Old Testament Leadership Essay

Introduction The Holy Scriptures are without question a vault of rich wisdom for a variety of subjects. The subject of leadership is no different; in fact a case can perhaps be made that the Holy Scriptures are word pictures of God’s leadership for humankind. Whether it is read as the divinely, inspired word of God, or as a mere historical account of ancient Israel, or as a book of pure myths, the reader will encounter fascinating people with extraordinary leadership qualities. The following will take a glimpse at Moses; the man whom God chose to be the leader of the Hebrew slaves in Egypt, into a land that flowed with milk and honey. The following will be an attempt to document moments of strength, weakness, failure, and victory. This paper will conclude by identifying Moses as a servant leader who, in spite of human failure, ultimately fulfilled the will and purpose of God. Leadership Style The style of leadership that Moses demonstrated was clearly Servant leadership, â€Å"In order to retain the potential in this young man, God led him into the Midian desert to learn a new way of life† (Kuest, 2009). As a shepherd he learned to serve, and became servant to the purpose and will of God. Relationships Moses although he spent much time on Mount Sinai (in relationship with God), he also spent time with his successor Joshua whom he had prepared for Servant Leadership (Num. 11:28). Incarnation Moses was not a detached leader. In fact throughout the wilderness journey, he was among the people. He was an accessible leader. Evidence of this fact is found when there were needs the people went straight to him (Num. 20:1-13). Covenants OLD TESTAMENT LEADERSHIP 3 Moses was perhaps known for many things; in fact it is widely known that Moses is regarded as one of the Jewish people’s greatest prophets/leaders. One specific thing that Moses is known for is the Mosaic Covenant. The bible states â€Å"If you obey me fully and keep my covenant, then out of all the nations you will be my treasured possession. Although the whole earth is mine, you will be for me a kingdom of priest and a holy nation† (Ex. 19:5-6). Moses In spite of his greatness, Moses was a man with weaknesses. As the time when he was supposed to speak to the rock but instead hit the rock, thus failed to do what he was instructed to do. Moses over saw victories, and uprisings by his own people, however, through it all he was the man whom God had called and he was servant to that calling. Conclusion Perhaps his greatest strength was his relationship with God, the time that he spent in the presence of the Almighty God had to be his constant reminder that what he was doing was greater than himself. Moses’s weakness and failure did not hinder him from desiring to see God’s glory, these experiences on the mountain top made him who he was. OLD TESTAMENT LEADERSHIP 4 References Kuest, R. (2009). Uncommon leadership: Servant Leadership In A Power-Based World. Second Edition. New Missions Systems International. Ft. Myers, Fl. KJV (2013). iPad app.

Performance pay for MGOA Physicians (A) Essay

On a warm day in June of 1998, Dr. Harry Rubash stood in front of a bookshelf in his new office arranging photographs of his family and former colleagues in Pittsburgh. He looked out his window to the profusion of hospital buildings and tangled Boston streets below. It was a good picture, he thought, of the problems that faced him in his new position at the Massachusetts General Hospital (MGH). Dr. James Herndon, his former colleague at the hospital system of the University of Pittsburgh, had brought him to MGH to take over as chief of orthopaedics at Massachusetts General Orthopaedic Associates (MGOA). Herndon himself was new to MGH, having recently taken over as chairman of Partners Orthopaedics.1 Rubash and Herndon faced the ominous challenge of restoring the financial health of the ailing MGOA. The Hospital’s History In service since 1811, MGH was the third hospital founded in the United States and included the first orthopaedic service in the country, founded in 1899 by Dr. Joel E. Goldthwait, a pioneer in the field. The department had a long history of providing outstanding clinical care, in addition to making significant contributions to medical research and teaching. It was an MGH doctor who first made the discovery of a herniated disc. In fact, the annals of orthopaedic literature were filled with disorders that bore the names of the MGH doctors who discovered them. The prestige of both MGH and the orthopaedic department was well-deserved. In 1998, the year Rubash and Herndon arrived, the 12 surgeons at MGOA performed over 2,000 surgeries (see Table A for the number of surgeries performed from 1997 to 1999).2 The range of procedures performed covered everything from knee arthroscopy to hip replacements, to spinal surgery. The group also had a history of providing services to a wide array of patients across the socio-economic spectrum. Table B shows the group received revenues from patients with private insurance companies, patients on Medicare (government insurance for the elderly) and Medicaid (government insurance for low-income individuals and families), those covered by worker’s compensation, and self-pay patients (those without insurance). 1 Partners Healthcare was the parent company of the Massachusetts General Hospital. 2 MGOA surgeons had 252 days of surgical time per year. ________________________________________________________________________________________________________________ Professor Jason R. Barro, Kevin J. Bozic, MD (MBA 2001), and Research Associate Aaron M. G. Zimmerman prepared the original version of this case, Performance Pay for MGOA Physicians (A), HBS No. 902-159 which is being replaced by this version prepared by the same authors. Some names in the case have been changed. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright  © 2003 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. This document is authorized for use only in Human Resources Management – MMHA 6220 by Angela Montgomery at Laureate Education – Baltimore from February 2014 to February 2015.

Mutual Funds

INVESTIGATING MUTUAL FUNDS IN GHANA: IT’S RISK, RETURN AND PERFORMANCE ABSTRACT Over the years, investors have been attracted to mutual funds. This study seeks to do an-depth analysis of the Ghanaian mutual fund industry between the years 2006 and 2010. An exhaustive literature review on mutual funds and portfolio diversification will be conducted. An assessment of the performance of mutual funds will be done using the Sharpe and Sortino ratios as well as the Jensen Alpha. Comparisons will be made with analogous indices to determine the attractiveness of the industry. The investment strategy of fund managers will also be analysed and recommendations made. This paper will provide investors with a broad overview of the Ghanaian mutual fund industry, its inherent risks and returns. INTRODUCTION The potential conflict between mutual fund companies and the people who invest in them is a classic example of an agency problem. Consumers would like the fund in which they invest to use its judgment to maximize risk-adjusted expected returns (Chevalier and Ellison, 1997). Measuring the performance, risk and returns of mutual funds thus becomes imperative as rational investors need such information to make investment decisions. According to an article published by All Africa on the 8th of November, 2010, figures released by Ghana’s statistical service indicated that the country’s economy stood at GH? 44 billion, 60% more than estimated earlier. Per this figure, the country was deemed to have attained middle income status. Ghana recorded at the time, the largest Per Capita Income in West Africa and ranked 21st in the continent. The Ghanaian economy’s steady growth has attracted both domestic and international investors. Among the many investment opportunities in the country available to investors is the attractive mutual fund industry which provides numerous benefits to its investors. According to the Securities and Exchange Commission, the number of mutual fund companies increased from 7 in the year 2008 to 9 in 2009. The total Net Asset Value of funds under management by mutual funds companies was GH? 95,817,222. 27 in 2009 while total fund mobilization stood at GH? 40,433,682. 0. A summary of the performance of the mutual fund industry in 2009 is shown in tables 1 and 2 in the appendix. This information provides several points of interest as to how the Ghanaian mutual fund industry has performed over the years and more importantly how it compares to other analogous mutual funds in the continent and elsewhere. This has informed the choice of enquiry and the need for research in the proposed area. M easuring the performance, risk and returns of mutual funds in the Ghanaian financial market has implications for a host of stakeholders. AIMS AND RESEARCH OBJECTIVES The general objective of this research is to assess the risks and returns associated with investing in mutual funds in Ghana. The study also aims to draw a comparison between the performance of the Ghanaian mutual funds industry and similar financial markets. To achieve the general objectives, the following specific objectives have been formulated to guide in data collection and analysis. 1. To identify what makes mutual funds attractive to investors in Ghana 2. To identify the types of mutual funds available to Ghanaian investors 3. To measure the performance of mutual funds between 2006 and 2010 4. To compare Ghanaian mutual funds performance with similar market indices 5. To make recommendations to improve the management of mutual funds LITERATURE REVIEW According to Haslem, 2009, investing in Mutual funds has with many advantages. A primary advantage is the professional management of investors’ money. Investors purchase funds because they do not have the time or the expertise to manage their own portfolio. Secondly, by owning shares in a mutual fund instead of owning individual stocks or bonds, an investor’s risk is spread out. The idea behind diversification is to invest in a large number of assets so that a loss in any particular investment is minimized by gains in others. Again, if you buy only one security at a time, the transaction fees will be relatively large. Mutual funds are able to take advantage of their buying and selling size and thereby reduce transaction costs for investors. Finally, mutual funds boost liquidity as an investor can also sell his shares at any time. International mutual funds are key contributors to the globalization of financial markets and one of the main sources of capital flows to emerging economies. Despite their importance in emerging markets, little is known about their investment allocation and strategies (Kaminsky et al. , 2001). Fund managers however have numerous strategies for stock selection, identifying underappreciated or cheap securities, seeking growth potential and following past price trends (Chan et al. , 2002). According to them, most mutual funds adopt investment styles that cluster around a broad market benchmark. Few funds take extreme positions away from the index, but those who do are more likely to favor growth stocks and past winners. Licensing requirements for operating a mutual fund in Ghana A Mutual Fund Company must be incorporated under the Companies Code 1963 (Act 197) as a public limited liability company with the sole aim of holding and managing portfolio of securities and other financial assets. An application is then made by the company to the Securities and Exchange Commission (SEC) for a license to operate the fund. Company regulation, Management agreement, Custodial agreement and a Prospectus are required by the commission for review before a license is issued (SEC, 2011). These stringent requirements help ensure a robust industry with compliant firms. Measuring mutual funds performance Considerable progress has been made in three closely related areas – the theory of portfolio selection, the theory of the pricing of capital assets under conditions of risk and the behavior of stock-market prices. Results obtained in all three areas are relevant for evaluating mutual fund performance (Sharpe, 1966). A number of measures have been used over the years for measuring the performance of mutual funds. The Sharpe ratio, Sortino ratio and Jensen Alpha are among the few distinguished ones. METHODS OF ANALYSING DATA Data to be analysed will be gathered from company websites. There are a few methodologies that I intend to use for the purposes of analyzing data collected. These will measure the performance of Ghanaian mutual funds, asses its risk, volatility and return. * Sharpe Ratio This is a ratio developed by William F. Sharpe, a Nobel laureate, for the measuring of risk-adjusted performance in 1966. It measures the amount of excess return per unit of volatility provided by a fund. It is calculated by divided the excess return of a fund by its volatility. Algebraically, we have: Sharpe Ratiop All numbers are expressed usually expressed on an annual basis, so the Sharpe ratio itself is expressed on an annual basis. The interpretation of the Sharpe ratio is straightforward: the higher the ratio the better. A high ratio means that the fund delivered a high return for its level of volatility. In contrast, a ratio of 1. 0 indicates a return on investment that is proportional to the risk taken in achieving that return. A Sharpe ratio of less than 1. 0 shows a return on investment lower than the risk taken (Lhabitant, 2006). This ratio is appropriate for measuring the performance of mutual funds in Ghana for the purposes of the study. Sortino Ratio This ratio was developed by Frank Sortino. It is an extension of the idea behind the Sharpe ratio that calls for attention to an investor’s return target or minimal accepted return (MAR). The ratio uses target semi deviation in the denominator instead of the standard deviation. This is particularly useful when the return target is of importance to the investor (Christopherson et al. , 2009). * Jensen Alpha The average return on a portfolio over and above that predicted by the capital asset pricing model (CAPM), given the portfolio's beta and the average market return. Developed by Michael C. Jensen, this measure of a portfolio's alpha value is the most widely used measure of the risk to return trade-off. It is also known as the abnormal return or the risk adjusted excess return (Russell, 2011). The skewness and kurtosis of the distribution of the data will also be analysed and discussed whiles comparing risk and return. RESEARCH STRATEGY, TIME SCALES AND RESOURCE IMPLICATIONS This research will involve the gathering and analysis of quantitative data available to the public. Literature on existing research in mutual funds assessment will be discussed. Other electronic sources of information such as online journals, articles, eBooks and databases will be accessed. Business reports and articles published in Ghanaian newspapers and journals such as the Securities and Exchange Commission Reports will also be consulted. The risk and return of a sample of mutual funds in Ghana will be calculated and discussed. A comparison will then be made with a benchmark performance in a market that has macroeconomic conditions similar to Ghana. This is justified as it enables logical submissions to be made from the comparisons. The use of financial markets indices will be employed. Conclusions will be drawn and recommendations made on how fund managers can heighten the performance of mutual funds in Ghana. Any lapses in the Ghanaian mutual funds industry will be pointed out. There will be no questionnaires involved or the gathering of primary data for the purposes of this study. Microsoft Excel and SPSS are the software packages that will be used to analyse data. No costs will be incurred for their usage as they are already in my possession. LIMITATIONS OF THE STUDY Secondary data has the limitation of not being effective in predicting the future. Time constraints may also be faced as a number of mutual funds will have to be analysed individually and compared with other indices. The later limitation will however be overcome by effective time management and committing to the developed Gantt chart. RESEARCH ETHICS In the conduct of this research, the highest ethical standards will be observed. The issue of confidentiality of information will not arise as all data to be analysed in the research is already available to the public. The sources of information will be duly referenced and acknowledged. My independence from the organisations under study will ensure accountability and objectivity of the research. Recognized and accepted methods of analyzing data will also be used to avoid fabrication and falsification. SIGNIFICANCE OF THE STUDY This study will fill the gap of knowledge about the performance of Ghanaian mutual funds. Fund managers as well as investors will benefit from the study and its recommendations. The study is significant as Ghanaian investors are increasingly being attracted to the mutual funds industry and its ability to effectively diversify their risk. GANTT CHART Week 1 25/09 | Week 2 2/10| Week 3 9/10| Week 4 16/10| Week 5 23/10| Week 6 30/10| Week 7 6/11| Week 8 13/11| Week 9 20/11| TOPIC AGREED| | | | | | | | | | AIMS & OBJECTIVES| | | | | | | | | | OPENING SECTIONS| | | | | | | | | | DRAFT OUTLINE| | | | | | | | | | LITERATURE REVIEW| | | | | | | | | | METHOD/ APPROACH| | | | | | | | | | ANALYSIS/ RESULTS| | | | | | | | | | DISCUSSIONS/ CONCLUSIONS| | | | | | | | | | REFERENCE/ ACKNOWLEDGEMENT| | | | | | | | | | BINDING| | | | | | | | | | SUBMISSION TO FACULTY| | | | | | | | | | REFERENCES 1. All Africa. Ghana: Nation Attains Middle Income Status. Online]. Retrieved from: http://allafrica. com/stories/201011081261. html (accessed 30 August, 2011) 2. Chan, L. K. C. , Chen, H-L. and Lakonishok, J. , On Mutual Fund Investment Styles. The Review of Financial Studies, Vol. 15, No. 5 (Winter, 2002), pp. 1407-1437. 3. Chevalier, J. and Ellison, G. , Risk Taking by Mutual Funds as a Response to Incentives. The Journal of Political Economy, Vol. 105, No. 6. (Dec. , 1997) pp. 1167 – 1200. 4. Christopherson, J. A. , Carino D. R. and Ferson, W. E. , Portfolio Performance Measurement and Benchmarking. McGraw-Hill (2009), USA. 5. Haslem, J. A. Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship. John Wiley and Sons (2009), New Jersey. 6. Kaminsky, G. L. , Lyons, R. K. and Schmukler, S. L. , Mutual Fund Investment in Emerging Markets: An Overview. The World Bank Economic Review, Vol. 15, No. 2 (2001), pp. 315-340 7. Lhabitant, F-S. , Handbook of Hedge Funds. John Wiley and Sons(2006), London 8. Russell. Jensen Alpha. [Online]. Retrieved from: http://www. russell. com/us/glossary/analytics/jensen_alpha. htm (accessed 20 July, 2011) 9. Securities and Exchange Commission Ghana. What are Mutual Funds? Online]. Retrieved from: http://ww. secghana. org/investor/display_mutualfunds. php (accessed 20 July, 2011) 10. Securities and Exchange Commission (2009) Annual Report, Accra Ghana. 11. Sharpe, W. F. , Mutual Fund Performance. The Journal of Business, Vol. 39, No. 1, Part 2: Supplement on Security Prices. (Jan. , 1996). Pp. 119- 138 APPENDIX TABLE 1. 0 NET ASSET VALUE OF MUTUAL FUNDS IN GHANA (2009) Source: Securities and Exchange Commission Report (2009) TABLE 2. 0 FUNDS MOBILISED BY GHANAIAN MUTUAL FUNDS (2008 AND 2009) Source: Securities and Exchange Commission Report (2009)

The implementation of a marketing plan Case Study

The implementation of a marketing plan - Case Study Example As such, the strategy will enable TUTTI MATTI beat some of her competitors who constantly threaten her business. One of the strategies that should be used is the provision of discounts or coupons with the purchase of movie tickets. Tutti Matti should also focus on providing discounts on particular days, such as Monday and Tuesday. Delivery services to people working around the area can also be of great benefit. The restaurant should also offer roof top event during summer time as well as participate at the Summerlicious. In addition, they should take advantage of free internet advertising platforms such as Facebook or the use of blogs. Further, the Toronto life magazine could be used as a great as a promotion tool. Tutti Matti should not charge corkage fee. Solomon should also actively participate in food competitions and other charity events so as to gain a reputation. Solomon’s main focus should be attracting new customers and increasing her customer base. She, therefore, ne eds to undertake a lot of promotional activities while providing the best pricing for her customers. Maintaining a strong customer base will play a big role in eliminating the effect of the economy downturn. A marketing plan provides a clarification of marketing elements of a business entity. It also maps out the objectives, the directions as well as the activities for a business and its work force. A marketing plan normally focuses on issues that are related to price, product, place and promotion.

Write Policy memos about suitable topic you can choose in Saudia Essay

Write Policy memos about suitable topic you can choose in Saudia Arabia, i attachment the paper has a directions you must follow - Essay Example andards practices while recruiting foreign workers for the Kingdom of Saudi Arabia; they do not inform the migrant workers about the actual salaries and working conditions; instead, they lie to them. In this memorandum, an attempt has been made to highlight abuse and exploitation the migrant workers face, and it is the purpose of this memorandum that the Ministry of Foreign Affairs (Kingdom of Saudi Arabia) must take note of the plights of foreign workers and act upon the recommendations provided in the paper. The existing Kafala (sponsorship) system fuels abuse and exploitation of the migrant workers in the country. Under the Kafala system, the migrant workers are tied by the employer’s consent and wish; the employer assumes authority to hire migrant workers and to grant permissions to workers to enter, transfer, or leave Saudi Arabia. The existing conditions of the Kafala system extend substantial power over the worker. According to the statistics department of Saudi Arabia, over 8 million migrant workers work in the country (Ghafoor). Aggregately, this figure is one-third of Saudi Arabia’ total population. The migrants mainly come from India, Pakistan, Bangladesh, Indonesia, Sri Lanka and Philippines. They offer their services in the sectors such as health, domestic service, construction, and other business sectors. Human Rights Watch report maintains that actual statistics of domestic workers considerably vary in the country. The report highlights that such data are not publically available and consequently it becomes very challenging to rely on the provided statistics and, at the same time, search out the registered workers as well. Furthermore, the report highlights that the employers remain less inclined to obtain a national identity card, known as iqama, for migrant domestic workers. However, the reports clearly indicates that approximately 30,000 to 40,000 migrant workers come every month in the kingdom through different recruitment agents and

The Reality of Work Cultures in the Modern Economy Essay

The Reality of Work Cultures in the Modern Economy - Essay Example Work culture plays a significant part in bringing the best out of workers and enabling them stay in the work place for a prolonged period. Work culture is significant as it leads to contented workers and enhanced productivity. Richard Sennett asserts that individuals’ work culture will be defined by the novel ideas of flexibility, decentralization and control, flextime, work ethics and teamwork, and change. Moreover, the stated concepts have an impact on character as articulated by commitment and loyalty and eventually lead to the lessening of personal traits and values that are attractive in society (Sennett 1999, p. 9). The modern way of working makes it extremely demanding to get a life as asserted by Sennett. He claims that the personal effects of work in the New Economy have made the individual to be disoriented due to notions such as flexibility, decentralization and control, flextime, work ethics and teamwork, and change. In the contemporary way of life, there has been a spatial modification of work activities on a universal degree, as space and geography have become significantly essential components of work, labour relations, and labour markets (Sennett 1999, p. 9). This means that workers will use most of their time trying to engage in activities that will help them adapt to new working requirements, therefore, it will be difficult for them to get a life. Nonetheless, modern way of working has enhanced connections between individuals, nations, and organizations. This has been made possible by developments in technology and has made it extremely simple to transport people, capital, and commod ities in and across regions as a rapid speed. This has also made employers, customers, and employees focus solely on work activities, and losing their individual existence, hence not getting a life. In addition, the modern way of working has liberated employers from standard spatial and temporal restrictions and facilitated them to position their work activities finely and to gain inexpensive sources of labour. Therefore, workers who provide their labour in exchange for low wages cannot have a life simply because their income cannot match their needs (Golden 2001, p. 240). Moreover, the modern way of working entails developments in communication and information technologies. These advances permit capitalists to impose restraint over spatially and decentralized distributed labour processes. Also, in the contemporary way of working, an individual has to engage in activities that will maintain and enhance their job skills. This will help them to keep up with shifting job needs. Numerou s people find it demanding to find ways of staying employable in a rapid-changing working environment in which talents become quickly out of date. Unlike employees of the early periods, modern day workers are most probable to go back to school or engage in activities that will enhance their talents as they change careers. This will make it difficult to get a life as argued by Sennett. Sennett highlights flexibility, decentralization and control, flextime, work ethics and teamwork, and change as the issues which lead to the corrosion of character. For Charles Stuart Mill flexibility signified the source of individual freedom and which continues to have an impact on our comprehension of the flexibility notion. Sennett asserts that search for flexibility has lead to the development of new structures of control

Understanding Money and Banking Essay Example | Topics and Well Written Essays - 500 words

Understanding Money and Banking - Essay Example To use money requires cost and a person or business entity that needs and uses the same for the acquisition of good and services has to pay interest based on prevailing market rate. Another concept is the price of goods and services, expressed in currencies, which must be understood as the value of these goods and services when they are acquired in the market. Inflation rate is about rate of price increase as measured by price index and is usually measured yearly or monthly and erodes purchasing power of money (Eyler, 2009). It is important to know the same since the higher the inflation rate the higher would be the prices of goods and services and the harder for one who needs money to acquire the goods and services required for consumption or business purposes. High inflation rate would therefore normally be related to higher interest rate, which can be influenced or controlled by monetary authorities as way of arresting increase in prices or inflation for general welfare. In the article, the bankers are demanding that the monetary authorities or the policy makers should allow interest rates to go up as former blames the low level of interest rates to be causing inflation or the continued increase in the prices of commodities. Krugman author has US economic slowdown or low economic recovery development in mind with high unemployment in the United States, which is a problem that must be addressed. He argues that increasing interest rate would mean accepting unemployment as permanent reality or accepting hardship without having in solution in the offing. To increase interest rate would be to discourage business borrowing from banks and tight monetary supply could in fact reduce inflation, which is also bad for the economy, but the greater evil of more unemployment would arise as consequence. Arguments used to justify increasing

International business law Coursework Example | Topics and Well Written Essays - 1750 words

International business law - Coursework Example In relation to international business law, law of contract serves as an important element for ensuring fair international trade and transactions. Law of contract is an essential element that aid in protecting the interest of parties involved in an agreement. In this regard, ‘Offer’, ‘Agreement’, ‘Acceptance’, ‘Consideration’ and ‘Intention to create legal relations’ are ascertained to be important element related to law of contract. Correspondingly, this paper intends to discuss about the concept consideration and critically evaluates the two statements regarding consideration (Jenks, 2012). Definition and Explanation of Consideration In relation to the law of contract, the term consideration is understood as a very important element which is required while making a contract. In its simple meaning, the doctrine of consideration is regarded as the principle way of deciding whether an agreement that has resulted from the exchange of offer and acceptance should be legally enforceable. The doctrine of consideration may include a promise for the performance of a particular act and may also consist of statements to refrain from the performance of certain tasks or acts that someone has the legal authority to do. The doctrine of consideration is looked as detriment for the party performing his part of agreement and benefit for the other party. The doctrine of consideration on the other hand, can also be understood as the mode of connection which brings together different parties under a single contract (Jenks, 2012; Wilshart, 2012; Taylor & Taylor, 2007). (a) Consideration Must Be Sufficient but Does Not Have to Be Adequate The above statement i.e. consideration must be sufficient but does not have to be adequate lays broad importance in the overall context of law of contract. It is essential that consideration must be sufficient. This means that what is being put forwarded in the agreement by the parties entering into it must be something which can be recognized as legally capable of constituting consideration. This aspect provides the maximum amount of weightage because consideration is the root to establishment of long term and short term business relationship. Also, the consideration gives birth to the establishment of contract between multiple parties. As consideration is an essential part of a contract, it derives primary importance in the overall context of law and when the contract gets breached in any case it also accounts for punishment. Taking this aspect into concern, it can be stated that the consideration must be sufficient. Therefore, before the establishment of any contract, the primary importance needs to be delivered in making a consideration sufficient. In addition, consideration plays a very important role for the formation of business in the international landscape as well. This factor lays primary importance because in order to form international business chann els, there are various factors that are needed to be taken into concern and consideration between the parties in a contract being the most important (Charman, 2013; Goode & Goode, 2011). If a consideration is sufficient then it will also lead to start up of a contract in an ideal manner. It will lead to proper functioning of a contract in a legalized form. All these aspects combined will lead

Integration paper Assignment Example | Topics and Well Written Essays - 1000 words - 1

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Women and Politics. Today's Women Role in Politics Compare to Essay

Women and Politics. Today's Women Role in Politics Compare to Aristotle View - Essay Example The male counterparts are agreeing to the voice of women and presence in politics. This is due to globalization that currently is eroding former and ancient barbaric cultures that restrained women to the homestead confinements. Generally, the perception of politics and women by Aristotle is remarkably diverse from the current elites who are encouraging women emancipation from male and obsolete cultures (Gurirab). This encompasses women attaining allowance to contend for various posts in politics, which is contrary to Aristotle’s view. Aristotle maintained that the only befitting place for a woman was in the homestead confinements and not in public where men exercised their superiority granted by nature. According to Aristotle’s perception, women lack a place in public and especially in politics, since they are supposed to be at home  caring the household and what the husband possess’. Currently, women have surpassed men in politics by emerging as excellent thro ugh their leadership skills and organization (Adams 342). May be this is out of their natures ability to multitask which was not recognized before by society, which held them in low esteem. The today’s public is acknowledging the presence of women in politics and preferring them especially in the developed states (Dufour & Isabelle 1167). This emanates from the civic education, which encourages females to venture in politics plus the rights that elevate the woman. For instance, Pratibha Devisingh Patil, India’s 12Th leader and first lady to lead government after Abdul Kalam,four years currently. Women have contributed immensely in political and economical advancement, which has paved more emergency of women in high offices (Mandakini et al 20). China’s 200 women hold senior positions in both research and politics, where in 2001 endorsed women state leaders. This exemplifies how women in today’s politics have performed a key role to the extent of winning t heir counterparts trust while in top seats. Aristotle’s argument regarding woman in politics and her role are quite diverse from what the current woman is doing. He states that woman â€Å"lacks authority†, though in his debate does no expound he implied (Clayton). However, from the former perception and placement he held towards women, this implied that women were inferior to men. Hence, woman lacks the necessary assertiveness to incline men undertake certain responsibilities. His conclusion to low esteem of females might have emanated from the Greeks perception held against women; where at 13 years girls were already wives (Newman 46). This deprived women chance in education and made them not having adequate knowledge that will catapult them in the political arena. The lack of adequate education and knowledge made woman still belief that she was inferior and cannot do anything without the husband's consent. Aristotle defines the liaison amid the husband and the wife closely as that of master and slave (Ford 9). Here, the woman has to incline at husband’s command together with the small girls in his house. Mainly, the woman’s role was home-based in ensuring the man was happy together with the children. Aristotle’s argument finds support from the Greek barbarians who still held similar outlook (Aristotle 17). However, the barbarians blame Aristotle for not distinguishing clearly amid slave and the woman. Since, he sometimes contradicts himself when he states that; â€Å"for any state to experience happiness, the woman must be happy.† This brings confusion regarding what is the exact relationship amid the couples and what level of education Aristotle proposed for women (Aristotle 17 -25). Since, this issue tends to shun what women leaders currently are

Time Value of Money Essay Example for Free

Time Value of Money Essay The application of the time value of money theory is very useful in the case of making a decision about obtaining a loan or rejecting it. According to the theory of time value of money, the rule of thumb for making down payment is: if your bank account pays lower rate than the loan, than use your money in the bank account as down payment. This rule is based on the realization of the fact that the value of the money which has been placed on the deposit is going to decline with time, and the percent rate on the deposit which the bank offers is not going to ensure that the value of the person’s money is kept on the same level. At the same time, the person could benefit from making a down payment for a car or any other object because the value of the money would reduce with time and thus he would be paying less for the object which he bought as the result of the loan. Despite the fact that the statements of the time value of money theory are obvious, the author of the article â€Å"Should You Pay Cash for a New Car?† in Los Angeles Times seems to regard all of the issues connected with consumer loans in a different light. Most of the points which he makes in the article are either completely incorrect or need to be altered in order to correspond with the statements which theory of time value of money makes. First of all, the author marks that it is always much better for consumers to obtain loans at the bank instead of investing their own money which they have in deposits. He mentions that consumers did not have computers in order to calculate the benefits of obtaining loans. If they had, â€Å"they might otherwise have seen the advantage in borrowing without taking anyones word for it†. However, as the rule of thumb states, it is profitable to make a down payment for the loan only in that case when the bank account pays a lower rate than the loan. The author does not take this rule into consideration and makes a statement that all of the consumers need to obtain loans, despite the differences between the rates of interest on deposits and loans. The point of view which he is trying to express is that no matter what, obtaining a loan will always be the best possible solution for the consumer. The author mentions the rule which Frank Sperling, vice president at Security Pacific National Bank gives in order to guide consumers in making a choice for or against consumer loans: if a consumer is able to obtain at least half of the interest rate on the investment in comparison with the interest rate on the loan, he is going to make a correct choice by obtaining a loan. This rule is quite similar to the rule of thumb which is being used in the theory of time value of money but it is too concrete of a case. It is impossible to make a conclusion about the interest rate on investment being exactly half of the interest rate on the loan for the deal to be beneficial for the consumer. The benefits of the consumer can be relatively larger if the gap is increased but the consumer can make a down payment for the item which he wants to buy whenever the rate on the loan excesses the yield on investment. The author also states that there can be differences between the rule applications for different types of loans but it is not true because the rule can be applied for any type of loan. It is based on the general objective principles on the theory of time value of money which are universal. Besides, the approach which the author describes does not work in any economic environment. The consumer needs first to realize in what environment the country’s economy is functioning at this point. This can be either the environment of increasing interest rates or of decreasing interest rates. If the interest rates are going to decline in the future, the consumer will need to consider an option of refinancing the loan in the future. If the interest rates are increasing, the consumer might think of obtaining a loan with a lower interest rate now and investing his funds in securities which a higher interest rate in the following periods of time. He also needs to consider the possibilities of obtaining a fixed interest rate for the loan in order to ensure that his payments on the loan are not increasing and invest in floating-rate securities in order to benefit from the interest rate fluctuation in the future. Without the analysis of the economic environment, there is no possibility to make a conclusion about the best possible way of buying a car or any other item. The author also makes an incorrect statement that the major difference between making an investment and obtaining a loan is that the percent rate is calculated on a different basis. According to him, the percent rate on the loan is being compounded only annually and the rate of interest on the investment can be compounded monthly: â€Å"Keppel†¦ calculated that 48 months of interest on a 14.2 percent loan of $8,239.05 would be $2,607.62, while the same principal invested at 8 percent, compounded monthly would earn interest of $3,095.06- a profit of $487.44†. However, this rule is going to be true only in the case when both the loan and the investment have the mentioned characteristics. It is not the general case because interest rates on loans as well as on any other assets can be compounded in any number of ways. It is impossible to say that the investment is going to bring profits to Keppel only due to the different techniques of interest calculations because it is very far from the truth. The question is whether he will be able to obtain the loan and make the investment according to the terms which are favorable for him. The author of the article has expressed complete ignorance in the knowledge of the finance and particularly their theory of time value of money. In order to make a correct decision about the way of purchasing an item, consumers need to make sure they take all of the issues of this theory into consideration.

Freud and the Unconscious Essay Example for Free

Freud and the Unconscious Essay Few theories hold more intrigue than that of human psychology. Throughout history, many have sought to decode the structure of the mind. Amongst those who were determined to investigate the nature of psychic material, one of the most prominent remains Sigmund Freud (also known as â€Å"the archaeologist of the mind†). Freud had very pronounced views on the innate components of human psychology, within which one idea remained central the ‘unconscious’ mind; he uses this concept to make sense of phenomenons such as that of parapraxes. In his essay, â€Å"The Unconscious†, Freud introduces a unique perception of human thought, action, interaction and experience. He details a state of dualism that exists in our psychical life in stating, â€Å"consciousness includes only a small content, so that the greater part of what we call conscious knowledge must in any case be for very considerable periods of time in a state of latency, that is to say, of being psychically unconscious† (2). He argues that although we are blind to our unconscious mind, it determines a greater part of our behavioural being and participates just as much as psychical activity as our conscious mind. Freud also adds, â€Å"In every instance where repression has succeeded in inhibiting the development of affects, we term those affects ‘unconscious’† (7). He states that the unconscious is where repressed desires are stored, ideas that are suppressed from surfacing into the realm of our awareness e. g. we recognise our emotions we ‘feel’ because they have moved from amongst the elements of the unconscious mind to the conscious mind. The notion of â€Å"what you see is not all there is†, of the uncertainty of appearance or self-knowledge is a message that identifies very well with Freud’s theory of the unconscious. Freud’s arguments entail that a significant reality (and â€Å"most importantly† he would most likely say) exists in that which is intangible. He claimed that the unconscious could not be realized by the individual themselves through introspection, but is potentially made possible during psychoanalysis. In â€Å"The Unconscious†, Freud states, â€Å"[it transforms] into a qualitatively different quota of affect, above all into anxiety; or it is suppressed† (7), alluding that the unconscious mind, or rather a conflict between conscious and the unconscious intentions is the root of neurotic or histrionic behaviour. Thus, not only did he perceive psychoanalysis as a useful tool for uprooting unconscious ideas, but the very understanding of the concept played a central role to the successful treatment of his patients (that is to say, that Freud believed that he could lead his patient to recovery by making aware the unconscious idea that is conflicting with the individual’s consciousness). Freud believed that naturalized phenomenons such as innocent ‘mistakes’ (â€Å"parapraxes†) or the state of dreaming were in fact meaningful and were indications of the active unconscious, an idea which echoes to the notion of conscious and unconscious communications which we discussed in the second week of class that in both forms there were â€Å"logical relations†. This is the essence of Freud’s belief that there is psychical process in every movement or act (whether in a state of wakefulness or asleep/acts that are intended of ‘unintended’), which is to say that order exists in every action including the seemingly ‘disconnected’. With reference to this notion, he famously claimed that parapraxes (slip of the tongue, mishearing, forgetting, memory loss) were significant phenomenons worthy of interpretation, because they were evidence that the unconscious mind exists. In â€Å"Introductory Lectures on Psychoanalysis†, Freud explains his view in which the unconscious plays a significant role in the phenomenon of parapraxes. Though parapraxes are often disregarded as â€Å"small failures of functioning, imperfections in mental activity† (28), he explains, â€Å"They are not chance events but serious mental acts; they have a sense† (44). Before moving on interpret what Freud meant by this, it seems useful to first introduce an idea which Louis Althusser presents in â€Å"Lacan and Freud† (which was also touched upon in class), in which he states: â€Å"the ‘effects’, prolonged in the surviving adult, of the extraordinary adventure that, from birth to the liquidation of the Oedipus complex, transforms a small animal engendered by a man and a woman into a little human child† (22). The transformation that Althusser describes resonates with a sense of ‘humanization’ whereby a feral being is tamed by society and progresses into a ‘human’ existence; it alludes to the ultimate sacrifice that is made by the primitive soul in order to survive amongst civilization [the desire for instinctual satisfaction]. Keeping Althusser’s portrayal in mind, perhaps it could be said, then, that the unconscious manifests impulses whose intentions are deemed ‘too disturbing’ or unfitting with civil behaviour. This conforms to Freud’s argument that a ‘spontaneous’ or unexplainable error is an indication of a compromise between two conflicting aims of the ‘disturbed’ and the ‘disturbing’ consciousness (44). By means of distortion or substitution, the irrational impulse disguises its intentions under an appearance of rationality. He communicates, essentially, that parapraxes should be interpreted less as â€Å"faulty acts†, but instead, should be considered as faulty achievements of our unconscious desires. He indicates this when he states, â€Å"the disturbing purpose only distorts the original one without itself achieving complete expression† (35). Freud theorizes that an inaccessible part of our mind the unconscious does exist and evidence of its reality is apparent, such as in the very happening of everyday pathologies, or â€Å"parapraxes†. He maintains the significance of the unconscious mind as a meaningful, valid psychical force that pursues its own intentions (its presence undeniable in its ability to elicit bodily responses). In the discovery of this, Freud stresses the idea that individuals should place more value in what we so often dismiss as ‘mistakes’, ‘accidental’ or ‘random’ behaviour, because there may be significant meaning to the obscured intentions they convey. On a different note, the underlying notion that there is no such thing as ‘involuntary’ acts or ideas, reinforces more than ever a disparate sociological thought: that we, as individuals, are truly and solely responsible for our own actions.

Crisis And Risk Management In Organizations Management Essay

Crisis And Risk Management In Organizations Management Essay Chapter 3 is a literature review to help develop an understanding on the importance of business continuity as a process of counteracting organizational crises, which is at the forefront of this study. The Chapter is structured as follows: Section 3.2 discusses crisis management and risk management in organizations, to present a clearer picture of the terminologies. Next, the chapter provides the reader with background knowledge on business continuity management, its importance, and highlights some organizational approaches used in managing risk and crisis, including scenario planning. Finally, the chapter discusses planning as an effective BCM process, and strategic planning in a turbulent environment with the aim of clearly identifying the significance of business continuity in organizations. In an attempt to define crisis management, it is imperative that the term crisis is first explained. Coombs (1999: 2) define crisis as an event that is unpredictable and a major threat that can have an adverse effect on an organization, industry, or its stakeholders if improperly handled. Similarly, other authors such as Martinelli and Briggs (1998) conceptualize crisis as a turning point, and argue that it is an opportunity for organizations to show their commitment to responsible behaviour (p. 44). Regester (1987: 38) also acknowledges that crisis often represents turning points in organizational life as they present opportunities to establish a reputation for competence, to shape the organization and to tackle important issues. It is an unpredictable major event that is a threat to an organization or its stakeholders (Goel, 2009: 25). Other scholars such as Curtin et al., (2005: 3) identify crisis to be of three kinds; those which befalls a company e.g. chemical spillage or plane crash, those that are manufactured, and those that escalate from an accident. 3.2.2 Defining Crisis Management Crises Management is all about taking charge of a crisis situation before it engulfs the company. As suitable planning is fundamental to corporate survival in the event of a crisis, crisis management involves proper handling of a crisis after it occurs. The theory of crisis management has witnessed a steady evolution in the last twenty years. Early phases of this evolution includes a six step crises model by Littlejohn (1983: 13) (structure design, selection of crisis team, training team members, crisis situation auditing, contingency planning, managing the crisis); Finks (1986) seminal four stage model (the prodromal stage, the crisis breakout or acute stage, the chronic stage and resolution stage); Gonzalez-Herrero and Pratt (1995) four phase model for crisis management (planning-prevention, issues management, the actual crisis and the aftermath of the crisis); Augustine (1995) six stage of crisis management (identifying the crisis, avoiding the crises, containing the crisis, prepa ring to manage the crises, resolving the crisis and benefitting from the crisis). Augustine points out that for every crisis, there are seeds of success and roots of failure embedded within it and the ability to find, cultivate and manage the possible success is the basis of crisis management. In theory, the debate between scholars of crisis management is mainly about how crisis is defined. Comfort (1988) divides the process of crisis management into preparedness, mitigation, response, and recovery phases. Another interesting crisis management model was formulated by Boin et al., (2005). The authors based their model on four important challenges managers face during the process of crisis management sense-making, decision making, terminating and learning. In spite of these, many scholars of crisis and disaster management still seem to focus more on the triggers, causes or effects rather than how these incidents are actually managed by stakeholders, decision makers and the organizations (Mitroff and Pauchant, 1990). 3.3 Crisis and Risk Management in Organizations Organizational crisis have been defined by various scholars even though there is not one universally accepted definition (Simola, 2005). Pearson and Clair (1998) define organizational crisis as a high impact low probability incident that threatens organizational viability. Crises can potentially cause damage to an organization, and if not properly managed, can become disasters. Mistakes can very quickly rise from just a little operational issue to a stage that threatens survival (Mittelstaedt, 2004). Therefore, organizations that properly prepare and plan for the future are more likely to succeed (Regester and Larkin, 2005). Fink et al., (2005) points out that to survive in a rapidly changing world, many organizations must recognize and forecast their surrounding environment to enable them develop awareness to the risks that may affect their businesses and strategic directions. Theres little chance for organizations to respond and recover when unforeseen events happen. Therefore, in the likely event of a crisis or disaster, an organizations level of preparedness and capability of resuming its regular business operations are thought to be amongst the major goals of senior management (Hanson, 2006). In crisis management, organizations play a crucial role (Clarke, 1999). Carley and Harrald (1997:310) note that organizations should react to disasters by reducing the impact of the disaster but in practice, organizations are often the ones that cause crises (Roux-Dufort, 2007). Organizational blueprints fail to balance the possible damaging effects of organizational production (Perrow, 2007) as scholars of organizational management are more often into organizational structure, design and culture, rather than managing and learning from unusual events (Pauchant and Mitroff, 1992). Egbuji (1999) introduce risk management as a corporate approach to deal with the security threats facing an organization in an attempt to protect its resources and its assets. There are some advantages of risk management. According to Peart (2006), risk management facilitates future anticipation and improves uncertainty control as it entails carefully analyzing possible future organizational risks, and developing actions to counteract the risks. The Association of Insurance and Risk Managers (2002) lay emphasis on a calculated approach to risk management and state that risk management should be thought of as a value-adding process linked to strategy since it has the possibility to improve decision making and protect assets. 3.3.1 Scenario Planning In an era of rapid change, scenario planning is the practice of planning for different future alternatives, with the aim of mitigating or reducing the risk of getting bombarded by unforeseen incidents or being unprepared for it (Bishop et al., 2007). Kachaner and Deimler (2008) argue that organizations that implement scenario planning will most likely deal with future uncertainty and risk more efficiently than those that do not make use of it. As Pollard and Hotho (2006) describe, the idea of scenario planning is to make long range flexible plans by figuring out the impact and nature of the most questionable driving forces that affect the world and shapes business environments i.e. economic, political, environmental and technological trends. According to Barber (2006) scenario planning is used by some leading organizations such as Shell and General Electric to analyse the various trends and forces that may impact the organization. Scenario planning helps create a linkage between the past and the future by addressing scenarios through strategic planning. Barber (2006) note that Shells scenario planning teams use scenario planning to identify weak signals or signs that will likely have an impact on their business. Methods of scenario planning include imagination, multiple perspectives and strategic thinking and in todays environment, its use in the planning process is an important strategy to deal with numerous uncertainties (Neilson and Stouffer, 2005: 26). Scenario planning can be developed for any future period. In the 1970s, Shell Group initiated the scenario planning and the corporation builds scenarios every three years for up to a twenty year period; others may project fifteen, ten or a five year period (Scott-Martinet, 2006). In hypothetical situations, scenario planning is useful for planners to see how an event may impact the organization. Planning out a scenario can also show the multiple ways in which various components fit together. Planning for the future in any organization is important, as without planning, resources may not be available when needed (Scott-Martinet, 2006). Hodgson Tait (1996: 3) argue that planning has traditionally followed a comparatively linear approach (i.e. projecting future needs based on current activities). For organizations that have a commitment to this default scenario, the future is drastically altered when they experience crises, as it becomes difficult to adapt or change. With scenario planning therefore, organizations can recognize future threats and deal with them before crises happen. Scenario planning can also be utilized in other disaster situations and can most likely help with mitigation, preparedness and prevention efforts if appropriate strategies are embraced. After scenario analysis and development, the organization can then implement strategies to steer towards a survivable future (Hodgson Tait, 1996) Scenario planning can also be used in emergency management to assist corporations in viewing and understanding itself in a new dimension, and to effectively plan more for the future (Alexander, 2002: 2). Previous crises and best speculations about the future have generally provided evidence for contingency planners to take decisions about the future (Wilkinson, 1994: 5). Nonetheless, by implementing the method of scenario futuring, planners can discuss or document various likely organizational futures, and by exploring these possible futures, scenario planners may acquire knowledge about fundamental issues, forces and trends (Wilkinson, 1994). 3.4 Business Continuity Management (BCM) Due to its widespread nature, the manner in which business continuity management is implemented will inevitably depend on the nature, complexity and scale of an organizations risk profile and the environment in which it operates. It is also safe to presume that as organizations are never in full control of their business surroundings, all organizations will experience a business crisis and continuity event at some point (Shaw, 2004). It is therefore important to explore the various functions and functional areas that support the management of crisis events and continuity of business operations, their inter-dependencies, and the factors that will help co-ordinate these functions and functional areas into a comprehensive and integrated programme. Business Continuity Management (BCM) has been described in many ways. However, there is not a generally accepted definition (Smit, 2005). BCM is defined by the Business Continuity Institute as the act of predicting events that will affect the organizations mission-critical processes and functions, and ensure that it reacts to any event in a rehearsed and planned way (Gallagher, 2003). The goals of BCM also include making sure there is continuity of critical functions and business operations in all circumstances, foreseeing organizational risks, crises and disasters before they occur, and ensuring fast and efficient response to crises Figure 3: Framework for Business Continuity Management Source: The British Standard for Business Continuity Management, 2006 According to Herbane et al., (2004) and Gibb and Buchanan (2006), BCM involves identifying with an organizations needs, recognizing and managing risks that may interrupt the critical functions of a business, and ensuring effective recovery and business continuity in the event of unanticipated occurrences. BCM assists an organization in mapping out future worst case scenarios and how promptly the organization can restore its normal operations in the aftermath of a crisis. (Hayes, 2004) is of the opinion that BCM should be a major responsibility of top management as BCM aims to ensure lasting survival of the entire organization. Several authors including Gallagher (2003), Herbane et al., (2004), Pitt and Goyal (2004), and Elliott et al., (2010), have debated on the evolution of BCM. In the 1970s, the primary focus of business continuity was on information technology (IT) and recovering computing systems, also disruptions caused by disasters such as fires, earthquakes and flooding. In the 1980s, business continuity still included IT but shifted to include other systems and facilities at both business and corporate unit levels. During the 1970s and 1980s, IT focus still played a huge part in business continuity and explains why a big fraction of existing literature on BCM relates to IT continuity (Elliott et al., 2010). However, business continuity was introduced as Business Continuity Management in the late 1990s and early 2000s, and became a process of corporate competitive advantage to contribute to the sustainability and development of diverse business areas (Gill, 2006). Figure 4: Typology of Continuity Approaches Source: Herbane et al., (2004) Figure 4 above shows that BCM is embedded within crisis management (Herbane et al., 2004). It also shows that disaster recovery planning and business continuity planning are two components of BCM; these two components are to assist an organization in effectively dealing with crises and disasters before, during and after they occur (Herbane et al., 2004). Herbane et al., (2004) also point out that BCM must influence the whole organization and so, in order to succeed, there is need for participation and cross-functional involvement from various departments in the organization. 3.4.1 Importance of Business Continuity Management As previously mentioned, the 21st century has witnessed dramatic transformations in the global business environment. Kubitscheck (2001), Dawes (2004) and Richardson (2009) note that as new risks have emerged, organizational risk theory have also advanced at the start of the new millennium, but these newly emerging risks surpass the pace at which solutions are being devised to counteract them (Kubitscheck, 2001). Therefore, with new terrorist attacks, hi-tech and changing weather patterns, and corporate financial scandals, organizations need a well-resourced, coherent response, integrated and predetermined, but also manageable and flexible (Herbane et al., 2004). Organizations are faced with difficulties in risky and uncertain times and this can only be excellently managed by preparation and proactive planning (Gage and Reinoso, 2002). An innovative approach is necessary to help organizations in mitigating or reducing the impacts of crises and disasters, by appropriately preparing for, responding to and recovering from unexpected events to ensure business continuity and also to manage security programs proactively (Hinde, 2002). The interest in BCM increased significantly in the early 2000s (Borodzicz, 2005; Smit, 2005) Wong (2009) argues that the growing interest is as a result of natural and man-made disasters such as the September 11 terrorist attacks in the US, which emphasized the importance of BCM in sustaining critical functions of businesses. BCM encompasses corrective and preventive systems to risk management through recovery planning and continuity, and through the constant testing, training, maintenance and updating of continuity plans. In a global business environment full of insecurities, the long-term survival of businesses very much depends on guaranteed continuity of business operations. BCM is significant to be able to achieve this (Morwood, 1998). Pitt (2010) also argues that when organizations have BCM, they are most likely to suffer less from the immediate impact of crises, and can pull through more quickly. According to Brazeau (2008), the BCM profile has noticeably increased in both private and public business organizations as a study conducted by FM Global showed that out of 600 financial executives, about 95% identified BCM to be of moderate to high priority in relation to other managerial functions within their organizations. BCM is gaining increasing acceptance amongst many businesses as organizations now understand BCMs present operational value and are beginning to focus more on its enterprise-wide advantage and strategic significance (Marsh, 2008). 3.4.2 Planning as an Effective BCM Process Since the start of research on strategic planning, there has been a general consensus that strategic planning is a process that decides when, how, who will plan and how results will be enforced (Gibb and Buchanan (2006). Elliott et al., (2010) however mentions that there is a disagreement between authors regarding the exact structure and components of the process. Figure 4: Structure and Process of Strategic Planning Source: Elliott et al., (2010) Elliott et al., (2010) structure and process of strategic planning (Figure 4) illustrates planning as a systematic process. Most significantly, it identifies the three main areas of the process: hypothesis, formulation of plans, implementation of plans, and evaluation. The structure of strategic planning introduces a conceptual model for small, medium and large organization for outstanding strategic planning. The authors state that the three major types of plans; short-range budgets, medium-range programmes and master strategies are all linked and so, organizations must know exactly what their strategic plan should entail (Elliott et al., (2010). Although planning is not an everyday phenomenon, it must be a continuous process and plans need to be amended and/or reviewed regularly so organizations can respond to changes in the environment (Elliott et al., (2010). The process of strategic planning should therefore start with establishing organizational objectives, mapping out strategie s for implementation and then refining the strategies with thorough action plans. 3.5 Strategic Planning in a Turbulent Environment In most of the early writings on the planning process, a common characteristic is the role the external environment plays on the organization. Economic forecasts were initially used for future planning but with fierce competition amongst firms, and the growing complexities of globalization, the role of the environment becomes an essential feature in strategic planning (Brews and Hunt, 1999). In 1988, Arie De Geus, head of Shell Oil Companys Strategic Planning Group published a study of the planning processes of Shell. At the time, Shell was known to be one of the most successful oil corporations (and arguably still is today). De Geus mention that the key to the corporations success was its ability to switch from a much slower pace in stagnant times, to a survival-mode in turbulent times. He concludes that planning simply means changing minds (De Gues, 1988). Grant (2003) point out that strategic planning in the oil sector is characterized by an unstable business environment. The authors study explores how and if strategic planning methods can be put to effective use in an uncertain environment. Grants analysis of six major oil companies (BP, Chevron, Exxon, Mobil, Shell and Texaco) affirms that over the last decade and a half, these major oil companies recognized key amendments in their strategic planning practices. (Grant, 2003: 502) asserts that while the basic framework (cycle and key phases) of strategic planning changed very little, planning roles, the content of strategic plans, and the process of strategic planning within the companies management systems changed significantly. In spite of little variations in interpretation, Grant (2003) note that similarities in each of the oil companies planning processes were sufficient to create a generic strategic planning cycle as seen in Figure 5. Figure 5: The Generic Planning Cycle among the Oil Majors Source: Grant (2003) Planning provides a mechanism for the formulation of decentralised strategy and has now become a process of planned emergence (Grant, 2003: 491). In recent years, the processes of strategic planning have become more informal and decentralised, while planning strategies have changed considerably in line with the fast changing environments organizations operate in. Todays business environment is becoming more volatile due to political instability, natural disasters and economic-slowdown and requires leaders and organizations to be more proactively prepared and resilient to face the unexpected (Grant, 2003). Ramirez et al., (2008) discuss that with the diversified nature of many big firms and the growing rate of environmental changes, predictability and stability can no longer guarantee the success of businesses, but the ability to implement decisions under uncertain circumstances and the flexibility of adjusting to varying competitive conditions becomes critical factors of success (p. 264). The authors propose that in a crisis turbulent environment, management executives can increase strategic and organizational capabilities by establishing strategic visions, creating strategic unity and successive adaptation, encouraging transformational leadership, modifying organizational practices, and increasing organizational capacity for change. 3.6 Chapter Summary Chapter 3 is a review of relevant literature to provide the reader with an overview of crisis management and business continuity management in organizations. In the literature, various approaches to organizational crisis management exist that have been discussed i.e. risk management, scenario planning, and business continuity management. The literature presents a background to the fundamentals of strategic planning and scenario futuring, and discusses business continuity, a management process that is becoming more and more recognized by many organizations, as a new approach to crisis management. Business continuity management provides corrective and preventive measures to organizations to improve their response and recovery capabilities against disasters and unexpected crises. Using existing literature and a number of empirical studies, the author provides evidence to support the discussion on BCM as an organizational strategy that challenges senior managers and top level management to foster the art of strategic planning, in anticipation of some of the unexpected eventualities of an increasingly chaotic and turbulent business environment.

Studying Computer Science Essay -- Computer Science

Introduction Hardware can be daunting. The following is a brief look at why every computer science major should be knowledgeable in the acronyms that abound within the computer industry. Overwhelming Factors Budding computer science majors can be thankful to Ken Thompson’s desire to travel space. It was this desire that maintained a failed attempt of an operating system by a joint venture of General Electric, Bell Labs, and Massachusetts Institute of Technology. The operating system was named Multics and was abandoned in the late sixties, yet Ken Thompson had programmed a game he named Space Travel for Multics and it still needed an operating system on which to run. As they did not have the resources they had to run Multics at the house, Ken Thompson and Dennis Ritchie worked together to produce what we know today as UNIX (Ritchie, 1984), yet UNIX now needed a platform upon which to run and yet again, another savior to computer science that we can be thankful for today, IBM mass-produced personal computers for use in the common household. Yet, thankfully, IBM failed at dominating the personal computer market and clones became yet another savior. Personal computers and their clones are comprised of standard, interchangeable components. Components such as Random Access Memory (RAM), Read Only Memory (ROM), Central Processing Unit (CPU), Hard Disk Drive (HDD), Compact Disc or Digital Versatile Disc Read Only Memory often referred to as CD-ROM or DVD-ROM, motherboards, Graphic Processing Unit (formerly known as video cards and now referred to as GPU), and the like are the norm for any typical computer whether they are of the desktop or laptop varieties. Form factors must also be taken into account terms such as XT, AT, ATX, mi... ...oring becomes a factor, shopping for RAM that interfaces with the Front Side Bus (FSB) at 800 MHZ or 1066MHZ becomes a factor, choosing CPU’s that are either dual-core or quad-core becomes a factor. Factors, there are many of them; one way to combat this is to educate and familiarize oneself with the acronyms and terms associated within the computing industry. If not properly armed, the factors can be overwhelming to any computer science major. Works Cited Krynin, M. (2010) UEFI – unified extensible firmware interface. Retrieved: December 9, 2010 from: http://compreviews.about.com/od/motherboards/a/UEFI.htm N.A. (2010) Desktop form factors. Retrieved: December 9, 2010 from: http://www.formfactors.org/searchproducts.asp Ritchie, D. (1984) Early unix history and evolution. Retrieved: December 8, 2010 from: http://cm.bell-labs.com/cm/cs/who/dmr/hist.html

The Post-Soviet Reemergence of the Russian Empire Essay -- essays rese

The 1991 collapse of the Soviet Union signified an end to Russia’s control over its Middle Eastern Empire. Many of its states seceded and founded new nations and Russia lost significant power over the region. The new Russian Federation, in an effort to reestablish Soviet supremacy, has launched a neo-imperialistic campaign to once again have political, economic and security control over the area today known as the Caucasus. Principally, Russia wants to have political control over the area consisting of the lands of Azerbaijan, Kazakhstan, Turkmenistan, Georgia and Chechnya as well as the Caspian Sea. Furthermore, it is an objective to reap profit from this resource-rich area to stabilize Russia’s economy. Additionally, Russia wants to ensure the security of its power in the Middle East. In order to achieve these motives the Russian Government has used various strategies involving political legerdemain, economic exaction and military operations. After years of weakness following the breakdown of the Soviet Socialist government, Russia has once again sought to expand its empire over all of its successor states. The Russian government has used various tactics to assert power over the Caspian region as well as to achieve its political motives. Russia’s position in the economic sphere has been a valuable strategy to obtain political ends. â€Å"Moscow’s main lever of power, then as now, was its pipeline system, a remnant of the centralized Soviet economy in which all oil and natural gas from the Caspian first traversed Russia before passing on to the West.† (LeVinne, 1999) Russia’s control over this pipeline has meant that it has direct control over the Caspian nation’s resources and can use this to their advantage. One such example was... ...influence within the space of the former Soviet Union a determining aspect in the future of Russian statehood. The entities surrounding the Caspian Sea are also the focus of many vital economic prospects which would contribute to Russia’s hegemony over the Southern Tier region. In a textbook example of neo-imperialism Russia has covered all its bases included the impending threat of enemies resulting from Moscow’s political and economic exploitation. Russia has proved that it will use any means possible such as military conquest and political and economic hegemony to its advantage to extend its control over the territory, political systems and economic profits of the nations forming the Caucasus. The Russian government has certainly demonstrated its resurgent imperial ability and resolute determination to ultimately see the reemergence of a powerful Russian empire.

thomas paine :: essays research papers

Thomas Paine was more than just a writer. He did many things in his life. He wrote pamphlets and books like the Common Sense, or African Slavery on America. He is still recognized for his writings today.   Ã‚  Ã‚  Ã‚  Ã‚  Thomas Paine was born on January 29, 1737 in Thetford, England. He was the son of a farmer and corsetmaker. He went to a local school until the age of thirteen. We was forced to leave school so he could help his father at work. He went through many jobs, and felt unhappy at everyone he tried.   Ã‚  Ã‚  Ã‚  Ã‚  He went to sea at the age of nineteen. He traveled from place to place meeting many different people. He got married, but unfortunately she died a year later in 1760. He remarried in 1771. But again he was separated from her three years later. His appointment as excise collector in 1762 was lost in 1765 because of an improper entry report. ( Encyclopedia of World Biography, 66)   Ã‚  Ã‚  Ã‚  Ã‚  Paine moved to America because of a London meeting with Benjamin Franklin. He got a job writing for a magazine called the Pennsylvania Magazine, and eventually became the editor. He wrote the Common Sense in 1776, about independence. It was a instantaneous success. It was even translated into German and printed in England, Scotland, Holland, and France. It sold 120,000 in just three months, and over six million today. It was said to get the people ready for the Declaration of Independence soon after.   Ã‚  Ã‚  Ã‚  Ã‚  For the remainder of the Revolution he was with Washington’s soldiers. He wrote The Crisis which appeared between December 1776 and April 1783. Again he was Paine was know for his phrasemaking. In his later papers Paine attacked Tories, profiteers, inflationists, and counterfeiters. (Encyclopedia of World Biography, 66) On April 19, 1783, he concluded his Crisis series on a note of expectations.   Ã‚  Ã‚  Ã‚  Ã‚  He lived quietly after the Revolution. He worked on several inventions, like a pierless iron bridge to cross the Schuylkill River. He wrote the Age of Reason, in 1794, which was a direct attack on the irrationality of religion and a defense of deism. Despite Paine’s belief in the Creator, it was suppressed in England.

Toyota: a Glimpse of Leadership, Organizational Leadership, and Organizational Structure

Toyota: A Glimpse of Leadership, Organizational Behavior, and Organizational Structure Courtney Berry Organizational behavior is the study of application of individuals’ behaviors within structured groups within an organization (Robbins & Judge, 2007). The field of study identifies behaviors within specific groups and individuals in organizations and how the structures of organizations play a role in behaviors (Robbins & Judge, 2007). In the past several months, the leading company in the car industry has been experiencing a quality control and consumer product safety issue. Toyota is not only encountering a quality control issue but also a senior management crisis issue. The corporate leadership team of Toyota did not recognize the importance of addressing the consumer safety issue with the sticking accelerator and not to mention the huge public relations blunder that came with it. Does this failure to address a quality control issue and a real senior management public relations issue have anything to do with Toyota’s leadership, organizational behavior, and organizational structure? Leadership, organizational behavior, and organization structure Toyota’s thought on leadership is to empower employees and develop their people. If the employee has not learned a specific task, the leader has not done a good job (Womack & Shook, 2007). Plan, Do, Check, and Action (PDCA) Cycle is something that Toyota implements (Womack & Shook, 2007). This cycle engages employees to question products and processes and implement new action. Senior leadership is also expected to perform this. In fact, senior leadership regularly makes visits to the plant floors to engage with people and help with processes. This type of leadership employs mutual adjustment and interaction from both the employees and leadership. Leadership has much to do with behaviors within an organization. Organizational behavior looks at behaviors on an individual, group, and organizational level and how the levels are interelated. According to Henry Mintzberg, organizational behaviors can be grouped into three primary categories: interpersonal, informational, and decisional (Robbins & Judge, 2003). These behaviors are found at the managerial role but play an mportant and predictive role at determining the behaviors of an organization and its structure. When Toyota led the way in the car industry the organization was firing on all cylinders in their organizational behavior. At the individual level, job satisfaction empowers the employees to make decisions on the line and create effcient processes that lead to high production. At the group level, communication and decisions are made across multiple teams and employees to engineer the highest level of product leadership (Womack & Shook, 2007). The organizational level mirrors the individual and group level that creates a culture of pride within Toyota. This organizational pride creates a culture of employees with a belief that Toyota engineers the best products. Organizational structure is the backbone to the strategy of an organization. It helps carry out new strategies by differing structure designs and parameters in which individuals and groups communicate within organizations (Mintzber, Lampel, Quinn, & Ghoshal, 2003). The car industry typically mirrors the machine organizational structure. The work is highly standardized and is designed to run by a large technostructure to formalize behaviors and actions (Mintzber, et al, 2003). The structure of this design typically limits power at the operator level. This type of horizontal structure ends up not engaging the people at the organization and does not benefit the customer as a whole (Mitzber, et al, 2003). Toyota, while a machine organization, does not place value vertically and rather creates power horizontally. The organization has a history of empowering their operators with knowledge and career paths. Toyota is noted for this. Conclusion Toyota’s leadership and organizational structure does not predicate the failure for senior management to fail to address a quality control and product issue as well as a public relations issue. The organization’s role of interpersonal communication and decisions made both vertically and horizontally within its structure would lend to fix a problem and engineer the best product. All employees are empowered to ask why an accelerator should be engineered with a certain spec and require certain raw materials. The leadership and structure creat high quality product processes. The organizational behavior could have explained the blunder on senior management to fail to address a quality control issue based on the culture. According to Benjamin Heineman, Toyota’s culture of, â€Å"We did it right, the problem is small, the critics are wrong† (paragraph 5, 2010). Toyota’s culture and pride of engineering the best could have predicted this public relations blunder that has striped consumer confidence and may lead to a business failure or a chief executive officer stepping down. References Heineman, B. W. (2010). Flunking Crisis Management 101. The Washington Post. Retrieved from http://views. washingtonpost. com/leadership/panelists/2010/02/crisis-management-recall. html Mintzberg, H. , Lampel, J. , Quinn, J. B. , & Ghoshal, S. (2003). The strategy process: Concepts, contexts, cases (4th ed. ). Upper Saddle River, NJ: Prentice Hall. Robbins, S. P. , & Judge, T. A. (2007). Organizational behavior (12th ed. ). Upper Saddle River, NJ: Pearson Education. Womack, J. P. & Shook, J.. (2007, October). Lean Management and the Role of Lean Leadership [PowerPoint slides]. Retrieved from http://www. lean. org/images/october_webinar_project_slides. PDF.

Integrity Essay

Morals reflect both the being you strive to become and the individual you truly are. The value morals hold in both society and our own minds are vastly immoderate. The degree to which we hold ourselves to our own moral determines our integrity. An adherence to a code of moral or artistic values, incorruptibility, is what’s known as integrity. A lack of integrity is often recalled far longer than actions within integral standings. Both John Proctor, from The Crucible, and Ed Murrow, of Good Night, and Good Luck, share this admirable trait to a great extent. I look for a lot of things in people before I fully bring them into my life. Those whose decisions have a kind of inner uniformity and integrity that makes them morally unassailable, those who I can trust. I want to associate myself with a person who I know would never betray me and always do what’s right, because if not your word than what have you? I define integrity as holding true to your own beliefs and standards. Living your life in a way that makes you proud or content is crucial, as John and Ed lived. The Crucible showed a large variation of characters with an even more significant variant of personalities. John Proctor was accused of witchcraft after a cruel manhunt plagued with lies and deception. His integrity was highlighted throughout the play, for example, when he confessed to the sin of adultery to save his wife. In another instance, John agrees to save his life and confess to witchcraft by post his name on the church, but when it comes to it, he cannot, â€Å"Because it is my name! Because I cannot have another in my whole life! Because I lie and sign myself to lies! Because I am not worth the dust on the feet of those who hang! How many may live without my name? I have given you my soul; leave me my name!† (Miller 1166). His integrity could not allow him to sacrifice the identities of those close to him. He gave his existence to preserve the integrity he made for his name. John Proctor was a selfless man of pure integrity. Ed Murrow also shared those qualities. The film Good Night, and Good Luck tells the story of McCarthyism, Joseph McCarthy used the fear of communism to wrongly jail citizens. Ed Murrow is the host of Good Night, and Good Luck on CBS. He sees the wrong in McCarthy’s actions and decides to take a stand  and tell the public his view. His entire career is in jeopardy, even himself exposing the lies of his profession for justice, â€Å"We have currently a built-in allergy to unpleasant or disturbing information. Our mass media reflect this. But unless we get up off our fat surpluses and recognize that television in the main is being used to distract, delude, amuse, and insulate us, then television and those who finance it, those who look at it, and those who work at it, may see a totally different picture too late.† (Good Night, and Good Luck). Ed Murrow risked everything he had and put so much energy into doing what is right. He is a perfect image of integrity. Bothe John Proctor and Ed Murrow were sources of moral value and integrity. Integrity is doing what is right, what is honest and true, and that is exactly what they did. John and Ed are both people we should try to learn from and look up to.

The Jmu Mailroom Case

THE JMU MAILROOM CASE If you expect your mail to come with the same â€Å"speedy delivery† made popular by mailman Mr. McFeeley of Mister Rogers’ Neighborhood, you may be disappointed over the next few weeks. While mail delivery is not drastically slower than normal, employees in the JMU postal service warehouse can offer several reasons why they are having trouble delivering mail as promptly as usual. The majority of the five-member crew who work in the warehouse, now located on South Main Street across from Duke’s Plaza say they are upset because postal service management did not take their opinions into account before throwing changes at them. We were consulted, but they didn’t take anything we said into account,† said Eric McKee, a postal service employee who works in the warehouse. Changes have included moving the warehouse to a building 10 minutes from campus which consists of a basement without running water or bathroom facilities. Employees m ust walk outside to the front of the building in order to use bathrooms. McKee, along with another delivery employee who wished to remain anonymous for fear of losing his job, complained of the â€Å"great physical stress† involved in carrying the large tubs of mail instead of carrying mailbags that can be thrown over the shoulder. According to another employee who wished to remain unnamed, in addition to the physical stress, the tub-delivery system slows up mail delivery considerably. The employee said by slinging mailbags over the shoulder it was easier to carry large loads of mail, something nearly impossible with the tubs. According to Terry Woodward, director of postal services, the change from mailbags to bins came the day after the warehouse change location. The changes were brought about to accommodate the growing volume of mail that has come as a result of the increasing numbers of departments and students in the university, Woddward said. Delivering the mail with the tub system instead of a bag system reduces steps, Woodward said, thus speeding the delivery time. While Woodward acknowledged that the changing system is the cause for mail slowdown, he said he expects delivery to speed up as employees get used to the new system. The warehouse used to be located in a trailer behind Anthony-Seeger Hall. The new location is a five-to-ten minute drive to campus, which employees say slows down their delivery time substantially. One delivery worker said the move has brought about â€Å"new obstacles,† such as having to wait 10 minutes for a train to cross in front of him. The facility was forced to move off campus Aug. 3 when the Facilities Management Department took over the trailer postal services used to occupy next to Anthony-Seeger Hall, Woodward said. Woodward said he expected initial resistance to the changes by postal employees, but hoped the workers would keep an open mind while giving the new system time to smooth out. â€Å"There’s certainly been some resistance,† Woodward said about postal employees’ reactions to the changes. One such case of resistance may have brought about the firing of Troy Munford, a summer postal service employee who said the new system is â€Å"unmanageable. † Munford claims he was fired for â€Å"insubordination† by Sonja Mace, operations manager for the postal service, when he told her the system wasn’t working and tried to arrange a meeting between the heads of postal services and the employees. Munford said that after he told Mace â€Å"you promised to give us your best and obviously your best wasn’t good enough,† Mace â€Å"stomped her foot . . . nd said, ‘you’re fired. ’† Due to Munford’s firing about two weeks ago, some employees were afraid to speak out or have their names printed in the paper for fear they may also lose their jobs. By making the changes, Mace â€Å"has doubled, if not tripled, the workload† of the employees, he said. ‘I’m just concerned for the people who are still her e,† Munford said. He said he is afraid some of them â€Å"will hurt themselves eventually, due to the physical difficulty of the job. † Mace refused to comment on any personnel issues regarding the change.

Brief History of BMW Essay

BMW began making its mark on history almost 90 years ago. Aircraft engines were the first thing to be produced followed by bikes and then cars – these vehicles also have been setting milestones in the area of motorsport from the very start. We can establish BMW roots back well over 100 years, to December 3, 1896. That date marked the formation of Wartburg works in Eisenach, the BMW manufacturing center for all cars made from 1928 to 1940. From that site and Wartburg’s numerous alliance before being sold to BMW in 1928 stretched activites as diverse as saucepan manufactured, powered mountain bikes, and the brake company. The car-construction tale of the Eisenach arm is the subject of a sub-sequent chapter. ( Airborne Excellence- page 5) However, basics of the heartland Munich-based company arrived in 1916 when the two airplane-engine manufacturing workshop Gustav Rau GmbH and Rapp Motorenwerken GmbH) were subject to takeovers and closures that resulted in the March 7, 1916 registration of Bayerische Flugzeugwerke AG (BFW). Its purpose as stated in the Munich Register of Companies â€Å"the manufacture and commercial distribution of airplanes and any related machinery, equipment and other objects, and further, in the pursuit of this purpose, the founding of other enterprises in any legally permissible form, or participation therein, and also the running of companies of any sort†. When Franz-Joseph Popp took over Karl Rapp as the new managing director on 5 October of 1917, he register the company as the Bayerische Motoren Werke GmbH. At the same time Poppo registered the company’s trademark, which still remains today- the stylized whirl of a rotating propeller surmounted by the letters BMW. (Achievements in White and Blue BMW in Retrospect- page 8) In 1917, BMW’s first aircraft engine was produced, the 6 cylinder Type IIIa. In 1919 using an aircraft powered by its successor, the Type IV, Franz Zeno Diemer set an altitude record of 9,760 metres. After WW1 BMW turned all kinds of activities, including shoe-making, to survive, But Popp and Friz were engineers, first and foremost, and there was no doubt that BMW would return to aero engine manufacture. (Motorcycle Marvels- Chapter2). In 1923 they enter the motorcycle production as a result. The motorcycle, the R 32 produced 8. 5 horsepower at 3300rpm from its flat-twin engine. The 2-cylinder 494cc motorcycle could reach a top speed of 59mph. 090 of them were manufactured during its three year life span. It was 1928 that made history in terms of the BMW car. BMW buys the Eisenach automobile plant, where the Austin Seven was successfully produced under the name â€Å"Dixi 3/15 PS†. Later it rebadged them to DA2. Which further went on to become a BMW – going on sale in 1929 as the BMW 3/15 PS DA 2 with a range of different body shells. A small car with a lot of appeal, its popularity helped the company to survive the lean years of the Depression. By 1932 BMW’s first â€Å"real† car (AM 4) went into production, this model was the successor of the Dixi and the first production car to be built totally in house by BMW. The model had a 50 mph top speed, 4 cylinder engine with suspension valves and double driving camshafts. In 1936 a sporting legend was born when the BMW 328 went on to win at the nuburging, which was basically the fastest standard-production 2-liter sports car. It went on to win over 120 other race between 1936 and 1940. BMW became a priority target during World War 2 and reaped a terrible reward for its famous aero engine and military prowess. The BMW factory at Munich was totally devastated after the War. The first post war model, the V8 equipped 501 luxury sedan produced in 1951 was a poor production choice for a country that was also devastated by the war. Demand was low and the 501 did not even com e close to meeting BMW’s expectations. So in a tightrope act between two extremes, to prevent the company bleeding to death at the top end of the automobile market, BMW’s policy was to introduce mini cars at the other end of the market. The BMW Isetta finally won the hearts of the public. Just 2. 29 m long, the company obtains the licence to build the motocoupe from ISO in Italy. Powered by a 12 or 13 hp BMW motorcycle engine. Over 160,000 people bought an Isetta in the Fifties, making it the best-selling BMW of the decade and a symbol for the boom years after the war.