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.