Monday, September 30, 2019

Macquarie Bank

?Introduction Macquarie Bank has been recognised as one of the most prestigious banks in Australia and around the world. Macquarie was established in Australia in 1969, it began operations in Sydney in January 1970 with only three staff. Macquarie Bank first opened its doors for business on 1 March 1985 with a retail branch in Sydney. Today, Macquarie Bank operates in a range of investment banking, commercial banking and selected retail financial services markets both in Australia and overseas. It is the only substantial, majority Australian owned investment bank and is a licensed trading bank under the Australian Banking Act 1959 (Macquarie History, 2007). Macquarie Bank has been consistently associated with a stream of major financial innovations, which have underpinned its reputation as a market leader. Their main focus that has helped them in their success is their risk management department as well as their focus on select markets on which they enter. The Macquarie culture is represented by the way in which they work together. The values to which they aspire can be summarised in six principles: integrity, client commitment, strive for profitability, fulfilment for our people, teamwork, and highest standards. Macquarie Bank’s commitment to the six principles is vital for continued growth and prosperity (Macquarie, About Macquarie, 2007) Operating Environment: The Macro Environment Political and legal forces Political and legal forces hold a great impact on all industries that wish to operate legally within a country. Regulatory groups are required within the banking industry to assist in the stable operation of a nation. A major regulator would be The Australian Prudential Regulation Authority (APRA). Various other major political and legal forces which solely influence the banking industry include The Australian Bankers’ Association (ABA), The Australian Securities and Investments commission (ASIC) and The Reserve Bank of Australia (RBA). APRA was created to be an advisory figure in the regulation of the Australian financial services industry. This group â€Å"oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry† (APRA, 2007). The ABA works with its members to provide analysis, advice and advocacy and contributes to the development of public policy on banking and other financial services† (ABA, 2007). The ABA acts as a union for banks and ensures that the banking industries views are heard, when the government decides to alter policies or legislations. Th e ABA also helps to strengthen the benefits of competition to Australian banking customers. ASIC’s task is to enforce and regulate companies and financial services laws in order to protect the customers as well as the investors and creditors. ASIC exists to regulate; â€Å"Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit† (ASIC, 2007). â€Å"The RBA’s main responsibility is the monetary policy† (RBA, 2007). The board members make the policy decisions with the aim of gaining a low and stable inflation over the medium term. According to the RBA website, the other major goals include; maintaining financial system stability and promoting the safety and efficiency of the payments system. The RBA also acts as a banker to the Australian Government and actively participates in financial markets, manages Australia’s foreign reserves and issues Australian currency notes. Global Forces Changes in the financial status of markets overseas, drops or increases in interest rates overseas, and even new political regimes can all affect organisations around the world. Global forces which have recently held an effect on Macquarie bank would be the current drop in the US economy which has affected markets all around the world. The main impact which it has made in Australia has to do with financial institutions since they hold assets from the US market. This has directly affected Macquarie with its financial services and products. Economic forces Economic forces pertaining to Australia can greatly influence the way businesses operate. General economic forces such as inflation rates, interest rates, currency exchange rates, unemployment levels, average disposable income, and personal saving rates can all affect organisations to a certain extent (Hill et al, 2004, p74). Inflation has affected Macquarie bank which then in turn goes to interest rates. Currently economic forces within Australia include rises in certain industries including the mining industry and real estate. By these industries entering a boom period, it increases the amounts which these industries will be willing to invest which in turn increases profits for banks. Technological forces In modern society with technology being so closely tied to having a competitive advantage, a lot of industries compete to keep up to date with new developments. The invention and increased use of computers, internet, and phones have all made a major impact on organisations around the world. The main effect that technological advancements have made within Macquarie bank is that internet banking is now a common and widely used item so banks need to constantly upgrade their technology in order to prevent hackers from entering their databases and causing havoc. Operating Environment: The Micro Environment There are many forces that can impact the outcome of a firm’s growth and profitability. For Macquarie Bank, the forces that impact their success will be explored with the analytical frame work introduced by Michael Porter; his five forces model, which will look at the major contributing factors that will aid and deter the growth of Macquarie Bank in this industry. Risk of threat of new entrants The risk and threat of new entrants into the market can be seen as both high and low. High, since there has been a deregulation of the market for banking, which will allow for overseas competitors to compete in the local market. This is a large threat since these are the competitors that have a large pool of resources that can actually compete to a high level with Macquarie. However, the threat can also be seen as low since there is still a high degree of entry barriers, i. e. operational regulations and laws implemented by the government and other regulatory boards. Additionally, a major factor that will deter competitors would be such things as brand loyalty as well as the over saturation of banks in the industry. Therefore, the threat of new entrants can be seen as moderate and is highly dependant on the entrant’s resources and capabilities. Rivalry among established companies The rivalry in the banking industry can be seen as discrete, yet volatile. They advertise in the media about their interest rates, products and services, however, apart from that, their actions are rarely seen. Each bank firm always try to gain the better package and interest rate to attract more customers. However, these rates are quite similar with little variance. A major factor that gives them the competitive advantage would be the image the bank upholds and the services provided in comparison. The main point of attack that most banks concentrate on now is their customer service area, since most of the services that they provide are quite similar. Macquarie has a very well maintained, high profile image. They provide a lot of diverse services; however, they charge premium service fees for them. This has not deterred people from using their services, but has given their users a sense of assurance; they feel as though they pay top dollar for top service and quality. This sense of prestige as well as resources and capabilities has given the Macquarie bank their high image and profile as well as success. Bargaining power of suppliers The main supplier of Macquarie bank would be their shareholders. By owning a share in Macquarie depicts that these people have invested money into this organisation and since there are various options to choose from, Macquarie must be unique in some sense to attract these people. It would become costly for Macquarie to lose these shareholders as with banks, money is the good which is being transferred and to lose shareholders would only lead to a deficit in funding for the bank. Therefore, the bargaining power of suppliers would be seen as high since there is no switching cost for them to move their money into another investment area. Macquarie must come to a compromise with supplier demands or face losing a stream of equity and funding. Threat of substitutes The main threat of substitute services for Macquarie Bank would be; credit unions and building societies. Credit unions, especially the larger ones offer most of the services that Macquarie offer, however, with fewer fees. Building societies although not as main stream and service diverse as credit unions have the potential to develop the competencies to deliver them, for example, Bendigo Bank; which was originally a building society. Although these two types of institutions do not offer the wide array of services that Macquarie does, it can steal away some of Macquarie’s customers, since they deliver a minimal version of the services that Macquarie provides. Additionally, with Macquarie’s reputation and diverse array of services, the threat of substitutes would be on a miniscule level. Bargaining power of buyers The banking industry in Australia can be seen as a saturated market. This saturation allows buyers (consumers) a level of bargaining power. This means that the consumer can negotiate interest rates and packages to their advantage against the provider. However, since there are only a few financial institutions in Australia, many of whom can charge higher prices for services and packages. Yet on the other hand, the domestic banking industry is considered to be competitive, which can offset the balance with only having fewer firms in the market. Therefore, the bargaining power of buyers can be considered as moderate. Competitive Advantages Macquarie bank provides investment banking, commercial banking, retail financial services in Australia and selected financial services offshore. It operates through the following business segments: Asset and Wealth Management; Financial Markets; Investment Banking; and Lending. Macquarie is a diversified international provider of financial and investment banking services. It has the following key resources and capabilities compared to Commonwealth and Bendigo Bank: Human Resource Macquarie bank’s hosts and presenters are industry experts who have the xperience and knowledge to achieve the maximum outcome in this complex and rapid changing economic environment. With a network of over 10,000 people in 24 countries, the staff can add the most value and advantages to clients. Annette Martins is currently employed as an associate economist in the economics team at Macquarie bank. Her past experience includes working for the NSW Treasury as an economist within the Economic and Fiscal directorate. Other staffs have worked for such as Reserve bank of Australia (Macquarie, 2007). At Macquarie, there are elites in different professions such as Economy matters, Marketing, Property and Vision. All the staff members are carefully drawn from a broad range of industries and market segments. It is also allowing them to apply their expertise to the customers. Customer Resource Macquarie bank is currently operating its services in more than 40 countries around the world as OzForex is serving around 30,000 transacting customer internationally. It provides a depth of service (accurate and insightful view) with specialist capabilities to wholesale and private customer in both the domestic (Australia) and international economies (Macquarie, 2007). Simultaneously all these customers may invest their money with other Macquarie’s business groups such as Funds management or financial service groups. They both run domestically and internationally. The Financial service group services more than 670,000 clients all together with other Macquarie Departments. Department Resource Macquarie is currently operating its service in seven major business groups which are Investment Banking Group, Equity Markets Group, Treasury and Commodities Group, Banking and Securitisation Group, Real Estate Group, Funds Management Group and Financial Services Group. With all these services, Macquarie owns huge customer resources within Australia and foreshore. Each department in Macquarie is serving specific groups which may overlap with other departments because Clients may be interested in more than one service which Macquarie provides (Macquarie, 2007). Subsidiary Companies Macquarie is providing its specialist banking and financial service in select markets around the world. It also has a lot of subsidiary companies around the world. OzForex is an online foreign exchange provider which Macquarie has purchased 51% of the shares. It will allow Macquarie to offer tailored foreign exchange services to its substantial retail financial services within financial service groups (Macquarie-OzForex, 2007). Comparison against rival Banks Commonwealth bank’s principal activity is providing integrated financial services which include business and institutional banking, superannuation, life insurance, funds management and broking services and finance company activities. It operates in Australia, NZ, UK, USA, and Japan†¦etc. It has a wide presence in Australia with the largest branch and ATM network. It also received the award for excellence – Best Bank in Australia but was not mentioned in relation to investment services (Commonwealth Bank, 2007). Bendigo bank’s main financial services include business banking and commercial finance, funds management, treasury and foreign exchange services, superannuation and trustee services. It operates mainly in all Australian estates and the Australian Capital Territory. Bendigo bank is responsible for a number of banking innovations in Australia such as visa credit and debit cards (Bendigo, 2007). With all the resources and capabilities when comparing Macquarie bank to Commonwealth bank and Bendigo bank, Macquarie is on a leading position for investment banking. Deregulation is expected to lead to an increase in competition in the banking industry, and could involve a decrease in profitability. There are four factors in a bank’s competitive advantage that needs to be considered: (Chen. T. , 1999) Manpower Financial management Asset base Intangible assets Achieving success in the industry will involve 3 key factors. These are the costs, product and financial strength of the corporate entity. To be successful in the banking industry, the bank needs an insight into the changes in banking methods, cost management and long-term financial solutions. Macquarie bank’s strategy is to expand selectively in practical areas. (Macquarie Annual Report, 2007) Macquarie has entered the market of infrastructure investing since 1996. It has become one of the largest private managers of infrastructure in the world, with rapidly increasing revenue and profit. Macquarie bank’s specialist funds are currently buying toll roads, airports and rail systems world-wide. It is also a key growth driver and has been exported to international markets; its assets under management in specialist funds increased 50 per cent from $A87. 6 billion to $A131. 3 billion. Macquarie’s long-term strategy has allowed them to enter new sectors and regions flexibly as opportunities arise. This strong risk management has become a key factor of Macquarie’s success. The overall result is driven by strong growth in every region where Macquarie operates. Macquarie has achieved No. ranking in Australia for mergers and acquisitions whilst maintaining its leading market position for equity rise. It has also been ranked No. 1 broker by the ASX (Australian Stock Exchange) in market share. Macquarie bank, Australia’s largest Cash Management Trust (CMT) provider also has an agreement with Australia’s largest retail equities network, GBST (Glob al Banking & Securities Transactions). These strategic alliances provide Macquarie with an enhanced reach to its customers as well as customers from other alliances, hence forming a broader network. Company Strategy Macquarie company strategy Macquarie states that â€Å"Our strategy is to expand selectively, seeking only to enter markets where our particular skills and expertise deliver real advantage to clients† (Macquarie Annual Report, 2006); â€Å"Macquarie aspires to be a pre-eminent provider of financial services over the long haul† (Macquarie, 2007). This statement also shows that their strategy is to be a leader in their sector. (For more information on the business level strategy, please refer to appendix 1). Competing with Macquarie. Macquarie Bank Group can be seen as the market leader in investment banking, inancial services and retail banking â€Å"Macquarie Bank has been consistently associated with a stream of major financial innovations, which have underpinned its reputation as a market leader† (Macquarie History, 2007). The way that they have focused on market segments has given Macquarie an edge over their competitors; since they service the market segments which they see profit and growth in for themselves as well as their customers. What this means is that they minimise their risk of entering â€Å"stagnant† areas and maximise growth and return by servicing their target groups. Macquarie Bank Financial Results Total income from ordinary activities for the year 2007 was up 49% to $A7,181m; International income was up 70% to $A3,457m; Net fee and commission income was up 25% to $A3,540m; Trading income was up 20% to $A1,047m; Net interest income was up 23% to $A728m. Asset and equity investment realizations and other income were up 257% to $A1, 866m (Macquarie Financial Report, 2007). The expense to income ratio was slightly down at 73. 2 % (Macquarie, 2007). Refer to appendix 2 for the pie chart. *EPS = Net Earning / Outstanding shares Macquarie banks financial possession as of May 2007 is Net profit of A$1. 46bn. There has been a 60% increase as compared to the later year and six times the level increase as compared to the last five years. Earnings per share increased 48% from $A4. 00 to $A5. 92. This is 4. 5 times the level of earnings per share of five years ago (Macquarie, 2007). Earnings per share are generally considered to be the single most  important variable in determining a share's price. It is also a major component of the price-to-earnings valuation ratio. The P/E looks at the relationship between the share price and the company’s earnings. A high P/E  suggests that investors are expecting  higher earnings  growth  in the future compared to companies with a  lower P/E. However, the P/E ratio doesn't tell us the whole story by itself. It's usually  more useful to compare the P/E ratios of one  company to other companies in the same industry, to the market in general or against the company's own historical P/E. P/E Ratio = Market price per Share / EPS P/E of Macquarie for 2007 = 82. 75/ 5. 916* = 13. 987 (Macquarie Financial Report, 2007) The Pay-out Ratio shows the amount of earnings paid out in dividends to shareholders. Investors can use the payout ratio to determine what companies are doing with their earnings. The payout ratio also indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend because smaller dividends are easier to pay out than larger dividends. (Investopedia, 2007) Macquarie Bank (Payout Ratio) 2005 2006 2007 53. 20% 54. 40% 54. 30% As the ratios above show, there has been very slight fiction in the level of dividend payouts. There has been a 0. 0% decline in the ratio which could only mean, that investors are feeling secure with the payout of the company which in turn means the company has higher retained earnings in their balance sheet and are able to keep investor confidence. Other data from the financial report suggests a decline in the expense to income ratio, for every $A1 of income $A0. 732 goes into expense. This suggests that Macquarie is h andling its expense well and is confident enough to pay off their investors. Return on Equity is a ratio that captures profitability, efficiency and capital structure within an entity. Changes in the ratio will reflect the direction of an entity’s profitability, asset efficiency and capital structure. ROE for Macquarie Bank 2006 = Net profit/ Average equity x 100 ROE = 916 /5968 ROE =15. 34% ROE for Macquarie Bank 2007 = Net profit/ Average equity x 100 ROE = 1463 /7519 ROE = 19. 46% The ROE increased from 2006-2007. In 2006 an investment of one dollar of shareholders equity returned 15. 34 cents of earnings available for distribution to shareholders. In 2007 an equivalent dollar investment generated 19. 6 cents of earning available to distribute to the shareholders. A figure which depresses the return on equity is if the cost of debt exceeds the return on assets. The debt ratio indicates how many dollars of debt exists per dollar of assets. It shows the leverage between a company is debt financed or asset financed. Equity Ratio for Macquarie 2007 = total equity / total assets x 100 = 7519/ 136, 389 x 100 = 5. 56% est. 6% This shows that 6% of Macquarie†™s debt finances their assets. They are relatively debt financed. Another way to measure the company’s financial leverage is the debt to equity ratio. It is calculated by dividing  its total liabilities  by  stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its assets. = 128,870 / 7519 = 17. 14 A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense. If a lot of  debt is  used to finance increased  operations (high debt to equity), then Macquarie could potentially generate more earnings  than it would have without this  outside financing. If this were to increase earnings by a greater amount than the debt cost (interest), then the shareholders benefit as  more  earnings are being spread among the same amount of shareholders. However, the cost of this debt financing may  outweigh the return that  the company  generates on the debt through investment and business activities and become too much for the company to handle. This can lead to bankruptcy, which would leave shareholders with nothing. (Investopedia, 2007) Issue 1 Macquarie Bank users a decentralised management structure. This decentralisation refers to when decisions are made at different levels within an organisation (Hill et al, 2004, p273). Decentralisation Overview: Macquarie’s management and organisation structure is considered to be non-hierarchical. This means that the chain of command within the organisation is designed to be decentralised. This management approach allows the lower and mid-level managers within the seven divisions of Macquarie to make decisions on their own. Macquarie encourages their employees to gain a sense of ownership and to develop entrepreneurial skills in order to make strategic decisions (Macquarie Management, 2007). By giving the lower and mid-level managers the power to make decisions, it will reduce the bureaucratic cost to the company. In other words, delegating lower and mid-level managers’ decision-making responsibility, will lead to a reduction in upper level managers within the organisation. Furthermore, having a decentralised management structure will reduce information overload to the central management team, which will enable them to spend more time focussing on market and industry forces (Macquarie Management, 2007). A decentralised management structure may be good in order to keep costs down and provide central managers more time to make effective decisions; it may however cause further problems within the organisation. Problem 1: Communication & Coordination issues involving the Decentralisation Approach: The decentralised management theory states that lower bureaucratic costs will avoid communication and coordination problems within an organisation. This may be true in theory, however in reality it is not always the case. For example, the seven divisions of Macquarie are run and operated independently. All of the lower and mid-level managers of the organisation make their own decisions within each division. Since every division in Macquarie are related, it is surprising to see that they do not effectively communicate with each other because there is no level manager do so. In other words, there is no managerial network that integrates with each of the divisions. This could mean that information and other resources are not equally shared, which can lead to difficulties in creating value for the ompany. Problem 2: Leadership Issues using the Decentralised Management Approach: Another decentralised issue that could affect Macquarie is for when the organisation is facing periods of uncertainty. For instance, when the Macro-environment is volatile or unpredictable it is important for an organisation to show strong leadership. In these uncertain times it is important that leadership decisions are best given from higher-level managers. One of the issues concerned with Macquarie’s management structure is that leadership decisions do not come from lower or mid-level managers. In fact, decision-making made by an organisation’s division can be made to benefit them rather than to benefit an organisation as a whole. Therefore, this decentralised management approach may not be effective to face periods of uncertain times. Recommendations Macquarie decentralised management system is working well despite some of the issues facing the company. However, Macquarie Bank can benefit from using both a centralised and a decentralised management structure. A centralised management system is the complete opposite of decentralised management structure, where decisions are made by upper-level managers of the organisation (Hill et al, 2004, p273). The approach that Macquarie should take is to find a balance between a centralised and decentralised management regime. For instance, issues such as investing money into infrastructure should be done using a centralised approach and consequently issues dealing with recruitment and training should be done through decentralisation. Archiving the balance between the two management structures will determine the success of Macquarie Bank. Additionally, Macquarie should add a managerial network that integrates with all of the divisions in order to improve communication and resource sharing to create value for the organisation. However, it is important to note that as the company expands the decentralised approach may become less effective due to rising bureaucratic costs. Justifying the Recommendations: The real question that must be put forward to Macquarie is that can they continue to grow under a decentralised management regime? This is a key issue regarding the organisation structure for Macquarie Bank. As the Macquarie organisation expands, many critics argue that sustaining a decentralised management system in the long-term will fail. This is due to the fact that expanded business growth will not be able to maintain current hierarchical levels because it is too difficult, but more importantly it will lead to inefficiencies in managing the companies’ resources (Hill et al, 2004, p274). However to solve these issues, Macquarie can choose to divide the functional responsibilities up within the company across the same level, best known as ‘Horizontal Division of Work. ’ Using a functional structure in a horizontal framework will enable people with similar tasks be grouped together in order to increase productivity. This will reduce bureaucratic costs for an expanding business and increase operational flexibility. Therefore, Macquarie should consider a decentralized managerial approach in the short-run but in the long-run they may opted for a functional structure in order to reduce costs. Issue 2 Macquarie’s focus strategy to expand selectively, seeking only to enter markets where their particular skills and expertise, deliver real advantages to clients has served them well to this day, with expediential growth, it can have some implications. The main implications that can arise from this course of action and strategy are the limitations of the potentially profitable and growing markets that Macquarie could miss out on. This can lead to limited growth and a loss of market share if Macquarie continues this course of action to a stringent degree. It is near impossible to predict the trends to such an exact degree as too when to enter a market to obtain maximum growth, however, if there is the potential for that growth to occur, then the advantage can be taken by entering that market before this growth eventuates. However, by doing so creates risk. This risk is the gamble on predicting the success of the potential growth in the area. Although Macquarie does have a whole department dedicated to risk management, it still does not account for the ability of the environment to make unforeseeable changes. These environmental factors are out of the companies control, however, the company can anticipate an environmental change and implement a course of action to take in order to counter or profit from it. Therefore, Macquarie’s strategy of focusing on a select market to enter, although has helped them grow into a gigantic organisation, it could also be their downfall due to the potential growth they could miss out on by trying to minimise their risk. Problem 1: Market selection and alienation The way that Macquarie’s strategy focuses on expanding selectively to only enter markets where their particular skill are suited will cause these limitations in their possible future growth. This strategy can be seen as a focus strategy since Macquarie looks at targeting a particular market or customer segment; as stated in their original strategy, to expand selectively†¦where their skills and expertise deliver real advantages (Hill et al, 2004, p317). What a focus strategy entails is the focus on a niche market, which can be defined by, in Macquarie’s case, the type of customer and geographical region (Hill et al, 2004, p317). Although this strategy entails cost – control due to lower output levels to reach a scale of economy, Macquarie bank has grown so much that it does not have to take this part of the theory into too much account. Additionally, since Macquarie has created some unique attributes and competencies to its products and services accompanied by their high level of service quality it has given them a competitive edge by using this focus strategy. This has allowed Macquarie to charge higher rates which has aided them in reaching the scales of economy. However, the issue of a focus strategy, in Macquarie’s case, is that by minimising their risk by entering possibly slow growing economies can minimise their growth rate. This is due to the environmental and operational environment which they have no control over which can eventuate in that market to grow exponentially. Although this can be predicted, it cannot always be acted upon with enough haste to reap the maximum benefits. This leaves room for other competitors to move in and take advantage of this risk. Thus this strategy implemented by Macquarie can hold potential growth defects for them if they hold to this strategy too closely. Recommendation: To combat this market selectivity, Macquarie needs to manage change throughout the organization. The changes which it will introduce will establish a sense of urgency. Strategic leadership can assist in making that change happen within Macquarie Bank. Strategic leadership is the process of providing the direction and inspiration necessary to create, provide direction to, or sustain an organization or an organizational unit Dubrin et al, 2003, p400). An Innovative way to expand within the same banking industry and yet keeping the same image of Macquarie’s high scale markets is driving convergence which also helps redraw industry boundaries. Instead of competing with competitors, it can compete with its own financial advisory services. Another way to compete is imitation. Macquarie can benchmark their performance to other high scale ba nks globally and use two key components; strategic follower ship and learning by watching (Dubrin et al, 2003, p410). Justification for Recommendation Offering a higher quality than its competitors, can help combat markets selectively. Customer’s service, for banks is one of the ways total quality management, can be used. The variable which makes TQM possible is extensive employee involvement. Other hot topics are corporate social responsibility, it is a well-researched field of management and it provides guidelines for leaders about how to be more accountable to a new global economy. After the advents of Enron, topics of CSR and Corporate governance have emerged as ways to prevent people working in highly funded projects to have some form of transparency within the system. Macquarie which is Australia top investment bank should undertake such a role as they are leaders in the industry. Conclusion to Macquarie Banks strategic approach In summary, we have gone through a historical overview of Macquarie Bank and have come up with the expected result from this power house institution. Macquarie bank is an institution known for its complex ways of handling its organization, critics say it is like ‘wrestling in the dark with a ghost’ (Schwab, A; 2007). After evaluation of strategies we realize that Macquarie is a bank which provides prestige for Australia and has a high reputation in the minds of many. References Australian Bankers Association, (2007), ‘The Australian Bankers’ Association’s role,’ (online) http://www. bankers. asn. au/default. aspx? FolderID=2 (Accessed 13th September 2007) Australia Competition and Consumer Commission, (2007), ‘Role and Activities,’ (online) http://www. accc. gov. au/content/index. phtml/itemId/54137/fromItemId/3744 (Accessed 13th September 2007) Australia’s Free Trade Agreement, (2007), ‘Benefits of Free Trade Agreements for Australia,’ (online) http://www. fta. gov. au/default. aspx? FolderID=239=187 (Accessed 13th September 2007) Australia Prudential Regulation Authority, (2007), ‘Streamlined data collection for life companies and friendly societies,’ (online) http://www. apra. gov. au/media-releases/07_15. cfm (Accessed 13th September 2007) Australian Securities and Investment Commission, (2007), ‘ASIC at a Glance,’ (online) http://www. asic. gov. au/asic/ASIC. NSF/byHeadline/ASIC%20at%20a%20glance (Accessed 13th September 2007) Bendigo Bank, (2007), ‘Corporate Governance,’ (online) http://www. bendigobank. com. au/public/about_us/corporate_governance/corporate_governance. asp (Accessed 13th September 2007) Chen, T, (1999), Critical Success Factors for Various Strategies in the Banking Industry, vol 17 issue 2/3. Commonwealth Bank, (2007), ‘Company Profile,’ (online) http://about. commbank. com. au/group_display/0,1922,CH2047,00. html (Accessed 13th September 2007) Dubrin, Dalglish Miller, (2003), Leadership, 2nd edition, John Wiley and Sons, Australia Hill, Jones, Galvin, Haidar, (2004), Strategic Management: An Integrated Approach 2nd edition, John Wiley and Sons, Australia Investopedia, (2007), ‘Debt-Equity Ratio,’ (online) http://www. investopedia. com/terms/d/debtequityratio. asp (Accessed 17th September 2007) Macquarie Bank, (2007), ‘About Macquarie Bank,’ (online) http://www. macquarie. com. au/au/about_macquarie/index. html (Accessed 10th September 2007) Macquarie Bank, (2007), ‘Corporate Governance,’ (online) http://www. macquarie. com. au/au/about_macquarie/corporate_governance. htm (Accessed 8th September 2007) Macquarie Bank, (2007), ‘Financial Report 2007,’ (online) http://www. macquarie. com. au/au/about_macquarie/acrobat/financialreport2007. pdf (Accessed 11th September 2007) Macquarie Bank, (2007), ‘History of Macquarie Bank,’ (online) http://www. macquarie. com. au/au/about_macquarie/company_profile/history. tm (Accessed 10th September 2007) Macquarie Bank, (2007), ‘Macquarie Bank 2007 Annual review,’ (online) http://www. macquarie. com. au/au/about_macquarie/acrobat/annualreview2007. pdf (Accessed 11th September 2007) Macquarie Bank, (2007), ‘Macquarie Bank announces 60% increase in profit and 47% increase in dividends per share,’ (online) http://www. macquarie. com. au/au/about_macquarie/media_centre/200705015a. htm (Accessed 17th September 2007) Macquarie Bank, (2007), ‘Major Seven Major Business Groups,’ (online) http://www. macquarie. com. au/au/about_macquarie/company_profile/mgmt_organisation/six_groups. tm (Accessed 11th September 2007) Macquarie Bank, (2007), ‘Management and Organisation Structure,’ (online) http://www. macquarie. com. au/au/about_macquarie/company_profile/mgmt_organisation. htm (Accessed 16th September 2007) Reserve Bank of Australia, (2007), ‘Structure and Functions of the RBA,’ (online) http://www. rba. gov. au/ActionPlan/index. html (Accessed 13th September 2007) Appendices Appendix 1 Focussed product differentiation A key element that has helped Macquarie differentiate its services from their competitors is how they have selected their market segments; however, this will be discussed in the next section. The reason they have a distinctive service differentiation from their competitors can be based on their values that they hold within the company. These values are; high ethical and professional standards, commitment to clients and growth, motivating and retaining quality staff, creating aligned staff and shareholder rewards and stringent reporting to create a high level of accountability (Macquarie, 2007) Focussed market segmentation Macquarie’s focussed market segmentation plan is to target a preferred demographical segment. They target the areas where they can best maximize their business as well as service their customers to the expectations that customers would hold from this prestigious company. They have a large commitment to the people they service as well as constant improvement to deliver higher standards of services and products to those people. As mentioned earlier, they expand selectively, seeking only to enter markets where Macquarie’s particular skills and expertise deliver real advantage to clients Focussed distinctive competency Another factor that has given Macquarie its strategic advantage would be

Sunday, September 29, 2019

Case Study Accountancy And Management Education Essay

Personality:This the most of import characteristic of any single. In simple we can state that personality is what which constitutes differentiation of individual & A ; individualism. We can besides specify personality in following ways as given under: *Something said or written which refers to the individual, behavior etc. , of some single, particularly something of a disparaging or violative nature, personal comments as indulgence in personalities. *That quality of jurisprudence which concerns the status, province, and capacity of individuals. *The composite of all the properties — behavioural, temperamental, emotional and mental and that characterize a alone person, â€Å" their different reactions reflected their really different personalities † . It the nature to assist others. These definitions present the best thought about personality.Personality Development OpportunitiesTo do the program ordered, foremost, self-awareness is really of import. I can merely specify my scheme and subject after I know what my strengths and developmental countries are. However, for me, I ‘m certain I know these really good. I have strengths on dutifulness, cautiousnesss and artistic involvements, but I need to better myself on the countries of cooperation, activity-level and imaginativeness. Knowing myself specially and Bettering my developmental countries while continue working on my strengths, I can better myself comprehensively.ASelf personality Exploration:Strengths ;The first strength of me is dutifulness. I ‘m a individual who has a strong sense of responsibility and duty. For me, I feel dutifulness is really of import for a individual either as single or a squad member because I believe â€Å" no hurting, no addition † . As a consequence, when I rece ive a work, I pay one hundred per centum attending to make it carefully and complete it on clip. I arrange my agenda ordered to do certain I do n't detain in something. As I making these, I have made myself go a dependable individual. Second, I ‘m friendliness. Like what the IPIP-NEO paper describes about friendliness, friendliness people make friends rapidly and easy to organize near relationship. They treat friends truly and openly, and they can allow their friends feel comfy with them. I do all of these things of course. It ‘s like I was born with optimistic. I like to do friends and stay with my friends. I may concern about their jobs and assist them every bit much as I can when they are needed. I do n't experience tiring when they complain something or speak their unhappiness to me. I think friend is a really of import group for me in my life. If I do n't hold friends any longer, I would non accomplish either my life or calling ends successfully. Third, I have abundant artistic involvements. I like both art and nature beauty with all my bosom. I like to detect people ‘s visual aspect and idiosyncrasy because I believe everyone has their alone beauty no affair indoors or outside. Absorbing the different beauties from different people no affair they are in the existent life or from their professions, I make my ain manner and make my peculiar aesthetic foresights. Besides, I like to go to different topographic points to see their peculiar natural and human landscapes. It makes me experience my life in this universe is colourful. These three strengths are showed evidently in my life. Because of them, I have gained a batch of worthy values and memories in my early life ; moreover, they make my ends further.Failings ;However, when I province my strengths, my failings which include low ability on cooperation, low activity-level and deficit of imaginativeness besides show evidently. First of my failings which is a serious job for me is low ability on the cooperation. Even though I ‘m an optimistic and friendly individual, I do n't wish to work with people initiatively. For some grounds, I do n't believe working with others is more effectual than working separately and I do n't wish to deny my ain demands to acquire along with others. I ever think in my manner and want people agree with me. It ‘s a small hard for me collaborating with others to carry through undertakings. Second, I ‘m low in activity-level. Although I ever say I like the busy life which I can affect in many activities and travel approximately energetically, I ca n't do it come true in my existent life. I about ne'er complete the prep at the first several yearss when the professor assigns it. Besides, I ever give myself an alibi to hold remainder or hold to make something unnecessarily. It ‘s like I become far off to the busy life but live in a relaxed and slow gait. Third, I ‘m short of imaginativeness. I ca n't understand why a individual with high artistic involvements is deficiency of imaginativeness ; nevertheless, I am such kind of individual. In fact, because of my slow gait of life, I leave myself in a place that merely to accommodate the existent life but non to alter it or to hold an ideal imaginativeness of it. Like, I would non conceive of that one twenty-four hours I will go a prince and married with the princess or I will go a ace theoretical account because I merely know it will ne'er come true.A By traveling through all my peculiar strengths and failings, I clearly know my existent place now. To carry through my ends and be successful, merely saying failings is non plenty, I besides need to do an effectual scheme to assist myself in accomplishing my ends. I need the cognition modesty, engagement on particular activities, academic preparation, personal preparation, work experience and on-the occupation preparation to assist me to better both my strengths and developmental countries.Personality Development Plan ;Short-Term Development Path Objectives ( 1-6 months ) ;In order to accomplish my life and calling ends, in the first 1-6 months, for cognition, I need to make good in my categories in following two quarters and read more books to distribute my ideas and cognition. I besides need to fall in more activities to better my cooperate accomplishment. Last but non least is that I need to seek my best to accommodate the life in UK. I non merely necessitate to better my English accomplishments but besides need to affect in UK pupils ‘ life so that I can both better my cooperate accomplishment and increase my activity-level.AMedium-Term Development Path Objectives ( 6-12 months ) ;After completing this short program, I need to hold an betterment in my preparation degree. Now I need to believe about how I can better my developmental countries specifically. Besides larning more cognition non merely from the books but besides from the society, I need to pay attending in every small facet of life. I need to believe more about others and make every small thing more active such as finish the prep every bit shortly as possible, make reappraisal and prevue everyday and exercising every twenty-four hours. I besides need to affect in some nines to better my cooperation ability and increase activity-level. Trying to happen a occupation on campus is besides a good manner for me to better my developmental countries. It will non merely assist me to collaborate better with others but besides can increase my imaginativeness from the emphasis work. By believing about the summer holiday is in this term, I schedule myself to hold a wood coal drawing and dancing preparations in following summer. In order to increase my imaginativeness, I need to derive more about the artistic cognition and feelings. I need to do myself unrecorded in my universe easy ; nevertheless, when I am pulling and dancing, I can easy to utilize fantasy to make a richer universe.Long-Term Development Path Goals ( 1-3 old ages ) ;In this last period, I will give myself a extremely betterment. From the cognition, merely to cognize the constructs studied in the text edition is far from adequate. To believe logically how finance and selling apply in the concern country and how can I turn the cognition to the actions with accomplishment and easiness are the chief intents for my betterment in this cherished period of life. I need to absorb other schoolmate ‘s advantages and professor ‘s experience in the concern country carefully from every category and group undertaking. After I gain adequate and well-set cognition, I need to happen an internship in an investing bank or an international corporation to use my cognition rely on the existent state of affairss. For this program, I combine the academic preparation and work experience to give myself a deep betterment non merely in cooperation but besides in activity-level. Besides, besides deriving academic preparation and work experience, I need to give myself a personal preparation in the art country. Because I want to work in a manner trade name, it ‘s perfectly that I need to hold cognition related to art and manner. Due to the concern school ca n't give me developing in this country ; I need to make it by myself. I will give myself a pulling preparation in every holiday in the coming old ages. In add-on, I will go to some manner nines on the cyberspace with people who study in the art big leagues. By speaking with them, I will cognize what academic cognition I need to hold needfully and seek to larn them by myself or by taking class preparation. By taking this program, I will better my cooperation accomplishment, activity-level and increase my imaginativeness and artistic involvements together while I ‘m larning the academic art accomplishments.Individual Personality Development Plan of Action ;Making a program is really of import for success ; nevertheless, in order to do the program more effectual, the program needs to be specific into actions. In my development program, I pick of import actions to do them specifically. The actions I pick are self-study, internship and engagement on particular undertaking. I need to carry through two sorts of internship which are working in an investing bank and working in an international corporation in the following three old ages. I will take to work in an investing bank foremost because I ‘m majoring in finance now. I need to use my cognition to the existent state of affairss to happen my failing and better myself. This action will be finished at the beginning of the junior twelvemonth. After I finish this internship, I ‘m certain I will larn a batch about the concern country and have a high betterment on my developmental countries. Then, in the senior twelvemonth, I will get down my following internship which is related more close to my concluding end. Because I have already done an internship, I know what I need to make and necessitate to better better than earlier. Therefore, this clip, when I work in an international corporation, I need seek to carry through my undertakings absolutely by handling myself as a formal member of the corporation. This internship will be finished at the terminal of my of my survey.Decision ;In decision, in order to accomplish every end in my life, making an single personal development program is really of import. It non merely can assist me to cognize my exi stent place specifically but besides can allow me believe and make every action logically and orderly. Bing a selling manager in an international manner corporation is non that easy. However, I ‘m certain I can accomplish my end by following my plan measure by measure. Because of my involvements, difficult work and continuity, I believe there is one twenty-four hours I will hold a large calling in the manner country.

Saturday, September 28, 2019

Capitalism And Consumerism Of Society

Capitalism And Consumerism Of Society Present society in the west is characterized by a capitalist economic system that is founded on private ownership of property and a profit driven economy. This economy has consequently produced few super rich individuals and further stratified the western society, (Banish the bloated overclass, p. 71). Capitalism is different to a socialist economic system where ownership of property is by the state or communally (Shachtman, p.96). The profit driven economy encourages businesses and enterprises to exploit the market for the sole purpose of making a profit. The marketing strategies of capitalism have therefore created a society of consumers whose benefit is through consumption on the individual level while the monetary profits go to the capitalists. Capitalism has created a society that consumer based and the new phenomenon has been labeled as consumerism. Consumerism has extended even into those areas, which were previously under state control as opposed to being under the control o f private corporations. These include the health sector and education among others. The presence of numerous corporations which provide all kinds of services and merchandise have expanded the choices available to consumers. This has created societies, which are based on consumerism as opposed to the earlier societies, which were work based. A consumer society can be identified by the consumption habits of individuals while a work based society’s identity lies in the citizenship and occupations of individuals, (Shachtman, p.101). In addition, the consumer society has evolved into a new culture, which has diverse and often contradicting principles to those of work and citizenship. Consequently, capitalists, out to maximum their revenue realization venture into global markets to exploit new markets. This will eventually lead to a single global culture based on consumerism, and individual consumer patterns based on cultural uniqueness and other such factors will be eliminated. As capitalists devise new ways of maximizing their profits, the consumers in a society based on consumerism look for goods of high quality and with the lowest cost. Consequently, both the consumers and the capitalists are not driven by social responsibility and do not try to deal with issues that are created by capitalism and consumerism. Social responsibility is in the hands of the government and the society but the culture of consumerism and capitalism encourages individualism as each entity is in pursuit of its own goals without considering how some of these goals might be affecting others and the society in genera, (Shachtman, p.106). The nature of the western society made it possible to be targeted for consumer society. A society full of egocentricity, deceptive advertising, nihilism, and values subjectivism to academic goals is easier to sway to the path of consumerism. In such a society where economic growth is the only important thing to any individual and has the capabilities and the power to displace or degrade moral values as we traditionally knew them, the gauge of self worth is always buying power. Those in a position to buy and own property have a more reinforced worth in a society upholding consumerism. The contribution of the media can not be ignored as it continues to create an image which everyone in the western society tries to fit in thus distorting the self worth and self awareness of each person. It is the goal of every capitalist to seduce a large television audience into identification of his personality with specifically designed consumer ideas and advertising fantasies. We no longer possess the ability to do our things independent of consumerism justification. Advertising duplicity and consumerism are now potential threats to the individuation process and consciousness regardless of continued linking of capitalism to the beginning of consciousness. Social cultural meaning diminishes as it is exploited further by media which siphons inex pressible content in order to attract more consumers.

Friday, September 27, 2019

Stock Market Paper Essay Example | Topics and Well Written Essays - 1000 words

Stock Market Paper - Essay Example History of the Company After the success of Walt Disney Land in California, Walt Disney had the idea of creating an even bigger resort which would include all different kinds of fantasy worlds in which people could lose themselves. When it opened, just outside of Orlando, Florida it covered approximately 107 acres; the theme park portion of the resort was referred to as The Magic Kingdom. It featured Adventureland, Fantasyland, Frontierland, Liberty Square, Tomorrowland, Main Street USA, and about 5,500 cast members (#2). Resort planners intentionally scheduled the opening in October, as opposed to the summer months because they wanted the opening numbers to be small, having learned their lesson from the issues that arose with the opening of Walt Disney Land. Walt Disney World was to be so much larger than Walt Disney Land, and the planners wanted to ensure that Walt’s dream was realized without a hitch; if issues arose due to the increased size and cast, they would be easier to deal with and identify with a smaller amount of guests. They had 10,000 guests on opening day. In addition to The Magic Kingdom, there were two hotels that were included in the resort itself, the Contemporary and the Polynesian Village (#2). Product Lines Walt Disney World has several different product lines that are all incorporated around the resort and theme park itself, having expanded to include three additional theme parks, and two water parks, as well as numerous hotels; the theme parks now include The Magic Kingdom, Epcot, Disney’s Hollywood Studios, and Disney’s Animal Kingdom. The water parks now present are Disney’s Typhoon Lagoon and Disney’s Blizzard Beach. This does not include the other branches of entertainment that Disney has added, like the Disney Cruise Lines (#3). Walt Disney World’s customer base includes â€Å"children of all ages;† they work to be geared towards all ages of clientele (though if you look too much lik e a Disney character, you may be kicked out of the park (#4).) Marketing Strategy There are many different marketing strategies employed by Walt Disney World, from the computer generated image of the park that is now present at the beginning of each and every Walt Disney film, to the commercials advertising Walt Disney World, all the way down to references to the theme park that are included in movies of all genres, but the marketing strategies of the park do not stop there. With a steep price tag to get into the park itself (over $80 (#5) per person, per day), there are many people who feel like though they may want a souvenier to commemorate their trip, but that the additional price tag is too expensive. Disney’s got the customer covered there too. They introduced three inch tall Vinylmation figurines for $10 each, everything from the characters themselves, to the attractions that are present in the park. The catch behind these souvenirs is that they come in unmarked boxes – consumers never know which one they will get (sort of like a souvenir grab bag); the nice thing about this marketing ploy is that if the consumer does not like the one they get, there are three opened figurines placed by the register, and the buyer may choose to swap out the one they got for one of the three present at the register itself (#5); this ensures that additional items are purchased, as people love the mystery, and offers them a semi-guarantee that they will

Thursday, September 26, 2019

Interaction design Assignment Example | Topics and Well Written Essays - 750 words

Interaction design - Assignment Example levant parts of the system are visible by use of suitable affordances that include; buttons, links, dropdown arrows, mouse cursor and highlight on mouse over. The scrollbars provide moving up and down affordances while the icons provide clicking on affordances (Rogers 115). Feedback implies sending information back to the user about what has been done like highlighting and animation and combinations of these. When login button is clicked on a â€Å"depressed† look is evident .Also constraints provide users with a range of usage possibilities e.g. Date time picker for birthday date. Efficiency on the other hand is evident in status updates and comments. When users write comments and post updates, the feed is immediately brought up to date. As a result the users get the feeling similar to natural result of typing. Facebook responsiveness truly encourages interaction among pals. Facebook has personalisation options that allow users to personalise pages and manage different features of their accounts. This flexibility attracts greater attention from the users and gives a more delighting user experience. Facebook tabbed chat feature gives users firmer sense of control and organization over their chatting actions. This feature also allows the users to perform more  than one task at the same time and use other Facebook features while chatting. Locus of attention is predominant in Windows with a darkened background. Upon selecting a picture a modal window with a dark background opens. The system is designed to block all the contents in the background, by doing this the users attention is drawn to the picture. The overall effect is to enable the user to view and interact with the picture with little effort. Errors and error recovery mechanism is proper. This help users recognize and diagnose errors. The place for displaying error messages is at the centre and is highlighted to get the users attention. The Error messages indicate what went wrong, where, and what the

Training and Developing Paper Research Proposal Example | Topics and Well Written Essays - 500 words

Training and Developing Paper - Research Proposal Example s training courses; although training courses are important, your training and education will be designed to also encompass in-house mentoring, work-based learning, reflective practice and shadowing. The healthcare industry is constantly evolving as new advances in medicine are discovered. As such, employees should constantly make good use of training and education so as to adequately prepare themselves for these changes (McConnell & Fallon, 2013). The threat of legal action leveled against professionals in the healthcare industry is increasing. It is important for you as newly recruited employees to continually undergo training that will keep you updated on any new legal developments that might be directly affecting you as professionals. Competencies are basically the eventual outcomes of the training and education process. It is important to measure your competences as individual employees in the organization as these measures will be a crucial indicator of your ability to perform definite tasks in a fashion that will eventually yield desirable outcomes. As new employees, it is important for you to understand that having high levels of competency basically implies that you are successfully able to apply skills, knowledge and abilities to new situations. It is important for organizations to assess organizational and individual competencies performance so as to assess the efficiency of the services that we are able to provide to patients. Healthcare organizations are singularly responsible for the overall quality of care they provide, as such, the assessment of competencies helps the organization in the determination of whether there is any need to design and implement new training programs aimed at improving the organization’s performance (Kelly & Vottero, 2014). Reaction: During this stage, participants hand in feedback questionnaires, they are also encouraged to provide any informal feedback that they believe is of importance. This information is

Wednesday, September 25, 2019

Project Management Research Paper Example | Topics and Well Written Essays - 750 words - 1

Project Management - Research Paper Example In this, they prepare the initial timeline of the project and determine the preliminary costs of the project. Either in the conception phase, the management can establish the project user participation and the possible sources of funds. Finally, the management may decide if to continue with the project or alter (Lewis, 2007). Therefore, the initiation phase forms the most crucial stage of the project than all the other stages. It is the foundation stone laying stage that without it the progress of the project is futile. The second phase is the project-planning phase. Here, the management commences setting out the project plan. This involves reviewing of objectives and goals of the project. Besides, the management considers the strategies needed to achieve these goals and objectives (Lewis, 2007). In this, they think each activity is leading to the sequencing of activities that will open up to be the required project. In the planning phase, the management allocates time to sequencing activities and develop a risk management plan (Lewis, 2007). Either, they evaluate on the resources needed and their cost. Finally, in planning, they allocate budget to individual resources to ensure that the project will run efficiently. The third phase is the project launch or execution phase. This stage involves Performance of activities and tasks as planned. Management evaluates the overall performance to ensure that the project meets the set quality standards (Lewis, 2007). Besides, there is development individual and team skills aimed to enhance project performance. In addition, the information about the project is distributed to the stakeholders to attract the needed investors (Lewis, 2007). In this phase, also the management may select potential partners and outsource vendors. Then there is the project performance control. This is responsible for coordination of the change control across the entire project. It involves verification of the scope of the

Tuesday, September 24, 2019

Why do people stay at ISS. (MA Human Resource Management) Essay

Why do people stay at ISS. (MA Human Resource Management) - Essay Example Evidence of this leadership structure at ISS is provided by The Finance Director (2010) to include what is referred to as a multi-local approach to management. The company recognises the importance of providing localised service provision based on cultural needs. It suggests diversity as a focus for people development. The company’s vision is to â€Å"lead facility services globally – by leading facility services locally† (the-fianance-director.com, 2010, p.1). ISS is decentralised (uk.issworld.com, 2010), with the intention of using people as resources to improve company position. Instances of identifying management philosophy is available throughout the organisation’s website as being transformational, defined as using charismatic personality, vision championing, and coaching as a new management philosophy (Endrissat, Muller & Meissner, 2005). In this sort of ideal environment that is people-focused, it would appear, at first glance, that employees stay with ISS because of their devotion to local culture and people development. However, turnover in certain segments continues to increase, most noticeable in cleaning, security, landscaping, and other blue collar job roles. Is there an ongoing problem with the manual labour team that needs identification? Why are there no other areas of the business experiencing high turnover? This proposed research project seeks to identify: The objectives chosen will provide information about whether there are cultural differences between manual and support workers that impact relationships or communications. The research intends to uncover what meaning the blue collar workers give to their job roles in relation to status, their family, or through self-analysis. In order to identify why people stay at ISS, it is first important to identify whey they might choose to leave in favour of other employment and see if these identified needs are present in the manual worker

Monday, September 23, 2019

Ethic week 3 Project Essay Example | Topics and Well Written Essays - 500 words

Ethic week 3 Project - Essay Example According to Siekman (2011), women are denied advancement to higher positions as evident in Duke’s case yet women employees account for about 72% of the company’s hourly employees and with only 33% of Wal-Mart store managers. The Supreme Court ruled in favor or Wal-Mart and against women’s class action this has helped Wal-Mart in maintaining its policy of no unionized workers since this would give them a bargaining power. Legal issues refer to matters that are protected by law or regulation and involve all persons within their jurisdiction (Lehman & DuFrene, 2010). Ethical issues are matters concerned with doing what is morally right. However, an overlapping relationship exists between them in that what is unethical is considered to be illegal in some instances while in others, unethical issues are considered to be legal. In others, what is illegal is considered to be ethical. In this regard, businesses have to consider law and ethics as two different things. An example of unethical but legal issue is Wal-Mart’s labor practices and policy which has forced most vendors to set their commodities at extremely low prices for them to be sold in Wal-Mart Stores. For vendors, the best way was consider aligning their production costs to those of Wal-Mart since it is within its standards of ethical conduct. An illegal but ethical issue includes the recent Vermont that makes it illegal for pharmaceutical company to give $25 or more gifts to personnel or doctors and imposes $10,000 for each violation. For the pharmaceutical companies, the best way is to act within the law as they lobby legal changes. Often, credit history check on new employees is used to gauge their responsibility level in that employees should be reliable and their past credit conduct like paying bills would be best to proof reliability. Credit checks also include information about an applicant’s former employers who

Saturday, September 21, 2019

Howard Zinn Essay Example for Free

Howard Zinn Essay Howard Zinn was born on December 7 19922 in Brooklyn New York. Zinn was raised in a working-class family in Brooklyn, and flew bombing missions for the United States in World War 2, which experience he uses to shape his opposition to war. Howard Zinn is one of the most respected historians, the author of various books and plays, and a passionate activist for radical change. A clear statement of his nature is his autobiography You Cant Be Neutral on a Moving Train. He is perhaps best known for A Peoples History of the United Sates, which presents American history through the eyes of those outside of the political and economic establishment, like the Native Americans, slaves, women, blacks, etc. In his essay Violence and Human Nature Howard Zinn points that; even if humans are capable of violent behavior, it is social conditions that harness that cruelty. He warns us to steer clear of the widespread notion that humans are biologically predisposed to violence and warfare. Mr. Zinn starts off by using an arsenal of famous thinkers, pointing out their pessimistic views and believes on human behavior. Views based on no concrete evidence that we humans are born with this trait called violence. Zinn starts off using Machiavellis positive view in the The Prince that humans tend to be bad. Zinn add great minds such as Einstein and Freud and their correspondence to illustrate their own views on the subject, and their conclusions that humans are violent by nature. Other scholars are also thrown in to support this traditional view of human nature being evil. The writer goes on with the idea that scientific evidence doesnt proves it, and that is the notion that humans are in nature prone to violence. Howard picks on some scientific fields to show as that there is no evidence of human instinct for the kind of aggressive hostility that characterizes war. He turns to sociobiology, where the Harvard professor E.O Wilson in his book On Human nature answers with a yes on the question Are human beings innately aggressive? and finds his evidence not in his field but as Freud did in History. Wilson goes on to describe that humans are born with such a trait as violence, that we own it to our genes. Zinn counter attacks this with the following, Stephen Jay Gould a colleague of Wilson and a expert in evolution categorically just replies when asked that there no evidence for  such a statement by Wilson. Zinn is starting to show us an interesting pattern, a blueprint that clearly show us that every explanation from those important people look to root their selves with evidence found only in History. Zinn invites us to illustrate why History is being picked as the field from where those people can pull their evidence of Human violence. Its easily proven when you choose humans to be evil, you just need to pick your example, and history is flooded with it. Zinn shows us that there is a down side of it picking on history, because it depends on which historical events you examine to be in your favor. Its dangerous and very biased to follow this trail. Zinn goes on to convince us that our concentration get deflected by the real cause of violence and war. Zinn uses the 1986 international conference of scientists in Spain to express their conclusion on the question of human nature and violent aggression, to lure as to the very point of the whole essay that society has the power to harness this violent instinct in humans, and not our biological makeup. To further straighten his observation, Zinn uses the well-known Milgram experiment. In sum, carefully controlled experiments demonstrate that we follow others more often than we might like to think. However, it also seems to true that we dont always conform. We are more likely to conform when authority figures are close by, and are more likely to express our individuality and dissent when the consequences of our actions are more apparent. Also from the area of anthropology Zinn uses the two tribes of The Forest People and The Mountain People from the studies of Colin Turnbull, to show us what an impact can an out side disturbance have on one tribe, which brought out a violent behavior in them. But the second tribe uninterrupted continued on a gentle and peaceful life. Howard decided to turn our attention from all does academic studies to the war itself. He gives himself as an example to explain war. Zinn argues that he and his fellow soldiers killed as a result of a set of experiences that  brought them to the front lines of war, not because they felt an instinctual compel to do so. He doesnt view the soldiers willingness to go to war as genuine to their human nature but is rather triggered by existing social conditions. This is what is expected from you, the pressure of people around him to do his duty. Zinn recalls being brought up to trust that the nations political leaders would make just and fair choices, and that the world was divided into good and bad countries, his own country being one of the good. He also recalls being trained not to question orders and being reminded that there was no reason to question those orders since they all stemmed from good political leaders and you should obey those people. Ones in the war and having such obedience, produced in him by his society, a soldier easily demonstrates the power of culture in extreme ways, like for example the My Lai Massacre. Where a detachment of units annihilated a whole village consisted only by elderly people, women and children. Zinn decides to show us that in the aftermath of the massacre, GIs as in the case of Charles Hutto said that he did what he was told to do. But we see that also a helicopter offices decides to save as much people as he can from the village below, Howard suggests that men are disposed to war under certain setting. Society should come to turns to this power which it holds over people harnessing this violent instinct and avoid doing so at all costs.

Friday, September 20, 2019

Listening skills

Listening skills For communication at work, are listening skills important? If so, provide multiple reasons. How would you describe your listening skills? Is listening the same as hearing? What is selective hearing? Good listening skills make workers more productive. The ability to listen carefully will allow employees to better understand assignments and what is expected of them; build rapport with co-workers, bosses, and clients; show support; work better in a team-based environment; resolve problems with customers, co-workers, and bosses; answer questions; and find underlying meanings in what others say. A good listener knows that being attentive to what the other person doesnt say is as important as being attentive to what the person does say. Listening is one of the most important skills that a person should possess. How well a person listens has a major impact on job effectiveness, and on the quality of relationships with others. The way to become a better listener is to practice active listening. This is where a person should make a conscious effort to hear not only the words that another person is saying but, more importantly, to try and understand the total message being sent. When I am providing listening skills, the first thing that I do is pay attention. I want to show the other person that I am listening and I also provide feedback. Listening is not the same as hearing. Hearing is a physical process of taking in sound and unless you are hearing impaired, hearing is in relative terms an easy process. Listening is more difficult; it is a cognitive process requiring brain work. Selective hearing is a way of describing the tendency of some people to ignore things that they dont want to hear. I tend to possess selective hearing at times especially when I am being told to do something. Professional demeanor is a type of demeanor that involves a persons manner and nonverbal emotional tone. Professionalism and an overly serious manner are not one and the same. Highly professional people smile appropriately and they command respect. One thing a person should never do is to try and be somebody, or something they are not. It is important to be natural and to be yourself. First impressions mean so much and a person does not have to say anything for another person to judge their demeanor. When in a meeting or interview, it is important to dress professional. It is not about what accessories are collaborated with your outfit, its about selling yourself or the company that you represent. Presenting a professional demeanor also means that a persons nails are clean and they provide cordial phone mannerisms. It is always important to strive to be a better person that is helpful, kind, and considerate in the workplace. My message is always consistent between the two. I work in corporate America and I understand the value that my company strives for. It is important for me to represent myself while at work and even when I am not at work. I never know who is watching my every move. Professional demeanor to me means the way you carry yourself. That demeanor does not have to be communicated in a business manner but your everyday life. Some people who work in professional environments really dont know how to be professional. A professional person is poised and confident. They handle their business. They understand laid back and professional settings. In a workplace, it is important to understand the dress code. Business casual does not mean capris. A nice pair of slacks and a nice blouse is great. Speaking clearly and staying grounded in great also. The way a person presents themselves should be professional. Loud is not the way to do. I carry myself in a professional and poised way because I want respect and for people to understand that I am about my business. My message is always consistent and I come across to people nice because I want the same treatment. Communication is a process of transferring information from one entity to another. Nonverbal communication is the process of communicating through sending and receiving wordless messages. Such messages can be communicated through gesture, body language or posture; facial expression and eye contact. Nonverbal communication plays a key role in every persons day to day life, from employment to romantic engagements. Visual communication as the name suggests is communication through visual aid. It is the conveyance of ideas and information in forms that can be read or looked upon. Nonverbal communication is very important to a deaf person who may get many information cues this way. I may use such communication skills as facial expressions and gestures. I may have to touch a deaf person on the shoulder, arm, or leg to get their attention if they are close enough to me. When communicating with a person with bad eyesight, it is important to describe what is being done. I may describe my gestures, facial expressions and what is being presented. I need to make sure that I effective communicate so that way no one will leave the meeting lost as to what is going on. Patience is the key word. I would incorporate some of my team members to help me to find way that we all can understand the issue. The age difference is clearly a factor in this team environment. The oldest member is set in her ways and may want things done from start to finish. Sometimes younger people may slack off just a little. They go with the flow as one would say. I understand that. They may agree but have no idea what is being communicated. Males have their own opinions when it comes to situations. Females want to be right well at least I do. I want things to be in order and mapped out before the plans are taken into action. I understand that language barriers are a huge issue maybe for the latinos and kenyan team members. They have sometimes really strong accents and other team members may have a huge problem understanding what is said. They also may get frustrated because we all cant understand. They may give up. The deaf person and the one with the hearing aid may need someone to translate on paper or everything may have to be drawn out. The key word is team and we all have to go up with plans. I woul d not want anyone to feel left out because they have a difficult timeunderstanding. The team member with the bad eye sight may need everything read to him/her. We would have to describe what is going on. It all can be done though. As Team Leader, what can you do to ensure everyones understanding of task assignments from the meeting? As a team leader, I will not leave the meeting until we all understand. If I have to have a meeting catering to each persons individual need, then I will do that. What are some alternative communication mediums you may utilize in your meeting? We all can help. Some people may have better communication skills with other and so I will involve my team and ask for their help. We can use drawings and tap recorded messages. Whatever can get them all involved. In what ways would you follow-up, after the staff meeting, to ensure communication was a success? I would have one on one communications with each team member to make sure they understand. If they dont I will set aside time for each member and depending on the situation utilize whatI have to make it work. My response Demeanor involves your manner and your nonverbal emotional tone. You may or may not be conscious of the overall emotional undertone that you are exuding.Professionalism and an overly serious manner are not one and the same. Nor is professionalism staid and boring. Highly professional people smile appropriately and they command respect. If you have trouble smiling or appearing approachable in a professional setting, try keeping your mouth open, just a little not gaping just lips slightly parted. This expression communicates that you have an open mind. Pursed, tight lips communicate a closed mind just as arms crossed do. And a tightly closed mouth signals an angry or self-righteous individual. http://www.casualpower.com/business_casual_tips/demeanor.html Presenting a professional demeanor begins with clean nails, clothing appropriate to the workplace, and cordial phone mannerisms. Some people consider these to be the only requirements of professional demeanor. Certainly these help present a professional image, but true professionals do not stop there. Someone striving to be a better person is helpful, kind, and considerate in the workplace. http://bizcovering.com/business/professional-demeanor/

Thursday, September 19, 2019

Haunted Elevators at the University of Maryland :: Urban Legend Myths

Haunted Elevators at the University of Maryland A good urban legend is like a play: so well written and delivered the audience cannot tell if the performers are acting. The legend is carefully crafted to resonate with the audiences’ â€Å"hopes, fears, and anxieties† and the delivery works to suspend their disbelief. One urban legend epitomizes these characteristics. This urban legend was told by an eighteen-year-old African American college student at the University of Maryland. The urban legend dealt with Denton Hall, where he currently lives. The storyteller claimed that one of the dormitory’s early residents was a girl who, due to some kind of calcium deficiency, had an unusually weak bone structure. The storyteller could not recall her name, but indicated that it had just slipped his mind and was on the tip of his tongue. One day, she was going to the dining hall with a friend of hers when she realized she had forgotten her I.D. card. She asked her friend to hold the elevator while she ran back to her room to get it. She was just reaching the elevator with her card when the elevator, having been held open for too long, began buzzing and the doors closed. The girl tried to jump onto the elevator at the last second but the doors closed on her and crushed her. According to the storyteller, some of her â€Å"brain fluid,† c omposed of neurotransmitters and other electrically conductive chemicals, sprayed into the elevators control panel and fried some of the circuitry. From that point on, the elevators in Denton have been on the fritz and break down whenever anyone holds them open for too long. The urban legend was delivered excellently. The storyteller had also selected a perfect time for his performance. He was speaking too a small group of other Maryland students who were waiting for the elevator in Denton. He had enough time to finish his story, because only one of the elevators was working. The storyteller presented the story as if he was simply relating the facts. He did not fill the story with dramatic pauses or extensive efforts to get an emotional response from the audience. If he thought his audience was going to find a part of the story disturbing or unbelievable he qualified it by saying â€Å"Now I thought this was really gross.

Wednesday, September 18, 2019

Sorcery In Morocco :: miscellaneous

Sorcery In Morocco According to Merriam- webster’s Collegiate dictionary, sorcery is defined as the use of power gained from the assistance or control of evil especially for divining. Sorcery is a phenomenon that has spread all over the world. It mainly consists of direction of the world into a spiritual power which is mysterious and unexplainable. In Morocco, sorcery is a very popular practice. It is practiced especially in the south of the country where people have strong beliefs in superstition. Believers in sorcery pretend that it has a great impact on the course of their lives. However, sorcery is a dangerous practice that affects the mind and the health of its users, in addition to the reputation of the country. At first glance, it seems to me that the most perilous impact of sorcery is its effect on the mind of those who practice it. Some believers might argue that these practices build self confidence. For instance, when a sorcerer assigns to them to do some rituals in order to make an operation successful, they face without fear. I totally disagree with them because as proved in many researches, those states of mind are only psychological and create a lot of mental troubles and instabilities. In Morocco, there is a huge population that completely believes in those practices. Therefore, the witches take profit from the ignorance of those people to start communicating some dumb information. In general, the information given by those sorcerers are common and related to the problem and the personality of the individual. Sorcerers are usually very intelligent and know exactly what the patient wants to hear. As a consequence, people become addicted to these kinds of practices and prefer it to c onsulting psychologists who can provide them with more accurate solutions. As a result, people become easily influenced, which by the way affects their personalities. The practice of sorcery in Morocco threatens the health of its users. Some sorcerers believe that their remedies are made from natural plants and do not menace the health of their patients. However, what is strange is that they always refuse to take their products to medical centers so that they can be Furthermore, people who have allergies can also suffer from dangerous diseases due to the fact that they take what their sorcerers give without the prescription of their doctors. Another important area that is suffering from this practice is the reputation and the culture of the country. Sorcery In Morocco :: miscellaneous Sorcery In Morocco According to Merriam- webster’s Collegiate dictionary, sorcery is defined as the use of power gained from the assistance or control of evil especially for divining. Sorcery is a phenomenon that has spread all over the world. It mainly consists of direction of the world into a spiritual power which is mysterious and unexplainable. In Morocco, sorcery is a very popular practice. It is practiced especially in the south of the country where people have strong beliefs in superstition. Believers in sorcery pretend that it has a great impact on the course of their lives. However, sorcery is a dangerous practice that affects the mind and the health of its users, in addition to the reputation of the country. At first glance, it seems to me that the most perilous impact of sorcery is its effect on the mind of those who practice it. Some believers might argue that these practices build self confidence. For instance, when a sorcerer assigns to them to do some rituals in order to make an operation successful, they face without fear. I totally disagree with them because as proved in many researches, those states of mind are only psychological and create a lot of mental troubles and instabilities. In Morocco, there is a huge population that completely believes in those practices. Therefore, the witches take profit from the ignorance of those people to start communicating some dumb information. In general, the information given by those sorcerers are common and related to the problem and the personality of the individual. Sorcerers are usually very intelligent and know exactly what the patient wants to hear. As a consequence, people become addicted to these kinds of practices and prefer it to c onsulting psychologists who can provide them with more accurate solutions. As a result, people become easily influenced, which by the way affects their personalities. The practice of sorcery in Morocco threatens the health of its users. Some sorcerers believe that their remedies are made from natural plants and do not menace the health of their patients. However, what is strange is that they always refuse to take their products to medical centers so that they can be Furthermore, people who have allergies can also suffer from dangerous diseases due to the fact that they take what their sorcerers give without the prescription of their doctors. Another important area that is suffering from this practice is the reputation and the culture of the country.

Macbeth :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Macbeth is one of the greatest tragedies of all time. It begins with a prophecy of three Witches. An overanxious nobleman named Macbeth and his wife let greed and envy consume them and end up killing the king. The murder places Macbeth on the throne, which fulfills the earlier prophecy. The play takes a tragic turn and Macbeth is killed, but only after he and his wife both go mad.   Ã‚  Ã‚  Ã‚  Ã‚  Although some people may think Macbeth's plot is aged and unimportant, it still explains a large part of life in today's society. Greed, envy, and hate are all too familiar in the struggle for power even today. The problem with having power is that sometimes the person with the power is not the best person to be in that power. This point is very evident in the characters of Lady Macbeth, the Witches, and Macbeth.   Ã‚  Ã‚  Ã‚  Ã‚  Lady Macbeth is the perfect example of the powers of greed, envy, and hate. Lady Macbeth, like a lot of women today, wants her husband to be manly and prominent. Most women use their influence over their husbands in a subdued fashion. Lady Macbeth is very forward and aggressive about her power over Macbeth, which makes her begin to hate her own husband. Because of this, Macbeth is ashamed of himself and will do anything his wife asks of him. Lady Macbeth's spousal abuse is brought about by her envy of the King's social status and the fact that her husband is not the king. This is a very typical situation in a lot of relationships. Some women tend to abuse their power over their husbands to gain a higher social status or to simply get what they want out of the relationship. Although the abuse is not usually as extreme as   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Macbeth's case, where murder takes place, it is still very common. The higher social status is also where her greed interferes. Even though she and Macbeth are some of the highest nobles in Scotland, Lady Macbeth is still not satisfied. Even in today's society greed in relationships plays a very major part, mostly in materialistic items such as social status and money.   Ã‚  Ã‚  Ã‚  Ã‚  The three Witches in the play hold the ultimate power over Macbeth. The Witches are seen as the devil, tempting and leading Macbeth into bad situations. If the Witches had never given Macbeth the idea that he would be king, then he never would have killed Duncan or began his steady decline.

Tuesday, September 17, 2019

Project management success factors Essay

Housing is the critical issue in global urbanization which have a tremendous impact on the environment – both during construction and through out their. As the key element in urban development, housing plays a vital role in attaining the goal of sustainable development. Effective of project management is becoming increasingly important for sustainable housing to remain competitive in today‟s dynamic business environment. This paper attempt to establish a theoretical framework for project management success factors in sustainable housing development. Review on past literature on the subject were carried out to build the existing research works on the area and to establish critical success factors of project management best practices. At the end of this paper, a new area of managing sustainable housing for future direction of this research was identified. A list of critical success factors for project management practices for sustainable housing development was established. Keywords: Sustainable Housing, Sustainable Development Project Management, Critical Success Factors. 1.0 INTRODUCTION Housing, as human basic need, is a very important issue of people‟s everyday life. In 1948, the United Nations, in its Universal Declaration of Human Rights, stated that â€Å"everyone has the right to a standard of living adequate for the health and well-being of himself and of his family including food, clothing, housing and medical care and necessary social services†¦Ã¢â‚¬  . Housing provision is one of the major challenges facing developing countries. Under the Seventh Malaysia Plan (1999-2000) and Eight Malaysia Plan (2001-2005), Malaysian governments are committed to provide adequate, affordable and quality housing for all Malaysian, particularly the low income group. This is in line with Istanbul Declaration on Human Settlement and Habitat Agenda (1996) to ensure adequate shelter for all. In order to be sustainable, housing initiatives must be economically viable, socially acceptable, technically feasible and environmentally compatible (Choguill, 2007). In the other hand, housing encompasses the immediate environment, sanitation, drainage, recreational facilities, and all other economic and social activities that make life worthwhile (Olejado, 2003). The World Commission on Environment and Development (WCED, 1987) report, Our Common Future has led to a world-wide notion of the concept of sustainable development (Meldon, 1998). However, it has been argued that the history of the concept of sustainability can be traced back to the terms â€Å"stationery† or â€Å"steady state economy† used by the nineteenth century political economist (European Environment agency, 1997). Today there are over 300 published definitions of sustainable development, the products of diverse world views and competing vested interests (Moles and Kelly, 2000). Fundamentally, sustainable development addresses three major areas; I. People living today are entitled to justice and equal rights; II. Environmental degeneration must be alleviated or eliminated; and III. Future generations must not be impoverished as a result of current actions (Redclift,1987). Our Common Future explores how sustainable development â€Å"is not a fixed state of harmony but rather a process of change in which the exploitation of resources, the orientation of technological development, and institutional change are made consistent with future as well as present needs† (Moles and Kelly, 2000). In other words, (WCED, 1987, 8) it‟s defined as â€Å"development which meets the needs of the present without comprising the ability of future generations to meet their own needs†. The Commission not only observed that environmental problems need to be addressed, but also socials problem, such as inequity, property, non-prosperity and the violation of human rights, that are related to explosive population growth and the enormous expansion of environmental harms caused by human activities. According to the Commission, solving these problems requires global economic growth whilst respecting ecological constraints (Klunder, 2004). Other studies, (Ding, 2008) defined sustainable development is as a concern of attitudes and judgment to help insure long-term ecological, social and economic growth in society. While the term of sustainable development is well known and widely used, there is no common understanding and approach for it. The perception of sustainability especially when it comes to what â€Å"needs† is regarded as important varies much by different nation and even different people with different points in time, economic, social and cultural backgrounds (Zinkernagel, 2001). The detail of what comprises sustainable development is very context – specific and the same condition and practice cannot apply everywhere. Therefore, sustainability has its diverse implications in every corner of the world and in every sector of a society (Bell and Morse, 2003). For construction sector, the Dutch Ministry of Housing, Spatial Planning and the Environment (1990) explains sustainable as directed towards the reduction of the environmental and health impacts consequent to construction, buildings and the built environment. Such construction processes would bring environmental responsibility, social awareness, and economic profitability objectives to the fore in built environment related projects (Langston and Ding, 2001). There are various definitions of sustainable housing; The European Union defined sustainable housing in the following perspective: construction (e.g. Quality of construction), social and economic factors (e.g. Affordability and psychological impacts) and ecoefficiency (e.g. Efficient use of non-renewable resources) (VROM, 2005). Previously, IHBC (1998) definitions  present the general factor of a sustainable housing practice that is applicable under various circumstances, depending on the conditions where it‟s implemented (Larasati, 2006). Basically, all these definitions were carry out the idea of Principle 15 of the Declaration of the United Nations Conference on The Human Environment: â€Å"Planning must be applied to human settlements and urbanization with a view to avoiding adverse effects on the environment and obtaining maximum social, economic and environmental benefits for all† (UNEP, 1972). A sustainable house is cost-efficient over time, comfortable, cheap to maintain and complements our unique environment (Queensland Government, 2004). â€Å"Sustainable Housing† is a new concept in developing countries and unearthing projects covering all aspects of sustainability proved to be difficult (Ebsen, 2000). For housing that make up a great proportion of building, sustainable housing could be defined as housing practices, which strive for integral quality (including economic, social, and environmental performance) in a broad way (John, Croome & Jeronimidis, 2005). The focus on sustainable housing implies a perspective of flows (Klunder, 2004). From this viewpoint, a sustainable  housing is characterized by the minimization of the environmental impacts of material use, energy consumption and water consumption during the whole service life of the building. 2.0 PROBLEM STATEMENT Malaysia is a developing country heading towards industrialization. The growths of industries bid rapid housing expansion due to the high demand from the customer. A good housing area has to fulfill the health aspect from the building, drainage, clean water supply, domestic waste management and suitable ventilation. The quality of housing and it‟s social, economic and environmental performance is critically important to sustainable development. However, the lacks of practices of project success factors in housing development activities may often bring about water, air and land pollutions thus affecting the natural environment, health and quality of  life. These issues are often raised today as problems of uncontrolled development of housing growth as concern for the environment is not considered. With this concern in mind, housing and other social services become priority in today‟s development programmes which aimed at improving the quality of life and contributing towards the formation of a caring society. However, the issue of sustainable housing are still new and not that familiar in our country. With referring back the house being built in the past decade, those houses were not meeting the essential criteria of sustainability and unfortunately, there are little to none; in depth studies for this matter. Although the homes that create may look good and be cheap to build, they are poor value if they weather poorly, have high energy and other running costs, are expensive to maintain and cannot adapt to changes in use. According to Maylor (1999) those organizations that are most resourceful in seeking out best practices and making those aspects work for them will be the most successful. Although project management has proved its success in many construction projects, there is however some problems associated with the manner in which the system has been selected and/or implemented (Noum S. et al., 2004). Here, critical factors of successful project management were establish to develop a new area of managing sustainable housing for further studies of this research to ensure its potential for future sustainability. 2.1 RESEARCH QUESTIONS Based on the problems stated above, two main questions are formed as below: 1) What are the critical factors that are required for the successful implementation of sustainable housing practices? 2) What are the critical factors project management best practices in sustainable housing development? 2.2 OBJECTIVES There are two objectives for this paper: 1) To identify factor that are required for the successful implementation of sustainable housing practice. 2) To establish the success factors that determines the best practices for project management in sustainable housing. 3) To establish guideline for project management best practices for sustainable housing. 3.0 FACTORS EFFECTING PROJECT SUCCESS Nowadays, companies are increasingly using projects in their daily work to achieve company goals. The only way organizations can be driven to achieve excellence is by keeping an eye on competition and world best practice in all aspects of the business (Bendell et. all, 1998). Recently more and more organizations are recognizing that translating corporate strategies into actions requires project management. Consequently, it is vital that projects are successful (Baccarini, 2003). Critical success factors are important influences that contribute to project success. So, critical success factors are the set of circumstances, facts or influences which contribute to the project outcomes. According to Mobey and Parker (2002), to increase the chances of a project succeeding it is necessary for the organisation to have an understanding of what are the success factors, to systematically and quantitatively assess these factors, anticipating possible causes and effects, and then choose appropriate methods of dealing with them. Once identified, the success of the project can be achieved. Generally, the success of a construction project depends on a number of factors, such as project complexity, contractual arrangements, and relationships between project participants, the competency of project managers, and the abilities of key project members (Chua et al., 1999). Bayliss, (2002) in his report said that successful project delivery requires the concerted effort of the project team to carry out the various project activities, but it is the project manager who, at the center of the project network, is responsible for orchestrating the whole construction process. Possessing the core project management competence would help to define the ability of project managers to deliver good performance towards the attainment of project success. The search for factors that influence project success has been growing interest over the past decade. Among researchers that have tried to a certain extent to identify success factors for project management are Pinto and Slevin (1987,1989), Cooke-Davis (2002), Muller and Turner (2003), Belassi and Tukel (1996) and etc. Success factors are those input to the project management system that lead directly or indirectly to the success of the project or business. Belassi and Tukel, 1996, categorized success factors into four main group. These are factors relating to the project, project managers, organization, and external environment. Others researcher, Chan et al., 2002 identify a set of project success factors; project team commitment, contractor‟s competencies, risk and liability assessment, client‟s competencies, end-users needs and constraints imposed by end user. As referred to the ten critical success factors developed by Pinto and Slevin (1986), Pinto and Mantel (1990) suggest that â€Å"these critical success factors were found to be generalisable to a wide variety of project types and organizations†. Their model is one of the most widely quoted lists of critical success factors (Muller and Turner, 2007). However a single set of project success factors may not be suitable for all industries (Lim et al, 1999; Hartman et al, 1996). Liu and Walker 1998 suggest that as industries operate differently, â€Å"a set of critical success factors may not be transferable from one project to another project†¦only generic areas can be identified and used as broad guidelines.† A comprehensive review of the literature research on success factors of project management was conducted. Table 1 gives lists of the critical success factors developed in the various literatures. Several researchers have identified the factors that significantly determine project management success. Based on the frequency analysis, the critical success factors are prioritised as shown in Table 2. Table 1. Summary of literature reviews from various author‟s for project success Author‟s Pinto & Critical Success Factors Belassi Cooke- Baccarini Andersen Hyvari Turner & Khang Slevin & Davies (1999, et al., Muller & (2002) 2003) (2006) (2005,07) Moe (1987,89) Tukel (2006) (1996) (2008) Project Understanding √ √ Top Management Support √ √ Information/Communication √ √ √ √ Client Involvement √ √ √ √ Competent Project Team √ √ √ √ √ √ √ √ √ √ √ Authority of the Project Manager/Leader Realistic Cost and Time Estimates √ Adequate Project Control √ √ √ √ √ √ Planning/Controlling Project mission /common goal √ √ Project Ownership √ √ √ √ √ √ √ feedback √ √ √ √ √ √ √ or empirical basis. Table 2: Prioritisation of CSFs Critical Success Factors Prioritised Occurrence No. Frequency of Rank 1 Competent Project Team 8 1 2 Authority of the Project Manager/Leader 6 2 3 Project Understanding 5 3 4 Top Management Support 5 3 √ √ Remark: â€Å"√ † critical success factors that is determined by the authors either on a conceptual Sr. √ √ √ Monitor performance and √ √ √ Adequate Resources √ √ √ Risk Management √ √ √ Problem Solving Abilities √ √ 5 Client Involvement 5 3 6 Project mission /common goal 5 3 7 Adequate Resources 4 4 8 Realistic Cost and Time Estimates 4 4 9 Information/Communication 4 4 10 Project Ownership 3 5 11 Monitor performance and feedback 3 5 12 Planning/Controlling 3 5 13 Risk Management 3 5 14 Adequate Project Control 2 6 15 Problem Solving Abilities 2 6 The frequency analysis in Tables 1 and 2 revealed that there are only one critical success factors in all frameworks in common which is competent project team. The analysis also showed that authority of the project manager/leader is prioritised in rank 2. The analysis further revealed that 5 out of the 8 frameworks have four critical success factors in common: Project Understanding, Top Management Support, Client Involvement and Project Mission/common goal. The Adequate Resources, Realistic Cost and Time Estimates and information/Communication success factors have their presence in forth frameworks respectively. The other critical success factors (namely, Project ownership, Monitor performance and feedback, Planning/Controlling and Risk Management) are presented in very few frameworks (Table 1 and 2). Meanwhile, the other two factors were not commonly found in the literature which is adequate project control and problem solving abilities. 4.0 FACTORS OF PROJECT SUCCESS FOR SUSTAINABLE HOUSING The subject of project management is vast and numerous authors continuously add to the body of literature on the subject. According to the Project Management Institute (2004), the discipline of project management can be defined as follows: Project management is the art of directing and coordinating human and material resources throughout the life of a project by using modern management techniques to achieve predetermined objectives of scope, cost, time, quality and participation satisfaction. Project management best practices may be described as optimum way of performing work to achieve high performance (Ramabadron et all., 1997). According to Dey (2002), current project management practices of organizations in the industry sector do not always ensure success. The main problems with projects planning and implementation have been cost and time overruns and quality non-achievement. Dey (2002) stated that the main contributing factors are: ï‚ · Expansion of the scope and subsequent quality increases of input resources; ï‚ · Engineering and design changes; ï‚ · Underestimation and incorrect estimation and ï‚ · Unforeseen inflation ï‚ · Project size and complexity and etc. Dey, (2002) illustrates projects management growing popularity has stimulated interest in how companies compare in their application of project management process, tools and techniques. Successful project management can contribute towards project success but is unlikely to be able to prevent project failure (de Wit, 1988). The various variables affecting the success factors are identified in the  previous section. There are Project Understanding, Top Management, Support Communication, Client Involvement, Competent Project Team, Authority of Top Level, Realistic Cost and Time Estimates, Adequate Project Control, Problem Solving Abilities, Risk Management, Adequate Resources, Planning/Controlling, Monitor performance and feedback, Project mission /Common goal, and Project Ownership. Furthermore, a new conceptual framework that includes the indentified variables of project success is shown in Fig. 1. Its show that variables project success can influence a variable of criteria measuring sustainable housing. Figure 1: Framework of Project Management Success Factors in Sustainable Housing. Project Management Success Factor Criteria Measuring Sustainable Housing: Competent Project Team Authority of the Project Manager/Leader Project Understanding Top Management Support Client Involvement Project mission /common goal Adequate Resources Realistic Cost and Time Estimates Information/Communication Project Ownership Monitor performance and feedback Planning/Controlling Risk Management Adequate Project Control Problem Solving Abilities ï‚ · Energy Efficiency ï‚ · Use of Materials ï‚ · Water Efficiency ï‚ · Disposal ï‚ · Site Issues ï‚ · Green ï‚ · Traffic ï‚ · Outdoor environment and Indoor environment Project Management Success Factors in Sustainable Housing – Economically ; are cost-efficient over the lifespan of the dwelling – Environmental/Ecology ; are resource efficient in terms of materials, waste, water and energy – Social/Community ; are safe, flexible and comfortable for people with varying abilities * Critical success factor of project management were establish to come out the best practices in new area in Sustainable Housing. An extensive literature survey on sustainable housing also has been carried out to select criteria measurement frameworks for this study. The relevant literature has revealed that different researchers have adopted similar sustainability criteria‟s framework that consider on three basic themes of the sustainable construction; social, environmental, and economic. Below, there are a few literatures findings in term of criteria of measuring sustainable housing: 1. Winston (2007) have carried out some important characteristics of sustainable housing include: sustainable land-use planning; resisting scattered settlements; housing close to employment and public transport; higher residential densities; sustainable construction; high standards of energy efficiency in use of dwellings; housing availability, affordability and quality; access to green space, and a high quality residential environment. Many sustainable building indicator sets are derived from conceptual models (Winston and Pareja, 2008). 2. Blaauw (1997), the following environmental theme are derived from a workbook for sustainable building and housing: Energy, Use of Materials, Water, Disposal, Site, Green, Traffic, Outdoor environment and Indoor environment. 3. Building Environmental Science & Technology (B.E.S.T), formulated residential green building guidelines: Emphasize the reduce, recycle, re-use, renewable; use energy, water and resource efficiently; healthy indoor air quality; building has affordable community; development creates a sense of well-being; the home remains reasonably affordable and cost effective. 4. (Bennett and James, 1999) Effective sustainability measurement should consider the complete triple bottom line of economic, environmental, and societal performance which is: a) Social Sustainability ï‚ · Healthy internal environment ï‚ · Safety (personal, household and environmental) ï‚ · Provision of social amenity ï‚ · Provision of recreation amenity ï‚ · Accessibility to jobs and amenities b) Economic Sustainability ï‚ · Cost efficient over time ï‚ · Adaptability with min. cost ï‚ · Affordability ï‚ · Job creations and local economy c) Environmental Sustainability ï‚ · Energy efficiency ï‚ · Water efficiency/Conservation ï‚ · Reduction of greenhouse gas emissions ï‚ · Waste management / recycling ï‚ · Material efficiency ï‚ · Pollution prevention– noise, water, air ï‚ · Optimization & conservation of land ï‚ · Protect and enhance biodiversity ï‚ · Reduction of car dependency 5. Green Building Manual from the US Department of Energy (DOE) & Public Technology, Inc. (PTI) include the following points: ï‚ · Site Issues: selection of building sites, landscaping, watershed, site materials and equipment ï‚ · Building Design: building systems (heating, ventilating, air-conditioning, electrical and plumbing systems) and indoor environmental quality ï‚ · Construction Process ï‚ · Operations & Maintenance ï‚ · Economics & Environment: energy and water efficiency, waste reduction, construction costs, building maintenance & management savings. For the purpose of this research, eight aspects of criteria sustainability that can be used to analyze sustainable housing , were derived from the six environmental themes that are distinguished The National Measures for Sustainable Building (Hendriks, 2001): ï‚ · Energy: reducing the demand for energy, promoting the use of sustainable energy resources and using energy efficiently ï‚ · Materials: more efficient use of materials, reducing waste and removing it responsibly ï‚ · Water: reducing water usage, preventing land drying up, and protecting water quality ï‚ · Indoor Environment: improving air quality, improving thermal comfort, and reducing noise levels. ï‚ · Surrounding Environment: supporting bio-diversity, strengthening the perception of the environment (including maintaining old townscapes) and reducing nuisance (noise, wind, odor) ï‚ · Miscellaneous: improving the flexibility of the home with regard to accommodating new functions and improving safety It is expected that study of project management best practices in the extent of project success could lead toward meeting criteria of sustainable housing. This approach in sustainable housing area will provide much needed information to local authorities to take more effective control of housing issues. 5.0 CONCLUSION The implementation of success factors for project management in sustainable housing is important in other to ensure project success. Apparently, the sustainable housing is one of the major contributors to the development of any country. Unfortunately, in our country Malaysia, the issue of sustainable housing development is still new and not yet the proactive action had been taken to develop the housing sector in sustainable way. Thus, this research is proposed to identify success factors for project management in sustainable housing area. At the end of this paper, a new area of managing sustainable housing for future direction of this research will identified. A list of critical success factors from various authors for project management success for sustainable housing development in Malaysia was established. 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