Reading Summary Article Example | Topics and Well Written Essays - 250 words - 3

Understanding Summary - Article Example All the more likewise, it additionally merges changes to how the United States economy is estimated along with extra source information. The GDP and the national records assessments center around monetary statistics data from a general perspective and whatever other information that is available only once in like clockwork. Besides, the trouble lies in making a framework and systems that utilize these budgetary enumeration information. Likewise, it merges them utilizing a mosaic of month to month, quarterly, and yearly fiscal markers to make quarterly and yearly GDP gauges. Examinations of GDP start with a total update appraisal, otherwise called a best-level measure, which is created once in like clockwork with the reference year normally a couple of years prior. If the genuine yield outperforms its likely level, at that point requests on limit begin to tie, constraining further turn of events and prompting inflationary weight. For the situation that yield falls underneath potential, at that point resources are lying torpid, and swelling may fall. Releasing of Genuine GDP information happens month to month and is reports of quarterly development. A month after the quarter closes, the first is evacuated. As more data come in, the subsequent report is given at the finish of the second month from quarters end, as a last report showing up at the last purpose of the quarter. (Landefeld, Seskin, and Fraumeni, 2008) The principal troubles sketched out in the article consolidate the nonappearance of adequate information estimating in the administrations and organizations area. The second arrangement of troubles relates to the progression of better estimation techniques for parts that are, by their qualities, hard to esteem. The weight for offering information to national benefits all the more quickly will simply develop. With everything taken into account, it is worth to communicate that Measuring GDP for the United States economy is trustworthy working for the progression. Since Bureau

Much Ado About Nothing Essay -- essays research papers

	Much Ado About Nothing is a play that revolves around the inquiry and fight among duplicity and reality. One first notification of the picture of double dealing as we witness the concealing and exposing at the disguise. In the play, most catch conversations are trickeries. It is through listening in that we see the genuine fight among trickery and reality as we take a gander at the subplots of Benedick and Beatrice, Hero and Claudio, just as the satire of Dogberry and his team. 	 The connection among Benedick and Beatrice is one produced totally through trickery for the benefit of their companions. In spite of the fact that the plot to join them was arranged, huge numbers of the issues that emerged were a direct result of things that were caught inadvertently or intentionally. In Act II, Scene 3 Benedick is hoodwinked into imagining that Beatrice adores him due to the discourse in the nursery between Leonato, Claudio, and Don Pedro. Beatrice is sent to get Benedick for supper, and Benedick notes "some characteristics of affection in her," and he chooses to take feel sorry for upon her and return her adoration. In Act III, Scene 1 Beatrice is tricked as she catches Hero and Ursula discuss Benedick's warmth for her. Beatrice at that point chooses to permit herself to be subdued by Benedick's "loving hand," and return his adoration. Beatrice and Benedick re made to experience passionate feelings for through the tr ickiness of everyone around them, and unexpectedly discover satisfaction more promptly than Claudio and Hero. 	The connection between Clau...

Job Offer Too Low Use These Key Salary Negotiation Techniques to Write a Counter Proposal Letter

Job Offer Too Low Use These Key Salary Negotiation Techniques to Write a Counter Proposal Letter If you’ve received a job offer that doesn’t quite hit the mark, it’s time to counter it. And if you don’t feel like negotiating the salary in person, you can opt for writing a counter proposal letter.A counter proposal letter is your ability to respond to the job offer in a written format. It will help you outline your reasons for continuing negotiations and making your case for a specific, more acceptable job offer.This guide will help you write a counter proposal letter that gets results. The guide consist of the following sections:Taking your time to consider the offerDoing your research to support your counter proposalConsider non-salary items as part of your requestFocusing on your value in the letterSuggesting the right figureTalking about the offer in styleShowcasing enthusiasmUsing the right kind of languageAt the end of the guide, you’ll find a template and an example letter to help you with your writing.So, let’s get started! TAKE YOUR TIME TO CONSIDER THE OFFE RBefore you start writing your counter proposal, it’s important to step back for a moment and consider. You don’t want to make hasty decisions when it comes to something as important as this.When you receive an offer, the most important thing is to ask for time to review it and to ponder your options. By taking this time to analyse and consider your options, you allow yourself to better respond to it. Your response will end up being more coherent and thorough. This will be key to getting what you want with these negotiations.Taking time will also send a message to the employer and show them you’re not in a rush to accept. They will know you won’t just accept whatever they throw your way â€" you take the crucial step of highlighting that you understand your worth and you are looking to negotiate.So, when you receive an offer, you’re first response should just be to thank the organization and ask if it’s OK for you to review it over the next few days. You can do this in pe rson or in writing. The key is to mention the following:Thank for the offerRe-iterate the main points of the offer (especially if not in writing)Say you’ll be reviewing the offer over the next two days (never ask for over a week) and responding to it afterRemember to then use the time to actually think about the offer. Be specific about the parts that disappoint you and those that might not. You want to sleep on your decisions to make sure you listen to your heart and your head.DO YOUR RESEARCHYou’ll then need to move on to conducting research. Research is an important part of negotiating your salary because you won’t know whether an offer is worth accepting or not if you don’t know your worth.You can’t ask for more money just because you ‘feel’ like it or you ‘need’ more. The reason for your rejection must be based on facts. You can’t ask for more without having something to back your argument.You need to focus your research on the following points:What are your particular skills and experience worth?What are the averages for the role and the industry?What kind of financial situation is the company in and what are the typical salaries for its employees?To learn more about all those three points, you should use online resources to your advantage. Here are a few websites that offer free information and salary calculators for you to use:Know Your Worth Tool at Glassdoor.comSalary Survey at PayScale.comLinkedIn SalaryIndeed Salary SearchSalary.comYou also want to study the company slightly and check if they’ve been in the news lately or if they are hiring a lot. Your counter proposal must be realistic and therefore, if you find the company is in debt and has laid off multiple people recently, you probably won’t be able to expect a huge improvement to your salary (but you might be able to negotiate other perks!).Then, once you’ve done the research, you can examine the offer and how it matches your findings. Since you’ve found the job of fer to be too low, compare it with your findings. Is it low compared to industry standards? Is it low in the terms of the location average? Is it low in terms of your experience?When you know the answer and you have an idea of just how ‘low’ the offer is, you can start thinking about the next steps. You should use the research to:Determine the acceptable range, and consider the averages in the role and your unique skills and experience.Gather facts to support your counter proposal.So, instead of just figuring a counter proposal figure, you can use the information to support your argument. You won’t need to write your proposal with you just asking a random figure that’s more than they offered. You can say with evidence why you think their offer is too low and you want more.What this research does is help you write things like:“According to my market research, the average salaries for the position fall between $100k-140k. Therefore, the proposed $80k falls short and I would be happier to discuss a salary closer to $110k.”CONSIDER ACCEPTABLE NON-SALARY ITEMSWhen you’re considering the proposal, it’s important to focus on other benefits and perks aside from the salary. Even if the offer is too low in terms of the salary, you might be able to negotiate other perks that make the offer slightly more appealing to you.Non-salary items can be a good way of making a job more enjoyable and motivating. They can be good things to add to your counter proposal because they show the employer you are willing to negotiate beyond just the salary. You showcase the all-important negotiating tactic: the ability to compromise.The non-salary items might not always be the most important at the start. But you definitely want to keep in them in mind and especially if you encounter the moment where the employer says, they just can’t increase the salary.The non-salary items that many people negotiate include things like:Flexible work arrangements, including working from h ome or choosing your own work hoursHoliday perks such as paid vacation timeEmployee benefits such as free parking, food vouchers, gym memberships and so onBonuses and benefit schemes, like commissions and pension plansInsurance options such as health insurance, life insurance and so onAnother great benefit to consider is development schemes. It can be a good tactic to ask the employer to pay for training and development in the near future â€" this shows your enthusiasm for the role and it can allow you to develop your skillset for the future.If you have to relocate to the role, you should also consider negotiating relocation packages as part of your job offer. If you choose to do that, always remember to back it up with research and data. For example, explain that you have to move from the other side of the country, your living costs will increase due to the relocation and so on.You can do living standard research online. Check out the following tools and calculators:BankRate.com Co st of Living CalculatorPayScale.com Cost of Living CalculatorFOCUS ON YOUR VALUEThe focus of your counter offer letter should be in highlighting your value. It’s important to state to the employer you would be a valuable addition to the organization. And not just say it but also show it.You should go over the requirements for the role one more time, writing down the reasons you match those requirements. You can simply use a format like this for now:The skill needed for the role:My supporting argument for having it:Use a conversational tone when writing your example arguments. For instance, if the role requires good communication skill, write about your experience of running a helpline for five years.Then you can narrow it down to two-three sentences that highlight your skills and match the best. These should be the key things you think will drive up performance and help you shine.Of course, you want to showcase how you are even better than what the company was looking for. So, mak e sure you remind yourself of the ways you’d add value to the organization. The extra talent, skills and experience you would bring.You can think of this as your Unique Selling Point (USP). What is the one reason the company should hire you? You might already have this prepared for the interview. If you don’t, just think about it and write it down.The idea here is to make sure you can show why you are worth a specific amount of money. Your counter proposal shouldn’t just be to argue what you want but what the company is going to get by hiring you.You’ll need to have around four sentences of your value to the organization prepared for the letter.SUGGEST A FIGURE SLIGHTLY HIGHER SALARY THAN YOU’D ACCEPTIf you’ve received a job offer that’s too low, you shouldn’t make your counter offer exactly what you’d accept as the minimum. The company is already undervaluing you and it’s likely that they will either:Accept the low counter offer you make outright, orTry negotiat ing it even lower.Therefore, the figure you suggest should always be slightly higher than what you’d accept as the bare minimum. This gives you more room to negotiate and guarantees you don’t have to settle for something less than you deserve.Your earlier research will help you at this point. It’s important to remember here that your figure must reflect your worth but also be realistic in terms of what the employer can pay. So just asking for the moon and the stars is not beneficial or practical.Since you are making a counter offer, you shouldn’t try dancing around the subject. You want to go to the point and present the organization with an actual figure you’d like to negotiate. They’ve already offered a figure so now it’s your time to do the same â€" no one wants this process to last forever!Let’s say the employer has offered you $100k but you find the average salaries in the role to vary between $105k to $120k. You’ve done your research and it shows your specifi c skills and experience puts you to a $105k to $110k range. You then calculate that your red line is the lowest average pay, which is $105k. This is acceptable to you and your living standards, considering the role. But it’s not quite your ideal.Now, you don’t want to ask for this but your counter proposal should be closer to $108k. This is still not too high considering the initial offer but it also gives more room to negotiate.Of course, this all depends on how low the initial offer has been. If it’s clearly lower (+10-20%), then you have to consider whether it’s best to just tell the employer you find the offer rather disappointing and ask them for an altogether new offer.If it’s just slightly amiss, then you can offer a higher counter offer. You generally want to ask around 5% more if the job offer is too low â€" if it’s above your red line.TALK ABOUT THE ACCEPTABLE AND NON-ACCEPTABLE PARTS OF THE JOB OFFERIt would help your cause and negotiations to find something g ood about the offer. It’s always easier to continue negotiations if you can agree on something. So, go over the proposal and think if there areacceptable parts to itand get serious about the things that aren’t.You then want to take note of those things you don’t agree and which you want to negotiate further. This gives you the core of your letter.The things you should go over are:What is the proposed salary?Are there annual bonuses or commission?When is the salary review? Does it include an automatic increase if you hit targets?Do you have a relocation package?What are the other benefits?Your counter proposal should go over each of those points the employee offered and proposed. This has two functions. It will:Re-iterate the proposal and make sure you both are talking about the same issues.Help you focus on the pain points and the acceptable parts of the offer, giving you space to counter them.So, in your letter you want to outline each point and clearly state if you accept it or if you’d like to talk about it further. When you are pointing out things that are non-acceptable for you, the key is to back your reasoning and counter proposal with evidence.You can write down your thoughts on a chart like this:The job offer perk (such as salary):Acceptable or not?If not, what to offer and why?DON’T FORGET TO SHOW ENTHUSIASMYour letter should have an enthusiastic and positive tone. Surely, you are disappointed at the offer you’ve been handed but you don’t want to show this disappointment to the employer. Furthermore, even if you are not happy with the salary, you still want to make it clear that you are excited about the role.If you make it just about the money, the employer is likely to want to negotiate. They don’t want to hire someone who is there just for the paycheck. They want someone motivated and hardworking.On the other hand, if your counter proposal letter highlights your enthusiasm and genuine interest for the position, the employer will fe el more positive about negotiating further. They understand you’re serious about the role and they will listen to your concerns and arguments regarding the pay.Therefore, you have to start by thanking the employer for the opportunity and outlining your reasons for wanting the job. After you’ve done that, you can move onto the more serious issues regarding the pay.In addition, you should always conclude your counter proposal letter with another two things you’re most looking forward to in the role.Here are a few phrases that show enthusiasm and are, therefore, great to add to a counter proposal letter:I’m excited by the opportunity to work together/with you/in the organization.I’m eager to start working/beginning a project/implementing a new strategy.I’d be honored to be part of the team/organization.DON’T USE DEMANDING OR CONFRONTATIONAL LANGUAGEJust as you want to maintain an enthusiastic language, you also have to avoid getting confrontational about the pay. Even tho ugh you didn’t like the offer, you don’t want to come across demanding and rude.A good way of doing this is to avoid making demands. You don’t want to be asking for something but rather raising questions regarding the pay. Here are a few examples on how to do this (and what not to say):Good things to sayBad things to sayBased on the current market, I’d be happier with a salary closer to X.I feel that a salary of X would better represent the value I can bring to your organization.I would like to negotiate the salary further, as it currently doesn’t reflect my talent, considering the current market conditions.I need to have X amount.I can’t accept anything other than X.You either pay me X or I’ll reject this.Your letter shouldn’t read like a ransom note. Instead, you want it to be a conversation mover â€" something that doesn’t stall or end the negotiations but takes them from point A to point B.Above all, throughout your letter, your language must be respectful and polite. This isn’t the place for insults or ultimatums, no matter how much you hated the offer.After all, if you are respectful and nice, back your claims and request with evidence, then you are more likely to get a good response. And if the employer doesn’t agree, then you can just respectfully decline and move on to better job offers!When you’re writing your letter, you should also focus on avoiding phrases like “I know” and “Let me point out”. They feel confrontational. Instead, when you’re voicing a disagreement, say that “I understand” and “I can see where you’re coming from”. They show empathy and a real desire to compromise.AN EXAMPLE COUNTER OFFER LETTERYou know have all the tools to create a good counter proposal letter that gets results. Here are the final tips and an example letter to guide you in this mission.The template to useFirst, when you are writing your counter offer letter, you want to organise your letter in the following format:Introdu ctionEmphasize your interest in the company and the role.Include two to three reasons you’re the ideal candidate.Body of the letterReminder of the proposal on the table with clear mentions of the points you agree/accept and those you don’t.Clear statements of your counter offer and reasoning for it, backed with evidence.ConclusionEmphasize interest in the role again.Mention why your proposal is reasonable and the value you can bring.Offer to meet the employer/tell the employer can contact you.An example letterWith that in mind, here is an example letter to help you write your own proposal letter. While you shouldn’t copy it, you can use it as inspiration and guidance when writing.Dear Mrs Smith,I appreciate your offer of the position of Account Manager at the XYZ Company in New York. The opportunity to work in an exciting work environment is enticing. I believe my strong background in startup management and communications will help me improve your organizations Accounts depart ment. I hope to reach those sales goals we discussed during the interview!I found many parts of your offer acceptable but I would like to go over some of the points that I think need refining. Your suggested starting salary of $88k is 5% lower than I was expecting. The industry average also falls 5% higher and so I would like to propose an increase of 2.5%. I found your relocation offer of reimbursing all transport and property hunt related costs to be generous and I would like to accept them. However, I’m slightly concerned about the lack of credible pension plan option. I would like to discuss this with you further before accepting the job offer. Your proposed starting date was on the 22nd September but I wonder if this could be pushed further back by a week, considering we’re still negotiating the total compensation package.I’m looking forward to joining the team. I believe I can add value to the team through my 5 years of management experience. You can contact me at 123 32 1 to continue our discussion or, alternatively, reply to this e-mail.I look forward to hearing from you!Best regards, Mark MatsonSUCCEEDING WITH YOUR COUNTER PROPOSAL LETTERThe above points and strategies will help you write a counter proposal letter that gets success. The points guarantee you focus on the right issues, conduct proper research to back your requests and use a language that gets results.So take the tips and board and write a counter proposal letter that’ll help you get your dream job and the right compensation!

The Seismoscope Is One of the Great Chinese Inventions

There are few things more disconcerting than the sensation of the seemingly-solid Earth suddenly rolling and pitching beneath ones feet. As a result, humans have sought ways to measure or even predict earthquakes for thousands of years. Although we still cant accurately predict earthquakes, humans have come a long way in detecting, recording, and measuring seismic shocks. This process began nearly 2000 years ago, with the invention of the first seismoscope in China. The First Seismoscope In 132 CE, inventor, Imperial Historian, and Royal Astronomer Zhang Heng displayed his amazing earthquake-detection machine, or seismoscope, at the court of the Han Dynasty. Zhangs seismoscope was a giant bronze vessel, resembling a barrel almost 6 feet in diameter. Eight dragons snaked face-down along the outside of the barrel, marking the primary compass directions. In each dragons mouth was a small bronze ball. Beneath the dragons sat eight bronze toads, with their broad mouths gaping to receive the balls. We dont know exactly what the first seismoscope looked like. Descriptions from the time give us an idea about the size of the instrument and the mechanisms that made it work. Some sources also note that the outside of the seismoscopes body was beautifully engraved with mountains, birds, tortoises, and other animals, but the original source of this information is difficult to trace. The exact mechanism that caused a ball to drop in the event of an earthquake also is not known. One theory is that a thin stick was set loosely down the center of the barrel. An earthquake would cause the stick to topple over in the direction of the seismic shock, triggering one of the dragons to open its mouth and release the bronze ball. Another theory posits that a baton was suspended from the lid of the instrument as a free-swinging pendulum. When the pendulum swung widely enough to strike the side of the barrel, it would cause the closest dragon to release its ball. The sound of the ball striking the toads mouth would alert observers to the earthquake. This would give a rough indication of the earthquakes direction of origin, but it did not provide any information about the intensity of the tremors. Proof of Concept Zhangs wonderful machine was called houfeng didong yi, meaning an instrument for measuring the winds and the movements of the Earth. In earthquake-prone China, this was an important invention.   In one instance, just six years after the device was invented, a large quake estimated at a magnitude seven struck what is now Gansu Province. People in the Han Dynastys capital city of Luoyang, 1,000 miles away, did not feel the shock. However, the seismoscope alerted the emperors government to the fact that a quake had struck somewhere to the west. This is the first known instance of scientific equipment detecting an earthquake that had not been felt by humans in the area. The seismoscopes findings were confirmed several days later when messengers arrived in Luoyang to report a major earthquake in Gansu. ChineseSeismoscopes on the Silk Road? Chinese records indicate that other inventors and tinkerers in the court improved upon Zhang Hengs design for the seismoscope over the centuries that followed. The idea seems to have spread westward across Asia, probably carried along the Silk Road.   By the 13th century, a similar seismoscope was in use in Persia, although the historical record does not provide a clear link between the Chinese and Persian devices. It is possible that the great thinkers of Persia hit upon a similar idea independently.

What Must Be Done to Improve Ethics in Finance and...

U10A2- Essay Louise Pettiford What must be done to improve ethics in finance and corporate governance? Corporate governance can be referred to the rules, processes, or laws by which businesses are operated, regulated and controlled. It can also refer to internal factors defined by the officers, stockholders or constitution of a corporation. After finding the meaning of Corporate governance, which can also be referred to corporate responsibility, I thought about the policies in which the company I work for have. I work for Northrop Grumman, which is one of the leaders in global security. My company does strive to remain committed to maintaining the highest of ethical standards, embracing diversity and becoming an ideal corporate†¦show more content†¦When you think about corporate governance and the scandals that come to mind is Enron. This turned out to be scan in which Enron lied about its profits, shady dealings and concealing debts. A lot of regulations came down from the government regarding corporate responsibility and regulations. Big businesses had a lot of freedom to do what they wanted to do. Directors, Shareholders, and Presidents of companies needed to take another look at how their businesses were being run. What needs to change and what needs to be implemented so this doesn’t happen to us? The Securities and Exchange Commission voted on three measures that are intended to better inform and empower investors to improve corporate governance and help restore investor confidence. The Commission proposed requiring public companies receiving money from the Troubled Asset Relief Program (TARP) to provide a shareholder vote on executive pay in their proxy solicitations .The Commission also voted to propose better disclosure of executive compensation at public companies in their proxy statements, and approved a New York Stock Exchange rule change to prohibit brokers from voting proxies in corporate elections without instructions from their customers. Congress passed the Sarbanes-Oxley Act of 2002 (SOX) in an effort to protect U.S. capital markets and millions of American shareholders. SOX promote accountability and transparency inShow MoreRelatedLegal And Regulatory Environments And Ethics1712 Words   |  7 Pages1. Title: legal and Regulatory Environments and Ethics: Essential Components of a Fraud and Forensic Accounting Curriculum Forensic accounting is defined as the action of identifying, recording, settling, extracting, sorting, reporting, and verifying past financial data or other accounting activities for settling current or prospective legal disputes or using such past financial data for projecting future financial data to settle legal disputes. Forensic accountant are very important part of theRead MoreAn Interview With The Banking System Essay1408 Words   |  6 PagesAfter speaking to several of my former colleague at Chase, they mentioned The Banking System have made changes and is taking the necessary steps to improve their appearance. Many have moved to others Banks due to the stress. Michael Bane (2016, September 28), said he left and went to another bank due to the sales pressure and the constant reminder that he was under performing. In an interview with Britt, L (2016, September 28), J.P. Morgan Chase focus is now on customer service and numbers. MyRead MoreEssay about Enron: Who was at faul t?1664 Words   |  7 Pagesquestion- who was really at fault and what has been done to prevent it from happening again? The story of Enron begins in 1985, with the merger of two pipeline companies, orchestrated by a man named Kenneth L. Lay (Zellner Forest, 2001). In its 15 years of existence, Enron expanded its operations to provide products and services in the areas of electricity, natural gas as well as communications. Through its diversification, Enron would become known as a corporate America darling (Tonge, Greer LawtonRead MoreCorporate Governance2469 Words   |  10 PagesTABLE OF CONTENTS GOOD CORPORATE GOVERNANCE 2 †¢ OBSERVANCE OF GOOD CORPORATE GOVERNANCE 3 †¢ FAILURES OF CORPORATE GOVERNANCE 5 CORRUPTION 5 †¢ BENEFITS OF AVOIDING CORRUPT PRACTICES 6 CONCLUSION 8 REFERENCES 9 â€Æ' GOOD CORPORATE GOVERNANCE Governance in the Oxford dictionary is defined as â€Å"control or influence†, while corporate is defined as â€Å"shared by all members of the group†. Therefore corporate governance refers to the structures and processes for the direction and control of membersRead MoreHow to Reform Corporate Ethics in American Business Today2798 Words   |  12 PagesIntroduction 3.0 Overview 4.0 Task 5.0 Corporate Governance Issues 5.1 Board of Directors 5.2 Shareholders 5.2.1 Implementation of Independent Auditors from Management 5.2.2 Setting up Effective Accounting Rules 5.3 Modern CEOs 6.0 The Role of Corporate Ethics 7.0 Recommended Policies to be Implemented 7.1 Sarbanes-Oxley Act 7.2 The California State Teachers’ Retirement System (CalSTRS) 8.0 The Required Way to Deal with Corporate Failure 9.0 Conclusion 10.0 Recommendation Read MoreCan Corporate Governance Mechanism Prevent Corporate Fraud?2996 Words   |  12 PagesCORPORATE GOVERNANCE ESSAY Can Corporate Governance Mechanism Prevent Corporate Fraud? Executive Summary This paper will reviews the extent to which corporate governance acts as efficient tool to protect investors against corporate fraud, thus contributing to summarize the literatures on role of corporate governance on preventing occurrence of corporate fraud. In a more recent study, corporate fraud is part of earnings manipulation done outside the law and standards. Whereas, the activitiesRead MoreTyco International: Leadership Crisis2216 Words   |  9 Pagesprevented this kind of situations most specially their role is to protect the firm’s shareholders from inappropriate or unethical situations. As a result, they faced consequences for their unethical behavior which is the decentralization of the corporate structure. The misconduct of Dennis Kozlowski, the former chairman of Tyco and Mark Swartz, the former CFO lead them 30 counts of corruption, conspiracy, fraud, conspiracy, grand larceny, and falsifying business records. While Mark Belnick , theRead MoreThe Essential Component of Corporate Governance9749 Words   |  39 PagesBusiness Ethics: The Essential Component of Corporate Governance John D. Sullivan, Ph.D. Executive Director, CIPE Aleksandr Shkolnikov, Program Officer, Global, CIPE Given ï ¬ nancial scandals and the resulting new mandates on business, ï ¬ rms ï ¬ nd themselves pressed to develop strong codes of ethics to guide the behavior of board members, managers, and employees. Although the concern with ethics has always been a part of doing business, business leaders today are beginning to think about ethics as a setRead MoreLeadership and Governance3973 Words   |  16 PagesReflective Journal: Leadership and Governance Introduction Reflective practice is a highly significant way to develop the skills of students (Pavlovich, Collins, Jones, 2007). Because it has value and can help students to focus on the issues they see in governance and leadership, it is a practice that should be undertaken by all students working toward a better understanding of management. In order to properly work within the confines of reflective practice, most students write a number ofRead MoreThe Role of Culture in the Economic Development of Countries3279 Words   |  14 Pagescultures impact on economic development through tourism, social capital, and corporate governance. In contrast, culture can produce negative outcomes in economic development. Cultural issues, such as gender inequality, lack of social capital, and diminishing cultural heritages, contribute to a downgrading economy. To understand cultures impact on a countrys economic development, it is important to understand what culture is: a system of values and norms that are shared among a group of people

University Study Skills Free Essays

Students need to make a number of adjustments when starting university. Critically discuss some of these adjustments in terms of skills brought with them, and new skills that must be developed. Draw on relevant SSK12 material in your essay. We will write a custom essay sample on University Study Skills or any similar topic only for you Order Now ————————————————- In this essay it will be argued that even though students may bring with them such skills as competence in writing secondary school essays and reports, good comprehension and grammar and motivation to succeed with them to university, there are other skills they will need to develop as well as refine those they already possess. The main skills which any new student will need to develop in order to succeed at university are critical thinking, which also includes critical reading, reflective thinking, learning independently and adjusting to the concept of the university culture which has its own languages and behaviours. New students are likely to experience a cultural clash as university possesses its own culture, and sub-cultures. Adjustments will have to be made with students needing to develop bicultural habits. As Kolb asserts, students entering higher education will have to engage in ‘learning how to learn’ (Kolb 1981). The lead-up to the first study period, as well as the first study period itself, of a student’s beginning in university can be a massive culture shock. Some students may develop the feeling of uncertainty as to whether they have made the right choice about pursuing higher education and whether they are even likely to succeed. This can be observed by reading some of the student comments on the SSK12 Facebook page during the first weeks of the first study period. In other cases we may see students that take on a particular discipline and after a period of time find that they no longer have a desire to pursue that discipline. There may be few opportunities for students in these positions to change disciplines. This is primarily due to the fact each discipline has its own sub-culture within the greater university culture. As Kolb has discussed, there are many faculties within the university, each have their own conventions that are unique to themselves such as language, values, ideas and norms (Kolb 1981). This impending transition may be too much for a student who has already had to become acculturated and has potentially experienced a culture shock. The average individual can be affected by several cultures, for example and not necessarily restricted to, culture of family, culture of the workplace and culture of religion. The culture of university is but one of the cultures that can make a big impact on the individual. Students are faced with a new workload that may come with a pace of instruction that is probably faster and more intense than what they may be used to. There is a potential to feel overwhelmed at first and ways to overcome this may be to develop habits of early preparation, prioritising and time management. There is an expectation that students need to be self-motivated and independent. There will be some guidance available but the general expectation is that the individual should know their own deadlines and the amount of study that is required. This may take some adjustment for individuals as they may be reeling from the cultural demands that university has already begun to place upon them. If they are studying more than one subject in their first study period they will have already potentially experienced the distinction in sub-cultures. For example, Ballard and Clanchy have noted that each sub-culture will have its own language and values and the new student will have to navigate themselves through an unsteady transition between cultures (Ballard and Clanchy 1988). Individuals also need to develop critical thinking as it is a cornerstone of university studies. Warren contends that critical thinking is necessary to university studies as an individual cannot â€Å"process information, form reasoned opinions, evaluate beliefs, construct positions, or articulate a thesis without the use of critical thinking† (Warren 1995, 4). I can support this through my own experience as critical thinking has been an important component of my university studies to date. One may see, however, that some individuals may have difficulties bringing themselves around to this mode of thinking as critical thinking involves developing an impersonal approach and attempting to put aside any biases that the individual may possess about particular subjects. Critical thinking may also involve critical reading and this may also be a foreign concept to the new student. One needs to get into the habit of identifying theses in readings rather than just ‘reading’ – ‘sorting the wheat from the chaff’, as it were. Once the thesis has been identified the argument then needs to be analysed and criticised. Any evidence within the reading needs to be assessed. Any conclusions reached need to be examined as well as whether they are supported by evidence. Any other alternatives also need to be considered. In short, the individual will need to read more widely than what they may be used to and in a more analytical fashion. Reflective thinking is another skill that students must develop as it is a valuable tool. Reflection is integral to learning and assists in critical thinking as it starts with being self-critical in order to learn and improve. As Marshall and Rowland assert, ‘thinking about your own thinking, or metacognition, will give you insights into how you go about your learning, and is important if you want to change or adapt study behaviours’ (Marshall and Rowland 2006 9). Warren further asserts that ‘critical thinking is necessary to learning. One cannot process information, form reasoned opinions, evaluate beliefs, construct positions, or articulate a thesis without the use of critical thinking. As such, the critical self is integral to learning itself’ (Warren 1995). Reflective thinking makes the individual ask themselves what may be working, what is not working and what may require improvement. Some students may already bring a form of this skill with them to university. I can support this through my personal experience in this area. I served in the police force for thirty years and the procedure in the police force was to conduct ‘debriefs’ of incidents that we were involved in. The police debrief was always framed in the format of discussing what went well and what could be done better. Every individual involved in that particular incident was expected to contribute. The expectation was that this process would lead to constant improvement in performance. It is a very similar process to reflection within university learning. One method of reflective thinking that students may learn a great deal from is through the keeping of a reflective journal, also known as a learning log. Pavlovich asserts that reflective journals are an invaluable aid in the development of self-awareness and inner leadership (Pavlovich 2007). The use of a reflective journal aids in developing the individual as a critical thinker as the very nature of its use forces the user to be critical of themselves and lead to change and improvement. Students will also need to develop the skill of speaking and writing in academic English. This is part of the acculturation to the university culture of which language is a major part. Students will have to learn very quickly to become bicultural. In their written work they will have to learn to avoid contractions and develop the passive voice over the active voice. Academic English is specific whereas informal English, that the student may be used, to is rather vague. Academic English is also often structured in a cautious manner whereas informal English is often structured in a more definite manner. Using my own personal experience to add support to this, I thought I had a reasonable grasp of formal English having come from the police force where, for example, great care goes into compilation of files for the prosecutors to proceed with, but I have also had to make adjustments and become bicultural through working on my own understanding and application of academic English. The new student may bring skills with them to university but they will be confronted with the need to refine these skills and indeed develop new skills in order to survive at university. Skills that will need to be developed will include the need for critical and reflective thinking, critical reading and adjustment to independent learning. Students will also have to become acculturated to university which possesses its own culture and sub-cultures which are separate to what they may be used to. REFERENCES Avruch, Kevin. 2002. Culture and Conflict Resolution. Washington: United States Institute of Peace Press. Ballard, Brigid, and John Clanchy. 1988. Literacy in the university: An ‘anthropological’ approach. In Literacy by Degrees, ed G. Taylor, et al. , 7-23. Milton Keynes: The Society for Research into Higher Education Open University Press. Beasley, Colin. 2012. Communicating at University. Murdoch University, Perth, Western Australia. Bizzell, Patricia. 1986. What Happens When Basic Writers Come to College? College Composition and Communication. 37(3). Grant, Barbara. 1997. Disciplining Students: the construction of student subjectivities. British Journal of Sociology of Education, 18(1): 101-114. Hobson, Julia. 1996. â€Å"Concepts of the self: Different ways of knowing about the self†. SSK12 lecture transcript. Ed. Lorraine Marshall. Perth: Murdoch University. Kolb, David A. 1981. â€Å"Learning styles and disciplinary differences. † In The Modern American College. Ed. A. W. Chickerine Associates, 232-235 and 251-252. San Francisco: Jossey Bass. Marshall, Lorraine, and Frances Rowland. 2006. A guide to learning independently. th ed. Frenchs Forest, NSW: Pearson Education Australia. Pavlovich, Kathryn. 2007. The development of reflective practice through student journals. Higher Education Research and Development 26 (3): 281-295. Samovar, Larry A. , and Richard E. Porter. 2004. Communication Between Cultures. 5th ed. Belmont, California: Wadsworth/Thomson Learning. Vivekananda, Kitty, and Penny Shores. 1996. Uni is Easier When You Know H ow: Success Stories, Study Secrets, Strategies. Sydney: Hale and Iremonger. Warren, Karen. 1995. ‘The critical self’. Perth: Murdoch University. How to cite University Study Skills, Papers

Market Entry Srategies Strong Market Base

Question: Discuss about theMarket Entry Srategiesfor Strong Market Base. Answer: Introduction At the heart of successful marketing lies a comprehensive and successful market entry strategy that assures the firm of a strong market base. A market entry strategy refers to a well-planned method or strategy of delivering a firms product to a new target market. In the modern business arena the mode of marketing and the aspect business to business marketing has become widely adoptable. During the planning phase, a company must consider a variety of factors before choosing the appropriate market entry strategy which includes but not limited to the cost of marketing, barriers to entry, and the level of competition in the market. The factors that dictate the market entry strategy may be grouped into two broad categories; that is external and internal factors. While external factors comprise of market size, market growth, government regulations, the level of competition and physical infrastructure; internal factors, on the other hand, encompasses the objectives of the company, availabil ity of company resources, the level of competition, and the companys flexibility. Although two companies may have similar factors, the may choose entirely different market entry strategies. The essay aims at reflecting on how different models and marketing concepts in business to business marketing influences the choice of the market entry strategies. To address this the paper uses the case study of market penetration strategy in Egypt by the G4S - Cash360 Various models exist to explain the business behavior and how it affects the choice of the market entry strategy. Among the models includes the sheth model (1973), the model of Webster and Wind (1972), and the model of Robinson, Faris, and Wind (1972). Howard-Sheth model is arguably one of the most relevant models in marketing that serves to reflect the consumer behavior in the market (Robertson, 2013, p. 38). This were the models which were adopted by the group during the workshop. The model aims at explaining how businesses choose products in the situation of incomplete information provided by another business. According to the model, the business express rationality during the initial purchase phase and other repeated purchases. However, the repeated purchase is as a result of the incentives whose source might be in the environment (Input variables). Hyun and Jin (2012, p. 127) argues that the input variables refers to the stimuli which arise from the market entry strategy of the firm coupled with other related marketing activities. Among the three main stimuli (symbolic incentives, significant incentives, and social stimuli), significant incentives arguably have the most impact on the choice of the market entry strategy. It refers to the physical attributes of the product such as quality and price. In the light of this consideration, the group found that the best market entry strategy for G4S-Cash360 for example would be a pricing strategy (Gross, 2013, p. 168). Pricing strategy would serve to ensure a low but aggressive strategy while at the same time maintaining a fair share of added value. The basis of such added value is the value adding principle as well as adjusted for relationship coupled with incentives for market bond provision. Closely related to the Howard-Sheth model are the Webster and Wind Model which argues that four main factors influence businesses buying decision and therefore dictating the choice of the market entry strategy. According to Lymbersky (2008, p. 193), the factors comprise of individual factors, organizational factors, buying center, and environmental factors. More important to the purpose of this essay is the influence of buying centers and organizational factors on the choice of the marketing strategy. Organizational factors encompass factors such as objectives, purchasing policies, and organizational structure of the firm (Wu, 2006, p.101). It is these variables that serve to influence the functioning as well as the composition of the buying centers thus dictating the market entry strategy for the marketing firm. As such, the business marketing its products and services to another company must study the behavior of the target business and all the related factors that affect its purchase behavior before deciding on the best market entry strategy. For example, environmental factors such as good infrastructure such as roads would support an aggressive promotional strategy and a wide coverage for the Egypt market for the G4S-cash360. Otherwise knows at the Robinson, Faris, and Wind model, the buy-grid model, relates to the buying processes of both the consumer and the businesses. The marketing researchers (Robinson, wind, and Faris) argue that buying decision is not as a single-event process, but involve multi-stage decision-making (Helen et al., 2005, p. 228). The model comprises a matrix of buy-phases as well as buy-classes which are new tasks, modified rebuy, and straight rebuy. In the new task buy-class, the business seeks a lot of information to analyze the alternative purchasing options. In this phase, risk serves as the main factor influencing the amount of information needed. For example, when a marketer introduces a new product in the market for another business, the marketer must find a wide variety of information on the product. Similarly, the group applied the similar model on how G4S Cash360 can penetrate in the Egypt market. As such, Park and Lee (2009, p.64) argues that the appropriate market entry strategy is an aggressive promotional strategy that serves to inform the potential consumers of the availability of the product, its usage, and its benefits over other products among other factors. For instance, in the case of G4S-Cash360, a direct market strategy with aggressive promotion would be the best market entry strategy. Conclusion Different factors, the main one being the consumer behavior, dictates the choice of the market entry strategy for a firm. As such, the firm must pay close attention to the different consumer behaviors among other considerations before settling on a market entry strategy. It is notable that it is the marketing strategy that opens up the market for the companys product; therefore, should the initial choice of the entry strategy be wrong, the entire marketing strategy would experience some challenges. Therefore, the marketers should focus on adopting various and different marketing entry models as per their organization products and services. This will ensure that the company products and services gain easy penetration and saturation. References Gross, J., 2013. Market Entry Strategies for Saturated Markets: Challenges for the Consumer. GRIN Verlag Helen, W.B., Sue, E., and Elliot, 2005. Special Issue: Towards a Theory of Shopping, Journal of consumer behavior 4 (4): 221-303 Hulen, B., 2015. Sensory Marketing: Theoretical and Empirical grounds. Routledge Hyun, H. L. and Jin, Y., 2012. Consumer perceptions of online consumer product and service Reviews, Journal of Research in Interactive Marketing, 6 (2): 110-132. Lymbersky, C., 2008. Market Entry Strategies: Text, Cases and Readings in Market Entry Management. Christoph Lymbersky Park, C. and Lee, T.M., 2009. Information direction, Website reputation and eWOM effect: a Moderating role of product type, Journal of Business Research, 62 (1): 61-67. Robertson, T.S., 2013. A Critical Examination of Adoption Process Models of Consumer Behavior. Marketing Classic Press Wu, S-I., 2006. The impact of feeling, judgment and attitude on purchase intention as online Advertising performance measure, Journal of International Marketing and Marketing Research, 31 (2): 89-108.

Hollow Men Essay Research Paper n TS free essay sample

Hollow Men Essay, Research Paper n T.S. Eliot # 8217 ; s poem The Hollow Men, T.S. Eliot contrasts his straw-filled hollow work forces with the # 8220 ; lost violent psyche # 8221 ; of Mr. Kurtz and Guy Fawkes. Mr. Kurtz is a character in Joseph Conrad # 8217 ; s Heart of Darkness. T.S. Eliot is stating that it is better to hold met decease and to hold strong sentiments than to sit lazily and stay stagnant. Both Eliot and Conrad are portraying the general society to be disintegrating. The hollow mean are in a province of stagnancy. They can neither choose life nor decease and are hence damned to a life where they will blow off to nil. The hollow work forces are said to populate in a grey, black wasteland full of cactus. This thought contrasts with Conrad # 8217 ; s usage of symbolism in Heart of Darkness. Joseph Conrad portrays images of blunt white and black. We will write a custom essay sample on Hollow Men Essay Research Paper n TS or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Joseph Conrad is stating that there were merely extremes being the civilized and the barbarian. Mr. Kurtz was seeking to be a mediator for the civilized and the barbarian societies of England and Africa. Mr. Kurtz became down and basically devolved. In this sense, Conrad is stating that there is no in-between route. In The Hollow Men, the straw work forces are unable to take which way they will take and wait for a mark. The scenes for the two plants is different every bit good. In Heart of Darkness the scene is the Congo. The milieus are exuberant giantism of trees and other workss. There is H2O everyplace, particularly depicted by the river. In The Hollow Men, the scene is a black desert full of lone straw mans and cactus. There are mentions to eyes in both plants. The direct eyes are said to be guide. Mr. Kurtz had firing eyes which symbolized how the horror of his actions finally killed him. In The Hollow Men, the eyes are eyes of determination and way that the straw work forces deficiency and do non wish to see. Joseph Conrad portrays that there is evil inherent in everybody. The Manager was the epitomy of immorality and yet he survived. Mr. Kurtz became barbarian. T.S. Eliot says that it is better to be one of these characters than to be a straw adult male who believes that # 8220 ; this is they manner the universe ends/Not with a knock but a whimper. # 8221 ;

The ADL Matrix, Gap Analysis, and the Directional Policy Matrix

The ADL Matrix, Gap Analysis, and the Directional Policy Matrix Continuation. Read the beginning of the article to see the full picture. Here are three lesser-known strategic planning tools that are primarily used for determining a  large-scale  competitive strategy for an organization or a strategic business unit. These particular tools are fairly simple environmental analysis methods, and like other better-known tools such as SWOT  or PEST analysis, do not suggest actions the business should take to reach its objectives. They are best used as a first step in strategy planning, with other more complex tools such as Balanced Scorecards or Key Performance Indicators used to develop and carry out strategic objectives. All the notions listed below may be rather confusing and you should be ready to spend much time on writing. In case you need help with  ADL Matrix, Gap analysis or Directional Policy Matrix turn to our writers and  get professional assistance. The Arthur D. Little (ADL) Strategic Condition Matrix The Arthur D. Little Strategic Condition Matrix was developed by the well-known consulting firm of the same name in the  1970s and is a life cycle-based analysis similar to the Boston Matrix. Unlike the Boston Matrix, which considers a single dimension – product or SBU competitiveness – the ADL has two: competitive position and industry maturity. It was designed mainly for use in assessing SBUs in a large enterprise, but can be easily adapted for use as an analysis covering the entire company or smaller units. The ADL Matrix Competitive position is relatively easy to identify accurately if one thinks of it in terms of product and place: What does the company or SBU offer, and how extensive and diversified are the markets in which it can offer it? Product and place together define the business unit to be assessed. This does not, however, necessarily follow the organizational structure. For example, the sales division of an auto manufacturer provides a product in terms of the cars it sells, but also provides a product in terms of the marketing message supporting the sales effort, customer relations, and value-added components such as service warranties; thus, several organizational units, or parts of them, might make up an SBU for the purposes of strategic analysis with the ADL matrix. Industry maturity is fairly straightforward, and could describe not only an entire industry but a relevant segment of it; for example, our auto manufacturer might consider different vehicle classes such as sports cars, luxury sedans, and light trucks. Once the competitive position and industry maturity are determined, the SBU is assigned the appropriate place in the matrix, from where the company can begin to make strategic decisions. In some guides to the ADL, the 20 potential positions on the matrix are identified with specific generic strategies. In general, the positive strategies involving holding and growing SBUs increase as one moves from bottom to top and right to left across the matrix; the lower-right position representing a weak SBU in an aging market always suggests abandoning or otherwise divesting from the SBU. It is important, however, not to be too strictly bound by predetermined generic strategies. The actions and choices available to the organization depend on the organization’s circumstances and available resources, and may not match generic strategy prescriptions. The biggest weakness of the ADL is that it cannot account for uncertainty about the length of industry life cycles. In an organization’s current industry conditions, it can be difficult to foresee when those conditions might change, since the life cycle is not only affected by external forces but by the activities of competitors as well. Because effective planning requires a definite timeframe, a rapid change in the industry life cycle can make a chosen course of action obsolete and harm the company’s competitive position. Gap Analysis Gap analysis is usually associated with marketing strategy planning, but it can be applied to other types of strategic planning. It is one of the simplest planning tools ever devised, which gives it some distinct advantages and disadvantages. The first step in a gap analysis is to select relevant, measurable indicators that will describe the â€Å"gap†. The fewer the indicators chosen, the less complicated the subsequent analysis and plan development will be; examples of indicators might be gross revenues, profit margin, total sales, or production figures. The â€Å"gap† is the difference between the objectives and the current situation in terms of the selected indicators. Generally, the gap is visualized as a chart: The obvious question is, â€Å"Why would anyone want to conduct a gap analysis?† because the simplicity of the tool suggests it might not be of much use. As a practical tool, it really isn’t. The steps the company needs to take are entirely dependent on the indicators it uses to measure the gap, and their underlying factors; at best, the gap analysis can only tell the company how far off the mark it is in reaching its objectives, not how to reach them. It does have some value, however, as a way to impose some structure on planning processes and give them a clear direction. For example, if the company decides net profit is the indicator that defines the gap, subsequent planning activity will be more effectively focused on factors that contribute to net profit. The Shell Directional Policy Matrix The Shell Directional Policy Matrix is a variation of the Boston Matrix, but is somewhat more detailed and provides clearer generic strategies for SBUs. It relies on two variables, the outlook for sector profitability and the company’s or SBU’s competitive capability, and is arranged in a three-by-three matrix. Knowledge is powerful; we hope that through this article, we have empowered you. If you would like an article like this written for you, we can do that for a token. Our team of professional writers  has  a track record that speaks excellence and perfection! For an article in a related area, simply  place an order here  and get your unique article in no time! At , we provide high quality and  well-written  articles.

Leadership and organisations Essay Example | Topics and Well Written Essays - 2500 words

Leadership and organisations - Essay Example This essay discusses only some of the various leadership theories, styles, and models that have been developed in the interest of management science. Many have been conceptualized from observing the practices of leaders and viewing them in the context of their organizational setting. While the discussion is not exhaustive, it is illustrative of the breadth of leadership theory and its situation within the larger arena of organizational management theory. Throughout history, nations rose and fell on account of good and bad leaders, compelling social and behavioural theorists to seek a pattern of attributes or behaviours that would account for the difference. The presumed objective is to identify what makes good leaders, and from thence to formulate guidelines by which good leaders may be identified (in the case of inborn leaders) or developed (in those cases where leaders are seen as created). A brief summary of leadership theories in modern history are shown in the table below. Great man theories espoused the view that leaders are born and not made, meaning that there are only those select few (whether chosen by the divine wisdom or by destiny) who rise above the rest and emerge as leaders. The term alludes to the early concept that all leaders are male, or women with male qualities, particularly in battle. The notion of leadership as birthright is consistent with the traditions of several nations until now, whose leaders acquire their status from their lineage. Aside from the monarchies still existing in Europe (England, the Netherlands), Asia (Japan, Thailand), the Middle East (Jordan, Saudi Arabia, the emirates of the UAE), or the ethnic tribes in Africa (Zulu, Burundi, Chad), there are militarily installed dictatorial dynasties such as the Kims of North Korea and the Castros of Cuba. In such cases, the original leader is looked up to as some benign national patriarch, and his issue by rule are endowed with the mandate to be revered, even

Film review Argo Research Paper Example | Topics and Well Written Essays - 1000 words

Film review Argo - Research Paper Example The main character of Mendez is played by the director himself. The movie has received widespread success and is one of the best eleven movies of the year 2012. It was also nominated for a number of awards and also won many such nominations including the Oscars, Golden Globe along with other acclaimed awards. However many of the critiques have put forward that the movie diverts from the events that took place in real. This essay would compare the critiques of the different newspapers and would argue as to if these are logical enough to put down the story. The story revolves around the rescue and escape of six Americans from the American embassy when it was attacked by the Iranian revolutionaries. Although there were 52 Americans in the embassy when the attack happened, only 6 were able to escape through a back door and were then given a refuge in the home of the Canadian embassy. In order to save their lives, a CIA specialist made a plan to bring them safely back to their home. The p lan was to depict then 6 Americans as part of a Canadian film crew visiting Iran for a science fiction movie. However, due to certain mistakes on part of the group, the revolutionaries find out about the escape of these Americans. Due to limited time, the Americans had to be taken out of the country immediately. After certain last time escapes, the Americans are able to pass through airport security and reach home safely. However, the film has been criticized for being biased and not portraying the true facts of the actual events. According to The New Yorker, which is a US based newspaper, the film termed to idea of making a movie to rescue the six Americans as being ridiculous. It also comments on the representation of the Hollywood industry as being deceitful as well as the fake directors and actors which were hired for pure execution of their plan. It also shows severe criticism of the style showed during the film of the era in Iran. According to this article, the camera work is not up to the mark as well. As stated earlier, a movie based on historical events should show facts of the actual events but even this article states that this was not done so in this film. It includes that the real account of events as stated by Paul Mendez himself do not show any kind of a disruption or a problem during the passage of the hostages through the airport but the film follows a different storyline showing a number of events and actions in order to fill it with drama. The ending of the movie was also criticized for the same reasons as being far away from what actually happened. Overall, the movie did not receive a good review from The New Yorker in terms of the depiction of the actual events of the history (Film within a film, Web). According to The Telegraph of the UK, the strongest point of the movie is the execution of the storyline and the depiction of the Iranian revolutionaries. According to it, the recreation of the era is 1970s is exceptionally good as far as th e style of the actors is concerned. The dialogues are reviewed to be fast moving and appropriate with the scenes of US adopting a humorous approach whereas Iranian scenes were a bit serious based on the nature of events that took place. The talents of the director are praised, particularly the way he depicted and mixed the emotions of fear and violence. According to it, this movie may not have shown the facts of the act

Projects Risks Which Affect Schedule Or Resources Information Technology Essay

Projects Risks Which Affect Schedule Or Resources Information Technology Essay Risk management can be defined as identifying risks and drawing up plans to minimize their effect on a project. The term risk is used universally, but different people take different meanings to it. Risk management helps in decision making, but it depends upon the context in which it is used. For example, safety professionals view risk management in terms of reducing the accidents and injuries, while the insurance industry relies on risk management techniques when setting insurance rates. Likewise, each industry uses risk management, there is no universally accepted definition of risk. A risk is a probability that some adverse circumstance will occur. They may be of any type: Projects risks which affect schedule or resources Product risks which affect the quality or performance of the software being developed. Business risks which affect the organization development. Principles of risk management The  International Organization for Standardization  (ISO) identifies the following principles of risk management.12 Risk management should: create value be an integral part of organizational processes be part of decision making explicitly address uncertainty be systematic and structured be based on the best available information be tailored take into account human factors be transparent and inclusive be dynamic, iterative and responsive to change be capable of continual improvement and enhancement Defining risk Risks are simply potential problems. For example, every time we walk the street, we have the risk of being hit by the car. Until we make any commitment, the risk does not start. It ends when the problem occurs or the possibility of risk is eliminated. (we safely step on to the other side).A software project may encounter various types of risks: Technical risks include problems with languages, project size, project functionality, and platforms. These risks may result from excessive constraints, lack of experience. Management risks include lack of proper planning, lack of management experience and training, communication problems and control problems. Financial risks include cash flow, capital and budgetary issues and return on investment constraints. Contractual and legal risks include changing requirements, market driven schedules, health safety issues. Personnel risks include staffing lags, experience and training problems, ethical and moral issues, staff conflicts. Other resource risks include unavailability or late delivery of equipment supplies, inadequate tools, distributed locations and slow response times. Three conditions of risk As specific definitions of risk may vary, a few characteristics are common to all definitions. For risk to exist, the following three conditions must be satisfied. (charette, 1990): The potential for loss must exist Uncertainty to the eventual outcome must be present. Some choice or decision may be required to deal with the uncertainty and potential for loss. Basic Definition of risk The above three characteristics can be used to give a basic definition of word risk. Most definitions focus on the first two conditions, because they are the two measurable aspects of risk. Thus the essence of risk, no matter what domain, can be captured by the definition: Risk is the possibility of suffering loss (Dorofee, 1996). There are different definitions presented by many authors: A simple definition of risk is a problem that could cause some loss or threaten the success of the project, but which hasnt happened yet. These potential problems might have an adverse affect on the cost, schedule or technical success of the project, the quality of our software products or project team morale. Risk management is the process of identifying, addressing and eliminating these potential problems before they damage our project. (Wiegers, 1998) Risk is a combination of abnormal event or failure and the consequences of that event or failure to a systems operators, users or environment. A risk can range from catastrophic to negligible. (Glutch, 1994) Components of Risk As shown in figure 2, a risk can be described as a cause-and- effect pair, where the threat is the cause and the resulting consequence is the effect. So here, a threat can be defined as a circumstance with potential to create loss and the consequence is defined as the loss that will occur when a threat is realized (Alberts, 2009). Figure 2. Components of risk Risk Measures Three measures are associated with a risk: Probability Impact Risk exposure The relationships between probability and impact and the components of risk are shown in the figure 2. So here, probability is defined as a measure of likelihood that a threat will occur, while impact is defined as a measure of the loss that will occur if the threat is realized. Risk exposure provides a measure of the magnitude of a risk based on current values of probability and impact. Risk Management Risk management is a systematic approach for minimizing exposure to potential losses. It provides a disciplined environment for Continuously assessing what could go wrong Determining which risks to address. Implementing actions to address high-priority risks and bring those risks within tolerance. Risk management activities The three core risk management activities are Assess risk: transform the concerns people have into distinct, tangible risks that are explicitly documented and analyzed Plan for risk mitigation: determine an approach for addressing or mitigating each risk and prepare a plan for implementing the approach. Mitigate risk: dealing with each risk individually and implementing the appropriate mitigation plan and tracking the plan to completion. These three activities form the foundation of the risk management frame-work. Figure 3. Risk Management Activities Issue/Problem One of the fundamental conditions of risk is uncertainty regarding its occurrence. A risk, by definition, might occur or not. But an issue is a loss or adverse consequence that has occurred or certain to occur. With an issue, no uncertainty exists, the loss or adverse consequence has taken place or is certain to take place. Issues can also lead to other risks by Creating a circumstance that produces a new threat Making an existing threat more likely to occur Aggravating the consequence of the existing risks. Oppourtunity Risk is focused on the potential for loss, it does not address the potential for gain. The concept of oppourtunity is used to address the potential for gain. An oppourtunity is the likelihood of realizing a gain from an allocation or reallocation of resources. Oppourtunity defines a set of circumstances that provides the potential for a designed gain and requires an investment or action to realize that gain. Pursuit of an oppourtunity can produce new risks or issues, and it can also damage existing risks or issues. Risk management framework The risk management framework defines activities that are required to manage risk effectively. The main goal of the framework is to specify the core sequence of activities that must be executed when performing risk management. However, because risk management must be conducted within a broader context or environment, the framework also specifies activities to prepare for risk management as well as to sustain and improve the risk management practice over time. Figure 6 shows the three phases of the framework. Figure 6. Framework structure Phase 1 (prepare for risk management) is used to get ready for the other two phases. Phase 1 activities should be complete before activities in the other phases are executed. Phase 2(perform risk management activities) defines a set of activities for managing risk. Phase 2 activities are continually performed to ensure that the overall risk to key objectives is effectively managed overtime. The activities of phase 3(sustain and improve risk management) are normally performed on periodic basis to ensure that the risk management practice remains effective over time. Phase 3 activities are used to identify improvements to a risk management practice. While phase 1 is generally completed prior to beginning the other two, phases 2 and 3 are typically executed concurrently. The phase 2 of the frame work comprises the following three activities, which will be seen in detail in the risk management process. They are: Assess risk Plan for risk mitigation Mitigate risk The basic structure of the risk management framework can be defined as Phase 1 : prepare for risk management Phase 2 : perform risk management activities Assess risk Plan for risk mitigation Mitigate risk Phase 3 : sustain and improve risk management One of the main objectives of the framework is to provide a basis for evaluating and improving risk management process for a program or organization. Risk Management Process A risk management process is a method by which risks to the project (e.g. to the scope, deliverables, timescales or resources) are formally identified, quantified and managed during the execution of the project. The process entails completing a number of actions to reduce the likelihood of occurrence and severity of impact of each risk. A risk management process is used to ensure that every risk is formally: Identified Quantified Monitored Avoided, transferred or mitigated. 1.When to use a risk management process: Although the risk management process is undertaken during the execution phase of the project, project risks may be identified at any stage of the project lifecycle. In theory, any risk identified during the life of the project will need to be formally managed as part of the risk management process. Without a formal risk management process in place the objective of delivering a solution within time, cost and quality may be compromised. The risk management process is terminated only when the execution phase of the project is completed.(just prior to project closure). 2.Overview An overview of the risk mangement process will give the clear example of how each risk is identified within the project environment and how it is documented, escalated and mitigated as appropriate. Risk mangement will be undertaken on the project through the implementation of five key processes. Risk identification Risk analysis Risk planning Risk monitoring This process starts with the identification of a list of potential risks. Each of these risks is then analyzed and priortized. A risk management plan is created that identifies containment actions that will reduce the probability of the risk occuring and reduce the impact if the risk turns in to a problem. The plan also includes contingency actions that will taken if the risk turns in to a problem. The tracking step involves monitoring the status of know risks as well as the results of the risk redution actions. As new status and information are obtained, the risk management plans are updated accordingly. Tracking may also result in the addition of newly identified risks or in the closure of the known risks. The risk management process is an on-going part of managing the software development process. It is designed to be a continous feedback loop where additional information and risk status are utilized to refine the projects risk list and risk management plans. 5.10 Risk-man-process.eps 000FF90EMacintosh HD B8AA5F2E: Figure 4. The risk management process 2.1 Risk identification During the first step in the risk management process, the risks are identified and added to the list of known risks. The output of this step is a list of project-specific risks that have the potential of damaging the projects success. The following procedures can be undertaken to identify risks. Risk originator identifies a risk applicable to a particular aspect of the project. Risk originator completes a risk form and distributes the form to the project manager. Different types of risks associated with a project : Technology risks. People risks Organisational risks Requirements risks Estimation risks 2.2 Risk analysis During the risk analysis step, each risk is assessed to determine The probability, that the risk will result in loss Impact: the size or cost of that loss if the risk turns into a problem and Timeframe: when the risk needs to be addressed (risk associated with activities in the near future would have a higher priority then similar risks in later activities) The project manager reviews all the risks raised and determines whether or not each risk identified is applicable to the project. If the risk considered by the project manager is related to project, then a formal risk is raised in the risk register. The project manager will assign the level of impact. The list of risks is then prioritized based on the results of our risk analysis. Since resource limitations rarely allow the considerations of all risks, the prioritized list of risks is used to identify risks requiring additional planning and action. 2.3 Risk planning Taking the prioritized risk list as input, plans are developed for the risks chosen for action. Considering each risk, an appropriate strategy is developed to manage the risk. Different strategies are Avoidance strategies: the probability that the risk will arise is reduced. Minimisation strategies: The impact of the risk on the project or product will be reduced. Contingency plans: if the risk arises, contingency plans are plans to deal with that risk. After a formal review of each risk listed in the risk register, the project review group decides for action on it. Some of the risk management strategies: Prepare a briefing document for senior management showing how the project is making a very important contribution to the goals of the buziness to compensate for the organisational financial problems. Alert the customer of potential difficulties and the possibility of delays, investigate buying-in components to sustain any recruitment problems. Reorganize team so that there is more overlap of work and people therefore understand each others job, in case of staff illness. Replace potentially defective components with bought-in components of known reliability, incase of any defective components. Derive traceability information to assess requirements change impact, maximize information hiding in the design, in case if any requirements change. Investigate the possibility of buying a higher-performance database for database performance. Investigate buying in components and also the use of a program generator to compensate for the underestimated development time. 2.4 Risk monitoring The risk mitigating strategies assigned by the project review group are then implemented. These may include: Scheduling each action for implementation Implementing each action scheduled Reviewing the success of each action implemented Communicating the success of each action implemented. The monitoring step involves gathering data, compiling that data into information, and then reporting and analyzing that information. The results of the monitoring can be: Identification of new risks that need to be added to the risk list. Validation of known risk resolutions so risks can be removed from the risk list because they are no longer threat to project success. Information that dictates additional planning requirements Implementation of contingency plan. 3 Risk roles Define the roles and responsibilities for all human resources, both internal and external to the project who are involved with identification, review and mitigation of risks within the project. 3.1 Risk originator The risk originator identifies the risk and formally communicates the risk to the project manager. The risk originator is reponsible for: Identifying the risk within project Documenting the risk by completing the risk form Submitting the risk form to the project manager for review 3.2 Project manager The project manager receives each risk form and records and monitors the progress of all risks within the project. The project manager is responsible for: Receiving all risk forms and identifying whether the risk is appropriate to the project Recording all risks in the risk register Presenting all risks to the project review group Communicating all decisions made by the project review group Monitoring the progress of all risk mitigating actions assigned 3.3 Project review group The project review group confirms the risk likelihood and impact and assign risk mitigating actions where appropriate. The project review group is responsible for: The regular review of all risks recorded in the risk register Identifying change requests required to mitigate risks raised. Allocating risk mitigating actions Closing risks which are no longer likely to impact on the project. 3.4 Project team The project team undertake all risk mitigating actions delegated by the project review group. 4. Risk documents List any other documentation used to identify, track and control risks to the project. 4.1 Risk register The risk register is the log / datebase where all risks are registered and tracked through to closure. 4.2 Risk form The risk form is used to identify and describe a risk to the project. The below figure shows the data flow between various entities in the risk management process. Risk Management Process Figure 5. Dataflow between various entities in a risk management process Risk communication Risk communication is a complex cross-disciplinary academic field. Problems for risk communicators involve how to reach the intended audience, to make the risk comprehensible and relatable to other risks, how to pay appropriate respect to the audiences values related to the risk, how to predict the audiences response to the communication, etc. A main goal of risk communication is to improve collective and individual decision making. Risk communication is somewhat related to crisis communication. (Frederick, 1988) Seven cardinal rules for the practice of risk communication are Accept and involve the public/other consumers as legitimate partners. Plan carefully and evaluate your efforts with a focus on your strengths, weaknesses, opportunities, and threats. Listen to the publics specific concerns. Be honest, frank, and open. Coordinate and collaborate with other credible sources. Meet the needs of the media. Speak clearly and with compassion. .

Nevada on the Move of Importing Prescription Drugs

Assembly Majority Leader Barbara Buckley heads on the plan to import prescription medicines from Canada. Backed by other officials, cause-oriented groups, unions, doctor’s associations, and senior citizens, she together with other lawmakers, are now pushing to finalize the regulations to enable Nevadans to purchase drugs from Canadian drugstores which are lower-priced and more economical. The legislation is eyeing to implement the law by April 20 of this year. In line with this, Attorney General George Chanos has taken a stand to further modify the current rulings with regards the issue at hand. He said that possible federal Food and Drug Administration directives may be violated, resulting to legal consequences. Buckley, also the chief sponsor of the program, is headstrong to obtain the approval. She vows to work in achieving authorization as she claims to consider of her constituents who purposely go to Canada just to buy their daily medicinal needs. The final elements of the legislation are now being scrutinized by the board to meet the set deadline. These sections being worked on are the accreditation procedures of the Canadian pharmacies allowed to market medicines within the state. It is also required that these pharmacies have toll-free phone lines,   e-mail access, and the ability to get in touch with their customer’s doctor in cases the latter can’t present a valid prescription. The board is also looking at the guidelines as to when, where, and why the pharmacy can decline a purchase. The law also states that generic Canadian drugs can not be sold except when sold also in the same generic form in their country. The rules ensuring the safety of the drugs are being prioritized as well. The Canadian drugs cannot enter the state unless approved by the US Food and Drug Administration and Health Canada. It is assumed the people of Nevada will not only be benefited from the cheaper drugs that will soon be available to them. The regulation also aims to control unauthorized websites that are selling drugs to the US; drugs that are not tested safe and effective by the proper US health departments. The law also seeks to castigate agencies, companies, and individuals who are pursuing illegal prescription drugs importations within the constituency. It is not a secret that a lot of US citizens are actually flying to Canada or are getting their medicine from Canadian sources. Buckley aims to regulate these transactions, make it legal if it is, while still protecting the interests and rights of the people, particularly the Nevadans. Activists against the law on the other hand, would like to postpone the ratification until after every single detail is straightened out. They are pushing for lawmakers to launch a special session with regards this particular law. Those who on the pro-implementation side believe changes can be done in the regular legislative session next year. Currently, the vote stands 4 to 3 favoring the execution of the new law. http://www.lasvegassun.com/sunbin/stories/nevada/2006/mar/01/030110077.html http://hosted.ap.org/dynamic/stories/N/NV_CANADIAN_DRUGS_NVOL-?SITE=NVCAP&SECTION=STATE&TEMPLATE=DEFAULT&CTIME=2006-04-20-20-06-12                        

Medtronic External and Internal Analysis Essay

Medtronic Inc. can easily be compared to le Concorde, a turbojet supersonic passenger airliner first flown in 1976. This jet was more than twice as fast as any other airliner ever created, flying at speeds of up to 1,350 mph. The capability to fly at more than twice the speed of a regular airliner equates to twice the flights and premium prices for this astonishing service. The resulting profitability of le Concorde is what puts this machine at the top of its class. In 1957, Medtronic founder Earl Bakken created Medtronic’s Pacemaker, the first wearable device to treat abnormally slow heart rates. The Pacemaker is now the staple product of Medtronic and can be compared to le Concorde for its innovation, efficacy, and profitability. This is just one example of Medtronic’s ability to use its innovation to transform the treatment of chronic disease worldwide. The firm has been a leader in the Medical Device Manufacturing industry for over two decades, developing and manufacturing innovative medical devices to treat more than seven million patients each year. Its products include pacemakers, defibrillators, heart valves, and stents, among others. Medtronic’s drive for excellence is best summed up by its corporate mission, â€Å"To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life† (Medtronic. com). To achieve its goals and maintain success, Medtronic must constantly monitor and evaluate its external environment and the forces in it that could affect the company. The Medical Device Manufacturing industry is exposed to numerous forces and trends that can generate opportunities for firms to exploit as well as threats for firms to avoid. Of note are the effects of rivalry, buyers, regulation, and globalization trends. The Medical Device Manufacturing industry, as a whole, has grown at an annual rate of 18. 9% since 2005, contributing to a high level of industry attractiveness (ibisworld. com). Medtronic is the clear leader with 17. 2% market share. Its closest rivals, Boston Scientific and St. Jude Medical, have market shares of 2. 8% and 4. 8%, respectively (ibisworld. com). Recently, the industry has seen a dramatic increase in consolidation as larger firms have cquired smaller operations in an effort to diversify their portfolios and gain market share. This shrinkage has resulted in greater industry concentration, increasing the rivalry among these key players. Focusing on a more narrow analysis of the Cardiovascular Device segment reveals a similar, more intensified, environment for rivals. Compared to the overall industry, this specific segment has recently witnessed much lower growth rates because the market is saturated with products that have little differentiation and limited innovation possibilities. For this reason, merger & acquisition activity is especially prominent among top firms seeking to create strategic competitiveness. They have identified the threat of rivals and are looking to gain additional resources and capabilities through diversification. The role of buyers is very unique in this industry. While individual patients are the ultimate consumers of medical devices, firms often focus on healthcare providers when selling products. This is because patients in the market have low brand recognition of the devices they use. Instead, they rely on their hospitals and physicians to recommend products for treatment. It is important for manufacturers to understand this distinction since it is these physicians and other providers that have the greatest brand loyalty. That said, individual patients still drive demand for products, and their satisfaction remains the ultimate goal. One key demographic trend of buyers is the aging U. S. population. As life expectancies continue to rise, and the baby boomer generation ages into their late sixties and seventies, this expanding age group will create a great opportunity for medical device manufacturers. For example, elderly patients experience a higher occurrence of health issues compared to the aggregate market, driving demand for medical devices upward. In fact, 40% of all patients diagnosed with heart disease or arthritis are 65 or older (ibisworld. com). The Medical Device Manufacturing industry is also subject to tight regulations, both domestically and internationally. For example, a new device may require a four-year trial before it appears on the market so that the Food and Drug Administration (FDA) can test its long-term effects. Products in Europe, meanwhile, undergo a different regulatory process; products are often introduced in Europe two to four years before they are available for patients in the U. S. Furthermore, compliance with these regulations requires firms to devote significant additional resources, often detracting from investments such as Research and Development. Along with these initial requirements, devices are constantly monitored for defects, which can result in product recalls that damage brand reputation and hurt profits. Globalization trends will certainly continue to have a strong impact on the industry, creating both opportunities and threats. Research shows that exports account for 21. 6% of industry revenue with an expected 2010 growth rate of 3. 9% (ibisworld. com). By developing these export markets, firms can work to maximize capacity utilization as they expand their distribution channels to reach more customers and generate more revenue. This is especially true of developing economies, in which 80% of chronic-disease-related deaths occur. Large portions of these markets are greatly underserved and demand is not being met. In addition, by diversifying into different geographic markets abroad, firms are able to mitigate the risks associated with being too dependent on the domestic market. The emergence of globalization also introduces several threats that firms must be aware of. For one, the competitive landscape changes as companies establish operations sites in foreign countries. When this happens, the demand in export markets declines since customers can purchase devices locally. Exporting firms must then reevaluate their international strategies and consider establishing similar operations of their own. Another threat globalization brings is that of increased competition. Manufacturers constantly fight to expand their geographic reach and to gain control of underserved markets. Given the effects of strong forces and emerging trends in the Medical Device Manufacturing industry, firms should strive to possess a key group of success factors in order to gain strategic competitiveness. The first factor is employees; they must be highly skilled and knowledgeable since the devices they design and produce are very complex. Second, economies of scale allow firms to improve profitability by reducing variable costs in manufacturing, which, in turn, lowers prices for customers. Third, as previously mentioned, the importance of global positioning cannot be understated. In order to compete in the industry, firms must make a global presence, expanding geographic scope and penetrating underserved markets. Finally, access to the latest innovations is imperative. To acquire new technologies, firms must invest considerable resources into Research and Development. Not only must they develop new technologies, but they must also look for ways to continuously improve existing products through high levels of innovation. This understanding of the industry environment is essential when considering a firm’s internal strategies. At the business-level, Medtronic possesses a number of strengths and competencies that are used to create a competitive advantage and contribute to the overall performance of the company. In particular, its research and development efforts along with its superior human resources drive the firm’s differentiation strategy in the Cardiac Rhythm Disease Management (CRDM) unit (see appendix for more strengths). This sector remains the firm’s most profitable product market, accounting for $5. 268 billion of Medtronic’s $15. 817 billion total net sales in 2010 (Medtronic). As a percentage of those sales, Research and Development expenses equated to 9. 23%, a total of $1. 46 billion. Moreover, this expense has seen a Compound Annual Growth Rate of 8. % in the last 5 years, indicating Medtronic’s continued confidence in its ability to create value through the investment in research and development. The innovation fostered by research and development in CRDM has allowed Medtronic to create many new products; the complex nature of these products makes them rare and costly to imitate. They often even trump and replace the existing technology in the mar ket, making them highly valuable and unsubstitutable. These key innovations, therefore, give Medtronic a significant competitive advantage in research and development. For example, the CRDM unit recently introduced a new leadless pacemaker. Once implanted into the heart via catheter, the penny-sized device permanently latches into the flesh with tiny claws. Doctors can then wirelessly monitor and control the pacemaker. Medtronic’s demonstration of reduced size and wire elimination will create a new standard for such devices in the industry, making current, bulky pacemakers obsolete, and giving Medtronic a sustainable competitive advantage. Medtronic’s 40,000 employees also play a key role in the success of CRDM and of the company as a whole. They are the source of one of Medtronic’s most valuable intangible assets: knowledge. With a thorough understanding of human physiology and a breadth of technical skills, employees are a driving force behind the company’s groundbreaking innovations. They generate ideas and implement processes that create new or improved products or therapies. These advancements require that employees are well trained and possess a high degree of knowledge about the products or therapies they develop. In addition to the actual production of products, employees extend their knowledge to customers. By educating healthcare providers and users about the devices, employees ensure that patients safely receive the full benefits of Medtronic’s products. One way Medtronic optimizes its human resources is through collaboration blogs and internal grants. The company’s Quest program awards project grants that encourage employees to test their own ideas for product innovation. Nearly 25% of these projects eventually become a product or some part of a therapy. For example, employee Brain Lee had an idea to create an effective diagnostic tool for patients who suffered from unexplained fainting. With funding from the Quest program, Lee modified a pacemaker by adding self-contained electrodes. The device could be implanted just below the skin, recording electrocardiogram (ECG) signals in an endless loop. Much more effective than existing external tools, Lee’s device received additional funding, leading to successful clinical trials, and, eventually, a commercial release. This is just one example of how Medtronic’s strong workforce creates a core competency for the firm, one that is unmatched by its rivals. Furthermore, the innovations developed by employees and through research and development efforts can often be protected with patents, generating competencies that are not only distinctive, but also sustainable. At the corporate level, Medtronic is very well positioned. The firm outperforms its rivals in terms of market share with 17. 2%, compared to Boston Scientific and St. Jude Medical, which hold 2. 8% and 4. 8% market share, respectively. Since 2007, Medtronic has experienced an 8. 75% compound annual growth rate. While lower than St. Jude’s growth rate of 12. 3% in the period, it is noticeably higher than that of Boston Scientific’s, 6. 84% (See appendix for further financial comparisons). Medtronic’s corporate-level strategy defines which businesses it will be in as well as how it will integrate those businesses to grow and deliver value to stakeholders. The firm currently operates in seven business units: CRDM, Spinal, CardioVascular, Neuromodulation, Diab etes, Surgical Technologies, and Physio-Control, all of which are largely related. Because of Medtronic’s strong war chest, it has been able to focus its growth strategy around acquisitions. Since 2009, the firm has purchased nine companies, including ATS Medical Inc. and CoreValv Inc. , requiring a significant cash investment. In fact, Medtronic spent $370 million when it bought heart valve maker ATS Medical. The firm’s acquisition strategy specifically targets two types of purchases: those that will add immediate revenue to existing businesses, and those that add to Medtronic’s technology portfolio by providing expertise the company does not have. Of late, the firm has been focusing on the former, targeting smaller companies that lack the resources to complete clinical trials and gain FDA approval. Chad Cornell, vice president of corporate development at Medtronic, notes, â€Å"Size is obviously a factor, but it’s not what we start with. † Instead the question is â€Å"how can we add value? That’s the key lens† (Lee). Medtronic’s international strategy is best characterized as a global strategy whereby it develops devices in the United States to be distributed across country markets. To support this strategy, it uses a worldwide product divisional structure. Medtronic has recently changed its strategy, implementing a Global Realignment Initiative in 2008. The goal of the initiative is to reorganize the firm’s resources to focus on areas that add the most value and have the most attractive growth opportunities. Prior to 2008, the company had segmented its global market into the United States market and international markets. Under this new strategy, Medtronic will focus around developed markets and emerging markets, using its resources and capabilities to effectively meet each segment’s unique needs. Developed markets include regions such as the United States and Europe where trained healthcare professionals are familiar with current devices, and new, innovative products are readily accepted. Medtronic relies on its strong innovation capabilities and Research and Development investments to meet the demands of this segment. For example, patients with pacemakers are often denied potentially life-saving MRI scans due to possible pacing interference. Medtronic used its superior innovation and product knowledge to address the concern, manufacturing the world’s first pacemaker that is compatible and safe to use with MRI systems. Introduced in Europe in 2008, this innovative device provides a much-needed solution to millions of people who will now be able to receive the full benefit of a safe MRI scan. Emerging markets, meanwhile, include regions such as China, Brazil, Africa, and the Middle East, where access to care is often limited, and physicians may be unfamiliar with certain medical devices and hesitant to accept new products. In this segment, Medtronic depends on its employees and its reliable, high-quality products. Using these strengths, it focuses on training and educating healthcare providers so that products and treatment are much more accessible to underserved patients. At present, Medtronic operates in more than 120 countries, with more than 16,000 employees in communities outside the United States (Medtronic. om). These employees provide immense value to the company by using their extensive knowledge and skills to educate and collaborate with physicians around the world. Currently, 41% of total revenues are realized outside of the United. Medtronic plans to continue its geographic diversity strategy, aiming to become a â€Å"truly boundaryless organization† an d maintain its commitment to â€Å"making a sustained, global impact in the fight against chronic disease† (Medtronic). In order to keep its world-class status, Medtronic executes various tactics at each of its organizational levels in order to protect its strategic competitiveness. For example, the company uses a frontal assault on its biggest competitor, Boston Scientific. By using revenues created from CRDM, they have the capability to invest large investments into research and development in ways that Boston Scientific cannot. In doing so, they maintain continuous development and improvement of innovative products. Another tactic that Medtronic uses is the pre-emptive strike, identifying and evaluating a valuable opportunity and seizing it before a rival does so. This increases sales, differentiates Medtronic from competitors such as Boston Scientific, and helps foster innovation. Based on the analysis of Medtronic’s external environment and internal strategies, it is clear that the firm is a leader in the Medical Device Manufacturing Industry. However, there are also some key problems and issues the firm should address. Medtronic has had litigation issues over the past few years with recalls in various different product offerings as well as patent and licensing disputes. As noted on the 2010 annual report their litigation charges amounted to nets of, $374 million in 2010, $714 million in 2009, and $366 million in 2008 (36-37). This has been an industry wide issue as seen by Boston Scientifics 2009 litigations charges amounting to $2. 022 billion, $334 million in 2008 and $365 million in 2007 (Boston Scientific Annual Report pg. 69). With these industry wide litigation issues, the FDA is currently creating new standard procedures for testing products and time required to introduce them into the market, which creates a separate challenge in dealing with the new health care reform. In a recent interview with Brian Johnson from Massdevice. om, the CEO of Medtronic, Bill Hawkins outlines the challenges ahead with the new health care reform. â€Å"The new medical device tax will cost us $150 to $200 million per year when introduced in 2013. In 2010 we spent $1. 5 billion on R&D and this tax will directly affect that budget for us which hurts our innovation, or possibly investments in emerging markets†. Cleary the health care reform will be one of the toughest challenges ahead for Medtronic and the rest of the medical device industry.