Financial Analysis Report for the ArenaRyanair Airline Company

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All The Recommendations in this report are personal opinion.

The research and financial analysis of this report are based on the information provided by the Ryanair Financial Report, relevant internet and library.

Introduction

The purpose of this report is using financial management techniques to provide an overview of Ryanair Holding Plc.'s good financial situation in order to promote other companies to invest. After analyzing the information from different resources, this report will supply other companies with a guide to make many decisions required to effectively manage of their business and to develop their future financial plans for the future requires reliable and pertinent information on the financial performance and financial position of the firm although if the analysis forecasts serious financial problems.

Financial management techniques in today's business

The main objective of financial management is maximizing shareholders' wealth. Company needs money to acquire resources to operate. Money for investment is referred to as finance, financial management is concerned with managing a company's finances. When company decides to use their expertise, time and money in a particular way, they have an objective in mind. The objective governs the decisions to be made. A company's major objective is maximizing the wealth of its shareholders, but other objectives should be satisfied at the same time, like managerial objective, short-term objective, other parties' objective, non-financial objective. The company needs machine, staff, and working capital to exist and grow in the market, which is the reason why we have to invest. First, we should have strategic management and analysis. Like current environment, capacity for change. Where are we now? Where are we going? P.E.S.T and SWOT analysis can help you analysis the company's situations. The rule of thumb is that ¡°long-term assets should be financed by long-term funds and short-tem assets by short-term funds¡±. Short-term finance is usually cheaper than long-term finance. This is largely due to the risks taken by creditors.

There are some financial management techniques that we could apply in the chosen company¡ªRyanair Holding PLC.

About Ryanair

The Irish company Ryanair is the famous low-fares airline company in Europe. It started in 185 and had IPO in 17 when it floated Ryanair Holdings plc on Dublin and New York (NASDAQ) Stock exchanges. Company goal is to be the Europes largest airline in the next 8 years. Ryanair operates 45 routes across 11 European countries. They have daily services from most of these routes. In 15, Ryanair had become the biggest passenger carrier on the Dublin-London route. But compare with other large airlines, Ryanair only operates European continental routes. It lacks the link with other continents. However, in addition to route availability, the actual flight schedule is also important to maximize the available flying time of the airline's most significant tangible asset, its aircraft. Ryanair has a fleet of 1 Boeing 77's, orders for up to a further 5 new 77-800's which will be delivered over the next years. Over the past ten years it has increased its annual traffic from under 700,000 to over 15 million passengers. Along the way it changed the face of air travel, broke hire fare cartels, rocked airport monopolies and made it possible for millions to travel.

Ryanair provide unique services with low price. If their seats are not booked, customers can seat wherever they like. However, their in-flight services are limited. For example, customers have to pay if they want any drinks or food. There are always some complains about seats overbooking from customers.

Ryanair has committed itself to safe operations and has put in place extensive safety training programs to ensure the recruitment of suitably qualified pilots and maintenance personnel. In addition, the company is also committed to the operation and maintenance of its aircraft in accordance with the highest European Aviation Industry Standards, which are closely monitored by the Irish Aviation Authority.

In year 000, Ryanair launched Europe's largest travel website at WWW.RYANAIR.COM, which within three months of its launch was taking over 50,000 bookings per week, by offering unbelievably low airfares. The passenger acceptance of this website enabled Ryanair to reduce travel agent commission.

Ryanair is well positioned in European market to implement its low cost strategy. After the full EU air transport deregulation in 17, Ryanair was free to set up new routes to Continental Europe. The airline entering these market offered air fares which were more than 50% lower than the cheapest fares then provided by the flag carrier airlines. The European airline sector is dominated by high cost; long haul national carriers like British Airway, Lufthansa and KLM. These airlines control 50-60% of market share, but are beginning to lose the bottom end of the market to low cost carrier like Ryanair.

Financial Situation

The major revenues of Ryanair gain from the tickets that they sold during the year. Therefore, we can regard the tickets as a kind of the stock of the airlines' company. But they don't have any value before they are sold. That is the only different with the tangible stock value. Once the tickets are sold, the company gets the revenues from the operation. They have amount of cash and debt. The company uses cash to pay the relevant cost, like staff wages, fuel and oil cost, marketing and distribution cost and so on. The rest of the revenues are kept in retained profit as the capital of company. If the profit grows, the company share price will increase accordingly. Once the share price increased, the shareholders will enjoy the prior return on their investment, more and more investors will have more interest in the company. Therefore, the company achieves the source of finance. After that, they should consider about where they should invest to growth in the market and expand their company.

Last year, Ryanair company's operation revenues are € 814 in 00 (Increase € 6441 than 001). It includes net cash inflow from operating activities € 15417. This should thank for the contribution of the sales team. Ryanair insists to offer lower airfares in European countries and try to increase sales continuously. Increased revenue is one of the major sources of finance.

The strength of the performance is highlighted by the fact that the groups' cash on hand is equivalent to 5.6% of annual turnover. This figure is a little bit high according to their sale growth. They should invest the cash flow to generate more return. But there is a special reason that they have to maintain a deposit US$500,000 with the guarantor bank for as long as the bank gave its guarantee.

The operating expenses during the year are € 740; Net cash inflow from operating activities is € 104; profit and loss account is € 11758. As the growth of the profit during the year, EPS increased by 17% to € 5.16 and is based on 164,75,808 shares which represent the weighted average number of ordinary shares outstanding during the year. We can see the profit is increasing; the capital of the company is increasing. Because the market is growing, Ryanair should think about where they should invest and how. i.e. Invest new aircraft, improve quality of service or setup new routes.

Ryanair announced a new investment program with a US$billion order for up to 45 new Boeing 77-800 series aircraft. Continued strong cash flows generated from trading operations combined with the proceeds of the London offering and the receipt of debt financing for the first of the Boeing 77-800 next generation aircraft, has allowed the group to increase its cash on hand by € 74m. Before Ryanair makes decision about buying what type of aircraft, the two alternatives would be mutually exclusive, in that the choice of one will exclude the other. The company may use NPV and IRR to calculate which one may give more return.

Appendices

Net Profit Ratio

In 001,

548/76100%=%

In 00,

11758/814100%=8%

Return On capital Employed

In 001,

5676/1485100%=8%

In 00,

68410/8775100%`=8%

Asset Turnover

In 001,

76/1485=1.56

In 00,

814/8775=1.04

Current Assets Ratio

In 001,

887/71877=11

In 00,

1787/1151=1

Acid-Test Ratio

In 001,

(887-668)/71877=11

In 00,

(1787-101)/1151=11

Total Gearing

In 001,

1484/(14551+1484)100%=10%

In 00,

4760/(5+4760)100%=1%

Equity Gearing

In 001,

1484/14551100%=11%

In 00,

4760/5100% =1%

Interest Cover

In 001,

6017/(1087+188)=4.4times

In 00,

7666/(+1168)=6.6times

Ratio Analysis

Ratios are quiet common method of analyzing financial management. It refers to the use of simple ratios which are calculated from the figures of financial statements in order to measure certain aspects of a firm's financial condition. Ratios make comparisons with

The performance of the business in previous years

The budgeted or planned performance in the current years

The performance of similar business

The ratios make easier to make better decision. However, there are some limitations in ratio analysis. For instance, since ratios are constructed from accounting data, if we do comparison within two different firms, their accounting policies (i.e. depreciation charge, the accounting years) could lead to the inaccurate illustration.

Ratios00100

Profitability

1) Net profit ratio

%8%

) Return on capital employed8%8%

) Asset Turnover

1.561.04

Liquidity

Current Asset ratio

111

Acid ¨CTest ratio

1111

Gearing

Total Gearing

10%1%

Equity Gearing

11%1%

) Interest Cover

4.4 times6.6times

Earning Per Share

.567.47

The Net Profit Ratio was dramatically increased by 15% during the year 001 and 00. Even though their expenses cost had increased by a certain percentages in different items and because of their low fares system. They still gained a high return in net profit when compared to 001. The reason of this was because the rise of sales and the interest received. These revenues gave the company a good return that could cover the expenses and other additional costs. The increase in profitability reflects the positive impact of the growth in passenger's volume because of the increase in seat capacity on exiting routes and the launch of new 7 European routes during the year.

In the Return On Capital Employed Ratio the amount of money that the investors can get back after investing in the company, the ratio decreased to 8% in that year. The explanation of this figure was because their company needed to consider the contract that with Boeing worth US$ billion by ordering for up to 45 aircraft in the coming years, in order to succeed the expansion of our company.

Asset Turnover Ratio is a measure of productivity as much as profitability. Within 001 and 00, the ratio dropped from 1.56 to 1.04, it meant that more assets were to be used to generate every unit of sales .The reason was because their introduction on new fleet of aircraft on our network of 7 routes in request to increase the level of passengers and the low fares system.

According to the Current Asset Ratio, The company had a well cover of their current liabilities under current assets. Even though in Acid ¨C Test Ratio, which we examined that by excluding the inventories, their current assets also covered the liabilities by 1.14 in 001, and 1.60 in 00. It increased by 46%. From the current assets, cash was the major inflows to their company in the past two years. Especially in 00, there was an increase in cash from €8160 TO €174400.

Move to the cash flows statement. Cash is King. Company fail, not because of their insufficient profits, but because they have run out of cash to pay their liabilities. Cash and bank balances should be kept to a minimum, as they earn nothing for the company, but make sure you have enough cash to pay employees and creditors. Cash generated from operating activities grew up for 5.6 million. This increase was due to the increase of sales and profits and the add back of the non-cash items primarily depreciation charge since they had a new aircraft during the year. The cash flows was from trading operations combined with the proceeds of the London offering and the receipt of debt financing for the first Boeing 77-800 next generation aircraft, has allowed the group to increase the cash on hands despite having to pay advance deposits to Boeing. The performance is highlighted by the fact that the cash on hand is equivalent to 5.6%of annual turnover.

The next ratio is Gearing which means how reliable of the company on the financial institutions when raising the finance. Even though their ratio was slightly increased by%, they were still in a low-geared situation in these two years. The interest cover were good since Ryanair only needs to pay interest once a year and they could pay 4.4 times in 001 and 6.6times in 00.

The Earning Per Share considers the profits that could be paid to each ordinary shareholder. The increase in profit resulted in the increase in EPS. This also stated that the increase in the value of shareholders as the company's profit and traffic has grown.

After finishing the ratio analysis, we can see that Ryanair is healthy. Here is the comparison ratio with other major airline companies and industrial average. After seeing this you will more agree that Ryanair's performance is good.

Asset TurnoverReturn on InvestmentNet Profit MarginInterest CoverageTotal Debt to EquityCurrent RatioQuick Ratio

Ryanair0.51.61.181.80.5.00.81

British Airway0.680.40.81.1.80.840.8

KLM0.000.00NMNM1.881.0.4

Industrial Average0.8.56.5.01.150.80.67

Other non-financial consideration

Ryanair has a bad reputation for over booking and early check-in time. On the other way, every company has limitation. For airline companies, these problems are normal. Ryanair changed their booking system last Christmas and the new system is more accurate and working well. Company said that they will not only improve the hardware but also the staff. There are a group of new staffs now is trained by American Airline.

Conclusion

After reading the report, hopefully you have an understanding of airline finance. Ryanair is a new member of airline companies (started from 185). It is young and healthy. Based on Europe and has a strong relationship with America, there are lots of areas that it can improve and expand to. Ryanair's developing speed like a flying superman, going up and away. It is the kind of company we should put money in.

Bibliography

Annual Report from Company Registration Office

Corporate Finance and Investment, rd edition, Richard Pike and Bill Neale

Financial Management, rd Edition, Geoffrey Knott

Essentials of Managerial Finance, 11th Edition, Weston, Besley, Brigham, The Dryden Press

www.ryanair.com

www.fpe.com.sg

www.hkpost.com.hk

www.bizplus.ie

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Adult Learning

If you order your custom term paper from our custom writing service you will receive a perfectly written assignment on Adult Learning. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Adult Learning paper right on time.

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A survey (Appendix 1) was conducted at a local company to assess the effectiveness of 5 principles based on age, culture, job scope and educational background. A set of questionnaires was given to 5 respondents across the company from operational level to managerial level.

After careful tabulation, the findings in this report show that while most of the principles applied to adult learning are pertinent, the results shown below depict a slight variation due to different criterion selected.

4.1 THE PRINCIPLE OF ONE THING AT A TIME

From the survey, 100% of the respondents agree that they prefer to have more time to learn a new skill. Out of the 100%, 8.% of the respondents acquire new knowledge and skills more effectively through a step-by-step explanation. Only 17.1% of the respondents feel otherwise and they prefer all instructions and information to be given rather than a step-by-step explanation. This is consistent with the principle that adults learn better one thing at a time and most of them will feel overwhelmed if they are loaded with too much information. However, it is interesting to note that most of the adults who adhere to this principle belong to the operation and administration level. When their job scope is analysed, those in the senior management actually do not like to learn one thing at a time. In fact, 100% of them prefer to have more information given to them. It may be due to their experience that they have learnt to absorb more information faster.

Age also plays a factor in adult learning. In the following chart, respondents who prefer to learn one task at a time are over 0 years old as compared to their younger counterparts. Perhaps learning a task at a time is deemed boring by the respondents below 0 years old. However, the chart only shows the results according to their age group, not their job scope. In general, the principle of learning one thing at a time is effectively applied to adult learning with a little deviation when criteria such as age and job scope are considered.

Please note that this sample paper on Adult Learning is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Adult Learning, we are here to assist you. Your cheap custom college paper on Adult Learning will be written from scratch, so you do not have to worry about its originality.

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Bluebird Smelter Case

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Bluebird Smelter Case

The Bluebird Smelter case unfortunately is not an uncommon situation. Even with increased governmental regulations of industrial pollution and waste, there are those not so ethical companies that emit more than their fair share of toxins into the environment. I am from a community that depends greatly on industry to keep its economy progressive, and I have many friends whose families depend on the continued success of these organizations, so I understand the value they can bring to the general public. But I also see the yellow sulfur exhaust that billows out of the smoke stacks, and on certain days when there is a lot of excess, there is a powerful flame that flares in the night's sky. This is indeed a concerning sight.

The primary issue in this case is the pollution that results from the processing of copper ore at the smelter plant. This causes visible pollution to be discharged from the smoke stack, and leaves a filmy substance over a large portion of the Bison Valley. Much public concern has been generated as a result of the invisible impurities the factory produces including sulfur dioxide, sulfuric acid, and inorganic arsenic. Studies of the area have shown higher than normal incidences of emphysema, lung cancer, tuberculosis, pneumonia, and ischemic heart disease, most likely a result of the smelter's pollutants. Usually, this type of pollution is caused by multiple organizations, in urban areas, so as to not have a definite point of origin, but in this case there is no question. Bluebird Smelter is the only industrial pollution producer in the valley. Of course there are the pollutants that are a result of auto use, both private and commercial, but these would in no way have the effect to the environment that has befallen the Bison valley.

Through legal action and political pressure, an environmental protection group, the Earth Riders, has raised awareness on the issue. They pushed for installation of pollution control equipment that has reduced the emissions of the smelter by 75%, from a previously uncontrolled level. As a result, air quality has improved overall, but there continue to be adverse health effects, damage done to crops, and visible pollution being produced. This was not an inexpensive endeavor for the Bluebird company, and a few years later they made it known that with escalating pollution control expenses and future control increases, they would be operating the plant at a long term financial loss. The closure of the plant was threatened, and the Bluebird City Council proposed several variances about the federal and state air quality standards, despite some opposition. Since then, a couple of studies have come to light relating to the health effects of this lone instigator of industrial pollution. One study by a state public heath official used the standard mortality tables, relating to normal occurrences of causes of death, and found that there had been 5 so called, "excess deaths" of the diseases I listed earlier over the past five years. These excesses were difficult to precisely determine, as they were a part of hundreds or thousands of expected or ordinary deaths. The other such study was done by a leading group of economists, determining the costs and benefits to society and the community that Bluebird Smelter produces. The total benefits and total costs were accrued, and the results stated a net social loss of $70,000. The managers at the smelter questioned many of the costs, and claimed that they were unrealistic. They claimed that the risks presented by smoking and drinking are greater than those of the smelter, and that their contributions to the community were great. However, the Earth Riders felt that this study would make a solid case for the community to close down the plant if it would not comply to reduce its waste with acceptable levels. The debate rages on, and a decision must be made, as there are multitudes of people who desire a resolution.

Professor R. Edward Freeman defines stakeholder in his book, Strategic Management A Stakeholder Approach, which I site from Ethical Issues in Business A Philosophical Approach 7th Ed., "A stakeholder in an organization is (by definition) any group or individual who can affect or is affected by the achievement of an organization's objectives." (p.4) There are several major stakeholders, and some to a lesser degree that I will make apparent and illustrate their varied interests in the actions of Bluebird Smelter. First, the local employees of the factory have a great deal at stake, and wish the factory to stay open for what are some fundamental reasons. These employees wish to maintain financial stability by retaining employment and job security. There is also goodwill towards your coworkers as friends, and even towards your company that might suffer as a result of a closing the plant. They would refrain from the process of a job search, unemployment funds collection, or a potential move to another community in hopes of finding better luck. The next group is a very broad sample, roughly 5,000, but each is exposed to the externalities created by the smelter. Of course I am referring to the citizens of Bison Valley. They deal with visible pollution in the form of smog, and must tolerate the smudgy mess that settles on most anything that is left outdoors. This residue and the potential for acid rain presents a troubling realization, that their property will be greatly devalued as a result of their proximity to a polluting factory. Yet, if Bluebird were to close up shop, they stand to be in an area hit by a consequent economic recession. The corporation that owns the company stands to be at a loss if the factory were to close. This would be a failure of management, if there were to forfeit any possible profit that could be shared with stockholders. Tourists and the tourism industry also pay the price for the disturbed surroundings. These people are looking for a clean pollution free environment to spend time and money. The devaluation of property values may decrease any likelihood of these people purchasing land for vacation purposes. The tourism industry stands to lose huge amounts of business, approximately $500,000. Their product, quality of life and clean environment, is being destroyed by the externalities created by the smelter. Another industry hurt by the pollution is that of agriculture, as farmer's welfare, or crops, are being jeopardized by the chemicals that are emitted by the smokestack. These farmers are not realizing the full potential or value of the work that they put into their crops. If it ever becomes serious enough issue, farmers face the prospective farm failure, unemployment, and a job search. Farming is not the only locally concerned business in the area; all small businesses in the area are affected by the action, or inactions of Bluebird. If the plant were to close, the area stands to lose $4.6 million dollars generated in the community, money that would likely be spread pretty evenly throughout the region. With the possibility of a recession, many citizens would look to move to more favorable economic area, which would also cause a decline in revenues. And finally, political figures of the area are concerned with the dealings of the company, as negative reactions may put re-election chances in jeopardy.

Shaw and Barry essentially defined rights as, "An entitlement to act or have others act in a certain way," later linking rights and duties saying, "if you have a right to do something, then someone else has a correlative duty to act in a certain way."(p.7) Employees of the plant have a duty to the company, which is to perform their prescribed tasks to the best of their ability, and to not do anything to intentionally harm the business. It is not fair to say that they have a right to stay employed, because that is up to the employer. The citizens of Bison Valley have universal human rights not to be affected by the externalities produced by a profit maximizing industry. These negative rights entitle the fundamental interests that humans have in being uninhibited by an external hindrance, and would include the affects of the pollution to their property, and to their personal health. The factory has a duty not to be a nuisance to the surrounding community, and to bring greater benefits to the community than it does harm. This must be done within the limits and regulations established by the people, represented in our state and national governments. They also have a duty to create a relationship with the community that does not simply make the people in it a means to an end. Kenneth Goodplaster states, "Much of what makes responsible decision making difficult is understanding how there can be an ethical relationship between management and stakeholders that avoids being too weak (making stakeholders mere means to stockholders' end) or too strong (making stakeholders quasi-stockholders in their own right)." (p. 4) Tourists have the right to enjoy their free time in a place that is conducive to the atmosphere that they please. Farmers also have the right not to be affected by the externalities of the plant. They have the right to the payoff for their work, and to not be burdened by corporation caused problems. Shareholders in the corporation have the right to voice dissatisfaction with management of the firm, or to pull their investment out of the company. Local businesses have a duty to provide honest products and services, and to deal with society in a civil manner. They also have the right to close and relocate if their current situation is not satisfactory. Political figures have a duty to hear out their constituents, and to be their voice when it comes to matters of civil turmoil. They have the right to weigh options presented to them, and make a decision based on their instinct and good judgment.

Each of the parties involved in this case are of the consequentialists normative moral thinking, in that each has self-interest or the greater good in their interests. Shaw and Barry substantiate the trade off between self-interest and utility saying this, "Both self-interest and utility play important roles in organizational decisions, and the views of many business people blend these two theories. To the extent that each business pursues its own interest and each businessperson tries to maximize personal success, business practices can be called egoistic." They continue, "But business practice is also utilitarian in that pursuing self-interest is thought to maximize the total good, and playing by the established rules of the competitive game is seen as advancing the good of society as a whole." (p.64) The authors then went on to comment on capitalist author and economist Adam Smith's views, expressed in The Wealth of Nations, "He argued that if business is left to pursue its self-interest, the good of society would be served," and suggested the idea of "restrained egoism", explaining it by saying, "Such a position is egoistic because it recommends the pursuit of self-interest; it is restrained because it permits pursuit of self-interest only within the rules of business practice." (p.64) Most of the stakeholders that are involved in the business aspect of the situation make their moral decision based on restrained egoism. Bluebird strays away from this with their failure to maintain operations within the set boundaries, as they could not function profitably employing mandatory pollution control equipment. The citizens would most likely take an egoist view, because individuals are each affected by pollution. Some are more adamant on the issue than many, and others still claimed to be willing to tolerate "a little dirty air."

So, now I am to put myself in the shoes of Smelter's management and devise three reasonable action options for our situation. First of all, we could sit and do nothing. From our comments refuting the meaningfulness of evidence from the economists' study, and suggesting that health risks from smoking and drinking were greater to the community, I take it that this might be our current stance. If we were to do this, the externalities would stay as they are, or potentially get worse. Since the city council passed the ordinance to reduce regulations, we are likely to see profit similar to before any regulations were administered. Additional costs might be accumulated from continued legal action enacted by the Earth Riders and victims of diseases that are a result of our operations. Another option would be to forget the hassle and close the plant. With the environmental regulations that are proposed, we would be operating at a net loss. In nature as in capitalism, there is the survival of the fittest. This economic Darwinism allows those who can produce at the lowest cost to prosper, and those who cannot survive within the boundaries don't. If this were to occur, the pollution would stop, and eventually the environment would be near its state prior to the establishment of the plant. All of the 15 employees would be out of work for a time, and an economic recession could result. And finally, our engineering teams could attempt to redesign our smelting process to be more economical and greatly reduce the amount of pollution we produce. This could also include design of more efficient and cost effective pollution control equipment. If the process were to become more profitable as a result, we could afford to pay for reduction instruments and still operate profitably. This would allow continued employment of factory workers, and cleaner air for citizens, farmers, and tourists. Local businesses would retain their current business levels, and the politicians would look like heroes.

When I consider an issue like this, I would like to see the greatest number of people possible benefit from the decision. Using this utilitarian view, I would suggest the company should attempt to change their current process, because there really are no losers. The company stays in operation, the community has improved quality of life and aesthetic beauty, and local businesses would not have to face a recession. Bluebird would show concern for society, and a willingness to compromise, which would likely build goodwill with the community. The tourism industry would again be able to blossom, and those retirees and weekenders could again enjoy the pristine mountain views from the Bucolic Bison Valley. This would not be the easiest option to enact, as developments such as these would be groundbreaking and could net more profit for the company than Bluebird Smelter. The bottom line, something has to be done, Bluebird cannot simply do nothing and expect everything to be all right. In the short term, this seems like a good option, but further down the road there will inevitably be complications from continued health problems and excess deaths in the valley. As soon as negligence lawsuits start piling up, they will be forced to pay for those damages, and will be faced with a damaged public image, and the plant would likely be closed anyway.

Works Cited

Donaldson, Thomas, Patricia H. Werhane, and Margaret Cording, eds. Ethical

Issues in Business A Philosophical Approach. 7th ed. Upper Saddle River, New Jersey Prentice Hall, 00.

Shaw, William H., and Vincent Barry. Moral Issues in Business. 8th ed.

Stamford, Connecticut Wadsworth Thompson Learning, 001.

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How Effective is the Lighting in the Opening Scene of 'The Others'

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In the film 'The Others' lighting is used effectively to convey feelings to the audience that the director wants them to feel for example fear, tension and suspense. Lighting effects are widely used but are especially well used in the opening scene of the film.

The first image we see at the beginning of the film is of an illustrated sunset as if from a children's book. The picture is shown by a dim flickering light that suggests it is illuminated by candles. The director chooses this lighting as the suggestion of candles immediately creates a response from the audience that this film is set slightly in the past. Candle light also causes the audience to straight away have expectations that most of the film will be dimly lit which increases the feeling of fear and suspense as dimly lit areas can hide secrets and other objects and people.

As the opening images progress the light is shown only illuminating certain areas of the pictures at a time as a candle would normally do. This deliberate action of preventing the audience from seeing the entire picture at once again creates the effect of fear in the audience as they do not know what lies in the rest of the picture, reinforcing the feeling of secrets and mysterious happenings.

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All together, in the first, not particularly lengthy scene, the audiences expectations of the film are already set. They expect further secrets, fear, tension and mystery as I felt after watching the opening scene and I believe that the lighting used in this film is particularly effective in creating these expectations.

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Human Resource Management

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Introduction

The direction of the economy is truly challenging ahead. As we evolve gracefully from new economy to k-economy, business leaders have recognised the dependence on how fast an organisation, can align itself to the general and task influence PEST-I (ie. Politics, Economy, Social, Technology and Internationalisation) environment in determining corporate survival. Either evolve with the economic perspective or be extinct. And Given the continual changes in the environment, businesses must be built around these turbulent conditions. Thus, a pivotal success factor for companies adapting to these changes begins within, the need for a strategic Human Resource (HR) department.

Feedbacks from CEOs of US based companies interviewed by HR Magazine (Leonard 18) have reinforced the importance and the strategic role of HR Management (HRM). HRM has evolved in becoming a very important component of their company's strategic planning processes. However, recent research has shown that most companies fail to execute Strategic HRM (SHRM) in unison with their organisation's strategy successfully (Lee 00). Behind this abysmal track record lies an undeniable fact that many companies continue to use traditional Personnel Management (PM) processes that are designed to run yesterday's organisations. Hence, it is easy to understand why SHRM is failing, and today's line managers are becoming more frustrated with their HR departments.

Having now recognised the general and the task changing business environment, HRM must produce environmental fitting plans relating to a company's objectives. It can no longer confine itself within the ambit of the company. Hence, the changing role of HRM does not only contribute to achieving competitive advantage, but a critical success competitive advantage factor itself in maximising shareholder's return.

The Paradigm Shift of HRM

From a critical analysis of HRM, Guest (187) suggests three ways in which HRM distinguishes itself from the traditional PM retitling PM to capture the new fashion; to re-conceptualise and re-organise personnel roles, and the work of personnel departments; and to be as distinctively different in offering a new approach for management.

Vis-à-vis PM, HRM is concerned with a long-term rather than a short-term perspective; the psychological contract based on commitment rather than compliance; a unitarian rather than a pluralist perspective; an organic rather than a bureaucratic structure; integration with line management rather than specialist or professional roles (Mullins 16, p. 67).

Guest (187) commented that the main dimensions of SHRM involves the goal of integration [i.e. if HR can be integrated into strategic plans, if HR policies cohere, if line managers have internalised the importance of HR and this is reflected in their behaviour and if employees identify with the company, then the company's strategic plans are likely to be more successfully implemented].

Legge (001) detected three general differences between PM models and HRM models. Firstly, PM is often seen as a management activity aimed at non-managers. HRM not only emphasises the importance of employee development but also focuses particularly on development of the 'management team'. Secondly, in PM, the role of line management is an expression of 'all managers manage people' with most specialist personnel work still implemented within line management's departments. HRM is vested in line managers as business partners responsible for the direction of all resources with personnel policies as an integral part of the pursuit of business strategy. Lastly, reiterating Guest (187), PM was not fully integrated with the organisation development models and they were generally separated in the formal organisational sense. It is through an integrated and internally consistent set of SHRM policies, that the organisation's core values can be achieved thus contributing to sustaining a leverage competitive advantage.

Herring (The Market-Valued Model A New Paradigm for HR) postulated that the survival of HR hinges on the ability to shift to a new and different model of HR value. Besides the need to strategically partner themselves with operations, where knowing the business is a precursor, HR must refocus their attention on business problems rather than HR activities. HR must assess its impact on the business in terms of measurable results rather than in activity efficiencies and costs.

As HRM becomes more business oriented and strategically focused, four key roles for HR managers can now be identified (Stone 00, p. 10). Firstly, according to Ulrich (17), HRM becomes more business oriented and strategy focussed when HR managers play the strategic partner [i.e. SHRM] role; and has the ability to translate business strategy into action that can contribute to business decisions and goals.

Secondly, to become administrative experts [i.e. Management of Firm Infrastructure] HR professionals must be able to re-engineer HR activities and redesign work processes for the continuous improvement of organisational systems.

Thirdly, being employee champions [i.e. Management of Employee Contribution]. HRM must be able to relate to and meet the needs of the employees. This can be achieved, says Ulrich, by being the employees' voice in management discussions, by being fair and principled, by assuring employees that their concerns are looked into.

Lastly, the HR manager needs to act as a change agent [ie. Management of Transformation and Change], serving as a catalyst for change within the organisation. Managing change would then be an added portfolio.

Criticism of HRM

In a European survey catered towards the perception of HRM's future (HR must change its role 18); results showed a big split between HR professionals and line managers. There was a huge disconnect between how HR professionals saw themselves and how line managers perceive their work.

As there is a need for realignment of the HRM mindset within an organisation, changes must begin internally. However, it is disappointing to note that HR themselves have not taken the liberty to re-engineer themselves in accordance to the HR evolution. Majority of HR departments continue to spend up to 80% of its time on routine administrative activities. It is not surprising that many top managers still mistakenly regard HR as an administration function rather than a strategic partner (Lee 00).

Ulrich (18) says, success will be derived from the organisation's ability to create and leverage organisation capabilities such as responsiveness to opportunity and market demand, agility to redesign and activate business process, developing learning capacities and optimising employee competence. Innovative human capital strategies and their successful implementation with measurable results are the new mandate for HRM functions in organisations. HRM can no longer be dependant on historical protocols.

It must also be made clear that the HRM function is a shared responsibility among top management, line managers and HR managers. HRM is not a dictating and enforcing role (Bacal 000). The harder HR tries to dictate, the more resistance it receives. Bacal concludes that HR should look to providing frameworks, rather than details and seek continuous feedback.

It might be correct to say that HR at departmental level is the responsibility of the line manager with the HRM as adviser, Although the line managers need to involve in HR administrative matters like recruitment and appraisal etc, they are not in the appropriate position in managing SHRM and HR Planning at corporate level. They could involve in HR strategy implementation but not at the corporate-level HR strategy as they may lack of HR expertise skills and knowledge. Line managers at the operational makes HR decisions and plans according to short-term strategies. SHRM operates at the top level and makes longer term HRP and strategies with the senior management.

At organisation level, HR managers are the main executor of HR policies but acting in consultation with line managers (Mullins 16, p. 6). The failure here lies with HRM where there is an incommunicado with the line managers. HRM have failed to recognise this important relationship. The incommunicado can be clearly justified, as HR's inability to communicate and present its intentions has disgruntled the line management. Hence, HR's inability to get their plans and programmes the right exposure is still seen as their biggest failure.

The role of employee champion to change…….probably has the least priority out of the 4 HR roles discussed. The The HR professionals play an integral role in organisational success via his knowledge about and advocacy of people. This advocacy includes expertise in how to create a work environment in which employees will choose to be motivated, contributing and happy. Problems arise lies when companies are lack of proper channels for employees to provide input for management decisions that affects them. Being an employee champion, it requires an element of fairness in dealing and representing management to employees and vice versa. It is about being the medium for communication.

HRM itself must be governed with an open policy, accepting criticism for their SHRM policies by providing and developing channels for employee feedback. Such feedback must be analysed by the HR professionals and be acted upon. This will in turn ensure transparency of all employment practises (Lee 00). HRM have yet achieved the maturity where transparency is regarded as a progression tool.

The failure of SHRM strategies like many companies, was not a result of the quality of the strategy, but impaired by the execution of the strategy implementation. A study of 75 portfolio manager reported the ability to execute strategy was more important than the quality of the strategy itself (Measures That Matter 18). HR departments have failed in delivering successfully to various sectors within the organization, resulting in the lack of understanding of HRM's commitment to the company.

Recommendation

A realignment of the SHRM mindset must take place with employees at all levels in the organisation before SHRM progress can be made. HRM in organisations today have to be reviewed critically as it lacks the resources and competencies to effectively execute any form of SHRM (Satkunasingham 00).

HR professionals must take the initiative to spearhead changes required internally. The internal change will only be successful if they recognise the importance of its transformation from a traditional to a strategic component of any organisation. The need to re-engineer, to review the HR resource, and to identify the appropriate components required, to be integrated in congruent to the corporate objectives.

In these cases of the HR realignment, directive must come from the CEO and top HR executive in the company to redefine their roles. Ulrich (18) says, this responsibility belongs to the CEO and to every line manager who works with the HR staff. Thus, converting the HRM function into a strategic partner has become a crucial management initiative for most companies (Badenhorst 00).

The service delivery to line management has been extremely poor and fragmented, as contributed by HR's administrative and clerical focus. Hence, to be seen as administrative experts is to realign their core competencies. The direction concerned must enable HRM to be significantly enhanced, a multiple service provider to line management and individual employees alike.

To achieve such objective, the element of HR Planning (HRP) is essential, as planning and allocation of resources is required to maximise returns of the department. HRP is pivotal, as HRM would need to identify investments required, and how it would utilise the minimal investments to gauge competitive advantage. An example would be the introduction of technological enablement [i.e. web based systems] of HR administration processes. With the implementation, HR will then portray a strategic management role for all third-party HR solution providers (Badenhorst 00).

To further strengthen its position, HR professionals must take an initiative to gain a helicopter perspective of the businesses [i.e. in finance, marketing, production and R&D]. This is advisable as policies formulated by SHRM complements the company's organisation strategies and goals.

The HR Business Process Outsourcing (HRBPO) approach to re-invent the HRM function is unique as it views HR as a complete business process, consisting of people processes, technology and third-party providers. Ownership of the total HR administrative function should then be transferred to the HRBPO service provider (Badenhorst 00). Bank of America, BP Amoco and many others have already taken up this challenge and implemented HRBPO strategies successfully.

With the administrative duties outsourced, HR professionals will have time to focus on SHRM and HRP in collaboration with senior management. This will provide a room needed to act as change agents. However, HR professionals must possess the competencies to be the catalyst of change. HRM will then be able to communicate, promote and market SHRM to the entire organisation.

An out of the box idea is for HRM to establish a market price for each of their employees using estimates of the compensation range that each of its employee could expect out in the real world. Davies (000) postulates that a company should securitize its best and brightest workers and let them float on the market themselves. This will enable HR to prove itself as a powerful, wealth-creating driver that focuses on human capital. HR could then transform itself into a broker on the trading floor of the Human Capital Exchange.

It is important to monitor and measure the success of HRM. The industry itself has failed to recognise the need for evaluation. This is a significant failure. Several companies have begun to recognise this need to benchmark their positions. The Balanced Scorecard Mobil, CIGNA and AT&T was adopted as a performance measurement tool by these companies to help reveal a consistent pattern of achieving strategic focus and re-alignment.

The Balanced Scorecard makes a unique contribution by describing strategy in a consistent and insightful way. Before the development of strategy scorecards, HR managers had not an acceptable framework for describing SHRM. The simple act of describing SHRM via strategy maps and scorecards is an enormous breakthrough to aid SHRM implementation (Kaplan & Norton 001).

Conclusion

It is important to note that Companies that have implemented SHRM [Pepsi, Aetna, and IBM] have shown an improvement in business results due to efficiency and effectiveness of productivity, performance and employee morale. Unfortunately, transforming HR from an administrative role to a more strategic one is a slow process. Many management teams still have trouble figuring out what it will actually take to transform HR into a strategic function (Connolly, Mardis & Down).

Hitherto, HRM centers have failed to deliver the 'knowledge transfer' successfully to various sectors within an organization, resulting in the lack of understanding of HRM's commitment to the company. As such, to be regarded as a 'competitive advantage', proper groundwork must be established, concreting the foundation for commuting the 'knowledge transfer'.

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Stengths & Weaknesses of Realist Criminologies

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The key theorists of realist criminologies provide what, in their view, are pragmatic assessments of those crimes at the centre of public concern, that is, street crime, violence and burglary. They appear to be less concerned with theorising about defining crime or the power of criminalisation and more interested in actual crime control and containment.

Realist criminologies emerged in the 170s and 180s at a time when public concern about crime was a key electoral issue on both sides of the Atlantic. Where previously liberal and reformist arguments and theories had been advanced about, for instance, crime being a social construct, a result of poverty and unemployment or a problem of moral panics, realist theories were firmly planted in the reality of crime, and the human suffering and personal disaster caused by crime.

This essay will explore realist criminologies, outlining the various theories of left and right realism. It will describe the causes of crime, and how best to contain or control it, from each viewpoint, ending with a critique of both.

For right realists, the problem of crime is focused on offenders, and begins with the underclass, or lower classes, "those people occupied" as Wilson points out, "with the daily struggle for survival" (Wilson, Theory Guide, p 48), whose behaviour and decision to commit crime is down to choice, influenced solely by the perceived rewards of criminal or non-criminal behaviour, and who are insufficiently deterred from their criminal actions by an ineffective criminal justice system.

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Different theorists have different ideas and perspectives which inform the right realist theory. Some, like Charles Murray, perceive the problem as one of declining moral standards brought about by the permissiveness of the 160s. These are characterised by family breakdowns, illegitimacy, and inadequate child rearing by inadequate single mothers. In "The Underclass" he writes that "the key to the underclass is where a large proportion of an entire community lacks fathers…… more common in poor communities than rich ones". He provides statistics on the correlation between the rise in illegitimate births of 140% in "lower class communities" during the 180s with a 4% increase in crime during much of the same period. He further makes the point that the most frequent offenders are males in the second half of their teens, and that the most dangerous places in England are those types of neighbourhoods where the underclass is taking over (Criminological Perspectives, p. 10 and 1).

Murray believes a lack of proper role models for young men means they are turning to crime.

In Crime and Human Nature, Wilson and Herrnstein contend that "the key factors in criminality are personality traits such as impulsiveness and lack of concern for others …… which are (often) found in discordant families" (Theory Guide, p 48). This ties in with Wilson's earlier work where he states that criminals are "lower class people" who are rationally calculating and without conscience" (Theory Guide, p 48).

In 14, Hernnsteiin and Murray, in The Bell Curve, theorised that blacks and Latinos (who they believe commit most of the violent crime in the US) are disproportionately poor because of low IQ, and that genetics and low intelligence are the explanation for individual deviant behaviour, because of lack of foresight and inability to distinguish between right and wrong (Theory Guide, p 4).

Left realists take the view that crime is due to social causes. Theorists such as Lea and Young see crime as a serious social political problem, and a reflection of the inner city's social reality. They believe it disproportionately affects those on the margins of society, who are both offenders and victims. They point to relative deprivation as the cause of crime "an excess of expectation over opportunities of fulfilling them" (Lea and Young, Criminological Perspectives, p 148). When people are denied access to the means of gaining success, they become marginalised and can turn to deviant criminal behaviour.

In fact, from Currie's point of view, our current market culture promotes standards of economic status and consumption which increasing numbers of people cannot legitimately meet (Currie, Criminological Perspectives, p 74). Since the end of the Second World War, both the US and the UK have seen Keynesian interventions in the economy. The Welfare State, mass media and mass secondary education have encouraged expectations amongst the working class which are often unrealistic, and unemployment and poverty are now perceived by a whole generation as a failure of society instead of just a fact of life. In addition, capitalist ideologies in the media of equal opportunity have led to promotion of a "have-it-all" lifestyle. For instance, a certain car, cigarette, activity any of these can appear to guarantee a fun and successful lifestyle. However, unemployment or survival on social benefits or low wages have meant that this lifestyle is out of reach for many. Education was and is presented as the gateway to career success, and more people have become more educated. However, economic recession and cutbacks in state spending, whether on economic or ideological grounds, have meant that the gap between expectations and opportunities is widening. All of the above has led to discontent, as working class people have begun to feel unjustly dealt with, and become marginalised, both socially and politically. This, in turn, has led to some "taking matters into their own hands", and turning to crime to somehow balance the injustice.

Right realists, such as Wilson and Clarke take the view that causal theories are either impractical or unproven. Reducing the opportunities for crime and swift and appropriate punishment to the offender is the answer. Clarke's theory maintains that since criminals make a rational choice to commit a crime, it is possible to eradicate a multitude of crimes through "situational opportunity preventive measures" such as reducing physical opportunities to commit crime and increasing the risks of being caught (Clarke, Criminological perspectives, p 64).

Wilson believes that seeking social causes for crime such as deprivation, unemployment or poverty is misguided, because improved social conditions in the 150s and 160s did not prevent a corresponding increase in crime. Punishment is therefore a worthy objective of the criminal justice system.

It is important to recognise that the political backdrop to right realism's emergence was that of right wing governments during the 180s who attempted to generate market incentives in the work sphere, and who conducted law and order campaigns on behalf of the silent majority, holding the offenders responsible and punishment the solution. Right realism is often referred to as "New Right" criminology, part of the "law and order" ideology which came to be characterised by such phrases as "back to basics" and "the silent majority". This was a reaction to several unsuccessful attempts to control crime on the part of previous liberal governments, who had looked to social causation for crime, and had instituted several policies in the hope of alleviating these causes.

Left realist criminology was a product of and a reaction to this "law and order climate". Although initially a critique of left wing and liberal commentaries which down-played the problem of crime, suggesting media instigated moral panics and irrational fears of crime, left realists perceived that inequality and injustice were issues that were ignored by the "New Right". They believed that right realist ideas such as situational crime prevention and deterrence were only ever going to be surface "fix-its" and not the ultimate solutions.

Left realist initiatives are driven by the premise of a social cause of crime. Lea and Young maintain that the high rate of burglaries, sexual and racial attacks is part of "real" problems facing working-class neighbourhoods. Fear of crime is valid, because there is real crime happening. It isn't just a moral panic caused by the release of violent crime statistics or overreaction of the mass media. It is increasingly important, therefore, that new theories about the real causes of crime be established, and then intervention at every level of society is necessary in order to build a better one. According to Young, this would involve greater local democracy and control of the police, better community facilities, housing estates that tenants can be proud of, reduction in unfair income inequalities. Crime control would come from education, training and employment. Left realists support concepts like restorative justice, which again would be at a local level, and the impact of crime would be realised for both the offender and the victim. Real social crime prevention requires a new society based on the principles of social solidarity and contributive justice, and this is dependent on society's capacity for social action. (Currie, Social Crime Prevention Strategies in a Market Society, p.80).

Left realism appears to be a middle road between new right and left idealist criminologies. Like the new right, it realistically accepts that crime is widespread, but does not accept that there is no point in looking at social causation; like left idealism, it accepts that crime is symptomatic of relations of class and gender, but refuses to romanticise the offender or view the offender as victim. It is a socially inclusive criminology. In its attempts to provide a theory to control crime, it takes into account societal factors such as victim, offender, police, justice system, communities.

In addition, Young and Lea's relative deprivation theory links strongly to sociological positivism's view of crime as a product of dysfunctions in social, economic and political conditions, (Theory Guide, p 6). The work of Durkheim is apparent, in Young and Currie's arguments for a new and just society, as Durkheim considered the law to be society's conscience "The degree of (crime's) occurrence and acceptance indicates the level of flexibility within that society" (Durkheim, Theory Guide, p 5). There are also elements of Merton's "anomie" theory, which suggests that society encourages individualism and unlimited aspirations, but there is a closed opportunity structure (Theory Guide, p 7).

There are several challenges to be made to left realist criminology, however, and one of them is its assumption of a consensus about the definition of crime. All of Chapter 1 of "The Problem of Crime" proposes that there are several contested definitions. And although it is supported by the Marxist theory of crime as an expression of social inequality, Angela Davis challenges its acceptance of state-generated legal definitions of crime, especially in relation to race (street crime = black youth)(Theory Guide, p. 5). Left idealism views crime as a concept activated to justify the coercive practices of the state and therefore challenges left realism's proposal that the state can be a willing partner in the improvement of society in order to control crime. Muncie and McLaughlin make the point that left realism appears to steer clear of analysing power, especially as it relates to state or corporate crime, and focuses on working class victimology (The Problem of Crime, p. 57). The concept of a working class is problematic, anyway. Real crime doesn't only happen in poor neighbourhoods, and there aren't only poor people living in poorer neighbourhoods. Who exactly, then, are the working class?

Critical criminologists question whether left realism's notions of a new and just society are in fact realistic at all. In view of the history of the state under capitalism, is it realistic to expect the police to be accountable to a marginal working class. Finally, left realism leaves itself open to criticism about whether it is realistic to expect a capitalist society to change its structure to correct social inequalities. In view of the impact of crimes of the powerful and even transnational crime, and the vested interests of those in charge of the social order, this does not appear to be a realistic objective.

Looking at right realist criminology, there are a number of strengths in evidence firstly, its belief in the freedom of the individual to make personal choices about a course of action; secondly, it acknowledges that crime is widespread; thirdly, some of the proposals for crime control are grounded in a "can-do" belief. Clarke's situational prevention ideas have a common-sense attitude to them, and some of Wilson's ideas about deterrence have and will continue to strike a chord in a population weary of a an ineffective justice system increasingly constrained by professional legal judgements, judicial discretions, and sentencing policies.

There are a number of weaknesses and inconsistencies, however. Firstly, its acceptance of the official definitions and statistics of crime, and the absence of any mention of crimes of the powerful, although it might be expected that a right-leaning ideology would inevitably dismiss any notions that the actions of the powerful could be criminogenic. In addition, right realists appear to have fashioned a kind of contradictory, but multi-faceted theory of crime causation Adding sociological and individual positivism (Murray's theory of poor upbringing and Wilson and Herrnstein's biological theories of IQ and genetics) to classical theory (Wilson and Herrnstein's theory of rational choice), right realism proposes crime as a moral decision of the individual, but one that can be affected by environment, biology, psychology or other factors. As noted above, there are contradictions in a number of the theories proposed, not the least of which is the almost universal rejection of sociological positivism, yet with facets of some of the theories possessing exactly that.

There does not appear to be a clear idea of what right realist theory is, apart from a right wing diatribe about society's ills being caused by the undeserving "lower classes". Many of the theorists, notably Wilson, appear to ignore due process, and are prepared to do away with accepted processes of the courts. Also, there is a lack of any kind of attention to social equality or social justice, and its denial that criminal behaviour has any relationship to society is a serious weakness. "The family is blamed as if autonomous from the economy" (Young, Left Realist Criminology). Single mothers and broken homes are a part of our capitalist market society, not something that happens to us.

Finally, right realism's main weakness is that it appears to disregard the fact that we live in a capitalist society, which tends to promote inequality and class conflict. From a Marxist criminology point of view, crime is not caused by moral or biological defects, but by fundamental defects in the social order (Theory Guide, p ).

Clarke, RVG (180) Situational Crime Prevention, Theory and Practice, (reprinted in Criminological Perspectives, nd edition, 00)

Currie, E (11) International Defleopments in Crime and Social Policy, (reprinted in Criminological Perspectives, nd edition, 00)

Lea, J and Young, J (184) What is to be edone about Law and Order?, (reprinted in Criminological Perspectives, nd edition, 00)

McLaughlin, E and Muncie, J (00), Theory Guide 1, The Causes of Crime, The Open University 00

Murray, C (10) The Emerging Underclass (reprinted in Criminological Perspectives, nd edition, 00)

Wilson, JQ (18) Thinking about Crime, extract reprinted in Theory Guide 1, The Causes of Crime, The Open University, 00

Wilson, JQ and Herrnstein, RJ (186), Crime and Human NatureI, extract reprinted in TheoryGuide, The Open University, 00

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Thematic Glossary

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Enterpreneurship can be defined as the creation of a business venture. An entrepreneur is one that owns and manages a business and who also possesses the ability to see what is not there, which is known as "entrepreneurial vision" and one who assumes risk. Having this vision gives a person the ability to see how to alter an environment in order to create opportunities. Entrepreneurs are also characterized as individuals who have enough self-confidence to make their visions real. Vincent Ryan, who is the author of Anatomy of an Entrepreneur, suggests that entrepreneurs are those persons who thrive on building something from scratch, setting it on the right course, handing the reigns over to someone else and then moving on to another project.

Leadership

Ed Rose wrote that there are five characteristics that define a leader and can be remembered by the acronym "ACTOR". Adaptable, Considerate, Trustworthy, Optimistic, and Resourceful. He continued by saying that leaders must be adaptable to change, must be considerate to the effects that their actions may have on others, they must provide a positive vision of the future, and should also provide the required training to ensure that their followers know their responsibilities. Leadership involves members of a group who surround a central person and that all strive towards a certain goal. It is also seen as an idea that one can make a difference in the course of events and lead others to believe in the cause. Leaders can also be characterized as those individuals who face risk and uncertainty and who often shoulder grave responsibility because of their passion and compulsive drive to get things done. ɦ

Teamwork

A team is comprised of a group of people who are committed to working towards a common goal. Commitment, balance, and communication are the keys to teamwork. Teamwork is not only a group process, but is also a personal responsibility and skill. Nowadays, all work is teamwork, and the challenge is to perform well when having to share the responsibility to get something accomplished with people over whom you have no authority. Teamwork requires personal and individual action. The following guidelines demonstrate how organizations can increase teamwork amongst their employees

•Develop consensus around a common vision and goals that focus on organizational outcomes.

•Implement team-based performance measurement, feedback, and reward systems.

•Ensure that top management demonstrates and fosters cooperation in word and deed.

•Promote the use of team building, skill development, and team training as common practices in organizational life.

•Facilitate front-line management team involvement in and ownership of decision processes and outcomes.

A successful team also encourages constructive criticism so that it allows for open communication among the team members. Every member of the team must feel important and feel as if they have contributed to the end result. Another benefit of a team is when one person is unable to be there, the other team members can pick up the slack. Teamwork is also characterized when team members participate and support each other. Teams are comprised of all sizes and can accomplish many goals together as long as they have a common purpose and mission. ɦ

Ethics

Ethics is possessing honesty, morals, and integrity no matter what the situation may be. It is what an individual, group, or company believes in and holds to be true. It is doing the right thing and standing up for what you believe in even when others may not agree. Many companies instill a "Code of Ethics", which are the laws and rules that govern the company itself. It is the code of practices that are to be understood and followed by all employees and also establishes trust within the company. In the article "Can You Really Mandate Corporate Ethics", Alexander T. wood and Carol Anderson Wood state that "ethics create and build a safe environment based on care, responsibility, and other core values unique to the corporation, while functionally ineffective ethics create an environment of chaos and fear, or malaise and distrust." They continue by saying that in order to effectively mandate ethics in the workplace, the following must be achieved "awareness of core values, establishing ownership of the core values, democratic implementation of core values and processes, clear lines of moral authority, enhancement of moral intelligent, commitment to morals, and constant reminders of values." ᠀

Global Perspectives

Global perspective allows information to be shared in multiple countries through the use of the Internet. It has been described as "the new frontier for relationship marketing." With the innovation of the Internet, customers' worldwide can practically obtain anything they want with just a few clicks, while bringing companies into territories they never dreamed of venturing into. Since many businesses are now operating through the Internet, managers in the global market now have to learn and utilize many different skills due to the "hypercompetitiveness of the marketplace" today. Although global marketing has many advantages, it has also placed strategic constraints on many organizations. For example, different strategies must be formulated in order to stay competitive in the marketplace since competitive advantages do not last very long due to constant changes. The Internet has made life easier on many, while also changing the way businesses function. ᠁

Communications

Communication involves a sender and a listener. The ultimate goal is for the sender to utilize words, pictures, symbols, or gestures to get a point across, while the listener in turn tries to interpret the message and offer feedback. Feedback demonstrates how well the message was understood and received. Communication is an important aspect of everyday life. It is a sense of personal power, which comes from a belief that an individual can attain their goals in their own way. Communication can instill a sense of power by formulating authority, accessibility, assertiveness, a positive image, and solid communication skills. Body language is also an important element of communication. One's tone of voice, gestures, and posture can determine if the message will be communicated clearly or sent the wrong way. A person's tone of voice is vital in how the listener will interpret the message. Many people may make assumptions about one's personality based on their voice. Gestures are another element that may cause the listener to misinterpret one's message. For example, if a person crosses their arms while speaking, one might assume that they are bored, annoyed, or elated. Another important aspect is posture. Posture provides insight to an individual's personality. Good posture demonstrates confidence and competence. Next, personal space plays a role in communication since it can affect certain genders, cultures, and generations. ᠂

Strategic and Critical Thinking

Critical thinking is the ability to look at a problem, question or situation; integrate all the information, arrive at a solution, and justify one's position. Critical thinking is not always an easy task, but it is necessary for growth and change. Strategy emerges from the decision process and answers questions such as where a company may want to go and how they should get there. It combines the questions of "where" and "how" to create competitive advantages. This strategy is known as "competing on the edge" by many companies. Strategic and critical thinking skills are essential in order for companies to stay ahead of the game. The most effective strategic decision-makers make choices that are fast, high quality, and wildly supported. They create strategy by doing the following

•Building collective intuition that enhances the ability of a top-management team to see threats and opportunities sooner and more accurately.

•Stimulating quick conflict to improve the quality of strategic thinking without sacrificing significant time.

•Maintaining a disciplined pace that drives the decision process to a timely conclusion.

•Defusing political behavior that creates unproductive conflict and wastes time. ᠃

Bibliography

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Personal". Training and Development. January 00. Keyword Teamwork

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Corporations Theory and Evidence". Journal of International Business. 001, Volume , no.,

p. 1-48. Keyword Global Perspectives

Booher, Dianna. "Communicate". Women in Business. July/August 1, Volume 51, no. 4, p.6-.

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Zaleznik, Abraham. Human Dilemmas of Leadership. Harper and Row New York 166.

Byrd, Jack and Smith, Julie M. "Innovation Revolution Getting Better Ideas." Training and Development Journal. Jan 1, Volume 4, n 1, p68 (6). Keyword Innovation

O'Reilly, Bill. "The Secrets of America's Most Admired Corporations New Ideas and New Products." Fortune. March 17, Volume 14, n 4, p60-65 Keyword Innovation

Markides, Constantinos. "Strategic Innovation in Established Companies". Sloan Management Review. Spring

18.

"Quantitative Decision Making" 0 Feb. 0. http//www-mmd.eng.cam.ac.uk

Wolfe, Christopher R. Quantitative Reasoning Across a College. Heldref Publications. 1.

Ensley, Michael D., Carland, James W., and Carland, JoAnn C. "Investigating the Existence of the Lead Entrepreneur." Journal of Small Business Management October 000, Volume 8, no.4, p5-77. Keyword Entrepreneurship

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Keyword Entrepreneur.

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Solomon, Robert C. Ethics, the Heart of Leadership. Praeger Westport, CT 18.

ɦ Avery, Christopher M. "Individual-based Teamwork. Teamwork isn't Just a Group Process. This Time it's Personal". Training and Development. January 00.

Longnecker, Clinton O. "Barriers and Gateways to Management and Teamwork". Business Horizons. September 000.

Southon, Mike; West, Chris; and Cree, Richard. "When Teams Work". Director. June 00, Volume 55, Issue 11, p.

"What makes Teams Work". HR Focus. April 00, Volume 7, Issue 4, p1-5.

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Gallardo, Leilani M. "Pre-need Companies Adopt Code of Ethics". Asia Africa Intelligence Wire. February 00, Article 7.

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Walker, Lewis J. "Ethics in a Brave New World".

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Booher, Dianna. "Communicate". Women in Business. July/August 1, Volume 51, no. 4, p.6-.

Haddock, Patricia. "Communicating Personal Power". Supervision. January 00, Volume 6, no.1, p.1.

᠃ Petress, Ken. "An Alternative for Decision Making". Journal of Instructional Psychology. September 00.

Eisenhardt, Kathleen M. "Strategy As Strategic Decision Making". Sloan Management Review. March 1, p.11

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Today, so many Persistent social problems -- unemployment, discrimination and all the like for instance have been harassing our world for years. Thusly, Claim for developing such a global university dedicated to solving these problems sounds theoretically rational and constructive and beneficial to our society. However, despite of its sacred aim, a closer examination reveals that the issue of such a global university will pose some certain risks on these nations who participate in this program and might ultimately undermine the initial good-willings.

First of all as a global university it should comprise of faculty and students who bring diverse culture and educational perspectives, young intellectuals where keen minds from different races, cultures and varied ethnic and financial backgrounds come together to express their viewpoints and ideas. When such a diversified community comes closer then communication impedance might occur between students and faculty. So many factors and agents underlying the global cap will conflict and even antagonize each other, which though they might get conciliation to some extent will considerably offset the positive a lot.

Another amazing problem is the fact that there exist so many persistent social problems ,most of which are closely related to economics, race, religion, moral systems and may intertwined with each other. Unemployment for example, poses a giant blockade for both the developing and developed nations. Society requires only limited consumption and thus enterprises can provide only limited employment. Status of unemployment relies highly on the total level of economics and it is impossible to find an easy remedy without the realistic development of the whole society. Similarly, elimination of discrimination, another social tumor persistent for thousands of years, requires the mutual recongnization and respect of different races, requires the belief that each human being, whatever the race, color or religion, has the warranted right to be equal in dignity ever since his birth. Despite the giant amelioration for the past centuries, it is still a dream as Martin Luther has claimed.

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