Reflection on Theorists/Theories Essay

Maria Montessori bought us the theory of observation of children to open the door to a way of teaching. Arnold Gesell, who bought us the developmental milestones of children. Refer to as the norms, should be consider a starting point to measure development. Both still inspiring early educators of today. It is impressive that Maria Montessori is the first female physician in Italy. This endeavor was a major feat to achieve in her time. She provided great contributions to the cognitive-development theory. Not only did she achieve this accomplishment, she used her skills to aid the children of poverty and disabilities. This to me is a very courageous and endearing act. During her work with impoverished communities, she observed that the environment had no stimulation or structure for children to learn. This led her to embark on another adventure, she opened a preschool named Casa di Bambini in 1907. Maria Montessori formed her beliefs by observing children. One of Montessori’s beliefs, â€Å"In reality, the children are the teachers†. The adults were to create an environment conducive to learning. Once this environment is created the children would venture out and learn through play. This belief is still practiced in childcare facilities today. There are safety guidelines that each facility must abide by for the protection of all children. Complying with the safety regulations and ensuring children can be active and play without danger, in turn gives children a wondrous world to investigate. In her observations, she formed many other beliefs. One being education of children starts at birth and continues on in the early years of childhood. She called these years the â€Å"sensitive periods† (Gordon and Browne 14). The Daily Montessori web site writes, â€Å"Within Maria Montessori’s framework due to her studies with children, she has observed the occurrence of sensitive periods. In other pedagogies it can get called developmental milestones or windows of opportunities. It is these periods in the child’s life when certain ability manifests itself strongly. During these periods, the child has an especially strong sensitivity towards a particular piece of knowledge or skill. The sensitivity lasts for a certain period and does not reoccur†. Sensitive Period for Order (age 18 months to 2 years) Sensitive Period for Language (birth to 6 years) Sensitive Period for Movement (birth to 4 years) Sensitive Period for Refinement of the Senses (birth to 5 years) Sensitive Period for Weaning (5 to 6 months) Sensitive Period for Numbers (4 to 5. 5 years) Sensitive Period for Manners and Courtesies (2 to 6 years) (Retrieved February 06, 2011, from http://www. dailymontessori. com/sensitive-periods/montessori-sensitive-periods/) This belief is very much alive still today in our society. In centers of, today infants are not just left to lie in their crib. We have areas that infants can crawl, touch, and discover new things. Another belief that Montessori implemented within her preschool was to make items assessable to the child. This meant having furniture that was suitable for the children size. Insuring the environment was safely brought down to a child’s level, so the child could take part in activities. Our current classrooms are set up in the same manner. You can see in the classrooms of today small tables and chairs, carpet areas where children can gather, and lower shelves, so that children can retrieve items simply. This change in the environment has also lead to the belief that children should have the freedom to choose what they want to learn about. We still demonstrate this today in choice time. Children make their choice of which interest center they will play in, by doing this a child can develop their skills, while developing confidence in themselves to my choices. This is a way of accommodating the child’s needs, and not forcing regimented education upon a child. Montessori also had the belief of training the senses on practical life (Gordon and Browne 14). We see this in interest centers.

Bubonic plague Essay

Bubonic plague has emerged and spread rapidly across towns, cities, and rural areas in several worldwide epidemics through the whole of history. Probably the earliest mention of bubonic plague is the Old Testament record in the First Book of Samuel giving an account of swellings and rodents that made attack on the Philistines (Ackroyd 55-57). The bubonic plague later hit the falling apart Roman Empire in the period of the sixth and seventh centuries. And from 1348 to 1350, the plague known as the Black Death brought the suffering and death across Europe and China, killing perhaps one-quarter or one-third of the population. This terrible epidemic outbreak of the deadly and highly infectious plague in China and Europe, that became possibly the worst catastrophe in all written history, still remains one of the most important and controversial tragic events through the history. Many professional historians of medicine analyzed the origin and spread of the Black Death, trying to explain or understand the origin and flow of epidemic disease during that period. This paper will discuss some of the perspectives and historical accounts by giving a glimpse of the evidence that various historians have considered. The Cause of the Black Death Most historians acknowledge that Europe and China experienced population pressure and famine in the 1300’s. Supporters of the demographic model usually link famine with plague, sometimes directly, sometimes vaguely. Famine and population pressure, state North and Thomas (1970), â€Å"set the stage for disease† and often were associated with the origin of the plague (1-17). Supporting such point of view, Le Roy Ladurie (1972) described the Black Death as a â€Å"holocaust of the undernourished† (3-34). Historians indicate that the Black Death had been preceded by the periods of famine, in particular the great famine of 1315-17 that was experienced by European population in the north, and it is also recorded that considerable population increase in general had already been reported before the Black Death. Consequently, analysis of supporters of the demographic model would suggest that the massive expansion of the twelfth and thirteenth centuries generated a situation where population growth went faster than food resources, with the outcome that lack of means by which population could maintain life became more serious and facilitated the origin of the epidemic. Other historians disagree. Thus, for example, Jean Meuvret (1993) argued that there was no simple or direct cause-effect relationship between famine/population pressure and Black Death. Jean Meuvret’s position was confirmed by Jean-Noel Biraben in a great study of the plague (Grmek and Fantini 319). Biraben demonstrated that although bubonic plague often originated after famine, there were many examples when famine came after plague and other cases in which plague was not accompanied by famine and vice versa. The historian came to conclusion that in the case of the Black Death there was no cause other than the plague itself that could have brought about epidemic. There may be found some relationship between famine and disease, he indicates, but it was not because famine became the cause of the plague; rather, it was because plague, after striking, aggravated famine as a result of the considerable stagnation of agriculture and economic disorder. Moreover, in all the recent medical literature that examines plague taking into account historical cycles, there is found no direct connection between lack of food and plague origin. These considerations generate doubt about the position of the demographic model. The Spread of the Black Death This section will begin by asking where Black Death came from, and why it emerged when it did. There is general agreement among contemporary observers and today’s historians that the Black Death of the fourteenth century originated in central Asia. Although it is hard to tell for sure, but there is also a growing opinion among historians that the Black Death came and expanded across Central Asia from China in the period of the 1340s and in 1347 it infected medieval Genoese traders who had established roots between Europe and Central Asia, it almost instantly emerged in Constantinople and was then right away communicated by the trade routes to the widespread areas of Mediterranean and western Europe. Historians have found out that already by the end of 1348 most population of southern and western Europe had been infected with this rapidly developing disease. It soon appeared in England and two years later it already hit the rest of the British land, Germany and Scandinavia. It is estimated that between a third and a half of all Europeans were killed by the Black Death of 1348-53 (Loudon 66). The dreadful disease spread every day from the sick to the noninfected. It was even not necessary to be near the infected: even being in contact with their clothes or anything they had touched was enough to become infected. Most of the poor population was not allowed to leave the houses and became sick every day by thousands. And for insufficiency of appropriate medical service and other things, almost all unavoidably were destined to terrible death. The epidemic killed whole communities. John Saltmarsh presents account of the genocide, economic stagnation and depression brought by plague. He refers to a French historian who described in detail deserted villages and farms. Saltmarsh cites a Franciscan Friar, John Clyn: Lest things worthy of remembrance should perish with time, and fall away from the memory of those who come after us, I, seeing these many evils, and the whole world lying, as it were, in the wicked one – myself awaiting death among the dead – inter mortuos mortem expectans – as I have truly heard and examined, so I have reduced these things to writing; and lest the writing should perish with the writer, and the work fail together with the workman, I leave parchment for continuing the work, if haply any man survive, and any of the race of Adam escape this pestilence and continue the work which I have begun (Creighton 115). This situation was not confined only to Europe. Beginning from the 1320s, the Black Death had carved its way along the roads of Central Asia. In particular China was hard affected. Some sources indicate that by the 1390s the population of China may have dropped to approximately 90 million from 125 million (Gottfried 35). Interpretations of the Black Death Medical professionals are now of the same opinion that the Black Death was the bubonic plague, arriving from central Asia, and carried by fleas and rats, which were widespread in medieval Europe. Medieval doctors, however, naturally possessed no knowledge to determine by diagnosis anything so dependent upon microscopic examination of phenomena. As a result, the plague was often attributed to God’s rage against the special depravity and corruption of that period. Thus, for example, in Piers Ploughman, Reason â€Å"proved that these pestilences were for pure sin, and the south-west wind on Saturday at even was for pure pride, and no point else† (Sumption 15). Contemporary astrological specialists noticed the deadly union of Saturn, Jupiter, and Mars. In addition, Jews were oppressed and destroyed as there was information that they had poisoned wells. Medical representatives had two opinions: the first group claimed that the cause was miasma, pollution of the air, and the second group considered that direct contact was the cause and recommended complete isolation. The quarantines were absolutely useless, taking into consideration the fact that the disease was transmitted by rats and fleas, but these nuances were not known until additional studies were done after the next great plague emerged in the 1890s. Conclusion Human devastation was tremendous in the period of the Black Death, and the demographic, economic, political, social, and psychological impact of the plague was greatly felt for many decades. This paper explored various points of view of historians studying epidemics of the past and their explanations of how and why the great epidemic emerged, spread rapidly and caused so high mortality. It also looked at various interpretations of this disease by contemporary observers.

Air Blue

Business Policy & Strategy Projects Guidelines Assignment #1 This is the first project based assignment. The students are required to identify an organization on which they are supposed to complete all upcoming assignments and final report. The first assignment is focused on the Vision and Mission statements of the organization. The group is supposed to first analyze and then recommend the Vision and Mission statements based upon the characteristics discussed in text. Assignment #2 Report on Industry AnalysisThis assignment would encompass the following components: a. Introduction and History of the allocated industry. b. PEST Analysis and conclusion on industry attractiveness. c. Industry scanning using the Porter’s five force model and conclude on prevailing competition level. d. Make a list of opportunities and threats present in the industry emerging out of PEST Analysis and Porter’s Five Force Model in relation to allocated company. e. Make EFE Matrix of the compan y and interpret its result. f. Identify and make a list of CSF’s of the industry . Identify company’s major competitors and make CPM Assignment # 3 Report on Company Analysis On the allocated company from within the respective industry, each group is required to develop: a. Perform Strategic internal audit of the company of the following departments as per the guidelines given in the prescribed text book i. Marketing ii. Finance iii. R&D iv. Accounting v. MIS vi. HR b. Complete internal audit and make list of key Strengths and Weaknesses of the company. c. Make IFE Matrix of the company and interpret its result. . Make SWOT analysis of the company and interpret its overall findings. Assignment # 4 A-Long Term Objectives In light of vision and Mission statement and SWOT analysis develop:- i. Long Term Financial Strategic Objectives of the company ii. Long Term Non-Financial Strategic Objectives of the company a B-Strategic Analysis and Choice I. Inputs stage This stage involves development of EFE matrix, CPM and IFE Matrix that has already been covered in assignment 1 to 3. (Just include findings) II. Matching StageIn this stage it is required to develop at least three out of the five matrices discussed below: i. SWOT matrix so as to develop four strategic scenarios (SO, ST. WO. WT) ii. SPACE Matrix for determining the organization’s overall strategic position. iii. BCG (If required) so as to determine the relative contribution of different divisions in terms of market share and industry growth. iv. IE Matrix using IFE and EFE scores ( done previously) v. Grand Strategy Matrix for formulating alternative strategySet of feasible strategies emerging out of matching tools which company can consider for decision stage ? FINAL PROJECT REPORT &PRESENTATION B-Strategic Analysis and Choice III. Decision Stage i. Compare all strategies included in sets of feasible strategies using QSPM of the allocated company. ii. Use excel spreadsheet for developi ng QSPM in order to evaluate the best alternative strategies set. This would require using the results from the input and the matching stage. Identify most attractive StrategiesUsing QSPM scores identify the most attractive strategies set to be followed by the company under the prevailing circumstances. Strategy Implementation i. Arrange the most attractive strategies sets in order of their priority in implementation to achieve company’s strategic goals ii. Specify the action plan that you are going to work on for implementation purpose for each strategy. iii. In order to implement any strategy you need to develop its annual objectives, policies and focus on the resources and other management issues that you may require your attentionEvaluation and Control i. Specify the steps and measures to be taken for checking the effectiveness of the each strategy set after they are implemented. ii. Specify corrective actions to be taken in case of positive or negative variances for each strategy set. Conclusion i. Write a short note (1/2 Page) on how do you see the future of this company in next 5 years down the road specially with reference to your overall analysis and Strategy set that you have recommended. ii. Write down what Lessons you have learned from this project. Special Note:If required students can easily transfer these assignments and project into final MBA project by adding more articles, updated industry and company data, and surveys about the strategies being pursued by the company. You can round up your MBA project by making a complete strategic business plan of the company for the next 3 years in light of your recommended strategies Reports format and presentation instructions IMPORTANT NOTE : ALL REPORTS ARE TO BE SUBMITTED ON DESIGNATED DAY AND TIME WHICH WILL BE ANNOUNCED BY THE INSTRUCTOR –THERE IS NO CONCEPT OF LATE SUBMISSIONStudents are advised to strictly follow these instructions while compiling their assignment or final project re ports, or making presentations (any deviation will result in deduction of marks): †¢Reports should be laser printed on A4 size (white) paper. †¢New Times Roman with font size 12 for the main body, Font size 14 bold for the sub heading, Font size16 bold for the main headings. Line spacing 1. 5 lines. Left justified †¢The title page of the report must contain: 1. Name and Logo of UCP 2. Title of the course and Section 3. Name of Industry 4. Company Name 5.Group members names and registration numbers 6. Name of the instructor 7. Date and Time of submission †¢Due references must be made where required in form of bibliography in APA style. ( Check the details of APA style of referencing on net) †¢Plagiarism would lead to negative marking or cancellation of the project. †¢Check spelling and grammar using MS Word spell check. †¢Presentation time would be 20 minutes followed by Q/A session in which each group member must participate. It should be on PPT sl ides. †¢Presentation should entail a brief summary of the industry and allocated assignments.

Santa Barbara Essay Example | Topics and Well Written Essays - 750 words - 1

Santa Barbara - Essay Example Santa Barbara is one of the unique cities in the world because of its structure. It is surrounded by mountains and sea which not only enhances its beauty, but provides a pleasant climate as well. Even though the state California is known for world famous cities like Los Angeles, Hollywood, San Francisco and San Diego, it doesn’t mean that the list ended with the above cities alone. In fact Santa Barbara is the least advertised cities in California which prevented the global tourists in gathering vital information about it. Most of the tourists who visits California, may go to world famous places alone and will deny the opportunity to visit Santa Barbara because of lack of information and publicity about it. Santa Barbara is a city where one can observe the mixed beauty of American and European culture. Santa Barbara is located at the northwest of Los Angeles and it is also situated close to Europe. In other words, European continent starts where the Santa Barbara ends. This close company of Europe has made Santa Barbara a place which is equally attracted by the American and European tourists. In a tourist’s point of view, one can enjoy both the European and American culture together at one place at Santa Barbara. Hotels, restaurants, recreational activities etc in Santa Barbara have the blending effect of both European and American cultures and traditions. The Santa Barbara city council is keen in maintaining the unique structural style of Santa Barbara in order to preserve its European look. Tourists who have visited Europe can identify the similarity of Santa Barbara with respect to Europe even at the first glance. Like Europe, most of the coffee shops in Santa Barbara are surrounded by Roman fountains and various kinds of statues where people can have the most enjoyable coffee in the open air. These Roman fountains present a cool air and cool wind around the coffee shop area to the customers who can enjoy the taste of hot coffee in a cool

Does the Color of a House Effect the Inside Temperature Research Paper

Does the Color of a House Effect the Inside Temperature - Research Paper Example Repainting is very clear when you explore the properties of color and light and how it transfers heat into the inside of the house. When you understand these ideas, it seems clear that the color of your house can affect the temperature inside. In some ways, it is incorrect to say that color may affect the inside temperature of a home. Through a strict definition, color is just one way to determine how much energy will be received by a surface compared to another surface. The light from the sun must first pass through the filter of our environment before striking a surface. This surface absorbs some wavelengths and reflects others, which represent color bands to the human eye. These rejected wavelengths become reflected light and our perceived color of an object (Morton, 2006). As a result, color is the aftereffect of light instead of the cause of it. However, color is the way that we make sense of the world around us (Bear, 2006), so it is natural for us to define properties of absorbed light waves in terms of color. â€Å"The most technically accurate definition of color is: ‘Colour is the visual effect that is caused by the spectral composition of the light emitted, transmitted, or reflected by objects’â⠂¬  (Morton, 2006). Accepting the idea that color is the best way for us to predict the light waves that will be reflected off of a surface helps us to predict how much energy that surface will absorb. No matter what color something is, all objects absorb and give off energy based on the level of light it can absorb. According to Konopacki and Akbari of the National Energy Technology Laboratory (2001), the amount of energy absorbed or reflected by an object will depend on the darkness of the object and the material it’s made out of. Darker colors are dark because they absorb most of the energy or light that hits them, reflecting less light.

Science Meets Real Life Essay Example | Topics and Well Written Essays - 1500 words

Science Meets Real Life - Essay Example The 5 steps of the scientific method are then executed again. If the bulb glows in the second lamp then it is CONCLUDED that there has been a fault in the initial lamp that was lighted when the person reached home. But there could be a POSSIBLE ERROR here and that is that the lamp may not be plugged into the socket properly. Another subsequent query that may now arise is that whether the Initial lamp was fixed properly or not. This series of hypothetical testing continues unless the actual reasoning behind the nonfunctioning of the lamp is assessed. If the Fan is not running then it the hypothesis is accepted and it is affirmed that since the engine fan is not working that must be the reason behind the rapid heating up the car. However this can still not be affirmed that whether the fan itself is faulty or there is a fault in the electrical wiring connecting the fan to the engine. If he fan does not turn on when connected to the new battery terminals then it is ascertained that the reason for the non-functioning of the fan and thus heating up of the car was the burning out of the fan only. However, if the fan is functional then further analysis is required to assess that what is the actual reason behind the inoperability of the fan and the scientific methodology of figuring out the root cause by assessing one factor after the other unless a deductive conclusion is reached, continues. Science is a natural and indispensible option for humans to exercise. Even if life of the human beings is considered in its simplest of forms as it was in the primitive times, the applications of science in it remain there and are obvious. Thus it can very well be ascertained that human life and Science go hand in hand. Considering our daily routine we get benefitted with the applications of science round the clock. It doesn’t matter whether we are at work, are spending leisure time or are into slumber; science is applied into our

American Institute of Certified Public Accountants Essay

American Institute of Certified Public Accountants - Essay Example All members of AICPA have to respect and follow the Code of Professional Conduct that provides rules and guidance for the execution of professional duties. Additionally, every three years, individuals have to go through one hundred and twenty hours of professional education. Every year, all records regarding this program must be kept and produced on request from the organization. Those exempted from the program are the unemployed, retired or individuals who may have left work temporarily. Membership to the organization has various benefits. These include; platforms for accountants to the network such as volunteer groups, conferences and task forces and the improvement of professional and personal skills through the education program. Also, members are updated regularly on new key developments, hot issues, emerging trends and new regulations regarding the accounting profession. This is done through news articles and publications such as the Journal of Accountancy offered by the organi zation’s website. The Institute also offers discounts services to members on everyday personal and professional needs such as office supplies, shipping, and travel. Conferences available on the site include the 2015 Auto Dealership Conference and Global Manufacturing Conference both slated for the month of September.The organization has taken initiatives aimed at promoting diversity and inclusion in the workplace and in the profession owing to the multi-racial and ethnic backgrounds of professionals.

Cultural Beliefs Essay Example | Topics and Well Written Essays - 500 words

Cultural Beliefs - Essay Example This paper describes the perceptions in the PEN and how affects the sub-African Saharans behavior regarding their health problems. Cultural Beliefs Culture is a set of rules and beliefs, traditions among other things like art and religion, that is shared by a society. It is where values and behavior is rooted and it is therefore enough to influence perception, judgment, and of course, behavior. AIDS is one of the prevalent diseases in the Sub-Saharan Africa with the rate of 6.1%. It is in fact, one of the worst diseases in the continent, affecting 22.5 million people (HIV positive). AIDS is caused sexually, and sexual practices are behavioral. Since behavior is cultural, it is therefore logical to conclude that one can actually control certain behaviors through culture. In this case, the PEN-3 model, which was created to address and integrate culture in the development, implementation and evaluation of health programs. The PEN-3 model is composed of three domains. These three domains are also composed of another 3 sections each. The three domains are: cultural identity, relationships and expectations and culture and empowerment. Culture and empowerment is a domain that is composed of three more factors which are positive, existential and negative perceptions. They represent all the good and bad facets of culture, hence the positive and negative perceptions.

Analyse Marcelo Brodskys Work Buena Memoria From the Perspective of Essay

Analyse Marcelo Brodskys Work Buena Memoria From the Perspective of Memory Work - Essay Example This essay stresses that general Jorge Videla seized power in another coup. Marcelo Brodsky, an Argentine who was both a human rights activist, and an artist, and who was residing in Argentina by this time, went into exile in Barcelona. It is while there that he took keen interest and learnt photography. He returned to Argentina in 1984, after the fall of the dictatorial leadership. The memories of the atrocities meted on his people were still fresh in him. In 1996, Brodsky thought of creating a memory bridge between his own memories and the future generations This paper makes a conclusion that the analysis of the importance of Marcelo Brodsky’s work from the memory perspective. It has been demonstrated beyond doubts that an individual memory can be presented artistically, and be carried forth to generations. This can be shared with other people who may not have been there when the events occurred, but can create a lasting impression, and at the same time communicate the past to them. This in turn brings in transition, and builds a memory bridge from the living memory to the post memory, which benefits generations. It also emphasizes the fact that for a community to effectively handle its present and future predicaments, it must have a special place for the historic events, which would help them make sound judgements. These historical events are the button that must be handed over in an effective manner to other generations.

How to balance online school work with family demands Essay

How to balance online school work with family demands - Essay Example These days, it is quite popular (Hinkle, 2009). The advantage of distance learning is that it seeks to maintain a balance between family and education. In addition, individuals are free to pursue the fields that they feel are more suited to their interests. It also allows the students to study freely and at their own pace. It has the further benefit of costing less (Zimmerman, pp. 39-41). However, there are always problems associated with time management. Most of the individuals who are studying online are mature adults who have the responsibility of the household and various family demands. Therefore, there is an inherent challenge associated with managing both things at the same time. A study done in United Kingdom showed that adults have faced problems trying to balance online education with the demands of family and household chores (Wheeler, pp.32). Pursuing education is an amazing experience; however, it requires a lot of time and patience. It can be quite exhausting doing all the cooking, cleaning, looking after children, and studying as well. On a personal level, I have faced numerous difficulties because my family demands came in the way of my studies. One such example was when I had to submit a paper, and suddenly one of my children fell ill. Now child requires my constant attention, and mostly I put him to sleep while I am studying. However, the paper was extremely lengthy and my child was constantly crying. A crying child in hands while typing away on the laptop is an extremely excruciating experience. A person has to think of the child first, while there is a constant nagging at the back of the mind that there is a lot of work to be done, which may include laundry, ironing, cooking, and obviously studying. Another worrisome thought is also to protect the electronic gadget from the child’s hands. The child demanded constant attention, and even when I took him to the doctor, I had to wait quite a lot. Buying medicines, rushing home, forcing th e medicine down the child’s throat, and finally putting him to sleep took away all my energy. Quite obviously, I submitted my paper late and I had to deal with many issues. My other child is an avid sportsperson. He participates in softball and basketball. I have to manage driving him around to his games and sitting to cheer him on during these games. He expects me to be there with him for all the games and he ends up getting hurt if I even talk about missing one game. Caught up in work and extended family issues, I could not prepare properly for an exam that was coming up. The final match of my son’s basketball team had to be one day before the exam. Well, that is my fate, I guess. Sitting with books, with my other child on the next seat constantly tugging my hand for drinks and popcorn, and trying to cheer my child was an extremely agonizing experience. The question was to study or not to study. Although I managed to secure good marks in the exams, but it did require a night of staying up to study, already exhausted from the day. Therefore, the point of sharing my personal experiences was that although distance learning has made me return to education, it is still not as convenient as people might think it is. However, quite a lot of time has passed since I have been pursuing online education, and I love almost every minute of it. On weekends usually, I cook quite a lot of food and deep freeze it. In addition, I do the laundry and

Hewlett Foundation Case Study Example | Topics and Well Written Essays - 1000 words

Hewlett Foundation - Case Study Example The asset allocation policies are formulated by the foundation, internally managed but uses external manager to invest the portfolio. The external managers can either invest 100% of the asset in indexed instruments or invest partially depending on the allocation method. There are four methods that the foundation uses in evaluating the performance of its portfolio. To begin with, it uses a benchmark with which it compares the performance of each asset. If the portfolio outperforms its benchmark, then it is a worth portfolio to invest in. on the other hand, if its performance is less than that of the benchmark, then it’s not a worth portfolio. The second is comparing the performance of HF ‘composite benchmark’ with that of U.S stocks and bonds. The other method is by comparing performance of its portfolio relative to that of other tax-exempt institutions. Finally, accessing whether the return on assets exceeds the rate of inflation. It is evident that the process do es not use the mean-variance optimization method in the process. It is the most accurate method in analyzing portfolios as it incorporates risk and returns (Goetzmann at.al, 2006). Therefore, it is recommendable for HF to consider using it in asset allocation process. 1.2 Decision-making framework Proposal 2 In this option, 5% of the assets will be committed to a global distressed real estate fund. In order to assess the viability of this investment, the allocation committee should use discounted cash flows (DCF) models such as the Net present Value and the interest rate of return (IRR) (Goetzmann at.al, 2006). These methods take into account the aspect of time value for money and make use of cash flows not profits. The process starts by accessing the initial investment costs and then projecting cash flows. The project is acceptable if the NPV is greater than one meaning that the discounted cash flows should be greater than the initial cost of the investment. In the case for IRR, th e investment is acceptable if IRR is greater than the required rate of return and vice versa. Proposal 1 In this proposal, the committee aim is to reduce the foundation’s exposure to domestic equities, and instead increase this allocation to absolute return strategies and US TIPS (Treasury Inflation Protected Securities). TIPS are short term investments which are risk free. Therefore, they can use Capital asset pricing model (CAPM) in decision making. CAPM is a theoretical model used to determine the required rate of return of an asset. It also considers the risk free asset. Once the required rate of return (Ri) is calculated using the CAPM model, it is compared to the assets estimated rate return over a specific investment horizon to determine the viability of the investment. That is, whether the investment is worth to take. For such comparisons, technical analysis techniques such as the price earning ratio (P/E) can be used. Generally, an asset is said to be well priced if the estimated price is same as the required rates of

Motorcycle segment in Germany Essay Example for Free

Motorcycle segment in Germany Essay Much of the demand for two-wheelers in Germany is concentrated on sporty vehicles, typically suited for leisure rather than daily transport. These vehicles make up nearly a third of the total new two-wheeler demand in the country. Enduro bikes – which usually have an engine size smaller than 650cc – are the second most popular motorcycle segment, occupying more than a fourth of the total market demand. Source: ACEM Market Shares Of Brands Total Market. It is therefore not surprising that the segment received a hit from the global economic crisis in 2009, resulting in more than 17% fewer motorcycles, or 137,045 units, being shifted compared with 2009, according to estimates from the German Motorcycle Association (IVM). Key players in the industry include Honda Motor, with a market share of more than 14%, followed by Yamaha Motor and BMW with respective market shares of 11. 9% and 11. 5% in 2009.  © Business Monitor International Ltd Page 48 Germany Autos Report Q1 2012 Segment News. No Recovery In Sight For Motorcycles Segment BMI has significantly revised down its outlook for motorcycle sales in Western Europe in view of growing concerns about weak economic growth in the key markets of Germany and France, while the large markets of Spain, Italy and Greece are performing worse than expected. Estimates from the European motorcycles association (ACEM) show that the market for motorcycles has contracted by almost a quarter since 2008 and we expect further contraction in 2012 as the region comes under the influence of widespread austerity measures. Although growth should return to positive territory from 2013, we see little likelihood of the market returning to pre-crisis levels at any time during the forecast period to 2016. Crisis Or Change Of Preference? Indeed, there is little optimism in the motorcycles segment, with sales for the first three quarters down more than 9% year-on-year (y-o-y), to 1. 23mn units, despite declines of 13% and 15% y-o-y in 2009 and 2010 respectively. The blame partly lies in a sharp reversal in demand from Germany and France, both of which were posting positive growth until H111. To a large extent, this is the outcome of the general use of motorcycles for leisure rather than a means of transport in the region. It is therefore not surprising that as consumer confidence wanes owing to the eurozone sovereign debt crisis, households feel less inclined to make non-essential purchases. All of this comes at a time when sales in Italy and Spain which together account for over 40% of all motorcycles sold in the EU are reporting declines of over 15. 6% y-o-y each. From Bad To Worse Europe Motorcycle Sales Growth (%chg, y-o-y) * BMI forecasts. Source: ACEM, BMI  © Business Monitor International Ltd Page 49 Germany Autos Report Q1 2012 We have accordingly revised down our 2011 sales forecast from a 2% y-o-y decline expected earlier to a much sharper 10. 5% decline. In 2012, we expect a clear divergence in motorcycle demand between the six markets. The likes of Germany, France and the UK are likely to return to positive growth, mostly helped by favourable base effects and relatively better economic conditions. Meanwhile, demand in Spain, Italy and Greece will be hit by strict austerity measures adopted by their respective governments, mass unemployment and a decrease in consumer wealth. In total, this will result in a further 0. 25% contraction in motorcycle demand in the region, making it the fifth consecutive year of contraction for the segment. Regulatory Costs Although we expect demand to grow thereafter, recovery will be very modest, with the market growing an average of just over 3% y-o-y between 2013 and 2016. Rising ownership rates and insurance costs coupled with an ageing population in the region will significantly dampen consumer interest in motorcycles. Far From Recovery Europe Motorcycle Sales: Historical Data and Forecast f = forecast. Source: ACEM, BMI Additionally, we expect the segment to face a slew of regulatory changes, all of which will lead to marked increases in motorcycle prices and will consequently mar growth. The European Commission (EC) is currently looking to improve technology in the sector and make it safer and more environmentally friendly. A policy aimed at gradually moving to stricter emission standards is likely to be put in place, with the Euro 3, Euro 4 and Euro 5 standards to be made compulsory by 2014, 2017 and 2020 respectively. Meanwhile, the ECs plans to increase safety requirements for motorcycles is most  © Business Monitor International Ltd Page 50 Germany Autos Report Q1 2012 likely to lead to the mandatory fitting of anti-lock braking systems in medium- and high-performance motorcycles and automatic headlamps in all L-category vehicles (comprising two- and three-wheel powered cycles, mopeds, motorcycles with and without side-cars, on-road quads and mini-cars). For a segment which will still be very fragile, such regulations will indeed be a spoiler.  © Business Monitor International Ltd Page 51 Copyright of Germany Autos Report is the property of Business Monitor International and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holders express written permission. However, users may print, download, or email articles for individual use.

Groups And Group Development Commerce Essay

Groups And Group Development Commerce Essay Many people used the word team and group interchangeably, but there are actually a differences between the word team and group. It is much easier to form a group than a team. In group, they could be grouped according to gender, experience, age or other common factors. Although the effectiveness of the group may be variable, but forming a group just based on a certain commonality is not particularly difficult. A groups strength may come from sheer volume or willingness to carry out a single leaders commands. On the other hand, a team can be more difficult to form. The members will selected for their complementary skills, not a single commonality. In a team, each member has a purpose and a function. So the overall success depends on a functional interpersonal dynamic. When working together in this way, there is usually not as much room for conflict. A teams strength depends on the commonality of purpose and interconnectivity between individual members. GROUPS AND GROUP DEVELOPMENT Although most groups arent formed for such dishonest purposes, the success of this group at its task was impressive (Stephen and Mary, 2007). Managers would like their groups to be successful at their tasks and the first step is understanding what is a group and how its develop. 2.1 Group Definition According to Stephen and Mary (2009), a group can be defined as two or more interacting and interdependent individuals who come together to achieve specific goals. . Although a groups often have goals, but theres not state that group members must share a goal or motivation. 2.2 Types of Group There are two types of group which is formal group and informal group. Formal group will designated work assignments and specific tasks directed at accomplishing organizational goals and defined by an organizations structure. There are four examples of formal work groups ( Sidin J.P, 2011) : Command group groups that are determined by the organization chart and composed of individuals who report directly to a given manager. Task group groups composed of individuals brought together to complete a specific job task. Cross-functional teams groups that bring together the knowledge and skills of individuals various work areas of groups whose members have been trained to do each others job. Self-managed teams groups that are essentially independent and that, in addition to their own tasks, take on traditional managerial responsibilities, such as hiring, planning and scheduling, and evaluating performance. While informal groups are group-based social elements. These groups occur naturally in the workplace and is more concerned with friendship and common interests. A friendship group is friend who do many activities together and it is relatively permanent and informal, and its benefits from the social relationship among its members. Meanwhile, the common interest such as bowling group and womens network is relatively temporary and is organized around an activity or interest shared by its members. 2.3 Stage of Group Development http://gmx.xmu.edu.cn/ews/business/management/ABrobbins4_15_09.gif Exhibit 2.1 Stage of Group Development ( Sidin J. P. , 2011) 2.3.1 forming Forming stage is the first stage in group development. This stage has two phases. In a formal group, people join because of some work assignment. The second phase begins when the people joined the formal group. Then these people define the groups purpose, structure, and leadership. This stage is complete when members begin to think of themselves as part of a group. 2.3.2 storming When group members get to know each other better, the storming stage begins. This storming stage named because of the intragroup conflict that occurs over who will control the group and what the group needs to be doing. This stage is characterized by a bid for power. There are six characteristics of the storming stage which is competition, strained relationships, leader is challenged, tension and disunity, differences are uncomfortable, and the issues of autonomy vs. control support vs. competition influence decision-making. When this stage is complete, there is a relatively clear hierarchy of leadership and agreement on the groups direction. 2.3.3 norming The norming stage is one in which close relationship develop and the group become cohesive and has begun to be effective. Theres now a strong sense of group identity and camaraderie. This stage will be complete when the group structure has been assimilated as a common set of expectations about behavior and become solid. There are some characteristics about this stage : Issues of strengthening relationships, open communication, positive/constructive feedback. Increased cohesion Emerging trust More collaboration Appreciation of differences 2.3.4 performing The fourth stage of group development is performing. Many groups never reach the performing stage. Â  This is the stage at which would be an excellent customer service and to create an impressive examples. The group structure is in place and accepted by group members. In this stage, characteristics include productivity, full development of the potential of the group and the individuals in the group, harmony and effective problem-solving. This is the last stage of development for permanent work groups. 2.3.5 adjourning The final stage is adjourning. In this stage, the group prepares to disband. Group members will react in some way that is independent of a confident and excited about the performance of their group. While, others may be sad over the loss of camaraderie and friendship. Thats why more attention is focused on wrapping activities rather than task performance. WORK GROUP PERFORMANCE AND SATISFACTION A work group is include the organizations strategy, authority relationships, formal rules and regulations, the availability of resources, employee selection criteria, the performance management system and culture, and the general physical layout of the groups work space. Thats mean a work group was affected by external conditions (Stephen and Mary, 2009).Exhibit 3.1 Group Performance Satisfaction Model (Sidin J. P. , 2011) 3.1 Group Member Resources Group member resources is a groups performance potential that depends on a large extent on the resources each individual brings that group. These resources include personality traits, knowledge, skills, and abilities. They will determine what members can do and how effectively they perform in that group. There especially conflict management and resolution, communication, and collaborative problem solving in interpersonal skills. Its consistently emerge as important to perform well in a work group. The group performance also affected by personality traits because they strongly influence how an individual will interact with the other group members. 3.2 Group Structure Work group arent unorganized crowds. They have an internal structure that shapes members behavior and influences group performance. The structure defines roles, norms, conformity, status systems, group size, group cohesiveness, and leadership. Roles A role refers to behavior patterns expected of someone occupying a given position in a social unit. In an organization, managers arent the only one individual who play the various roles. In a group, individuals are expected to do certain things because of their position in the group. Besides that, the different expectations of these roles, make the employees face role conflict. 3.2.2 Norms All groups have norms. A norm is a standards or expectations that are accepted and shared by a groups members (Stephen and Mary,2009). Norms that exist within the group structure emphasizes such things as punctuality, work output, absenteeism, speed to complete the work, and the amount of socializing at work. Norms that exist within the group structure will enhance the action of antisocial individuals. Conformity Each individual would like to be accepted by the society around. As well as individuals who are in a group in the organization. However, they are too afraid not accepted by other group members, then the vulnerability pressure to conform. Early experiments done by Solomon Asch demonstrated the impact of the conformity has on an individuals attitudes and judgment. Next, people tend to find it more pleasant to agree than to be disruptive even it will improve the groups effectiveness. So we conform. But conformity can go too far when an individuals opinion differs significant from the others in that group. When this happens, a phenomenon that known as groupthink will appear. Groupthink will occur when there is a clear identity, group perceives a collective threat to positive image and members will hold this positive group image that they want to protect. Exhibit 3.2 Examples of Aschs Cards ( Sidin J. P. , 2011) Status Systems Status systems are an important factor in understanding groups. Status is a position, rank within a group and a prestige grading. Status can be formally and informally. Status is formally and its important to employees believe that the organizations formal status systems is congruent. Theres consistency between the status symbols he or she receives from the organization and the perceived ranking of an individual. While, the informally of the status systems is may be conferred by characteristic such as skill, education, or experiences. Anything can have status value if the members of the group evaluate it that way. Group members have no problem to placing into status category. Usually the group members will agree about who has low or high status. Group Size According to Moorhead and Griffin (2001), group size is the number of members of the group and have an important effect on performance. Group size will affect the number of resources available to perform the task, but the effect depends on what the group is supposed to accomplish. One important research finding related to group size concerns social loafing ( Stephen and Mary,2009). Social loafing is the tendency of some members of groups to put forth less effort in a group than they would when work alone. The implications of social loafing are significant. When managers use groups, they must identify the individual effort. If not, group productivity and individual satisfaction may decline. Group Cohesiveness According to Moorhead and Griffin (2001), group cohesiveness is the extent to which a group is committed to remaining together. Group cohesiveness very important because its related with a groups productivity. Some research has generally shown that cohesive groups are more effective than less cohesive ones (Stephen and Mary, 2009) and the relationship between cohesiveness and effectiveness is complex. The more the members follow its goal, the more cohesive for that group. A cohesive group is more productive than a less cohesive group when the goals are desirable. But, the productivity will decrease when the cohesiveness is high and attitudes are unfavorable. In this case, theres no significant effect on productivity when cohesiveness is low and goals are not supported. Exhibit 3.3 Group Cohesiveness and Productivity ( Sidin J. P. , 2011) Group Processes Group processes are important to understanding work group because they will influence the performance and satisfaction positively or negatively. The synergy of four people on marketing research team who are able to generate more ideas than work individually is an example of positive process factor. While, the group that have negative process factor such as social loafing, poor communication and high levels of conflict, that may hinder the effectiveness of the group. There are two important group process : Group decision-making Its an organization that doesnt use task forces, review panels, study team or other similar groups to making a decision. In group decision-making, there are such of advantage to do it. Some of that is groups can generate more knowledge and compete information for their work. Besides that, they will have an experience when work in group to make a decision process that an individual cannot. In addition, groups will increase legitimacy. Decision made in a group more legitimacy than decisions that made by self. While, the disadvantage to do this group decision-making is that almost group always take more time to reach a solution than would an individual. Another disadvantage is the critical thinking that group think can determine will harm the quality of final decision. If we want to determine whether groups are effective at making decision, it depends on the criteria that used to assess effectiveness. The group decision may work best when its creativity, accuracy, and degree of acceptan ce are important. Beside of that, the decision effectiveness is influenced by the group size. Exhibit 3.4 Creative Group Decision Making ( Sidin J. P. , 2011) Conflict management Conflict is perceived incompatible differences that result in interference or opposition (Stephen and Mary, 2009). In conflict management, there are three different views such as traditional view of conflict, human relations view of conflict, and interactionist view of conflict. The traditional view of conflict is the view that all conflict is bad and must be avoided. Meanwhile, the human relations view of conflict is the conflict that is natural and inevitable outcome in any group but has potential to be positive force in contributing to a groups performance. The interactionist view of conflict is the most recent view. Its proposes that not only be a positive force in a group, but some conflict is absolutely necessary for the group to perform effectively. Exhibit 3.5 Conflict and Group Performance (Sidin J. P. , 2011) There are more conflict such as functional conflicts, dysfunctional conflicts, task conflicts, relationship conflicts, and process conflict because the interactionist view doesnt suggest that all conflicts are good. Exhibit 3.6 Conflict- management Techniques ( Sidin J.P, 2011) 3.3 Group Task Group task are either simple and complex. Simple task are standardized and routine. While, complex task tends non-routine or to be novel. Its appear when the more group benefits from group discussion about alternative work methods, so the more complex of that tasks. In this situation, group members will rely on standard operating procedures and no need to discuss such alternatives for a simple task. Thus, the tasks are complex and interdependent when effective communication and controlled conflict are most relevant to group performance. 4.0 TURNING GROUPS INTO EFFECTIVE TEAMS From group there will turning to teams. In teams all of the members will working together to achieve the common goals. A team is not just a people who work at the same time in the same place. Most of the people that work in a team are not all equal in talent, education, or experience, but they are equal in one vitally important way. Team relationships fulfill that basic needs. 4.1 Teams Definition According to Williams (2007), work team is a small number of people that work together with complementary skills who hold themselves mutually accountable for pursuing a common purpose, improving interdependent work processes and achieving performance goals. In many industries, teams are importance because they help organizations respond to challenges and specific problems. 4.2 Advantages and Disadvantages of Work Team In work as a team, there will have a lot of advantages and disadvantages. The advantages when work as a team is: Improved customer satisfaction Improved product and services quality Improved speed and efficiency in product development Employee job satisfaction Better decision making and problem solving Meanwhile, the disadvantages of work as a team is : Initially high employee turnover Social loafing Disadvantages of group decision such as groupthink, inefficient meetings, domination by a minority, and lack of accountability. 4.3 Groups Versus Teams Work teams Work groups Leadership role is shared. One leader clearly in charge. Accountable to self and team. Accountable only to self. Team creates specific purpose. Purposed is same as broader organizational purpose. Work is done collectively Work is done individually. Meetings characterized by open- ended discussion and collaborative problem-solving. Meetings characterized by efficiency; no collaboration or open-ended discussion. Performance is measured directly by evaluating collective work output. Performance is measured indirectly according to its influence on others. Work is decided upon and done together. Work is decided upon by group leader and delegated to individual group members. Table 4.1 Source: J. R. Katzenbach and D. K. Smith. The Wisdom of Teams, Harvard Business Review, July-August 2005, p.161. 4.4 Types Of Teams Teams can do all of things. They can design products, coordinate projects, offer advice, provide services, negotiate deals, and make decisions (William, 2007). Work teams is a groups whose members work intensely on a specific, common goals, individual and mutual accountability, using their positive synergy, and complementary skills. There are several types of teams: Types of team Explanation Problem-solving teams A team from the same functional area or department thats involved in efforts to solve specific problems or improve work activities. Self-managed work team A type of work team that operates without a manager and is responsible for a complete work segment or process. Cross-functional team It is a work team composed of individuals from various specialties. Virtual team Its a type of work team that uses technology to link physically dispersed members in order to achieve a common goals. Table 4.2 Types of team ( Sidin J. P. , 2011) 4.5 Creating Effective Work Teams Teams are not always achieve high levels of performance and also not always effective. However, research on teams provide insight into the characteristics typically associated with effective work teams. There are nine of characteristics of effective teams: Exhibit 4.1 Characteristics of Effectiveness Teams (Sidin J. P. , 2011) Characteristic Explanation Clear goals It is a high performance team that has clear understanding of the goal to be achieved. The members in the team will know what theyre expected to accomplish, committed to the teams goal, and understand how they will work together to achieve these goals. Relevant Skills Effective teams are composed of competent individuals that have the necessary interpersonal and technical skills to achieve the desired goals while working well together. This is important because not everyone who is technically competent has the interpersonal skill to work as a team members. Mutual Trust The effective teams are characterized by high mutual trust among the members. The members must believe in each others ability, integrity and character. This is because trust is fragile. So, maintaining trust requires careful attention by the managers. Unified Commitment This characteristic is characterized by dedication to a teams goals and a willingness to expend extraordinary amounts of energy to achieve them. Good Communication All of the effective teams will characterized by the good communication. Members convey messages, verbally and non-verbally, between each other in ways that are readily and clearly understood and the feedback will helps to guide team members and correct misunderstanding. Negotiating Skills Effective team will making adjustments to who does what and this requires team members to posses negotiating. This is because the problems and relationships are regularly changing in teams, and members need to be able confront and reconcile differences, Appropriate Leadership By clarifying goals, demonstrating that change is possible by increasing the self-confidence of team members, overcoming criteria, and helping members to more fully realize their potential. Internal Support The team should have sound infrastructure, which means proper training, a clear and reasonable measurement systems that team members can use to evaluate their overall performance, a supportive human resources system, and an incentive program that recognizes and rewards team activities. External Support In external support, managers should provide the team with resources needed to get the job done. Table 4.3 Characteristics of Effective Teams and The Explanation (Stephen and Mary, 2007) CHALLENGES IN MANAGING TEAMS Managers can build effective teams by understanding what influences the satisfaction and performance. But, manager will also face some current challenges in managing team, primarily to those that associated with managing global teams and with understanding organizational social networks ( Stephen and Mary, 2007). 5.1 Managing Global Teams There are two characteristics of todays organizations are obvious such as global and work is increasingly done by teams. That means that any manager would like to manage a global team. There are drawbacks and benefits in using the global teams. Drawbacks Benefits Disliking team members. Greater diversity of ideas. Mistrusting team members. Limited groupthink. Stereotyping. Increased attention on understanding others ideas, perspectives, etc. Communication problems. Stress and tension. Table 5.1 Global teams (source: based on N. Adler, International Dimensions in Organizational Behavior, 4Th Edition, pp.141-147) In addition, by using our group model as a framework, we can see some of the issues associated with managing global teams such as: Group Member Resources in Global Teams. In global organizations, understanding the relationship between group performance and group member resources is especially challenging because the unique cultural characteristics represented by members of a global teams (Stephen Mary, 2007). In addition, managers need to be familiar with the team members abilities, skills, knowledge, and personality to clearly understand the cultural characteristics of the group members that they manage. Group Structure. Some of the structural areas where we see differences in managing global teams include social loafing, cohesiveness, status, and conformity. Social loafing has a Western bias(Stephen Mary, 2007). Its consistent with individualistic cultures, such as the U. S. and Canada, which is dominated by self-interest but not consistent with collectivistic societies, in which individuals are motivated by group goals ( Sidin J. P., 2011). Cohesiveness is another group structural element with which managers will face the special challenges and its often more difficult to achieve because of the higher levels of mistrust, miscommunication, and stress. For status, it is important in France and depends on social origin and also the countries that have differ on the criteria that confer status. Besides that, to manage global teams, conformity also findings generalizable across culture. As might as expected, conformity to social norms tends to be higher in collectivistic cultures than in individualisti c cultures ( Sidin J.P., 2011). Group Processes. The process that global teams use to do their work can be particularly challenging for managers and for one thing communication issues often arise because not all team members may be fluent in the teams working language (Sidin J. P., 2011). This particular situation will lead to inaccuracies, inefficiencies, and misunderstanding. However, managing conflict in global teams isnt easy, especially when those teams are virtual teams because conflict can interfere with how a team uses information (Stephen Mary, 2007). The Managers Role. There are things that managers can do to provide a group with an environment in which effectiveness and efficiency are enhanced. First of all, because communication skills are vital, so managers should focus on developing those skills (Sidin J.P., 2011). Also, managers must consider cultural differences when deciding the type of global team to use. Finally, its vital that managers be sensitive to the unique differences of each member of a global team ( Stephen Mary,2007). CONCLUSION As a conclusion, work as a group will have a strong, clearly focused leader who had individual accountability and also have a purpose thats the same as the broader organizational mission. While, work as a team have some following characteristic such as, shared leadership roles, specific team purpose and so on. From this chapter, we know that group is two or more interacting and interdependent individuals who come together to achieve specific goals ( Stephen Mary, 2007). While, team is a small number of people with complementary skills who are committed to common purpose, common performance goals, and an approach for which they hold themselves mutually accountable (Griffin, 2006). Ginny V Lee in his article From Group to Team have said that in teams, they will shared the common purpose and goal. Besides that, team members also are interdependent because they understand that they need to work well as a unit inorder to complete their task. Ginny also said that skilled facilitation moves a group from a collection of individuals to an effective team.

History And Overview Of Frances Beauty Industry Economics Essay

History And Overview Of Frances Beauty Industry Economics Essay France is ranked 16th in the Global Competitive Report up two places from last year and demonstrating a number of competitive strengths, such as an infrastructure that is ranked second in the world, a healthy workforce, a high quality of education, a sophisticated business culture and leadership in the area of technological innovation. On the other hand, as indicated in the Global Competitive Report, France suffers from high non wage labour costs and strict rules on hiring and firing and poor labour employer relations. There is also a govern GDP Per Capita, (US$), 2007..$41,511.2 GDP: (US$ billions), 20072,560.3 GDP (PPP) as share (%) of world total, 2007à ¢Ã¢â€š ¬Ã‚ ¦.3.17 Total Population: (millions), 200760.9 Median Age: 39 Land Area: Largest land area of all EU members Unemployment: 7% 2008 Current President Nicolas Sarkozy ment budget deficit which is above the EU threshold of 60% and national savings rates are low. (Global Competitive Report, 2008/09 p.19) Although France is currently in a good position in 16th place, the global economy is changing and new competitors are closing in. This paper will examine the challenges that France and their beauty industry are facing. France key facts: source: The Global Competitive Report 2008-09 Exhibit A Economic PerformanceFrances Gross Domestic Product (GDP) has aligned with the European average somewhat, although, as the graph below illustrates, France has fared better than the EU within the last year. Exhibit B This chart created on the Eurostat website, compares Frances Real GDP with the European Union (EU) average. Real gross domestic product (GDP) is a macroeconomic measure of the size of an economy adjusted for price changes (that is, adjusted for changes in the value of money: inflation or deflation.) source: Real gross domestic product. Web. ttp://en.wikipedia.org/wiki/Real_gross_domestic_product>. Legend:Blue = FranceGreen = EU (27 countries)source:http//epp.eurostat.ec.europa.eu/tgm/graph.do?tab=graphinit=1toolbox=typelanguage=enpcode=tsieb010plugin=0http://epp.eurostat.ec.europa.eu/tgm/graph.do Frances Gross Domestic Product per capita (PPP US$)The Human Development report and the Global Competitive Report demonstrate that Frances purchasing power parity (PPP) has declined since 1993 to 33,000 plus/minus. Human Development Report 2009 Exhibit C Human development index 2007 and its components GDP per capita (PPP US$) HDI Rank Country 2007 1 Norway 53,433 1 2 Australia 34,923 3 Iceland 35,742 4 Canada 35,812 5 Ireland 44,613 1 6 Netherlands 38,694 7 Sweden 36,712 8 France 33,674 9 Switzerland 40,658 10 Japan 33,632 11 Luxembourg 79,485 source: http://hdrstats.undp.org/en/indicators/91.html accessed March 29 2010 source: Global Competitive Report 2008/09Exhibit D Innovation MeasuresThe Global Competitive Report says Although less-advanced countries can still improve their productivity by adopting existing technologies or making incremental improvements in other areas, for countries that have reached the innovation stage of development, this is no longer sufficient to increase productivity. Firms in these countries must design and develop cutting-edge products and processes to maintain a competitive edge. (Global Competitive Report, 2008/2009, page 6) Exhibit D shows France in blue is ahead in the percentage of GDP for RD. This hides the fact that Germany one of Frances competitors which we will discuss later in the Cosmetic industry analysis, spends a considerable amount more than France. Although France in blue is ahead in the percentage of GDP they spend on RD another important aspect of innovation is patents. Exhibit E shows that Germany has double the amount of patents. Gross Domestic Expenditure on RDExhibit D France = Blue EU = Green Germany has double the amount of patents than France Exhibit E Analysing the date from the Global Competitiveness Report it is clear that France is suffering in the ranking for innovation and sophisticatio n as illustrated below. Exhibit F France is losing behind Germany who is winning currently in 4th place Exhibit F: Innovation and sophistication factors According to Porter, a nations competitiveness depends on the capacity of its industry to innovate and upgrade. Companies gain advantage against the worlds best competitors because of pressure and challenge. (Porter, On Competition, p.171, 2008) In Exhibit F France is holding steady in 14th position an explanation for their lack of improvement is shown in Exhibit G state of cluster development, where France is low and their rate of patent development is low compared to its competitors, for example, Germany, Japan and the U.S.A. source: Global Competitiveness Report 2008-2009Exhibit G France P E S T Analysis POLITICAL LANDSCAPE Overview French political system can be described as semi-presidential form of democratic republic. France has improved considering the rule of law and accountability. France ranks in the 91.3 percentile on voice and accountability as of 2007, which is an improvement from 2002, when it was ranked in the 84.1 percentile. (Datamonitor (2009). France: Country Analysis Report. London: British Library. Page 3) However, France is still considered as a highly centralized country and the elite group is significantly involved in the state and corporate sectors. Moreover, corruption seems to be one of the main issues in French politics. Strengths Political stability can be considered one of Frances strengths. Elections are fair and transparent. Although initially the socialist parties were more popular and therefore winning the elections, lately the majority of the society has voted for pro-reform parties. Before the elections president Sarkozy made following promises: a reduction of unemployment, flexible labour laws, pension reform and tax changes. Frances approach to preventing terrorism is considered to be one of the most effective in Europe. However, it did not come free and the price was limiting civil liberties. (Datamonitor (2009). France: Country Analysis Report. London: British Library. P. 14) Weaknesses Although the current French government is definitely pro-reform, the rest of French society seems to be opposed to the changes. For example, the government wants to simplify public administration and bureaucracy, promote the competition in the market as well as make minimum wages flexible. (www.lemonde.fr)(EWA I sort of know what you mean but can you include a couple of the changes that the government want to bring in. I understand that the citizens would be unwilling to accept any change that would lower wages but does the French government want to lower wages that would also go against what Porter says is the point of being competitive. The population is unwilling to adopt any measures that cause a decrease in wages. One of the reasons would be the decline in purchasing power of the French population. As already mentioned in exhibit B above France is already showing a decline in GDP (PPP US$) per capita. Improving the pension system and modernizing the labour market has been delay ed because of the unwillingness of French citizen to accept change. In general, the reforms are being delayed. Moreover, the liberalization process is also not as dynamic as hoped for, in effect, president Sarkozy is losing his popularity. In regional elections on 21st March the Socialist Party gained 54 % while UMP 35 % only. (Web. . Accessed March 15 2010). Opportunities Improving French foreign policy has been one of president Sarkozys main goals. So far he has been successful. France has returned to NATOs military command. It has helped US in isolating Iran because of its nuclear power. In general, France has been lately very active in international relationships. With no doubt improved foreign relations will help the economic relations with these countries. French National Assembly composition Source: Datamonitor (2009). France: Country Analysis Report. London: British Library. P. 39. President Sarkozys administration has also finally improved French bureaucracy which now should be more transparent and efficient. Threats In France, the government has continued to play a prominent role in business compared to many other EU countries. (Datamonitor (2009). France: Country Analysis Report. London: British Library. Page 16) A concentration of elite citizens in power helps corruption practices and also help to influence government policies which in effect can block development. (Political Science: An Introduction, Michael G. Roskin, June 2005, P. 79) Moreover, since the government becomes more unpopular while trying to implement the reforms (can we get a list of the reforms then I can weave that into this paragraph pension system reform, health care system reform, public administration reform, reform of work conditions regulations un contrat unique, reform of public finances, tax system reform, corporation tax reform) there is a risk that it will become populist to gain power back. There have been a number of protests against reform measures. ECONOMIC LANDSCAPE Overview The International Monetary Fund (IMF) has stated that France faced a 3 % fall in growth in 2009. The decrease of income and wages combined with rising unemployment will affect domestic consumption. Because of the opposition implementing Sarkozys reforms is not going smoothly. Frances credit rating might be affected. That will increase the cost of funding for future governments and business enterprises.(Datamonitor (2009). France: Country Analysis Report. London: British Library. P. 14) Strengths President Sarkozys pro-reform approach affected in general review of public policy. This caused the improvement in public services and therefore reducing the public costs. French infrastructure is one of the best in Europe. There are over 10,000 km of well-maintained highways in France. That is better result than in Germany or UK. French railway network is also very well established. France is seen as global air transport hub with 27 airports. The world-class infrastructure network enables France to offer international investors excellent conditions for doing business and also drive the overall economic engine of the nation. ((Datamonitor (2009). France: Country Analysis Report. London: British Library. P. 18) Weaknesses French external debt is above the EU limit of 60% and most probably will stay this way. Moreover, the share in exports in the Eurozone has fallen by 16% during 1999-2007. (Datamonitor (2009). France: Country Analysis Report. London: British Library. P. 18) As the reasons for this situation can be named low level of industry specialization and poor price competitiveness of French industries. Moreover, Frances effective corporate tax burden is higher than EU average. Opportunities The privatization of telecommunications, electricity, gas, postal services, rail freights as well as the services sector has been in place for a while. The government has also introduced stimulus plan. The hope is that increased investment spending will stimulate domestic consumption. Threats The financial system in France is still significantly being regulated and administrated. What has helped French economy now to recover from global crisis, might create a problem in the future. Structural reforms in public enterprises, pensions and the constitution need to be completed now; otherwise France will lose the competition with countries with more liberalized systems like UK or Germany. SOCIAL LANDSCAPE Overview While social structure considered an aging population and relatively high unemployment rate seem to be main issues. As well as deficient educational system; (Global competitive report, Porter and Schwab, p.19) describes the education system as a whole is high/strength but the flexibility of the labour force is the problem as well as poor labour relations) this partly can be blamed for high unemployment rate. Unemployment rate was 10 % in January 2010. Web. Accessed March 15 2010. Monthly unemployment rates August 2008 January 2010: Strengths Taking into consideration social parameters in general France has been rather successful. For example, life expectancy at birth is in France 80 years; in terms of gender equality there is a positive social climate for women. France has one of the highest birth rate in Europe. Unlike in many other European countries although the rate is decreasing, France is still doing well. Frances birth rate of about 1.8 children per woman in 2006 makes it the only European country with the possibility of maintaining its current population. (Datamonitor (2009). France: Country Analysis Report. London: British Library. p. 22) Weaknesses An aging population and early retirement are serious issues on French social landscape. These issues have not been given enough attention by policy makers which now may cause big problem of additional government expenditure. Low labour participation is another issue as well as the fact that French workers work relatively low hours yearly. Source: Web. Accessed: March 15 2010 Another challenge is educational system which has not kept with changing industrial order. Opportunities New scheme Active Solidarity Revenue (RSA) has been introduced by French government. The aim is to prevent unemployment and poverty. The programme will persuade people to look for a job rather than living off social benefits. Threats Frances wage hikes have not seen an equal increase in productivity or increase in output. Thus, wage increases have become unrealistic. (Datamonitor (2009). France: Country Analysis Report. London: British Library. P. 22) By continuing this policy while the wages are increased but the productivity is not increasing is a serious threat for economic growth. Moreover, France is losing competition on global market where products from emerging Asian countries are present. French government has passed new rules regarding immigrants who want to live in the country or acquiring French nationality. On one side it will help to stop illegal immigrants, however on the other side it will also put off well educated foreigners to work in France. TECHNOLOGICAL LANDSCAPE Overview RD situation in France is satisfying, although far from perfect. The level of public investment in RD is around 2 % of GDP while EUs aim is 3 %. Moreover, private sector funding is still not pleasing. Public involvement is declining and private sector funding still not increasing. This situation might cause problems in future. To improve this condition the Agency for Industrial Innovation has been established. Its main task is to support innovation in large companies. Web. Accessed March 15 2010 Strengths What can be considered as main strength is relatively large number of patents received by France. France ranks fourth in the world in terms of number of patents granted for its innovation. (Datamonitor (2009). France: Country Analysis Report. London: British Library. P. 24) This situation is caused by the approach of successive French government to RD. Research and higher education are priorities of the current government. Large amount from yearly budget is dedicated to support these domains. Political commitment to RD is therefore high in France. Weaknesses Although RD is considered as an important issue by politicians Frances expenditure is at 2 % of GDP only. For comparison it is 2.68% in US and 3.18 % of GDP in Japan. Moreover, the spending on RD as a percentage of GDP by French government is declining. In addition, the input from private sector is still not rewarding. This situation will without any doubts influence future technological development of the country. Opportunities French national research and innovation policy aims to promote innovation, increase the participation of private sector, and improve the cooperation between public and private sector. The goal is to increase the spending on RD to 3 % of GDP and one third of this amount should come from private sector. Threats France lacks the coordination and one clear policy regarding RD sector. There are many research and knowledge institutes which objectives are overlapping each other. One united strategy is needed. Furthermore, there is lack of efficient communication between research institutes and private companies, therefore resources are not being used fully. Moreover, the lack of the connection between the producers and consumers of the technology can be observed. Public RD centres very often do help in application of new technology in industry. In effect, efforts and costs will be duplicated. Beauty products in France cluster analysis 1/ Description of the cluster, cluster size and performance The cosmetics and toiletries (CT) industry in France is estimated at 8 billion EUR in sales and can be divided into the following categories:       * Skincare, colour cosmetics:    37%       * Hair products :    23 %       * Perfumes :    20 %       * Toiletries:    19 %       * Other :    1 % Although in total export value, the CT industry in France shows growth of 6.5% between 1999 and 2005, in terms of global market share, France has declined from 31,6% to 28,5% during the same period. Despite this, France is still a dominant market leader with its export value sales double the amount of the second and third largest exporters Germany and USA with export value of just below 4 billion EUR respectively.Rossi, Prlic, Hoffman; November 2007, Global Insight Report, p.14 Frances beauty care industry has two specialised regional sub-clusters the PASS cluster (Parfum, Arà ´mes, Senteurs et Saveurs perfume, aromas, scents and flavours) in the Provence-Alpes-Cà ´tes dAzur region, and the Cosmetic Valley cluster (Sciences de la Beautà © et du bien à ªtre Science of beauty and well-being) based in the Centre and Normandy region.ClickPress, July 2008 [http://www.clickpress.com/releases/Detailed/82987005cp.shtml] The beauty products cluster consists of just few large corporations and over 400 Small medium enterprises (SMEs) with 25 250 employees. There has been an estimation of 855 companies in the CT industry with less than 10 employees. Rossi, Prlic, Hoffman; November 2007, Global Insight Report, p.4 Major companies include LOreal which is the global market leader with annual sales of US $ 17.7 billion, followed by Japanese owned Shiseido (US $ 5.4 billion), LVMH (US $ 2.7 billion) and Yves Rocher (US $ 1.8 billion). Smaller companies include Chanel, Clarins, Pierre Fabre Dermo Cosmetique and Yves Saint Laurent. Beauty packaging, October/November 2005 [http://www.beautypackaging.com/articles/2005/10/top-20-global-beauty-companies.php] International groups in the cosmetics sector such Beiersdorf, Henkel, Coty Inc, Puig Group and Pacific Europe have a strong presence in France and benefit from a vibrant business environment that also serves as a test market. France also offers expertise in associated industries, such as bottle manufacturing and the production of aromas and scents. Invest in France agency press release at ClickPress [http://www.clickpress.com/releases/Detailed/82987005cp.shtml] Institutions for collaboration The Cosmetic Valley and PASS regional sub-clusters support active cooperation between companies, research organisations, training institutions, laboratories, universities and suppliers. International investment into the industry is promoted and facilitated by the Invest in France Agency (IFA). ClickPress, July 2008 [http://www.clickpress.com/releases/Detailed/82987005cp.shtml] Cluster Map 2/ History The reason behind the perception of France as the cradle of beauty and luxury goes back to the 16th century when it became the center of cosmetic industry starting with the manufacturing of parfumes. Although historically the first European parfume makers originated in Venice, the trade with parfumes developed strongly during the 17th century in France which is today recognised as the dominant parfume manufacturer. This is the result of the attention and support given to the industry by the King Louis XIV whose policies stimulated luxury trade. The use of parfumes spread among the aristocrats and the trade flourished with first parfume guild being established in 1729 in the Provence region. By the 18th century, the original parfume makers started selling other beauty products such as hair dyes, powders, rouges, soaps and white face paints. The industry started being commercialised after the French revolution in 1789 as manufacturers seeked ways to avoid the association with aristocracy. The guild system was abolished in 1791 and first cosmetic shops were opened in Paris, exports to neighbouring countries also started during this time. In the 19th century, French manufacturers developed chemical processes of replacing aromas obtained by natural means with beauty products based on scientific research. This has led to inventions of completely new scents that were not just à ¢Ã¢â€š ¬Ã… ¡copying existing natural scents. Separate male and female fragrances were also introduced during this period. Increased demand led to need for larger production facilities. First parfume factory was built in 1840 in Parisian suburb La Villette by an entrepreneour L.T. Piver. Distribution channels were developed as prices of cosmetics became more accessible to the common man and manufacturers were by now producing branded products as well as private labels for department stores. During the late 19th century, an entrepreneur Francois Coty made a major impact on the cosmetic business. His achievements include setting up own salesforce (unheard of in the cosmetics business until than) and using designer bottles for parfumes (until than parfumes were sold in pharmacy-like simple bottles) à ¢Ã¢â€š ¬Ã… ¡ to attract the eye as much as the nose. His aim was to keep the perception of cosmetic s  as a luxury that more people can afford and he succeeded in bringing cosmetics and parfumes to the masses. By the end of 19th century three quarters of French parfumes and beauty products were sold abroad thanks to the developed infractracture which made it easy to export products to Europe and the US. Typically sales were managed through local import agents. Some bigger manufactuterers such as Coty or Piver later established their own shops in other countries (Pivor in London, Coty in New York). In 1907 Eugene Schueller started new company Socià ©tà © Franà §aise de Teintures Inoffensives pour Cheveux selling hair dyes for hairdressers. The vision of the company was to doà ¢Ã¢â€š ¬Ã… ¡research and innovation in the interest of beauty. Later renamed as LOreal, the company had by 1950s over 100 researchers. Today LOreal is a leader in the beauty products industry. Geoffrey Jones, 2007, Imagining Beauty: The History of the Global Beauty Business, p.16 38 3/ Competition and trends According to the Global Insight Inc, the world cosmetics market grew between 2000 and 2006 in Europe and China but declined slightly in US and Japan (Exhibit 2). EU15 United Kingdom, Germany, France, Spain, Portugal, Greece, Luxemburg, Belgium, Austria, Ireland, Netherlands, Denmark, Finland, Sweden, Italy EU 12 Czech Republic, Slovak Republic, Poland, Hungary, Latvia, Lithuania, Estonia, Slovenia, Bulgaria, Romania, Malta, Cyprus EU 27 = sum of the above Exhibit 2 The forecasts show expected further growth especially in developing regions such as China and central eastern Europe (EU12). (Exhibit 3) Exhibit 3 France has kept its dominant position as the leading exporter of beauty products over many years selling double the amount than its closest competitors Germany and US. The growth in value is 6.5% between 1999 and 2005. This however is lower compared to EU average (8.3% growth) as well as compared with the rest of the major beauty exporters in world USA, China and Japan (8.1% growth). This means that on the global scale, France is losing market shares. (Exhibit 3) Exhibit 3 Revealed comparative advantage Global Insight Inc measured the Revealed comparative advantage of nations exporting beauty products and in its findings we see that France is positioned in the upper right quadrant (Cosmetic Industry RCA Analysis, Exhibit 4) the threatened industries. The graph shows us that France is by far the largest exporter, is well positioned but its position is weakening due to lesser growth compared to other countries. On the other hand, the only countries showing intensive growth are developing nations that started at a much weaker base. The market for French products has matured in the developed regions of western Europe and the US which have been traditionally the largest export countries for French products. As a conclusion, France will now have to be more aggressive in creating a strong position in the developing markets of BRIC (Brazil, Russia, India, and China) countries + central and eastern Europe to regain its growth. This assumption is supported by the data from French customs which point to fast growing cosmetics sales to the emerging markets, while the EU plays a less important role in French exports (50% against 64%). Between 1998 and 2008, sales growth in emerging countries was two times faster than it is for all exports of cosmetics. The share of emerging countries in total sales of cosmetics rose from 14.9% in 1998 to 24.6% in 2008, with particularly strong sales in China and Russia. A trend confirmed by Jean-Paul Agon, the Managing Director of the LOreal Group, in an interview to the French newspaper Le Monde, dated November 6: In the ten coming years, our customers will mostly be Chinese, Indian, Brazilian or Indonesian. While the group LOreal already achieves 60% of its business outside Europe, this proportion is expected to rapidly rise to 90%, according to Jean-Paul Agon Sooner or later sales catch up on demography, he claims. Exhibit 4 Frances second largest competitor in Europe Germany shows a better performance in terms of growth and is slightly gaining market shares from 13% in 1999 to 14% in 2005. Although this might seem only a slight improvement, in terms of growth in absolute numbers, Germany has grown faster than European average and almost twice as fast as France (10.9% growth for Germany versus 6.5% for France). Compared to other three top exporters of cosmetics (France, US and UK), Germany is the only country growing in market shares. In 2007, German exports rose by 14.4% compared to previous year and summed up to EUR 964 million in the first half of 2007, with highest demand from France, the United Kingdom and Russia. Gentry Earlene, German-Arab Industry of Commerce, December 2008 [http://aegypten.ahk.de/index.php?id=1093L=15] The growth of German exports is driven by local SMEs which are strategically managed by IKW the German Cosmetic, Toiletry, Perfumery and Detergent Association (Industrieverband Kà ¶rperpflege- und Waschmittel e. V.) whose mission is to help German SMEs to enter and conquer foreign markets. Gentry Earlene, German-Arab Industry of Commerce, December 2008 [http://aegypten.ahk.de/index.php?id=1093L=15] As a result of its strategic focus and investment, German SMEs have developed quality cosmetics for almost all segments. Etre Belle Cosmetic Vertrieb GmbH is an interesting illustration of those successful German SMEs. The company is now present in more than 35 countries. The brand has developed complete fragrance and skincare ranges segmented by skin types. German companies are also world leaders in some specific niches, such as organic and natural cosmetics which shows the most dynamic growth in western Europe and USA. (German-Arab Chamber of Industry and Commerce, [http://aegypten.ahk.de/index.php?id=1093L=15 ]) Udo Frenzel, director of economic affairs at IKW, the German Cosmetics, Toiletry, Perfumery and Detergent Association, sums up the success behind Germany growth: The exports of the German cosmetics, toiletry and perfumery industry in the last ten years are a story of success based on the quality image of Made in Germany. There is nearly no country on the entire globe where not at least one German brand is available on the market. At present German exports of our industry are 68% higher than imports to Germany. Gentry Earlene, German-Arab Industry of Commerce, December 2008 [http://aegypten.ahk.de/index.php?id=1093L=15] Research and Development French companies sustain their comparative advantage by investing heavily into research and development which is a key requirement to stay competitive in the cosmetics industry. As the following table shows, Frances RD expenditure in 2001 was 2.5x higher than that of the second largest competitor Germany in 2004. (Exhibit 5) Data for other leading countries are unfortunately not available but the assumption is that France is a leading investor into RD worldwide. This is also supported by the fact that the French government actively supports research and has introduced a competitive RD tax-credit system, which reimburses 50% of RD costs in the first year. This provides incentives to non-French companies to set up research facilities in France. Companies that have done this include Pacific Chemical Corp. (South Korea), Takasago (Japan) or Hutchison Whampoa (Hong Kong).Invest in France agency press release at ClickPress [http://www.clickpress.com/releases/Detailed/82987005cp.shtml Exhibit 5 Productivity The most significant threat to the ongoing competitiveness of the industry in most EU countries but mostly relevant to France and Germany, is relatively low productivity combined with high unit labour costs which shows a wide gap between EU companies and the U.S. and Japan. Rossi, Prlic, Hoffman; November 2007, Global Insight Report, p.4 Although only average EU15 (refers to the first EU countries before entry of post-communist nations) data for productivity in the beauty products industry are available, given the size of the French market, the weighted average is likely to be similar to the actual data for France. Referring to the source above, the rest is an assumption, therefor

The Role of Participation in Budgeting Essay -- essays research papers

The Role of Participation in Budgeting Introduction Although participation in budgeting may enforce the managerial performance, it has constrains and can cause some problems as well. This article analyses the possible advantages and limitations of the role of participation in budget setting. In the next section, the possible merits of budgetary participation are demonstrated. This is followed by a section that explains the equivocation existing in the relationship between budgetary participation and performance. Then, in the following section, some negative effects on the application of participation in budgeting progress are illustrated. The final section is the conclusion of the study. The Possible Advantages of Budgetary Participation According to the definition of budgeting, it is the  ¡Ã‚ ®estimation of all income and expenses for an accounting period or financial forecasting, planning, and controlling ¡Ã‚ ¯. (http://www.yourwebassistant.net/glossary/b11.htm#budgeting) Comparing the budget with the real achievement of the company, it is possible to improve the decision-making process for the future development of the enterprise. So budgeting takes a crucial role in management accounting. Therefore, studying how to make budget setting more effective is important for the benefit of the enterprise. Participation in budgeting is one of the useful approaches. It bears some possible advantages, which may enhance manager ¡Ã‚ ¯s commitment to budget objectives. The following discussion (adapted from Lecture notes by Professor S. G. Ogden, 2004) bears the assumption that there is positive relationship between participation and performance. The contradictions will be discussed later in the following sections. First of all, participation in budget setting can inspire the enthusiasm of the managers. Then they will intend to input more energy and time into the work to meet the budget targets. Because if they are involved in the process of budget setting, they will link it with their own knowledge, experience, and so on to make the judgment. This linkage renders the target of the company to be the participator ¡Ã‚ ¯s personal target. Secondly, participation may encourage the creation of the participators. Creation is the characteristic of human beings. However, not everybody at any time has the motivation to create. When the budget is settled, and what the managers and employ... ...nteraction of budget characteristics and personality variables with budget response attitudes ¡Ã‚ ¯. The Accounting Review. Vol. 53. pp. 324-335. Dunk, A. S. (1989).  ¡Ã‚ ®Budget emphasis, budgetary participation and managerial performance: A note ¡Ã‚ ¯. Accounting, Organizations and Society. Vol. 14. pp. 321-324 Dunk, A. S. (1993).  ¡Ã‚ ®The effects of job-related tension on managerial performance in participative budgetary settings ¡Ã‚ ®. Accounting, Organizations and Society. Vol. 18. pp. 575-585. Hartmann, F. G. H. (2000).  ¡Ã‚ ®The appropriateness of RAPM: toward the further development of theory ¡Ã‚ ¯. Accounting, Organizations and Society. Vol. 25. pp. 451-482. Lau, M. C. (2001).  ¡Ã‚ ®Budget emphasis, participation, task difficulty and performance: the effect of diversity within culture ¡Ã‚ ¯. Accounting and Business Research. Vol. 31. pp. 37. Abstract. Merchant, K. A. (1981).  ¡Ã‚ ®The Design of the Corporate Budgeting System: Influences on Managerial Behavior and Performance ¡Ã‚ ¯. The Accounting Review. Vol. 56. pp. 813-829. Milani, K. (1975).  ¡Ã‚ ®The relationship of participation in budget setting to industrial supervisor performance and attitudes: a field study ¡Ã‚ ¯. The Accounting Review. Vol. 50. pp. 274-284.