Workers Participation In Management Commerce Essay

Harmonizing to one position, workers engagement is based on the cardinal construct that the ordinary workers put his labor in, and ties his destiny to, his topographic point of work and, hence, he has a legitimate right to hold a portion in act uponing the assorted facets of company policy † . Harmonizing to G.S. Walpole, engagement in direction gives the workers a sense of importance, pride and achievement ; it gives him the freedom and the chance for self-expression ; a feeling of belonging to his topographic point of work and a sense of craft and creativeness. It provides for the integrating of his involvements with those of the direction and makes him a joint spouses in the endeavor † . The signifiers of workers engagement in direction vary from industry to industry and state to state depending upon the political system, form of direction dealingss and capable or country of engagement. The signifiers of workers engagement may be as follows: Joint Consultation Modes Joint Decision Model Self Management, or Auto Management Scheme Workers Representation on Board It should be borne in head that when persons are provided with chances for look and portion in decision-making, they show much enterprise and accept duty well. The principle of workers ‘ engagement in direction prevarications in that it helps in making amongst the workers a sense of engagement in their organisatoin, a better apprehension of their function in the smooth operation of industry and provides them a agency of self-fulfillment, thereby, advancing efficiency and increased productiveness. INTROdTION Participative Management I s a sophisticated construct I n the modern managerial universe, atleast in Indian Scene. Engagement in the decision-making procedure helps to accomplish greater occupation satisfaction on the portion of the employees and hlgher production on the portion of the administration. The workers can be motivated more efficaciously through non-monetary Incentives than through pecuniary inducements. I t one s observed in recent times that engagement Is one of the best non-monetary inducements I f the administration applies the engagement schemes decently, one T is believed that it w one cubic decimeter cubic decimeter be able to better the production and productivenesss of the different factors of production. At the same clip it serves as a incentive and satisfaction to the employees by run intoing their self-importance demands. Participative Management is the procedure of affecting subsidiaries i n the decision-making procedure. I t emphasiss active engagement of th e employees. I t utilizations thelr expertness and creativeness in work outing of import managerial jobs. I t remainders on the construct of shared authorization which holds that directors portion thelr managerla1 authorization with their subsidiaries. Participative Management, â€Å" is a procedure of deputation of authorization and duty in the general country of managerial maps. I t agencies sharing in an appropriate mode the decislonmaklng power with the lower ranks of the administration of an endeavor Participative Management is hence, a system or procedure in which workers are called upon to show their positions sing the preparation of policies and decision-making, to the direction. This is nil but a manner of sati sfylng the workers ‘ impulse for self look and making in them a feeling of belongingness in order to acquire their willing co-operation for the efficient working of the administration. The purpose of this system is to do the workers feel that the administration is their ain and its success or failure, Is their ain success or failure. I t would take the feeling of disaffection from the workers towards the direction every bit good as other workers In the same industry. Four procedures influence engagement. These procedures create employee engagement as they are pushed down to the lowest degrees in an organisation. The farther down these procedures move, the higher the degree of engagement by employees. The four procedures include: Information sharing, which is concerned with maintaining employees informed about the economic position of the company. Training, which involves raising the accomplishment degrees of employees and offering development chances that allow them to use new accomplishments to do effectual determinations sing the organisation as a whole. Employee determination devising, which can take many signifiers, from finding work agendas to make up one's minding on budgets or procedures. Wagess, which should be tied to suggestions and thoughts every bit good as public presentation.BENEFITS OF PARTICIPATIVE MANAGEMENTA participative direction manner offers assorted benefits at all degrees of the organisation. By making a sense of ownership in the company, participative direction instils a sense of pride and motivates employees to increase productiveness in order to accomplish their ends. Employees who participate in the determinations of the company feel like they are a portion of a squad with a common end, and happen their sense of self-pride and originative fulfillment heightened. Directors who use a participative manner happen that employees are more receptive to alter than in state of affairss in which they have no voice. Changes are implemented more efficaciously when employees have input and do parts to determinations. Participation keeps employees informed of approaching events so they will be cognizant of possible alterations. The organisation can so put itself in a proactive manner alternatively of a reactive 1, as directors are able to rapidly place countries of concern and turn to employees for solutions. Engagement helps employees derive a wider position of the organisation. Through preparation, development chances, and information sharing, employees can get the conceptual accomplishments needed to go effectual directors or top executives. It besides increases the committedness of employees to the organisation and the determinations they make. Creativity and invention are two of import benefits of participative direction. By leting a diverse group of employees to hold input into determinations, the organisation benefits from the synergism that comes from a wider pick of options. When all employees, alternatively of merely directors or executives, are given the chance to take part, the opportunities are increased that a valid and alone thought will be suggested.REQUIREMENTS OF PARTICIPATIVE MANAGEMENTA common misconception by directors is that participative direction involves merely inquiring employees to take part or do suggestions. Effective plans involve more than merely a suggestion box. In order for participative direction to work, several issues must be resolved and several demands must be met. First, directors must be willing to release some control to their workers ; directors must experience secure in their place in order for engagement to be successful. Often directors do non recognize that employees ‘ regar d for them will increase alternatively of lessening when they implement a participative direction manner. The success of participative direction depends on careful planning and a slow, phased attack. Changing employees ‘ thoughts about direction takes clip, as does any successful effort at a entire cultural alteration from a democratic or bossy manner of direction to a participative manner. Long-run employees may defy alterations, non believing they will last. In order for engagement to be effectual, directors must be echt and honest in implementing the plan. Many employees will necessitate to consistently see cogent evidence that their thoughts will be accepted or at least earnestly considered. The employees must be able to swear their directors and feel they are respected. Successful engagement requires directors to near employee engagement with an unfastened head. They must be unfastened to new thoughts and options in order for participative direction to work. It is of import to retrieve that although the director may non hold with every thought or suggestion an employee makes, how those thoughts are received is critical to the success of participative direction. Employees must besides be willing to take part and portion their thoughts. Participative direction does non work with employees who are inactive or merely make non care. Many times employees do non hold the accomplishments or information necessary to do good suggestions or determinations. In this instance it is of import to supply them with information or preparation so they can do informed picks. Encouragement should be offered in order to habituate employees to the participative attack. One manner to assist employees prosecute in the decision-making procedure is by cognizing their single strengths and capitalising on them. By steering employees toward countries in which they are knowing, a director can assist to guarantee their success. Before anticipating employees to do valuable parts, directors should supply them with the standards that their input must run into. This will help in flinging thoughts or suggestions that can non be implemented, are non executable, or are excessively expensive. Directors should besides give employees clip to believe about thoughts or alternate determinations. Employees frequently do non make their most originative thought on the topographic point. Another of import component for implementing a successful participative direction manner is the seeable integrating of employees ‘ suggestions into the concluding determination or execution. Employees need to cognize that they have made a part. Offering employees a pick in the concluding determination is of import because it increases their committedness, motive, and occupation satisfaction. Sometimes even merely showing several options and leting employees to take from them is every bit effectual as if they thought of the options themselves. If the employees ‘ first pick is non executable, direction might inquire for an option instead than rejecting the employee input. When an thought or determination is non acceptable, directors should supply an account. If direction repeatedly strikes down employee thoughts without implementing them, employees will get down to mistrust direction, therefore holding engagement. The key is to construct employee assurance so their thoughts and determinations become more originative and sound.ConcernsParticipative direction is non a charming remedy for all that ails an organisation. Directors should carefully weigh the pros and the cons before implementing this manner of direction. Directors must recognize that alterations will non take consequence overnight and will necessitate consistence and forbearance before employees will get down to see that direction is serious about employee engagement. Participative direction is likely the most hard manner of direction to pattern. It is disputing non merely for directors but for employees every bit good. While it is of import that direction allows employees to take part in determination devising and encourages engagement in the organisation ‘s way, directors must be cognizant of the potency for employees to pass more clip formulating suggestions and less clip finishing their work. High-level direction will non back up a participative direction plan if they believe employees are non run intoing their daily or hebdomadal ends. Some suggestions for get the better ofing this possible job are to put aside a peculiar clip each hebdomad for workers to run into with direction in order to portion their thoughts, or to let them to work on their thoughts during less busy times of the twenty-four hours or hebdomad. Another thought that works for some directors is to let employees to put up single assignments to discourse thoughts or suggestions. Directors should retrieve that participative direction is non ever the appropriate manner to manage a given state of affairs. Employees frequently respect a director that uses his or her authorization and makes determinations when it is necessary. There are times when, as a director, it is of import to be in charge, do a determination, and so accept the duty for the picks made. For illustration, participative direction is likely non appropriate when disciplinary action is needed. When directors look upon their ain occupations as a privilege alternatively of as a duty, they will neglect at doing participative direction work. They will be less willing to turn over some of the decision-making duty to subsidiaries. Another ground that participative direction fails is that directors do non recognize it is non the same as deputing or merely switching duty. Participation entirely has no value ; it is merely an effectual tool if it is used to work out jobs and meet ends. Some directors believe that ask foring employees to fall in in meetings and signifier commissions will make a successful participative direction plan. However, these steps are merely successful when employees ‘ thoughts are accepted by direction and implemented. The larger the organisation, the more hard it becomes to establish a participative direction manner. Large organisations have more beds and degrees, which complicate effectual communicating and do it hard to register the sentiments and suggestions of a diverse group of employees and directors. Critics argue that brotherhoods are frequently more effectual than participative direction in reacting to employee demands because brotherhood attempts can cut through bureaucratic organisations more rapidly. Participative direction plans can be threatened by office political relations. Due to conceal dockets and peer force per unit area, employees may maintain their sentiments to themselves and decline to state a director if they feel an thought will non work. Directors besides play a portion in political relations when they implement participative direction plans to affect their ain foremans but have no purpose of seeing them through. Many companies have experienced the positive effects of participative direction. Employees are more committed and experience more occupation satisfaction when they are allowed to take part in determination devising. Organizations have reported that productiveness improved significantly when directors used a participative manner. Participative direction is non an easy direction manner to implement. It presents assorted challenges and does non win nightlong. Directors will be more successful if they remember that it will take clip and careful planning before they will see consequences. Get downing with little undertakings that encourage and reward engagement is one manner to acquire employees to believe that direction is sincere and trusty.

Aristotle or a post-modern anti-hero?

In On the Road Jack Kerouac produces what has become known as the archetypal Beat hero, Dean Moriaty. An analysis of whether he is closer to a traditional Aristotelian hero or to the postmodern anti-hero will reveal much about the often contradictory forces at work within the â€Å"rhythms of fifties underground America, jazz, sex, generosity, chill dawns and drugs . . . â€Å" (Holmes, 1957). Before discussing which Moriaty is closer to it will be necessary to briefly define both the traditional and the postmodern hero, identifying what they hold in common and what divides them.The traditional Aristotelian hero is a high-born man, normally royal or at least from the aristocracy who appears to be on top of the world at the beginning of his story. He has many advantages, both natural and acquired. He is often successful, popular with others and apparently happy. The tragic hero normally has something that has been called â€Å"the fatal flaw† (Kaufmann, 1992). This flaw may b e something he has no blame for, such as the heel that makes Achilles physically vulnerable, the jealousy that makes Othello emotionally vulnerable or the introspection that makes Hamlet delay so long. This fatal flaw often leads, in one way or another, to the downfall of the tragic hero.So the traditional tragic hero falls from a high social position to disgrace and/or death through circumstance and through his supposed fatal flaw. Aristotle said that his fate should inspire â€Å"pity and fear† within the audience (Aristotle, 2001).   Pity for the fate of the individual tragic hero and fear that they might fall into a similar situation themselves.   By contrast, the anti-hero is, according to the American Heritage Dictionary, â€Å"a main character in a dramatic or narrative work who is characterized by a lack of traditional heroic qualities, such as idealism of courage† (America, 1992).Some clue to which definition of protagonist – hero or anti-hero †“ Dean Moriaty falls can be found within the fact that the very term â€Å"anti-hero† is in fact a Twentieth Century invention (Lawall, 1966).   The idea of the anti-hero is in many ways linked to early twentieth century philosophies such as Existentialism, which suggested that life has little meaning and that no absolute standards of morality are relevant. The anti-hero creates his own sense of values, often from moment to moment, according to the needs of the moment. The postmodern anti-hero takes on similar propensities, although he is even more extreme. The â€Å"Man-With-No-Name† character that Clint Eastwood played in the 1960’s spaghetti westerns is perhaps the classic postmodern anti-hero.The world of these westerns does not have â€Å"good† and â€Å"evil† as could be identified by the white/black horses, the white/black cowboy hats and the handsome/ugly actors of the traditional Western. There are merely shades of darkness in the spag hetti western, and the same can be said for most of the characters in On the Road, set as it is within a world of constant wandering throughout America that is in some ways very similar to a western.One of the most important facets of On the Road is the fact that there are two main characters. First, there is Sal Paradise, the titular narrator of the novel that has been more or less associated with Kerouac himself; and second, there is Dean Moriaty. The reader is rapidly and constantly drawn into views of Dean Moriaty. Sal describes him as â€Å"simply a youth tremendously excited with life† who possesses â€Å"a kind of holy lightning . .. flashing from his excitement and his visions† (Kerouac, 1957).   Later Dean is described as â€Å"the holy con-man with the shining mind† (Kerouac, 1957).So in the manner of both the hero and the anti-hero, Dean is a charismatic character who draws others to him through the sheer energy that he exudes and his apparent zest for everything life has to offer. But Dean is very low born. He is apparently the son of an alcoholic who was never really raised properly and who has had criminal propensities from a very young age. Dean has been in prison for stealing cars. While traditional tragic heroes may commit the most serious of crimes (often murder) they are not normally criminal in a conventional sense. There is something petty and hopeless about the kind of criminality that Dean Moriaty displays.But in the best tradition of the postmodern anti-hero, Dean has learned a lot about how to live from his incarceration. He states, with characteristic bluntness:Only a guy who’s spent five years in jail can go to such maniacal  helpless extremes . . . prison is where you promise yourself the  right to live.  (Kerouac, 1957)So the anti-hero discovers himself through falling from grace, even if he probably did not have far to fall in the first place. Rather than going to his death or languishing in the shame of his crimes he lives out the years of his imprisonment and then comes out to go â€Å"on the road†. In one sense the novel shows what might happen when the tragic hero has fallen, been transformed and emerged as a postmodern anti-hero.Dean does fall further however, especially as the novel continues and the novelty of being free to do as he wishes starts to wear thin. Thus his abandonment of his wife and child are brought to his attention, indeed he is confronted with it. Sal, ever the intelligent observer, states that â€Å"where once Dean would have talked his way out, now he fell silent . . . he was BEAT† (Kerouac, 1957).The protagonist of the novel goes through it performing decidedly un-heroic deeds such as this abandonment. He also expresses a constant and rather disturbing attraction for very young girls, often only 12 or 13, especially those who are prostitutes and thus totally vulnerable to his desires. Near the end of the novel he actually abandons S al as he lies sick in Mexico City. Ultimately Sal comes to see Dean in a very brutal light, oine that hardly meets any kind of definition other than a decidedly anti-hero:. . . when I got better I realized what a rat he was, but then I hadbto understand the impossible complexity of his life, how he had toleave me there, sick, to get on with his wives and woes.b(Kerouac, 1957) (emphasis added)Dean is thus essentially a coward, and a lack of courage is never part of the character of a tragic hero, whatever other faults he may possess. But Sal, in characteristically postmodern fashion, does not blame Dean for his cowardice and being a â€Å"rat†. The postmodern condition is one in which there are no absolute standards of ethics and thus everything is more or less forgiven.It is the â€Å"complexity† of his life that Sal feels makes Dean constantly abandon people. He is just another character who moves through an aimless world with little to concern him except an increasin gly futile search for a purely hedonistic lifestyle.The constant traveling in the book makes Dean an anti-hero rather than a hero. While many tragic heroes travel (Aeschylus, Odysseus) they nearly always have some kind of destination – whether it be ethical or geographical, in mind. The characters of On the Road travel constantly, but with, to quote a popular song of the period â€Å"no particular place to go†. They travel for the sake of traveling.   This aimless travel is a symbol for the lack of a higher ethical or religious structure within which to live. The characters of On the Road are sure of nothing, except that, as Sal says at the end of the book â€Å"nobody knows what’s going to happen to anybody besides the forlorn rags of growing old† (Kerouac, 1957).Dean moves from the West to the East to the West to the South . . .   and on with a sense of rather melancholy endlessness. At the end of the novel Dean returns to the West Coast on his own, and Sal ruminates upon the sad meaninglessness of life. While much has happened in the novel in some senses, in the classic, Aristotelian sense very little has occurred that will permanently change people. On the Road has no simple dramatic structure. There is no climax and denouement. Rather it is a formless kind of a quest story in which the search is an end in itself.This endless quest give On the Road   a post-modern structure. The characters are on an existential search for themselves that seems doomed to failure. Dean Moriaty is the archetypal post-modern anti-hero within this quest. He draws people to him, and they travel thousands of miles in order to be a part of his wandering life. But when he loses interest in them he drops them with what appears to be a callous disregard for the consequences. But there is something â€Å"heroic† in his actions as he is at least being honest. He is being true to himself. If that â€Å"self† much of the time is cowardly, c asually cruel, vaguely criminal and pedophilic in nature then he will still reveal it.To conclude, it seems clear that Dean Moriaty, the protagonist of On the Road is far nearer to a post-modern anti-hero than   to a traditional, classical hero. The world that he inhabits is one in which there is little meaning. It is an often dark, forbidding place in which the Cold War threatens nuclear missiles and in which a kind of despairing hedonism is the only course of action which seems relevant to most of the characters. They move around the country at an often dizzying rate, driving all night long for no apparent reason other than the fact they are moving. Romantic relationships are often little more than brief romantic liaisons and marriages are abandoned with the same disregard for consequences that the children that have come from them are thrown away. Dean Moriaty is a post-modern anti-hero, one that a myriad of similar figures have been more or less based upon in the fifty years s ince On the Road   was first publish.Works CitedAmerican Heritage Dictionary, Dell, New York: 1992.Aristotle, The Basic Works of Aristotle, Modern Library, New York: 2001.Holmes, Richard. â€Å"On the Road Review†. The Times, London: 1957.Kaufmann, Walter. Tragedy and Philosophy. Princeton UP, New York: 1992.Kerouac, Jack. On the Road. Penguin, New York: 1957.Lawall, Greg. â€Å"Apollonius Argonautica. Jason as Anti-Hero†. Yale Classical Studies. 19, 119-169.

All Wrapped Up

Life can be compared to one big Christmas present. Wrapped all neatly under the tree, the lights dancing off the paper, the possibilities of what’s inside are endless. It could be that new baseball bat you wanted or the Barbie Dream House you’ve been staring at in the Toys R Us magazine for months. You go over and examine the shape more closely and realize it’s too big to be a bat. You shake it and it’s heavy, really heavy, but you don’t hear the rattle of little pieces bouncing around so that makes you doubt it’s the Dream House. Your curiosity is killing you and you beg and beg your parents for just one little hint of what it is. You just want to know the first letter of it, or the store it was bought from, something, anything to aid you in discovering what it is. They won’t budge one bit, so one day when they’re upstairs you slide your finger under the tape at the seam hoping to get a glimpse. Your mom has double wrapped it knowing you’d try and peak. In a moment of desperation you decide to rip the smallest corner of the paper instead. It’s a manila cardboard box. You rip just the slightest bit more and see the letter â€Å"M†. You quickly place the present back under the tree and make sure the rip is hidden from view. What on earth did you ask for that began with an â€Å"M†? Your mind goes blank and you have no idea. This question haunts you for the next few days until finally its Christmas morning. You were so excited that you didn’t sleep at all and you force your family out of bed at 4 A.M. You pound down the stairs and run straight for the gift thatâ⠂¬â„¢s been taunting you. Finally when your dad groggily emerges from the stairs, you begin opening the gift by yanking the bow off and ripping the wrapping paper off in a rage of anticipation. With every tear in the paper you become closer and closer to finally finding out what it is. With the paper lying in a heap on the floor you look down and see it’s a box for a mirror. This can’t be right you didn’t ask for a mirror. You look up and see the excitement on your mom’s face and pretend to love it. After opening all your other gifts your dad helps you assemble the mirror in your room. You may not have asked for it but it is actually pretty nice, it’s white and sort of reminds you of a mirror a princess would have. You say thanks and head back downstairs to play with your more exciting gifts. Ten years later and you realize how much you underappreciated the gift. Since you received the mirror there weren’t too many days that went by that yo u didn’t look at yourself in it. You grew up in front of that mirror. You remember the time you spent an hour in front of it trying to hide that giant zit and looking at yourself in it last year before prom and not even recognizing yourself. When we’re born the possibilities of who we are going to be are endless. I used to dream of being a princess and an astronaut. As I grew older and experiences gave me â€Å"sneak peaks† into my soul I realized neither one of these paths were for me. With each passing year there began to be less and less possibilities as I learned more and more about myself. I realized I loved to laugh, I enjoyed math, and I hated scary movies. I’m still in the process of â€Å"unwrapping† my identity, but I know whether or not it’s what I want to be, I’m going to appreciate it nonetheless and make the best of it.

Employee rights and employee responsibilities Essay

Employee rights and employee responsibilities - Essay Example Human Resource Management (HRM) Departments face six challenges.First,HRM must plan for organizations,jobs,and people. An organization's top management works with HR managers to seamlessly link resources to organizational strategies and objectives. A company's human resources is a vital, if not the most vital component of the organization, and this human resource pool must function in a way aligned to the organization's goals. Second, HRM must be able to get the required human resources into the organization. New employees need to be recruited, positions must be filled either through new recruits or by transferring or promotion from within the organization. In performing this function, the company through HRM must comply with employment laws, such as the equal opportunity law. Third, HRM should build employee performance. Employees must be trained either formally or informally on methods. They must be motivated to improve their performances through total quality management programs, self-management programs and other programs that enhance the quality of work. Fourth, HRM should reward employees for good performance. Employee appraisal systems should be developed and monitored. Fair and effective ways to reward good performance should be developed and implemented. Direct and indirect compensation programs must be put in place to form part of rewards. Fifth, HRM should oversee its human resources with health and safety programs, good employee relations, participation in collective bargaining with unionized employees, and control employee turnover such that valued employees are kept in the payroll. And sixth, HRM must manage resources at the multi-national or multicultural level. With increasing diversity in the workplace coupled with the globalization of businesses, HRM must be able to integrate HR practices that are applicable in different cultures and legal systems (Burnham, 2003). 2. What are some of the reasons why affirmative action remains controversial Affirmative action involves taking positive steps to increase the representation of women and minorities in areas of employment, education, and business from which they have been historically excluded (SEP, 2005). When affirmative action involves preferential treatment by basis of race, gender, religion or ethnicity, affirmative action generates controversy. While some experts believe that preferential treatment of women and other racial minorities sort of compensates for discrimination against them in the past, other experts believe that preferential treatment of minorities today, benefits individuals who have not experienced past wrongs while burdening individuals who were not responsible for past wrongs, thus tantamount to reverse discrimination. Another reason for the controversy is that the Civil Rights Act provides that no person shall be discriminated upon or denied employment on the basis of sex, race, religion or national origin, but it does not actually mandate affirmative action. And thus, the debate and controversy goes on, since various legal and administrative rules require affirmative action yet this is not grounded on the provisions of the constitution. 3. Compare and contrast three approaches to job analysis: (1) functional job analysis (FJA); (2) the position analysis questionnaire (PAQ); and (3) the critical incident technique (CIT). The functional job analysis (FJA) approach was developed by the U.S. Training and Employment Service. It utilizes an inventory of the various types of functions or work activities that can constitute any job. FJA assumes that each job involves performing certain functions related to data, people and things. The three categories are subdivided to form worker-function scales. The position analysis questionnaire approach (PAQ) is a quantifiable data collection method covering 194 different worker-oriented tasks. Using a five-point scale, the PAQ seeks to determine the degree, if any, to which the different

Financial management Essay Example | Topics and Well Written Essays - 1000 words - 1

Financial management - Essay Example These ratios describe that how many current assets are required to fulfill the current liabilities. By using the data from each company’s financial statement we find out the current ratio of both companies. As in company A there is a large amount of assets to fullfill the liabilities of the company more efficiently as compared to the company B, so the current ratio of company A is 1 and a current ratio of company B is 0.4, the same situation is in the case of quick ratio. Quick ratio of company A is 1.02 and of the company B is 0.2. Quick ratio specifically measures the liquidity so the result shows that company A is more liquid as compared to the company B. (â€Å"HITSTELEC: Financial reports†) What do the accounts receivables turnover and inventory turnover of your company (Company (A)), compared with the other company, suggest about the company (A)’s ability to convert AR and Inventory accounts into cash? We compared account receivable turnover between company A and B, we know that account receivable turnover show that how many times companies receive payments from debtors. As the result show company A has the turnover of 8.8 times and company B has the turnover of 10.7 times, so it is clearly shown that company B has a high turnover as compared to company A. As we know inventory turnover means the cost of goods sold on an inventory recovered at a specific time. Again the company B has a high inventory turnover as compared to company A. Company A can convert account receivables into cash when it receives the debts from the debtors and this happen only when company issue debts on some specific terms and conditions or compensate the debtor that they can return their debt by their willingness. Company A can convert an inventory account into cash from the sale of inventory as possible as they can for this purpose it is necessary to reduce the cost of that inventory that every person can easily afford it. (â€Å"DU:

Response Execution Essay Example | Topics and Well Written Essays - 1500 words

Response Execution - Essay Example These plans may be carried out verbally and informally, especially for incidents that are simple in nature and have short duration by the Incident Commander. Written action plans, are considered whenever there are two or more areas of responsibility involved, the duration of the incident carried on into another operational period, new organizational elements are triggered and if it is required by agency policy (Greene, 2001). Incident management plans are written to clearly provide a statement of objectives and appropriate measures, provide a gauge to ensure efficiency and cost-effectiveness and to provide a basis to assess the progress and accountability of the incident of the incident team (Greene, 2001). A sniper was reported within the vicinity of the power failure area. The said sniper is randomly shooting citizens in the downtown park area. Said area is congested due to the power outage. According to initial reports, two civilians were shot by said sniper and may still be alive. There will be one assigned Incident Commander (IC) who will directly have the overall responsibility of the resolution of the situation. In this exercise, the Governor of Arizona is the most likely candidate as he/she is mandated by State of Arizona to execute the Emergency Response and Recovery Plan (SERRP), the ICS management plan of the state (State of Arizona, 2003). The IC shall oversee the functions of the incident command system (ICS) and their respective section chiefs - operations (responsible for direct tactical actions), planning (responsible for preparation of action plan, resource maintenance and situational status), logistics (provide support), finance administration (procurement of supplies and cost accounting), information officer, safety officer and other representatives from assisting agencies. (Greene, 2001). The unified command ICS structure will be used, as it is the structure being utilized by the SERRP. Due to the potentially wider scope and further implications of the scenarios, the Governor of

Review Of The Movie The Descendants Essay Example | Topics and Well Written Essays - 2250 words

Review Of The Movie The Descendants - Essay Example The present research has identified that the film concept or industry is such a wide one, encompassing the motion picture industry, individual motion pictures, and film as an art. Generally, films are created by the recording or capturing of real-life images or creation of images by animation technologies or special film effects. Through being created by and on the basis of specific cultures, films are cultural artifacts, which reflect these world cultures but also affect the said cultures. Besides being a source of entertainment for families and individuals, film is an art-form that has really shot to prominence in recent times due to its influence on society. Moreover, films are educational tools not only in learning institutions but also in health facilities, correctional institutions, and domestic settings. In debates on the interrelationship between movies and society, it is important to realize that such discussions cover the genre of movies and its sub-genres such as Black and White film and speechless movies among others. The interrelationship between movies and the society is so interwoven that each certainly has a great degree of influence on the other. For instance, when people watch movies, they place or picture themselves in the situations or predicaments displayed in the movies, making them to involved, engaged in, and feel what the characters in the movies feel. As a result of the impacts movies have on peoples’ lives, a lot of focus has lately been directed at movie reviews and criticism. In fact, researches and talks have since been conducted to ascertain peoples’ views about movies, revealing quite distinct and contrasting movies. According to most responses, violence, pornography and other negative effects of movies on people minds and society outstand (Ross, 2002). However, given the expansive nature of the topic of the interrelationship between movies and society, the responses given in these researches are by far wide. Althou gh there is consensus among stakeholders that films express peoples’ feelings and experiences, some authors have adopted the stance that the film industry has quite outdone itself. That is, while some of the films and their images are real and bearable, others are fake and intolerable. For example, a such for the term ‘violent films’ using Google reveals a bout 224,000,000 results, an obviously worrying matter that should attract great public concern (Ross, 2002). The other searches with similarly many results are films about indecent acts, murder, sex, rape, and verbal offences. These critiques thus propose that as a society, people should clearly distinguish film as an art form and as a reality instead of allowing motion pictures to dictate or damage the course and progress of their lives. This paper explores the interrelationship between films and the society in addition to carrying out a film critique on the movie Descendants. The

Research methods for managers Essay Example | Topics and Well Written Essays - 500 words

Research methods for managers - Essay Example tive philosophy, business management in social world is so complex that faces several difficulties while formulating laws and theories like in natural science. Moreover, the philosophy represents the meaning and truth of simple facts for every situation. In order to justify the application of research philosophies, the research topic which has been selected for the purpose of the study is â€Å"Motivation of knowledge workers in the financial service industry in Japan†. In this research topic, both positivism and interpretivism as the research philosophies can be applied as the topic covers the motivation factor and knowledge level of employees. The application of both philosophies is described below. Positivism philosophy is a typical philosophy that analyzes and evaluates the result of a task or an input by the implementation of few statistical methods. The motivation level of knowledge employees in Japanese financial sector is increasing. To overview the study, positivism philosophy can be implemented. The companies are paying the extra monitory incentives to the knowledge employees after achieving their monthly, quarterly or yearly targets in order to motivate them. Several scientific and statistical methods are being implemented in order to increase business performance in the company. The strategy of incentives is creating threat for the typical Japanese businesses. Moreover, the economic changes affect the business performances of the financial companies. Increasing costs of required software, computer hardware and telecommunication equipments are driving the financial service companies to implement more aggressive business strategies. Several statistical methods in positi vism philosophy can be implemented to identify the natural factors that impact business (Burns & Burns, 2008, p.17). The philosophy reflects the critical thinking of positivism philosophy (Daymon & Holloway, 2010, p.71). In order to study the motivation of knowledge worker in the Japanese

Reasons for wanting to be assistant director trainee. Personal Essay

Reasons for wanting to be assistant director trainee. Personal accomplishment. organizational experience, hobbies and interests, - Essay Example 1-B. Your short and long term goals in the entertainment industry, 5 years, 10 years; Although my final goal is to become a director in the film industry, my short term goals in the industry include, but are not limited to becoming a noted 2nd assistant director in the next 5 years. In about 10 years time I see myself working as the 1st assistant director with notable actors and directors in Hollywood. 1-C. How Have you confronted and overcome adversity (hardship) in your academic and/or work life. I spent a total of six years working for an apparel manufacturing company. While employed with them, I dealt with telephone based customer service and creating the daily and monthly sales reports. Since I was expected to multitask on the job, I was often pressed for time in the completion of each activity. Sometimes a telephone call would come in while I was trying to balance the sheets, or my boss would ask me to do something that would take me away from the phone and books for a period o f time. This often resulted in half finished work on my part. Since I was never a person to work only partly on a task, I learned how to work accurately using only a short period of time in order to allow me precious seconds or minutes that could be devoted to my next activity. However, I decided that if that system were to work, I would need to prioritize the client calls on the phone because those could easily be managed when compared to the records that I had to keep track of within the company. 1-D. Experiences that illustrate that you have the potential to be a successful assistant director. My office experience in the field of apparel manufacturing has more than prepared me for the rigors of the life of an assistant director. I already have preexisting and finely honed managerial, administrative, communication, and facilitation skills that will aid me in performing my tasks as an assistant director. I am no stranger to working under extreme pressure and circumstances either. M y work ethic has always been that all tasks must be accomplished at the soonest possible time in an effort to aid the others whose tasks my actions have a direct effect on. 2. Personal Accomplishment Of all the achievements that I have had in my life, both in the office and my personal life, I would have to say that my sense of personal accomplishment comes from the fact that I am living the life that I know I was meant to lead and that all the actions I have taken are leading me towards the path that I have chosen. Some people would most likely talk about their awards and other accomplishments but I am not that kind of person. I do not get my sense of accomplishment from the approval of others but rather, I take my personal accomplishments from living what I feel to be a just and secure life that has not inflicted harm upon others. 3. Organizational Experience As one of the more senior people at the apparel company that I worked for, I was often tasked with organizing my co-workers for various promotional activities related to the company products. My role in the company was not limited to customer care or administrative work. Instead, I was expected to and accomplished work with various departments at the office because we share all our duties and responsibilities whenever necessary. My role in these promotional instances

International Corrections Profile Research Paper

International Corrections Profile - Research Paper Example More often than not, the use of corrections centers is aimed at isolating the perpetrators for some time while they undergo rehabilitation depending on the severity of the crime committed. However, there are issues of capital punishment; where people are sentenced to death usually as a result of committing murder in the first degree i.e. the culprit committed premeditated murder and the sentence is often life sentence or a death sentence depending on the country in question. In such a situation, the handing of such a ruling is meant to send an unequivocal message to the rest of the society of the kind of punishment they could get if they committed similar crimes thereby deterring them from trying to commit any similar crimes (Ogalthorpe et al, 2006). This paper seeks to highlight the general correctional profile of Canada. The critique is set to establish the justification of the presence of correctional facilities, what type of correctional facilities do exist, who frequents these k inds of correctional facilities and for what reasons and for how long. Further, the paper shall highlight the policies that support the presence of these correctional facilities and what policies require reform as far as Canada is concerned. Correctional facilities do not exist in isolation but come into existence because they are enabled by the presence of a codified law against which crime is defined. Absence of law means there would be no crime and if there is no crime then there are no correctional facilities of any kind. The aims of a codified law vary from state to state. There are two types of laws: civil law and criminal law. Criminal law determines the general criminal justice of a given country. In civil law, individual citizens get to settle their differences in court where one is the plaintiff and the other the accused. Prosecution is therefore done by one party as the other party awaits ruling.

Hand Made Music Boxes Essay Example for Free

Hand Made Music Boxes Essay In a market where monopolistic competition exists, businesses operate in a manner wherein producers sell differentiated products from one another, yet similar. This means that the product is not homogenous. Firms can still market their products by the highlighting the slight differences in their output. The various producers in this type of market are selling their products, in this case handmade music boxes, which act as substitutes. Firms are able to control the prices in some degree within a narrow range of prices. They enter the market if the profits are attractive wherein they can maximize their profit and are left with excess production capacity. In a market where there is monopolistic competition, there are many firms, which each firm has a small market share and operates independently from each other. (Salvatore, 2007) Enterprise, natural, labor and capital are considered as the factors of production in the economy. Given a firm that operates a business in hand made music boxes, these factors of production are important as to gain profit and be able to be competitive in the market. In a monopolistic competitive market, it is assumed that all these factors of production are mobile, in which if these are not being used efficiently, they will move instantly to where they can be maximized. (Harvey Jowsey, 2007) In an enterprise, entrepreneurial skills are needed to manage and direct the other three factors of production to enable a production of goods or services in the market. Operating a hand made music box needs skills from people that have managerial experiences that can lead the firm into a competitive advantage through effective planning and execution in producing the goods needed in the market. This will help in giving the business a competitive advantage wherein the characteristics of the hand made music box of a certain firm is made with quality than that of other firms in the market. (Case Fair, 2007) No business can operate without natural or land as part of its factors of production. Land is where the business is being done. It can be a factory, building, agricultural land or office, but this should have a location for it to be established. An access to land is needed in setting up firms. (Case Fair, 2007) Hand made music box business needs a factory for the assembly of parts and for storing. Moreover, this business needs a shop for the goods to be displayed so that the goods can be seen by the consumers that will buy the product. Access to land and property can raise the standard of production as well as be more competent in the market. (American Journal of Economics and Sociology, 2002) Businesses manage to exist because of its labor force. Firms do need people who can do hours of work for them. In making hand made music boxes, there can be a composition of various assembly lines. These assembly lines are made up of people that will do specific parts in making the hand made music boxes of the firm. Skilled workers help the firm in having competitive advantage in the market. In a competitive market, skills of workers are important to produce high quality goods that can be sold to consumers. This will result in a high advantage of a certain firm that employs highly skilled workers over those firms that employ lesser skilled people. (Harvey Jowsey, 2007) In every business setting, capital should be present. Capital refers to equipments used by firms to produce goods. The workers of a hand made music box business need equipments for the production of the goods. These equipments will help the production be more effective and efficient. In a competitive market where different firms compete for products being sold to consumers, a firm needs capital that will increase the quality of the product. This will make the firm more advantageous in terms of output and quality in the market. (Harvey Jowsey, 2007) Given that the situated market is in a monopolistic competition scenario, a firm’s demand curve will intersect the industry’s demand curve at the firm’s equilibrium level of output and price. (Weins, 1999) This explains why the demand curve is relatively elastic and downward sloping, which can be associated to a flat, but not horizontal demand curve. Firms in this type of market will have less control over price to charge their output. A firm that makes profit in the short-run will break even eventually because of a decrease in demand in the long-run, which in this case will result in a zero economic profit. (Duffy, 1993) Considering the law of supply, monopolistic competitive markets might not produce large quantities as a response to higher prices. The hindrance to the positive-quantity supply relation is the market control and downward sloping demand curve among monopolistic competitive markets. Monopolistic competitive firms are considered to be price-searchers rather than price-takers because â€Å"prices will change by the comparison of marginal revenue with marginal cost in every possible price along with the market demand curve. † Prices are not placed equal to marginal revenue; furthermore, it is not equal to marginal cost and price. Thus, as a result, firms do not essentially supply more quantities of goods at lower prices. (Harvey Jowsey, 2007) In the short-run, individual firms behave like a monopoly thus they can raise their prices leaving the consumers options to buy similar goods from other firms. As for the long-run, there is a free entry condition where firms continue to occur in the market leaving the demand curve to continually shift leftward until the time when each of the firm earns a zero economic profit. Firms earn economic profit or loss in the short run, but eventually, new entrants will be attracted to profits thus would result to losses until these firms earn zero economic profit. The hand made music box firms will compete in the market for the available consumers that will purchase the goods.

The impact of globalisation in the emerging market economies

The impact of globalisation in the emerging market economies Globalisation is becoming a normal word in todays business environment where different countries are integrating with one another. No country can be self sufficient, they depend on one another. It is very common to see different countries moving from their own nations and invest to other country/countries in order to get markets or resources such as cheap labour. Country boundaries are no longer an issue due to advancement in technology. Globalisation plays a great role on the economical development of different countries in the world especially in the developed countries such as US which has investments in different countries around the global. On the other side of the coin, globalisation has negative impacts on social, cultural, political, technological, environmental as well as economical activities of different countries. The aim of this essay is to assess the impacts of globalisation on the emerging market economies in a double edged-sword, whether it is an opportunity or a threat for their growth. The essay will therefore focus on; what is emerging market economy, characteristics of emerging market economies, the concept of globalisation, its drivers, the impact of globalisation on emerging economies in terms of economic, socio-cultural, environment, technological as well as political-legal and finally make a conclusion of this discussion. LIST OF ACRONYMS FDI Foreign Direct Investments LDCs Less Developed Countries GDP Gross Domestic Product EMEs Emerging Market Economies MNC Multinational Companies UN United Nations IMF International Monetary Fund 1.0 Introduction Over the years it has been witnessed that the aspect of social, cultural, political, technological as well as economical activities of different countries integrating with one another has increased at a rapid rate. The practices that are found in the European countries and the United States are now found in practically at any country in the world. This phenomenon is now commonly referred to as globalisation. Globalisation is not a new phenomenon, for centurys individuals, later companies, institutions and corporations have been trading with each other in locations that are tremendously far from their point of origin. The Asians for example, used the monsoon winds that occurred after a space of six months to move from their countries and reach Africa to trade i.e. buy and sell products to the Africans. China and Europe were also connected during the middle ages through the famed Silk Road across Central Asia. This allowed the two parties to invest to one another which were an aspect of globalisation. This depicts the fact that for a long time globalisation was in existence but not recognised as today as globalisation (Jagdish, 2004). This current situation of the phenomenon of globalisation increasing at a rapid rate has been induced by policies that have opened economies internally (domestically) as well as internationally. One of the main propagators of this was the aftermath of the second world war whereby governments of different countries in the world decided to accept or implement the free market economic system which had an effect on the productive potentials of their countries and generation new opportunities for global trade i.e. the trade was no longer domestic oriented but internationally oriented. This is to say that the policies opened up opportunities for international trade and investments. The Governments have further negotiated the tremendous reductions in barriers to commerce and have established international agreements to promote trade in goods, services, and investments. These have opened up new opportunities in foreign markets and therefore corporations have built foreign factories and estab lished production and marketing arrangements with foreign partners. This is a defining feature of the late trend of globalisation, i.e. it is an international industrial and financial business structure (Jagdish, 1993). The new opportunities have made other countries that had ceased them to be dominant in the Global economy today. Now more than ever, it is a clear picture that the aspect of globalization has been one of the major contributors to the rise in the economic dominance of many economies such as those in the Asian countries i.e. India, china etc. To date china has now integrated with practically every country around that world. The Chinese corporations have come to be so powerful to the extent that the USA is in debt of more that 10bilion dollars to the Chinese banks. The latter is to say that the phenomenon of globalisation has tremendous impacts on emerging economies. This essay will therefore focus on discussing the impact of globalisation in the emerging market economies; in so doing, the essay will focus on defining the emerging market economies, characteristics of the emerging markets, defining the concept of globalisation, drivers of globalisation, and effects of globalisation on emerging market economies in terms of its benefits and drawbacks socially, economically, environmentally and technologically and finally make a conclusion of this discussion. 2.0 Definitions and Concepts 2.1 What is Emerging Market Economy? Emerging market economies are those economies that their economy and industrialisation grow in a rapid pace while experiencing a rapid increase in information efficiency in an environment. These economies are the leaders among developing countries. To be more precise the following are considered to be the leading emerging market economies Brazil, Russia, India, and China, normally referred top as the BRIC countries. The leading one is China due to high growth of its GDP, technology as well as literacy level, about 93.3% of Chinese total population are literate, this became possible since the Chinese government executed its strategy of prioritising education for its people from lower to the higher levels http://en.wikipedia.org. Discussed below will be the characteristics of emerging market economies. 2.2 The Characteristics of Emerging Economies 2.2.1 Transitional The economy of the emerging economies are constantly in transformational process from closed to an open market, trying to stabilise their economic performances for bringing efficiency and transparency in the capital market. Reform in Exchange Rate System International Monetary Fund and World Bank assist the Emerging Market Economies in reforming their exchange rate systems in order to reduce flow of domestic capital to foreign economies since there is an increase of local as well as foreign investments in terms of portfolio and direct. 2.2.3 Attractive to Multinational Corporations The countries in this category are very much on the list of the favourable environments for investment by the MNC because of the ability to provide lower costs of labour and providing a large customer base. 2.2.4 Large Population The first feature of these economies is the population in their country. The emerging economies have a large number of people in their countries as compared to other countries in the world. In the business terms it means they contain a very large share of the consumer base in their own country. China for example is the most populated country ion the world, and India is also one of the single countries that have many people as almost the entire African continent. 2.2.5 High Gross Domestic Product Growth These economies have a remarkable rate of growth on their GDP. China has been estimated to have a 10% growth rate in the last decade. This rate makes it the fastest growing economy in the world and in years to come it may have the leading economy in the world above the United States of America. Much of the growth however had been due to receiving Foreign Direct Investments from the Triads (USA, Japan and Europe), thought in the recent years the BRIC group has also been investing in the Triads. 2.2.6 Changes in Living style The countries with the emerging economies are experiencing an increase in the change in the life style of its population. There is a tremendous change in terms of industrialization, modernisation as well as urbanization. The rural areas are eroding and more cities with tall buildings and many investments are becoming prominent. Some of the wealthiest businesses and business man are found in these emerging economies. Most of the countries populations are more into becoming modern and more urbanised now than years back. Furthermore the standard of living has improved markedly in these emerging economies. Many millions continue to live in poverty but a growing urban middle class provides an expanding market for both domestic products and for imports from abroad. 2.2.7 Volatility of Assets The worlds interest for the assets of the emerging market economies has risen over the past years. The assets of the Emerging economies also tend to become volatile at times, the returns is really worth risking for. The funds of the Emerging economies have also resulted in a much higher percentage of wealth. 2.3 The Concept of Globalisation Globalisation has been a concept narrated for many years by different scholars world wide. Various dimensions come to light when the term globalisation is mentioned. Basically the issue of integration, in terms of the economy, technology, social aspects as well as politics is of highest consideration when one defines globalisation. Globalisation is the system of interaction among the countries of the world in order to develop the global economy. Some scholars have defined globalisation simply as the process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, culture, political systems, economic development and prosperity, and human physical well-being in societies around the world. Globalisation has been refers to the integration of economics and societies all over the world. Globalisation involves technological, economic, political, and cultural exchanges made possible largely by advances in communication, transportation, and infrastructure (Croucher, 2004). Others however as previously mentioned have defined globalisation as the process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world http://hubpages.com/hub/Definition-of-Globalization Globalisation attempts to depict the steps by which the networks in the world in terms of communication, transportation and trading cause the linking (integration) of the regional economies, societies, cultures, as well as technologies. At this point in time most of the world is considering the aspect of economic globalisation as one of the single most significant aspect of globalization. With this in mind economic globalization has been separately defined as the linking of economies of different nations to create an international economy via trade, FDIs, Investment cash flows, and the disperse of technology. Globalisation is usually recognized as being driven by the union of the economic, technological, socio-cultural, political, environmental and biological factors. For the purpose of this essay, we therefore define the term globalization as the rapid increase in the interconnectedness of the different countries economically, socially, politically, technologically as well as environmentally to resemble a single village; the process highly being facilitated by the increase in the information and communication technology. 2.4 Drivers of Globalisation. There are many issues that have been discussed when it comes to why is there such an enormous increase in globalisation and why many countries are opening their doors to this phenomenon much easily than before. One of the most common explanation to this has been summarized in one common and yet unique sentence. That is globalisation is inevitable meaning it will occurs, whether one likes it or not it will happen. Never the less that sentence is too short to provide the core drivers of globalisation but rather only explain that the phenomenon is there to stay. The drivers for globalisation can be put into the following categories: Market drivers Cost drivers Technology drivers Governmental drivers Competitive drivers These drivers are better explained below: 2.4.1 Market Driver This actually refers to when the companies consider the various markets to invest. The shifting of the policies of the different governments in the world top having a free market economy has in fact lead to businesses that had a market that was limited to one country to have a global market that waits for the specific products or services that they offer. At this point in companies in different parts of the world have to greater accessibility of the different countries world wide. If there was a trend of no free market economy, the phenomenon of globalization would have been accelerating at a vey small pace and the major transformations will not have been recognized. At this point in time there is the merging of national markets into a singular massive global marketplace. To sell internationally is now easier due to falling of barriers on the cross-border trade. A company doesnt have to be the size of these multinational giants to facilitate and benefit from the globalization of mark ets (Owens 2008) 2.4.2 Production Cost Driver This becomes a driver when it occurs that the costs of production in your country is greater than in another country for the same product, hence it becomes more advantageous for you to produce in another country than in your own. It refers to the sourcing of goods and services from locations around the world to take advantage of national differences in the cost and quality of factors of production. The idea is to compete more effectively offering a product with good quality and low cost. Companies consider the various lifestyle of the country before considering the price of the product and services to render. The companies that find themselves in search for international trade opportunities need to take into account the cost implications associated to where they want to invest. For example one might consider producing certain products in Tanzania than in Europe due to cheaper labour costs etc (Owens 2008) 2.4.3 Technology Driver This actually refers to when there is increasing technology system, transportation, advancing in the level of world trade system. The have been many developments in technology to date and the rate seems unstoppable. These developments or changes in Technological have achieved advances in communication, information processing, and transportation technology, including the Internet and the World Wide Web (www). The most important innovation has been development in the microprocessors after that global communications have been revolutionized by developments in satellite, optical fiber, and wireless technologies, and now the Internet and the World Wide Web. The rapid growth of the internet and the associated World Wide Web is the latest expression of this development. Besides, innovations have occurred in the field of the transportation technology. The development of commercial jet aircraft has reduced the time needed to get from one location to another. Now China is closer to the USA tha n ever (Owens 2008) 2.4.4 Government Driver This refers to the reduction of trade tariffs and non trade tariffs, as a result of reducing the role of political policies. As previously mentioned the adoption of the free market economy has essentially causes the fall of barriers to international trade. Now firms are able to view the entire global as its potential market. The lowering of barrier to trade and investments also allows firms to base production at the optimal location for that activity in order to achieve location economies. A firm might therefore , design a product in one country, create a part/ component parts in two other countries, assemble the product in another country and then export the finished product around the world. The lowering of trade barriers has facilitated the globalisation of production. The evidence also suggests that foreign direct investment is playing an increasing role in the global economy (Croucher, 2004). 2.4.5 Competition Driver The aspect of better products as a result of competition has actually made the aspect of globalisation an essential part in many economies. The competition among companies ensures that there is a production of high quality products globally (Owens 2008) 3.0 The impact of Globalisation on Emerging Market Economies Over the years different debates have existed on whether countries should embrace or be opposed to the phenomenon of globalisation. This debate is pioneered by the likely impact the globalisation has on the various economies or countries in the world. There has been an argument that the aspect of globalisation has favoured already the developed countries while continues to exploit the wealth of developing countries. Below therefore is the discussion on the impact of globalisation on the emerging market economies focused on five main categories; 3.1 Economic impact According to economists, there are a lot of global events connected with globalization and integration. The economy of a nation relies a lot on the business environment that exists. Whether there is high domestic trading or there is a wider range of investments from international companies. Globalisation has enabled the economies of different countries top become integrated. For example, the avenue of international trade now allows countries to have foreign currencies into their economies. Furthermore the aspect of citizens being in one country and owning property in another country is also a reality. The issues of lending has now moved to a whole new level, companies from one country ask for loans from banks in a different country as well as banks of one country can now put branches in other counties which automatically affects the economies. Governments of one nation go and obtain loans from other nations. A typical and yet most amazing scenario is the fact that the American govern ment being in millions of debt to china which is an emerging economy. No doubt globalisation has increased the foreign direct investments in different nations. At this point in time the Mc Donalds company of the United States of America had made a record entry to the Russian and Chinese economy when the policies of these countries had allowed room for the free market economy. The GDP of countries such as china have benefited a lot as a result of globalization. As mentioned earlier chinas GDP has been growing at a rate of 10%, one of the fastest growing rates in the world. 3.2 Socio-cultural Impact Another notable impact of globalisation has been on the culture of various societies in the world. Globalisation has been seen as a catalyst for change in the cultures of less developed countries to be more like those of the developed nations. More specifically it is seen as an imposition of the pop culture (western culture) to other countries. For example the way in which people talk, act, dress etc has changed over the last few decades. The type of music that people listen to globally has changed; even the morals of certain societies have changed. Years back, it was outrageous for women to wear miniskirts in the streets of Arabic countries, but now this is becoming debatable. Even in African countries some aspects are changing. Many people are forgoing their heritage for the new living styles which are believed to be more modernized. Now people believe that if you speak your native language and do not know how to speak English, then you are primitive. All these are a result of globalisation. The way in which people communicate has now also changed. People have conversations via the phone and have reduced the more traditional way of communication which was to visit and see each other physically. No longer are people playing sports outside, they rather play video games, watch movies in the house, all these are a result of globalisation. Furthermore there is a change in the type of ownership in the emerging economies. The aspect of globalisation has introduced a more capitalist system in nations that were primarily involved in communal ownership; the aspect of ownership has become more of individualistic nature. This being the case, there is no longer equal distribution of income among the people of china. This has benefited some of the members who believed that they deserved more for the more work they did but at the same time has created a division among the rich and the poor that was not there in the past. 3.3 Environmental Impact The environment is more of the less discussed factors at times but is ne of the most important aspect that needs to be considered when looking upon the impacts of globalization. The environment basically refers to every thing that surrounds us. In the globalized world more and more business opportunities have emerged for the different businesses in the world as a consequence the businesses that are engaged in manufacturing and involve the emission of harmful substances have increased h=and have caused a destruction in the ozone layer in different parts of the world. Furthermore, the less developed countries have suffered on the environment as the developed countries have used globalization as a means of dumping harmful products from their countries. There had been a ban on several environmentally harmful products in Europe; as a result, the European companies sold the goods to countries like Tanzania etc to not suffer losses. This was a means of dumping their waste products. On the o ther hand though, through globalisation, there are now campaigns all over the world that relate to environmentally protection. International; treaties on environmentally friendly productions have been signed by different nations. The reduction in green house emission treaties have been signed by many nations in the world being led by United states of America and China, the most highly polluting countries in the globe. 3.4 Technological Impact Globalisation has lead to the increase in the spread of technology all over the world. At this point in time, practically all parts of the world are awe-are of the existing technologies every where. The technology that is used in Europe is also used in china and at times even found in Africa. Globalisation has enabled the world to create, modify different technological devices that were founded by some one else in the different part of the globe. The Japanese have been known to modify different technologies that they see existing in the USA. The Chinese are now the ones who imitate all the existing technologies anywhere in the globe. The arena of globalisation has made the latest technologies to exist in every part of the world. Ranging from the latest mobile phones, laptops, video games and all other gadgets, globalisation in one way or the other has ensured that no one is left behind. 3.5 Political-Legal Impact The last aspect that globalization has impacted is on the issue of political and legal environment. Globalisation has been at the centre in the increased international laws that are in existence, the existence on the global organizations that provide principles across the world. The United Nations (UN), the World Bank (WB), the international monetary fund (IMF) and the like. The increased interconnectedness of different counties has enabled the existence of the organizations to crops cut different countries. For example some of the policies in the less developing countries (LDCs) such as the Structural Adjustment Program have been influenced by the World bank, some have been influenced by the united nations etc. This shows how globalization has impacted the political and legal atmosphere of a nation. Country losses its sovereignty in globalization as it is being scrutinized by the international countries. For example all of the countries are now looking at the policies of china and t ry to challenge some of the things that it is doing. In so doing, the sovereignty of the country is being lost (Croucher, 2004). 4.0 Conclusion In general, no one can deny the fact that globalisation is inevitable in todays competitive business environment. The issue is on how the countries take the existence of globalisation. Through in the discussion we saw that there are benefits that are being seen from the existence of the phenomenon, but there are also detrimental effects. All of these depend on the nation and hence the context in which globalisation takes place since each country differs from one another in terms of comparative advantages. There are issues that are related to the loss of a countrys freedom and sovereignty that play a key part on whether to embrace or reject globalisation, nevertheless, globalisation will happen. In a brief overview though one can see that there are many economically related benefits that have been associated with emerging market economies and hence probable cause for the increased acceptance in the phenomenon .The aspects of the expanding sales i.e. where by the emerging economies are having a wider market for its products is a notable reason for the acceptance of globalisation. Now the countries with emerging economies are having the markets in practically in many or any country of the world ranging from Europe to Africa, the Middle East and America. Furthermore, they have now been able to acquire resources such as technology and cheap labour from the various countries that they have invested in. The acceptance in globalisation has also reduced the risks that have been associated with the investment in only their country as there are many fruitful opportunities in other countries. However, in essay 2 critical assessments on the impact of globalisation to the emerging market economies will be discussed by evaluating the positive and negative impacts in particular the culture (socio-culture), economic, technology and environment of China.

Economic Effects of Terrorism in the UK

Economic Effects of Terrorism in the UK Terrorism has deep history science the cold war but this issue become most salient after terrorist attacks in September 11 2001. This incident affected the UK and international business community in various ways. On one hand the world business community was affected financially, the other hand it suffers due to legal and security issues. The international business between countries was most seriously affected due to security and safety concerns and legal issue. Especially UK, US and other developed countries were compulsion to protect their territory and people on the cost of business with the rest of the world. Many businesses found themselves floundering financially in the months after the terrorist attack on world Trade Centre, while businesses located in world trade centre lost their personal and business locations. According to U.S department of state (2002) more than 3000 people of different nationalities were killed in the terrorist attacks only in the United States in Septemb er 11, 2001. The attacks were the conspicuous example of terrorism on global level. According to the overview of European commission (2001) this was the one of the major event in the past decades which diversifies the viewpoint and outlook of people around the world. Terrorism affects both the long term and short term perspectives of the businesses around the world. Czinkota (2002) cited that terrorism influenced long term karma of entire industries, for example tourism, retailing and manufacturing industries. In this competitive age, the business environment is changing dramatically. The international business has culminated in a global economy, with diverging cultures. But, there are strong protests against globalization echoing its destabilizing effects from many corners of the world. Terrorism can be seen, in substantial part, as a result of this backlash to the businesses. There are number of definitions of terrorism, in the world of Alexander et al (1979) à ¢Ã¢â€š ¬Ã…“terrorism is a threat or use of enforcement and inclemency to achieve a political goal by means of intimidation fear, and coercionà ¢Ã¢â€š ¬?. In the present world context, the European Union (2001) define the terrorism relevant to international business in the following words. à ¢Ã¢â€š ¬Ã…“Terrorist offences are certain criminal offences set out in a list comprised largely of serious offences against persons and property which, given their nature or context, may seriously damage a country or an international org anisation where committed with the aim of: seriously intimidating a population; or unduly compelling a Government or international organisation to perform or abstain from performing any act; or seriously destabilizing or destroying the fundamental political, constitutional, economic or social structures of a country or an international organisationà ¢Ã¢â€š ¬?. In UK terrorism is not new phenomenon but businesses were highly affected due to September 11, 2001 and July 7, 2005 incident. Although the economic impact on UK businesses has not been detrimental as initially feared but it is very important not to diminish the impact of even small unforeseen costs can have on businesses in particular. However many UK businesses were relived that tangible impact of terrorist attacks had been very small but business confidence is the key and has inevitably been affected in short term. The biggest economic impacts of past twenty years terrorist attacks is the damage to confidence in the UK businesses and people. This study is another attempt to research and investigates the impacts of terrorism on the UK businesses activities and we will also discuss different approaches for reducing and handling the terrorism threats. 1.1 Research Aim: The aim of this research is to analyse and explore the economic effects of terrorism on businesses in the United Kingdom. The second part of this research is to critically analyse and recommend the most appropriate strategies for management to deal with the terrorist threats or scrutinize the different business strategic views to avoid and minimise the impact of terrorism on UK businesses. 1.2 Research Objectives: This research has the following individual objectives: Critically analyse the economic impact of terrorism on UK organizations and the entire economy in UK. Evaluate the managerial performance in organizations, before, during and after the happening of the terrorist attacks and in uncertain environment. 1.3 Research Questions: What are the economic effects of terrorism on business? How to development strategy for managers or adopt a better approaches to deal with above mentioned issues? 2. Literature Review: In this era terrorism is arguably one of the biggest threats to the business around the world. It can take many shapes and forms. The last twenty years have seen a dramatic rise in terrorism. Terrorism did not begin in 21st century after World Trade Centre terrorist attacks on 11 September 2001. The terrorism history is as old as humansà ¢Ã¢â€š ¬Ã¢â€ž ¢ willingness to use violence to affect politics. Europe, United States and other continents have a very long and sad history of terrorist attacks. In past century IRA in UK, ETA in Spain, Brigate Rosse in Itely, Rote Armee Fraktion in Germany, 7 November in Greece are the few worse examples of terrorist groups in Europe. In United States we remember the bombing in Oklahoma City in 1994, World Trade Center bombing in 1993 and 11 September 2001 terrorist attacks. But September 11 2001 attacks have changed the world, as UN Secretary General Kofi Annan has said, à ¢Ã¢â€š ¬Ã…“none of the issue that faced us on 11 September 2001 has beco me less urgentà ¢Ã¢â€š ¬?. Now the terrorism has grown to an unprecedented limit and in multiplicity. As we know that, even terrorist without the use of weapons of mass destruction can kill thousands of people and destroy businesses (Gabriele G.S. Suder 2004). According to Blomberg et al 2004 à ¢Ã¢â€š ¬Ã…“terrorism is associated with a diversion of spending from investment to governmentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ expenditureà ¢Ã¢â€š ¬?. To fund these government expenditures, they borrow from foreign financial institutions and governments. The develop countries with less volatile currencies normally issue long term debts to cover the deficit and less developing countries confronting terrorism by government spending through sale of foreign reserves, printing more currency and increasing inflation. Gupta Clements (2004) reached the same conclusion, that the terrorist activities severe impacts on less develop countries than developed from monetary policy perspective. Terrorism has its massive effects on economy and business activities. It effects deleteriously on marketing strategies, buyer demand and market supply effect immensely. Most firms operating in the affected area gets impact from the thrust of government policies to quell terrorism. This kind of wide-spread results predict an escalate attractiveness of terrorism, as part for that group which assume to develop the core of businesses. It is impossible to secure all of the targets of terrorism at the same time. In the number of attacks done by small terrorist groups with least resources the loss was massive. If costs of an attack be measured by the loss which businesses faced, the businesses always paid far great amount than the cost to terrorist group. Hoffman (1998) cited that the cost of the bomb was not more than $400, which was the reason of the loss of $550 millions in the blast of World Trade Centre 1993. The amount which is sending to protect the world from terrorism is many billi on dollars, while the terrorist cost nothing in front of it. This threat of terrorism attacks poses a continuous threat and create atmosphere of risk for the businesses. This risk itself creates extension for treatment of risk in management theories. The majority of management literature theories adopt term à ¢Ã¢â€š ¬Ã‹Å"uncertaintyà ¢Ã¢â€š ¬Ã¢â€ž ¢ as a factor of unpredictable environment which may influence the performance of firms in certain ways. The environment effected by terrorism also has a factor of unpredictability in it. Businesses internationally and locally particularly affected by terrorism because when some thing happen it disrupt the supply chain and business activities in addition to interrupt information flows, and effects on the demand for industrial side as well as consumer side. Every year more than trillion dollars are spent on combating terrorism. This along with billons dollars lost in property damage, loss of human resources and decrease in key industries potential profit. It is a plague on global economy and affects on everyone from entire countries to all the way down to individual. Terrorism in recent years has sparked, increase in fear and demand higher level of security. The cost of terrorism can be broken down into number of areas and come down to direct effects, response costs and negative effects on key industries. For example, Manchester bombing was carried out by IRA in 1996 targeted the city centre infrastructure and economy caused widespread damage. According to the BBC News (2004), over 400 businesses within the half a mile of the blast were affected and 40% of which did not recover. Another example of terrorist attack on businesses is Baltic Exchange bombing 1992, which damaged the Exchange and surrounding buildings and caused  £800 millions worth of damage. The latest terrorist attacks in UK was July 7 London bombing, which had massive effects on UK businesses. According to the LCCI (2005) report, business confidence in London had slumped to the lowest levels not seen since the start of Iraq war. Because, terrorist attacks disrupt supply chain and other business activities. Alexander (2004) says in his book Business Confronts Terrorism, à ¢Ã¢â€š ¬Ã…“terrorismà ¢Ã¢â€š ¬Ã¢â€ž ¢s implication on business merits closer scrutiny given its relation to economic security. Terror metamorphoses business causing business to deal with current threats and craft plans to reduce future challenges. Terrorists weaken society and business through their mani pulation of economic systems componentsà ¢Ã¢â€š ¬?. Terrorism interrupts information flows and effects on the demand form both business and consumer side. This falling demand may have different outcomes which may comprises of losses of customers contracts, customer trust, reduces market share, decline in turnover and profitability and also result business failure. For example according to the LCCA report, UK tourism industry badly effected by July 7 terrorist attacks. The Guardianà ¢Ã¢â€š ¬Ã¢â€ž ¢s research shows that after July 7 Bombing, Londoners themselves who are leaving the centre in the evening rather than the tourists. Within a month after these attacks, it has been estimated that terrorism cost UK tourism industry in excess of  £300 million. According to U.S Department of state (2002) à ¢Ã¢â€š ¬Ã…“terrorist select businesses for attack compare to other targetsà ¢Ã¢â€š ¬?. The most kind of attack is bomb blast, although armed attacks and kidnapping are also some kinds of terrorist attacks. According to Council of Foreign Relations (2002) report, à ¢Ã¢â€š ¬Ã…“the majority of victims in terrorist attack are civilians and the relatively large number of business may not prepare to face these kinds of risksà ¢Ã¢â€š ¬?. Managers and decision makers remain confident about handling unexpected risk. However the scenario has changed as it was at the time of terrorist attack in 9/11. Kunreuther et al (2003) cited that during the days of terrorist attacks in 9/11 a common feeling came into mind of people that it could be me. But with the passage of time this may give way to may be it will not à ¢Ã¢â€š ¬Ã‹Å"meà ¢Ã¢â€š ¬Ã¢â€ž ¢ next time. This kind of behaviour is more common now a day in south Asia. But it is a common thinki ng that it is extremely easy for terrorist that to attack any where in the world. Even in low cost and low tech attacks terrorists achieve to disrupt the world economy. After the September 11 terrorist attacks many UK international organisations have badly affected legally because new laws introduced and they struggle to keep up with new rules and regulations imposed by international community in the effort to prevent further terrorist attacks. Anne Slaughter (2005) cited that new international laws restricted the companies for shipping goods across international borders and requires them to keep proper track of their activities. The anti terrorist laws have made very complicated for organizations to conduct their business activities across the international borders as a result many organisations have restructured theirs companies to allow them to meet demands of international anti terror laws. Another major issue that effect the international organizations is security and they have to invest huge amount of money to improve both internal and external security. External security is most important because terrorist target organizations to achieve thei r targets. Internal security also need to improve to ensure that organisation have financial records, employees records and ensure that employees do not have any criminal backgrounds or involved in terrorist activities in the past. It is vital for all organizations that they protect themselves and their stakeholders from terrorist activities. The international organizations should not underestimate the impact of terrorism because they make billions dollars each year and provide employment millions of people around the world. In this modern era, it is very easy for terrorist to attack international organizations in such a way that they would stop them from operating in an effective manner. It is very difficult to explain, why terrorism has become the major problem for big and international organizations. Modern terrorism is particularly onerous, because of characteristic of its impact. The impact of terrorism on macroeconomic is crucial, customers feel themselves in stress and some kind of continuous fear which definitely effects the spending patterns. Managerial behaviour in macro economy also feels consequences of terrorism. Media have its vital role in ending fear among the society but very often it fails. Many of times, because of the irresponsible reporting it generates scenes of ever present possibility of terrorist act. According to Crenshaw (1990) the new and fastest ways of communication allow people to know about happens in the other part of the world within minutes about any terrorist attack. On the other hand terrorist groups are adopting the latest techniques to communicate with each other and even sometime just for spreading fear with in the specific community to achieve their targets. Czinkota et al (2004) cited that terrorist also using old traditional ways to communi cate which are unable to penetrate. The latest ways of transportation system gives terrorist groups better way to move around. The impact of terrorism can be calculated from a number of ways. According to Czinkota et al (2004) the micro level research is a moderate degree of research. It help to analyze effects of terrorism on specific regions, value chain or cross industry level, but can be determine and examine more specifically than those of macro level. When terrorist events happens if effects businesses direct and indirect way and disrupt the economic process. To make the effects of the terrorist activities stronger terrorist groups try to make businesses their direct targets. Business are more attractive target for those groups as their presence is everywhere and their aftermaths are more deep on society and on the economics. 2.1 Conclusion: Terrorism effects business activates deeply. This threat compel almost every department of business which cause decline in the profit of firm and on the other side the whole economy has to bear the cost of every single act of terrorism. According to LCCI (2005) report, after 9/11 terrorist attacks, majority of organizations fear high risk of terrorist attacks and they have contingency plan in place to deal with uncertainty. As globalization integrates multinational organizations and financial markets, events like terrorism which spurn economic uncertainty have increasingly international consequences. Terrorism causes unpredictable political and economic consequences, infuses the public with fear and prevents the free flow of capital, labour, and free market principles. Because of their disastrous impacts, occurrences of terrorism have serious implications on the performance of international and UK organizational. Immediate responses are felt in financial markets and the effected industry sectors. These sustained reactions can be observed through macroeconomic impacts, economic policy responses and investor confidence. As world move towards more liberal economies and democratic political structures, organizations must have the ability to adapt and respond to terrorist events. In order to do so, decision makers and policy makers need a more complete picture and understanding of the deleterious effects of terrorism on organization. 3. Research Methodology: The main proposed research methodology is secondary research which is based on the critical and comprehensive analysis of the existing published literature related to the specific area of research. Books, published journal articles, published research reports, surveys, organizational records, qualitative research and internet (websites and search engines) will be used to collect secondary sources data. I think these sources will help me to complete my research work. I will use all the above mentioned secondary research methods for my research work and I am highly interested to use the deductive method because it is more logical and authentic way to prove my research. Moreover I will use both quantitative and qualitative techniques to critically analyze my collected data and to reach the conclusion. But in this research work, I will prefer to use more qualitative method of data collection. According to Lincoln and Guba (1985) a qualitative method captures a more complete picture of individual lived experience instead of a narrow perspective of generalizations. The qualitative data provide me an opportunity to study the material of the recent or more distant past to gain the more insights information for methodological and theoretical purposes. 3.1 Advantages of secondary research methodology: This kind of research helps in examining large scale trend. It is easy to accessible so researcher can consume most of its time in critically analysing data rather than collecting it. Sometime primary data collection is not necessary for the research, because of the available secondary data is completely suitable to draw a conclusions and answers of the questions and sufficient for solving problem. The collection of secondary data is far cheaper than the collection of primary data. For the same level of research budget secondary research definitely gives relatively more information than the primary research can give. The time consumption is much less in the collection of data and conducting results in comparison with the primary research. The results obtain from secondary source of information may more precise than the result obtain from the primary data collection. It may not happen all the time but if research is about at large scale. 3.2 Problems of Secondary Research: In secondary research the researches have to be careful about authenticity of secondary resources. Because at the same type of data or idea two different types of department or persons have different type of opinion. Some time material available for research is too old and out dated, so it may difficult for researcher to interpret results. The source of the data and material may not reliable each time, so it may impact the reliability and authenticity of results of the research. Sometimes secondary research has lack of firmness of perspective. If data and material collected from non authentic sources it is difficult to check its biasness and inaccuracies. The published material and statistics often raise more questions than answers. 3.3 Limitations: There are some limitations the data may have and the problems that could arise if these limitations are ignored. The verification of existing data is difficult. Secondary data can be general and vague and sometimes it may cause difficulties in decision making. It is possible that data could be out dated and the sample used to generate the secondary data maybe small. The data publisher company may not be reputable. While keeping in mind those limitations of secondary data, I will use data for my research from reputable academic websites and published literature. 3.4 Conclusion: A use and search of secondary data should be preceding any primary research activity. Secondary data definitely helps to solve and understand the problem and gives valid answers. The process of collecting secondary data for research is far cheaper and quicker in compare with primary data at in some cases it could be more accurate. There is always a need of evaluation about data and its source before using it for research. Where possible it is better to take same data from different sources so the biasness and errors can be double check for the more accurate results. 4. Research Structure and Design: This research consists of six chapters. It begins with chapter 1, which reveals the need, aim and objectives for this research to be attained. Chapter 2 of my research will discuss the methodology, which enables me to fulfil the requirements of this research. Chapter 3 is an extensive and deep interpretation of literature review about terrorism. Chapter 4 of this research will explore the impacts of terrorism on businesses. Chapter 5 of this research evaluates performance and adaptation of suitable strategy by management on different kind of business activities and also scrutinize the different business strategic views which a business can adopt for minimizing the effects of terrorism. Finally chapter 6 of this research is the conclusion and recommendation chapter which will answer all the key questions, aim and objectives of this research seek. 5. Research Implementation Plan: Research Plan Week beginning Date. 23-10-2010 No. Of Weeks 1 2 3 4 5 6 7 8 9 10 Background reading and literature review x x Research design and plan x Choice of methodology x Gathering data x x Data analysis and refine x x Writing up draft x x x Editing final document x x Produce final document x Document passed to supervisor to read x 6. Research Ethics: While carrying out the research, the most important thing to keep in mind and practice is the ethical considerations. And in my research work this is very critical and of prime consideration. I will follow all the ethical considerations and guidelines. As my research work is based on secondary research, so what ever the secondary data I will use to achieve my research objectives, I will follow the all terms and conditions of ethical considerations. Throughout my research I will practice honesty in processing and reporting all the data, this will be my own work and I will not copy the other researcher data or work, I will not be bias in my research while collecting or processing the data. I will try my utmost to avoid the omissions and errors while analysing the data and will keep all the record of the data and their valid sources. I am fully aware that the plagiarism is a serious academic crime, so I will not plagiarise my research. I will quote all the citations and that will be ful ly referenced. Economic Effects of Terrorism in the UK Economic Effects of Terrorism in the UK Terrorism has deep history science the cold war but this issue become most salient after terrorist attacks in September 11 2001. This incident affected the UK and international business community in various ways. On one hand the world business community was affected financially, the other hand it suffers due to legal and security issues. The international business between countries was most seriously affected due to security and safety concerns and legal issue. Especially UK, US and other developed countries were compulsion to protect their territory and people on the cost of business with the rest of the world. Many businesses found themselves floundering financially in the months after the terrorist attack on world Trade Centre, while businesses located in world trade centre lost their personal and business locations. According to U.S department of state (2002) more than 3000 people of different nationalities were killed in the terrorist attacks only in the United States in Septemb er 11, 2001. The attacks were the conspicuous example of terrorism on global level. According to the overview of European commission (2001) this was the one of the major event in the past decades which diversifies the viewpoint and outlook of people around the world. Terrorism affects both the long term and short term perspectives of the businesses around the world. Czinkota (2002) cited that terrorism influenced long term karma of entire industries, for example tourism, retailing and manufacturing industries. In this competitive age, the business environment is changing dramatically. The international business has culminated in a global economy, with diverging cultures. But, there are strong protests against globalization echoing its destabilizing effects from many corners of the world. Terrorism can be seen, in substantial part, as a result of this backlash to the businesses. There are number of definitions of terrorism, in the world of Alexander et al (1979) à ¢Ã¢â€š ¬Ã…“terrorism is a threat or use of enforcement and inclemency to achieve a political goal by means of intimidation fear, and coercionà ¢Ã¢â€š ¬?. In the present world context, the European Union (2001) define the terrorism relevant to international business in the following words. à ¢Ã¢â€š ¬Ã…“Terrorist offences are certain criminal offences set out in a list comprised largely of serious offences against persons and property which, given their nature or context, may seriously damage a country or an international org anisation where committed with the aim of: seriously intimidating a population; or unduly compelling a Government or international organisation to perform or abstain from performing any act; or seriously destabilizing or destroying the fundamental political, constitutional, economic or social structures of a country or an international organisationà ¢Ã¢â€š ¬?. In UK terrorism is not new phenomenon but businesses were highly affected due to September 11, 2001 and July 7, 2005 incident. Although the economic impact on UK businesses has not been detrimental as initially feared but it is very important not to diminish the impact of even small unforeseen costs can have on businesses in particular. However many UK businesses were relived that tangible impact of terrorist attacks had been very small but business confidence is the key and has inevitably been affected in short term. The biggest economic impacts of past twenty years terrorist attacks is the damage to confidence in the UK businesses and people. This study is another attempt to research and investigates the impacts of terrorism on the UK businesses activities and we will also discuss different approaches for reducing and handling the terrorism threats. 1.1 Research Aim: The aim of this research is to analyse and explore the economic effects of terrorism on businesses in the United Kingdom. The second part of this research is to critically analyse and recommend the most appropriate strategies for management to deal with the terrorist threats or scrutinize the different business strategic views to avoid and minimise the impact of terrorism on UK businesses. 1.2 Research Objectives: This research has the following individual objectives: Critically analyse the economic impact of terrorism on UK organizations and the entire economy in UK. Evaluate the managerial performance in organizations, before, during and after the happening of the terrorist attacks and in uncertain environment. 1.3 Research Questions: What are the economic effects of terrorism on business? How to development strategy for managers or adopt a better approaches to deal with above mentioned issues? 2. Literature Review: In this era terrorism is arguably one of the biggest threats to the business around the world. It can take many shapes and forms. The last twenty years have seen a dramatic rise in terrorism. Terrorism did not begin in 21st century after World Trade Centre terrorist attacks on 11 September 2001. The terrorism history is as old as humansà ¢Ã¢â€š ¬Ã¢â€ž ¢ willingness to use violence to affect politics. Europe, United States and other continents have a very long and sad history of terrorist attacks. In past century IRA in UK, ETA in Spain, Brigate Rosse in Itely, Rote Armee Fraktion in Germany, 7 November in Greece are the few worse examples of terrorist groups in Europe. In United States we remember the bombing in Oklahoma City in 1994, World Trade Center bombing in 1993 and 11 September 2001 terrorist attacks. But September 11 2001 attacks have changed the world, as UN Secretary General Kofi Annan has said, à ¢Ã¢â€š ¬Ã…“none of the issue that faced us on 11 September 2001 has beco me less urgentà ¢Ã¢â€š ¬?. Now the terrorism has grown to an unprecedented limit and in multiplicity. As we know that, even terrorist without the use of weapons of mass destruction can kill thousands of people and destroy businesses (Gabriele G.S. Suder 2004). According to Blomberg et al 2004 à ¢Ã¢â€š ¬Ã…“terrorism is associated with a diversion of spending from investment to governmentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ expenditureà ¢Ã¢â€š ¬?. To fund these government expenditures, they borrow from foreign financial institutions and governments. The develop countries with less volatile currencies normally issue long term debts to cover the deficit and less developing countries confronting terrorism by government spending through sale of foreign reserves, printing more currency and increasing inflation. Gupta Clements (2004) reached the same conclusion, that the terrorist activities severe impacts on less develop countries than developed from monetary policy perspective. Terrorism has its massive effects on economy and business activities. It effects deleteriously on marketing strategies, buyer demand and market supply effect immensely. Most firms operating in the affected area gets impact from the thrust of government policies to quell terrorism. This kind of wide-spread results predict an escalate attractiveness of terrorism, as part for that group which assume to develop the core of businesses. It is impossible to secure all of the targets of terrorism at the same time. In the number of attacks done by small terrorist groups with least resources the loss was massive. If costs of an attack be measured by the loss which businesses faced, the businesses always paid far great amount than the cost to terrorist group. Hoffman (1998) cited that the cost of the bomb was not more than $400, which was the reason of the loss of $550 millions in the blast of World Trade Centre 1993. The amount which is sending to protect the world from terrorism is many billi on dollars, while the terrorist cost nothing in front of it. This threat of terrorism attacks poses a continuous threat and create atmosphere of risk for the businesses. This risk itself creates extension for treatment of risk in management theories. The majority of management literature theories adopt term à ¢Ã¢â€š ¬Ã‹Å"uncertaintyà ¢Ã¢â€š ¬Ã¢â€ž ¢ as a factor of unpredictable environment which may influence the performance of firms in certain ways. The environment effected by terrorism also has a factor of unpredictability in it. Businesses internationally and locally particularly affected by terrorism because when some thing happen it disrupt the supply chain and business activities in addition to interrupt information flows, and effects on the demand for industrial side as well as consumer side. Every year more than trillion dollars are spent on combating terrorism. This along with billons dollars lost in property damage, loss of human resources and decrease in key industries potential profit. It is a plague on global economy and affects on everyone from entire countries to all the way down to individual. Terrorism in recent years has sparked, increase in fear and demand higher level of security. The cost of terrorism can be broken down into number of areas and come down to direct effects, response costs and negative effects on key industries. For example, Manchester bombing was carried out by IRA in 1996 targeted the city centre infrastructure and economy caused widespread damage. According to the BBC News (2004), over 400 businesses within the half a mile of the blast were affected and 40% of which did not recover. Another example of terrorist attack on businesses is Baltic Exchange bombing 1992, which damaged the Exchange and surrounding buildings and caused  £800 millions worth of damage. The latest terrorist attacks in UK was July 7 London bombing, which had massive effects on UK businesses. According to the LCCI (2005) report, business confidence in London had slumped to the lowest levels not seen since the start of Iraq war. Because, terrorist attacks disrupt supply chain and other business activities. Alexander (2004) says in his book Business Confronts Terrorism, à ¢Ã¢â€š ¬Ã…“terrorismà ¢Ã¢â€š ¬Ã¢â€ž ¢s implication on business merits closer scrutiny given its relation to economic security. Terror metamorphoses business causing business to deal with current threats and craft plans to reduce future challenges. Terrorists weaken society and business through their mani pulation of economic systems componentsà ¢Ã¢â€š ¬?. Terrorism interrupts information flows and effects on the demand form both business and consumer side. This falling demand may have different outcomes which may comprises of losses of customers contracts, customer trust, reduces market share, decline in turnover and profitability and also result business failure. For example according to the LCCA report, UK tourism industry badly effected by July 7 terrorist attacks. The Guardianà ¢Ã¢â€š ¬Ã¢â€ž ¢s research shows that after July 7 Bombing, Londoners themselves who are leaving the centre in the evening rather than the tourists. Within a month after these attacks, it has been estimated that terrorism cost UK tourism industry in excess of  £300 million. According to U.S Department of state (2002) à ¢Ã¢â€š ¬Ã…“terrorist select businesses for attack compare to other targetsà ¢Ã¢â€š ¬?. The most kind of attack is bomb blast, although armed attacks and kidnapping are also some kinds of terrorist attacks. According to Council of Foreign Relations (2002) report, à ¢Ã¢â€š ¬Ã…“the majority of victims in terrorist attack are civilians and the relatively large number of business may not prepare to face these kinds of risksà ¢Ã¢â€š ¬?. Managers and decision makers remain confident about handling unexpected risk. However the scenario has changed as it was at the time of terrorist attack in 9/11. Kunreuther et al (2003) cited that during the days of terrorist attacks in 9/11 a common feeling came into mind of people that it could be me. But with the passage of time this may give way to may be it will not à ¢Ã¢â€š ¬Ã‹Å"meà ¢Ã¢â€š ¬Ã¢â€ž ¢ next time. This kind of behaviour is more common now a day in south Asia. But it is a common thinki ng that it is extremely easy for terrorist that to attack any where in the world. Even in low cost and low tech attacks terrorists achieve to disrupt the world economy. After the September 11 terrorist attacks many UK international organisations have badly affected legally because new laws introduced and they struggle to keep up with new rules and regulations imposed by international community in the effort to prevent further terrorist attacks. Anne Slaughter (2005) cited that new international laws restricted the companies for shipping goods across international borders and requires them to keep proper track of their activities. The anti terrorist laws have made very complicated for organizations to conduct their business activities across the international borders as a result many organisations have restructured theirs companies to allow them to meet demands of international anti terror laws. Another major issue that effect the international organizations is security and they have to invest huge amount of money to improve both internal and external security. External security is most important because terrorist target organizations to achieve thei r targets. Internal security also need to improve to ensure that organisation have financial records, employees records and ensure that employees do not have any criminal backgrounds or involved in terrorist activities in the past. It is vital for all organizations that they protect themselves and their stakeholders from terrorist activities. The international organizations should not underestimate the impact of terrorism because they make billions dollars each year and provide employment millions of people around the world. In this modern era, it is very easy for terrorist to attack international organizations in such a way that they would stop them from operating in an effective manner. It is very difficult to explain, why terrorism has become the major problem for big and international organizations. Modern terrorism is particularly onerous, because of characteristic of its impact. The impact of terrorism on macroeconomic is crucial, customers feel themselves in stress and some kind of continuous fear which definitely effects the spending patterns. Managerial behaviour in macro economy also feels consequences of terrorism. Media have its vital role in ending fear among the society but very often it fails. Many of times, because of the irresponsible reporting it generates scenes of ever present possibility of terrorist act. According to Crenshaw (1990) the new and fastest ways of communication allow people to know about happens in the other part of the world within minutes about any terrorist attack. On the other hand terrorist groups are adopting the latest techniques to communicate with each other and even sometime just for spreading fear with in the specific community to achieve their targets. Czinkota et al (2004) cited that terrorist also using old traditional ways to communi cate which are unable to penetrate. The latest ways of transportation system gives terrorist groups better way to move around. The impact of terrorism can be calculated from a number of ways. According to Czinkota et al (2004) the micro level research is a moderate degree of research. It help to analyze effects of terrorism on specific regions, value chain or cross industry level, but can be determine and examine more specifically than those of macro level. When terrorist events happens if effects businesses direct and indirect way and disrupt the economic process. To make the effects of the terrorist activities stronger terrorist groups try to make businesses their direct targets. Business are more attractive target for those groups as their presence is everywhere and their aftermaths are more deep on society and on the economics. 2.1 Conclusion: Terrorism effects business activates deeply. This threat compel almost every department of business which cause decline in the profit of firm and on the other side the whole economy has to bear the cost of every single act of terrorism. According to LCCI (2005) report, after 9/11 terrorist attacks, majority of organizations fear high risk of terrorist attacks and they have contingency plan in place to deal with uncertainty. As globalization integrates multinational organizations and financial markets, events like terrorism which spurn economic uncertainty have increasingly international consequences. Terrorism causes unpredictable political and economic consequences, infuses the public with fear and prevents the free flow of capital, labour, and free market principles. Because of their disastrous impacts, occurrences of terrorism have serious implications on the performance of international and UK organizational. Immediate responses are felt in financial markets and the effected industry sectors. These sustained reactions can be observed through macroeconomic impacts, economic policy responses and investor confidence. As world move towards more liberal economies and democratic political structures, organizations must have the ability to adapt and respond to terrorist events. In order to do so, decision makers and policy makers need a more complete picture and understanding of the deleterious effects of terrorism on organization. 3. Research Methodology: The main proposed research methodology is secondary research which is based on the critical and comprehensive analysis of the existing published literature related to the specific area of research. Books, published journal articles, published research reports, surveys, organizational records, qualitative research and internet (websites and search engines) will be used to collect secondary sources data. I think these sources will help me to complete my research work. I will use all the above mentioned secondary research methods for my research work and I am highly interested to use the deductive method because it is more logical and authentic way to prove my research. Moreover I will use both quantitative and qualitative techniques to critically analyze my collected data and to reach the conclusion. But in this research work, I will prefer to use more qualitative method of data collection. According to Lincoln and Guba (1985) a qualitative method captures a more complete picture of individual lived experience instead of a narrow perspective of generalizations. The qualitative data provide me an opportunity to study the material of the recent or more distant past to gain the more insights information for methodological and theoretical purposes. 3.1 Advantages of secondary research methodology: This kind of research helps in examining large scale trend. It is easy to accessible so researcher can consume most of its time in critically analysing data rather than collecting it. Sometime primary data collection is not necessary for the research, because of the available secondary data is completely suitable to draw a conclusions and answers of the questions and sufficient for solving problem. The collection of secondary data is far cheaper than the collection of primary data. For the same level of research budget secondary research definitely gives relatively more information than the primary research can give. The time consumption is much less in the collection of data and conducting results in comparison with the primary research. The results obtain from secondary source of information may more precise than the result obtain from the primary data collection. It may not happen all the time but if research is about at large scale. 3.2 Problems of Secondary Research: In secondary research the researches have to be careful about authenticity of secondary resources. Because at the same type of data or idea two different types of department or persons have different type of opinion. Some time material available for research is too old and out dated, so it may difficult for researcher to interpret results. The source of the data and material may not reliable each time, so it may impact the reliability and authenticity of results of the research. Sometimes secondary research has lack of firmness of perspective. If data and material collected from non authentic sources it is difficult to check its biasness and inaccuracies. The published material and statistics often raise more questions than answers. 3.3 Limitations: There are some limitations the data may have and the problems that could arise if these limitations are ignored. The verification of existing data is difficult. Secondary data can be general and vague and sometimes it may cause difficulties in decision making. It is possible that data could be out dated and the sample used to generate the secondary data maybe small. The data publisher company may not be reputable. While keeping in mind those limitations of secondary data, I will use data for my research from reputable academic websites and published literature. 3.4 Conclusion: A use and search of secondary data should be preceding any primary research activity. Secondary data definitely helps to solve and understand the problem and gives valid answers. The process of collecting secondary data for research is far cheaper and quicker in compare with primary data at in some cases it could be more accurate. There is always a need of evaluation about data and its source before using it for research. Where possible it is better to take same data from different sources so the biasness and errors can be double check for the more accurate results. 4. Research Structure and Design: This research consists of six chapters. It begins with chapter 1, which reveals the need, aim and objectives for this research to be attained. Chapter 2 of my research will discuss the methodology, which enables me to fulfil the requirements of this research. Chapter 3 is an extensive and deep interpretation of literature review about terrorism. Chapter 4 of this research will explore the impacts of terrorism on businesses. Chapter 5 of this research evaluates performance and adaptation of suitable strategy by management on different kind of business activities and also scrutinize the different business strategic views which a business can adopt for minimizing the effects of terrorism. Finally chapter 6 of this research is the conclusion and recommendation chapter which will answer all the key questions, aim and objectives of this research seek. 5. Research Implementation Plan: Research Plan Week beginning Date. 23-10-2010 No. Of Weeks 1 2 3 4 5 6 7 8 9 10 Background reading and literature review x x Research design and plan x Choice of methodology x Gathering data x x Data analysis and refine x x Writing up draft x x x Editing final document x x Produce final document x Document passed to supervisor to read x 6. Research Ethics: While carrying out the research, the most important thing to keep in mind and practice is the ethical considerations. And in my research work this is very critical and of prime consideration. I will follow all the ethical considerations and guidelines. As my research work is based on secondary research, so what ever the secondary data I will use to achieve my research objectives, I will follow the all terms and conditions of ethical considerations. Throughout my research I will practice honesty in processing and reporting all the data, this will be my own work and I will not copy the other researcher data or work, I will not be bias in my research while collecting or processing the data. I will try my utmost to avoid the omissions and errors while analysing the data and will keep all the record of the data and their valid sources. I am fully aware that the plagiarism is a serious academic crime, so I will not plagiarise my research. I will quote all the citations and that will be ful ly referenced.