Monday, September 30, 2019

Kite Runner Essay

In The Kite Runner, there are many examples of cruelty towards either the characters or their race as a whole. Two examples of cruelty include when the Afghanistan soldiers pick on Hassan, and one of them states that he has had sex with Hassans’ mother, and the other example is Amir setting up Hassan for stealing, in order to get rid of him. In the first example, the soldiers refer to Hassan as â€Å"You! The Hazara! † The lack of a noun here, i. e. Hassan’s name, demonstrates that Hazaras are treated as second class citizens, and aren’t deserving of being called by name. This has the effect of making Hassan appear to be an outcast, and it makes the reader feel sympathy for him, at being treated so harshly. The use of the sexually suggestive hand gesture by the soldier, when he’s making fun of Hassan because he had sex with his mother, again backs up the idea of Hazara’s being second class citizens. The metaphor â€Å"what a tight little sugary cunt she had† is used in a derogatory sense to further emphasise the contempt which Hazara’s had to endure back in 1970 Afghanistan. This achieves the effect of making the reader feel indignant at how Hassan is being treated, and that it is completely unjustified and is basically an advanced form of bullying. When the soldiers address Hassan, one of them says â€Å"Look at me when I’m talking to you! †. This is an imperative sentence, as the soldier is ordering Hassan to look at him, instead of requesting that he does so. The soldier is being demanding due to the fact that he believes his race is the superior race in comparison to the Hazaras, and that Hazaras always have to obey orders given to them, without question. In the second example of cruelty, Amir wonders to himself â€Å"how and when I’d become capable of causing this type of pain† As this is told via a first person perspective, it really helps the reader to understand what Amir is feeling, which emphasises the sense of cruelty, as the character who has committed the cruelty himself realises what he has done. Also, as he is speaking the past tense, with the use of the word â€Å"When†, it suggests that he wants to know what changed him to be so cruel. The use of the simple sentence â€Å"That was when I understood the depth of the pain I had caused†, is a great way of displaying the cruelty which Amir has shown in setting Hassan up for stealing his watch and money, and the sentence after it â€Å"not even Ali’s paralysed face could mask his sorrow† ,also helps to show this. These two simple sentences suggest that Amir realises that there is no justifying what he has done, that all he feels is relentless guilt, and that there is no other way of evaluating his decision. In conclusion, these two examples are strong demonstrations of the cruelty displayed in the Kite Runner, as they cover racism, which is shown in the first example, and in the second example, the words used e. g. â€Å" depth of the pain I had caused† clearly display Amir’s feelings of cruelty at what he himself has done.

Sunday, September 29, 2019

Finding Nemo Essay

Finding Nemo is a film where a clown fish named Marlin living in the Great Barrier Reef loses his son, Nemo at a school excursion to the open sea. After Marlin’s despite warnings about the danger of the sea, Nemo gets taken away by a bunch of divers taken back to a Sydney dentist office. When his son was taken away from him, Marlin goes on a journey to rescue him. Throughout the journey Marlin has his up and downs but in the end he learns how to not be afraid and to let go and believe through humour from Dory, a lost fish he met at the start of his journey. A journey is defined as a transition from one place to another and Finding Nemo directly relates to this from its plot line, a physical journey from point A to point B and how much Marlin changes on the journey. At the start of the film he is a cautious father, understandably though as Nemo is the only offspring he has left after a shark ate his wife and all their eggs. Marlin does everything to keep his only son safe and sets out clear boundaries. Once his son is captured Marlin goes to extreme lengths to get him back and on the way changes as a person. He meets all sorts of animals he never though he would meet or see and learns from each and every one of them. For example, Dory, a lost and confused fish who has no real direction in life due to her terrible memory and absent presence of mind. Dory miraculously remembers everything when she is around marlin and proves to him that not everything is as bad as it seems and to look at the bright side of life instead of only the negatives. An example of this is â€Å"P.Sherman 42 Wallaby Way, Sydney†, the location of Nemo. Marlin was only looking at the negatives of the situation like the distance getting there, the fact that they might get eaten, losing their way and ending up in the middle of the sea instead, being stuck with a lunatic who will not let him be by himself for any period of time and not reaching his son whilst dory provides a positive aspect to the film with her cluelessness and innocence. Dory becomes an influential character because she shapes Marlin’s way of thinking through her speaking manner, recklessness and her willingness to try new things. Dory’s humour allows marlin to let go and believe in fate. An example of this is comparing Marlin at the start to the end of the text. At the start he is dull, boring and only concerned about his boy, when asked to tell a joke to Nemo’s friends’ Dads he responds with a terrible, boring joke that no one finds humorous. He treats the dads with complete disregard doesn’t try very hard to communicate with them. A changing for all this was the run-in with the sword fish, they told Marlin outright he was being rude to Dory and he should always remember to take care of her.

Saturday, September 28, 2019

Horses of the Night Notes Essay

Vanessa was 6 years old, and Shallow Creek was a very cold environment o†No leaves grew†¦breath of seals and polar bears snuffled out steamily and turned to ice† – IMAGERY †¢Chris was fifteen when Vanessa met him †¢Ã¢â‚¬ Ã¢â‚¬ ¦let him stay at the Brick House.† ïÆ'Ÿ significance? †¢Ã¢â‚¬ Ã¢â‚¬ ¦high low-sweeping spruce trees shutting out the sun with their dusky out-fanned branches.† (pg 283) – IMAGERY †¢Ã¢â‚¬ At last the front screen door was hurled open and Grandfather Connor strode into the house, followed by a tall lanky boy.† (page 283) – IMAGERY †¢Chris’s physical appearance – â€Å"Grey eyes were slightly slanted, and his hair the colour of couchgrass at the end of summer when it has been bleached to a light yellow by the sun.† (pg 284) †¢Ã¢â‚¬ Ã¢â‚¬ ¦warmly but shyly.† – irony/oxymoron †¢Ã¢â‚¬ Ã¢â‚¬ ¦,looking as granite as a statue in the cemetery.† – SIMILIE †¢Ã¢â‚¬ He’d been lucky to get it, if you ask me anything, Wilf’s family hasn’t got two cents to rub together†¦Ã¢â‚¬  (pg 285) – grandparents are extremely judgemental of Chris’s family, shows that Chris isn’t the same â€Å"social† class as them †¢Ã¢â‚¬ Ã¢â‚¬ ¦curled into the bay window like a black giant seashell.† – SIMILE †¢Ã¢â‚¬ Ã¢â‚¬ ¦ just as though he had not heard a word my grandfather was saying.† – shows that Chris had high tolerance †¢Ã¢â‚¬ He simply appeared to be absent.† ïÆ'Ÿ significant? †¢Ã¢â‚¬ The trees were still growing, and the leaves were firmly and greenly on them. The branches has been coaxed into formations of towers and high-up nests where you could look out and see for a hundred miles or more.† – IMAGERY †¢The lake was full of fantasy creatures – water monsters, creatures with necks like snakes, rooster’s comb, hard leather tough. †¢Ã¢â‚¬ Two riding horses† & â€Å"He missed the horses†¦Ã¢â‚¬  ïÆ'   any significance/reference to title of story †¢Story takes place during The Great Depression †¢Vanessa was nine when Chris left Manawaka, mentions Brick House again †¢Ã¢â‚¬ he was not at Shallow Creek. He has not gone abck†¦ northbound train at the first stop after manawaka, cashed his ticker and thumbed a life with a truck to Winnepeg† – shows Chris’s ambition †¢Aunt Edna – unemployed because insurance company cut down staff, moved back to Manawaka †¢Vanessa’s brother, Roderick was born the year Grandmother Connor died o†The strangeness , the unbelievability, of both these events took up all of me.† page 291 †¢When Vanessa was eleven, Chirs returned to Manawaka oChris’s appearance did not change – â€Å"the same knife-boned face with no flesh to speak of† †¢Chris was a travelling salesman who sold vacuums – tried to sell Vanessa’s mother a vacuum, but failed (they couldn’t afford one) †¢Chris then sells magazines, and said he would earn $100 in a month if every sixth person subscribed †¢Chris then produces wool products (socks) with an old-fashioned sewing machine oThinks he hit jackpot – |I think this thing could be quite a gold mine.† †¢Vanessa’s father dies †¢Chris is unemployed again because there were no jobs on the market †¢Ã¢â‚¬ The grass that shone like green wavering light while the horses flew in the splendour of their pride.† ïÆ'   significant? †¢Ã¢â‚¬ He looked different, not only thinner†¦ face and neck were tanned red-brown†¦ wearing denims, farm pants, and a blue plaid shirt.† – Chris became a farmer †¢Ã¢â‚¬ Ã¢â‚¬ËœThe limousine’s over here.’ It was a wagon and two horses† – IRONY †¢ â€Å"Youngsters swam in and out of the house like shoals of nameless fishes.† – SIMILE †¢Ã¢â‚¬ Ã¢â‚¬ ¦ hardly see the food for the iridescent-winged blue-black bodies squirming all over it.† – IMAGERY †¢ â€Å"The lake was not lonely or unthreatened†¦ I looked at the grey reaches of it and held threatened. It was like a view of God which I had held since my father’s death.† page 296 †¢ â€Å"‘How much brighter the stars are when you’re completely away from any houses?’ †¦ ‘I guess most people don’t give them much thought at all, except maybe to say – very pretty – or like that †¦ They’re gigantic†¦Ã¢â‚¬  – page 297 †¢Chris was 21 and was sent to the army – â€Å"Chris left Shallow Creek some months after the war began.† (page 299) †¢Ã¢â‚¬ Ã¢â‚¬ ¦ my mother heard from Aunt Tess. Chris had been sent home from England, discharged from the Army because of a mental breakdown. He was now in the provincial mental hospital.† p.299 osignificant because Chris loses his mind †¢Ã¢â‚¬ Animation gone from his face.† †¢Ã¢â‚¬ All his life’s choices had been grown narrower and narrower† †¢Ã¢â‚¬ Only to be a turmoil which appalled him and which he dreaded†¦Ã¢â‚¬  †¢Ã¢â‚¬ Useless strokes of fantasy against a depression that was both the world’s and his own† ïÆ'   SIGNIFICANT †¢Ã¢â‚¬ Slowly, slowly, horses of the night-† – TITLE †¢Ã¢â‚¬ Night must move like this for him †¦ land he journeyed through was inhabited by terrors, the old monster-kings of the lake, or whether he had discovered at last a way for himself to make the necessary dream perpetual† ïÆ'   SIGNIFICANT *** ________________________________________ Vocab – detested, sweltering, cameo, equanimity, simpleton, bludgeoning, wisecrack, malevolent, chivvying, illicitly, jubilant, spiel, overshoes, pronouncements, subterraneon oracle, utterances, engrossed, torrent, fortnight, pallid-eyed, monosyllabic, saurian, perpetual View as multi-pages

Friday, September 27, 2019

Health organization case study Essay Example | Topics and Well Written Essays - 1000 words - 1

Health organization case study - Essay Example This is aimed at further personalizing health care, not to mention the enormous effect of trending innovations that continue to ensure patient satisfaction such as from receiving medical attention from the comfort of their homes. United Healthcare prides itself in the latest technologies in diagnosis, treatment and data handling (storage and processing) (United Healthcare, 2015). This will ensure better quality health care and faster service to reduce ‘crowding’ and ‘overwhelming’ situations. With appointments much easier to make and health related information readily availed to patients who can access them easily, prevention is fast becoming a major ally in further enhancing the United Healthcare’s readiness to addressing the health care needs of its citizens in the next 10 years. The main strategy to ensure United Healthcare’s sustained network growth is to become and retain its spot as the best destination for health care for various ailments. United Healthcare has additionally invested in new, fast, easy and personal technologies and innovations that make access to health care easier to persons in any parts of the country, or globe. These include resources such as myuhc.com, Health4Me mobile application, my Healthcare Cost Estimator, myClaims Manager and Your 24-Hour Nurse which among other things, enable patients/ users to receive answers to their questions, receive health tips and advice, book appointments with doctors, print IDs, estimate health care costs, view and pay claims, access claim forms, locate a pharmacy and change mailing preferences (UnitedHealthcare Online, 2015). United Healthcare also plans to build more hospitals and clinics that will compliment the over 5,600 such facilities already present all over the country in bids to aid its network growth and enhance patient satisfaction (reach). The organization also continues to enter agreements with businesses to

Thursday, September 26, 2019

Importance of Theory Essay Example | Topics and Well Written Essays - 1250 words - 1

Importance of Theory - Essay Example Ideally, nursing theory offers the principles that reinforce practice (McEwen & Wills, 2014). Indeed, theory without practice is unimaginative, and practice devoid of theory is visionless. Theory refers to a set of conventional rules that can be tested. In essence, nursing theories offer nursing-specific identifications, explanations and correlations of concepts (McEwen & Wills, 2014). This gives the nursing profession distinction from the rest of science and medical professions. In essence, theory is paramount to effective nursing practice and research. This paper discusses the significance of the theory in nursing practice through the help of Neuman’s systems model theory. This paper will discuss in details the significance and application of Neuman’s systems theory to nursing by identifying its role in intensive care therapy. The readiness to discover ideas and start a change as a section of the search for improved ways of providing care is paramount in intensive care nursing (Capers, 2006). In most cases, patients found in intensive care unit are heavily sedated or unconscious, therefore, making the patients poor communicators of needs (Capers, 2006). Because of this reason, the patient’s family of friends are reasonably important in determining what is best for them. Intensive care therapy is less effective if the care is planned individually by each nurse that is handed over from the nurse taking care of the patient in the previous shift (Krupa, 2003). This is because each nurse identifies distinct needs of the patient according to what they deem necessary to them. Therefore, the patient’s needs are greatly satisfied if the patient’s family is considered when offering therapy to patients (Krupa, 2003). Additionally, there ought to be effective communication between the staff membe rs. Communication is particularly essential in intensive care unit (Neuman, 2004). The nurse has the responsibility of identifying the most significant aspects

Types of Inflation, Causes and how Inflation is Measured Essay

Types of Inflation, Causes and how Inflation is Measured - Essay Example It is important to note that, the higher demand will in turn pull up prices of commodities thus resulting to too much money circulating in an economy. This can be attributed in times of war, or rather political crisis in a country's economy. Pricing Power Inflation This also referred to as profit-push inflation. This is a type of inflation, which result from a situation whereby, individuals in business intentionally and administratively decide to increase the prices of commodities and services. This intentional move aims at increasing the profit margins. The makers exercise their market influence by increasing the prices of product and services to suit their expectations. It occurs in monopolies and oligopolies market. They do this due to their concentration in the market. Cost- Push Inflation This occurs when the price of goods or service increase due to the rising cost of its production or when the maintenance cost rises. It is apparent that the resultant excess demand created by t he rising cost of production causes prices to increase. An example is whereby price of an agricultural product such as maize rises due to an increase in the cost of fertilizer production. Wage-push inflation This normally occurs when wages or labor costs rises due the influence from the labor union’s demand for the increase in wages. In addition, as it happens, the productivity remains constant. The resultant cost and effect will drift to the consumers. The increase in the cost of labor will cause the business to cut down the number of laborers hence consequently resulting to the low productivity. On the other hand, the fall in productivity level, which is low supply, will cause prices to rise due to the constant consistency of the demand. This inflation causes unemployment since higher price level means that, no more laborers are needed. In this scenario, most institutions lay off some of the employees. Unless demand for the wage stops, there will be continuous, high price l evel coupled with higher unemployment and low output. Sectoral Inflation This kind of inflation occurs on the relationship between related or unrelated product and or services. This occurs when change in the price of a product influences the price of another. For example, a stationery user, a case, or a situation whereby the price of timber price rises, the stationery dealer will in turn increase the price of stationery items such as books to suit their profit margin thus causing a general increase in prices occurring in every unit of product or service. Supply shock inflation This arises under unpredictable circumstances in an economy, for example, when there is unpredictable drought occurrence, the price of the agricultural products will rise rapidly and especially when there is no enough stock to curb and fix the situation. Hyper inflation It is a form of inflation that occurs when country involved is in economic backdrop thus in dire need of monetary valuables and funding. It is where prices rise at a higher rate, and when the rate of inflation exceeds four digits. Creeping inflation It occurs where price level rises normally between 1 and 7%. Imported inflation It deals with international trade. The prices of imported goods normally have an effect in domestic prices. Causes of inflation It is worth noting that inflation occurs under various circumstances for instance when there are changes in the price of foreign goods. This will have an impact on the overall payment made to the outsiders.

Wednesday, September 25, 2019

An Engineering Product Development Plan Essay Example | Topics and Well Written Essays - 4750 words

An Engineering Product Development Plan - Essay Example An approximate potential size (volume) reduction of 20-30% can be achieved in notebook devices and up to 70% in desktop PCs. There are fewer security threats since the device is memoryless once its power supply is turned off and there is a clear privacy edge since a user's full computer would reside in the user's pocket, key chain, or the like depending on the used storage medium. The development does not target major hardware and enclosure re-designs. It is in the proof of concept's advantage to virtually eliminate hardware re-design and minimize same for enclosures. Motherboards designed for desktops can be used with minor adaptation for the reduced desktop configuration as well as a desk/kiosk mountable configuration for public use. The laptop motherboard layout would still be used for smaller laptops, possibly with more creative enclosure design to reduce the overall carry-on size, while maintaining a reasonable screen size. The product development plan is organized as follows. ... The laptop motherboard layout would still be used for smaller laptops, possibly with more creative enclosure design to reduce the overall carry-on size, while maintaining a reasonable screen size. The product development plan is organized as follows. Section 2 provides a topical product description that caters for the main newly introduced issues by the UC concept. Section 3 discusses specifics of alternative technologies to be used in the implementation. Section 4 presents the business case and market segmentation. The development plan and the related funding and financial plan are described in Sections 5 and 6, respectively. Section 7 discusses potential economic and technological risks. A conclusion is provided in Section 8. Product Description The UC physical architecture is similar to that of a desktop or a laptop, except that in either case the processor box is much smaller. Other peripheral input and output devices; namely screen, keyboard, and mouse are not subject to change; but may be subject to subsequent creative adjustments that could take advantage of the size reduction. The processing box may consist of one PCB (we may still call it a mother board) with the following components: Processor with cache memory RAMs NVRAM containing machine language device drivers VGA card or equivalent Audio drivers and outlets A minimum of 4 USB 2.0 or Firewire interfaces: one for each of the mouse and keyboard, and 2 for portable external storage units (alternatively Bluetooth could be used for the mouse and keyboard) Network drivers for Ethernet, Wi-Fi, and Bluetooth The following devices are taken outside of the box: The hard disk(s)-replaced by external

Tuesday, September 24, 2019

What is meant by a Failing State, main causes of it and what may be Essay

What is meant by a Failing State, main causes of it and what may be done to help states that are failing - Essay Example As this occurs, nations and groups become threatened by the environmental actions and may response negatively. The link between climate change and threats to global security become pertinent in understanding the complexities that are arising from both the environmental concerns and the political affiliations and actions in response. The concept of climate change is developed on the theory that there is an alteration in the system of the earth. Increasing temperatures, changes in resources and natural disasters are all pointing to the definition of climate change. This was specifically announced by the politician Al Gore, with his announcement of the threat of global warming. The theory which was presented was one that was based on the environmental changes leading to destruction of the earth. The destruction was compounded specifically because of pollution, destruction of natural resources and the impact of the environment on different countries. The combination of these environmental factors led to scientists finding different understanding with environmental impact while developing specific risks in regards to climate change. Environmentalists began to demand that natural resources be used in a different way. As this increased, were also opposing groups that found the changes in use of resources created a sen se of risk, specifically in terms of politics, economics, social and cultural demands (Stern, 7: 2006). The impact of global warming and the current shift to climate change has created specific political responses, specifically which is related to economics and the need to monitor resources at a global level. The introduction of climate change led to interference from political organizations in regards to taking action, including the UN and the intergovernmental panel. The concepts which each of these governmental structures have carried are to show

Monday, September 23, 2019

Impact of Interest Rate Liberalisation on Chinese Economy Essay

Impact of Interest Rate Liberalisation on Chinese Economy - Essay Example China is currently a key player in BRICs (Brazil, Russia, India, China and South Africa) and is a signatory of major international agreements (Peng, 2009). This has put pressure on the country to liberalize its interest rates and cause it to be determined by the forces of demand and supply. This project takes a critical look at the changes in the interest rate of China and its impact on the Communist Structures of Country viz Savings, State-owned Enterprises and other systems of the controlled economy. A controlled economy maintains pre-determined rates that are fixed by the leaders in order to attain a given target. However, with the pressure on the country to use the forces of demand and supply to fix macroeconomic policies, the Communist structures and the Capitalist world come face-to-face. This research seeks to examine the impact and implications of this conflict on structures in the Chinese economy. Also, it will examine a real case involving the impact of these static interest rates on the Bank Capital Adequacy Ratio. The inferences and conclusions of this research will provide authoritative text and information about the trends in the nation under review. Through this, other scholars and researchers would be able to build on it and benefit from it. In other words, this project seeks to bring new knowledge into the world. The aim of the paper is to examine â€Å"The Dynamics of Changes in Chinas Interest Rate Liberalisation and its impacts on the Communist Structures of the economy: SOEs, Savings and Investments and the Measures to be Taken and The Impacts on Bank Capital Adequacy Ratio†. In attaining this end, the following objectives will be examined: The hypothesis tested in the research is that: â€Å"The Chinese Economy is doing quite well under the Communist Structures. The introduction of interest rate liberalization is going to disrupt the system and lead to major adjustment problems.

Sunday, September 22, 2019

Manhood, Power and Respect instead of Childhood Essay Example for Free

Manhood, Power and Respect instead of Childhood Essay Dave Saunders is the main character of the story, the Theme of the Story is â€Å"Looking for Maturity, Respect and Power†. He is tired of been treated as a child, wants to spend his money to whatever he wants, because his mom holds his money, so he just wants to prove to the others that he is a Man. One day he decided to go the local store to buy a gun, which is the store of Mistah Joe, he ask Joe for a catalog, once he gets the catalog he went back home, his mom sees the catalog, and she doesn’t let him to buy, but after he tells her that the house needs a gun and also that he’s going to give the gun to his dad, she gives $2 for him to buy it. Next day he goes to Mistah Joe store to buy the gun, after buying it he goes to the field to admire the pistol. Next day of work, his is so excited that now his has a gun, he takes jenny the mule and goes far away, so he can test the gun, but accidentally he killed jenny. However, when everybody finds out that he is lying about jenny death, he decided to escape and leave all behind. And the story started like this. Dave Saunders 17 years-old, works at Mr. Hawkins fields, there is the place he makes his own money, and also when he begins his desire to get older, powerful and more respect. One day after he works at Mr. Hawkins fields he was heading home and thinking about the discussion that he had with others field hands that day, and also tired of being treated as a child. He resolves to get a gun for himself, so he can show more power to the others. Instead going home he goes to the local store that they offer a mail-catalog, which is the store of Mistah Joe, when he gets there he asks Mistah Joe for a gun, Mistah Joe Surprised says to Dave â€Å"ain’t nothing but a boy,† (Richard Wright) and he does not need a gun, but he nevertheless offer to sell an old pistol left-hand fully loaded for $2 dollars, Dave goes to his house so excited to ask his mom for $2 dollars to purchase the gun, but when he gets to his house Mrs. Saunders is angry because he has kept the dinner waiting, he sits down and Mrs. Saunders sees the catalog in his arm, and she sizes it, she takes the catalog and tells him to go wash his hands, when he comes back, Dave was so infatuated with the catalog that he did not notice that his father had spoken to him and his food is in front of him. But he knows if he asks his father the money the answer would be a straight NO, and he thinks that his mother is a little easier to persuade. But when he starts a conversation with her, she tells him â€Å"git outta here! Don yuh talk t me bout no gun! Yuh a fool! (Richard Wright), but Dave states that the family needs a gun and after he buys it he will give to his father, Mrs. Saunders agrees to buy the gun but with one condition, as soon as he buys the gun it has to come straight to her possession and also make him promise that he will do it as she said. The first thing he does in the next morning is go to the Mistah Joe store and purchase the gun, while he comes back home, he stops in the field just to play with the gun and he starts shooting imagery objects, afterwards he gets home, he breaks his promise because he hide the gun under his pillow and tells his Mrs. Saunders that the pistol is hidden outside, and it is not true. He leaves his house very early in the morning, ties the pistol in his leg with a piece of flannel and goes to Mr. Hawkins field, he hooks up Jenny the mule and go plow the field far away so he can practicing shooting the gun and no one would hear it, but a fatality happened, he shot Jenny at his first shoot, when he realizes that Jenny is been shot he tried to plug dirty into the bullet hole to stop bleeding, but Jenny soon dies, he is frightened about what happened, he goes back to Mr. Hawkins and trying to tell a believable story about Jenny’s death, afterward someone finds Jenny and Dave make up a story that Jenny had something wrong and all of sudden fell on the point of the plow, but Mrs. Saunders knows it’s a lie, Dave is forced to tell the truth, when he assumed that he killed Jenny, Mr. Hawkins tells him that he has to pay $50 dollars for the mule, and he will take $2 dollars every month of his salary until he pays the $50 dollars. Dave feels annoyed because he has to pay back the mule, also very upset because all the others think he is a child more now than ever before. He decides to leave the city, by doing this he will leave all behind, his childhood and he will become a man as his desire. Dave Saunders is a boy that wants to get the power, the respect, the manhood and also the maturity that most of the men have. The gun seems to symbolize all this to Dave’s eyes, but it’s been showed that is just a phony imagination. Work Cited Richard Wright’s Parody of the Hunt Tradition in â€Å"The Man Who Was Almost a Man†(Fall 1986). Detroit: Gale Group, 2000

Saturday, September 21, 2019

Chili Flax (Dish advisor) Web Site Analysis

Chili Flax (Dish advisor) Web Site Analysis 1 Introduction In this section, documentation describe purpose of system, scope, and different possible interaction with system. 1.1 Purpose The purpose of this documentation is to give a detailed information about Chili Flax (Dish advisor) web site. In this documentation, we describe various interactions, interfaces and system constraints for this system. The main purpose of this documents is to give illusion to developer and user about system. 1.2 Scope The Chili Flax (Dish Advisor) is a website, which helps user to compare foods serving all restaurants in the city. It compares based on price and customers review on particular food selected by user. It will help user to find best food nearby his/her location. Main advantage that it brings transparency in price and quality of food is serving in the city. Restaurant owners will provide information about its menu and other information about restaurants like establishment years, experience in this business, connected with another firm and schedule. Restaurant owner can have Owner panel to modify menu whenever they want. The software need GPS (location) permission for find nearby place feature which allow software to calculate minimum distance with user and provide best search result. 1.3 Definitions, acronyms and abbreviations Term Definition user Person who interact with website Admin/Administrator System administrator who have rights to change and manage website information Restaurant owner Who have rights to change own restaurant menu and prices Developer Who created this website and managed all information GPS Global Positioning System GPS-Location Manager Location permission need when website is excessed through user device to improve search optimization Data Source Person or referencing object who contributed data in this website 1.4 Overview In this documentation, we have majorly included three chapter which enable to give brief introduction of system and other interaction modules given by all whole system. In this document, also describe different stakeholders and their respective roles. Another aspect is that what is constrains and assumption need to mention in system that every individual should make is also describe in this documentation. Requirement specification and detailed terms and definitions of the different interfaces mansion in third chapter of documentation. Technologies used during implementation of requirement also mentioned. In the Fourth chapter prioritization of requirement is mention and also mentioned what basis developers are choose those requirement is first and all filtration process. The appendixes in the end include all results of requirement prioritized and launch plan of development. 2. Overall description This section will provide associate summary of the entire system. The system will be explained in its context to indicate however the system interacts with alternative systems and introduce the essential practicality of it. It will additionally describe what kind of stakeholders which will use the system and what practicality is obtainable for every kind. At last, the constraints and assumptions for the system will be given. 2.1 Product perspective This system mainly contain two parts first one is web browser and second is database. Web browser serve application pages which contains different pages to serve. GPS will be used by mobile application to locate user. Distance between user and restaurant will be displayed by GPS and also da of application will be displayed by GPS. User can use function of GPS seamlessly manner. This application contains centralized database so it requires to store data somewhere. Mobile application as well as website both can access to database. They will use database in different ways. Mobile application will use database to display those data which is required by user. Web portal will use database to store and modify those data needed by administration team of system. Internet will be used for this kind of communication. There are limited resources available for mobile application. The maximum amount of hard drive space required by application will be 20 MB. 2.2 Product functions User can search restaurants using mobile application. The result will be displayed using inputs given by user. Administrator of system can change of add criteria. Search result will be displayed in either list view or in map view according to the requirements of user. The list view will have one list item for each restaurant. Location of each restaurants will be displayed in map view. In both views user, can view information about restaurants. The web portal will be used for data population and administration purpose. 2.3 User characteristics The number of types of users is three which will interact with system: User of mobile application, administrators and restaurant owners. Each user carries different role, requirements and rights on system. The mobile application users can see data only. They can input criteria for search restaurants and gets directions to reach there. The restaurant owners will use web portal to populate date. The can manage their menu and information about restaurants. The administrators will use web portal to system. They will have maximum rights on system. They are responsible for removing uncourts data and harmful contents. 2.4 Constraints Mobile application needs GPS system to be functional properly. Mobile devices with different GPS will use same interface. The application will also require internet connection. Connectivity to database is established over internet so internet connection will be needed by application. Both the application and web portal will have limited size of database. Database is shared between both application and web portal so it can happen that they can be forced to queue incoming requests. 2.5 Assumptions and dependencies We can assume that application will be installed on capable devices. If device does not have enough space, then application will not be installed. Another assumption is that all mobile devices in which application is installed, have working GPS with same interface. If the phones have different interfaces to the GPS, the requirements for GPS will needed to be changed. 2.6 Apportioning of requirements If project is about to be delayed, there are some requirements that will be implemented in the next versions of application. Those requirements are to be implemented in the next release, see Appendix IV. 3. Specific requirements The functional and quality requirements are contained by this section. Detailed description of system and interface is given in this section. ÂÂ  3.1 External interface Requirements This section describes all inputs and outputs of system. It also describes the software, hardware and the communication interfaces. This section provides basic prototypes of the user interface. 3.1.1 User interfaces Login page will be displayed to first time user, see Figure 2. User can navigate registration page from login page. Search page will be displayed to user if user is not first time user, see Figure 3. User will select search criteria here and able to get list of required restaurants. User will have profile page to manage personal and contact information, see Figure 4. Also, the user can change its preferred language. 3.1.2 Hardware interfaces Applications are installed on fully built systems so they dont need any external hardware. The GPS and database will be handled by underlying processes of operating system of respected devices. 3.1.3 Software interfaces The mobile application will use GPS to get location of user and will use database to fetch data about restaurants which is required by user, see Figure 1. Mobile application can only read data from database. Web portal will have all rights on data of database. 3.1.4 Communications interfaces The different parts of system are highly dependent on each other so communication among them is very important. Way of communication is doesnt concerned by whole system. So, communication will be handled by underlying processes of operation system on respective devices. 3.2 Functional requirements 3.2.1 User Class 1 The User 3.2.1.1 Functional requirement 1.1 ID: FR1 TITLE: Download mobile application DESC: Application should be downloaded by user from application store and free of cost RAT: So, user can download application. DEP: None 3.2.1.2 Functional requirement 1.2 ID: FR2 TITLE: Notification of new releases DESC: When new release of application comes, user will get notification about it. RAT: So, user can download new version of application. DEP: FR1 3.2.1.3 Functional requirement 1.3 ID: FR3 TITLE: Registration DESC: User should create an account on system. RAT: So, user can create an account. DEP: FR2 3.2.1.4 Functional requirement 1.4 ID: FR4 TITLE: Login DESC: User should login in system in order to user features of system. RAT: So, user can access its profile. DEP: FR1, FR3 3.2.1.5 Functional requirement 1.5 ID: FR5 TITLE: Get password DESC: User can get password by email. RAT: Recovery of password. DEP: FR1 3.2.1.6 Functional requirement 1.6 ID: FR6 TITLE: User ratings DESC: User should rate restaurants. RAT: Improved feedback. DEP: FR4 3.2.1.7 Functional requirement 1.7 ID: FR7 TITLE: Search restaurants DESC: User should search restaurants by food, price, distance and rating. RAT: Search for a restaurant. DEP: FR6 3.2.1.8 Functional requirement 1.8 ID: FR8 TITLE: Admin panel DESC: Administrators should be able to manage database of system. RAT: System management. DEP: None 4. Prioritization and Release Plan 4.1 Choice of prioritization method Top 10 most important requirements will be selected first. This will be done by simple number method in which higher number means high priority. Number will be assigned base on decision of meting of stockholders. The highest summed number associated with requirement will decide priority of requirement. The results will be red marked and others will be left as are they before. These requirements were prioritized according to the points they got and the results can be viewed under Appendix II. 4.2 Release Plan The requirements were divided in three groups and each group will be implements in each release of application. Each release will be work as complete working system. The first release will contain essential requirements. The last release will contains most advanced requirements. Other requirements can be implemented in middle release, Gantt Chart

Friday, September 20, 2019

Examining Family Business Corporate Governance

Examining Family Business Corporate Governance This dissertation sets out a study of the family businesss corporate governance, addressing the relationship between the owners and the management. Family businesses constitute a wide spectrum of enterprises, from small family owned and managed companies to a large internationally operating family controlled corporations. There are several definitions illustrates the family owned businesses, however the majority agree that Nebauer Lank definition illustrate the family business in a simple way and puts it as A firm can be regarded as a family business if a given family holds the voting control of the firm (Nebauer Lank, 1998). This dissertation argues that, given the duality of the economic and non-economic goals family firms pursue and the complexity of the stakeholders structure, family firms need governance structure that matches the complexity of their constitutes stakeholders. According to that a better research and empirical understanding as how family firms are governed is needed. In this study the focus will be on assessing the level of understanding of the corporate governance concept overall and the codes provided by the Capital Market Authority (CMA), the Capital Market Authority in Oman focusing on strengthen the family owned business by incentives them to go public. The CMA is just recently in the process to create a corporate governance to help the Family business to be prepared to do so. In this study, the focus will be to create an understating and help to create a better code to help the family business sustain in the future. On the other hand there will be an evaluation of the agency theo ry and how the family owners acceptance of this model. Furthermore a research by McKinsey quarterly shows that 95 per cent fails to succeed the generation due to the lacking of succession planning and roles defining, therefore the dissertation will be evaluating the practice and preparation if any on how the existing owner prepare companys succession planning rules and codes to handover their responsibilities to their successors. In this study the focus will be on the family businesses in Sultanate of Oman, a country in the Arabian Gulf with a fledgling capital market. Oman has made significant efforts to improves the level of corporate governance, particularly in the listed companies and now the capital market would like to expand its corporate governance codes to the family owned businesses to strengthen the chances of the sustainability of its growth. Aims And Objective This dissertation will focus on the unique corporate governance challenges that any family business faces and propose structures and practices that can mitigate these challenges and ensure the viability of the business. The detailed objectives that guide the dissertation process are: To review and analyze relevant theoretical, and other, streams of literature that focus on corporate governance and family business Analyzing the practice of the existing code of corporate governance that applied by the CMA and if it fit to be implemented in the family business companies. Asses the ownership structure and polices in the companies and testing the theory of the ownership and control separation. Asses the long term planning by the company owners and how the successor is been appointed. To assess the significance, reliability, and validity of the results; to discuss the theoretical, empirical, and practical implications of the findings; to assess the limitations The impact of corporate governance in family businesses performance. Scope of the dissertation The present study addresses the governance of family firms, focusing on the nature of various governance mechanisms and how they affect firm performance. Family businesses provide a fruitful research context to study corporate governance due to lack of governance research in the area and the distinctive characteristics of family firms. The family business context, especially, enables the study of how aspects of formal and social control vary according to characteristics of ownership structure. Research Approaches and method The methods to gather the required data will be a qualitative, where the participations will be selected based on their history and age of the company in practice. The research will be analyzing their policies and corporate governance practice. Interviews will be placed with the owners and senior managers of the companies to get all the data required for the findings and results. Structure of the dissertation Chapter 1: Introduction This chapter included the background of the study, the aim, purpose of the study, research questions and limitation of the study and it will present the structural framework of the study. Chapter 2: Literature Review This chapter will review the historical perspective, theories and related studies of corporate governance, family business and related theories to corporate governance. This chapter will include the secondary data which will be used in discussing the findings. Chapter 3: Methodology Chapter describes the methodology and procedures that were used to carry out this study. Furthermore, this chapter will review the population and participants of the study, instruments and data collection procedures. Chapter 4: Results and Findings This chapter will present the data and findings related to the research questions Chapter 5: Data Analysis and Discussion This chapter presents the data analysis and the discussion of the finding. Chapter 6: Conclusion In this chapter, the researcher will present a summary of the study and the findings, conclusion and recommendation. The structural framework of the dissertation is illustrated in Figure 1. Figure Literature Review Introduction A growing number of studies have been done on the family business ownership and management separation or combination in the past few years and what is the linkage between the performance and these two elements. In this chapter we will be presenting the theories and the studies that are related to it and selecting a frame work that will be the base of the evolution of the practice we examine in the family businesses. Family Owned Business Family enterprises or family owned businesses represent the oldest form of businesses in the world. The family owned businesses constitutes more than 70 percent of all business in most of the third world countries and in some developed countries (IFC, 2009). In the IFC research Family Businesses Corporate Handbook shows that family owned businesses are the higher contributor in any country growth in terms of economic development and employment. In Spain, for example, about 75 percent of the businesses are family-owned and contribute to 65 percent of the countrys GNP on average. Correspondingly, family businesses contribute to about 60 percent of the cumulative GNP in Latin America (IFC, 2009). in addition to, accordingly to recent researches that 95% percent of employment in the Middle East and especially in the Arabian Gulf Peninsula is in the family owned businesses. There are several definitions that explains the family business corporations, the IFC define it as a company where the voting majority is in the hands of the controlling family; including the founder(s) who intend to pass the business on to their descendants, in another words is A business actively owned and/or managed by more than one member of the same family. There are two systems that control the family businesses; which are the family system, and the management system, the two system overlap due to the dual roles that any family member take, like a family member may be a manger or an employee in the business and here where the conflict arise. The family system is based on emotional, love and care. The family system is based on the relationship in the family and they take most of these values to the business. Where in the business system is the professional values are the edge of the decision. (Managment Resources, 2010) To define a family business need to understand the environment from one to another, here are list of family business definitions that made by researcher past the year that cover the family business from different view but reserving the concept. Table Family business Definitions A company is considered a family business when it has been closely identified with at least two generations of a family and when this link has had a mutual influence on company policy and on the interests and objectives of the family. (Donnelley, [1964] 1988: 428). Controlling ownership rested in the hands of an individual or of the members of a single family. (Barnes Hershon, 1976: 106). Organizations where one or more extended family members influence the direction of the business through the exercise on kinship ties, management roles, or ownership rights. (Tagiuri Davis, [1982] 1996: 199). It is the interaction between the two sets of organization, family and business, that establishes the basic character of the family business and defines its uniqueness. (Davis, 1983: 47). What is usually meant by .family business.is either the occurrence or the anticipation that a younger family member has or will assume control of the business from an elder. (Churchill Hatten, 1987: 52). We define a family business as one that will be passed on for the family.s next generation to manage and control. (Ward, 1987: 252). A business in which the members of a family have legal control over ownership. (Lansberg et al., 1988:2). A family business is defined here as an organization whose major operating decisions and plans for leadership succession are influenced by family members serving in management or on the board. (Handler,1989b: 262). Firms in which one family holds the majority of the shares and controls management. (Donckels FrÃÆ' ¶hlich,1991: 149). A business where a single family owns the majority of stock and has total control. Family members also form part of the management and make the most important decisions concerning the business. (Gallo Sveen, 1991: 181). A business firm may be considered a family business to the extent that its ownership and management are concentrated within a family unit, and to the extent its members strive to achieve, maintain, and/or increase intraorganizational family-based relatedness. (Litz, 1995: 78). A business governed and/or managed on a sustainable, potentially cross-generational, basis to shape and perhaps pursue the formal or implicit vision of the business held by members of the same family or a small number of families. (Sharma et al., 1997: 2). A family enterprise is a proprietorship, partnership, corporation or any form of business association where the voting control is in the hands of a given family. (Neubauer Lank, 1998: 8). Family businesses share some common characteristics, largely due to the interacting and overlapping domains of family, ownership and management (Tagiuri Davis, 1982). Family firms have a complex stakeholder structure that involves family members, top management, and a board of directors. Family members, who are often significant owners, usually play multiple roles in managing and governing the firm (Tagiuri Davis, 1982). This involvement promotes loyalty and also commitment to long-term value creation (Dyer Handler, 1994) and reduces problems that arise from separation of ownership and control, as experienced in large, public corporations (Jensen, 1989). Also, family businesses may enjoy a competitive advantage due, for example, to remaining entrepreneurial in character and having a strong sense of responsibility to society (Neubauer Lank, 1998), fast verbal and nonverbal communication, aided by a shared identity and common language of families (Gersick, Davis, McCollom Hampton Landsberg, 1997), family members. Business expertise gained during early childhood onward (Kets De Vries, 1996), and a strong organizational culture contributing to external adaptation and internal integration (Schein, 1983). However, the familys involvement in governing the firm may induce a focus on business and non-business goals, possibly leading to inefficiency (Schulze, Lubatkin, Dino Buchholtz, 2001). If the owner family is not regularly informed about the companys affairs, differing visions of the companys future may develop between management and the family. The resulting feuds between family factions may distract managements attention from value-creating activities and so reduce their commitment to strategic decisions. Owner-managers also may act opportunistically by satisfying their own needs at the expense of the companys performance and long-term survival. Entrenched owner-managers may not share their powers with others, especially not with the companys board. Furthermore the common characters of all family businesses are illustrated in the diagram below. Figure The individual represent the family members who are directly involved in daily bases with the operation, the family symbolizes the whole family where in some family businesses called the family counsel and the management dimension represents the family managers and non-family managers. McKinsey quarterly stated in the report keeping the family in business that only 5 percent will continue to create shareholders value after the third generation. Moreover; the IFC also mentioned in the family business hand book, while the third generation takes over; 95 percent of all family businesses will not survive the ownership around. These consequences might be a result to the lack of commitment and proper business education of handling the business demands. In addition, the survival of family firms is often challenged by dictatorial rule, resistance to change, lack of professionalism in management capabilities, confusion in family and business roles, rivalry and enlarged human emotions among family members, conflicts between interests of the family and the business, and a low rate of investment in business development (Donnelley, 1964; Gersick et al., 1997; Kets De Vries, 1993). All the definitions are focusing on the shareholders and their power in voting and management and these two points are actually the core strength and weaknesses of any family business. However there are other dimensions that a family business can be measured of its strength and weaknesses like: Culture Ownership and governance Succession planning Family involvement This dissertation will be reflected somehow in the culture dimension due to the strength of the factor here in the Arabian Gulf Countries and Oman. Different researcher came up with different definitions of the family business; however, the definitions imply six themes for clarifying the boundaries of the domain of family business: (1) ownership, (2) management, (3) generational transfer, (4) the familys intention to continue as a family business, (5) family goals, and (6) interaction between the family and business. These themes are similar to those found in the extant literature. For example, Handler (1989a) categorized family business definitions under four headings: ownership and management, interdependent subsystems, generational transfer, and multiple conditions. The extant literature on family business research has largely neglected the definition of the family itself. By modifying Winter.s, Fitzgerald, Heck, Haynes Danes (1998) definition of the family, the present study defines it as a kinship group of people related by blood or marriage or comparable relationship. This definition allows a multigenerational view of an extended family. Family Business in Oman According to the family firm institute (FFI) the around the 75% of Omans private companies are family owned, with their firms creating 70% of the country employment. There are 12 top families who are controlling around 75% of the contribution over all in Oman. The family owned business also control 90% of commercial activity according to Tharawat (Fortunes) Magazine. Oman is a part of the GCC Region where in the region is estimated that family businesses worth more than 1 trillion dollar, that is ready to be handled to the next generation. All family owned business share same characteristics as mentioned above, even the strengths and the weakness are similar to some extant in all family businesses. However, the family business can be categorized to two categories: Listed family businesses Non-listed family business The listed family businesses are set to fulfill the listed companies corporate governance code as per the CMA regulation, but the non-listed are not treated that way; whats so ever the size or the operations are. The CMA in Oman are concentrating nowadays to establish an attractive market and safe to all sizes of family businesses, the CMA is concentrating on converting the family closed family business to go public by Initial Public Offering(IPO) offering them a less strict rules and requirements to commence the IPO as the Head corporate governance Center declared. Furthermore there are different points that might affect the operation of any family businesses such as: family relations affect the assignment of the management family indirectly runs the company major family influence/dominance of the management (in terms of  strategic decisions) significant proportion of the enterprises senior management most important decision made by the family family control of the management of the enterprise at least 2 generations having had control over the enterprise These points might be strengthen the family business in the initial stages of the operations but there must be some kind of governance or policies on whom can make a decisions and how is not. Corporate Governance Corporate governance is a topic that has been a subject of significant debate since 2001 Enrons and other US companies crashed. Some analyst say lack of corporate governance was the main reason behind the crash (International Swaps and Derivatives Association, 2002). The international Swaps and Derivatives Association highlight that the failure was due to interests that extended certain managers at the expense of the shareholders. While the United States capital market where busy analyzing the reasons behind the crash of Enron and World Com, Sultanate of Oman has also experienced its share of corporate trouble affecting not only large companies such as Rice Mills SAOG and Oman National Investment Company Holding SOAG but also dozens of smaller companies, which have had to turn to the government for assistance (Dry, 2003). The year 2002 was the birth of the new corporate governance standards from the Capital Market Authority (CMA), but it was only covering the list companies in the Mu scat Security Market only. Since then the CMA focused on upgrading this standards and code and refine it to be in a worldwide acceptable standards and to include the best practice for the companies. The standards have been modernized since 2002 on the listed companies and the closed shared ones but nothing was mentioned on the family business side. In 2009 the CMA established the corporate governance center to help the companies implement the codes of corporate governance and to regulate the practice and monitor it, in addition to create a new standards to fit the family businesses practice. Till today the CMA and the Center did not establish a full concept on how they can produce a set of codes to be acceptable to the share holders of these businesses due to the lack of information on the family owned businesses in Oman. Theoretical framework related to Corporate Governance. The corporate governance model did not came from one framework or a certain theories, but I was built up on different practices and theories which results of different frameworks that today any economic system can customized to suit the needs to regulate the market. There are certain theories that been always associated with corporate governance practice which is set out the relation between the principle (shareholder) and the agent (management): The agency theory Stewardship Theory Stakeholder theory The agency Theory Agency theory having its roots in economic theory was exposited by Alchian and Demsetz (1972) and further developed by Jensen and Meckling (1976). Agency theory is defined as the relationship between the principals, such as shareholders and agents such as the company executives and managers. Agency theory argues that in the modern corporation, in which share ownership is widely held, managerial actions depart from those required to maximize shareholder returns (Berle and Means 1932; Pratt and Zeckhauser 1985). Since Jensen and Meckling (1976) proposed a theory of the firm (Agency Theory) based upon conflicts of interest between various contracting parties à ¢Ã¢â€š ¬Ã¢â‚¬Å" shareholders, company managers and debt holders à ¢Ã¢â€š ¬Ã¢â‚¬Å" a vast literature has been developed in explaining both aspects of these conflicts. Jensen and Meckling (1976) further specified the existence of agency costs which arise owing to the conflicts either between managers and shareholders (agency costs of equity) or between shareholders and debtholders (agency costs of debt). Financial markets capture these agency costs as a value loss to shareholders. The agency theory argues that an agency relationship exists when shareholders (principals) hire managers (agents) as the decision makers of the corporations. The agency problems arise because managers will not solely act to maximize the shareholders wealth; they may protect their own interests or seek the goal of maximizing companies growth instead of earnings while making decisions. Jensen and Meckling (1976) suggested that the inefficiency may be reduced as managerial incentives to take value maximizing decisions increased. Agency costs are arising from divergence of interests between shareholders and company managers. Agency costs are defined by Jensen and Meckling as the sum of monitoring costs, bonding costs and residual loss. (1) Monitoring Costs Monitoring costs are expenditures paid by the principal to measure, observe and control an agents behavior. The economic impact of asymmetric information also results in various corporate agency problems. Firm managers (insiders) know more about their firm than shareholders and debt financiers (outsiders). When outsiders are unable to judge over the firms performance, they tend to qualify a firms performance as moderate. A result of this asymmetric information is that shares of a firm with a great performance are undervalued and vice versa. More specifically, information asymmetries between shareholders or bondholders and corporate executive management creates the necessity of monitoring (costs) and complications for the structuring of financial contracts. They may include the costs of preparing reliable accounting information and audits, writing executive compensation contracts and even ultimately the cost of replacing managers. Denis, Denis, and Sarin (1997) contended that effective monitoring is restricted to certain groups or individuals. Such monitors must have the necessary expertise and incentives to fully monitor manager. In addition, such monitors must provide a credible threat to managements control of the company. (2) Bonding Costs To minimize monitoring costs, managers tend to set up the principles or structures and try to act in shareholders best interests. The costs of establishing and adhering to these systems are known as bonding costs. They may include the costs of additional information disclosures to shareholders, but management will obviously also have the benefit of preparing these themselves. Agents will stop incurring bonding costs when the marginal reduction in monitoring equals the marginal increase in bonding costs. As suggested by the agency theory, the optimal bonding contract should aim to entice managers into making all decisions that are in the shareholders best interests. However, since managers cannot be made to do everything that shareholders would wish, bonding provides a means of making managers do some of the things that shareholders would like by writing a less than perfect contract. (3) Residual Loss Despite monitoring and bonding, the interest of managers and shareholders are still unlikely to be fully aligned. Therefore, there are still agency losses arising from conflicts of interest. These are known as residual loss, which represent a trade-off between overly constraining management and enforcing contractual mechanisms designed to reduce agency problems. There are some other types of agency costs as following: (4) Agency Costs of Debt There are three groups of participants in a firm, suppliers of equity, debt suppliers and firm managers. It is logical that they would try to achieve their goals with different measures. Suppliers of equity, or shareholders, are interested in high dividend ratios and high share prices. Debt suppliers, on the other hand, are interested in interest and debt repayments, whereas firm managers would be focused on their financial remuneration. These conflicts of interest give rise to opportunity costs (whereby best strategies are often not adopted) and real costs (e.g., inspection costs). These costs decrease the market value of a firm. Kim and Sorensen (1986) investigated the presence of agency costs and their relation to debt policies of corporations. It is found that firms with higher insiders (managers) ownership have greater debt ratios than firms with lower insider ownership, which may be explained by the agency costs of debt or the agency costs of equity. (5) Agency Costs of Free Cash Flow The free cash flow theory presumes that there are enormous conflicts of interest between shareholders and stakeholders. This implies that managers decisions do not always maximize the value of a firm (Jensen, 1986). Jensen (1986) also emphasized the continuous agency conflicts between top managers and shareholders. These conflicts are especially severe in firms with large free cash flows. A free cash flow is the balance of money a company is left with when all projects are financed. If top managers hold more cash than profitable investment opportunities, they may overspend money on organization inefficiencies or invest it in projects with net present value (NPV) less than zero. The logic has it that higher debt levels reduces free cash flows and consequently increases the value of the company. Examining Family Business Corporate Governance Examining Family Business Corporate Governance This dissertation sets out a study of the family businesss corporate governance, addressing the relationship between the owners and the management. Family businesses constitute a wide spectrum of enterprises, from small family owned and managed companies to a large internationally operating family controlled corporations. There are several definitions illustrates the family owned businesses, however the majority agree that Nebauer Lank definition illustrate the family business in a simple way and puts it as A firm can be regarded as a family business if a given family holds the voting control of the firm (Nebauer Lank, 1998). This dissertation argues that, given the duality of the economic and non-economic goals family firms pursue and the complexity of the stakeholders structure, family firms need governance structure that matches the complexity of their constitutes stakeholders. According to that a better research and empirical understanding as how family firms are governed is needed. In this study the focus will be on assessing the level of understanding of the corporate governance concept overall and the codes provided by the Capital Market Authority (CMA), the Capital Market Authority in Oman focusing on strengthen the family owned business by incentives them to go public. The CMA is just recently in the process to create a corporate governance to help the Family business to be prepared to do so. In this study, the focus will be to create an understating and help to create a better code to help the family business sustain in the future. On the other hand there will be an evaluation of the agency theo ry and how the family owners acceptance of this model. Furthermore a research by McKinsey quarterly shows that 95 per cent fails to succeed the generation due to the lacking of succession planning and roles defining, therefore the dissertation will be evaluating the practice and preparation if any on how the existing owner prepare companys succession planning rules and codes to handover their responsibilities to their successors. In this study the focus will be on the family businesses in Sultanate of Oman, a country in the Arabian Gulf with a fledgling capital market. Oman has made significant efforts to improves the level of corporate governance, particularly in the listed companies and now the capital market would like to expand its corporate governance codes to the family owned businesses to strengthen the chances of the sustainability of its growth. Aims And Objective This dissertation will focus on the unique corporate governance challenges that any family business faces and propose structures and practices that can mitigate these challenges and ensure the viability of the business. The detailed objectives that guide the dissertation process are: To review and analyze relevant theoretical, and other, streams of literature that focus on corporate governance and family business Analyzing the practice of the existing code of corporate governance that applied by the CMA and if it fit to be implemented in the family business companies. Asses the ownership structure and polices in the companies and testing the theory of the ownership and control separation. Asses the long term planning by the company owners and how the successor is been appointed. To assess the significance, reliability, and validity of the results; to discuss the theoretical, empirical, and practical implications of the findings; to assess the limitations The impact of corporate governance in family businesses performance. Scope of the dissertation The present study addresses the governance of family firms, focusing on the nature of various governance mechanisms and how they affect firm performance. Family businesses provide a fruitful research context to study corporate governance due to lack of governance research in the area and the distinctive characteristics of family firms. The family business context, especially, enables the study of how aspects of formal and social control vary according to characteristics of ownership structure. Research Approaches and method The methods to gather the required data will be a qualitative, where the participations will be selected based on their history and age of the company in practice. The research will be analyzing their policies and corporate governance practice. Interviews will be placed with the owners and senior managers of the companies to get all the data required for the findings and results. Structure of the dissertation Chapter 1: Introduction This chapter included the background of the study, the aim, purpose of the study, research questions and limitation of the study and it will present the structural framework of the study. Chapter 2: Literature Review This chapter will review the historical perspective, theories and related studies of corporate governance, family business and related theories to corporate governance. This chapter will include the secondary data which will be used in discussing the findings. Chapter 3: Methodology Chapter describes the methodology and procedures that were used to carry out this study. Furthermore, this chapter will review the population and participants of the study, instruments and data collection procedures. Chapter 4: Results and Findings This chapter will present the data and findings related to the research questions Chapter 5: Data Analysis and Discussion This chapter presents the data analysis and the discussion of the finding. Chapter 6: Conclusion In this chapter, the researcher will present a summary of the study and the findings, conclusion and recommendation. The structural framework of the dissertation is illustrated in Figure 1. Figure Literature Review Introduction A growing number of studies have been done on the family business ownership and management separation or combination in the past few years and what is the linkage between the performance and these two elements. In this chapter we will be presenting the theories and the studies that are related to it and selecting a frame work that will be the base of the evolution of the practice we examine in the family businesses. Family Owned Business Family enterprises or family owned businesses represent the oldest form of businesses in the world. The family owned businesses constitutes more than 70 percent of all business in most of the third world countries and in some developed countries (IFC, 2009). In the IFC research Family Businesses Corporate Handbook shows that family owned businesses are the higher contributor in any country growth in terms of economic development and employment. In Spain, for example, about 75 percent of the businesses are family-owned and contribute to 65 percent of the countrys GNP on average. Correspondingly, family businesses contribute to about 60 percent of the cumulative GNP in Latin America (IFC, 2009). in addition to, accordingly to recent researches that 95% percent of employment in the Middle East and especially in the Arabian Gulf Peninsula is in the family owned businesses. There are several definitions that explains the family business corporations, the IFC define it as a company where the voting majority is in the hands of the controlling family; including the founder(s) who intend to pass the business on to their descendants, in another words is A business actively owned and/or managed by more than one member of the same family. There are two systems that control the family businesses; which are the family system, and the management system, the two system overlap due to the dual roles that any family member take, like a family member may be a manger or an employee in the business and here where the conflict arise. The family system is based on emotional, love and care. The family system is based on the relationship in the family and they take most of these values to the business. Where in the business system is the professional values are the edge of the decision. (Managment Resources, 2010) To define a family business need to understand the environment from one to another, here are list of family business definitions that made by researcher past the year that cover the family business from different view but reserving the concept. Table Family business Definitions A company is considered a family business when it has been closely identified with at least two generations of a family and when this link has had a mutual influence on company policy and on the interests and objectives of the family. (Donnelley, [1964] 1988: 428). Controlling ownership rested in the hands of an individual or of the members of a single family. (Barnes Hershon, 1976: 106). Organizations where one or more extended family members influence the direction of the business through the exercise on kinship ties, management roles, or ownership rights. (Tagiuri Davis, [1982] 1996: 199). It is the interaction between the two sets of organization, family and business, that establishes the basic character of the family business and defines its uniqueness. (Davis, 1983: 47). What is usually meant by .family business.is either the occurrence or the anticipation that a younger family member has or will assume control of the business from an elder. (Churchill Hatten, 1987: 52). We define a family business as one that will be passed on for the family.s next generation to manage and control. (Ward, 1987: 252). A business in which the members of a family have legal control over ownership. (Lansberg et al., 1988:2). A family business is defined here as an organization whose major operating decisions and plans for leadership succession are influenced by family members serving in management or on the board. (Handler,1989b: 262). Firms in which one family holds the majority of the shares and controls management. (Donckels FrÃÆ' ¶hlich,1991: 149). A business where a single family owns the majority of stock and has total control. Family members also form part of the management and make the most important decisions concerning the business. (Gallo Sveen, 1991: 181). A business firm may be considered a family business to the extent that its ownership and management are concentrated within a family unit, and to the extent its members strive to achieve, maintain, and/or increase intraorganizational family-based relatedness. (Litz, 1995: 78). A business governed and/or managed on a sustainable, potentially cross-generational, basis to shape and perhaps pursue the formal or implicit vision of the business held by members of the same family or a small number of families. (Sharma et al., 1997: 2). A family enterprise is a proprietorship, partnership, corporation or any form of business association where the voting control is in the hands of a given family. (Neubauer Lank, 1998: 8). Family businesses share some common characteristics, largely due to the interacting and overlapping domains of family, ownership and management (Tagiuri Davis, 1982). Family firms have a complex stakeholder structure that involves family members, top management, and a board of directors. Family members, who are often significant owners, usually play multiple roles in managing and governing the firm (Tagiuri Davis, 1982). This involvement promotes loyalty and also commitment to long-term value creation (Dyer Handler, 1994) and reduces problems that arise from separation of ownership and control, as experienced in large, public corporations (Jensen, 1989). Also, family businesses may enjoy a competitive advantage due, for example, to remaining entrepreneurial in character and having a strong sense of responsibility to society (Neubauer Lank, 1998), fast verbal and nonverbal communication, aided by a shared identity and common language of families (Gersick, Davis, McCollom Hampton Landsberg, 1997), family members. Business expertise gained during early childhood onward (Kets De Vries, 1996), and a strong organizational culture contributing to external adaptation and internal integration (Schein, 1983). However, the familys involvement in governing the firm may induce a focus on business and non-business goals, possibly leading to inefficiency (Schulze, Lubatkin, Dino Buchholtz, 2001). If the owner family is not regularly informed about the companys affairs, differing visions of the companys future may develop between management and the family. The resulting feuds between family factions may distract managements attention from value-creating activities and so reduce their commitment to strategic decisions. Owner-managers also may act opportunistically by satisfying their own needs at the expense of the companys performance and long-term survival. Entrenched owner-managers may not share their powers with others, especially not with the companys board. Furthermore the common characters of all family businesses are illustrated in the diagram below. Figure The individual represent the family members who are directly involved in daily bases with the operation, the family symbolizes the whole family where in some family businesses called the family counsel and the management dimension represents the family managers and non-family managers. McKinsey quarterly stated in the report keeping the family in business that only 5 percent will continue to create shareholders value after the third generation. Moreover; the IFC also mentioned in the family business hand book, while the third generation takes over; 95 percent of all family businesses will not survive the ownership around. These consequences might be a result to the lack of commitment and proper business education of handling the business demands. In addition, the survival of family firms is often challenged by dictatorial rule, resistance to change, lack of professionalism in management capabilities, confusion in family and business roles, rivalry and enlarged human emotions among family members, conflicts between interests of the family and the business, and a low rate of investment in business development (Donnelley, 1964; Gersick et al., 1997; Kets De Vries, 1993). All the definitions are focusing on the shareholders and their power in voting and management and these two points are actually the core strength and weaknesses of any family business. However there are other dimensions that a family business can be measured of its strength and weaknesses like: Culture Ownership and governance Succession planning Family involvement This dissertation will be reflected somehow in the culture dimension due to the strength of the factor here in the Arabian Gulf Countries and Oman. Different researcher came up with different definitions of the family business; however, the definitions imply six themes for clarifying the boundaries of the domain of family business: (1) ownership, (2) management, (3) generational transfer, (4) the familys intention to continue as a family business, (5) family goals, and (6) interaction between the family and business. These themes are similar to those found in the extant literature. For example, Handler (1989a) categorized family business definitions under four headings: ownership and management, interdependent subsystems, generational transfer, and multiple conditions. The extant literature on family business research has largely neglected the definition of the family itself. By modifying Winter.s, Fitzgerald, Heck, Haynes Danes (1998) definition of the family, the present study defines it as a kinship group of people related by blood or marriage or comparable relationship. This definition allows a multigenerational view of an extended family. Family Business in Oman According to the family firm institute (FFI) the around the 75% of Omans private companies are family owned, with their firms creating 70% of the country employment. There are 12 top families who are controlling around 75% of the contribution over all in Oman. The family owned business also control 90% of commercial activity according to Tharawat (Fortunes) Magazine. Oman is a part of the GCC Region where in the region is estimated that family businesses worth more than 1 trillion dollar, that is ready to be handled to the next generation. All family owned business share same characteristics as mentioned above, even the strengths and the weakness are similar to some extant in all family businesses. However, the family business can be categorized to two categories: Listed family businesses Non-listed family business The listed family businesses are set to fulfill the listed companies corporate governance code as per the CMA regulation, but the non-listed are not treated that way; whats so ever the size or the operations are. The CMA in Oman are concentrating nowadays to establish an attractive market and safe to all sizes of family businesses, the CMA is concentrating on converting the family closed family business to go public by Initial Public Offering(IPO) offering them a less strict rules and requirements to commence the IPO as the Head corporate governance Center declared. Furthermore there are different points that might affect the operation of any family businesses such as: family relations affect the assignment of the management family indirectly runs the company major family influence/dominance of the management (in terms of  strategic decisions) significant proportion of the enterprises senior management most important decision made by the family family control of the management of the enterprise at least 2 generations having had control over the enterprise These points might be strengthen the family business in the initial stages of the operations but there must be some kind of governance or policies on whom can make a decisions and how is not. Corporate Governance Corporate governance is a topic that has been a subject of significant debate since 2001 Enrons and other US companies crashed. Some analyst say lack of corporate governance was the main reason behind the crash (International Swaps and Derivatives Association, 2002). The international Swaps and Derivatives Association highlight that the failure was due to interests that extended certain managers at the expense of the shareholders. While the United States capital market where busy analyzing the reasons behind the crash of Enron and World Com, Sultanate of Oman has also experienced its share of corporate trouble affecting not only large companies such as Rice Mills SAOG and Oman National Investment Company Holding SOAG but also dozens of smaller companies, which have had to turn to the government for assistance (Dry, 2003). The year 2002 was the birth of the new corporate governance standards from the Capital Market Authority (CMA), but it was only covering the list companies in the Mu scat Security Market only. Since then the CMA focused on upgrading this standards and code and refine it to be in a worldwide acceptable standards and to include the best practice for the companies. The standards have been modernized since 2002 on the listed companies and the closed shared ones but nothing was mentioned on the family business side. In 2009 the CMA established the corporate governance center to help the companies implement the codes of corporate governance and to regulate the practice and monitor it, in addition to create a new standards to fit the family businesses practice. Till today the CMA and the Center did not establish a full concept on how they can produce a set of codes to be acceptable to the share holders of these businesses due to the lack of information on the family owned businesses in Oman. Theoretical framework related to Corporate Governance. The corporate governance model did not came from one framework or a certain theories, but I was built up on different practices and theories which results of different frameworks that today any economic system can customized to suit the needs to regulate the market. There are certain theories that been always associated with corporate governance practice which is set out the relation between the principle (shareholder) and the agent (management): The agency theory Stewardship Theory Stakeholder theory The agency Theory Agency theory having its roots in economic theory was exposited by Alchian and Demsetz (1972) and further developed by Jensen and Meckling (1976). Agency theory is defined as the relationship between the principals, such as shareholders and agents such as the company executives and managers. Agency theory argues that in the modern corporation, in which share ownership is widely held, managerial actions depart from those required to maximize shareholder returns (Berle and Means 1932; Pratt and Zeckhauser 1985). Since Jensen and Meckling (1976) proposed a theory of the firm (Agency Theory) based upon conflicts of interest between various contracting parties à ¢Ã¢â€š ¬Ã¢â‚¬Å" shareholders, company managers and debt holders à ¢Ã¢â€š ¬Ã¢â‚¬Å" a vast literature has been developed in explaining both aspects of these conflicts. Jensen and Meckling (1976) further specified the existence of agency costs which arise owing to the conflicts either between managers and shareholders (agency costs of equity) or between shareholders and debtholders (agency costs of debt). Financial markets capture these agency costs as a value loss to shareholders. The agency theory argues that an agency relationship exists when shareholders (principals) hire managers (agents) as the decision makers of the corporations. The agency problems arise because managers will not solely act to maximize the shareholders wealth; they may protect their own interests or seek the goal of maximizing companies growth instead of earnings while making decisions. Jensen and Meckling (1976) suggested that the inefficiency may be reduced as managerial incentives to take value maximizing decisions increased. Agency costs are arising from divergence of interests between shareholders and company managers. Agency costs are defined by Jensen and Meckling as the sum of monitoring costs, bonding costs and residual loss. (1) Monitoring Costs Monitoring costs are expenditures paid by the principal to measure, observe and control an agents behavior. The economic impact of asymmetric information also results in various corporate agency problems. Firm managers (insiders) know more about their firm than shareholders and debt financiers (outsiders). When outsiders are unable to judge over the firms performance, they tend to qualify a firms performance as moderate. A result of this asymmetric information is that shares of a firm with a great performance are undervalued and vice versa. More specifically, information asymmetries between shareholders or bondholders and corporate executive management creates the necessity of monitoring (costs) and complications for the structuring of financial contracts. They may include the costs of preparing reliable accounting information and audits, writing executive compensation contracts and even ultimately the cost of replacing managers. Denis, Denis, and Sarin (1997) contended that effective monitoring is restricted to certain groups or individuals. Such monitors must have the necessary expertise and incentives to fully monitor manager. In addition, such monitors must provide a credible threat to managements control of the company. (2) Bonding Costs To minimize monitoring costs, managers tend to set up the principles or structures and try to act in shareholders best interests. The costs of establishing and adhering to these systems are known as bonding costs. They may include the costs of additional information disclosures to shareholders, but management will obviously also have the benefit of preparing these themselves. Agents will stop incurring bonding costs when the marginal reduction in monitoring equals the marginal increase in bonding costs. As suggested by the agency theory, the optimal bonding contract should aim to entice managers into making all decisions that are in the shareholders best interests. However, since managers cannot be made to do everything that shareholders would wish, bonding provides a means of making managers do some of the things that shareholders would like by writing a less than perfect contract. (3) Residual Loss Despite monitoring and bonding, the interest of managers and shareholders are still unlikely to be fully aligned. Therefore, there are still agency losses arising from conflicts of interest. These are known as residual loss, which represent a trade-off between overly constraining management and enforcing contractual mechanisms designed to reduce agency problems. There are some other types of agency costs as following: (4) Agency Costs of Debt There are three groups of participants in a firm, suppliers of equity, debt suppliers and firm managers. It is logical that they would try to achieve their goals with different measures. Suppliers of equity, or shareholders, are interested in high dividend ratios and high share prices. Debt suppliers, on the other hand, are interested in interest and debt repayments, whereas firm managers would be focused on their financial remuneration. These conflicts of interest give rise to opportunity costs (whereby best strategies are often not adopted) and real costs (e.g., inspection costs). These costs decrease the market value of a firm. Kim and Sorensen (1986) investigated the presence of agency costs and their relation to debt policies of corporations. It is found that firms with higher insiders (managers) ownership have greater debt ratios than firms with lower insider ownership, which may be explained by the agency costs of debt or the agency costs of equity. (5) Agency Costs of Free Cash Flow The free cash flow theory presumes that there are enormous conflicts of interest between shareholders and stakeholders. This implies that managers decisions do not always maximize the value of a firm (Jensen, 1986). Jensen (1986) also emphasized the continuous agency conflicts between top managers and shareholders. These conflicts are especially severe in firms with large free cash flows. A free cash flow is the balance of money a company is left with when all projects are financed. If top managers hold more cash than profitable investment opportunities, they may overspend money on organization inefficiencies or invest it in projects with net present value (NPV) less than zero. The logic has it that higher debt levels reduces free cash flows and consequently increases the value of the company.

Thursday, September 19, 2019

Management and Leadership Essay -- Business Management Leading Leader

Management and Leadership Management and leadership are two words that are considered synonymous but describe two different concepts. According to the dictionary, management is the act, manner, or practice of managing; handling, supervision, or control; leadership is the capacity or ability to lead. In many organizations, management is a job description; leadership is a positive trait. The purpose of this paper is to distinguish between the two, to look at the responsibilities that come with leadership, and make suggestions about creating and maintaining a healthy organizational culture. Management is 'the process of working with people and resources to accomplish organizational goals' (Bateman-Snell, 2003, p. 14). Management is a theory and a way of doing business. Management is a process that is exercised in order for an organization to be successful. This process is usually broken down into four established functions: planning, organizing, leading, and controlling (Bateman-Snell, 2003, p. 14). The people within an organization that practice management are called managers. Managers are 'principally administrators' they write business plans, set budgets and monitor progress? (Maccoby, 2000, para 1). Other tasks handled by managers are problem-solving and facilitating meetings. Managers usually achieve their position through experience and understanding. A manager obtains authority through time and loyalty. A manager knows how the organization works and may also possess a good technical knowledge. People follow a manager because as employees, they are forced to, but preferably ?a manager is also a leader that people want to follow? (Maccoby, 2000, para 8). Leadership is ?one of the many assets a successful manager must possess? (The Difference, 1997, para 2). While management can be considered a position, leadership can be considered a relationship. Leadership is the connection between the leader and led that makes management successful. This connection can strengthen the organization and make the work more focused and effective. Leadership is the ability to get people to follow. A person who exhibits the trait of leadership is called a leader. A leader is a person who ?influences others to attain goals? (McGraw-Hill, 2003, p. 366). A leader exhibits special qualities that induce people to admire her. These qualities can include drive, moti... ...rs and great leaders. There are a variety of ways to practice good management and effective leadership. There is no one best way. Leadership is constant and continual developmental process. A successful leader appreciates the responsibilities that come with the role. The leader must find the right steps to establish and maintain a healthy organizational culture. It is important to design the culture by involving employees and inspiring them to follow it. By doing this, the culture will be a fulfilling one, and satisfied employees make a successful organization. Works Cited Bateman-Snell (Ed.). (2003). Management: The New Competitive Landscape, Sixth Edition. New York: McGraw-Hill. Maccoby, M. (2000). Understanding the Difference between Management and Leadership. Research Technology Management, 43. Retrieved January 29, 2005 from http://www.maccoby.com/Articles/UtDBMaL.html. Schein, E. (n.d.) Organizational Culture and Leadership. Retrieved January 30, 2005, from http://www.tnellen.com/ted/tc/schein.html. The Difference between Management and Leadership (n.d.). Retrieved January 29, 2005, from http://www.see.ed.ac.uk/~gerard/MENG/ME96/Documents/Intro/leader.html. Management and Leadership Essay -- Business Management Leading Leader Management and Leadership Management and leadership are two words that are considered synonymous but describe two different concepts. According to the dictionary, management is the act, manner, or practice of managing; handling, supervision, or control; leadership is the capacity or ability to lead. In many organizations, management is a job description; leadership is a positive trait. The purpose of this paper is to distinguish between the two, to look at the responsibilities that come with leadership, and make suggestions about creating and maintaining a healthy organizational culture. Management is 'the process of working with people and resources to accomplish organizational goals' (Bateman-Snell, 2003, p. 14). Management is a theory and a way of doing business. Management is a process that is exercised in order for an organization to be successful. This process is usually broken down into four established functions: planning, organizing, leading, and controlling (Bateman-Snell, 2003, p. 14). The people within an organization that practice management are called managers. Managers are 'principally administrators' they write business plans, set budgets and monitor progress? (Maccoby, 2000, para 1). Other tasks handled by managers are problem-solving and facilitating meetings. Managers usually achieve their position through experience and understanding. A manager obtains authority through time and loyalty. A manager knows how the organization works and may also possess a good technical knowledge. People follow a manager because as employees, they are forced to, but preferably ?a manager is also a leader that people want to follow? (Maccoby, 2000, para 8). Leadership is ?one of the many assets a successful manager must possess? (The Difference, 1997, para 2). While management can be considered a position, leadership can be considered a relationship. Leadership is the connection between the leader and led that makes management successful. This connection can strengthen the organization and make the work more focused and effective. Leadership is the ability to get people to follow. A person who exhibits the trait of leadership is called a leader. A leader is a person who ?influences others to attain goals? (McGraw-Hill, 2003, p. 366). A leader exhibits special qualities that induce people to admire her. These qualities can include drive, moti... ...rs and great leaders. There are a variety of ways to practice good management and effective leadership. There is no one best way. Leadership is constant and continual developmental process. A successful leader appreciates the responsibilities that come with the role. The leader must find the right steps to establish and maintain a healthy organizational culture. It is important to design the culture by involving employees and inspiring them to follow it. By doing this, the culture will be a fulfilling one, and satisfied employees make a successful organization. Works Cited Bateman-Snell (Ed.). (2003). Management: The New Competitive Landscape, Sixth Edition. New York: McGraw-Hill. Maccoby, M. (2000). Understanding the Difference between Management and Leadership. Research Technology Management, 43. Retrieved January 29, 2005 from http://www.maccoby.com/Articles/UtDBMaL.html. Schein, E. (n.d.) Organizational Culture and Leadership. Retrieved January 30, 2005, from http://www.tnellen.com/ted/tc/schein.html. The Difference between Management and Leadership (n.d.). Retrieved January 29, 2005, from http://www.see.ed.ac.uk/~gerard/MENG/ME96/Documents/Intro/leader.html.