Final Paper for Business Law I on Alternative Dispute...

Alternative Dispute Solution Business Law I 311 Legal provisions in any territory ensure that citizens are protected from offense by others or that their properties are equally protected. Such offenses are at times inevitable leading to individuals and parties being in disputes. There are legally recognized institutions that have been instituted to examine constitutional violations of people’s rights and freedom, the source of such conflicts, and prescribed penalties for the violations under legal court systems. Dispute resolution outside the legal framework has been developing over time. The dispute resolution outside the legal framework is called alternative dispute resolution. This paper seeks to discuss the topic of†¦show more content†¦The level of flexibility is attributed to the lack of formal procedures that are encountered in judicial processes. Another feature of the alternative dispute resolution is its identification of equity among the litigating parties. Contrary to the application of laws in wh ich provisions might not be favorable to either of the litigants, the ADR process is based on a mutual understanding and corporation of the parties on a leveled ground. The parties are thus assumed to be equal in the negotiation or mediation processes with a moderation of a third party if at all the litigants cannot agree among themselves. Contrary to the judicial processes that rely on precedents for determination of resolutions, ADR relies on the general law of equity to establish a resolution that is agreeable by all the parties to the given conflict. The use of ADR also involves the active participation of the litigants in the search for solution to their conflict. This gives the process an advantage of generating a solution that is fair to both parties and which can at the same time restore or create a good relation among the conflicting parties (USaid, 1998). 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The research findings suggested two main criteria for the basis of conflict resolution in Malay married couples: (1) inline with syariah and laws, and (2) mutual agreement

Stirring up the North to See the Horrors of Slavery...

Educating the North of the horrors of slavery through the use of literature was one strategy that led to the questioning, and ultimately, the abolition of slavery. Therefore, Harriet Jacobs’s narrative Incidents in the Life of a Slave Girl is very effective in using various tactics in order to get women in the North to pay attention and question the horrifying conditions in the South. By acknowledging that not all slaveholders were inhumane, explaining the horrific abuse and punishments slaves endured, and comparing the manner in which whites and slaves spent their holidays, Jacobs’s narrative serves its purpose of arousing Northern women to take notice of the appalling conditions two million Southern slaves continued to endure. If†¦show more content†¦Jacobs found her new home to be a happy one for â€Å"no toilsome or disagreeable duties were imposed upon [her]† (7). Jacobs’s mistress was â€Å"so kind to [her] that [she] was always glad to do her bidding, and proud to labor for her† (7). Needless to say, Jacobs and her mistress had a wonderful relationship. They sewed together and Jacobs’s mistress even taught her to read and spell, which was very uncommon and forbidden. When Jacobs was twelve, her mistress sickened, and Jacobs â€Å"earnestly prayed in [her] heart that she might live†¦ [She] loved her; for she had been almost like a mother to [her]† (7). Jacobs shares the relationship she had with her mistress in order to show women in the North that not all slaveholders were inhumane. In doing so, Jacobs hopes to get Northern women to take notice of her narrative, read it, and provoke them to want to change the conditions in the South. Unfortunately, people like Jacobs’s mistress were â€Å"like angels’ visits-few and far between† (50). Typically, slaves were viewed as â€Å"merely a piece of property† (10), and therefore, this ideology reflected how masters and mistresses punished their slaves. Such punishments included â€Å"whipping slaves until pools of blood filled their feet, the tearing of flesh by hounds, men screwed into cotton gins to die, and even more alarming, young girls dragged down into moral filth† (74). By the age of fifteen, or what Jacobs referred to as â€Å"the sad

Sustaining effective staff training and development in the workplace Free Essays

I Introduction a)What is then training and development? Training and development is a concept in management which allow the organisational activity to be aimed directly at performance of individuals, groups and the organization (Landale, 1999). There are three main activities under the guise of training and development which are interlinked – training, education and development. It is not just the role of the employer to identify training and development needs, the employee also needs to be able to identify their role in the organization and how they can effectively develop themselves (Landale, 1999). We will write a custom essay sample on Sustaining effective staff training and development in the workplace or any similar topic only for you Order Now Van der Bossche et al (2010) acknowledge that due to the rapid advancements in technology and knowledge require the individual to participate in personal and professional development. The development of talent within the organization is necessary for competitive advantage to exist, it is also necessary for the retention of employees. The organization needs to identify talent and to support the individuals through all their training needs. b) Training and Development is described as the necessity to cover the essential skills used in the everyday work situation. Within the promotion of training and development, the individual needs to be focused on the goal of developing their skills, knowledge and understanding of how the organization exists within its environment (Jerling, 1996). If the manager can motivate the employee in their work and can encourage development then the employee will see it in a positive light and will work towards the goals.I I Background Having effective employees is instrumental to the success of any business organization. This is the case because of the high employee turnover rates and high unemployment rates evident in most countries. Since the 2008 recession in the U.S, other countries of the world have experienced the ripple effects as the world largest economy struggles to recover. The European nations have suffered under the current debt crisis that has shrunk economies in Europe. Other countries in African and Asia have also felt the impact, as their economies are most dependent on both the U.S and European markets for trade. The subject of having effective employees has therefore, gained relevance as employers look for ways to sustain their workers. In an effort to keep their most important asset, organizations are heavily involved in the training and development of employees (Hung Wong 2007). Training and development has been a tool used by organizations to mitigate the risks of losing employee to other org anizations. It has also been used to groom future leaders of the company, as well as assist organizations in saving time and money. This essay shall discuss two theories that discuss employer support and training, as well as the impacts of employee performance in relation to training and development of employees.III Development Humphry Hung and Yiu Wong have come up with two theories that discuss the relationship between the employer and the workers when it comes to training, continuing education and work study performance (Hung and Wong, 2007). The theories were introduced because of a case study of Hong Kong students who were in school and worked at the same time. The authors then came up with the theories to help explain the student or employee’s performance in relations to their employees and employer relationship (Hung and Wong, 2007). The first theory was the psychological contract theory while the second one was the expectancy disconfirmation theory. The researchers realized the need for employees to have an education so that they are able to move up the ladder as far as the work force is concerned. The researchers used the employee and employer relations as the subject of research, and came up with a model to explain how training and development can be effectively used in the workplace (Hung Wong2007). Psychological contract theory According to the psychological theory, the employer and the employee have a set of beliefs, promises and obligations that go beyond the formal contract between the two. This psychological contract theory is attributed to the second wave of research in this subject, namely where the basis is a mutual loyalty between employees and organization (Hall and Moss, 1998). The elements of the third wave of research on the psychological contract, which measures the attitudes and perpceptions of employees towards organization are demonstrated below (Robinson, 1996). In other words, once an employer hires an employee, the employee has to abide by certain rules while the employer is obligated to behave professionally. This means that the employees expect to exchange their loyalty and productivity for wages and other forms of compensation (Kimberly 2009). This theory may be regarded to be limited in delivery of depth of investigation of relations between organization and employees (Robinson and Morrisson, 1995). This suggests that recent research has failed to acknowledge the fact that psychological contact theory is more multi-dimensional as opposed to what has been presented in the research (Trunley and Feldamn, 1999a). As a result, there were two kinds of contents presented, namely transactional and relational. Transactional content involves measurable economic exchanges between the two parties. For instance, an employee works 40 hours a week for a paycheck at the end of the week. Relational contents are based on trust and long-term relationships. In such a case, an employee can delegate a certain role to the employee based on trust (McConnell 2004). In the study, three principles can emerged. First, there is interaction at an individual level, mutual relationship between the two parties and finally tactical exchanges. Most people believe that the relationship between the employee and the employer is based on personal ties because the employer is an embodiment of the organization, and the experience of their interaction dictates the success of an organization (Hung Hing 2007). On the other hand, some believe that there has to be a mutual relationship between the employer and the employee for organizations to succeed. The mutual obligation is based on the belief that the employer is obliged to the employee in return for a commitment. Finally, the tactical exchanges occur between the workers in which case, the employee insists on a mental connection between the two parties (Kimberly 2009). The significance of the psychological contract theory is that it attempts to explain the employee’s behavior in regards to how he is treated by the employer. In other words, the employee relationship to the employer is imperative to matters regarding how employees react when subjected to training by organizations. The development of the employee dictates the performance of the employee in the continuing work-study. The research found that students who had a good working relationship with their employer performed well in their training and education compared to those who had a bad relationship (Hung Hing 2007). Another limitation is attributed to the assumption, that psychological contact theory fails to address the specifics of individual work behaviour (Robinson, 1996a). From methodological perspective, this theory was developed on the basis of employee’s self-appraisals. As a result, it failed to include the actual supervisor’s appraisals, which are perceived to be quite crucial in delivery of objective opinion on the subject of job performance (Keeney and Svyantek, 2000). Expectancy disconfirmation theory The expectancy disconfirmation theory is similar to that of consumer dissonance. Only that in this case, it deals with the employee, as opposed to the consumer. The theory was brought about from the comparison of a worker and a consumer when dealing with their products. An employee is believed to have positively disconfirmed their role in the organisation when their perceived performance exceeds their expected performance (RoughtonMercurio 2002). The opposite is true and referred to as negative disconfirmation. Negative disconfirmation occurs when an employee believes that their expectations exceed their perceived The ability for the organisation to be able to sustain effective staff training and development in the workplace is a necessity in the global market. The purpose of this paper is to reflect on training and development in the workplace (Venkatesh and Goyal, 2010). Other considerations which must be taken into consideration when discussing this topic are in relation to the culture and structure of the organisation as well as the importance of communication and the impact of the leadership styles on the overall behaviour of the organisation (Venkatesh and Goyal, 2010). The global market has allowed the transfer of skills and knowledge through migration and the internationalisation of organisations. Training and development are important to how the organisation can compete in the market, if the organisation can sustain their employees through training and development they will be able to compete in the market. The effectiveness of employees will prove to be a valuable asset to the organisation and it is important that the organisation holds on to their employees (Klein, 1998). It has been argued that the resources of an organisation are the key sources of competitiveness. There is a need to examine the background of the organisation – culture and structure to see how these can determine how the organisation perceives training and development opportunities within the organisation. This theory has also proved to have some limitations attributed to it. This implies that it has been a subject to limitations imposed on the methodlogical approach. This implies that there have been some concerns reported in relation to the measurement of expectations that have been met (Irving and Meyer, 1999). This implies that direct measurement which is utilized in prediction of the disrepency between the expectations in relation to the job and actual behavioural intentions (Irving and Meyer, 1999). Strategic Management Strategic management is an essential process which needs to be considered in any organisation. Thompson Martin (2005) explain the process as being concerned with organisational actions and activities which identify and deal with threats, opportunities etc in both the internal and external environment. How strategic management is managed shows how well the organisation can adapt to change and how training and development will be welcomed in the organisational context. Lamb (1984) states that strategic management assesses competitors of the organisation and sets goals and strategies which can be seen in the context of training and development and how the organisation views the importance of its employees. One of the most important strategic processes is the practice of retaining employees. It is best practice to keep the skills and knowledge available to the organisation to remain competitive and to be able to recruit the most talented individuals in the market. If an organisation has the pick of the talent through their recruitment process they can sustain their competitive advantage which will allow them to compete consistently. The type of culture is reflected through the recruitment and selection processes as well the organisational structure and culture. If an organisation can effectively train and develop their workforce as well as retain their employees. Performance management and a competitive incentive programme can enhance the ability of the organisation to select and recruit the individuals they want to recruit to positions and not just because they have to fill the position (Phillips Pulliam Phillips (2002). Lambin (2000) defines the strategic process as allowing management to identify advantages and disadvantages. It will be important to identify the advantages and disadvantages of training and development further on in this paper but it is extremely necessary that these are identified so that the organisation can identify the skills and knowledge which they require in their organisation. The human element to the resources of the organisation are extremely important, Armstrong (2006) cites that the skills and competencies identified within the human resources process need to meet the future demands and challenges of the organisation and the environment. It will be necessary for the organisation to meet the pressures from the competitive environment and it should be prepared for this. Most organisations would not be able to function effectively in their environment without sustaining effective training and development in their workplaces. It is important that employees can be motivated i nto performing and target meeting. Organisational Culture The culture of the organisation is an integral factor of organisational activity. Holbeche (2006) believes that there are issues linking corporate social responsibility, accountability and the stakeholder environment. The culture of the organisation will impact on the behaviour of the employees in reference to how they behave, their work attitudes, the ability to embrace change and how the organisational objectives are achievable or not. Motivational theory is extremely important (Alderfer, 1969, Vroom, 1964, Maslow, 1943, Herzberg, 1966) link the goals of the organisation to the performance and achievement of personal goals which in turn can be fuelled by how skilled and knowledgeable the individual is. The culture of the organisation can be linked to success through the achievement of the competitive advantage. Deal Kennedy (1982) believe that the most important factor for the success or failure of the organisation is the culture. Culture by its very nature is implicit of behaviours within the organisation. Leadership and management are also essential to the understanding of culture and how it affects all mechanisms within the organisation (Rabey, 2003). This is also essential to the concept of training and development within the organisation as the development of management within the organisation, as the leadership role needs to grow both personally and professionally thus the impetus is on the development through training and development. The leader plays a role in the development of the organisation and if this individual is in tune with the development and training of the human resources, the organisation will embrace this concept. Schein (2004) reflects that the leadership and culture are inseparable. Structure is also important to the training and development environment within an organisation. The more rigid the hierarchical structure the less likely the culture will embrace training and development p ractices. While many organisations realise the need for progressive training and development it should be noted that not every organisation is a learning organisation (Schein, 2004). Leadership It is necessary to understand leadership as a concept before attempting to evaluate training and development. The development of the leader, according to Pedlar et al (2003), is that the concept is based on unexamined assumptions. There is no single definition of a leader, however, there are many attributes attached to leadership such as an ability to adapt, to make decisions, to be flexible and to be able to recognise skills within themselves and within others. The ability of the strategic manager is to be able to create an environment where employees want to participate and make a significant contribution to their role in the organisation. It is through this communicative process that the leader can identify the development requirements of the employee. The employee should be able to trust the judgement of the leader to allow them to participate in any programmes for development and learning within the organisation (Rabey, 2003). It is also necessary that the leader can identify any developmental needs in their own career progression. If the leader is forward thinking they will bring the organisation into line with the requirement of the selection and recruitment process to enhance the competitive nature of the organisation. The performance of the individual is impacted by the authority figure in the organisational relationship and can be highly influenced by the use of incentives. One such incentive which can be used to motivate the employee is that of training and development opportunities. These types of incentives are extremely important in today’s global environment with the internationalisation of organisations and the free movement of the workforce. The more skilled the workforce, the more ability the employee has to dictate their position within the organisation. This position allows the employee to hold some power over the authority figure as they can determine where they want to go in terms of their career and their development. Communication is key to this process so that the employee knows what kind of training is available to them and for the leader to be able to communicate the type of training which may best suit the employee. It is important that the leader can apply self development to themselves before they apply it to the individuals within their organisation and there should be an ethos throughout the organisation on lifelong learning . Learning Organisation In today’s global environment the concept of lifelong learning is extremely important and it is necessary for all employees to keep their development and learning up to date. The availability of learning to employees should be a pre-requisite to any organisation who profess to be a global leader. It is necessary for all employees to keep their skills, resources and knowledge updated so that they can compete in their business market. The markets while very dynamic and complex are also extremely competitive, and organisations are always looking for the right individual to take up a position within the organisation, who will ultimately enhance their competitive advantage (Lambin, 2000). Lifelong learning as a concept is not new, however, the concept of learning within the organisational context is very new. This allows the individual to learn around their own experiences. Both the organisation and the individual should be in synch with each other to allow their goals to be achieved. The service which the individual can apply to their customer greatly leaves a mark on the organisation as to how proficient it is in dealing with its customer. The ability of the organisation to provide professional training for their employees will successfully promote the organisation as well as the role of the employee. It is necessary that lifelong learning should be promoted more readily in today’s global markets due to the expansion of business and the free movement of employees to other countries. Lifelong learning can be provided throughout the organisation and does not necessary mean that it must be formal, it can be on the job training, but it should be used to encourage and motivate the individual. It is important to understand that the concept of lifelong learning is not without it disadvantages and within many organisations the facility is very much available. However, it is up to the individual to decide that they wish to partake in any programme, and also up to the manager to put the employee forward for training and development. This is very much about communication. Depending on how free flowing communication is, depends on the availability of these facilities. If the employee does not push for these opportunities they can hardly be expected to be handed the opportunity. However, the manager must communicate that these opportunities are available to the employee and explain the positive features for the employee. It is also necessary that the vision and politics of the organisation match the service and opportunities which can be given to employees. The need to preserve the abilities of employees within the organisation has become increasingly important, especially for the organisation to retain the skills, knowledge and resources which it currently holds. Lifelong learning can in effect change the labour market and the direction which the organisation is heading. Smith (2001) identifies the need of an organisation to be progressive, to allow the individual to gain more knowledge throughout their career and to persuade the individual to use the resources available to them for educational and growth purposes. Benefits of Training and Development Training and development is a particularly helpful feature to the organisation as well as the individual. The process allows both the organisation and the individual to grow alongside with the global market. It allows the individual within the organisation to recognise that they should be motivated to perform their job to the best of their ability because they can feel more valued by the incentives which they can receive from the organisation. There are many benefits to the organisation and the employee but it should also be recognised that there are also disadvantages to this. Lifelong learning does not necessary mean that the employee has to go off site on participate in in-house training, it also means a variety of opportunities within the organisation such as job rotation, secondment etc. These types of roles allow the employee to try out the role but also it means that they can avail of training in other positions within the organisation. This type of training can also motivate the employee as it can be seen as a performance reward for their hard work. It would seem in today’s environment, the emphasis would be very much on a culture of performance equals rewards. Other types of training and development include attending classes and online courses. Advantages and disadvantages of Training and Development The advantages which can be beneficial to the organisation is the retention of the current employees who are competent in their positions and have the ability to take on new roles within the organisation. If the employee can be trained in other positions it will benefit the organisation when it comes to employees leaving, thus the need for an urgent replacement for the position is no longer made a priority as the organisation can often promote or second from within. This allows the organisation some time to proceed with the recruitment and selection process to allow for them to find the right candidate. This also allows the employee to try other positions within the organisation and to decide if they wish to apply for these positions. With these types of training and development opportunities, the employee gets an opportunity to experience other roles and they may also provide a monetary incentive such as a pay rise while they are in the position. The ability of the organisation to p rovide these types of roles will also allow the organisation to retain their workforce and the skills and knowledge which come with that. It also enhances the skills of the employee. While there are advantages to training and development, there are also disadvantages. These disadvantages are predominately to the organisation but those which are important factors to the employee are the amount of time they would have to spend on the training and they may not be fully aware of the training opportunities which are afforded to them. This could be due to a lack of communication within the organisation or that the organisation is not overly interested in the development of their employees. One major reason that an organisation may not provide training and development would be down to cost in time and money. It may not be convenient for the organisation to spent time and money on an employee when the end result could be that they lose the skills and knowledge of the employee to another organisation due to the training and development they received. This has become more common as employees are more empowered and acknowledge the freedom to move to another job, even to mov e to another country. How Training and Development is Changing Garrison Anderson (2003: p.i) state that ‘The growth of e-learning is being described as explosive, unprecedented, and above all, disruptive.’ E-learning is associated with providing a framework for understanding the application and to goal set. This method of learning has become increasingly adopted as technology is evolving and transforming work practices. Many organisations have acknowledged the need to change according to reviewing the values and culture of their organisations. It has become increasingly important for organisations to adapt to the new learning environment. Training and development has changed rapidly due to global expansion. The employee no longer needs to take time off work to participate in training. Along with on the job training, it has become cost effective for employees to educate themselves through online and DVD/ CD’s. Technology has afforded organisations and employees easier ways to participate in training and development. Study can take place at the workstation or at home rather than the traditional format where the employee had to leave the workplace and travel to a destination where they could be facilitated. This has become extremely cost effective for the organisation as they are not losing man hours when the employee is studying/ on their course and it also means that workloads are not high because the work is still being completed. Along with the rise in popularity of the Internet and its main feature, namely interactivity, the human resource managers have found out that this may be used to the advantage for training and development purposes (Venkatesh and Goyal, 2010). The internet, as an interactive and communication medium provides wider access to the information and enables distance learning for knowledge transfer purposes. This suggests that it is much easier to engage in learning programs from any location in the world, if an individual has an Internet connection (Venkatesh and Goyal, 2010). Additionally, it has been estimated that the Internet is associated with lower costs, imposed on the training and development strategies. This implies that the main costs are reduced in the areas of physical distribution of training and development programs and the need for hiring a specific staff in order to maintain those. Online training allow the individual to manage the training program by himself, where he is r egarded to be in control over the situation (Venkatesh and Goyal, 2010). Van Dam, (2002) suggests that online training is utilized in combination with the offline channel, suggesting that in the majority of cases, the users of the online training system tend to maintain an offline contact whilst receiving the necessary instructions. The online training system is mainly utilized for the development of computer skills, job-related skills and technical competencies. Recently, there has been an emergence of economic recession that has affected the planning and implementation process of training and development programs. This implies that economic recession has made the companies to reconsider their costs and thereby plan the cuts, where necessary. CIPD, (in EWCO, 2009) has estimated that the performance of the majority of companies in the previous 12 months has been worsened. With regard to training and development, it has been estimated that 32 % of surveyed companies have reported cuts in the training and development budget in the previous 12 months. However, in the light of recession, despite the imposed cuts in budget, the majority of companies has estimated that training and development has not been viewed as an expendable commodity. This implies that the management of the companies still view training and development programs as the key priority for company’s achievement of organizational objectives (CIPD in EWCO, 2009; Bourke, 2009) . This suggests that there is a great potential for further investments in training and development programs, given its significance in the corporate world. Methods used in Training and Development This type of training also encourages the employee as they can do all their study with the use of a pc and can do it during working hours at their workstation. It also allows the employee to have more say in their development and to enhance their skills. The use of IT has allowed the development of more globalised skills which are transferrable. It is also appropriate for the organisation to provide the employee with the information about training and development opportunities which is extremely easy compared to how the traditional methods had been. The employee and the organisation can research the courses/ training and development opportunities. The manager has the ability to distinguish worthwhile courses/ training opportunities according to the need of the employee with the use of IT. This is where the ability to communicate and identify the individual needs of the employee as well as their own needs. V References 1.Alderfer, C.P. (1969): An Empirical Test of a New Theory of Human Needs, Organizational Behaviour and Human Performance, Vol. 4, Issue 2, May, pps. 142-175 2.Armstrong, M., (2006): A Handbook of Human Resource Management Practice, 10th Edition, Kogan Bourke A. (2010). ‘Recession Affects Training and Development Programs’. Available from: http://www.aicpcu.org/MediaCenter/docs/articles/Recession_Affects_Training_and_Development_for_Web_10-09.pdf. Last Accessed: 13th Feb. 2012 CIPD in EWCO (2009). ‘Impact of recession on workplace training’. Available from: http://www.eurofound.europa.eu/ewco/2009/09/UK0909039I.htm. Last Accessed on 13th Dec. 2012 3.Deal, T.E., Kennedy, A.A., (1982) :Corporate Cultures: The Rites and Rituals of Corporate Life, Harmondsworth, Penguin Books 4.Garrison, D.R., Anderson, T., (2003) :E-Learning in the 21st Century, RoutledgeFalmer, Taylor Francis Group Hall, D. T., Moss, J. E. (1998). ‘The new protean career contract: Helping organizations and employees adapt’.Organizational Dynamics, 26, 22–37. Herzberg, F. (1966) :Work and the Nature of Man, Staples Press Holbeche, L. (2006), Understanding Change: Theory, Implementation and Success, Elsevier Butterworth-Heinemann Hung, H. Wong Y. (2007), ‘The relationship between employer endorsement of continuing education and training and work and study performance’: A Hong Kong case study’. International Journal of Training Development, 11, 4, pp. 295-313. Irving, P. G., and Meyer, J. P. (1999). ‘On Using Residual Difference Scores in the Measurement of Congruence: The Case of Met Expectation Research. A Longitudinal Analysis’, Personnel Psychology, 52(1), pp. 85-95. Jerling K. (1996). Education, Training, and Development in Organisation. Pearson: South Africa Keeney, M. J., Svyantek, D. J. (2000). ‘A review of psychological contract theory and research: Promise nothing and they still may get angry’. Current Trends in Management, 5, 65–94. Kimberly, W. 2009, Value Initiatives Improving Performance in the Workplace. NY:GRIN Verlag 9.Lamb, R., (1984) Competitive Strategic Management, Prentice Hall 10.Lambin, J.J., (2000) Market-Driven Management: Strategic Operational Marketing, MacMillan Business Landale A. (1999). Gower handbook of training and development. 3rd ed., Gower Publishing: UK 11.Maslow, A.H. (1943), ‘A theory of human motivation’, Psychological Review, Vol. 50 No. 4, pp. 370 – 396. 12.McConnell, C. R. 2004, ‘Managing Employee Performance’, Health Care Manager, Vol. 23, No. 3, p. 273, Supplemental Index. 13.Pedler, M., Burgoyne, J., Boydell, T., (2003) A Manager’s Guide to Leadership, McGraw-Hill Phillips, J.J., Pulliam Phillips, P., (2002) Retaining Your Best Employees: In Action Case Study Series, American Society for Training and Development Rabey, G., (2003) The Paradox of Teamwork, Industrial and Commercial Training, Vol. 35, No. 4, pp. 158 – 162 Robinson, S. L. (1996). ‘Trust and breach of the psychological contract’. Administrative Science Quarterly, 41:574–599. Robinson, S. L., Morrison, E.W. (1995a). ‘Psychological contracts and OCB: The effect of unfulfilled obligations on civic virtue behavior’. Journal of Organizational Behavior, 16: 289–298 Roughton, J. Mercurio, J. 2002, Developing an effective safety culture: A Leadership Approach. NY: Butterworth-Heinemann 17.Schein, E.H. (2004): Organizational Culture and Leadership, Jossey-Bass 18.Thompson, J.L., Martin, F., (2005) Strategic Management: Awareness and Change, 5th Edition, Thomson Learning 19.Smith, M. K., (2001) ‘Peter Senge and the learning organisation’, the encyclopaedia of informal education, available online at www.infed.org/thinkers/senge.htm Turnley, W. H., Feldman, D. C. (1999a). ‘The impact of psychological contract violations on exit, voice, loyalty, and neglect’. Human Relations, 52, 895–922. Van den Bossche, P., Segers, M., Jansen, N., (2010) Transfer of Training: The Role of Feedback in Supportive Social Networks, International Journal of Training and Development, Vol. 14, Iss. 2, pp. 81 – 94 van Dam, N. (2002). E-learning by design: Can a better-designed course help you learn moree-learning. 3(1), 38-39. Venkatesh, V. and Goyal, S.(2010). ‘Expectation Disconfirmation and Technology Adoption: Polynomial Modeling and Response Surface Analysis,’MIS Quarterly 34, (2), 281-303 Vroom, V.H. (1964), Work and Motivation, John Wiley How to cite Sustaining effective staff training and development in the workplace, Essay examples Sustaining effective staff training and development in the workplace Free Essays Introduction Having effective employees is instrumental to the success of any business organisation. This is the case because of the high employee turnover rates and high unemployment rates evident in most countries. Since the 2008 recession in the U. We will write a custom essay sample on Sustaining effective staff training and development in the workplace or any similar topic only for you Order Now S, other countries of the world have experienced the ripple effects as the world largest economy struggles to recover. The European nations have suffered under the current debt crisis that has shrunk economies in Europe. Other countries in African and Asia have also felt the impact, as their economies are most dependent on both the U.S and European markets for trade. The subject of having effective employees has therefore, gained relevance as employers look for ways to sustain their workers. In an effort to keep their most important asset, organisations are heavily involved in the training and development of employees (Hung Hing 2007). Training and development has been a tool used by organisations to mitigate the risks of losing employee to other organisations. It has also been used to groom future leaders of the company, as well as assist organisations in saving time and money. This paper shall discuss two theories that discuss employer support and training, as well as the impacts of employee performance in relation to training and development of employees. Humphry Hung and Yiu Wong have come up with two theories that discuss the relationship between the employer and the workers when it comes to training, continuing education and work study performance. The theories were introduced because of a case study of Hong Kong students who were in school and worked at the same time. The authors then came up with the theories to help explain the student or employee’s performance in relations to their employees and employer relationship. The first theory was the psychological contract theory while the second one was the expectancy disconfirmation theory. The researchers realised the need for employees to have an education so that they are able to move up the ladder as far as the work force is concerned. The researchers used the employee and employer relations as the subject of research, and came up with a model to explain how training and development can be effectively used in the workplace (Hung Hing 2007). Psychological contract theory According to the psychological theory, the employer and the employee have a set of beliefs, promises and obligations that go beyond the formal contract between the two. In other words, once an employer hires an employee, the employee has to abide by certain rules while the employer is obligated to behave professionally. This means that the employees expect to exchange their loyalty and productivity for wages and other forms of compensation (Kimberly 2009). In the psychological contract, there are two kinds of contents, transactional and relational. Transactional content involves measurable economic exchanges between the two parties. For instance, an employee works 40 hours a week for a paycheck at the end of the week. Relational contents are based on trust and long-term relationships. In such a case, an employee can delegate a certain role to the employee based on trust (McConnell 2004). In the study, three principles came emerged. First, there is interaction at an individual level, mutual relationship between the two parties and finally tactical exchanges. Most people believe that the relationship between the employee and the employer is based on personal ties because the employer is an embodiment of the organisation, and the experience of their interaction dictates the success of an organisation (Hung Hing 2007). On the other hand, some believe that there has to be a mutual relationship between the employer and the employee for organisations to succeed. The mutual obligation is based on the belief that the employer is obliged to the employee in return for a commitment. Finally, the tactical exchanges occur between the workers in which case the employee insists on a mental connection between the two parties (Kimberly 2009). The significance of the psychological contract theory is that it attempts to explain the employee’s behavior in regards to how he is treated by the employer. In other words, the employee relationship to the employer is imperative to matters regarding how employees react when subjected to training by organisations. The development of the employee dictates the performance of the employee in the continuing work-study. The research found that students who had a good working relationship with their employer performed well in their training and education compared to those who had a bad relationship (Hung Hing 2007). Expectancy disconfirmation theory The expectancy disconfirmation theory is similar to that of consumer dissonance. Only that in this case, it deals with the employee, as opposed to the consumer. The theory was brought about from the comparison of a worker and a consumer when dealing with their products. An employee is believed to have positively disconfirmed their role in the organisation when their perceived performance exceeds their expected performance (Roughton Mercurio 2002). The opposite is true and referred to as negative disconfirmation. Negative disconfirmation occurs when an employee believes that their expectations exceed their perceived performance. The expectancy theory was a catalyst to the employee’s job satisfaction and was believed to be a key element in explaining employees moral. Employees that surpassed their expectations felt more satisfied with their role and were more motivated compared to their counterparts who experienced negative disconfirmation. The subject was also duplicated in tr aining of the workers and played a major role in the development of employees in the organisation (Hung Hing 2007). Employee evaluation was also a subject of discussion in regards to employee training and development. Managers who engaged in employee appraisals realised good results as compared to those who did not carry out employee evaluations. Employee evaluation is a tool that if used efficiently can yield positive results on employees especially when it comes to training (Roughton Mercurio 2002). Evaluations are a tool used by management to give their workers a sense of directions in relation to the company’s goals. During evaluations, the managers usually explain the organisations goals and try to align them with the employee’s goals. This way, the employer and the employee are in a win-win situation. A constant feedback or communication with the employees also makes them feel valued and helps them know what the organisation expects of them. Well-executed performance evaluations have been used to not only sustain efficient employees but also groom future leaders. Evaluation sc hedules usually assist employees to become more efficient in the organisation (McConnell 2004). Conclusion In essence, employee’s behavior and performance at work depends on the relationship with the employer. Workers feel valued when other roles are delegated to them because it gives the perception that their employers trust them. In addition, perception and expected performance also plays a huge role in satisfying a worker’s performance. Workers feel more satisfied when they exceed their expectations at work. Finally, evaluations have to be conducted at work because employees need to have feedback on their impact to their company. Employees who get a feedback usually work hard to achieve their organisational goals. References Hung, H. Yiu Hing, W. 2007, ‘The relationship between employer endorsement of continuing education and training and work and study performance: a Hong Kong case study’. International Journal of Training Development, 11, 4, pp. 295-313. Kimberly, W. 2009, Value Initiatives Improving Performance in the Workplace. NY: GRIN Verlag McConnell, C. R. 2004, ‘Managing Employee Performance’, Health Care Manager, 23,3, p. 273, Supplemental Index. Roughton, J. Mercurio, J. 2002, Developing an Effective Safety Culture: A Leadership Approach. NY: Butterworth-Heinemann How to cite Sustaining effective staff training and development in the workplace, Essay examples

Innovation in Accounting Research-Free-Samples for Students

Questions: 1.Discuss the future of the Professional Accountant. 2.Disucss about the Advertised position for a qualified accountant in Australia. Answers: 1.The future of the professional accountant Accounting professionals have shifted their primary focus on ensuring that automatically downloaded data are compliant with regulatory as well as tax law requirement. In relation, what does this mean for the future of the profession? To adequately address the question, this section of the paper will in an in-depth analysis analyze significant demographic, social, economic and well as technological trends and forces that are likely to impact accounting and tax profession shortly (Gallery Gallery 2011). Subsequently, it is true to say that the shifting business environment is likely to create new opportunities for the profession. Competition is most likely to intensify as a result of new industry entrants; automation displaces of accounting with particular regards to routine and lower value services (Howieson et al. 2014). Globalization is also an important concept to analyze in regards to the case study. Technically, globalization will require accounting professionals to master cruci al skills that are new to the field, knowledge, and standards as a result of the growing number of clients across the borders. In summary, the next decade in accounting is likely to have the following characteristics: Specialization will lead to increased collaboration among accounting firms both internationally and domestically Many of the services currently provided by accounting professionals such as easily automated services like data entry will disappear due to factors such as outsourcing and automation Accounting specialist over generalists will be favored by growing business complexity, clients expectations, knowledge requirements and legal change. Successful accounting professionals are likely to take on new roles such as consultants and advisors. 2.Advertised position for a qualified accountant in Australia For the advertised Finance Manager position that was most influential, the requirements included: a qualified professional in either CIMA or ACCA, ten years experience in the commercial sector and competency in fields such as corporate reporting and audit assurance. Also, ease when developing PLs, cash flow projects and balance sheets are equally crucial. Sufficient knowledge in great systems knowledge with particular regards to MYOB will demonstrate the ability to formulate and submit quarterly and annual returns, prepare end month finance reports as well as company reviews and support management with margin analytic and auditor liaison (Banker, Chang Cunningham 2003). The position is located in Mount Gambier, South Australia, and the candidates should be preferably Australian citizens living in the regions of South Australia. References Banker, R.D., Chang, H. and Cunningham, R., 2003. The public accounting industry production function.Journal of Accounting and Economics,35(2), pp.255-281. Gallery, G. and Gallery, N., 2011. Advancing innovation in accounting research.Accounting Research Journal,24(3). Howieson, B., Hancock, P., Segal, N., Kavanagh, M., Tempone, I. and Kent, J., 2014. Who should teach what? Australian perceptions of the roles of universities and practice in the education of professional accountants.Journal of Accounting Education,32(3), pp.259-275.

Five (Short Story) free essay sample

Five Somebody told me before that when you feel almost nothing at all, only plain unhappiness, then just die. You always want to find an explanation for feeling so empty, but what was that for? Nothing. If you feel that way, then thats depression, and Im telling you, that thing kills every part of you. Well, at least, thats what it does to me. Dry. Marie once said that she knew everything about my condition and shes dead wrong; I know myself more than everybody does. After that check-up, I never came to her clinic again. Its Sunday night and everyone is gathered in the dining room.My mom who always kooks like, well, a mother is sitting between Chess and Gary. Staring at the vegetable salad, Gary didnt make a single move. Chess Is smiling at me. Shes the cool kid between them and among all normal six years olds. We will write a custom essay sample on Five (Short Story) or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page She looks horrible now but always happy, Poor kid, she doesnt even know her cancer Is killing her little by little. Its undeniable that weve been close with each other. We both have good-looking faces. It feels very strange to walk towards my chair with mom watching. I didnt mind at first. Or at least I pretended I didnt. I sat; shes still watching.I got some grilled squid; shes still watching. Okay, enough of that watching game. What? I asked as I took one bite. Stop eating Tommy, we havent prayed yet. It was Gary. As he grins, the freckles in his face looked much darker compared to his white skin. Gary is my enemy for life. He always contradicts me. I reluctantly put my fork down, and mom led the prayer. After the prayer, there was an awkward silence. Lets discuss some things, mom said after a while. Ell, there will be some changes in your studies in the coming years. Theres a long pause.I could see the hurt in her eyes as they stare at me, Son, maybe next year youll have to stop going to school. You know your sisters situation, right? I hope you understand. Then, a tear dripped down from her eyes then followed by another. I hate It when shes crying. It makes me feel guilty even if I have done nothing wrong. Gary put his hand in her shoulders. I was fascinated. I wasnt crying but I found it very hard to find the words to say. Everyone saw that coming, I Just heard myself say. I want to leave right away so I wont hear her know, maybe its the last time Ill ever eat normally.I finished my food for a minute and went to my room. As I walk into the new flourished floor of my bedroom, all seemed calm and normal, UT my feet keeps on walking around. Whats life for if I cannot continue my studies? I sat to my bed and looked through the windows and watched the rain as its drops slowly. It amazed me for a moment, and I let my problems Join each passing droplet. My phone rang; it was Mack on the other line, ready for a game. My pal, he always knew whats up. Other than him, I had no friends. I grabbed my black coat, and put my sneakers and cap on.I went downstairs to the living room where mom, Gary, and Chess are watching like everything is normal, like nothings wrong. They looked happy and complete as a family which kind of gives me goose bumps. I wish I could fly so that I would never have to pass the living room. Im going over to Macks place, I told mom as I opened the door, ready to leave. Its late now. Maybe you Just go tomorrow morning. Just Join us here, she walked towards me and held my arms. l cant, I have to go. This cant wait. mires not listening to mom anymore. I really wanted to crack up when she said the word mom.Shes never been a mother to me since Deed left. I made a forced smile in return and Gary seemed to be annoyed. mires not going anywhere Tommy; obey your parents, kid! Gary stood up and raised his voice. Another word that kills me- parents. Muff mean horrible foster parents! You want me to watch stupid cartoon with this cancer kiddo that eats our money and with my stepfather that hates me so much that calls me Tommy even if its not my name. Where the heck did you find that name? From your son with your first wife? Second? Third? I saw Chess look scared at what I said. She hid at Garry back.I dont know why I said those things. I was shocked with my own words. No Ell, youve changed! Thats not even true Shes sobbing now. She wears old sheep sweater and pants. Her skin turned pale, the wrinkles increased. She looks so old, older than my foster grandma. Thats what she got in taking care of her daughter, Dont you say that to Sees Gary yelled. Why do I have to care? Shes not my sister. Shes not my mother, and youre not my father! I am adopted, okay? Im adopted and thats it! Mom slapped my face. It hurt. It wasnt because of her heavy hand. No, it hurt in a different way. Its like my heart was stabbed. The tear- faucet opened in my eyes. I stared at her. Next thing I knew, I was running, escaping from all the problems that would keep on hunting me forever. I stopped for a while to catch my breath. Mom Just did that, I told myself. When I found the strength to make my thighs work again, I walked normally to Macks house. The road is wet and the rain turned to drizzle. It reminds me of my days with moms first love, Deed. Deed is a dude. He knows everything about men. Im always on top of class because he was there to help me do my home works and projects.Hes a tall blonde man and in the national basketball team. Thats why I made it to the varsity team in middle high. Our family was always admired by others before, but now, its always a subject in gossips. Were a perfect family before, but after he left, the broken glass will never be gust the same thing again. I rang the doorbell when I got to Macks house and her mom opened the door. She greeted me and called Mack. While waiting, I realized our town had grown. The houses had countless windows but they all look the same as if they were built at the same time. This town is full of buildings but only has a few people around. Its not summer so the town had no tourists, Just ordinary folks. Its an ancient place; most buildings were built before our grand- grandfathers were born. There were so much to see- tall pine trees, benches in every post, and flowers in pink and yellow colors that shine even at night. Its a happy town but you cant bear to stare at those living things. Hey man! Thought youre not coming! Its late at night. Got permission? We made this clap hands trick. Mack is a black man He wears these clothes that rappers wear. Sometimes theyre more expert than white people. Dont ask.Lifes a mess at house. Come inside, lets start the war! our characters, man! I smiled, forcing to be mysterious and went to the street. My character in the online game is amazing; I got the lightning speed and the diamonds strength. I need those in real life. As we walk, we passed a convenience store. It had a lot of buildings but only a few people inside. There are cars on the road. This driver whos got scars in his body drives his red car so slowly. Its funny that my feet are faster than that. I watched it as it passed us. Another convenience store- an old one but its closed.I could see my reflection clearly in its windows- short black hair, white skin, blue eyes-. mires handsome, I murmured. The street is full of silence that it hurts when too long, from the green trash bins that made me thought Ill be needing it soon when we have no more to eat, to the buildings with shiny lights on our side. Although its entertaining to look at, it hurts in my eyes. My phone keeps on beeping in my pocket, I know its mom and I dont want any crying time this moment, I turned it off. But I got curious whats inside her messages so I pulled it out and turned on. Jeez.There are 18 missed calls and three texts only from mom. I started reading one of her messages when I heard an engines car going so fast. I returned my eyes to my phone. Dude! Mack shouted and pushed me so hard on the alley. I was knocked over the bench before my face touched the ground. My legs and shoulders hurt so badly. I cant even open my eyes. The pain moves fast in my whole body. Gasping for air, I dont know what Just happened. Some pranks, probably. But with the smell of the air, I knew something huge happened. I lifted my head and knelt up. I opened my eyes. I could not see vividly with the smoke everywhere. Mack, where are you man? I found the answer to my question as soon as I turned around; hes lying on the ground covered with blood. He was out of breath, out of life. Even my own breath was taken away. I stepped towards his body reluctantly. I was crying all of a sudden. In Just a blink of an eye, my best friend was gone. It was my alt. Everything was my fault. I should be the one who died. I shouldnt have told him to go over Tibias house. He died all because of me. I looked around but only saw the car in front of me, full of Macks blood. The smoke is coming from there. I remembered falling.Putting a hand on my forehead, I felt something wet- blood, I decided- but it wasnt Macks. l curse myself. Dude, Im sorry, Im sorry! I cant stop crying. My bodys trembling and police sirens heading to our direction. People started forming a circle around us. They were muttering things I dont understand. Maybe they pity or maybe they are laming me for all that happened. I closed my eyes once again. Stand, kid. Let me accompany you to the ambulance and give us your friend, a cop said as he carried me in the ambulance van. Watching the police take my buddy corpse, I felt angrier with myself.On the side, the people simply stared at us, taking pictures and videos for news. I contained a big sin that made me feel smaller than before. Macks mom appeared. She came up to her son. She started hugging him and telling him l love you a lot of times between her sobs. A nurse helped me sit in the ambulances back seat. I was still crying but I let her lean the blood in my forehead. Inform wound is deep, the nurse said as she put bandage to my cut. Shes sad, as if she understands. Whats your name? she asked. I Just stared at her, stunned. She smiled. A breeze blew. A memory stayed.The crowd was full of words to say. A policeman walked up to me and asked, Poor boy, what happened is unfortunate. Whats your parents name? I told him my moms name and number. He called another cop and wrote something in his phone. Then continued, Kid, losing a friend is part of life, be used to it, and went back to the area where Macks body was lying seconds ago. Thats a stupid cop. Thats not that easy to lose someone, the nurse said when the cop is not in sight. Im sorry about that. By the way, Im Nurse Ring. She smiled at me again. I looked at two other cops who are now walking toward me. They said I needed to go to the Police Station for investigation. I followed them to their car. The nurse nodded at me. In the station, the head cop asked me a bunch of questions. I dont know what to say. No words come out of my mouth. At last, I said, l dont remember such a thing, sir. The image of Macks dead body full of blood reminded me of everything, even her moms loud cry and the crowds noise. The sound of the impact hanged on my ears and kept repeating the whole thing. It hurt and made me shiver. I saw mom coming. The police talked to her and in every single word he said, shes Are you alright? Shes crying, I nodded, tears falling. Everything will be okay.. . Mom, youre wrong. It was my fault, I killed She didnt let me continue, she hugged me tight. I was crying. After a long silence, she said, No, son. It was an accident. Accident I muttered. Maybe you dont understand. I understand, she said softly and looked at my eyes. I am sorry, Ell. Mom drove me home. Several days passed. I didnt go to school after Macks funeral. The investigators and the police keeps on connecting with me, but still, I do not feel worthy to say Macks name to others.My parents cant do anything about it. I refused to play with Chess. I stayed in my bedroom every day. My life turned like that, Just locking myself to nosiness about the outside world. Nurse Ring went to our house morning the next day, gave me some advice and encouraged me to go live a normal life. Shes a black woman with straight dark hair, slender body, shes beautiful. Shes nice. In fact, she told me a story Just like about what I experienced. Im not convinced, it didnt help. If Mack is still living, hell curse me in a funny way not like how I do to myself. If hes still alive, many stories will not wait.If hes still living, there will still be a cool person I could be with. I stayed in my room. I was upset about everything. Suddenly, I heard mom sobbing and saying things about cancer. Gary knocked hard at my door and opened it himself afterwards. He was sweating and perhaps about to cry. Tommy, were going to bring Chess to the hospital, he paused and made a gulf of air. Her condition is worse. Stay here. Then, he ran downstairs. I listened to the sound of cars engine fading away. Cars are depressing; they always remind of the accident. Two nights passed and no one called at house.I went downstairs to the kitchen and opened a canned food. The house was calm, silent, but sad. My phone rang while Im eating my breakfast. Its hard to press the keys because the screen got broken when it fell on the solid ground in the accident. I answered after a minute. Mom was crying, Ell, well still stay here for some nights if Chess survives. Her voice weakened. l dont know what to do. She continued saying things but I couldnt understand her because all I hear was the sound of her cries. At the end, I heard, Ill go there. What time is it? Its scheduled this morning, nine A. M. Were waiting here, faith with us. Its 9:45 A. M. , I fixed myself and went to the hospital immediately. I waited outside the operating room with mom and Gary. No one dared to talk. Gary walked hither and thither, unsettled. Mom is sitting beside me, bowed down and eyes closed, praying and crying. My palms are wet with sweat. Heart pounded. Uneasy gaze. I never felt so nervous my whole life. An hour passed. Were still waiting for the result. I could see someone opening the door. It was Accesss doctor. His eyes were fixed on me. I stopped breathing. Gary helped mom to stand. Shes trembling. I stayed seated. The doctor removed his surgical mask, shook and bowed his head. Gary hugged mom tight but she was almost kneeling. Theyre all weeping, even her husband. The salty river ran down my face. Still on the seat in a corner, thoughts travel round and round with only one thought. Today, I lost everything. I could feel the dampness of my skin as I put my hand on my forehead. I couldnt think of anything. I stood up and ran, away from this disaster. Mom asked me where Id go but she wont get her answer because I dont even know myself where I am going. I was out of my mind. I went to the rooftop of the hospital with tears.Its prohibited there but I dont care. I wanted to disappear, I wanted to explode. My eyes seep out with pain. I was afraid, frozen. Im afraid of what I could- would- do. I cried as if the world had come to its end. I have no calm inside; the only thoughts circling around my head were all about dying. I closed my eyes and the darkness soon swallowed me. I know I feared it. I made a few steps to the edge of the building. I let my tears pour down my cheeks until thing more could fall. I looked above. Nothing would ever stop me. One last step. I felt floating through the fragile air. I decided to end my life. I fell to the ground. Closed eyes but still conscious. At this moment, I felt no pain, I murmuring once again, the ambulance, the police siren, the memory. Oh God, Thats moms voice smelling, Why is this happening to us? Another voice I dont recognize, He has plans, Greta. I know numerous days had passed. In those days, I smelled the rubbing alcohol and dried blood in bandages. I know Im not in my own bed. I heard peoples experiences, their pity to my mom. Then a day came, I perceived the sound of moms voice. Ell, son, wake up. I have a surprise to you, she paused to sob. Then she continued, Deed is here.Hes here, so wake up. Please. .. Then, a voice I know well, Pal, Ell, its Deed. I missed you. Wake up, lets play basketball. His tone is shaky. Even if I want to open my eyes, I cant. He held my hand, I tried to move. Did you see that? Hes moving! I could feel many eyes are focused in me. I tried my best to open my eyes and it all worked. Deed is here. He came back for me. A single drop of relief welled up in the corner of my eyes. The doctor checked my body. Nurse Ring is there too, smiling. E Deed Dad Days of resting, its hard to pronounce words, its like Im learning as a kid again, with my father. Son! Then tears flooded his green eyes. He hugged me. I heard a bone ding, That hurts. .. There, dude. We both smiled. Im sorry, son You look horrible. I nodded and move my eyes to mom whos crying silently at a corner with Gary. Deed told me funny stories about what he encountered in France. But he never told me whether he had another family. Mom didnt talk to me. They only allowed Deed. That night, they left for home. I stayed in the hospital thinking of everything. The thought about Mack and Chess remained. Their deaths still give me nightmares. I would never forgive myself.The next day, I woke up with a girls voice, melodious and enchanting, Hey, wake up. I opened my eyes but couldnt sit. Im Earl, nice to meet you. Her tone was excited. Chair beside my bed. The sun was Just about to rise on the room. Earl is a white girl with blonde hair and brown eyes; perhaps in my age. Thats an uncommon name. I saw many humans visiting you these days, how was that? The other patient in the room made a hush. We smiled. Do you also make friends with him? I asked which made her laugh. I lowered my voice, Anyway;ay, probably those visitors are Just some relatives I dont know. Humans are weird, right? They will Just come to you when you won lottery or when youre dying or in your funeral. Why are you here? You should be on your room. Muff think Ill spend my remaining days in that creepy room alone? No way. I always visit everyone here at mornings. We talked about the people she calls, humans. I enjoyed her stories. But after some hours, a nurse came and picked Earl. Ms. Earl, I went everywhere to find you. You need to be examined. Also, you have to take your medicines. Come on. The nurse said. Good bye, Ell! Ill see you! Then she murmured, Stupid medicine, as she turned her back.Deed, mom, and Gary went by. That time, mom talked to me, told me sorry for her shortcomings to me. Her life is a drama. I appreciate everything she said, how I felt her lost love. That afternoon, Nurse Ring visited with cookies. Just recover, Ell. Are feeling alright? she asked. I shook my head, Macks life Whats the thing about recovering? Thats not right. I committed suicide, I should have died. Nurse Ring, Im impenitent for my decision. I want to die, okay? I was crying again for what seemed like the thousandth time these sat months. Thats not right.God gave you another chance to move on, to forget and clean everything. Ill help you, dont worry. I asked how. She continued, Give yourself days to decide. Give your best in those days and God will do the rest. Then, she left. Right, theres reason why Im still breathing. I bend my knees and slowly set. My bones are like cracking but it feels good that I could feel again. My head hurts and it continues to flow in every part of my body. I closed my eyes and think. If theres no Mack, hows school life? I had no friends and he would not let me replace IM, we had this promise and Im holding it until death.Ill need to be ready. Thats how it is. One time, one of our relatives came. A woman with his little son. Mom told me shes her cousin but she didnt talk to me Just to mom. The kid walked towards me and said, Im Brock, I heard my parents that you Jumped off the building. Did that hurt? Whats the feeling of flying? Whats the feeling of dying? His questions made me explode to laughter. Why do you want to know? Its not for kids. Why did you Jump? You have problem? Mommy said that problems need to face and you have to move on afterwards. Im giving you permission to be my student. He talks like an old man but all made sense. Hes right but that time I was nowhere in darkness. Two weeks passed. Nurse Ring went by and gave me advices which feel good. Shes always there for she also visits someone. The kid visited me for four days, giving me lectures about life. Earl went to my room every morning and she told me hilarious things she saw in the hospital. We had a good time when she bought her painting materials and taught me to paint. Now I felt like a professional artist. Shes cool. Okay, I started telling myself the night before I leave the hospital, Ill give myself our or five days.If no one dare be friend to me, I give up. I reflected afterwards in everything that happened. Every detail and every piece of it. The morning, mom went to the hospital early with Gary. They packed my things even the left foods. Mom told me that Deed is at house, so I felt excited. I changed my patient gown to Jeans and blue t-shirt with rocks written on it. Mom never forgets to bring my favorite cap. I saw Earl peeking at the doors window. I smiled and gestured her to come in. She looks timid looking at them as she walked in. Mom smiled at her. Her hands on her back as if holding something.

Time Value of Money and Present Value Essays

Time Value of Money and Present Value Essays Time Value of Money and Present Value Paper Time Value of Money and Present Value Paper Date: 14/11/2012 52. Annuities: You are saving for the college education of your two children. They are two years apart in age; one will begin college 15 years from today and the other will begin 17 years from today. You estimate your children’s college expenses to be $23,000 per year per child, payable at the beginning of each school year. The annual interest rate is 5. 5 percent. How much money must you deposit in account each year to fund your children’s education? Your deposits begin one year from today. You will make your last deposit when your oldest child enters college. Assume four years of college Solution: Cost of 1 year at university = 23,000 N=4 I=5. 5% PMT=23,000 CPT PV = 80,618. 45 For the first child the PV = 80,618. 45/ (1. 055) ^14 = $38,097. 81 For the second child the PV = 80,618. 45/ (1. 055) ^16 = $34,229. 07 Therefore the total cost today of your children’s college expense will be the addition of the 2 = $72,326. 88 This is the present value of my annual savings, which are an annuity, so to get the amount I am supposed to save each year would be: PV=72,326. 88 N=15 I=5. 5 CPT PMT = 7,205. 6 57. Calculating Annuity Values: Bilbo Baggins wants to save money to meet three objectives. First, he would like to be able to retire 30 years from now with retirement income of $25,000 per month for 20 years, with the first payment received 30 years and 1 month from now. Second, he would like to purchase a cabin in Rivendell in 10 years at an estimated cost of $350,000. Third, after he passes on at the end of the 20 years of withdrawals, he would like to leave an inheritance of $750,000 to his nephew Frodo. He can afford to save $2,100 per month for the next 10 years. If he can earn an 11 percent EAR before he retires and an 8 percent EAR after he retires, how much will he have to save each month in years 11 through 30? Solution: First we get the FV of the 2,100 savings over 10 years Bilbo Baggins can afford to save $2,100 dollars per month for the next 10 years therefore at 10 years he would have saved: PMT = 2,100 I = 10. 48 / 12 = 0. 873 N = 10 x 12 = 120 CPT FV = $442,201. 15 So after 10 years he would be able to purchase his yacht at the price of $350,000, and he would be left with a balance of $92,201. 15 This $92,201. 15 will be our current PV at year 10. At year 30, the year when Bilbo retires, the $92,201. 15 would become 92,201. 15*(1. 11) ^20 = $620,283. 23 Second we have to find out how much the inheritance of 750,000 would be at year 30: 750,000/1. 8^20= $160,911. 16 Third In order for him to be able to withdraw a sum of 25,000 per month for the next 20 years after his retirement, we should now calculate this annuity’s present value: N= 20 x 12 = 240 I= 7. 72 / 12 = 0. 643 PMT= 25,000 CPT PV = $3,052,135. 26 Adding up the PV’s of the $750,000 and the annuity, we will get $3,213,046. 32 We will subtract the future value at year 30 of the $92,201. 15 ($620,283. 23) which we saved at year 10 from $3,213,046. 32 to get $2,592,763. 09 We are now left with an annuity that pays $2,592,763. 09 at year 30, and a time period of 20 years (yr11-30) To calculate the yearly PMT, we have FV= $2,592,763. 09 I= 10. 48 / 12 = 0. 873 N= 20 x 12 = 240 CPT PMT = 3,207. 33 Therefore the monthly PMT Bilbo would have to save each month through years 11-30 would be = $3,207. 33 34. Valuing bonds: Mallory Corporation has two different bonds, currently outstanding. Bond M has a face value of $20,000 and matures in twenty years. The bond makes no payments for the first six years, then pays $1,200 every 6 months over the subsequent eight years, and finally pays $1,500 every 6 months over the last years. Bond N also has a face value of $20,000 and a maturity of 20 years; it makes n coupon payments over the life of the bond. If the required return on both these bonds is 10% compounded semiannually, what is the current price of bond M? Of bond N? Solution: The price of a bond is equal to PV of expected future cash flows Bond M: Face value 20,000 Present value of 20,000 = 20,000/ (1. 05) ^40 = $2,840. 91 First we need to get the present value of the annuity for the 1,500 semiannual PMTs at year 14 Present Value of Annuity = $13,295 $13,295 becomes $3,391 at year 0 We then get the annuity of the 1,200 semiannual PMTs at year 6, and then at Present Value $13,005 at year 6 with a PV of $7,242 at year 0 The sum of the 3 PV’s gives us the value of the bond ,841 + 3,391 + 7,242 = $13,474 Bond N Face value 20,000 Present value of 20,000 = 20,000/ (1. 05) ^40 = $2,840. 91 38. Non-constant growth: Storico Co. just paid a dividend of aud 3. 5 per share. The company will increase its dividend by 20% next year, and will then reduce its dividend growth rate by 5% per year, until it reaches the industry average o f 5% industry average growth, after which the company will keep a constant growth rate forever. If the required return on Storico stock is 13%, what will a share of stock sell for today? Solution  : D0 = $3. 5 D1= 3. 5*1. 2= $4. 2 D2= 4. 2*1. 15= $4. 3 D3=4. 83*1. 1= $5. 31 D4=5. 31*1. 05= $5. 58 Since the first 4 periods are different we get the PV of each one alone, then as of the 4th year we get the perpetuity of the rest, and sum them up to get the final NPV We now get the PV of each Dividend PV D1 = 4. 2/ (1. 13) = $3. 72 PV D2 = 4. 83/ (1. 13) ^2 = $3. 78 PV D3 = 5. 31/ (1. 13) ^3 = $3. 68 So the PVs of D1+D2+D3 = $11. 18 NPV of perpetuity at constant growth = 5. 58(0. 08) / (1. 13) ^3 = 69. 75 / (1. 13) ^3 = $48. 34 NPV perpetuity + NPV dividends = NPV price of stock today 48. 34 + 11. 18 = $59. 52

The Engineering Disciplines Essay Example | Topics and Well Written Essays - 1000 words

The Engineering Disciplines - Essay Example This indicates the numerous career paths that a civil engineering professional can pursue. All civil engineers must have a bachelor’s degree, while advanced degrees are only essential for individuals who want to enter into academic, research, and managerial positions (Bugliarello, 1994). With the various civil engineering disciplines a civil engineer has a lot of fields to choose from. Civil engineering has progressively been developing and thus moving away from the gold-standard which required the necessity to design so as to function and grown into the need to embrace the ability to design to environmental and cost compatibility. This revolution has occurred due to the presence of web and the computers. With the availability of computers, the manual computations and the slide rule have been done away. Designs are now made with the use of Computer Aided Programmes. Geomatics Engineering Geomatics engineering entails the collection of data in the field so that it can be used i n the calculation of mapmaking information which is then used in performing computer-aided drafting and computations. An individual aspiring to be a geomatics engineering professional should take courses in; land information systems, construction surveying, surveying drafting, computer applications in surveying, mapping, fundamentals of imaging/photgrammetry and cartography and GIS software. Some of the places of work for a geomatics engineer can be working for the forest service, agencies for Bureau and land management, national government agencies, highways departments and for small and large engineering survey firms (Drennon, 2005). With the numerous courses studied while doing a geomatic engineering course it opens up a big field for opportunities of employment. The geomatics engineering field has been opening up in the past to include some of the emerging trends such as remote sensing, Geographic information systems (GIS), global navigation satellite system (GNSS), and geodesy. The military have also been having a major interest in this field as it helps them in creating effective and efficient navigation systems which they can use for security purposes. This is an indication on the geomatics engineering opens up various opportunities which are challenging and interesting. Mechanical Engineering Mechanical engineering is among the broadest and widest engineering disciplines. The mechanical engineering discipline entails the manufacture, design, development, and the use of test tools on machines, engines, and mechanical devices. Strong math and science skills are essential for a career in the mechanical engineering discipline. This requires the studying of courses in energy-transfer, engineering science, mechanics and manufacturing disciplines. That is why the primary areas for specialization of mechanical engineers include design mechanics, manufacturing, energy and automotive. Mechanical engineers always work with all aspects of machinery and tools inclu ding design, development, and research phases which allow them various career options within the field. With a bachelor’s degree a mechanical engineer can start with entry level jobs progressing to become chief mechanical engineer. Mechanical engineers can also work in agriculture production or manufacturing, technical sales, maintenance and can become managers or administrators (The Engineer, 2004). Some