Macroeconomic convergence, economic growth and financial development Dissertation

Macroeconomic convergence, economic growth and financial development of India - Dissertation Example India is an emerging country that has developed into an open market economy. In 2010, CIA World Fact Book ranks India as 5th in the world economy having $4.06 trillion gross domestic product (GDP.). However, same source indicates there are still traces of its past autarkic policies because of the social democratic policies that have governed the country since 1947 to 1991. At that time, the economy was characterized by extensive regulation, slow growth, protectionism, and corruption. Reforms introduced in early 1990s that included trade and industry liberalization, removal of government control from the industries, and transfer of control of government resource to private business sector accelerated economic growth. Vernani (n.d.) estimated India’s economic growth since 1951 up to 1971 stayed at 3%, and in 1995 went up to 5%. Since 1997, India’s expansion has been more than 7%. India’s growth comes from farming, cultivation, craft, new industries and other ser vices (CIA). Total labor force is 478 million; 52% is in agriculture, 34% is in services and 14% for other industries. India boasts of a large educated English-speaking population that becomes its asset for its export of information technology and software workers. The economic growth slowed down to 6.7% in 2008-2009 but has improved to 7.4% for the rest of 2009 to 2010 (Virnani) Due to big local demand  in 2010, the country recovered strongly from the economic meltdown and has charted over 9% growth. (Virmani,) At this time too, investment growth rate doubled as well as private consumption and imports accelerated; however, government consumption slowed down. Vernani explained that in 2007, investments were over 35%; demands were much higher than previous years; investment rate grew to 18%; domestic demands climbed to 60.1% and a negative rate for exports. However, despite the pronounced growths, CIA showed problems of India that include extensive privation, insufficient infra structures, limited employment opportunities in non-agriculture sector, inadequate way in to quality education, and accommodation of â€Å"rural-to-urban migration†. Financial development in India The process of financial system in India according to Sandhya (2009) †is an interaction of financial institutions, financial markets, financial instruments/assets/securities and financial services which are controlled by the government† . The Indian financial system is also parallel in the role of other governments in the financial markets. Cihak (2011) said the role of governments in finance was less before the global crisis because empirical studies showed harmful effects of government interventions. The crisis changed the minds of the people and thought that it is time for the government to adopt policies to maintain stability, drive growth and create jobs. As such, clearer roles emerged for the government to adopt direct interventions such as ownership, credit gua rantees and liability guarantees. Government has to regulate and supervise economic activities and to promote competition, infrastructure and technology, Cihak said. Empirical results of macroeconomic convergence theories. Economic convergence starts with simple cooperation on agreed upon aspects from among member countries that often lead to integration or merger of these countries. Maruping (2005) defines macroeconomic convergence as a local assimilation that requires joining of two or more states, basically thru a Privileged Agreement, sometimes done thru Bilateral Trade Agreeements.  He describes economic convergence as an organized plan intended for the easy access of service and goods as well as coordination of foreign economic policies of these states in the same region. According to the Dictionary of Trade Policy Terms of WTO, regionalism is described as â€Å"actions by governments to liberalize or facilitate trade on a regional basis, sometimes through free-trade are as or

Compare and Contrast Your art work to a Fantastic Artists Work Assignment

Compare and Contrast Your art work to a Fantastic Artists Work - Assignment Example His work was influenced by works on cubism and was reported to manifest characteristics and features such as â€Å"soothing poetic, personal stories based on Belarusian folklore and the artists Jewish heritage† (The Penn State College of Arts and Architecture 1). As indicated in his website, most of his art works were inspired by themes from the Bible and likewise incorporated works and elements from the religious life in Russia and from folklore (Marc Chagall Paintings). In analyzing the â€Å"Self-portrait with seven fingers†, one is amazed at the vividness and colorful rendition of his self-portrait and the influence of both cubism and fantastic art are clearly exemplified. As the artist, he was shown in painting a scene apparently from a farm or native village. His image was shown dressed formally for a special event, with his curls distinctly eminent and he was apparently portrayed with his left leg apparently raised or resting on the easel. At the background, viewers see the image of the Eiffel Tower at the backdrop and the walls of his abode were in deep and matte shades of red. Other colors of pink, blue, green, yellow, brown, and black were also used. The seven fingers on his left hand signify the artist’s preference for fantastic art by symbolizing that apparently more vibrant images could be created. Source: Fantasy Art of men’s faces at the background. Marc Chagall’s work is related to one’s art work in terms of expressing fantastic art through personal interpretation of one self. There is disparity in terms of SPACING where one’s work placed various images near the focal point but at a DISTANCE. On the contrary, Chagall’s work clearly DELINEATED IMAGES, and the LIGHT AND DARK colors contributed to depicting nearness and distance. One’s own art work likewise was effective in using SHADOWS to emphasize background images in contrast to the Overall, these works of art portray expressions of

Emotional Intelligence And Leaderships

Emotional Intelligence And Leaderships This essay discusses how emotional intelligence can affect leadership, through the fundamental function of decision making process, and lead to organisational effectiveness. For this purpose, Golemans, Boyatzis et al.s (2002) four key elements of emotional intelligence are employed, which are classified into twenty self and social focused competencies. A number of practical applications are described, explaining how emotional skills can affect leaders ability to achieve the desired outcome during the decision making process. We concluded that organisational effectiveness can benefit from the application of emotional intelligence on leadership skills, through the decision making process. Finally, we note some limitations such as the level of emotional intelligence and its accurate measurement. Keywords Emotional intelligence, leadership, decision making process Introduction Emotional intelligence was first introduced in the late 1980s (Mayer, Roberts, Barsade, 2008). Yet, one of the most controversial issues is how emotional intelligence as the new form of intelligence that concerns the interaction of thinking and feeling, can be employed on leadership and subsequently on organisational effectiveness (Goleman, 1998). There are several definitions and conceptions about leadership and its effectiveness. Until the 1980s, leadership effectiveness was measured by leaders cognitive ability to apply and develop effective strategies for complicated problem solving (Woods West, 2010). However, the last three decades leadership effectiveness due to its apparent social aspect is measured by leaders capability to influence, inspire and motivate followers. (Woods West, 2010). After further research, emotional intelligence evolved into a popular and useful tool for enhancing leadership effectiveness (Kerr, Garvin, Heaton, Boyle, 2006). In our essay we discuss how emotional intelligence through the application of individual and social skills on decision making process, can affect leadership efficiency and lead to organisational effectiveness (Hess Bacigalupo, 2011). Given the fact that the leaders decisions play a central role in the organisational viability (Woods West, 2010), we consider that the implementation of emotional intelligence resources to the decision making process can contribute notably to the increase of organisational efficacy. Emotional intelligence The term of emotional intelligence was first formally introduced into academic literature in the decade of 1990 by Salovey and Mayer (Kerr, Garvin, Heaton, Boyle, 2006). Emotional intelligence is considered to be a dual dimensional theory that is focused on peoples self and social skills. That means that emotional intelligence concerns the humans ability of having an effective command of expressing, evaluating, managing emotions, communicating feelings and generating thought applied on individual and relationship based level (Salovey Mayer, 1990). It can be classified in two broad models: the ability based model and the mixed model. The ability model involves the abilities of conceiving and recognising the emotions, facilitating thoughts, understanding complex emotions and managing them (Mayer, Salovey, Caruso, 2000). Emotional intelligence links emotions and intelligence to someones perception for understanding the social environment (Grewal Salovey, 2005). Specifically: Emotional intelligence involves the ability to perceive accurately, appraise and express emotion; the ability to access and/or generate feelings when they facilitate thought; the ability to understand emotion and emotional knowledge; and the ability to understand emotions to promote emotional and intellectual growth (Mayer Salovey, 1997). The four branch model as mentioned above, links hierarchically the basic process of conceiving emotions to the advanced level of understanding them and is measured by MSCEIT [Mayer Salovey Caruso Emotional intelligence Test; (Mayer, Caruso, Salovey, Sitarenios, 2003)]. Goleman (1995) introduced the mixed model of emotional intelligence that involves non innate talents but learnt competencies that significantly affect job performance (Hess Bacigalupo, 2011). This kind of model mainly addresses leaders performance and provides dynamic outlines for becoming an effective leader. According to Goleman (2001) and Boyatzis et al (2000) the basic elements of the mixed model of emotional intelligence consist of self focused and social focused competencies. These are: self awareness, self management, social awareness and relationship management (Hess Bacigalupo, 2011). Self awareness involves emotional self awareness, accurate self assessment and self confidence. The emotional self awareness is referred to the fact that someone is fully aware of his/her feelings and realise their impact. The accurate self assessment involves the knowledge of strengths and weaknesses and how they can be eliminated through gradual improvement. A highly self confident person is aware of his/her abilities, expressing strong confidence and being able to deal with difficult tasks (Goleman, Boyatzis, McKee, 2002). Moreover, the group of self focused competencies includes self management capabilities that concern emotional self control, transparency, adaptability, achievement, initiative and optimism. The emotional self control is referred to ones ability to setting impulsive emotions under control, while the transparency is associated with integrity and honesty. The adaptability entails flexibility and the ability to easily adjust to spontaneous changes, whereas achievement concerns the fulfillment of goals and targets. The initiative concerns ones ability to act alone holding responsibility for the consequences of his/her actions; the optimism entails seeing the positive aspect of the events and the future facts that might take place (Goleman, Boyatzis, McKee, 2002). The social focused competencies i.e. social awareness and relationship management determine the manner of managing followers. The social awareness includes empathy which means understanding ones concerns and emotional situation, organisational effectiveness which is referred to the efficiency of meeting organisational goals and service which has to do with the comprehension of followers requirements. The relationship management involves inspiration (generating motivations to the followers), influence, developing others (improving ones capabilities), change catalyst (leading an entirely new and innovative modification), conflict management (how to manage disagreements), building bonds (the ability of socialising and developing a network of new relationships) and teamwork (effective collaboration and co existence within the group) (Goleman, Boyatzis, McKee, 2002). Leadership and Emotional intelligence According to House et al (1999):Leadership is the ability of an individual to influence, motivate and enable others to contribute towards the effectiveness and success of the organizationà ¢Ã¢â€š ¬Ã‚ ¦ (Yukl, 2006). Some theorists argue that leadership is adjusted according to organisational environment and aims. Hersey and Blanchard (1982) claim, different situations require different kinds of leadership (Situational Theory of Leadership). On the other hand, Fiedlers Contingency Theory (1967) suggests that leadership effectiveness depends on the place, the time, the task and the situation (Arnold, Randal, al, 2010). In any case leadership through its dynamic dimension provides guidelines that can promote organisational effectiveness. By this term, it is meant profitability in financial terms, or organisations ability to equip employees with those skills necessary for performing business fully engaged with the organisational culture (Woods West, 2010). A leaders effectiveness depends on the manner of developing and enhancing followers skills and abilities. Personality characteristics in themselves do not make leaders inherently effective. What matters is how those characteristics are expressed to leaders behavior, and how that behavior is understood by others (Woods West, 2010). The Center for Creative Leadership (CCL), the worldwide known Work and Organisational Psychology Organisation, conducts research on what is effective leadership by highlighting the factors that lead to failure (derailing). Its study showed that even though there are common traits between those who succeeded and those who failed, certain characteristics seemed similar for their imminent failure. For example, managers promotion from lower levels of the organisation to upper ones, might lead to over-confident behavior (Woods West, 2010). At the organisational level, leadership is considered to be a mixture of behaviors, administrative abilities, traits and interactions that are driven by the circumstances and the organisational culture; the link among various departments in an organisation managed by the leader (Woods West, 2010). Considerable evidences in recent years note that social skills are vital for leadership performance (Prati, Ceasar, Ferris, Ammeter, Buckley, 2003). An efficiently oriented leader takes advantage of emotional skills and resources in terms of interaction, in order to achieve the optimal performance outcome (Wong Law, 2002). The emotional skills concern the social aspect of emotional intelligence during the interaction process (Riggio Reichard, 2008). Under these circumstances, leaderships outcome is considerably affected by a leaders ability to recognise and manage followers emotions in social interaction (George, 2000). This argument is supported by Goleman, Boyatzis and McKee (2002) wh o claim that emotional intelligence is fundamental for leadership effectiveness and specifically when it is applied on teams. Antonakis et al (2009) claim that leadership effectiveness is strongly linked to emotional intelligence when concerns the relationship development between the followers and the leader (Antonakis, Ashkanasy, Dasborough, 2009). Since leadership is considered an emotional process, the level of emotional intelligence in a leader plays a significant role in the effectiveness of social interaction with others. George J.M. (2000) in her article Emotions and leadership: The role of Emotional intelligence underlines that there are five basic elements of leadership that are positively correlated with the level of emotional intelligence. The five key elements of effective leadership as presented by the authors Conger Kanungo (1998), Lock (1991), Yukl (1998) are the following: Development of collective goals and objectives. Instilling in others a sense of appreciation and importance of work. Generating and maintaining enthusiasm, confidence, optimism, cooperation, and trust. Encouragement of decision making and change. Establishing and maintaining meaningful identity for the organisation. (George, 2000) Emotional intelligence is the spark that ignites a companys performance creating a bonfire of success or a landscape of ashes. (Goleman, Boyatzis, McKee, 2002). There has been research on the correlation between the level of emotional intelligence and the leadership effectiveness; results showed that ones level of emotional intelligence might play an important role to the leadership effectiveness (Kerr, Garvin, Heaton, Boyle, 2006). However, it is doubtful whether the ability to understand emotions and the ability to act effectively are inextricably linked or not (Kerr, Garvin, Heaton, Boyle, 2006). According to Rosete and Ciarrochi (2005), the higher level of emotional intelligence, the higher leadership effectiveness (Kerr, Garvin, Heaton, Boyle, 2006). Leaders with high level of emotional intelligence inspire, generate motivation to the followers and state greater job satisfaction (Scott-Ladd Chan, 2004). Emotional intelligence and decision making process It is common knowledge that organisations consist of several departments that interact in order to perform business. Koop (1995) claims that this interaction is managed by the decision makers (leaders) (Scott-Ladd Chan, 2004). Under these circumstances, we realise the importance of the decision making process and the impact of their outcomes on organisational effectiveness. The decision making process is classified in the following stages according to Simon (1986) Langley (1989): Rational economic model Definition of the issue. Identification of limiting factors (external and internal). Plan and development of potential alternatives. Evaluation of each alternative in terms of practicality and cost. Selection of the best alternative. Implementation of decision. (Huczynski Buchanan, 2007) The decision making process involves the decision maker and those that are affected by the decision. The decision maker is essential to take into account the people affected by the decision and determine an effective manner of interpreting it (Hess Bacigalupo, 2011). Subsequently, the decision maker is required to make use of rationality and logic as well as of emotions. However, a controversial issue has been raised by some researchers. This is due to the fact that they consider that the best decisions are made in the absence of emotions. According to Stanovich and West (2000), the shift from emotional thinking to rationality can entail better decisions. They suggested that emotional functions may be substituted and replaced by logic in the aim of enhancing the quality of decisions. By contrast, others claim that the ability to have a good command of ones emotions is an advantage for the decision maker (Hess Bacigalupo, 2011). Actually, there is no wrong perception of the key factors of the decision making process. What matters most, is to take into consideration the possible impact that emotions might have on the decision making process and the quality of decisions (Hess Bacigalupo, 2011). Research on emotional intelligence and decision making process Sevdalis et al (2007) in the article Trait emotional intelligence and decision related emotions explain that emotions are evident during the decision making process (Hess Bacigalupo, 2011). They suggest that differences in trait emotional self-efficacy can affect the way the individuals experience the impact of the decision (Sevdalis, Petrides, Harvey, 2007). Also, Mellers et al (1999) concluded that the emotions people experience from the impact of a decision, can affect their future attitude and behavior (Hess Bacigalupo, 2011). Winter and Kuiper (1997) underlined that every person has a different perception of the emotions experienced whereas, Jordan and Troth (2004) noted that there is a significant difference on the effectiveness of emotional intelligence when the decision making process concerns individual or team tasks accordingly (Hess Bacigalupo, 2011). They concluded that individuals with high level of emotional intelligence as members of a team are more likely to come up with better solutions, without the fear of making mistakes (Frye, Bennett, Caldwell, 2006). Studies in PDM (participation in decision making process) have shown that emotionally intelligent employees who are involved in the decision making process contribute to organisations effective response to continuous changes. But, organizations are supposed to clarify to the employees the reason, the way and the degree of their participation in the decision making process resulting in greater commitment and benefits for both employee and employers. Nevertheless, the clear definition of boundaries in the participation of decision making process improves the quality of decision outcomes which depends either on the purpose for implementing PDM or on how efficiently it is implemented (Scott-Ladd Chan, 2004). The contribution and application of emotional competencies to leaders as decision makers Since the decision making process involves stages that are addressed both to brain and emotional function, it is necessary to understand the impact of the application of emotional intelligence on decision makers and the potential outcome. According to Hess Bacigalupo, (2011) no considerable research has been conducted for the practical interaction between behavior and emotional intelligence during the decision making process on both individual and group basis. In their paper, they develop a methodology based on a number of practical applications of emotional intelligence skills on the decision making process that could be useful and beneficial for individuals and organizations development. For this purpose, the model of Goleman (2001) and Boyatzis et al (2000) is applied, as it concerns individual and interpersonal skills, which are both crucial and determinative for the decision making process (Hess Bacigalupo, 2011). The group of the skills mentioned, involves self awareness, sel f management, social awareness and relationship management (Goleman, Boyatzis, McKee, 2002). In the organisational environment, the leader plays the role of the decision maker. Taking advantage of the competencies of emotional intelligence, the possibilities for making an effective decision are increased. The individuals skills i.e. self awareness and self management enable the leader (decision maker) to acknowledge his/her weaknesses, recognise the possible influence that can have on the followers and boost his/her confidence. Why is this so important? Because, it helps the leader to foresee the different aspects of followers vision as well as their reactions and communicate effectively the decision (Goleman, Boyatzis, McKee, 2002). Tannenbaum and Schmidt (1958) claimed that leaders and followers share control during the decision making process that is based on the assumptions they have formed for the amount of control they possess (Hess Bacigalupo, 2011). A strongly efficient leader is supposed to achieve balance during the decision making process; he/she should guide th e discussion appropriately, act as a consultant encouraging the information exchange and the increase of comprehension as well. At this stage, emotional intelligence competencies can be applied, so that the leader can regulate the allocation of control among the parties creating a climate of cohesion. Though, emotional intelligence application is as important as in the case of sharing responsibility for inappropriate decisions. An emotional intelligent leader not only welcomes the commendations of good decisions but also holds responsible for bad decisions (Hess Bacigalupo, 2011). This reinforces leaders integrity and reliability, necessary elements for establishing a climate of trust and honesty in an organisation. Moreover, through the self control the leader can develop the skill of controlling emotions and impulses i.e. stress tolerance, which derive from time pressure and unexpected changes in the organisational environment. The ability to manage time pressure and suppress neg ative emotions is considered of utmost importance, as it enables leaders to establish the appropriate climate for making decisions and avoid misjudgments that can have an adverse impact on organisational effectiveness (Hess Bacigalupo, 2011; Goleman,Boyatzis et al, 2002). Likewise, emotional social focused skills i.e. empathy, organisational awareness, conflict management, change catalyst, teamwork and others, are highly important when they are implemented by the leader in an attempt to achieve effective consensus of team decision making. On the grounds that most times the decision is addressed on employees, with different values and beliefs, the leader should be able to manage diversity through the skills of empathy and conflict management. Furthermore, organisational awareness enables a leader as a decision maker, to make decisions that comply with the organisational status and determine the appropriate processes. On the basis of service orientation, decisions that are related to the customers needs and satisfaction are highly appreciated within the organisational environment and add value (profitability) to the image of the organisation. Last but not least, the decision making process involves active participation and constant interaction among me mbers; emotionally intelligent leaders taking advantage of this fact can not only enhance the quality of teamwork and promote relationship development, but also ignite and stimulate followers initiative, motivation and commitment (Hess Bacigalupo, 2011; Goleman,Boyatzis et al, 2002). Conclusion In conclusion, the leader through the application of emotional intelligence can empower followers and establish cohesion among them during the decision making process. This allows to the leader to improve the quality of decision making process increasing the organisations potential for effectiveness (Hess Bacigalupo, 2011). However, we should not overlook a range of factors that can limit emotional intelligence efficiency on organisational basis; queries such as Can emotional intelligence affect negatively the organisational effectiveness if it is excessively high? or Could it be accurately measured? (Fiori Antonakis, 2011) are considered to be crucial and part of future further research on emotional intelligence.

The Fast Food Culture is Detroying America Essay -- Fast Food Research

The typical American diet, with its emphasis on fast food and frozen food, is a consumption pattern reflective of, and symptomatic of, our production patterns -- what kind of jobs we find ourselves going to day-in and day-out, and the way these jobs encourage us to see the world we live in. If people are more apt to think of themselves as consumers rather than producers, if gratification is associated with consumption rather than working, doing, and making, we have only to bear in mind that this is a society where work is either unattainable or alienating. (Willis, A Primer For Daily Life, "Learning From the Banana," page 59) The psychological impacts based on today's workplace lead us to believe we have no time. We no longer make our own food. We no longer cook our own food. We experience an alienation from its sources; food comes to us ready-made, pre-packaged, and/or frozen. Our usual food choices are commonly referred to as "junk-food," and when we happen upon someone cooking a meal entirely from scratch, we often joke, "What's this, real food?" Our relationship towards food has become so skewed that we no longer expect quality. If, by chance, we happen to encounter it, we are genuinely shocked and surprised, and almost threatened, for the rare presence of quality exposes that there usually is none. We have no idea what is in our food, or where it comes from. We are alienated from the land which gives us food, and from the actual production of our food. Do we know whose hands our food has passed through before we see it stacked neatly on shelves, or handed to us in a bun at Burger King, ready for us to consume at leisure? Contrary to McDonald's "educational literature" passed out to young children in schools, hamburge... ...5; call 408.423.4069 Vegan Outreach, 10410 Forbes Road, Pittsburgh, PA 15235; e-mail mba8+@andrew.cmu.edu Other Useful sources : McSpotlight -- contains over 1600 spotlights of McDonald's wrongdoings (Once you click, choose the server nearest you: Netherlands, Finland, USA, New Zealand) Viva!Guides -- some interesting literature and ideas; "How Now Mad Cow," + others... McDonald's Very Own Dietary Info -- ingredient lists of every product, complete with calorie, fat, fiber, etc counts Screwing McDonald's -- in case you missed the McSabotager earlier in the page... McDonald's is suing people who call their food unhealthy Opposing Viewpoints : Myths & Facts About Beef Production -- The incredible health benefits you will receive by eating beef! (Curiously, funded by...) Beef Handbook--Nutrition & Health -- the U.S.D.A. tells it like they see it...

Building effective technical skills

Chief operating officer The organization is headed by the COO. All the department heads will be reporting to him. The activities of all departments will be assessed and approved by him. 1. Legal & Statutory department: This department is represented by the Manager – Regulatory affairs. He will take care of all regulatory registrations, their renewals, their compliances, disputes arising due to non compliances, etc. He will be a line employee reporting to the COO. 2. Human Resources Department: Manager – HRD is the head of this department.He is a line employee who takes care of recruitment, training, remunerations, discipline, appraisals, outsourced services, etc. An Officer- HR, a staff employee reports to the Manager – HR. He takes care of time office, salaries and wages, documentation, coordination with other departments, etc. 3. Finance Department: Manager – Finance is the head of the department. He is a line employee taking care of budgeting, fund plan ning, taxations, accounting, auditing, etc. He is assisted by an accountant, a staff employee, who takes care of documentation, cash flow, ledger maintenance, day book maintenance, etc.Cashier, a staff employee takes care of billings, cash transactions, cash deposition, etc. He reports to the Manager – Finance. 4. Sales & Marketing Department: Manager – Sales & Marketing heads the department. He is a line employee taking care of market research, planning, promotions, advertisements, store design & set up, sales, customer feedbacks and complaints, etc Building effective technical skills 04 Executive – Market Research, a line employee having a sound knowledge about the type of books reports to Manager – Sales & Marketing. He utilizes his skills to forecastcustomer requirements and identify an adapted product mix from time to time. Executive – Media is a line employee, reporting to the Manager – Sales & marketing, taking care of media and magaz ine advertisements, promotional programs, etc. Executive – Stores Operations, a line employee, reports to the manager – Sales & Marketing. He is responsible for the store design, displays, maintenance, etc. He co ordinates with the Inventory department to organize stocks. Retail sales persons are staffs reporting to the Executive – Stores Operations. They take care of sales at various sales counters or sales zones.They are responsible for the packing and forwarding of the purchased books to the delivery department. 5. Inventory Department: Manager – Inventory heads the department. His span management includes procurement, warehouse management, inventory control, etc. He co ordinates with the Manager – Sales & marketing to ensure that the stock levels are maintained properly. Purchase assistant, a staff employee reports to the Manager – Inventory. He takes care of purchase order preparations, stock receipts, inward stocks verification, return of damaged stocks, etc. Stores assistant reports to the Manager – Inventory and he is a staff.He takes care of warehouse management, inventory control, documentation, etc. 6. Systems Department – Executive – Systems, is a line employee taking care of computer hardware, billing software, etc used by the organization. He reports to the COO. Co ordination Mechanism: The co ordination mechanism in such a book store is as follows. The Executive – Market research makes a thorough study of the market and prepares an adapted product mix. This is sent to the Manager – Inventory. The Stores assistant assesses the stock situation in the book store and the warehouse. He sends a stock report to the Manager – Inventory.Based on the market requirements and the stock situation, the Manager – Inventory prepares the Procurement plan. He directs the Purchase assistant to conduct purchases based on the procurement plan. This cycle repeats on a regular f requency. Comparison of a traditional book store and an online book store This is a traditional bookstore, operated by a traditional Hierarchical structure. The quantum of work involved is more and hence a relatively higher number of employees are employed. The information flows from the top level to the bottom level through paper correspondences or mail communications.These shops are slow in adapting to the market changes. The stocks are usually built and maintained based on the market forecasts. Hence, this type of stores usually carries a large inventory and hence requires a lot of space. This has a direct impact on the financial overheads. The book stores like â€Å"Barnes & Noble†, â€Å"Amazon† or â€Å"Border† are online bookstores since 90’s. They are E enabled business concerns. They make use of the web and the Information and communication Technology (ICT). Hierarchical flow of information is less. The flow of information is through digital mode and fast.They usually maintain low inventories. They take the order from the customers, procure the requirements from the suppliers and deliver them to the customers directly. Their inventory carrying costs are much lower. The quantum of work involved is less and the flow of information is more. The savings due to the reduction in the inventory levels are passed on to the customers. References 1. Electronic Commerce: Opportunities and Challenges by Syed Mahbubur Rahman, Mahesh Raisinghani 2. The E-Commerce Book by Steffano Korper and Juanita Ellis. 3. Electronic Commerce: The New Business Platform for the Internet by Debra Cameron

Acme Fireworks Prospectus Essay

Acme Fireworks is a fireworks retailer that sells fireworks, puts on ground display fireworks, and large aerial displays fireworks. Acme Fireworks has been a sole proprietorship since it began two years ago. At this time the owner is receiving inquiries as to Acme Fireworks ability to create fireworks displays on a regular basis. CITATION Rog12 l 1033 (Rogers, 2012). In anticipation of increased business, the owner of Acme Fireworks is in need of some information. This prospectus is going to inform the owner as to: Whether or not the business will be governed by common law or the Uniform Commercial Code. Analyze whether or not the owner has any actual contracts. Explain the potential personal liability to Acme Fireworks is someone is injured by a stray firework. Discuss different employment types while discussing the advantages and disadvantages of each type as it applies to Acme Fireworks. And finally, give suggestions as to why Acme Fireworks should no longer be a sole proprietorship. When it comes to contracts, it is important to understand that there are two different bodies of law that come into play, the Uniform Commercial Code (UCC) and the common law of contracts. The difference between the UCC and the common law contract can make a huge difference in the outcome of a contract dispute. This could be the difference between being able to collect punitive damages, discharge or modify a contract, be able to sue under breach of contract, and whether or not there truly a legally recognizable contract after all CITATION Gun12 l 1033 (Denton, 2012). It is important to understand the type of contract governed by each body of law. The UCC applies to the sale of goods and securities, and common law of contracts applies to contracts for services, real estate, insurance, intangible assets, and employment CITATION Gun12 l 1033 (Denton, 2012). If the contract should happen to be for both  the sale of goods and for securities, the dominant element would be in control of the contract CITATION Gun12 l 1033 (Denton, 2012). Should Acme Fireworks have contracts with the inquiring businesses, these contracts would be governed under UCC rule. The contracts would be for both goods and services with goods being the dominant factor of the contracts. There would be more fireworks than there would be personnel. Hence, this would be the reasoning for a UCC contract. In order for the owner to have valid contracts with inquiring businesses there are five elements that must be present in order for the contracts to be valid. First there must be an offer. An offer is an invitation for another to enter into a contract CITATION Rog12 l 1033 (Rogers, 2012).Then there is the need for acceptance. Acceptance is the acquiescence to enter into a contract CITATION Rog12 l 1033 (Rogers, 2012). Then there is consideration. Consideration is anything of legal value that is asked for and received as the price for entering into a contract CITATION Rog12 l 1033 (Rogers, 2012). Now there is legality. Legality is the extent to which the contract is legal and not against public policy CITATION Rog12 l 1033 (Rogers, 2012). Finally, there is capacity. Capacity is the mental competency to enter into a contract CITATION Rog12 l 1033 (Rogers, 2012). Considering Acme Firework’s new â€Å"contracts†; Was there an offer? No, there was not an offer. The businesses were making inquiries, asking questions trying to find out what Acme Fireworks could handle. Was the acceptance? No, there was no acceptance. There were no contracts offered, therefore nothing to accept. Was there consideration? No, there was no consideration. Pricing of the firework displays was talked about, but that was j ust information given to answer question f the inquiry. Is there legality? Yes, when the contracts are made they will be legal as they will not be against public policy. Is there capacity? Yes, there is capacity. It is safe to assume that the owner of Acme Fireworks and the owners of the other businesses are of sound mind and body therefore able to enter into legally binding contracts. So, did the owner have enforceable contracts? No, he did not. While there was legality and capacity; there was no offer, acceptance, or consideration present. Fireworks displays are beautiful and exciting, but they are also very dangerous. The operator of a fireworks display has a duty to fireworks are done in a safe way that does not injure spectators CITATION All13 l 1033  (Business, 2013). To successfully sue a promoter of a firework display, it must be shown that the promoter failed to keep spectators at a reasonable safe distance CITATION All13 l 1033 (Business, 2013). In order to sue the operator of a firework display it must be shown that the spectator was injured by the discharge of a fireworks or firework that did not explode properly CITATION All13 l 1033 (Business, 2013). Should an injury occur neg ligence by the operator is presumed, as the operator is in sole control of firing the fireworks. Essentially, Acme Fireworks is going to want any such liabilities to be the responsibility of the company and not result in personal liability. Being a sole proprietorship Acme Fireworks will be liable for all debts and claims against the business. A lawsuit of this type could be financially devastating. However, should Acme Fireworks take the time and effort to incorporate or to form a Limited Liability Company they would more than likely be protected to a significant degree from such personal injury CITATION All13 l 1033 (Business, 2013) Should these contracts come into being, Acme Fireworks will need to hire more employees. But which type of employee should Acme Fireworks employ? The full-time employee works regular and on-going, between 35-45 hours a week, which includes non-wage entitlements and benefits like paid holiday leave, sick leave, and long service leave CITATION ASU14 l 1033 (ASU, 2014). Part-time permanent work is regular and on-going, involves fewer hours than full-time and usually has set days or set hours. No benefits and entitlements are received by part-time employees. Casual work is on-going and involves irregular hours and hourly pay. Casual workers work on an as needed basis, which means that they work when they are needed CITATION ASU14 l 1033 (ASU, 2014). Th ere are no entitlements for casual workers since the entitlements are factored into 20% of the higher hourly rate that casual workers receive CITATION ASU14 l 1033 (ASU, 2014). Casuals usually receive hourly rates of pay based on a minimum 15% loading of normal or applicable hourly rates of pay CITATION ASU14 l 1033 (ASU, 2014). Fixed term or contract employees are hired for a fixed period of time for a specific project or to replace an employee on sick leave or paternal leave CITATION ASU14 l 1033 (ASU, 2014). This type of employee would need an agreement in writing that sets out the length of the employment contract. Fixed term employees are entitled to the same annual personal and other leave as  full-time employees, but on a proportional basis for the period of their employment CITATION ASU14 l 1033 (ASU, 2014) Piecework and commission only payment employees rather than being paid a wage or salary are paid by: Piecework – the paying f a specific amount for completing a specific task. Commission – the paying of a percentage for each sale made Retainer plus commission – the paying of a fixed amount plus commission. Should Acme Firew orks decide to hire more employees, my suggestion would be to hire casual workers. Casual workers do not expect to work all the time they work when they are needed. They would not have to give them any entitlements just work. Should Acme Fireworks become so busy that they are working everyday then they might want to get some full time workers. But, as of right now go with the casual workers. Acme Fireworks has been a sole proprietorship since it began two years ago. As a sole proprietorship all liabilities for finances and operations are on the owner. The owner’s personal property is tied to the business, so the owner assumes a risk against his personal property should the business experience financial hardship. Profits and losses of the business are reported through the owner and are taxed at the individual rate. The sole proprietorship entity is the easiest entity to set up, but the owner will probably have to sell the business to retrieve his investment. Should Acme Fireworks become a partnership? A partnership has two or more owners that share equal control, unless the partnership agreement says otherwise or the entity is set up as a limited partnership CITATION Phi14 l 1033 (Phillips, 2014). L ike a sole partnership, profits and losses of the business flow through the partners and are taxed at the individual rate. Operating partners assume risks, both legally and financially. Creditors can attempt to collect debts from the partner’s personal assets CITATION Phi14 l 1033 (Phillips, 2014). To recoup their investment the partner is required to sell his interest in the business. With the potential for devastatingly high personal injury claims, this entity would not be the one for Acme Fireworks. This entity jeopardizes the personal assets of the businesses owners. A corporation? A corporation can have an unlimited number of owners, known as shareholders. This business entity remains separate from the owners in legal and financial matters CITATION Phi14 l 1033 (Phillips, 2014). The profits and losses of a corporation are taxed at corporate rates, not individual rates. Should the  corporation realize a profit it is paid out to the shareholders who then report it as income and pay taxes on it at an individual rate CITATION Phi14 l 1033 (Phillips, 2014). Corporations are taxed twice, once at the time of profits and losses and then again when the shareholders realize the dividends. Or a limited liability company? This entity is a partnership and a corporation mixed together. Owners are protected from personal liability like a corporation, but enjoy the tax advantages similar to a partnership. The LLC would be the entity I would suggest for Acme Fireworks due to the ability to be free from personal liability and the ability to be taxed at the lower partnership rate. References: BIBLIOGRAPHY l 1033 ASU. (2014). Employment Type Defin itions & Eligibility Summary. Retrieved from ASU: http://www.asu.edu Business, A. (2013, July 13). Fireworks Displays. Retrieved from Avoiding Personal Liability: http://www.allbusiness.com Denton, G. &. (2012). Thwe difference between a contract that falls undert the UCC and one that does not and why it is important to you. Retrieved from Gunderson & Denton at Law: http://www.gundersondenton.com/business/difference-contract-falls-ucc-important Phillips, C. (2014). Three Types of Business Entity. Retrieved from Small Business: http://www.smallbusiness.chron.com Rogers, S. (2012). Essentials of Bussiness Law. San Diego: Bridgepoint Education, Inc.