Globalization and the World's poor Term Paper Example | Topics and Well Written Essays - 1250 words

Globalization and the World's poor - Term Paper Example Though globalization caused major positive changes in the economy, society and business, it has also been argued that globalization increased the numbers of poor worldwide. This piece of research paper presents a brief analysis on various theories of globalization and explains its impacts on world’s poor. Conceptual Framework and forces of Globalization Globalization is the process of social, political, cultural, economic and technological integration between countries. From the economic point of view, globalization refers to the increasing interdependence between national economies, business enterprises and markets. The term globalization refers to the intensification of world-wide social and economic relations that link distant countries or regions in a way that local happenings are shaped by event elsewhere. Salvatore (2005, p. 17) argued that globalization is inevitable because of that consumers around the world are increasingly demanding products and services to converge their requirements. Firms are to outsource parts and components from wherever in the world and they must invest their capital and technology wherever they are highly productive so that they can remain internationally competitive. The major four driving forces of globalization are detailed below: 1- Global Market Forces As and when enterprises globalize, they too become global customers and this increases the potential for global markets. Hill (2004, p. 6) noted that globalization of markets refers to the merging of historically distinct and isolated national markets in to one huge global market place. Due to globalization, people across the world have gained access to quality goods and services from aboard and companies were forced to seek materials, technology and labor from other countries. A company that goes global requires purchasing of required materials and therefore it becomes a customer of another company. The concept of globalization of market state that markets are global ized since enterprises that went global required to meet specific as well as common requirements of its customers and hence they too became customers of foreign markets. The underlying concept was that the tastes and preferences of people in different nations were to converge on some global norm and thereby helping to create a global market place. 2- Global Cost Forces Dornier, Ernst and Fender (1998, p. 77) emphasized that globalization has also been driven by the comparative cost advantage of some countries in various inputs to the manufacturing process. Raw-materials, labor and technology are major inputs and they are often cheaper in some countries as compared to that of some other countries. Reducing unit costs and achieve economies of scale is a management goal. Globalizing products and services is one means of achieving such economies of scale so that production costs can be reduced. 3- Technological Forces Technology changes almost everyday and this has tremendously been imp acting the pace and effectiveness of the business. A business that can use latest technology for manufacturing and marketing a particular product will be more able to meet customers’ requirements as their tastes and preferences are largely influenced by the technology advances. Using latest technology thus has become an integral part of global strategic approach for achieving sustainable

ACCOUNTING FINAL EXAMANTION OF CORPORATE ANNUAL REPORT Research Paper

ACCOUNTING FINAL EXAMANTION OF CORPORATE ANNUAL REPORT - Research Paper Example Comparable store sales were lower in 2010 in comparison with 2009 despite having higher customer traffic. The company made adjustments to increase its profitability by having better inventory management and lower inventory shrinkage. The accounting firm that performed the independent auditor report was Earnest & Young LLP. The auditors did not find any problems or exceptions in the financial statement of the company. The opinion o f the auditing firm is that the financial statements are fairly presented in all materials respects. I did not find any new terms in the financial statements of the company. The annual report included the four major financial statements which are the income statement, balance sheet, statement of cash flow, and statement of stockholder’s equity. I found the presentation of the financial statement to be cleared since the company utilized the standard financial

Information Systems Plan Essay Example for Free

Information Systems Plan Essay The basis of this system is to manage effectively the available resources involved in The Fitness Center namely the members, fitness consultants and the higher management of the company involved in strategic decisions. The first section details out the primary purpose to come up with an IT solution for the company and the advantages to the stakeholders of the company. It follows with the roles of the people involved in this project. The considerations regarding the systems investigation, analysis, design, implementation and maintenance is discussed in the later sections. The concluding section highlights the announcement of the new system rollout and the ultimate benefit to users. 1. Purpose: The Information system deployed here will help the company and its members in identifying their individual goal and contribute to the overall objective of the company to create a competitive edge over others in the similar business. It would departmentalize the enterprise with the concerned information system to track the movement of resources and get periodic reports to check systems functionality and organizations growth. Enveloping an information system, which happens to be quite a erode of time, effort and money, would put the company in the digital world to manage all its business processes, may how small or big it be, effectively creating a record of the activities and covering all the deficiencies of the manual system. 2. Roles of people involved: It envelopes the stakeholders of the system connected with the fitness company and also the customers who would be using the system for requesting services and provide feedbacks. The identification of the different users of the system is as follows: †¢ Members: The current and prospective members would use the system to feed in their personal data and reason as to which they have joined the Fitness center. The members may have various objectives while joining the center. Some are for simple fitness programs while others have different objective. The system would take care of all those and keep the latest details about performance and other measures such as future interests.

Recruitment and Selection Process

Recruitment and Selection Process Introduction Employees are one of the most important resources of any business, and so it is important for organisations to have a thorough recruitment and selection process. This is to ensure that the best possible candidate is recruited to the post. There are many different aspects to consider during the recruitment and selection process, and this essay considers the issues that an organisation should consider as they search for candidates to recruit. The responsibility for recruitment and selection lies predominantly with a Human Resources (HR) department (Armstrong and Taylor, 2014, p.248), although in many organisations it is common for functional department heads to be involved in the process to ensure that technical considerations are assessed during recruitment and selection. Organisations also face the decision as to whether it is preferable to recruit internally or externally, and there are advantages and disadvantages to both approaches. There are also legal considerations associated with recruitment and selection which it is imperative that an organisation adheres to (Aylott, 2014 p.11). Accordingly, this essay presents a logical assessment of best practice in recruitment and selection on a life-cycle basis, beginning with job skills analysis and concluding with the final selection process. Best Practice in Recruitment and Selection Torrington et al., (2011, p.157) explain that the first steps in recruitment should be pragmatic and straightforward. It is important for the HR department to know how many people they need to recruit, and the skills and capabilities that they must possess. The easiest way to address this problem is to conduct a job skills analysis, carefully considering the content and requirement of job functions including an assessment of technical skills and also intangible or softer skills such as communication, innovation or sales ability. Ideally job skills analysis should be incorporated with a strategic assessment of HR requirements so that the organisation can be confident that they have the necessary skills contained within the human capital of the business to achieve long-term organisational objectives (Rivera, 2012b, p.75). Lievens and Sackett (2012, p.463) also recommend a job skills matrix to assess the future potential capability of job functions and to link this to future employee development opportunities. This is a matrix which lists the skills of employees against the skills the organisation requires or would like in the long term. Having assessed the functions of job roles it is then necessary to create a job description and also a person specification. These are two distinct documents although they are often prepared together (Armstrong and Taylor, 2014, p.250). The job description describes the technical functionality of the role, being as precise and detailed as possible. The person specification addresses the intangible aspects of job functionality to ensure that any potential recruit will fit comfortably within the organisation and has the skills and attributes which the organisation requires. Wilton (2013, p.158) emphasises that it is important for there to be a good fit between an employee and the organisation, so that the employee feels comfortable in their job role and performs to the best of their ability. Once the job description and person specification have been developed it is then possible to advertise the job role as the first stage in actual recruitment. At this point the organisation must decide whether they should recruit internally or externally. Phillips and Gully, (2009, p.18) explain that internal recruitment can be beneficial for a number of reasons. These include offering current employees opportunities for promotion or personal development, which is proven to motivate employees by demonstrating that there is an opportunity for career progression. Also, recruiting internally can be considered as a lower risk because the organisation is already familiar with the skills and capabilities of the employee. From a pragmatic perspective internal recruitment is also more cost-effective and quicker, so it is easier to fill the job role with less risk to the business. However, disadvantages to internal recruitment can include resentment on the part of employees who are not selected for the role (Phillips and Gully, 2009, p.20). Also, it may be the case that the organisation is looking for specific skills in order to expand the business, and no employees already in the firm have this necessary experience or skill. In these instances it is therefore necessary to recruit externally. External recruitment can be more challenging. In the first instance it is necessary to determine whether the organisation will use in-house procedures for external recruitment, or alternatively make use of external sources such as recruitment agencies or headhunters (CIPD, 2013, p.1). This decision is often based on a combination of financial considerations and organisational discretion. For example, if an organisation needs to recruit a large number of relatively junior roles then a recruitment agency may be the most appropriate approach. Recruitment agencies are likely to have a large number of potential candidates on their books, and they can undertake much of the necessary background checks and initial skills assessments. This can be a highly resource intensive process which organisations may not be able to manage effectively, hence paying recruitment agencies becomes preferable. Rivera (2012a, p.1000) notes that over time organisations can often establish relationships with preferred recruitment agencies so that the recruitment agencies become familiar with the job descriptions and person specifications, and this accelerates the process. Increasingly, organisations are also making use of online recruitment opportunities, and this is another way of reaching a wide group of potential candidates in a cost-effective manner (Girard and Fallery, cited in Boudarouk and Ruel, 2009, p.39). Alternatively, if it is a particularly high profile or specialist role organisations may wish to make use of headhunters. These are considerably more costly but can be appropriate if the role is senior or it is a new role which requires a particular skill set. Rivera (2012a, p.1001) explains that headhunters are more commonly used when there is a long lead time for more senior appointees and it is more important that they are a good cultural fit for the business. Furthermore, the more senior the role, the greater the potential risk to the business in terms of financial expenditure. Therefore it can be preferable to use external sources to find the most appropriate candidates. As noted previously there are also legal considerations as part of the recruitment process. These commence with the advertising of the job role, which under UK and EU legislation must be entirely non-discriminatory (Aylott, 2014, p.66). This includes wording of the advert for the role, and also the actual process of recruitment which must be entirely fair and transparent. This is another reason why headhunters and recruitment agencies can be beneficial, as they can help to ensure adherence to legislation and regulation in this area. It is also worth noting that there are changes in progress within the regulation in this area meaning that candidates shortlisted for more senior roles must demonstrate gender parity (Aylott, 2014, p.67). Hence, headhunters can be helpful for drawing up shortlists prior to the next stage of recruitment. Having drawn up a shortlist of potential candidates, either internally or externally, the next step in the process is to narrow down this shortlist. There are a number of possible means of doing this which can include interviews, psychometric testing and assessment centres (Breaugh, 2013, p.395). As might be imagined, each of these approaches has advantages and disadvantages, and it is also not uncommon to utilise these techniques in combination. The decision as to which type of recruitment method to adopt depends on the nature of the job role and the potential risks associated with the job function (Hall et al., 2013, p.358). In any event, it is absolutely imperative to ensure that there is complete fairness and transparency in the recruitment and selection process, not only because of the need to adhere to legislation and regulation, but also to ensure that each candidate has a fair experience. This is because this has implications for long-term recruitment and selection of high calibre candidates (CIPD, 2013, p.1). Guion (2011, p.9) explains that interviews remain as one of the most common forms of assessment when determining whether a candidate would be suitable for a job function. The length and intensity of the interview depends on the nature of the job function. As alluded to above, it is commonly the case that recruitment and selection is the responsibility of the HR department, although it is often the case that functional department heads are involved in the process to assess the technical competence and capability of the candidate. In any event the potential candidates should be assessed against the job description and person specification (as described above) and during the course of the interview it is sensible to take notes so that at a later stage the shortlisted candidates can be compared to one another (Chapman and Webster, 2003, p.117). For some more senior roles it may be the case that more than one interview is conducted with different members of the organisation. Kline (2013, p.25) acknowledges that although interviews are very popular, there can be concerns with unintended preference, a concept known as the golden halo effect. This occurs when the interviewers subconsciously prefer candidates who they considered would be a good cultural fit. This is why it is important to have complete transparency in the interview process. Psychometric testing and aptitude testing are also extremely popular techniques for assessing potential candidates during the selection process. Suff (2012, p.9) explains that aptitude testing is an assessment of the numerical, verbal, and general logical reasoning capability of an individual. Psychometric testing is more intensive and includes an assessment of personality traits. Psychometric testing is not an exact science, but over time a large body of empirical data has been gathered which helps to increase the reliability of such testing. Generally speaking psychometric tests are a useful indicator of underlying personality traits, and can be a good means of an organisation assessing whether an individual candidate would be a good fit for the business. Cushway (2014, p.26) explains that psychometric tests can be useful if an organisation is looking to recruit an individual with particular personality traits in order to help generate a cross functional team. In contrast, Suff (2012, p.10) suggests that psychometric testing is more valuable as a supporting indicator, along with other selection techniques such as interviews and assessment centres. Assessment centres are the most intensive form of employee selection. They typically comprise a number of small tests and presentations to simulate the likely working conditions and to assess how an individual performs under pressure and how they work in teams (Armstrong and Taylor, 2014, p.232). During the course of an assessment centre it is likely that the candidate will have to give a presentation, solve a problem with imperfect information (to simulate real-life), and also work in a team environment. Assessment centres are highly resource intensive but are considered to give the most accurate picture of how a candidate would be likely to perform if they were recruited to the organisation. The costs of running an assessment centre are high, so in the main they are reserved for more senior job functions, or for graduate recruitment schemes. They are also more commonly used by larger organisations that have the resources to maintain a talent management pipeline (McClean and Collins, 2011, p352). Stahl et al., (2012, p.35) believe that assessment centres can be somewhat artificial as all the candidates are aware that they are in competition for a defined number of job roles, and this may encourage them to distort their behaviour. Stahl et al., (2012, p.35) also believe that there is a greater risk of the golden halo effect during assessment centres as the assessors get to know candidates throughout the duration of the assessment centre. It is necessary to mention that references from previous employers or other respected individuals can play a small part in the recruitment and selection process. However, such is the nature of legislation relating to references, many organisations simply use them to verify that a candidate has been previously employed and that they do not have a tendency to high levels of sickness absence or any other obvious undesirable tendency, for example an extensive disciplinary record (Torrington et al., 2011, p.182). As references must be entirely factual, personal observations of the previous employers are generally not found in references in the UK. Some organisations may also wish for shortlisted candidates to undertake medical checks. This is likely to be more common in job functions where there is either a particular medical need for high levels of health and fitness because the job is particularly strenuous, or because the organisation has a long-term commitment to employee health and well-being. In either event organisations are only likely to take up references and ask for medical checks for candidates whom they believe they will offer the job post (Torrington et al., 2011, p.183). Once the organisation has decided who they will recruit, it is necessary to draw up a contract of employment, and to send a formal offer letter to the preferred candidate, setting out the terms and conditions of employment. Aylott (2014 p.112) observes that it is surprising how many organisations do not maintain good record-keeping in this regard, and it is imperative that if the candidate accepts the role they return a signed copy of the contract and terms and conditions. It is also good practice for an organisation to formally write to the unsuccessful candidates and briefly explain why they were not recruited for the post (CIPD, 2013, p.1). This helps to improve the overall candidate experience thus supporting the reputation of the organisation and wider marketplace. If job requirements change in the future, maintaining a good relationship with potential candidates makes it is much easier to offer them a job role in the future (Klotz et al, 2013, p.110). Finally, Aylott (2014, p.32) explains that under UK legislation, unsuccessful candidates may exercise the right to challenge why they were not recruited for the role. This is why it is important to maintain scrupulous records throughout the recruitment and selection process and demonstrate complete fairness and transparency. As it may be some time between acceptance of the job post and the candidate starting in the role, then this is a good opportunity for the organisation to prepare the new employees induction in advance. It is also best practice for an organisation to allow access to the employee handbook when recruiting an employee. A good induction is one where the new employees has the opportunity to meet their colleagues and receive basic training in aspects such as health and safety and organisational systems (Covert, 2011, p.9). This is entirely pragmatic as it is an opportunity for existing employees to meet their new colleague, and also to ensure that the new employee has a thorough grounding in the organisation so that they become rapidly embedded and are able to make a difference as soon as possible. This is often an issue for organisations as it can take time for new employees to become familiar with organisational culture. Therefore an induction is a good way of starting this process. Finally, the majority of new employees are likely to be operating under a probationary period in the first few months of employment. There are legal implications to this, meaning that it is important for an organisation to clearly set out their expectations for the new employee, and also to offer the employee as much help and support as possible in the early days of their employment (Cushway, 2014, p.34). It is in no partys interest for there to be a high turnover of staff. Not only because the recruitment and selection process is extremely costly and resource intensive, but also because it is also disruptive to an organisation and long-standing employees. Hence, it is preferable to invest the necessary level of resource, time and effort in recruiting the right employee in the first instance. Recommendations To summarise, the first steps in effective recruitment and selection are to establish the requirements of the job role, and also the preferred attributes of the individual who will eventually fulfil this role. It is important at this early stage to be as precise and as comprehensive as possible, and also to be aware of the need for transparency in the process. This is because the description and person specification not only form the foundation of the job advert, but also they become the benchmark against which potential candidates are assessed, and successful employees are measured (Guion, 2011, p.240). Although resource intensive, it is worthwhile to spend time and effort refining the job description and person specification. Once the shortlist of candidates has been prepared, either from internal or external sources, it is necessary to assess all potential candidates to determine their suitability for the role (Phillips and Gully, 2009, p.17). There are several alternative means of achieving this including interviews, testing and assessment centres. As elucidated above, there are advantages and disadvantages to all of these methods, and this is why it is often the case that more than one technique is used. It is important to reiterate the importance of transparency and fairness throughout the entire selection process. Having selected a suitable candidate the organisation should then formally write to the employee enclosing the employment contract and terms and conditions of employment (Aylott, 2014, p112). An organisation may also wish to take up references and ask the candidate to have a medical assessment. It is best practice to formally communicate non-selection to unsuccessful candidates, as this is not only helpful for maintaining organisational reputation, it may have future practical benefit. Throughout the entire process of recruitment and selection scrupulous record-keeping is strongly recommended. Once a candidate has accepted a position of employment, it is then good practice to offer an induction period. This helps the new employee to settle in, and helps to increase productivity and reduce employee turnover. Conclusions This essay has set out the current recommended best practice in respect of recruitment and selection. It has illustrated the complexity and resource intensive nature of the process, and also emphasised the importance of prior planning and preparation to ensure that the most suitable candidates are shortlisted for the role, and that they have the necessary skills and attributes. As has been discussed throughout the essay, there are a number of alternative methods for actually selecting a candidate for the job role, and the determination of which of these methods is used relies on the specifics of the job itself and also the long-term HR and human capital requirements of the organisation. In an ideal scenario, the recruitment and selection process is cross-functional in nature, involving both HR and department heads, and is also linked to the long-term strategic requirements of the business. Throughout the entire process it is imperative to maintain fairness and transparency, and to focus on recruiting the best possible candidate in order to reduce the possibility of subsequent employee turnover. References Armstrong, M., and Taylor, S., (2014) Armstrongs handbook of human resource management practice. (13th Ed) London: Kogan Page Publishers. Aylott, E., (2014) Employment law: HR fundamentals. London: Kogan page. Breaugh, J. A., (2013) Employee recruitment. Annual review of psychology, 64(4), 389-416. Chapman, D. S., and Webster, J., (2003) The use of technologies in the recruiting, screening, and selection processes for job candidates, International Journal of Selection and Assessment, 11(2/3), 113-120. CIPD (2013) Recruitment factsheet [online] available at http://www.cipd.co.uk/hr-resources/factsheets/recruitment-overview.aspx retrieved 3rd Oct 2014. Covert, S. P., (2011) Creating a Web-Based Employee Orientation and Induction Program. School Business Affairs, 77(1), 8-10. Cushway, B., (2014) The employers handbook 2014-15: An essential guide to employment law, personnel policies and procedures. London: Kogan Page Publishers. Girard, A., and Fallery, B., (2009) E-recruitment: new practices, new issues. An exploratory study. In Boudarouk, T., and Ruel, H., (Ed.) Human resource information systems. London: Emerald Group Publishing. Guion, R. M., (2011) Assessment, measurement, and prediction for personnel decisions. London: Taylor and Francis. Hall, D., Pilbeam, S., and Corbridge, M., (2013) Contemporary themes in strategic people management: a case-based approach. London: Palgrave Macmillan. Kline, R., (2013) The bias that lives on: Discrimination in recruitment persists in the NHS, and it is long past time to tackle it, says Roger Kline. Nursing Standard, 27(41), 24-25. Klotz, A. C., Motta Veiga, S. P., Buckley, M. R., and Gavin, M. B., (2013) The role of trustworthiness in recruitment and selection: A review and guide for future research. Journal of Organizational Behavior, 34(S1), 104-119. Lievens, F., and Sackett, P. R., (2012) The validity of interpersonal skills assessment via situational judgment tests for predicting academic success and job performance. Journal of Applied Psychology, 97(2), 460-468. McClean, E., and Collins, C. J., (2011) Highcommitment HR practices, employee effort, and firm performance: Investigating the effects of HR practices across employee groups within professional services firms. Human Resource Management, 50(3), 341-363. Phillips, S., and Gully, C., (2009) Strategic staffing New Jersey: Pearson Education. Rivera, L. A., (2012a) Hiring as cultural matching the case of elite professional service firms. American Sociological Review, 77(6), 999-1022. Rivera, L. A., (2012b) Diversity within Reach Recruitment versus Hiring in Elite Firms. The Annals of American Academy of Political and Social Science, 639(1), 71-90. Stahl, G., Bjrkman, I., Farndale, E., Morris, S. S., Paauwe, J., Stiles, P., and Wright, P., (2012) Six principles of effective global talent management. Sloan Management Review, 53(2), 25-42. Suff, R., (2012) Employers use of psychometric testing in selection: 2012 XpertHR survey. IRS Employment Review. (Sep), 9-10. Torrington, D., Hall, L., Taylor, S., and Atkinson, C., (2011) Human resource management. (8th Ed) London: FT/Prentice Hall. Wilton, N., (2013) An introduction to human resource management (2nd Ed) London: SAGE Publications Ltd.

The Consumer and the Checking Account Fairness (CCAF) Act Essay

The Consumer and the Checking Account Fairness (CCAF) Act   Ã‚  Ã‚  Ã‚  Ã‚  Near the end of 2004, the Check Clearing for the 21st Century Act (Check 21) went into effect, bringing with it mixed opinions on what consumers and bankers alike could expect. The now law dealt with the exchange of digitized checks opposed to physical checks, and decreased processing time drastically. The belief among many circles was that checks would begin to bounce en masse, and that the consumer would be impacted in a drastic way. This paper touches on the underlying subject of the â€Å"float† as well as subsequent legislation entitled the Consumer Checking Account Fairness Act (CCAF) that addresses imperfections in Check 21. We will offer information on both acts and show how we as the consumer can expect to be affected. The Float   Ã‚  Ã‚  Ã‚  Ã‚  Ventureline.com defines the term â€Å"float† as being â€Å"the time between the deposit of checks in a bank and when the amount is truly accessible† (2005). This term, although unfamiliar to some, represents a time honored practice that virtually everyone, of any age, has become familiar with. With respect to our personal finances, a float is used to buy the consumer time before funds must be withdrawn from an account. It is advantageous to use from the standpoint of cash flow, as funds might not be available immediately to cover a check, but are expected. This gives the consumer a small amount of leeway in writing checks, as the float may afford the consumer several days before they must cover a check. In a business setting, things are a bit different. There are still advantages that can be realized from a cash flow standpoint, however the float is more of a tool than a resource for the business, and corporate use of the float has revolved more ar ound profit than prevention.   Ã‚  Ã‚  Ã‚  Ã‚  In every business, or household for that matter, there will always be two separate balances for cash. The first refers to the actual recorded amount on the corporate books, while the second is represented by the balance that the bank shows. The difference between these figures, or the float, means that a business can take advantage of short term cash to use for other means. For example, if a company writes $1,000 worth of checks to vendors and receives $1,000 from customers, there would be no difference in what the ... ...ve known it, is on life support. Check 21 may not have been designed for the purpose of eliminating float time, but it most certainly has achieved this as a by-product. It remains a mystery as to how much longer it will be before banks are able to spend the money to fully integrate with what has come to be known as IRD’s, or image replacement documents. So in the meantime, depending upon whom you bank with, or the size of the check you write, may dictate whether or not your documents are electronically sent. One thing that is certain, the advantage has now swung in the direction of the banking center, and only time will tell whether or not there will be relief under CCAF. References Bankston, Karen, Still Got Float, Credit Union Management; Jan2005 Sisk, Michael, It's Time for a Reality Check on Check 21, Bank Technology News; Jan2005 Retrieved Apr 25, 2005 from www.ventureline.com/glossary Schneider, Ivan, Cut the Fee or Wait and See?, Bank Systems & Technology, 2005, CMP media LLC. Retrieved April 26, 2005 from: www.banktech.com Schneider, Ivan, The Flap Over The Float, Bank Systems & Technology, 2005, CMP media LLC. Retrieved April 26, 2005 from: www.banktech.com

Profit Maximization

Firms are in business for a simple reason: To make money. Traditional economic theory suggests that firms make their decisions on supply and output on the basis of profit maximisation. However many Economists and managerial Scientists in our days question that the sole aim of a firm is the maximisation of profits. The most serious critique on the theory of the firm comes from those who question whether firms even make an effort to maximise their profits. A firm (especially a large corporation) is not a single decision-maker but a collection of people within it. This implies that in order to understand the decision-making process within firms, we have to analyse who controls the firm and what their interests are. The fact that most large companies are not run by the their owners is often brought forward to support this claim. A large corporation typically is owned by thousands of shareholders, most of whom have nothing to do with the business decisions. Those decisions are made by a professional management team, appointed by a salaried board of directors. In most cases these managers will not own stock in the company which may lead to strongly differing goals of owners and managers. Since ownership gives a person a claim on the profit of the firm, the greater the firm's profit, the higher the owners† income. Hence the owners goal will be profit maximisation. When managers† salary stays unaffected by higher profits they may pursue other goals to raise their personal utility. This behaviour strikes the critical observer regularly when for example reading or watching the financial media. Managers there often rather mention the rises in sales or the growth of their company rather then the profits. Some economists like Begg (1996) argued that managers have an incentive to promote growth as managers of larger companies usually get higher salaries. Others like Williamson (1964) suggested that managers derive further utility from perquisites such as big offices, many subordinate workers, company cars etc. Fanning (1990) gives a rather bizarre example: When WPP Group PLC took over the J. Walter Thompson Company, they found that the firm was spending $80,000 p. . to have a butler deliver a peeled orange every morning to one of their executives. An unnecessary cost clearly from the perspective of the company owners. But often it becomes difficult to identify and separate this amenity maximisation from profit maximisation. A corporate jet for example could be either justified as a profit maximising response to the high opportunity cost of a top executive or an expensive and costly executive status symbol. Baumol (1967) hypothesised that managers often attach their personal prestige to the company†s revenue or sales. A prestige maximising manager therefore would rather attempt to maximise the firms† total revenue then their profits. Figure 1 illustrates how the output choices of revenue- and profit maximising managers differ. The figure plots the marginal revenue and marginal cost curves. Total Revenue peaks at x r , which is the quantity at which the marginal revenue curve crosses the horizontal axis. Any quantity below x r , marginal revenue will be positive and the total revenue curve will rise as output goes up. Hence a revenue-maximising manager would continue to produce additional output regardless of its effects on cost. Given this information one might ask why the owners don†t intervene when their appointed managers don†t direct their actions in the interest of the owners, by maximising profits. First of all, the owners will not have the same access to information as the managers do. Where Information relates to professional skills of Business administration as well as those of the firms inner structure and its market enviroment. Furthermore, when confronted with the owners demands for profit maximising policies, a clever manager can always argue that her engagement in activities, like a damaging price war or an expensive advertising campaign serve the long-run prospect of high profits. This excuse is very difficult to challenge until it is too late. Another aspect is that managers aiming to maximise growth of their company (expecting higher salaries, power, prestige, etc. ) often operate with a profit constraint. A profit constraint is the minimum level of profit needed to keep the shareholders happy. The effects of such a profit constraint are illustrated in Figure2. Figure2 shows a total profit curve (T? ). T? is derived from the difference between TR and TC at each output level. If the minimum acceptable level of profit is ? , any output greater then Q3 will result in a profit below ?. Thus a sales-maximising manager will opt for Q3 which gives the highest level of sales at the minimum possible profit. This however would not be the profit maximising option. In order to maximise profits the manager would have to chose an output level that creates Q2, where profits are highest but sales lower then in Q3. So given this conflict of interests between the owners and the managers of a firm? What are the possible solutions available to the owners, to make their agents work in their interest? It is often suggested that an effective way to control the managers behaviour and bring it in line with the owners interests, is to make the managers owners themselves by giving them a share in the company. However, research by De Meza & Lockwood (1998) suggests that even with the managers owning assets, their performance does not necessarily become more profit raising. Rajan & Zingales (1998) assessed the impact of power and access to it on the behaviour and performance of managers. Their findings suggest that the power gained by access to critical resources is more contingent than ownership on managers or agents to make the right investment and decisions then ownership. They also report adverse effects of ownership on the incentive to specialise. Other ways to control managers include performance based pay, which can prove to be effective in the short-run but again, the long-run perspective of the firm may suffer, when managers neglect crucial Long-run investments into Research and Development, restructuring, equipment or advertising to raise short-run profits and hence their own salaries. In conclusion it is important to note that profit maximisation fails to demonstrate a general validity when applied as a theory of firm-behaviour. The real world businesses often operate on a multi-dimensional basis with many confronting interests and aims. As well as differing short-run and long run aims. Therefore profit-maximisation should be regarded as one possible goal of a firm but not necessarily its sole one. There is also a difference to be noted between the size of firms. A small family-run business for instance can easily adopt a pure profit-maximising approach, since the utility of its owners equals that of the labour-force and the management. In this setting, the income will equal profit. Therefore it is imperative to assess and develop a theory of firm behaviour on the different classes of firms with a perspective to their individual differences in management, ownership and market enviroment.

Referring in detail to at least two poems: What Makes Wilfred Owen a Great War Poet?

Commencing the First World War in 1914, conscription had not yet been established, but the government were leaning heavily on the media to endeavour and recruit volunteers into the army. This was done by propaganda. Poetry and posters were the two most prominent in persuading men to fight for their country. But it was poetry which encouraged the â€Å"war fever†; poetry in which war was described as valiant and noble, and how it was an honourable thing to be able to fight for your country. An example was Jessie Pope who wrote Who's for the Game: a writer whom Owen was predominantly against. His poems he wrote partially in retaliation against propaganda, and with the intention of exposing â€Å"the old lie†. By this, he recapitulated his own experiences in the war, which were ghastly and did not show men in war as gallant and heroic. His poems also seemed therapeutic; a way of release, but the main intention it seems was to expose the truth about war. Owen illustrates his poetry with such vivid descriptions and realism, particularly in Dulce et Decorum est, so as to paint a realistic image of World War I in the reader's mind, especially in the fourth and final verse, where Owen vividly describes the horrific image of a soldier dead from gas, and he brings the reader right up close to the face of the dead soldier. By doing this, he makes it very personal for the reader. The face of a human is what shows their emotions, and what shows identity. In the poem The Charge of the Light Brigade by Alfred Tennyson, which describes the charge of British cavalry against Russian soldiers, the whole six hundred British were slaughtered, yet not once does Tennyson pick out one soldier, or individualises this. This is what Owen does in â€Å"Dulce et Decorum est†: he individualises the soldier who has died. Another feature of this last verse is that it shows people that the war they thought would be glorious and noble is not at all that. At the end, it seems as if he is trying to make the reader feel guilty (especially after reading about the gassed soldier) by ever believing that war is an honourable thing: My friend, you would not tell with such high zest To children ardent for some desperate glory The old lie: Dulce et decorum est Pro patria mori With this, Owen asks that after knowing what war is really like (as opposed to glorious and noble), would you still tell your children if they asked that war is a wonderful and honourable thing? He therefore intends to make the reader feel guilty for this. In a war, when many people die, their deaths are recorded mostly as a statistic. Here in the last verse of Dulce et Decorum est, Owen picks out one dead individual to the reader. The dead one's face is described so vividly, so as to stand out most to the reader. One's face is what gives one identity, what shows emotion and other human characteristics. Owen purposely focuses in particularly on the face, as to give maximum emotional impact; especially a face so mutilated by the gas which would be a huge shock to one's morals. With â€Å"Obscene as cancer†, Owen is comparing this image, something he knows, to something readers at home know of well. By doing this, Owen also shows how horrifically real the war was, by comparing it to something equally horrifically real, and much closer to home. At the beginning of the second line in Dulce et Decorum est, Owen uses an interesting phrase: â€Å"knock-kneed†. In this phrase can be extracted quite a few different meanings, mostly centred on Owen's excellent use of language which brings such strong realism into his poems. It could possibly be a simple phrase in soldiers' slang, which ties in with the realism. Poetically speaking, he uses alliteration and onomatopoeia to give the idea of knees buckling and knocking together. Knocking together with what? It could have merely been the weather, as the soldiers were cold, muddy and wet, but it also gives the impression that they were shaking with fear, which ties in with the idea that soldiers were ideally viewed as strong, heroic and fearless, yet here they are scared, and defeated by this fear and the effects of the weather. This phrase also gives one the idea of violence, which is certainly and undoubtedly expected in a war. â€Å"Haunting flares† in the next line automatically gives the reader the idea of a horror story. Owen writes Dulce et Decorum est certainly in such a way which could relate it to a horror story, particularly in the last verse where he describes the soldier who died from the gas attack, for here one reads about something which is so horrific, alien and obscene that it could not possibly be real, just as the ghost or other such supernatural beings in a horror story. This ties in with when in the last verse Owen relates it to the Devil, and the Devil is not something most people would like to believe in, just as the nasty image Owen puts into the reader's head of the dead soldier is not something one would like to believe. However, unlike horror stories and the Devil, Owen's description and vivid realism make this something one must accept as real. Tied within the idea of a horror story, â€Å"Haunting flares† also has a rather psychological meaning to it. The use of the word â€Å"haunting† shows that this has been on the soldiers' minds constantly. But as a horror story, in which the purpose is to be scary, but not real, and it seems that the soldiers are treating it as such. The way Owen writes it makes it seem as if it is something that they have been constantly worrying about constantly which has made them paranoid, and so they dismiss it merely as though they are seeing things. This could be a cause of their delayed reactions when they are hit by the gas attack, for they dismissed the flares as though they were not there. In the next verse where Owen describes the gas attack, he uses language which links and relates to the idea of water. â€Å"Floundering† shows this first, as for example one who cannot swim will flounder in the water. Another possible meaning is that a flounder is a fish; a fish out of water will flap and struggle and will not survive because it cannot breathe oxygen. It seems Owen is using this to compare with the soldier who could not get his mask on in time, and he is as the fish out of water, struggling and fighting for the oxygen he cannot breathe, and in the end he will not survive. â€Å"As under a green sea, I saw him drowning† also relates quite clearly to water; the green sea being the gas, and the soldier is dying – drowning – in this green sea. In the next small verse, Owen briefly changes from the past to the present tense with, In all my dreams, before my helpless sight, He plunges at me, guttering, chocking, drowning. This shows the traumatic and psychological effects this one event had on him. This could be because Owen saw this so close and it was so shocking to him. However, although there is no hint to it in the poem save for â€Å"An ecstasy of fumbling†, there could be a chance that the gas mask Owen ‘won' might have been fought over by Owen and the dying soldier. The sight of watching the soldier die so horrifically could leave a sharp imprint of guilt upon Owen, such as that he would relive the moment when he sleeps, in his dreams. It also shows that Owen had been forced to buy such a nasty moment to be able to function, to do his job, during the day. However, when something has such an effect on someone, it cannot be buried, and it will come back to haunt the person, as it did with Owen when he slept. However, in order for one to be able to get over such an event, it must be remembered, and part of the reason Owen wrote this poem was as a method of self-therapy, to help him recover from the moment. Owen also uses an interesting order of words in these two lines, leaving the point where he speaks about the soldier actually dying, the most important bit, till last. Because of the such traumatic effect it has on him, such a thing to say would be very hard for Owen. In Exposure, Owen focuses in particular on describing most vividly the weather and psychological effects on them during this particular time. It shows also his experience in the war, as weather was a strong enemy to both sides and both sides were badly affected. In the second verse of Exposure, Owen uses poetic technique tied in with realism to describe the weather as an army to be fought. †¦melancholy army attacks once More in ranks on shivering Ranks of grey†¦ Throughout Exposure, Owen uses vivid description to relate to the reader the weather. Here, Owen uses personification as he describes the weather as at the time a more challenging enemy to be fought than the Germans – the main enemy at the time. Also, with â€Å"a dull rumour of some other war†, he is showing that during that time the soldiers were far more concerned about surviving from the extreme weather conditions than they were about the war they were in France originally to fight. It also shows that they were not alert completely, perhaps effected by the weather and fatigue, and they are not entirely aware of how vulnerable they are to the Nazis. Exposure focuses particularly on not only the weather, but also on the psychological effects. Owen describes how the soldiers were so wrecked by fatigue and by the effects of the weather that they forgot about fighting the Nazis and merely withdrew into themselves. Within this, they seem to wonder about what they had been told about war. This is shown particularly when the phrase â€Å"Forgotten dreams†. This may be dreams of the glory after the war, things they had wished to do, dreams and plans after the war, which they have given up on, because they have realised that war is not a glorious thing at all. In this also there appears to be a loss of morale, and of hope, as if they have realised there is no hope in this war at all, be it against the Germans or the weather. There is also a religious element, in which they seem to question their faith and belief in God, and a sense of homesickness. â€Å"Glimpsing the sunk fires† shows this particularly. A fire that is not tended to dies down, and the soldiers had not been home in so long. The fire could also refer to their sunken spirits, and a drastic diminishing of hope and faith, or the diminishing of life as more soldiers die. â€Å"Shutters and doors all closed†: this could mean a few things, such as they believed they would never make it home, they will not survive this horrific war – a drastic loss of morale. Alternatively, perhaps, if they were to return home in the end things would never be the same. There is even the sense (particularly with the next line: â€Å"We turn back to our dying†) that they cannot go back until their job is done, so they â€Å"turn back to [our] dying†. They retreat from their minds and wake up to reality once more. The theme of religion is brought in with â€Å"For God's invincible spring our love is made afraid†. This could mean many things. One of the Ten Commandments is to love your neighbour as yourself. They may be afraid to love their neighbour – the Germans in this case. Or it may be that, after all that has happened to them in the war, they are afraid to any longer love; to believe in; to have faith in God. As this is what t heir belief has brought them too. However, Owen says â€Å"invincible spring†. This could mean something completely different; a sudden replenishing of morale, or of faith in God. It is as if they know they are going to die, and there is nothing they can do about it, but they realise suddenly that this is God's plan for them, and they will not die in vain. They were in the war for a reason: to protect their country and they will die doing their job. â€Å"Therefore, not loath†¦Ã¢â‚¬  – this also shows acceptance of the job God has given them. By â€Å"not loath†, it shows that they will not half-heartedly do their job, and they will do it fully and wilfully. It is clearly difficult however, for them to come to terms with what seems their destiny. Despite Owen's anger about the false propaganda, there does seem to be a sense that heroism has returned to the idea of war. â€Å"Therefore were born†Ã¢â‚¬ ¦ could this mean sacrifice, or resurrection perhaps as with Jesus? With the line â€Å"For love of God seems dying†, it seems it could rather mean â€Å"For love of God it seems worth dying†. This shows that they would willingly die for the love of God. The last verse of Exposure is a verse that seems to predict their fate, which is ultimately a whole acceptance of this fate. Again, Owen's choice of language defines the strong sense of realism and the psychological theme, as with throughout the poem. There are two lines which are most prominent, the first being â€Å"This mud and us†; this line refers to clearly the dead bodies in the earth, but there is also a seemingly religious element in it also. A line from the Bible reads â€Å"Ashes to ashes, Dust to dust†. This refers to the dead bodies in the earth returning to dust, so they are at one with the Earth, peaceful and as part of nature. It seems Owen has come to realise it is simply this which is the fate that awaits them, and he has accepted fully this fate. The last line seems slightly strange then in compliance with this, for it states â€Å"But nothing happens†. Is this a sudden uncertainty of what is to happen after death, or merely a sudden thought that perhaps there is simply nothing? This contradicts their religious views, as the thought of nothing happening would mean regardless of whether they were good men or not, there would be no eternal paradise nor suffering. These two poems are relatively similar in that the main purpose for being written was to expose the horrific truth about war, which is that the ideals created by propaganda of the time that it is glorious to fight for your country, that to be a soldier is to be heroic and fearless and honourable, is opposite to the actual reality of a war. The truth of events in a war, for example the soldier who died from the gas attack in Dulce et Decorum est, is very different from this ideal image, for to die in such a way is certainly not glorious to anyone. As Owen vaguely questions throughout his poems, if you are to die in such a horrific and grotesque way, is it truly worth dying for your country? For as Owen's retreatment into his mind in Exposure, where the soldiers suffer from severe homesickness, would one not prefer to make certain they shall return to their families to care for them, to ensure their safety, rather than die so nastily and leave their family to suffer under the effects of such a death? From each of Owen's poems, it is evident that his determination and passion to expose â€Å"the old lie† to the public drove him to write his poems to perfection, using poetic devices and languages to fill these poems with layers of meaning, some which only Owen will know of, as a method of self-therapy to help him recover from the psychological effects and traumatic stress of the war. It is very sad, therefore, that he should die at such a young age, just before the ending of the war where he should have (as many soldiers who did not should have) been able to experience peace once more and also the effects his incredible poetry had on people.