Thursday, January 30, 2020
Management History Essay Managers can look at past managerial methods in order to make decisions that will best suit themselves and help their organisations, as well as giving their organisation a competitive advantage (Boddy D. , 2005). In this essay I will be arguing against the proposition that knowledge of management history is irrelevant to modern practice. To show that management history is important for modern managers, I am going to discuss and focus on a number of historical management techniques and theories and how they can be useful. I will talk about how these management techniques and theories are relevant with modern management. The first approach I will look at is the classical approach. Too elaborate on this theory I will split it in to two areas; the scientific management theory and the administrative principals. Firstly I will discuss the scientific approach; where I will talk about Frederick Winslow Taylor and his theory on the importance of workers being trained and the importance of the selection process (Bartol Martin, 1994). The next branch is the administrative approach involving theorist Henri Fayol and how his theories have been well respected and become a big part of modern management today. To finish off my argument I will be talking about the behavioural side of management by relating to Abraham MaslowÃ¢â¬â¢s hierarchy of needs. Through looking into these methods I hope to give the reader a good understanding as to why I believe historical management has had a big impact on modern management today and will continue to do so in the future. The first discussion will be based around the classical approach, an approach to management that is seen as a way of managers making decisions based around economic concern. There are three main areas within the classical approach, these being scientific management, administrative principles and bureaucratic organisation. However, throughout my argument I will be focusing only on two of these approaches, thus being the scientific approach and the administrative principals. The two main theorists who are heavily involved in these consist of Frederick Winslow Taylor, whom was the founder of scientific management and Henri Fayol whom has had a big influence on the administrative principals. I will also mention Mary Parker Follet whom has also had a big impact on the administrative principals. (Schermerhorn, Davidson, Poole, Simon, Woods, Chau, 2011). I have chosen to focus only on these two areas of classical management as they are well related to my argument that historical management is relevant to modern management. TheÃ first approach I will be discussing is the classical approach, where we will first be talking about scientific management. The man behind the scientific management theory is known as Frederick Winslow Taylor. TaylorÃ¢â¬â¢s main contributions to management thought and practice hav e come through his idea of the scientific management theory and approach. In 1911, Frederick Winslow Taylor published his work, Ã¢â¬Ëthe principles of scientific management.Ã¢â¬â¢ These principles described how applying the scientific method to the management of workers could greatly improve productivity through the analysis and synthesis of workflows. It is a theory of management that analyzes and synthesizes workflows, improving work productivity (Schermerhorn, Davidson, Poole, Simon, Woods, Chau, 2011). To back my argument that management history is important for modern managers we see Henry Ford come into the picture. The ideas of Taylor were continued through well-known car manufacturer Henry Ford who went on to replace his workers with machinery, generally when it came to doing things such as heavy lifting (Daft, 2005). Scientific management has four guiding action principles, these being; to develop a Ã¢â¬ËscienceÃ¢â¬â¢ for every job that includes rules of motion, standardize work processes and appropriate working conditions. Also to carefully select workers with the right abilities for the job, to carefully train them and give them proper incentives to cooperate with the job Ã¢â¬ËscienceÃ¢â¬â¢ (Schermerhorn, Davidson, Poole, Simon, Woods, Chau, 2011). Frank Gilbreth whom worked as a bricklayer put Taylors ideas into place and created a method that allowed the number of movements to lay a brick reduce from 18 to 2 therefore going on to increase the rate from 120-350 bricks (Hatch Cunliffe, 2006). Taylors work is still being used in modern day and his concepts are well thought of, his ideas are clearly seen at the roots of management today. Scientific management has proven to be a very beneficial way for companies to develop and improve their approach towards business (Helms Cengage, 2006 ). The next part of the classical approach I will be talking about is the administrative principals. The administrative principalÃ¢â¬â¢s approach to management came about from a man named Henri Fayol. Most management textbooks published today acknowledge Fayol to be the father of the administrative theory (Daft, 2005). Fayol was a French mining engineer, whom gradually worked his way up the ranks until he was manager of up to 10000 employees for over 30 years. The administrative principlesÃ involved issues such as departmentalization, span of control, exceptions to routine, and hierarchy. An example of the administrative principals being used in modern management can be seen through major fast food franchise McDonalds. The efficient production of their fast food is crucial towards customer satisfaction and organisation success therefore FayolÃ¢â¬â¢s principles come in use for this systematic type of organisational structure. Here we see another part of historical management being used in a very successful franchise within the modern era. Mary Parker Follet was also a contributor to administrative principles. Follet believed that growth and success would come from the direct interaction between members of the organisational groups achieving common goals and objectives. She also displayed a general understanding of groups and showed commitment to human co-operation, creating ideas that are still relevant today (Schermerhorn, Davidson, Poole, Simon, Woods, Chau, 2011). The next part of my argument belongs to that of MaslowÃ¢â¬â¢s hierarchy of needs. Abraham Maslow has identified 5 important needs that individuals should aim to require in order to positively influence their contribution within the workplace. MaslowÃ¢â¬â¢s theory is often represented as a pyramid, with the larger, lower levels representing the essential needs, and the upper levels representing the need for self-actualization. The first need starts from the bottom of the table, this being psychological. Psychological needs are our basic needs, needs such as food and water. Safety needs are next, expressing an emphasis on the need for security and protection. Self-belongingness is the next need and falls under the category of social needs and feeling as though you are a part of something, a community, or group of some type. This is then followed by self-esteem needs which will mean you are given respect and recognition for your work, leaves the employee with a sense of competency. The last need of all and the highest need in MaslowÃ¢â¬â¢s theory is self-actualisation. This need looks at employees achieving self-fulfilments and goals, on the completion of certain tasks employees allow themselves to grow in confidence by using their abilities to their full extent (Davidson, Griffin, Simon, Woods, 2009). Maslow believes that the only reason that people would not move well in direction of self-actualization is because of hindrances placed in their way. These days we are beginning to see MaslowÃ¢â¬â¢s theory in many businesses as a way of motivating employees. Managers are using MaslowÃ¢â¬â¢sÃ theory within the work place to help give their employees motivation and something to work towards and achieve, it is a tool managers use to help point employees in the right direction (Davidson, Griffin, Simon, Woods, 2009). A prime example of this is volunteers working for non for profit organisations. With the fact that there is no money involved in volunteer works it is important for these volunteers to have the MaslowÃ¢â¬â¢s theory approach merged into their business setting as well as a part of their work ethic. This is vital in order to feel as though they are reaping rewards from the hard work they are putting in, as in volunteer work, money is non-existent. Managers also now tend to change and mix up the way they are motivating employees by giving different rewards and motivation stimuli in order to keep volunteers and employees happy to stay with the organisation (Hatch Cunliffe, 2006). As I have stated, it is clear too see that the two types of classical approaches discussed both have an impact on modern management. With Frederick Winslow Taylor and his theory of scientific management we can see that an important aspect is to obtain maximum wealth for both the employee and the employer. The example of Frank Gilbreth and his techniques used with bricklaying help us understand that positive outcomes come from Taylors theory and we are able too see that his theory has not gone un noticed and is infact a part of modern management. The same goes with the next part to classical management, this being the administrative principals. We again see administrative principles being applied to modern management. Our example based around this theory being major fast food franchise McDonalds. Ã¢â¬ËThe efficient production of their fast food is crucial towards customer satisfaction and organisation success.Ã¢â¬â¢ McDonalds is one of the largest franchises in the world today and will continue to be for years to come, and it is worthy proof showing the administrative principals involvement within such a successful franchise within modern management. The last theory I discussed was that thought by Abraham Maslow and his hierarchy of needs. This theory is a vital part of oneÃ¢â¬â¢s mind and can help achieve a certain degree of self-belief within an employee as well as a manager or employer. It is a useful tool for managers to keep employees motivated and feel as though they are achieving. Throughout this essay I believe I have been able to support my argument as to why I believe that historical management is relevant to modern management. References Bartol, K. M., Martin, D. C. (1994). Management. Michigan: McGraw-Hill series in management. Blake, A, M. (2010) One hundred years after The principles of Scientific Management. One Hundred Years after The Principles of Scientific Management, 1-9 Boddy, D. (2005). Management an introduction 3rd edition. Harlow: Pearson Education Ltd. Daft, R, S. (2005). Management second pacific rim edition. Florida: Dryden press. Davidson, P., Griffin, R. W., Simon, A., Woods, P. (2009). Management 4th Australasian Edition. Milton: John Wiley Sons Australia. Hatch, M. J., Cunliffe, A. L. (2006). Organization Theory. New York: Oxford University Press Inc. Helms, M. M., Cengage, G. (2006). Chain of Command Principle Retrieved 22 August, 2011, from http://www.enotes.com/management-encyclopedia/chain-command-principle Schermerhorn, J. R., Davidson, P., Poole, D., Simon, A., Woods, P., Chau, S. L. (2011). Management (4th Asia-Pacific ed.). Milton, Queensland: John Wiley and Sons.
Wednesday, January 22, 2020
Rawls' View of Ignorance Rawls theory of justice revolves around the adaptation of two fundamental principles of justice which would, in turn, guarantee a just and morally acceptable society. The first principle guarantees the right of each person to have the most extensive basic liberty compatible with the liberty of others. The second principle states that social and economic positions are to be a) to everyone's advantage and b) open to all. A key problem to Rawls is to show how such principles would be universally adopted and here the work borders on general ethical issues. He introduces a theoretical "veil of ignorance" in which all the "players" in the social game would be placed in a situation which is called the "original position". Having only a general knowledge of the facts of "life and society", each player is to abide based on their moral obligation. By denying the players any specific information about themselves it forces them to adopt a generalized point of view that bears a strong resemblance to the moral point of view. "Moral conclusions can be reached without abandoning the prudential standpoint of positing, a moral outlook merely by pursuing one's own prudential reasoning under certain procedural bargaining and knowledge constraints." Rawls proposes that the most reasonable principles of justice for a society are those that individuals would themselves agree to behind the "veil of ignorance", in circumstances in which each is represented as a moral person, endowed with the basic moral powers. What this position supports is that while each person has different ends and goals, different backgrounds and talents, each ought to have a fair chance to develop his or her talents and to pursue those goals - fair equality for opportunity. It is not a race or contest where the talented or gifted prevail, it should be complete cooperation among all so that there may be reasonable life for all. What the "veil of ignorance" brings out is that we can accept utilitarianism as a public conception of justice only if we are prepared to let someone be subject to conditions we would not be prepared to subject ourselves. However, it is not the responsibility of my actions to ensure the fulfillment of another persons goals. These principles create an equal distribution of the "pie", if you will, yet it is not attainable unless pursued or strived for. There is no room for idle observation, meaning, that while we all possess equal opportunity as we all are equally moral persons, the choice of what you wish to possess materially as well as intellectually is the discretion and capability of Rawls View Of Ignorance :: essays research papers Rawls' View of Ignorance Rawls theory of justice revolves around the adaptation of two fundamental principles of justice which would, in turn, guarantee a just and morally acceptable society. The first principle guarantees the right of each person to have the most extensive basic liberty compatible with the liberty of others. The second principle states that social and economic positions are to be a) to everyone's advantage and b) open to all. A key problem to Rawls is to show how such principles would be universally adopted and here the work borders on general ethical issues. He introduces a theoretical "veil of ignorance" in which all the "players" in the social game would be placed in a situation which is called the "original position". Having only a general knowledge of the facts of "life and society", each player is to abide based on their moral obligation. By denying the players any specific information about themselves it forces them to adopt a generalized point of view that bears a strong resemblance to the moral point of view. "Moral conclusions can be reached without abandoning the prudential standpoint of positing, a moral outlook merely by pursuing one's own prudential reasoning under certain procedural bargaining and knowledge constraints." Rawls proposes that the most reasonable principles of justice for a society are those that individuals would themselves agree to behind the "veil of ignorance", in circumstances in which each is represented as a moral person, endowed with the basic moral powers. What this position supports is that while each person has different ends and goals, different backgrounds and talents, each ought to have a fair chance to develop his or her talents and to pursue those goals - fair equality for opportunity. It is not a race or contest where the talented or gifted prevail, it should be complete cooperation among all so that there may be reasonable life for all. What the "veil of ignorance" brings out is that we can accept utilitarianism as a public conception of justice only if we are prepared to let someone be subject to conditions we would not be prepared to subject ourselves. However, it is not the responsibility of my actions to ensure the fulfillment of another persons goals. These principles create an equal distribution of the "pie", if you will, yet it is not attainable unless pursued or strived for. There is no room for idle observation, meaning, that while we all possess equal opportunity as we all are equally moral persons, the choice of what you wish to possess materially as well as intellectually is the discretion and capability of
Tuesday, January 14, 2020
Look again at chapter 4 in: The lonely passion of Judith Hearne and concentrate on Father Quigley's sermon and the presentation of religion. Analysing Moore's narrative methods and themes, consider in what ways this extract reveals Moore's negative attitude to organised religion. Relate your findings to the rest of the novel. Brian Moore a successful Irish novelist who was born into a privileged middle class Roman Catholic family in Belfast, on the 25th August1921. Moore is one of nine children who had a strict Roman Catholic upbringing; his two brothers are doctors and his father a successful surgeon and head of Catholic hospital. Moore remembers his father as a man who would not Ã¢â¬Å"tolerate failureÃ¢â¬ 1. Moore went to school at Saint Malachy's College; he once described his school as a Ã¢â¬Å"priest factoryÃ¢â¬ 2 showing his displeasure for regimented organised religion. Moore confessed to becoming within a Ã¢â¬Å"hairs breath of being a failure,Ã¢â¬ 3 as he could not pass his maths exam to follow in his father and brothers footsteps. He was a university drop-out and realised early in life that he was an atheist4. He portrayed failure and his displeasure for religion and Belfast, through the characters and descriptive language used in The Lonely Passion of Judith Hearne, written in (1955). He depicts Belfast as drab and shows us his hatred for Belfast bigotry for example, Ã¢â¬ drab facades of the buildings proclaiming the virtues of trade, hard dealing and Presbyterian righteousness,Ã¢â¬ 5 he also describes Belfast as, Ã¢â¬Å"the protestant dearth of gaiety, the protestant surfeit of order, the dour Ulster burghers walking proudly among monuments to their mediocrity. 6 However it is Moore's negative evaluation of the Catholic Church, as personified by the interpretation of Father Quigley, which truly displays his repugnance for religion and the society that shapes it. In this novel set in the 1950s Belfast, Brian Moore closely relates to the recurrent theme of religion, he shows his distaste through the despa ir and escalating loss of faith suffered by the lonely spinster Judith Hearne, (who secretly turns to alcohol to appease her). Judith's cherished possessions and religious influences are the picture of her Aunt Darcy and the painting of The Sacred Heart. They are watchfully set out wherever she lives and instil authority, security and judge her life. Moore very skilfully uses omniscient narration and also invades Judith's stream of consciousness to give us insight to her inner thoughts and to the other characters of this novel. He reveals through the dual voice of the characters his sympathies for Judith; also Father Quigley's stern approaches and his hatred for a religious society that he left behind. However this is particularly more evident in the role that the Catholic Church played, in forming his negative attitude towards organised religion. Moore continuously reveals religion of all descriptions very negatively, for example according to Donoghue he hates Belfast Ã¢â¬Å"such is his bitterness that the bitterness applies to all aspects of religion; the personal and institutionalÃ¢â¬ 7 and also quoted by Sullivan, Ã¢â¬Å"my bitterness against the Catholic Church, my bitterness against the bigotry in Northern Ireland, my feelings about the narrowness of life there. Ã¢â¬Å"8 this reveals that Moore is not eager to live in Belfast culture again and hates everything its represents. The themes of loneliness and despair have been introduced by the beginning of chapter four, Belfast, its society and surroundings have been revealed in belittling terms. Religion is a constant theme within the novel and Moore sets the scene as Judith gets ready for Sunday Mass, the best part of the week. Ã¢â¬Å"She sets loneliness aside on a Sunday morning,Ã¢â¬ 9 Judith approaches Sunday as a social occasion to see her friends the O'Neil's and also a day out to meet other Catholics who conformed and attended Mass. Judith never really joined any good causes within the church she followed in her Aunt Darcy's footsteps, Ã¢â¬Å"Church affairs tend to put one in contact with all sorts of people whom one would prefer not to know socially. Ã¢â¬Å"10 Moore reveals that religion is a comfort to Judith, a social interaction and a routine. Ã¢â¬Å"Gods ways were not our ways,Ã¢â¬ 11 this reveals to the reader the negative attitude Moore has on the teachings of the Catholic Church. This view is further backed up with Madden and his unrighteous thoughts of lust for Mary the night before. Madden is more concerned with keeping his trousers clean from the dusty boards in church, and receiving absolution for his sins, than he is with worshipping god. Moore presents Catholicism in a very negative light; he depicts Maddens character to show us that many Roman Catholics see religion as insurance and a way to get forgiveness to enter heaven. Moore uses the regimented way in which father Quigley criticises his congregation to reveal, according to Donoghue Ã¢â¬Å"the whole catholic system whose failings one man is made to embody. 12 Moore describes Father Quigley as Ã¢â¬Å"shufflingÃ¢â¬ 13 and Ã¢â¬Å"peeringÃ¢â¬ 14 as he makes a hasty entrance to the altar. The haste of his arrival is portrayed by the altar boys who Ã¢â¬Å"scuttledÃ¢â¬ 15 to keep up with his swift entrance. He is further described as a tall and terribly stern man with accusing Ã¢â¬Å"long spatulate fingers. Ã¢â¬Å"16 Moore uses repetitiveness and the priests patronising narrative tone to demonstrate his misgivings of the Catholic Church. The sermon itself emphasised regimented routine, not the worship of god, as father Quigley rushed through and Ã¢â¬Å"mumbled the opening prayers,Ã¢â¬ 17 showing no respect. The parishioners also had the same sense of haste and lack of respect, Ã¢â¬Å"latecomers jostled, whispered and shuffledÃ¢â¬ 18 revealing the diverse absence of secularism amidst the Ã¢â¬Å"noise and confusion. Ã¢â¬Å"19 It would appear that Moore's use of pathetic fallacy heightens the mood, as the weather darkens the room Ã¢â¬Å"the priest's white and gold vestments shone brightly out of the murk above his congregation. Ã¢â¬Å"20 Moore felt this is Ã¢â¬Å"Like many attitudes of Irish priests, he takes the best seat in the room and considers everything to be in his dueÃ¢â¬ . 21. Stood like a Ã¢â¬Å"watchdogÃ¢â¬ 22 and Ã¢â¬Å"his nostrils flare like a horse. Ã¢â¬Å"23 To the reader this reveals he is like an owl seeking his prey, in for the kill, as he hurled abuse at his parishioners, shouting repetitively. Ã¢â¬Å"I mean you people up there.. , I mean coming in late.. , I mean young boys and girls dirtying up the seats.. , I mean the shocking attitude of the parishioners.. ,Ã¢â¬ 24 it sounds like he is threatening the parishioners with eternal damnation Ã¢â¬Å"if you don't have time for god he will have no time for you. Ã¢â¬Å"25Mass is supposed to be a celebration to God. Moore reveals the paradox of Father Quigley's angry outburst as a contradiction, Ã¢â¬Å"if not a caricature, and a combination of all the worst defects observed imaginable in a Roman Catholic Priest. Ã¢â¬Å"26 Moore further subjects the reader to the belief that the Roman Catholic religion is controlling; he once again uses Father Quigley's embittered tone, as he tells the congregation they have Ã¢â¬Å"plenty of money! Plenty of time! Plenty of time. Ã¢â¬Å"27 He roars out Ã¢â¬Å"drinking the pubs dry.. Football matches.. Naked.. and foreign dances.. instead of ceildhes. 28 Moore reveals the priest is more interested in telling the congregation off for doing worldly activities, instead of putting their money in the collection plate. This seems to show preaching the word of God is secondary, the relief he offers from these immoral sins are an empty church and Ã¢â¬Å"sodality meeting for men and Children of Mary devotions for womenÃ¢â¬ 29. Moore may also be trying to emphasis the social control of the church on the faithful. Father Quigley tries to threaten his parishioners with Ã¢â¬Å"everlasting fire that was prepared for the devil and his angels. Ã¢â¬Å"30 He further accuses his parishioners of leaving the Ã¢â¬Å"House of God empty. 31 According to Roman Catholic faith god is supposed to live in the gate behind the Ã¢â¬Å"tabernacle door. Ã¢â¬Å"32 In the final chapters of the novel we recall Judith's crisis almost like a nervous breakdown, when she tells the reader Ã¢â¬Å"what good of anything unless it's more than bread. Ã¢â¬Å"33 Moore presents us with Judith's loss of faith as she attacks the tabernacle; this may indeed support his own atheist approach to Ã¢â¬Å"the world is indeed secular and empty that the world can hold its void. Ã¢â¬Å"34 Moore uses Judith actions to reveal his lack of belief, also Father Quigley's inability to help Judith in her time of crisis. The only thing the priest can say is Ã¢â¬Å"you should be on your bended knee, praying for forgiveness. A terrible terrible thing! Ã¢â¬Å"35 and even Father Quigley rejects her cry for help. Ã¢â¬Å"He heaps on penitence and guilt where forgiveness and grace are needed. Ã¢â¬Å"36 Moore reveals he was helpless Ã¢â¬Å"Shepherd, he looked at his sheep. What ails here? Priest, he could not communicate with his parishioner. No Father Quigley said, Ã¢â¬Å"I don't know what you are talking about,Ã¢â¬ 37 revealing that he could not grasp the situation. He can not understand her loss of faith and he can not deal with it, even as another sympathetic human being. He was more worried about the protestant taxi driver seeing Judith out of control and in a state of drunkenness. Moore's attitude to religion throughout The Lonely Passion of Judith Hearne relentlessly reveals to the reader that he is not a religious person. He denounces all forms of Belfast bigotry its society and religion, almost like he is biased against Catholicism, to be critical of this it is only his side of the story. His bitterness and religious themes also applies to other novels he has written, such as Black Robe38 and Cold Heaven. 9 Moore reveals his negative feelings for organised religion both Roman Catholic and Protestant, suggesting 1950s religion was a frightening experience. Part of the reasons for these hatreds may have evolved from, As Patricia Craig tartly observes, Ã¢â¬Å"the fact that the family happened to live bang opposite the local Orange Order headquarters, topped by a statue of King Billy brandishing his sword,Ã¢â¬ Ã¢â¬Ëprobably helped to keep their sectarian instincts up to the mark. Ã¢â¬ It may also have been the strict catholic upbringing in which Brian had to endure and also simply the troubles and life at that time.
Monday, January 6, 2020
Corporate Finance ADM 3350 M P (Winter 2015) Assignment 1 Due Date: February 23, 2015 Question 1 (5 Marks) Varta Inc. has just issued a dividend of $1.50 per share on its common stock. The company paid dividends of $1.10, $1.15, $1.25, and $1.37 per share in the last four years. The stock currently sells for $48. a. What is your best estimate of the companys cost of equity capital using the arithmetic average growth rate in dividends? b. What if you use the geometric average growth rate? Solution: (3 + 2 = 5 Marks) Part a. Period 1 2 3 4 5 dividend 1.1 1.15 1.25 1.37 1.5 Average growth (Arithmetic) growth 0.045 0.087 0.096 0.095 Growth = (P2 - P1)/P1 0.081 RE = D1/P0 + g = (D0 (1 + g))/P0 + g RE = 11.46% Part b. We can get theÃ¢â¬ ¦show more contentÃ¢â¬ ¦Dividend rate = 10% = 0.1 Total book value = $1,000,000; No. of preferred share = total book value / par value = 1,000,000/100 = 10,000 Price of preferred share = Dividend / Cost of preferred share = 10*0.1/0.08 = $125 Total market value of preferred share = $125 * number of pref. share = 125* 10000 = 1,250,000 Common Share Value: Total market value of common share = price per share * number of pref. share = $25 * 100000 = $2,500,000 (Note: retained earnings information is irrelevant here) Part b. Total market value = debt + pref. equity + Common equity = 1,147,200 + 1,250,000 + 2,500,000 = $4,897,200 Market value proportions of: Debt = $1,147,200 / $4,897,200 = 23.4% Pref. 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