or injuries the loss caused. Estimate the total cost of the loss. 10. Describe at least two ways you or someone you know might be at risk for identity theft. (1-2 sentences. 2. 0 points) 11. Describe at least three things you can do to protect yourself from identity theft. (1-3 sentences. 2. 0 points) 12. Describe at least three steps you should take after finding out that your credit card was stolen. (1-3 sentences. 2. points) Answers 1. A. ) The example of pure risk would be when your house burns down. B. ) A few of the negative outcomes for this type of risk is because there is only a chance of either loss or no loss, but no chance of gain. C. ) This risk would cause unexpected expenses because you do not predict if your house were to burn down so it would cause you to have to purchase a new one. D. ) One way to protect yourself from this risk is to have a home insurance plan that include insurance for when you house burns down. 2. ) the example of speculative risk is

Management Theories

ABSTRACT Management is the most important part of any organization. No organization can achieve its objectives without proper management. So management is considered the hub of any organization. As society continuously relied on group effort, and as many organized groups have become large, the task of managers has been increasing in importance and complexity. To meet the challenges like competition, efficient and economical uses of sources and maximum output, knowledge of management and theories of management is basic requirement.Henceforth, managerial theory has become crucial in the way managers manage complex organizations. This article will provide the basic information of main management theories and how they have developed. It also addresses the management objectives, functions, goals, and essentiality as well as the requirement skills of a Manger. Relating to my current company – AON Vietnam, member of AON Corporation, the article point out which theory of management fi t best with the style of management in AON Corporation, one of biggest insurance brokers worldwide and what a Manager at AON should do. Topic 1 & 2) CONTENTS I. MAIN MANAGEMENT THEORIES 1. Definition of Management According to Drucker (1974) Management is â€Å"the activity of getting things done with the help of others peoples and resources†. It means that management is a process of accomplishing work with the help of other people. According to Weijrich and Koontz (1993) â€Å"Management is process of planning, leading, organizing and controlling people within a group in order to achieve goals. It is also the guidance and control of action required to execute a program.It indicates that there should be definite plan/program for affective management (Shied, 2010). On the basis of these definitions it can be concluded that management is a process that includes strategic planning, setting objectives, managing resources, developing the human and financial assets needed to achie ve objectives and measuring results. It also includes recording facts and information for later use upon requirement. 2. Management Theories Contemporary theories of management tend to account for and help interpret the rapidly changing nature of today’s organizational environments.Several important management theories which are broadly classified as follows: 1. The Scientific Management School. 2. The Classical Organizational Theory School. 3. The Behavioural School. 4. The Management Science School. 5. Recent developments in Management Theory comprising works such as Systems Approach, Situational or Contingency theory, Chaos theory, and Team Building approach. This discussion will provide a general description of these management theories, how they have developed and the successes that they achieved. A Timeline Overview of Key Management theories pic] a. The Scientific Management School The first management theory is what is popularly referred to as Frederick Taylor’ s Scientific Management. Frederick Taylor (1856 – 1915) started the era of modern management. Taylor consistently sought to overthrow management â€Å"by rule of thumb† and replace it with actual timed observations leading to â€Å"the one best† practice. â€Å"Taylorism† involved breaking down the components of manual tasks in manufacturing environments, timing each movement (‘time and motion' studies) so that there could be a proven best way to perform each task.Thus employees could be trained to be ‘first class' within their job. This type of management was particularly relevant to performance drives e. g ‘Action On' projects. It has to be acknowledged that from an economic standpoint, Taylorism was an extreme success. Application of his methods yielded significant improvements in productivity. For example, improvements such as his shovel work at Bethlehem Works, which reduced the workers needed to shovel from 500 to 140. Henceforth, Taylor proposed four underlying principles of management: First, there is need to develop a ‘science of work’ to replace old rule-of-thumb methods: pay and other rewards linked to achievement of ‘optimum goals’ – measures of work performance and output; failure to achieve these would in contrast result in loss of earnings. – Second, workers to be ‘scientifically’ selected and developed: training each to be ‘first-class’ at some specific task. – Third the ‘science of work’ to be brought together with scientifically selected and trained people to achieve the best results. Finally, work and responsibility to be divided equally between workers and management cooperating together in close interdependence. This was a rigid system where every task became discrete and specialized. However, many critics, both historical and contemporary, have pointed out that Taylor’s theories tend to â€Å"dehumani ze† the workers. Therefore, in summary, while the scientific management technique has been employed to increase productivity and efficiency both in private and public services, it has also had the disadvantages of ignoring many of the human aspects of employment.This led to the creation of boring repetitive jobs with the introduction of systems for tight control and the alienation of shop floor employees from their managers. b. Classical Organizational Theory School In this category of management theory are the works of Henri Fayol’s administrative theory and Max Weber’s bureaucratic theory. Administrative Theory Henri Fayol’s administrative theory mainly focuses on the personal duties of management at a much more granular level. Fayol believed that management had five principle roles: †¢ Forecasting and planning. †¢ Organizing. †¢ Commanding Co-ordinating †¢ Controlling. Forecasting and planning was the act of anticipating the future a nd acting accordingly. Organization was the development of the institution’s resources, both material and human. Commanding was keeping the institution’s actions and processes running. Co-ordination was the alignment and harmonization of the group’s efforts. Finally, control meant that the above activities were performed in accordance with appropriate rules and procedures. Fayol also developed fourteen principles of administration to go along with management’s five primary roles.These principles are: specialization/division of labor, authority with responsibility, discipline, unity of command, unity of direction, subordination of individual interest to the general interest, remuneration of staff, centralization, scalar chain/line of authority, order, equity, stability of tenure, initiative, and esprit de corps. Fayol clearly believed personal effort and team dynamics were part of an â€Å"ideal† organization. Fayol’s five principle roles of management are still actively practiced today. The concept of giving appropriate authority with responsibility is also widely commented on and is well practiced.Unfortunately, his principles of â€Å"unity of command† and â€Å"unity of direction† are consistently violated in â€Å"matrix management†, the structure of choice for many of today’s companies. Bureaucratic Theory Max Weber (1864 – 1924) postulated that western civilization was shifting from â€Å"wertrational† (or value oriented) thinking, affective action (action derived from emotions), and traditional action (action derived from past precedent) to â€Å"zweckational† (or technocratic) thinking. He believed that civilization was changing to seek technically optimal results at the expense of emotional or humanistic content.Through analyses of organizations, Weber identified three basic types of legitimate authority: – Traditional authority: where acceptance of those in authority arose from tradition and custom. – Charismatic authority: where acceptance arises from loyalty to, and confidence in, the personal qualities of the ruler. – Rational-legal authority: where acceptance arises out of the office, or position, of the person in authority as bounded by the rules and procedures of the organization. It is the rational-legal authority form that exists in most organizations today and this is the form to which Weber ascribed the term ‘bureaucracy'.The main features of bureaucracy according to Weber were: †¢ A continuous organization or functions bounded by rules. †¢ That individual functioned within the limits of the specialization of the work, the degree of authority allocated and the rules governing the exercise of authority. †¢ A  hierarchical  structure of offices. †¢ Appointment to offices made on the grounds of technical competence only. †¢ The separation of officials from the ownership of the organization. †¢ The authority was vested in the official positions and not in the personalities that held these posts.Rules, decisions and actions were formulated and recorded in writing. It is not coincidence that Weber's writings were at a time of the major industrial revolutions and the growth of large complex organizations out of the cottage industries and/or entrepreneurial businesses. c. Behavioural School The key scholar under this category is Elton Mayo. The origin of behavioralism is the human relations movement that was a result of the Hawthorne Works Experiment that started in the early 1920s. Elton Mayo and his associates’ experiments disproved Taylor’s beliefs that science dictated hat the highest productivity was found in ‘the one best way’ and that way could be obtained by controlled experiment. The Hawthorne studies attempted to determine the effects of lighting on worker productivity. When these experiments showed no clear correlati on between light level and productivity the experiments then started looking at other factors. These factors that were considered when Mayo was working with a group of women included no rest breaks, no free more hours in the work-day/work-week or fewer hours in the workday/work-week.With each of these changes, productivity went up. When the women were put back to their original hours and conditions, they set a productivity record. These results showed that the group dynamics and social makeup of an organization were an important force either for or against higher productivity. This outcome caused the call for greater participation for the workers, greater trust and openness in the working environment, and a greater attention to teams and groups in the work place.Finally, while Taylor’s impacts were the establishment of the industrial engineering, quality control and personnel departments, the human relations movement’s greatest impact came in what the organization†™s leadership and personnel department were doing. The seemingly new concepts of â€Å"group dynamics†, â€Å"teamwork†, and organizational â€Å"social systems†, all stem from Mayo’s work in the mid-1920s. d. Management Science Theories Douglas McGregor (1906-1964) postulated management ideas as contained in â€Å"Theory X† and â€Å"Theory Y†.Using human behaviour research, he noted that the way an organization runs depends on the beliefs of its managers. â€Å"Theory X† gives a negative view of human behaviour and management that he considered to have dominated management theory from Fayol onwards – especially Taylorism. It also assumes that most people are basically immature, need direction and control, and are incapable of taking responsibility. They are viewed as lazy, dislike work and need a mixture of financial inducements and threat of loss of their job to make them work (‘carrot and stick’ mentality). T heory Y†, the opposite of â€Å"Theory X†, argues that people want to fulfil themselves by seeking self-respect, self-development, and self-fulfilment at work as in life in general. The six basic assumptions for ‘Theory Y’ are: work is as natural as play or rest – the average human being does not inherently dislike work, whether work is a source of pleasure or a punishment (to be avoided) depends on nature of the work and its management. Second, effort at work need not depend on threat of punishment – if committed to objectives then self-direction and self-control rather than external controls.Third, commitment to objectives is a function of the rewards associated with their achievement. Satisfaction of ego and self-actualization needs can be directed towards the objectives of the organization. Fourth, the average human being learns, under proper conditions, not only to accept but to seek responsibility. Fifth, high degrees of imagination, ing enuity and creativity are not restricted to a narrow group but are widely distributed in the population. Lastly, under the conditions of modern industrial life, the intellectual potentials of the average human being are being only partly utilized. . Recent Developments in Management Theory Under this category of theory are the Systems Approach, Situational or Contingency theory, Chaos theory, and Team Building theory. The systems theory has had a significant effect on management science and understanding organizations. A system is a collection of part unified to accomplish an overall goal. If one part of the system is removed, the nature of the system is changed as well. A system can be looked at as having inputs (e. g. , resources such as raw materials, money, technologies, and people), processes (e. g. planning, organizing, motivating, and controlling), outputs (products or services) and outcomes (e. g. , enhanced quality of life or productivity for customers/clients, productivity ). Systems share feedback among each of these four aspects of the system. The Chaos theory is advocated by Tom Peters (1942). Chaos theorists suggest that systems naturally go to more complexity, and as they do so, they become more volatile and must, therefore, expend more energy to maintain that complexity. As they expend more energy, they seek more structure to maintain stability.This trend continues until the system splits, combines with another complex system or falls apart entirely. It will need an effective manager for the latter worst scenario not to happen. Team Building approach or theory emphasizes quality circles, best practices, and continuous improvement. It is a theory that mainly hinges on reliance on teamwork. It also emphasizes flattening of management pyramid, and reducing the levels of hierarchy. Finally, it is all about consensus management – i. e. , involving more people at all levels in decision-making. 3. Management theory applied to AON II. WHAT A MANA GER DOESManaging, like all other practices – whether medicine, music composition, engineering, accountancy, or even baseball – is an art; it is know-how. It is doing things in the light of the realities of a situation. Managers just don't go out and perform their responsibilities. A good manager should discover how to master 05 basic functions: planning, organizing, staffing, leading and controlling. †¢ Planning:  This step involves mapping out exactly how to achieve a particular goal. For example, that the organization's goal is to improve company sales. The manager first needs to decide which steps are necessary to accomplish that goal.These steps may include increasing advertising, inventory, and sales staff. These necessary steps are developed into a plan. When the plan is in place, the manager can follow it to accomplish the goal of improving company sales. †¢ Organizing:  After a plan is in place, a manager needs to organize his team and materials a ccording to his plan. Assigning work and granting authority are two important elements of organizing. †¢ Staffing:  After a manager discerns his area's needs, he may decide to beef up his staffing by recruiting, selecting, training, and developing employees.A manager in a large organization often works with the company's human resources department to accomplish this goal. †¢ Leading:  A manager needs to do more than just plan, organize, and staff her team to achieve a goal. She must also lead. Leading involves motivating, communicating, guiding, and encouraging. It requires the manager to coach, assist, and problem solve with employees. †¢ Controlling:  After the other elements are in place, a manager's job is not finished. He needs to continuously check results against goals and take any corrective actions necessary to make sure that his area's plans remain on track.All managers at all levels of every organization perform these functions, but the amount of time a manager spends on each one depends on both the level of management and the specific organization. Roles performed by managers In his classic book,  The Nature of Managerial Work,  Henry Mintzberg describes a set of ten roles that a manager fills. These roles fall into three categories: †¢ Interpersonal:  This role involves human interaction. †¢ Informational:  This role involves the sharing and analyzing of information. †¢ Decisional:  This role involves decision making.The below table  contains a more in-depth look at each category of roles that help managers carry out all five functions described in the preceding â€Å"Functions of Managers† section. Mintzberg's Set of Ten Roles | | |Category | |Role | |Activity | | |Informational | |Monitor | |Seek and receive information; scan periodicals and reports; maintain personal contact with stakeholders. | | | | | |Disseminator | |Forward information to organization members via memos, reports, an d phone calls. | | | | |Spokesperson | |Transmit information to outsiders via reports, memos, and speeches. | | | |Interpersonal | |Figurehead | |Perform ceremonial and symbolic duties, such as greeting visitors and signing legal documents. | | | | |Leader | |Direct and motivate subordinates; counsel and communicate with subordinates. | | | | |Liaison | |Maintain information links both inside and outside organization via mail, phone calls, and meetings. | | |Decisional | |Entrepreneur | |Initiate improvement projects; identify new ideas and delegate idea responsibility to thers. | | | | | |Disturbance handler | |Take corrective action during disputes or crises; resolve conflicts among subordinates; adapt to environments. | | | | |Resource allocator | |Decide who gets resources; prepare budgets; set schedules and determine priorities. | | | | |Negotiator | |Represent department during negotiations of union contracts, sales, purchases, and budgets. | | | Skills needed by managers Not everyone can be a manager. Certain  skills,  or abilities to translate knowledge into action that results in desired performance, are required to help other employees become more productive. These skills fall under the following categories: Technical:  This skill requires the ability to use a special proficiency or expertise to perform particular tasks. Accountants, engineers, market researchers, and computer scientists, as examples, possess technical skills. Managers acquire these skills initially through formal education and then further develop them through training and job experience. Technical skills are most important at lower levels of management. †¢ Human:  This skill demonstrates the ability to work well in cooperation with others. Human skills emerge in the workplace as a spirit of trust, enthusiasm, and genuine involvement in interpersonal relationships. A anager with good human skills has a high degree of self-awareness and a capacity to understand or empathize with the feelings of others. Some managers are naturally born with great human skills, while others improve their skills through classes or experience. No matter how human skills are acquired, they're critical for all managers because of the highly interpersonal nature of managerial work. †¢ Conceptual:  This skill calls for the ability to think analytically. Analytical skills enable managers to break down problems into smaller parts, to see the relations among the parts, and to recognize the implications of any one problem for others.As managers assume ever-higher responsibilities in organizations, they must deal with more ambiguous problems that have long-term consequences. Again, managers may acquire these skills initially through formal education and then further develop them by training and job experience. The higher the management level, the more important conceptual skills become. †¢ Designing skill is the ability to solve problems in wa ys that will benefit the enterprise. To be effective, particularly at upper organizational levels, managers must be able to do more than see a problem.In addition, they must have the skill of a good design engineer in working out a practical solution to a problem. Managers must also have that valuable skill of being able to design a workable solution to the problem in the light of the realities they face. It has, however, got to be mentioned that the relative importance of these skills may differ at various levels in the organization hierarchy. Although all four categories contain skills essential for managers, their relative importance tends to vary by level of managerial responsibility. Management Theories ABSTRACT Management is the most important part of any organization. No organization can achieve its objectives without proper management. So management is considered the hub of any organization. As society continuously relied on group effort, and as many organized groups have become large, the task of managers has been increasing in importance and complexity. To meet the challenges like competition, efficient and economical uses of sources and maximum output, knowledge of management and theories of management is basic requirement.Henceforth, managerial theory has become crucial in the way managers manage complex organizations. This article will provide the basic information of main management theories and how they have developed. It also addresses the management objectives, functions, goals, and essentiality as well as the requirement skills of a Manger. Relating to my current company – AON Vietnam, member of AON Corporation, the article point out which theory of management fi t best with the style of management in AON Corporation, one of biggest insurance brokers worldwide and what a Manager at AON should do. Topic 1 & 2) CONTENTS I. MAIN MANAGEMENT THEORIES 1. Definition of Management According to Drucker (1974) Management is â€Å"the activity of getting things done with the help of others peoples and resources†. It means that management is a process of accomplishing work with the help of other people. According to Weijrich and Koontz (1993) â€Å"Management is process of planning, leading, organizing and controlling people within a group in order to achieve goals. It is also the guidance and control of action required to execute a program.It indicates that there should be definite plan/program for affective management (Shied, 2010). On the basis of these definitions it can be concluded that management is a process that includes strategic planning, setting objectives, managing resources, developing the human and financial assets needed to achie ve objectives and measuring results. It also includes recording facts and information for later use upon requirement. 2. Management Theories Contemporary theories of management tend to account for and help interpret the rapidly changing nature of today’s organizational environments.Several important management theories which are broadly classified as follows: 1. The Scientific Management School. 2. The Classical Organizational Theory School. 3. The Behavioural School. 4. The Management Science School. 5. Recent developments in Management Theory comprising works such as Systems Approach, Situational or Contingency theory, Chaos theory, and Team Building approach. This discussion will provide a general description of these management theories, how they have developed and the successes that they achieved. A Timeline Overview of Key Management theories pic] a. The Scientific Management School The first management theory is what is popularly referred to as Frederick Taylor’ s Scientific Management. Frederick Taylor (1856 – 1915) started the era of modern management. Taylor consistently sought to overthrow management â€Å"by rule of thumb† and replace it with actual timed observations leading to â€Å"the one best† practice. â€Å"Taylorism† involved breaking down the components of manual tasks in manufacturing environments, timing each movement (‘time and motion' studies) so that there could be a proven best way to perform each task.Thus employees could be trained to be ‘first class' within their job. This type of management was particularly relevant to performance drives e. g ‘Action On' projects. It has to be acknowledged that from an economic standpoint, Taylorism was an extreme success. Application of his methods yielded significant improvements in productivity. For example, improvements such as his shovel work at Bethlehem Works, which reduced the workers needed to shovel from 500 to 140. Henceforth, Taylor proposed four underlying principles of management: First, there is need to develop a ‘science of work’ to replace old rule-of-thumb methods: pay and other rewards linked to achievement of ‘optimum goals’ – measures of work performance and output; failure to achieve these would in contrast result in loss of earnings. – Second, workers to be ‘scientifically’ selected and developed: training each to be ‘first-class’ at some specific task. – Third the ‘science of work’ to be brought together with scientifically selected and trained people to achieve the best results. Finally, work and responsibility to be divided equally between workers and management cooperating together in close interdependence. This was a rigid system where every task became discrete and specialized. However, many critics, both historical and contemporary, have pointed out that Taylor’s theories tend to â€Å"dehumani ze† the workers. Therefore, in summary, while the scientific management technique has been employed to increase productivity and efficiency both in private and public services, it has also had the disadvantages of ignoring many of the human aspects of employment.This led to the creation of boring repetitive jobs with the introduction of systems for tight control and the alienation of shop floor employees from their managers. b. Classical Organizational Theory School In this category of management theory are the works of Henri Fayol’s administrative theory and Max Weber’s bureaucratic theory. Administrative Theory Henri Fayol’s administrative theory mainly focuses on the personal duties of management at a much more granular level. Fayol believed that management had five principle roles: †¢ Forecasting and planning. †¢ Organizing. †¢ Commanding Co-ordinating †¢ Controlling. Forecasting and planning was the act of anticipating the future a nd acting accordingly. Organization was the development of the institution’s resources, both material and human. Commanding was keeping the institution’s actions and processes running. Co-ordination was the alignment and harmonization of the group’s efforts. Finally, control meant that the above activities were performed in accordance with appropriate rules and procedures. Fayol also developed fourteen principles of administration to go along with management’s five primary roles.These principles are: specialization/division of labor, authority with responsibility, discipline, unity of command, unity of direction, subordination of individual interest to the general interest, remuneration of staff, centralization, scalar chain/line of authority, order, equity, stability of tenure, initiative, and esprit de corps. Fayol clearly believed personal effort and team dynamics were part of an â€Å"ideal† organization. Fayol’s five principle roles of management are still actively practiced today. The concept of giving appropriate authority with responsibility is also widely commented on and is well practiced.Unfortunately, his principles of â€Å"unity of command† and â€Å"unity of direction† are consistently violated in â€Å"matrix management†, the structure of choice for many of today’s companies. Bureaucratic Theory Max Weber (1864 – 1924) postulated that western civilization was shifting from â€Å"wertrational† (or value oriented) thinking, affective action (action derived from emotions), and traditional action (action derived from past precedent) to â€Å"zweckational† (or technocratic) thinking. He believed that civilization was changing to seek technically optimal results at the expense of emotional or humanistic content.Through analyses of organizations, Weber identified three basic types of legitimate authority: – Traditional authority: where acceptance of those in authority arose from tradition and custom. – Charismatic authority: where acceptance arises from loyalty to, and confidence in, the personal qualities of the ruler. – Rational-legal authority: where acceptance arises out of the office, or position, of the person in authority as bounded by the rules and procedures of the organization. It is the rational-legal authority form that exists in most organizations today and this is the form to which Weber ascribed the term ‘bureaucracy'.The main features of bureaucracy according to Weber were: †¢ A continuous organization or functions bounded by rules. †¢ That individual functioned within the limits of the specialization of the work, the degree of authority allocated and the rules governing the exercise of authority. †¢ A  hierarchical  structure of offices. †¢ Appointment to offices made on the grounds of technical competence only. †¢ The separation of officials from the ownership of the organization. †¢ The authority was vested in the official positions and not in the personalities that held these posts.Rules, decisions and actions were formulated and recorded in writing. It is not coincidence that Weber's writings were at a time of the major industrial revolutions and the growth of large complex organizations out of the cottage industries and/or entrepreneurial businesses. c. Behavioural School The key scholar under this category is Elton Mayo. The origin of behavioralism is the human relations movement that was a result of the Hawthorne Works Experiment that started in the early 1920s. Elton Mayo and his associates’ experiments disproved Taylor’s beliefs that science dictated hat the highest productivity was found in ‘the one best way’ and that way could be obtained by controlled experiment. The Hawthorne studies attempted to determine the effects of lighting on worker productivity. When these experiments showed no clear correlati on between light level and productivity the experiments then started looking at other factors. These factors that were considered when Mayo was working with a group of women included no rest breaks, no free more hours in the work-day/work-week or fewer hours in the workday/work-week.With each of these changes, productivity went up. When the women were put back to their original hours and conditions, they set a productivity record. These results showed that the group dynamics and social makeup of an organization were an important force either for or against higher productivity. This outcome caused the call for greater participation for the workers, greater trust and openness in the working environment, and a greater attention to teams and groups in the work place.Finally, while Taylor’s impacts were the establishment of the industrial engineering, quality control and personnel departments, the human relations movement’s greatest impact came in what the organization†™s leadership and personnel department were doing. The seemingly new concepts of â€Å"group dynamics†, â€Å"teamwork†, and organizational â€Å"social systems†, all stem from Mayo’s work in the mid-1920s. d. Management Science Theories Douglas McGregor (1906-1964) postulated management ideas as contained in â€Å"Theory X† and â€Å"Theory Y†.Using human behaviour research, he noted that the way an organization runs depends on the beliefs of its managers. â€Å"Theory X† gives a negative view of human behaviour and management that he considered to have dominated management theory from Fayol onwards – especially Taylorism. It also assumes that most people are basically immature, need direction and control, and are incapable of taking responsibility. They are viewed as lazy, dislike work and need a mixture of financial inducements and threat of loss of their job to make them work (‘carrot and stick’ mentality). T heory Y†, the opposite of â€Å"Theory X†, argues that people want to fulfil themselves by seeking self-respect, self-development, and self-fulfilment at work as in life in general. The six basic assumptions for ‘Theory Y’ are: work is as natural as play or rest – the average human being does not inherently dislike work, whether work is a source of pleasure or a punishment (to be avoided) depends on nature of the work and its management. Second, effort at work need not depend on threat of punishment – if committed to objectives then self-direction and self-control rather than external controls.Third, commitment to objectives is a function of the rewards associated with their achievement. Satisfaction of ego and self-actualization needs can be directed towards the objectives of the organization. Fourth, the average human being learns, under proper conditions, not only to accept but to seek responsibility. Fifth, high degrees of imagination, ing enuity and creativity are not restricted to a narrow group but are widely distributed in the population. Lastly, under the conditions of modern industrial life, the intellectual potentials of the average human being are being only partly utilized. . Recent Developments in Management Theory Under this category of theory are the Systems Approach, Situational or Contingency theory, Chaos theory, and Team Building theory. The systems theory has had a significant effect on management science and understanding organizations. A system is a collection of part unified to accomplish an overall goal. If one part of the system is removed, the nature of the system is changed as well. A system can be looked at as having inputs (e. g. , resources such as raw materials, money, technologies, and people), processes (e. g. planning, organizing, motivating, and controlling), outputs (products or services) and outcomes (e. g. , enhanced quality of life or productivity for customers/clients, productivity ). Systems share feedback among each of these four aspects of the system. The Chaos theory is advocated by Tom Peters (1942). Chaos theorists suggest that systems naturally go to more complexity, and as they do so, they become more volatile and must, therefore, expend more energy to maintain that complexity. As they expend more energy, they seek more structure to maintain stability.This trend continues until the system splits, combines with another complex system or falls apart entirely. It will need an effective manager for the latter worst scenario not to happen. Team Building approach or theory emphasizes quality circles, best practices, and continuous improvement. It is a theory that mainly hinges on reliance on teamwork. It also emphasizes flattening of management pyramid, and reducing the levels of hierarchy. Finally, it is all about consensus management – i. e. , involving more people at all levels in decision-making. 3. Management theory applied to AON II. WHAT A MANA GER DOESManaging, like all other practices – whether medicine, music composition, engineering, accountancy, or even baseball – is an art; it is know-how. It is doing things in the light of the realities of a situation. Managers just don't go out and perform their responsibilities. A good manager should discover how to master 05 basic functions: planning, organizing, staffing, leading and controlling. †¢ Planning:  This step involves mapping out exactly how to achieve a particular goal. For example, that the organization's goal is to improve company sales. The manager first needs to decide which steps are necessary to accomplish that goal.These steps may include increasing advertising, inventory, and sales staff. These necessary steps are developed into a plan. When the plan is in place, the manager can follow it to accomplish the goal of improving company sales. †¢ Organizing:  After a plan is in place, a manager needs to organize his team and materials a ccording to his plan. Assigning work and granting authority are two important elements of organizing. †¢ Staffing:  After a manager discerns his area's needs, he may decide to beef up his staffing by recruiting, selecting, training, and developing employees.A manager in a large organization often works with the company's human resources department to accomplish this goal. †¢ Leading:  A manager needs to do more than just plan, organize, and staff her team to achieve a goal. She must also lead. Leading involves motivating, communicating, guiding, and encouraging. It requires the manager to coach, assist, and problem solve with employees. †¢ Controlling:  After the other elements are in place, a manager's job is not finished. He needs to continuously check results against goals and take any corrective actions necessary to make sure that his area's plans remain on track.All managers at all levels of every organization perform these functions, but the amount of time a manager spends on each one depends on both the level of management and the specific organization. Roles performed by managers In his classic book,  The Nature of Managerial Work,  Henry Mintzberg describes a set of ten roles that a manager fills. These roles fall into three categories: †¢ Interpersonal:  This role involves human interaction. †¢ Informational:  This role involves the sharing and analyzing of information. †¢ Decisional:  This role involves decision making.The below table  contains a more in-depth look at each category of roles that help managers carry out all five functions described in the preceding â€Å"Functions of Managers† section. Mintzberg's Set of Ten Roles | | |Category | |Role | |Activity | | |Informational | |Monitor | |Seek and receive information; scan periodicals and reports; maintain personal contact with stakeholders. | | | | | |Disseminator | |Forward information to organization members via memos, reports, an d phone calls. | | | | |Spokesperson | |Transmit information to outsiders via reports, memos, and speeches. | | | |Interpersonal | |Figurehead | |Perform ceremonial and symbolic duties, such as greeting visitors and signing legal documents. | | | | |Leader | |Direct and motivate subordinates; counsel and communicate with subordinates. | | | | |Liaison | |Maintain information links both inside and outside organization via mail, phone calls, and meetings. | | |Decisional | |Entrepreneur | |Initiate improvement projects; identify new ideas and delegate idea responsibility to thers. | | | | | |Disturbance handler | |Take corrective action during disputes or crises; resolve conflicts among subordinates; adapt to environments. | | | | |Resource allocator | |Decide who gets resources; prepare budgets; set schedules and determine priorities. | | | | |Negotiator | |Represent department during negotiations of union contracts, sales, purchases, and budgets. | | | Skills needed by managers Not everyone can be a manager. Certain  skills,  or abilities to translate knowledge into action that results in desired performance, are required to help other employees become more productive. These skills fall under the following categories: Technical:  This skill requires the ability to use a special proficiency or expertise to perform particular tasks. Accountants, engineers, market researchers, and computer scientists, as examples, possess technical skills. Managers acquire these skills initially through formal education and then further develop them through training and job experience. Technical skills are most important at lower levels of management. †¢ Human:  This skill demonstrates the ability to work well in cooperation with others. Human skills emerge in the workplace as a spirit of trust, enthusiasm, and genuine involvement in interpersonal relationships. A anager with good human skills has a high degree of self-awareness and a capacity to understand or empathize with the feelings of others. Some managers are naturally born with great human skills, while others improve their skills through classes or experience. No matter how human skills are acquired, they're critical for all managers because of the highly interpersonal nature of managerial work. †¢ Conceptual:  This skill calls for the ability to think analytically. Analytical skills enable managers to break down problems into smaller parts, to see the relations among the parts, and to recognize the implications of any one problem for others.As managers assume ever-higher responsibilities in organizations, they must deal with more ambiguous problems that have long-term consequences. Again, managers may acquire these skills initially through formal education and then further develop them by training and job experience. The higher the management level, the more important conceptual skills become. †¢ Designing skill is the ability to solve problems in wa ys that will benefit the enterprise. To be effective, particularly at upper organizational levels, managers must be able to do more than see a problem.In addition, they must have the skill of a good design engineer in working out a practical solution to a problem. Managers must also have that valuable skill of being able to design a workable solution to the problem in the light of the realities they face. It has, however, got to be mentioned that the relative importance of these skills may differ at various levels in the organization hierarchy. Although all four categories contain skills essential for managers, their relative importance tends to vary by level of managerial responsibility.