Managing Shareholder Value Essay Example | Topics and Well Written Essays - 2000 words

Managing Shareholder Value - Essay Example For effectively planning and managing the funds, another scorecard of metrics is being developed with the provision of incentives for bettering the budgeted figures being used. All of these elements when considered individually excel with their simplicity. But when the system as a whole is looked at it turns to be complex with a number of "metrics, methods and messages" which makes the understanding of the finance executives of the shareholder value rather difficult. Hence it becomes vitally important that the CFO of any organization coordinates his efforts in designing the systems of the financial management with the CEO and the directors of the company so that the internal corporate governance is strengthened and if necessary modified to meet the firm's requirements. With this background this paper envisages presenting a report on the degree of profit measure of economic surplus and shareholders funds economic value accurate the metrics of the key economic visions of a firm. The shareholder value is represented by the wealth a company creates through its profitability for its shareholders. The shareholder value also includes the broad framework in which the firm operates to achieve the shareholder value and it also includes the organizational culture. ... areholder Value theory works on the premise that the value created by a business is best represented by the change in its economic value that is, the change in the net present value of its expected future cash flows to shareholders."1 There are a number of Shareholder Value measures which are being used for monitoring and evaluating the performance of the organization as well as rewarding the employees. One of the most popular methods of shareholder Value Measure is the Economic Value Added (EVA) approach. 2.1 Rationale behind adopting Shareholder Value Approach: The Shareholder Value approach has increasingly been adopted due to the following factors: The managers always feel that there exist a difference in the value of the firm as perceived internally and by the shareholders and this approach helps them to bridge the gap It is also necessary that the investors should know the true economic value of the firm for making their investment decisions on the basis of the economic profit of the firms. The accounting statements present rather a historic value and analysis of the performance of a company and it is necessary to have information on the future value of the company. Since the shareholder value is based on projected cash flows allowing for the cost of capital which are also discounted are less influenced by accounting rules and hence project the true value of the firm. Due to the globalization there is a delay in accessing the standard measures of performance Due to increased contribution to business by the information technology the expectations of investors has increased to get more clear measures of performance. The above factors necessitate adopting a proper measure for the assessing the value of a firm from a shareholder's perspective and Economic Value

Nazi Germany Essay Example for Free

Nazi Germany Essay In Nazi Germany during the Third Reich, which began in the early 1930’s, the role of Women in the society was greatly affected by different policies that were created by the totalitarian government system. Some of these policies included the Law of Encouragement of Marriage, the Lebensborn program, and the Law for Prevention of Hereditary Diseased Offspring (United States Holocaust Memorial Museum). The law of Encouragement of Marriage said that newly wed couples would be given a loan of 1000 marks and for each child that they had they would be allowed to deduct 250 marks from their loan (Trueman). This meant that if a family had 4 or more children they would pay their entire loan off. The Lebensborn Program of 1936 meant that racially pure Aryan women, usually unmarried, would live in Lebensborn houses while they carried the children of SS men in secret (The â€Å"Lebensborn† Program). Once the child was born, they were given to the SS organization to educate the child and facilitate their adoption. All men and women who applied to live in the Lebensborn houses first needed to pass a racially pure test. This test included tracing the family’s genetics back at least 3 generations and blonde hair and blue eyes were preferred (The â€Å"Lebensborn† Program). The Law for the Prevention of Hereditary Diseased Offspring meant that women who were considered to be racially impure or undesirable were sterilized so that they would not be able to produce more offspring. These laws were designed to increase the population of â€Å"pure† Germans and increase the amount of soldiers and mothers that lived in Germany (Turk). The policies that were imposed upon women in Nazi Germany can be considered both successful and unsuccessful. When these policies were first imposed, everyone complied with the policies and women began bearing more children (Women in the Nazi State). As a result, women were forced to commit themselves to the domestic life thus forfeiting their chance to be employed outside of the home. While more women committed themselves to domestic life, more men were able to take their jobs. Through these laws the population increased dramatically and women and girls now had the opportunity to help support the Nazi organizations (German Women and 3 Ks). The policies were unsuccessful because Germany lost the war and thus they did not need all of these pure Germans to populate these territories because they lost control of them when the war was lost. The women were also needed  to work when the war was in its most intense period, but due to the policies that were imposed on women, they were used to living a solely domestic life and did not want to return to the workforce (German Women and 3 Ks). The policies were unsuccessful as well, because there was a large amount of discrimination towards women, limiting their rights as German citizens. The Nazi party, through imposing these policies, increased the German population from 66 million people in 1933 to 68 million people in 1938 (Ganse), which is the main reason these policies could be considered a success. Work cited: Allison, Fiona. The Role of Women in Nazi Germany 1939-1945 West European History. N.p., hhhhhh8 Oct. 2009. Web. 23 Aug. 2012. Ganse, Alexander. History of Germany. World History at KMLA. Korean Minjork Leadership Academy, 11 Sept. 2008. Web. 23 Aug. 2012. German Women and 3 Ks. German Culture. N.p., n.d. Web. 23 Aug. 2012. Simkin, John. Women in Nazi Germany . Spartacus Educational. Spartacus Educational hhhhhhPublishers, n.d. Web. 23 Aug. 2012. The â€Å"Lebensborn† Program. Jewish Virtual Library. N.p., 27 Apr. 2000. Web. 23 Aug. 2012. Trueman, Chris. The Role of Women in Nazi Germany. History Learning Site. N.p., n.d. hhhhhhWeb. 23 Aug. 2012. Turk, Eleanor L. Nazi Germany, 1933-1939. World History at KMLA. N.p., 7 Feb. 2011. Web. hhhhhh23 Aug. 2012. United States Holocaust Memorial Museum. â€Å"Women in the Third Reich† Holocaust Encyclopedia. Web. 23 Aug. 2012. Women in the Nazi State. BBC GCSE Bitesize. N.p., n.d. Web. 23 Aug. 2012.

Crime And Drugs :: Crime Drugs Research Papers

Crime and Drug Use The link between drug use and crime is not a new one. For more than twenty years, both the National Institute on Drug Abuse and the National Institute of Justice have funded many studies to try to better understand the connection. One such study was done in Baltimore on heroin users. This study found high rates of criminality among users during periods of active drug use, and much lower rates during periods of nonuse (Ball et al. 1983, pp.119-142). A large number of people who abuse drugs come into contact with the criminal justice system when they are sent to jail or to other correctional facilities. The criminal justice system is flooded with substance abusers. The need for expanding drug abuse treatment for this group of people was recognized in the Crime Act of 1994, which for the first time provided substantial resources for federal and state jurisdictions. In this paper, I will argue that using therapeutic communities in prisons will reduce the recidivism rates among people who have been released from prison. I am going to use the general theory of crime, which is based on self-control, to help rationalize using federal tax dollars to fund these therapeutic communities in prisons. I feel that if we teach these prisoners some self-control and alternative lifestyles that we can keep them from reentering the prisons once they get out. I am also going to describe some of today’s programs that have proven to be very effective. Gottfredson and Hirschi developed the general theory of crime. It According to their theory, the criminal act and the criminal offender are separate concepts. The criminal act is perceived as opportunity; illegal activities that people engage in when they perceive them to be advantageous. Crimes are committed when they promise rewards with minimum threat of pain or punishment. Crimes that provide easy, short-term gratification are often committed. The number of offenders may remain the same, while crime rates fluctuate due to the amount of opportunity (Siegel 1998). Criminal offenders are people that are predisposed to committing crimes. This does not mean that they have no choice in the matter, it only means that their self-control level is lower than average. When a person has limited self-control, they tend to be more impulsive and shortsighted. This ties back in with crimes that are committed that provide easy, short-term gratification. These people do not necessarily have a tendency to commit crimes, they just do not look at long-term consequences and they tend to be reckless and self-centered (Longshore 1998, pp.

Social Conflict in Public Schools

Big American government is widely perceived as the foundation of social order in our country, yet it is, as some would say the single greatest source of disorder. Political power constantly tempts those who control it to enforce conformity with their own preferences of Education, and Religion, As seen in our country and many parts of the world, citizens will evade enforcers if they can but when necessary will fight back. Our public schools can also be looked at through the structural-functional theory In an article by Jim Powell entitled â€Å" Public Schools and Social Conflicts† he discusses the many conflicts in our public schools are primarily the product of our governments deliberate doings. In the early 1840’s for instance, Protestant dominated public schools were made compulsory for the newly landed immigrant Irish and southern European Catholics. Conflict arose when the Catholics resented having to pay taxes for Protestant schools where courtesy of another government bodies mandate Protestant values were to be taught there as well. The Catholics proceeded to establish their own system of â€Å"parochial† schools, however the age old practice of collecting public school taxes still exists no matter where the student chooses to be educated. Religion is another public school related conflict that Jim Powell discusses. Here he discusses the most famous social conflicts of public school history, the issue of whether schools should teach the biblical story of how the world was created. The â€Å"Butler Act† which made it illegal for any public school to teach a theory that denied the biblical story was how the conflict began. After a series of trials, debates, court and governmental interventions, the conflict still exists. Our public schools can also be viewed under he structural-functional theory. The various cogs of our public schools were probably intended to work together coherently to promote solidarity and stability as the structural-functional theory would suggest. The compulsory mandate of schooling for every child was probably intended to keep the majority of the new population educated thus increasing their productivity in a very young country. Many sociologist like Karl Marx would see this as an opportunity to not only live with the interpreted word but to constantly enact changes to conform with the needs of the current population thus maintaining the desired solidarity and stability . This type of sociologist would suggest that one only had to pay school taxes if the child used the public school system. In our day and age it would seem fair to the children who are home schooled or for that matter senior citizens and families with no children using the public school system, so the burden lay only on the benefit users. Infact it is the main point of discussion whenever a school budget or election comes up in many a town. On the issue of religion, this type of sociologist one that values preserving the desired solidarity and stability would suggest that issues of the religious nature not be discussed at all and that religious students should have a silent moment of prayer should the need arise, thus lending value to the now popular â€Å"separation of church and state†. There are many manifest functions of the public school system that can be The public system is a solid, affordable and consistent source of education for the vast majority of the population and being government funded has its regulations and systems in place. Freedoms that Americans have gotten used to are valued as well. Lack of regulation can have it’s own set of problems as was exemplified in the current â€Å"Financial meltdown†. Latent functions could also be seen in the public school system as is evident in the fact that public colleges function as a â€Å"marriage market†. Here young people of similar socio-economic backgrounds meet and perhaps form lifelong relationships. As was evident in the case of the recent Royal wedding where in Kate Middleton, the daughter of a wealthy businessman was enrolled in a prestigious university thus enhancing her ability to possibly meet a partner of similar stature who in this instance happened to be Prince William. Many a relationships have begun this way and although very rarely acknowledged is a unrecognized and unintended consequence of the public school experience. The public school system does affect American cultural values namely :Equal opportunity along with Individual achievement and Personal success. The public school system does for the most part offer equal opportunity to everyone who wishes to pursue this or her individual dreams. With all the checks in the system it gets next to impossible for any given public education system to waiver making allowances when deemed fit and holding firm when necessary. Individual achievement and personal success are cultural values very connected to the value of equal opportunity. In America, more so than in many other parts of the world is truly the â€Å"Land of Opportunity† . The sky is the limit if one has the desire and dares to dream. With the theoretical perspective in mind it is imperative that American cultural values will change as time progresses. There are constant changes that the public school arena is exposed to: The changing mix of certain ethnic populations in a given environment has given rise to a need for educators with English as a Second language backgrounds. Another area where cultural values will change are in the Special Education arena where with the growing classifications and need to integrate young Special Ed students educators will have to make adjustments to the way the whole population is taught so as to promote solidarity and stability as the structural-functional theory would suggest.

In Twelve Angry Men Rose Shows That Doubt Is an Easier State of Mind Than Certainty Essay

Set in the sweltering summer of 1954, Reginald Rose’s socially insightful play â€Å"Twelve Angry Men†, illustrates the dangers of a justice system that relies on twelve individuals to reach a â€Å"life or death† decision with collective states of minds hindered by â€Å"personal prejudice†. At the conception of the play, rose explores the idea that doubt is a harder state of mind than certainty by portraying doubt, in the guilt of the boy, as a minority view within the courtroom. However, as the play progresses a seed of doubt is planted and the importance of self prejudice hindering the verdict is removed, making it harder for the jurors to hold their certainty in their guilty verdict. At the conception of Twelve Angry Men, Rose exposes the audience to the devastating heat in the jury room which over looks the â€Å"New York sky line† on what is described as â€Å"the hottest day of the the year†. At this stage it is revealed to the audience the apathetic nature of jury members, uninterested in the â€Å"grave responsibility† they have in deciding the fate of the â€Å"16 year old boys life† and more interested with the goal of escaping the plain, oven like jury room. With each juror being blinded by the thick glaze of heat In front of them a verdict of guilty becomes the instinctive state of mind and the room for reasonable doubt is eliminated from all but one. The author, Reginald Rose displays through juror 8 that to be doubtful when challenging a majority becomes a harder state of mind, â€Å"as it’s not easy to stand alone against the ridicule of other† at this moment juror 8 initiates his campaign that we can never be certain about anything, we can only make assumptions based on the information provided. As juror 8’s campaign continues, and the seed of doubt planted into the â€Å"guilty† minded jury members is fertilised thorough the analysing of facts the reasonable doubt slowly grows in the jurors minds, the audience begin to create an understanding that doubt is an easier state of mind than certainty, as to be doubtful you are not accountable to that single view, as we are reminded in the text from juror 8 â€Å"I don’t know whether I believe it or not† parting him from the majority but lowering the conflict, as he is not certain about the innocence of the boy rather not feeling not comfortable to raise his â€Å"hand and send a boy off to die without talking  about it first†, making the doubtful state of mind an easier sense of conscience although a harder sense to preach onto the other jury members who consist of the majority. Towards the conclusion of the play twelve angry men, doubt begins to become an easier state of mind as the persuasion of doubt is created through a range of events that after previously being concrete are now questioned, and the â€Å"not guilty† verdict is now the majority verdict, this releases the oppressively hot environment of the jury room through the delivery of rain, representing a Burst of relief and fresh air for the jurors. Although, Reginald Rose decisively leaves one jury member (3) who is still stuck in the train of personal prejudice and believes the kid â€Å"knifed his father 6 inches into the chest†. Juror 3s certain state of mind portrays him as the villain of twelve angry men, a man who is blinded by his own personal outside influences and is illustrated as a stubborn man with no â€Å"integrity† when defending his view of â€Å"guilty†, this shows that his state of mind being â€Å"guilty† now becomes the harder state of mind as he is left as the minority, and could not separate personal prejudice when dealing with the fate of another’s life, effecting his judgement. After juror 3 finally splits his relationship between his son and the 16 year old boy on trial a â€Å"not-guilty† verdict is delivered to the judge. Reginald Rose shows his intended audience at the conception of the film that doubt is the harder state of mind as juror 8 views on the boy and trial is challenging the majority, although throughout the progression of the play, not one juror member is able to hold his certainty, making doubt an easier state of mind as they do not have to hold a certain point of view and are not accountable to that single certain view.

Automobile and Buses Urgency Essays

Automobile and Buses Urgency Essays Automobile and Buses Urgency Essay Automobile and Buses Urgency Essay in front of my school is a narrow one . very busy place . Every afternoon when school finished roads become more crowded and full of kids, bicycles , cars and buses urgency and struggle to use it . Sometimes a policeman there to help solve the problem of traffic congestion , because congestion chaos, we should be careful not to get involved in an accident . Several accidents have occurred . I was a witness to one. In the event only after school . As usual path utter bedlam . Children walking on the oad to get to their cars and buses . Cars and buses honking mad at them. Just then I saw a young man making a dash across the street . There are loud horns blare , a brake squeal and I saw a car knocked into the boy. He fell as if his feet were swept from under him . Fortunately the car was not moving very fast and the driver managed to stop the car before the wheels can hit the boy fell . All traffic stops. I ran to the boy and saw blood on the road. He was bleeding from a wound on his head. A guy came and inspected the boy. Then he lifted the boy is brought to the car . They accelerate , perhaps to the hospital. Many people surrounded the driver looks in anger and stared . A policeman came to calm things down. Like there was nothing I could do , I turned and walked down the street carefully. It is terrible to witness the accident. I certainly do not want to be involved in one. suddenly I heard a sound like the call I boy! quickly get up I Just think it is a nightmare.

The 10 Best ACT Books Recommended for ACT Prep

The 10 Best ACT Books Recommended for ACT Prep SAT / ACT Prep Online Guides and Tips Has your reading list been taken over by ACT prep books? There are a lot out there to choose from, and you want to make sure you're using high-quality materials that will get you ready for the ACT. This guide is meant to help you choose the best ACT prep books to achieve your goals. I've divided the books up into three categories: the critical book you need, the best books for general prep, and the best books by ACT section. Before jumping into myrecommendations, a quick note about the perspective I'm coming from. FYI: A Disclaimer If books are your preferredresource for studying, then they can take you as far as you want to go in prepping for the ACT. Since all of the following books have different strengths and weaknesses, I would recommend using a combination of several. That way one can make up for any content, strategy, or practice questions that might be lacking in another. At the same time, it's up to you to make a study plan and stick to it. This ACT book list hasall the material you need, but it's up to you to make the most of them. Because designing and sticking to a plan is challenging to students at any age and level (the urge to procrastinate never goes away, to be honest), PrepScholar's online ACTprep program has a great track record of helping students meet their goals. This program combines the best parts of each of these books, while also building in a measure of accountability. It helps you design a study plan customized to your particular needs, strengths, and weaknesses, keep track of your progress, and stick to your benchmarks over a sustained period of time. Regardless of what method works for you, we're committed to givingall students access to the resources they need for academic success. That's why we publish detailed guides to the ACT every day, along with free ACT practice test pdfs for you to download and print. That's also why we want to make sure you're using the best ACT prep books available. To that end, let's start by discussing the critical ACT prepbook that every student should purchase. The Critical Book for ACT Prep By calling this book critical, I mean every student should use it to study for the ACT, regardless of herlevel or target scores. It's really important. Go ahead and get it. I'll wait. The Official ACT Prep Guide (or the "Red Book") Amazon price: about $23 Why is The Official ACT Prep Guideso crucial? Because it's made by the test makers themselves, meaning its practice questions are the best representations of what you'll see on the test. They were actually already given on the test, on past administrations of the ACT. All books have pros and cons, though, so let's consider where this oneexcels and where it has limitations. Pros This book has the best sample questions because they're real ACT questions. That means the content will match what you'll see on the test (with one caveat - see the cons section below), as will the format, timing, and wording of the questions. It's crucial to use real practice questions to prep, so you can get used to the test, know what to expect, and assess where you need more practice. The Red Book has five full-length practice tests, all of which were previously administered official tests. It also has over 400 questions available online that you can access with a code you get when you buy the book. While this book is the best source of practice questions, it's not the best book for other aspects of your test prep. Let's consider some of its drawbacks. Cons While the Red Book is a great source for practice questions, it's not the most thorough when it comes to reviewing concepts or learning strategies. It's especially weak when it comes to test-taking strategies, since the ACT test makersare like magicians: they don't want to reveal their tricks. Another weakness of this book has to do with the answer explanations. They could be more thorough. Other books do a better job of walking through the steps of answering a question or solving a problem. This helps you develop a thought process for successfully approaching and answering questions. Finally, it turns out that not all practice tests are equivalent. While ACT, Inc. hasn't announced any changes to the test, many experts agree that the ACT has been gradually changing (ie, getting more difficult) over the years. In particular, they generally agree that the Science section has become more challenging and the Reading faster paced. The practice tests and questions in this book don't always reflect these changes. In fact, many questions in this book seem to be easier than what you'll encounter on test day. You may find yourself scoring higher on these practice tests than on the real ACT. Since the Red Book is best for practice questions, you would need to supplement it with other ACT books that review content and teach strategies. Below ismy ACT preparation books list, divided by the best general books, followed by my suggestions for subject-specific study guides. Best ACT Books for Overall Study The books that are best for overall study address all sections of the ACT, English, Reading, Math, Science, and the optional essay. Some excel in reviewing content, while others are better for strategies, like managing your time, recognizing question type, and speed reading the passages. All of these books can be used alongside the Red Book, where you can apply what you'velearned on real sample questions. Let's jump into the pros and cons of each. Barron'sACT Amazon price: about $17 Pros If you're looking for a large amount of content, strategies, and practice questions all in one big ACT prep book, then Barron's ACT is a good choice. It's a traditional prep book with a thorough review of the concepts that will appear on each section of the ACT. It begins with an introduction to the ACT and suggested study plan, followed by an ACT "dress rehearsal," or diagnostic test to measure your initial level. Then it devotes about 50 pages to each section, with test-taking tactics, skills and concepts, question types, and a practice test. Each section also begins with a warm-up drill, about ten or so quick questions. Barron's discusses the main concepts you need for answering Reading questions, like uncoveringmain point, interpreting details, and understanding vocabulary in context. It breaks down the English section by grammar rule, like punctuation, run-on sentences, and subject-verb agreement. Along similar lines, it describes and gives examples for math concepts like algebra and coordinate geometry, and reviews the data representation, research summary, and conflicting viewpoint questions on the science section. Barron's ACT is a good book for general study, but there's also Barron's for a 36 for those students aiming for a perfect score. Barron's also has subject specific workbooks, such as Barron's ACT Math and Science Workbook, for even more practice questions. Now for the downsides of Barron's ACT. Cons The general feeling around Barron's test prep books is that the practice questions are actually more difficult than real ACT questions. Some go beyond the test in terms of the concepts they test, while others are just worded in an overly complex way. While "overpreparing" is not necessarily a bad thing, it could be an ineffective use of your time. Plus Barron's practice tests might not give you the truest sense of your scoring level. While Barron's is very comprehensive, this thoroughness might also be a drawback for some students. The sheer amount of material can feel overwhelming, and it means students have the extra task of breaking up their studying into smaller, more manageable goals. Reading it cover to cover wouldn't be the most effective approach, so you have to break it up into an order that makes sense for you. Without a frequency guide that prioritizes some concepts over others, this may feel like additional work. The thoroughness of Barron's ACT is a strength, but it also signifies extra commitment from you. Princeton Review's Cracking the ACT Amazon price: about $17 Pros Like Barron's ACT, Princeton Review's Cracking the ACT is a comprehensive, traditional test prep book that provides a full review of content, strategies, and practice questions. It covers Math most thoroughly, followed by Science. The English and Reading sections are less comprehensive. This book clearly states important grammar rules and math concepts you need to know, while suggesting thought processes to use when taking the test. It talks about how best to use process of elimination, what order to answer the questions in to save time, and how to think through questions that leave you stumped. Each section has drills and example questions. This book also provides six full practice tests, four of which are in the book itself and two online. It has an online LiveScorer for the essay, as well as instant scoring for the online tests. Cons This book has similar downsides as Barron's ACT. As a big, comprehensive book, it can feel overwhelming and be difficult to approach. Since it's a traditional prep book, some students might find its style dry and hard to stay engaged with. Since the practice questions aren't official, they aren't the best representation of real ACT questions. Unlike Barron's overly difficult material, though, Princeton Review can be too easy. If you're looking to boost your scores into top percentiles, Princeton Review is probably not the book that will get you there. Instead, books like Barron's and the subject-specific books below are better for achieving top scores. The ACT Black Book Amazon price:about $29 Pros While Barron's and Princeton Review cover all aspects of ACT prep, the ACT Black Book is more narrow in its focus.By this I mean the Black Book is less concerned with teaching you math and English skills and more concerned with teaching you about how the test works. According to the author, Mike Barrett, the ACT is a predictable test that uses the same template year after year. If you study the question types and patterns, then you can recognize exactly what each question is asking you. In a sense, you can beat the test by truly understanding how it works in an in-depth way. Barrett suggests thatany student can score highly on the ACT regardless of their academic performance in school. Doing well is abouthow you think about the questions and avoid the common pitfalls of tricky wording and distracting answer choices. As Barrett says, the ACT is only hard because "it tests the basicsbut in very strange ways." Cons The major con for The Black Book is that it has no ACT practice questions of its own. Because it refers to questions from the Red Book, it has to be used alongside it. The Black Book doesn't have too many lessons on concepts, either. For what it does have, the Math and Reading are stronger than the English and Science. The Black Book presupposes that you already have the skills down, and then shows you how to apply them on the ACT. That's why it must be used in conjunction with another book for content review, and probably only after you possess the requisite skills. Additionally,at about $29, this is one of the more expensive ACT prep books. Because it's a wordy, in-depth look at the structure, format, and tricks of the ACT, it requires a lot of dedication and motivation from students. The Black Book will teach you a lot, but you have to really take the time and energy to engage with it. The Black Book is best for students willing to delve into the material and thereby gain a deep understanding of the ACT and how it works. Up Your Score: ACT, The Underground Guide Amazon price: about $11 Pros The Underground Guide takes a more fun approach to ACT prep. It breaks down the format and concepts of the test in a humorous way, and offers some test-taking strategies. It's written by test-takers who share their experiences and understand what the entire process is like. Unlike other books, it delves into issues of stress and pressure surrounding the tests and offers advice for taming your nerves.Plus it has a recipe for "GameFace Quintuple Sugar Blast Bars," if you're into that kind of thing. Cons This book is a lighthearted departure from more serious, traditional prep books. While it's a relatively fun way to introduce yourself to the ACT and gain some intriguing insights from former test-takers, it's probably not sufficientas your only source of test prep. It might be more like a "pre-book" to start out your studying, clear up questions and anxieties around the test, and learn about what the test and experience is like in an engaging way.To gain more rigorous review of different sections of the ACT, I recommend checking out these subject-specific books listed below. Best Books for ACT Math Are you looking to pay special attention to the math section of the ACT? These books focus specifically on ACT math, so they can be especially useful if this is where you're trying to improve your scores the most. My two recommendations are the Ultimate Guide to the Math ACT and McGraw Hill's Top 50 Skills for Math. Ultimate Guide to the Math ACT Amazon price: about $24 Pros The Ultimate Guide to the Math ACTgives clear, well-crafted lessons of each math topic that shows up on the ACT math, like algebra and geometry. It also breaks them down into smaller subtopics, like functions and plane geometry. It covers everything you need to know and doesn't go beyond the concepts that will appear on the test. It also has high-level strategies for solving problems, saving time, and prepping in the most effective and efficient way. Cons The answer explanations to the practice problems are not as thorough as they could be. This book doesn't walk you through the steps of solving the problem like the ACT Black Book does, meaning you could run into confusion with a similar problem. It also doesn't have a frequency guide that shows you how often to expect certain concepts or identify levels of difficulty. This means it's up to you to figure this out and prioritize your studying. McGraw Hill's Top 50 Skills for Math Amazon price: about $14 Pros McGraw Hill's Top 50 Skills for Math, unlike a lot of other math review books,is written in an engaging style. It discusses 50 critical math skills you need for the ACT, along with sample questions illustrating each concept. A particular strength of this ACT prep book is that itwalks you through solving the problems from beginning to end, which can aid your thinking when you're taking the real test. This book has a diagnostic pre-test you can use to assess your skills starting out, as well as a post-test to gauge your progress. Cons Since this book is more focused on teaching the top 50 math skills, it's limited in terms of practice questions. This book would best be used to review concepts alongside the Red Book plus another source of practice questions. While this book is useful for students at all levels, it doesn't provide extra strategies or tips beyond the ordinary. It's probably not the book that will push motivated students into the top percentile of scores. Best ACT Prep Books for English and Reading In terms of the English and Reading sections of the ACT, my top recommendation comes from Erica Meltzer. Erica Meltzer's The Complete Guide to ACT English Amazon price: about $31 Pros Erica Meltzer teaches you about the different types of English questions and drills you on those question types. She explains the important grammar and usage rules you need to answer these questions correctly, like parallel structure, sentences and fragments, even punctuation marks like apostrophes and dashes. The practice questions are grouped by skill so you can drill your understanding of each rule. This book is straightforward, to the point, and covers the most important skills and rules you need to know. Cons One obvious con is this book is relatively expensive considering it only covers one of the four sections on the ACT. It is helpful for learning and drilling all the grammar rules, but not sufficient as a source of practice questions. While it's helpful that Erica Meltzer groups the questions by skill, the actual ACT will ask these questions randomly. You'll have to move beyond this book to make sure you can identify the skill without it being pre-labeled in the book. The Complete Guide to ACT Reading Amazon price: about $28 Pros Both the reading passages and practice questions are high quality and realistic in Erica Meltzer's The Complete Guide to ACT Reading. Erica Meltzer does a good job of teasing apart the skills you need to develop for this section, which can be harder to identify than, say, the math section. She gives activities to drill each skill, as well as discusses strategies for reading the passages and saving time. For more pieces of advice, you can check out her blog, The Critical Reader. Cons Like her English book, this one is relatively pricey. Bought together, they total roughly $60, and that's only to cover English and Reading. Some students find her writing style to be a bit dry, while others appreciate that it's direct and to the point. While the material is high quality, the layout is not compelling. It has small font and not particularly creative graphics. Best Book for ACT Science Even though many students find the Science section to be the most challenging part of the ACT, until recently there were no books specifically dedicated to helping you on ACT Science. At PrepScholar, we know all the tricks for making ACT Science easier, so we decided to compile them into a book. The PrepScholar Guide to ACT Science Amazon price:about $5 (e-book) Pros This book covers every topic, skill, and question type you'll see on ACT Science which means that nothing on this section will come as a surprise on test day. It includes a list of every science fact you could be tested on, so you're only studying the science information you need to know. It also contains multiple strategies for tackling ACT Science passages so you can choose the method that works best for you. Most importantly, this book contains all of our best ACT Science test-taking tricks.Many students get tripped up on the Science section because it's so different from the science tests they've taken in school. However, this books shows you how to identify every trick in ACTScience and learn how toavoid getting fooled by them so you can find the correct answer quickly and more easily. Cons While every chapter in this book includes sample questions to help you see and understand different concepts, there is no final quiz or exam section at the end of the book. To fully practice everything you've learned from this book, we recommend takingfull-length Science sections. Additionally, right now the book is only available as an e-book, so you can't purchase a hard copy if that's how you prefer to study. Is Studying from Books the Best Option for You? Studying for the ACT probably isn't at the top of your favorite things to do. For a lot of students, it requires a lot of self-discipline to sit down and drill yourself on the skills you need for English, Reading, Math, and Science. Given this, you certainly don't want to be wasting your time. If you're taking the time study, you should see results. To make sure you're prepping effectively and learning the skills you need to know, I would recommend exploring all your test prep options. For instance, you can learn a lot about the ACT (for free!) from our various detailed study guides. A lot less expensive (and lighter) than all these recommendedACTpreparation books, since unfortunately there's no ACT preparation books free download. These are just a few of the most useful guides, and we're adding new ones every day. The Best Way to Review Your Mistakes on ACT Questions Should You Guess on the ACT? 5 Guessing Strategies The 31 ACT Critical Math Formulas You Must Know The Complete Guide to ACT Grammar Rules ACT Vocabulary: Words You Must Know How to Write an ACT Essay, Step by Step How to Get a Perfect ACT Score, by a 36 Full Scorer All of us at PrepScholar have been through the standardized testing process and understand what's at stake. We also know that it's important to prep in a way that's customized to you as a student, celebrates your authentic learning style, and doesn't feel tedious or boring. You can try a 5 day free trial of our online ACT prep program to see if it works for you. You can learn exactly how PrepScholar customizes your study plan, keeps track of your progress, and helps you stay accountable to your goals. While books offer a ton of information, their very thoroughnessadds extra challenge to an already high stakes situation. Before spending your time and money on all these books, consider how you best learn and what your goals are so you can make things easier on yourself and determine yourbest approach. What's Next? How long should you study before you take the ACT? Check out our recommended study plan here. When are you going to take the ACT for the first time? How many times do you plan to take it? This article discusses the most important factors in choosing your test dates. Want to improve your ACT score by 4+ points? Download our free guide to the top 5 strategies you need in your prep to improve your ACT score dramatically.

Having Admission Essays Explained by a Professional

Having Admission Essays Explained by a Professional If you are having difficulty with your admissions essay and would like to have the process of writing admission essays explained in a easy way that you can understand, then I strongly recommend that you seek council from a professional admissions essay editor. Available for a variety of different services, professional editors can make the task of having to write a college admission composition much simpler. If you are interested in learning more about professional essay editors, please read on. Most professional editing companies offer a variety of services to students in need. Services can range anywhere from one-time proof reading to step-by-step guidance through the entire admission essays writing process. Prices for these services can cost anywhere from $30 to $1,000. If you are interested in hiring a professional editor, make sure that get specific details on the services offered and the prices attached. I can tell you from first hand experience that hiring a professional editor to help with your admission essay is an excellent decision. Depending what type of editing package you buy, you can receive one-on-one personal attention from one of several qualified, Harvard-educated editors, you can have all of your drafts read and corrected, and you can even get outline and/or creativity advice from an editor who will help you construct your paper from scratch! Whatever assistance you need, you can rest assured that there is a qualified editor willing and ready to help. I cannot stress enough how wonderful it was to have an editor assist me in the admission essays writing process. Although I did all of the actual writing by myself, it was terrific to have someone to whom I could turn for guidance and/or suggestions. If you are interested in getting help with your composition and/or having admission essays explained, I encourage you to contact a professional and reliable editor.

Reflection paper Essay Example | Topics and Well Written Essays - 750 words - 10

Reflection paper - Essay Example Each one of us is familiar with the experience of having to drive several times around city blocks looking for parking space. In this article, Donald Shoup says that various studies have shown that on average 36% of cars in congested downtown traffic were cruising, looking for curb parking. The article cites a 2008 study for a 15-block area of Upper West side of Manhattan where the average cruising time was only 3.1 minutes and the average cruising distance only 0.37 miles. Even for such small time and distance, the high traffic density causes 366,000 miles of excess travel that puts out 325 tons of carbon dioxide every year into the atmosphere in the area. As we know from our own experience, cruising times and distances in most large cities is several times larger than the Manhattan area numbers cited above. Urban planners have sought to remedy urban parking problems by legislation requiring any new redevelopment plans in downtown areas to provide space for off-street parking. The high prices for land in such areas or the simple fact of non-availability of sufficient land have prevented much needed redevelopment in crowded downtown areas. The second solution attempted has been to install parking meters and charge high prices for parking and time limits such as 30 minutes or one hour for parking. These time limits are often impractical. For example someone going for a meal in a restaurant or for a show in a theater would need much longer parking time. High parking rates are also opposed by retailers and businesses in the area that fear that these rates would drive their customers away to other streets where parking may be easier. Donald Shoup advocates a deceptively simple solution for the urban parking problem. He recommends that parking prices be set to achieve an optimum 85% occupancy rate which translates to 1 or 2 open slots in a city

Causes and Effects of Divorce Essay Example | Topics and Well Written Essays - 750 words

Causes and Effects of Divorce - Essay Example Most of the marriage counselors highlight excessive intolerance, high temperaments, and poor communication to be the major causes of a failed marriage which are discussed in this paper along with the broad range of socioeconomic and psychological effects produced on both men and women by a failed marriage. Research done on poorly working marital relationships between husbands and wives presents the fact that women are emotionally much better groomed than men and they think that emotional handling is hugely important for appropriate maintenance of the marriage. They like to talk things over with their husbands and naturally demand suitable responses from them as well. On the other hand, most of the husbands are found completely oblivious to the difference in the emotional realities existing between men and women. Though, they do communicate with their wives at the beginning of the marriage as a way of maintaining a sense of closeness with their wives, they become less and less communi cative with the passing time due to which the wives helplessly develop an inner void that is completely inescapable. The growing silence on the part of husbands also leads the wives to develop fake illusions like they may have lost charm due to which their men no more find them attractive and worth talking-to. Obviously, women squabble about the state of their marriages much passionately than men so and as they are more vocal about various problems which they encounter, the reduced responsiveness of their men proves to be an infuriating culprit which causes divorce. Incompatibility between partners, in terms of emotional and intellectual grooming, is also a major cause of divorce. Abusive relationship between husband and wife also leads them to destroy each other’s mental well being which leads them to initiate divorce settlement. (Rowd). Zero tolerance on either side leads both partners to the decision that there is no way out except divorce which would prove to be a dead lo ck to the violent fights. Coming to the economic pressures exerted by divorce, it is mentioned in (EFFECTS OF DIVORCE) that women experience a severe drop in their standard of living after the divorce is finalized and in contrast, men enjoy a rise in their living standards after getting divorced. This is because the kind of emotional trauma experienced by women after divorce is much more detrimental than the trauma faced by their ex-spouses, as men are less emotional, more practical, and more able of handling their lives after getting divorced. In most of the cases, women are reduced to depend on alimony, which is the court-ordered financial support given by one spouse to another for a particular time period. (Melamed) specifies that aggravated depression is one of the major psychological effects produced as a result of divorce on both men and women. The social stigma experienced by women after divorce also produces troublesome repercussions for them, particularly in more convention al countries where contrastingly, many men draw sympathy and compassion towards themselves from the surrounding social network of people after getting divorced. That is why men feel more confident than women to remarry and escape the social

Personal Goal Essay Example | Topics and Well Written Essays - 1250 words

Personal Goal - Essay Example I am just beginning my professional career. The reason to choose this field of profession was that it offers a chance to gain a never ending knowledge of a particular field of study, whether the knowledge comes from the student or any other source. The future of being an Educator is great as it provides ways to get involved in the field of study directly, a direct interaction with the students helps to gain awareness about the perspective of the young generation and how the future of the world is going to change according to their mindsets. In addition to that, being an educator provides a never-ending professional development and opportunity to learn. This is so because there is always going to be potential of development and research in different fields of education. Emergence of new skills and concepts allow educators to grow and development professionally parallel to acting as an expert in their own field. The career of an educator comes with apparent challenges. A decade ago edu cation was not considered a professional job but today teachers are required to prepare themselves before entering a class. Similarly in coming 4 to 5 years, the level of studies would enhance and a simple explanation won’t be enough to clear the doubts of students. A teacher has to face such challenges and give a logical reasoning and prove his point of view with examples to convince the students. The greatest strength of being a teacher is his knowledge, being a specialized teacher in the field of economics particularly is a benefit in itself. Development is needed in every profession, but specifically for an educator, knowledge of new advancements and discoveries are a must for satisfying and teaching the students. To be a successful educator, communication and interpersonal skills are necessary so that everything is easily understood by all students. Secondly there is a constant need for increasing one’s knowledge and skills with constant revisions in order to teac h effectively. Where as in the coming year I need to enhance few areas to participate and develop professionally. Firstly an educator has to continue his studies, in my case a professional master’s degree in my field of study, secondly adopting the latest way of teaching i.e. through presentations and multi-media and lastly to prepare oneself before a particular lecture. All these areas need development to enhance my current skills and ensure a healthy career as an educator. In addition to that, changing requirements of the students and continuously transforming structure of education system in different parts of the world requires teachers and educators to be more attentive to changes that are being taking place in their field of study. Nowadays, students expect teachers to not only be experts in their given fields but multidisciplinary, furthermore provide them with emotional and professional guidance with a level of individual attention to needs. Hence, a teacher is expect ed to be a mentor along with being an instructor. Furthermore, participation of all kind of students i.e. different ethnic groups, socio-economic classes and disable students, in main education system has introduced further complexities in the education system that has redefined the role of educators.  

Innovation and management of change Essay Example | Topics and Well Written Essays - 1000 words

Innovation and management of change - Essay Example The Fragmented Culture is one of the cultures identified on the Goffee-Jones Matrix as shown in Figure 1. In the 1990s, the company had a poor level of internal communication between the management and the employees. This lack of cooperation between the management and the workers shows that the level of sociability in the organization is very low. This also a feature of the Fragmented culture identified in the Goffee-Jones Matrix. This culture is identified by distinct goals of the leadership in Whirlpool. The expenditure on Research and Development department and Marketing was less than 4% of the total sales revenue for Whirlpool. The management thought that every strategy of brand management had been tried on the products of Whirlpool but not in a sustained or integrated way. The reason for the decreasing rate of actual sales increase was the lack of cooperation of the strategies and inappropriate expenditure. The company had the focus on excellence in operations and distribution of the products. This focus led to focus on tasks rather than what the consumers wants. High level of focus on tasks shows that the company has low sociability. The company was not able to analyze the needs and wants of the customers which caused the downward trend in the actual sales figures. This shows that the employees and the management could not think together which shows the organization has low level of solidarity. The anticipated rise in sales from 1990 to1996 was very high but actually only 13% sales could be lifted. Although the company was able to manufacture products at costs and quality that were competitive in white goods market, but the company was not able to centre the design and product specifications according to the needs and wants of the customers. The decision to go global and to become the first white goods manufacturer in the US to step in global trade was taken by an Executive Committee which comprised of the top managers of

Time Value of Money Paper Research Example | Topics and Well Written Essays - 1000 words

Time Value of Money - Research Paper Example Calculation regarding future values of present values is extremely important when making important investment decisions (Andrew, 1997). A manager who would be uncertain of what would be the future value of his investment today, he would be uncertain whether to take on the investment or not. Suppose, a manager takes on an investment to invest in a bond that will pay him $ 1000 at maturity at 5% interest. How would he value the investment in terms of today? What is explicitly of importance to the manager is that how much the investor should pay today in order to get that $ 1000 principal at maturity (Brealey, 2005). The investor should use the application of time value of money in order to determine whether the amount that the borrower is asking is appropriate or not. Similarly, an investor might want to know that if he deposits a certain sum of money in the bank, then what would be the future value of the payment that he would receive at the relevant interest rate few years from now ( Andrew, 1997). The basic concept I have learnt from this assignment is how to apply the application of time value of money in different situations. Sometimes, we have been given the future value and all information and we had to find the present value, while sometimes we had been given present value and we had to calculate the future value. In summation, I have learnt the practical application and usefulness of time value of

Microeconomics Term Paper Example | Topics and Well Written Essays - 2500 words

Microeconomics - Term Paper Example However, since the buying and selling is common to all participants of economy, therefore microeconomics plays an important role in determining the supply and demand of goods. As this factor is responsible for price fixation of goods and services, the change in supply vs. demand position can lead to change in price. As resources become limited, microeconomics tries to analyze the relationship between market conditions, product prices, as well as the market mechanism which establishes this relationship. Such mechanism has a great role to play in the allocation of resources, in such scenario. Therefore, microeconomics has a significant role in determining the conditions required for a perfect competition. It also studies the conditions which may have led to market failure, when results are not produced efficiently. However, microeconomics can only establish the theoretical conditions, while actually market behavior may be different, sometimes. Accordingly, studies in this field of econ omy would include decision making ability under uncertain market condition. It also includes the study of market, which may not follow any pattern. This term paper would discuss about the principles of microeconomics, along with its fundamentals, in the following pages. Principles of microeconomics As there is a great relationship between a household and economy; Greek ancestors have correctly named the manager of a household as ‘economy’. Looking at the wider scenario, the household is an economic entity within a larger society. The society must ensure the allocation of funds and jobs to different members, while managing the available limited resources. Therefore the decisions need to be taken, keeping in view certain fundamentals, which are considered as the principles of microeconomics, which help people in making their decisions. Supply and demand In economic terms, demand means willingness, need and ability to purchase certain goods or services. However, desire to purchase may meet the requirement of willingness, but same only cannot generate demand. The purchaser must be able to pay for the specific good or service. The payment method can vary, as sellers except cash, credit cards, deferred payment or lease payments, nowadays. The capacity to purchase the good determines the ability for generating the demand. Readiness to purchase the good, right now, comes after the above two requirements of demand have been met. Once the immediate purchase willingness is confirmed the demand gets generated. (beggs 1) Supply relates to the available quantity of a particular good or service at a point in time, in a particular location. Supply would primarily comprise of two elements. One is the quantity of goods produced by a firm, while other is the combined quantity of same goods produced and offered for sale by different firms, involved in manufacture and trading of that particular item. However, total availability of such goods in market refers to the su pply of the same. Supply would relate with the profit to be generated by offering such goods for sale. As companies prefer to sell their products at maximum profit level, this would determine the quantity and quality of goods that the firm can offer at any particular point. Maximum profit is calculated, based on the cost inputs, production costs, marketing costs and other variables. Therefore, all these factors would ultimately determine the supply position a

Time Value of Money Paper Research Example | Topics and Well Written Essays - 1000 words

Time Value of Money - Research Paper Example Calculation regarding future values of present values is extremely important when making important investment decisions (Andrew, 1997). A manager who would be uncertain of what would be the future value of his investment today, he would be uncertain whether to take on the investment or not. Suppose, a manager takes on an investment to invest in a bond that will pay him $ 1000 at maturity at 5% interest. How would he value the investment in terms of today? What is explicitly of importance to the manager is that how much the investor should pay today in order to get that $ 1000 principal at maturity (Brealey, 2005). The investor should use the application of time value of money in order to determine whether the amount that the borrower is asking is appropriate or not. Similarly, an investor might want to know that if he deposits a certain sum of money in the bank, then what would be the future value of the payment that he would receive at the relevant interest rate few years from now ( Andrew, 1997). The basic concept I have learnt from this assignment is how to apply the application of time value of money in different situations. Sometimes, we have been given the future value and all information and we had to find the present value, while sometimes we had been given present value and we had to calculate the future value. In summation, I have learnt the practical application and usefulness of time value of

Final Essay Example | Topics and Well Written Essays - 750 words - 3

Final - Essay Example It impacts the reserves held by banks and other institutions to lend money to corporations and households. On a larger scale, it affects the supply of reserves in the banking system, and thus the interest rates and overall growth in the economy. a) If central bank sells government bond, it takes money in exchange for the bonds. This reduces the reserves of private sector banks, and their capacity to make loans to households and corporations and thus cause money growth to decline through money multiplier mechanism. The central bank usually targets a certain level of bank reserves or a particular interest rate for these reserves. OMO allows Fed to affect the supply of reserve balances in the banking system and therefore influence short term interest rates. Given that Fed sold 1 million dollars’ worth of government securities, and that the money multiplier is 5. The reserves of banks and lending institutions to go down by $1 million, this money could have been used to give out lo ans worth $5 million (Amount X Multiplier). This is part of Fed’s tightened the monetary policy. The graph below shows how a change in the supply of money influences interest rates. The supply curve of money shows the quantity of money supplied, with all other things remaining constant. As the quantity of reserves is determined by the Fed’s monetary policy, the supply curve of money is assumed to be vertical line. ... The components of GDP include: Consumption (C) Investment (I) Government Expenditure (G) Net exports (X - M) These components are easily influenced by changes in interest rates. When interest rates are high, people do not want to borrow money through loans as it is more expensive to repay. This reduces the demand for most of the products such as cars, new houses or house renovation, large appliances, luxury goods etc. which causes the overall consumption in the economy to fall. Businesses also avoid raising money for expansion or start up through loans because the interest rates are higher. Similar is the case for government borrowing. As interest rates increase, the foreign investment will tend to rise because foreigners will get a large return on their investment. This drives up the demand for dollar and causes exchange rate to rise. As exchange rates surge, our imports will become cheaper and their demand will rise; exports will be more expensive for foreigners, so their demand wi ll fall. The graph below depicts how a change in the aggregate demand will impact price level and real GDP of the economy. The graph above shows a shift in aggregate demand curve from AD to AD’, it shows the impact on price level as prices have reduced from P to P’; the real GDP in the economy has fallen from Y to Y’. As we know that the demand for labor is a derived demand, that is, it is required only when a higher quantity of other goods is required. If the aggregate demand for goods and services in the economy goes down, a lower quantity of labor will be required to produce these goods. People who are willing and able to work will not find jobs,

Outdoor-lifestyle retailer Essay Example for Free

Outdoor-lifestyle retailer Essay Executive Summary BBQfun will be the leading outdoor-lifestyle retailer, catering to the growing need for furnishing new and renovated dwellings in the greater Brisbane area. The assortment offer of BBQs, outdoor furniture and BBQ accessories will position BBQfun as best inclass for outdoor-lifestyle retailing. BBQfun will reinvent the way people shop for outdoor-lifestyle products. BBQfun will build its reputation on offering the fullest assortment of products possible in our chosen fields, incorporating both local and imported goods with products sold on easy to manage long-term payment plans. Our after sales service and 3 year guarantees will find traction with a market dominated by low-quality. Situation Analysis BBQfun is close to entering its fifth year of operation. Te initial rollout of stores has been well received, and marketing is now critical to its continued success and future profitability. The store offers wide-ranging outdoor-lifestyle items on easy to manage payment terms and supplies a three year guarantee on every item sold. The basic market need is for quality, fashionable and unique outdoor-lifestyle items that caters to the house-proud needs of our market. Market Summary BBQfun possess good information about the market and knows a great deal about the common attributes of our most prized and loyal customers. BBQfun will leverage this information to better understand who is served, their specific needs, and how BBQfun can better communicate with them. Market Demographics †¢ Accessibility. The patron can gain easy access to the store with minimal wait. †¢ Customer service. The patron will be impressed with the after sales service and Guarantees. †¢ Competitive pricing. All products/services will be competitively priced relative to comparable high-end outdoor-lifestyle lines. Above all, BBQfun believes that easy to access stores with extensive choices in our chosen fields, that are sold on an easy to manage payment plan with a three year guarantee are the keys to our customer’s needs and wants. Market Trends The market trend for outdoor-lifestyle stores is headed toward a more sophisticated and informed customer. The outdoor-lifestyles patron today relative to yesterday is more sophisticated in a number of different ways. †¢ Item quality. The preference for high-quality items is increasing as customers are learning to appreciate the qualitative differences. †¢ Unique. Our patrons appreciate the opportunity to include outdoor-lifestyles in their home that stand out from the mass produced and sold low quality items. †¢ Selection. People are demanding a larger selection of choices, they are no  longer accepting a limited offer in outdoor-lifestyles. The reason for this trend is that within the last couple of years there has been an explosion of media in the form of TV shows and magazines that have promoted exotic and different outdoor-lifestyles. Our patrons no longer need to accept a limited number of options. With more choices, patrons have become more sophisticated. This trend is intuitive as you can observe a more sophisticated patron in larger city markets such as Sydney or Melbourne where there has been more choices available. BBQfun strongly believes that customers are more interested in range of products, after sales service and easy to manage payments than any other issues. These are the reasons that they will shop with us and become loyal patrons. Technological developments with the broadband rollout across greater Brisbane and Australia is opening up significant opportunities for internet shopping and for providing information for our customers about our product range. Market Growth In 2008, the National outdoor-lifestyle market reached $300 million dollars. Outdoor lifestyle sales are estimated to grow by at least 6% for the next few years. This growth can be attributed to several different factors. The greater disposable household income from the two income families, the greater availability of affordable and interesting quality imports with the high value of the Australian dollar and the marketing by popular TV shows like ‘Homes Beautiful’ and ‘Better Outdoor-lifestyles’. Economy Based on economic forecasts, BBQfun assumes that interest rates are staying steady and so will have no affect on disposable income. The same assumption is made about employment levels, where BBQfun assumes that unemployment levels remain the same at 4.7%. Political From research carried out, BBQfun identified that the Government focus and emphasis in future legislative direction will be about ‘growing the economy’ and ‘population base which BBQfun sees as a positive for their business model. There is also a strong push for environmentally sound business practices in the legislative framework. BBQfun, as business operating in Australia, will abide by the law in all its dealings and comply with all legislation that impacts on its business activities. SWOT Analysis The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing BBQfun. Strengths †¢ Excellent staff who are highly skilled and knowledgeable about outdoor-lifestyles. †¢ Great retail space that is bright, functional and efficient for a commercial urban district. †¢ High customer loyalty among repeat customers. †¢ Assortment offerings that exceed competitors offerings in quality, range and accessibility. Weaknesses †¢ A limited marketing budget to develop brand awareness due to the lack of critical mass and store cover. †¢ The struggle to continually fund the growing long term repayment plans taken out by our customers. Opportunities †¢ A growing market in a high growth area with a significant percentage of the target market still not aware of BBQfun’s offer. †¢ Increasing sales opportunities outside of our target area – greater Brisbane. Threats †¢ Competition from local independents that can reduce prices as owner operators lower than our staff run stores. †¢ Competition from National chains moving into the Brisbane market. †¢ A slump in the economy reducing customers disposable income spent on outdoor-lifestyles. Competition National Competition †¢ The Yard: has a limited selection but significant depth. All Australian made. No significant marketing or promotion. The price point is high, but the quality of products are quite good. Not in Brisbane. Mostly in Sydney and Melbourne. †¢ BBQ’s R us: Broad range of outdoor-lifestyle products including trinkets and furnishings. Lots of cheap imports. Concentrating on established markets. Strong in the replacements segment. Not in Brisbane. Mostly in Melbourne and Adelaide. †¢ Outdoorz: Large operations of only a few stores per city. Mass markets outdoor lifestyles at good value prices. No imported goods. Extensive advertising. Low to medium quality. Not in Brisbane. Strong in the replacement segment rather than new and refurbished  dwellings. Strong in other capital cities. Local Competition †¢ All independents. These stores are owned by individual owner operators. Ranges vary according to owner preferences. Very little imports. Mostly retailing Australian manufactured goods. Collectively their average item sale price is $250, have a market share of 48%, and are growing at about 8% per year. BBQfun do not see the competitors changing their marketing strategy or product offer in the foreseeable future. Growth and Share Analysis New dwellings – growth in potential customers 10%. Estimated Brisbane customer numbers in 2010 is 95,000. Renovations – growth in potential customers 7%. Estimated Brisbane customer numbers in 2010 is 35,000. Replacement – growth in potential customers 5%. Estimated Brisbane customer numbers in 2010 is 120,000. Service Offering BBQfun has created a outdoor-lifestyles range of retail products that are differentiated and superior to competitors. Customers can see the quality of the product as it is displayed in the stores. The following are characteristics of the product: 1. BBQfun’s credit offer is backed by a top tier bank. 2. Imported products make up 33% of the assortment. 3. The 3 year guarantee is unique in the market place. 4. Broadest possible range in chosen fields. BBQfun’s prides itself on providing service that is on par if not better than any of the local independent stores and far in excess of the national chains. BBQfun will ensure that all aspects that are involved in the delivery of satisfaction to the customer will work using an integrated approach. At a GlanceThe Prototype BBQfun Store: †¢ Location: a commercial, suburban neighbourhood, or urban retail district. †¢ Design: bright and functional. †¢ Size: 1,000 to 1,500 m2. †¢ Employees: 15 to 20 full time plus casuals †¢ Types of transactions: 60% cash, 40% on long term repayment plan. Keys to Success Location. BBQfun’s site selection criteria are critical to success. Scott Bremmer, former partner of an international chain, helped us identify the following site selection criteria: †¢ New dwelling populations. †¢ Shopping patterns requiring easy access. †¢ Customer car parking counts. Critical Issues BBQfun is still in the speculative stage as a possible franchise concept or joint venture. Its critical issues are: †¢ Committed to sales growth which allows for greater options in import assortments and in reduced price with volume buys. This will promote our uniqueness and contribute to improved profit margins. †¢ Continue to finance the easy manage long term repayment plan for customers. †¢ Locate in easy access sites close to the growing markets in new dwelling development. Marketing Strategy BBQfun’s advertising budget is set at $250,000 for the year. The advertising program will target local letter-box drops, radio and magazines. BBQfun’s will do direct mail and local advertising, with coupon inserts in the BrisNews magazine likely to be the most successful of the campaigns. BBQfun will try to get articles about BBQfun into the BrisNews magazine. Previous features in the BrisNews magazine has seen a dramatic increase of sales immediately after the article was published. Mission BBQfun’s mission is to provide customers with the most extensive assortment of quality outdoor-lifestyle products available in the market. Our after sales service is second to none supported by our easy to manage long term repayment plans which make unique, imported and high quality outdoor-lifestyle affordable to all. BBQfun exist to attract and maintain outdoor-lifestyle customers wishing to purchase products that give our customers pride in their homes. Our services will exceed the expectations of our customers. Marketing Objectives 1. Increase sales from $15million per year to $20million per year in the next  three years 2. Increase our loyalty customers list from 10,000 to 16,000. 3. Establish brand recognition in Brisbane so that at least 2 in 3 people recognise our brand in a random survey taken in 18 months time. 3.3 Financial Objectives 1. A double-digit growth rate for each future year. 2. Reduce the overhead per store through disciplined management of expenses. 3. Continue increase our gross profit margins. Target Marketing The market can be segmented into three target populations: †¢ New dwellings – generally want to purchase entire suites. Typically shopped as couples. Price sensitive to a point but co-ordination is the highest priority. †¢ Renovations – demand for high quality and different items. Unique and exotic over rides price concerns. †¢ Replacement – basic functional products that replace and broken or worn item. Single shopper. Cheap price required. The BBQfun customers are mostly aged between 20 and 50, making up 50% of the new and renovated dwelling market. Outdoor-lifestyle stores have been very successful in stand alone, extensive car park access, close to new housing estates being established. These areas have families who have household disposable incomes of over $40,000 per year. Combining several key demographic factors, BBQfun arrives at a profile of the primary customer as follows: †¢ Sophisticated people who are house proud. †¢ Shoppers who will drive to an easy to access store. †¢ A customers who requires payment plans to spread their commitment over an extended period. †¢ Renovators and new home builders †¢ 20-50 year olds Positioning BBQfun will position itself as a broad assortment, quality, unique outdoor-lifestyle retailer. Brisbane consumers who appreciate high-quality and uniqueness will recognize the value and unique offerings of BBQfun. Patrons will be single as well as families, ages 20-50. BBQfun’s positioning will leverage their competitive edge: †¢ Product. The product will be wide ranging, quality and unique. It offers the house proud customer a different  option from the cheap mass produced offer prevalent in the market †¢ Service. BBQfun offer the only 3 years guarantee in the market. Our easy play payment scheme is just what our mortgage repaying customers welcome. Our experienced staff can assist with product knowledge second to none in the industry. By offering a superior service in range and uniqueness, BBQfun will excel relative to the competition and achieve our objectives. Strategy Pyramids The single objective is to position BBQfun as the premier outdoor-lifestyles store in the greater Brisbane area, commanding a majority of the market share within five years. The marketing strategy will seek to first create customer awareness regarding their services offered, develop that customer base, and work toward building customer loyalty and referrals. The message that BBQfun will seek to communicate is that BBQfun offers the widest, most exotic, easy access outdoor-lifestyle products in Brisbane. This message will be communicated through a variety of methods. The first will be direct mail. The direct mail campaign will be a way to communicate directly with the consumer. BBQfun will also use ads and inserts in Brizzy magazine.The last method for communicating BBQfun’s message is through a grassroots PR campaign. This campaign will invite people from Brizzy for lunch to get articles written about BBQfun into the news. Because of this level of effectiveness and low/zero cost, BBQfun will work hard to get press in the Brizzy. BBQfun also believe that the local patrons far prefer to receive information from the store via flyers in the letterbox. Marketing Mix BBQfun’s marketing mix is comprised of these following approaches to pricing, distribution, advertising and promotion, and customer service. †¢ Pricing. While BBQfun will price at comparable prices for comparable quality, it will not be cheap. We push value over cheap and back this up with a 3 year guarantee. †¢ Distribution. BBQfun products will be distributed through a chain of retail stores which customers can access easily via the large car parking arrangements. †¢ Advertising and Promotion. The most successful advertising will be ads and inserts in the Brizzy as well as a PR campaign of informational articles and reviews also within the Brizzy. Promotions will take the form of in store entertainment and competitions with prizes to exotic overseas destinations. †¢ Customer Service. BBQfun’s philosophy is  that whatever needs to be done to make the customer happy must occur, this investment will pay off with a fiercely loyal customer base who is extremely vocal to their friends with referrals. Product development It is envisaged that new products will be developed on a regular basis in line with changes in customer taste which is targeted at every 12 months. The plan for product testing is to engage market research firms. By getting feedback from these firms, changes can be made or products ‘canned’ so that only tested and proven products make it onto the store assortment list. Marketing Research During the initial phases of the marketing plan development, several focus groups were held to gain insight into a variety of patrons of outdoor-lifestyle stores. These focus groups provided useful insight into the decisions, and decision making processes, of consumers. An additional source of market research that is dynamic is a feedback mechanism based on a suggestion card system in store. The last source of market research is competitive analysis/appreciation. BBQfun management will continually visit local outdoor-lifestyle stores for two reasons. The first is for competitive analysis, providing BBQfun with timely information regarding other store’s service offering. The second reason is that local business owners, are often part of an informal fraternal organization where they support each others business. Financials, Budgets, and Forecasts This section will offer a financial overview of BBQfun as it relates to the marketing activities. BBQfun will address Break-even Analysis, sales forecasts, expense forecasts, and how those link to the marketing strategy. Break-even Analysis The Break-even Analysis indicates that $1.1 million in sales per year will be needed to reach the break-even point. Fixed costs are estimated at $150,000. Variable costs are 40% of sales, therefore sales of $1.0 million will be sufficient to pay for the fixed and variable cost. Sales Forecast The first year of the plan will be used to get the cafe up and running. By year two things will get busier. Sales will gradually increase with profitability being reached by the beginning of year two. Gross profit is  anticipated at 50%. Ongoing sales forecasting will be to use the services of Cannon’s Consultants who will advise on all aspects of the marketing function that BBQfun will be engaged with. Cannons will also be given access to the marketing cost data so that they can periodically examine and validate marketing costs in line with industry benchmarks. They have always been the preferred consultants because they are locally based unlike the national group of consultants, Brown Holingsworth, based in Melbourne.

Comparing personnel management and HRM

Comparing personnel management and HRM Human resources must be appreciated, located and recovered, organised and managed with great care. Sound human resource management practices are necessary for retaining effective workforce. The HR function of Hilton Hotels focuses on actions that build workforce competencies and motivation that in turn positively influence their corporate strategies and gives them a competitive advantage. INTRODUCTION 2.1 Terms of reference According to some authors, Human Resource Management (HRM) is no different from personnel management and maintains that the obvious change is a relabeling process (Legge 1989, Torrington 1989). However, the new terminology may at least rid personnel management from its unfortunate welfare image and other negative connotations Sisson (1990) and thus save the ailing function from marginalisation. Some Human Resource academics argue and maintain that new labels on old bottles may have their uses even if it is only for marketing purposes. (Armstrong 1987, Guest 1989). The aim and objective of this report is to critically analyse the human resource strategies and policies of Hilton Hotels. In order to critically analyse and evaluate the human resource methods of Hilton Hotels critically, human resource management theories and models have been discussed and related to the success of Hilton Hotels The main themes for this report are General HRM overview of Hilton Hotel, learning and development, reward systems and training and development. The ways in which their strategies and policies support organisational goals have been evaluated. Recommendations have been made in areas that require improvements. 2.2 Overview of HRM Human Resource Management emerged in the 1990s.It can be traced to Drucker, McGregor and Bennis Drucker (1955) who introduced management by objectives (MBO) proposing that managers should direct employees towards a common goal through directed leadership. McGregor (1960) advocated management by integration and self control a strategy for managing people which increases motivation and pervades the whole business. Bennis (1964) introduced the idea of organisational development (OD). He argued that people have complex cognitive and social need, they respond better to collaboration and reason rather than power based on coercion and threat; and an organisation should be based on humanistic, democratic ideas, replacing the mechanistic value system of bureaucracy. Factors such as globalisation, competition and technological innovation caused the fading of personnel management. This change increased people management which addressed more strategic issues that personnel management ignored. There was therefore the need for managers to be more strategic in terms of managing their work force hence a new way of managing people strategically. Human Resource Management can be defined as the planning, acquisition and development of human resources necessary for organisational success. (Kreitner, 1995, p. 331). French (1964) expressed the importance of human resources by saying it creates organisations and make them survive and prosper. He advocated that it is the talent and skill of employees in using other materials and energy that result in the creation of useful products and services. (Braton and Gold 2003) defines HRM as a strategic approach to managing employment relations which emphasizes that leveraging peoples capabilities is critical to achieving sustainable competitive advantage, this being achieved through a distinctive set of integrated employment policies , programmes and practices. Human Resource Management involves five key models; The Michigan model of HRM (USA) ( Tichy, Fombrun Devanna (1982), Fombrun, Tichy Devanna 1984) The Harvard model (USA) (Beer, Spector, Lawrence, Quin Mills Walton 1984) Guests (1987) Model of HRM (UK) The Warwick model of HRM (UK) (Hendry and Pettigrew ,1990) Storeys (1992) Model of HRM (UK) (lecture notes) 2.3 Background Hilton Hotels Corporation is recognized around the world as a pre-eminent lodging hospitality company, offering guests and customers the finest accommodations, services, amenities and value for business or leisure. The Hilton brand has, for more than 80 years, been synonymous with excellence in the hospitality industry. Hilton is able to offer guests the widest possible variety of hotel experiences, including city center hotels, convention properties, all-suite hotels, extended stay, mid-priced focused service, destination resorts, vacation ownership and airport hotels. (Hilton webpage ). Hilton Hotels was founded in 1919 by Conrad Hilton. Hilton has 2,645 hotels offering over 485,000 rooms to the general public. Currently Hilton employs 135,000 members worldwide. Positions at Hilton range from receptionists to general managers to CEOs. The company manages property holdings under different names around the globe. These include Hilton Hotels, Conrad Hotels and Hampton Inn and Suites. METHODS 3.1 Data collection methods The data used in this research has been obtained mainly from secondary sources. Hiltons corporate website, independent websites, online journals and text books have been used. These sources gave insight into Hiltons human resource management strategies. Text books helped link HRM theory to the practices of Hilton. 3.2 Issues and challenges The first challenge encountered by the group was deciding on which organisation to choose. Several organisations came up but eventually we decided on Hilton Hotels because they had a very attractive website with a lot of information we needed to complete the report. There was also the challenge that comes with working in a group. The Elevator graduate scheme for this year has been postponed. This made it impossible for us to gather adequate information in that section for the report. There were also problems accessing information for the other graduate schemes because such information is only made available during recruitment times. There was the issue of time constraints for the report due to other assignments due in the same week. RESULTS 4.1 Business strategies Traditionally, the firm had focused on place, product and promotion, by establishing the finest hotels in the most attractive, convenient and sometimes expensive places in the world. In the new millennium, particularly after the attacks on September 11th, Hilton has gone after the mid-priced client and the more affluent lodging clientele. The Hilton hotels focuses on the brand identity and quality, structural growth, brand equity, operational efficiencies and 100% customer satisfaction guarantee when it comes to their business strategies. In 2006 a new strategy that boosted the hotels profits was to maintain management contracts rather than full ownerships. Another business strategy of the Hilton hotels was to ensure to keep up to the promises of all the connectivity demands of the Hilton guests. This was done in May 2009 as Hilton hotels connected with BT (British Telecom) and ensured high speed internet usage in 60 Hiltons across United Kingdom and Ireland. This strategy ensured Hiltons commitment to extra ordinary levels of customer services (Wolf G.M. Neumann, Area president UK). Hilton opened midsized hotel segments to mark 20 years of award winning leadership in 2004. Hiltons started carrying out 20% reductions in carbon dioxide emissions, waste output and energy consumption, 10% reduction in water consumption t o prove themselves as environment and customer friendly. 4.2 HR Strategies Goals and Missions The Hiltons want to establish themselves as a world premium choice of hotels and want Hilton to be a brand inclusive of everything. It wants to boost its international connections and mark many locations as Hilton. Hilton hotels want to operate the business in a way that provides for current needs as well as allowing future generations to meet their own needs. Hilton hotels set their annual goals based on the prior years actual results and performance. At the end of the calendar year a hotel must have achieved their goals in each of the Key Performance Indicators of the Balanced Scorecard, the Hilton award winning performance measurement system.   The Key Performance Indicators are   Operational Effectiveness,   Revenue Maximization,   Brand Management,   Loyalty, and   Learning Growth.   Their mission is To be the first choice of the worlds travelers, building on the rich heritage and strength of our brands by: Consistently delighting our customers Investing in our team members Delivering innovative products and services Expanding our family of brands Continuously improving performance in our balanced scorecard (Hilton hotels corporation). The objective of Hilton is to matain a high standard in HRM and to create a business culture which everyone can grow and develop their careers. Giving themselves a 10 year time frame, Hilton is looking to add another 1000 properties to its international decision. They intend to move into areas such as Russia where they have never been before. HR strategy involves a central philosophy of the way that people in the organisation are managed and the translation of this into personnel policies and practices.It requires personnel policies and practices to be integrated so that they make a coherent whole and also that this is integrated with the business or organisational strategy. Hilton offers comprehensive HR support for managed properties. This support includes but is not limited to all of the following areas: full review of HR systems and standards to ensure corporate and governmental compliance, compensation administration, team member relations, risk management, professional education and training, HR information systems, in-house benefits support, legal and labour compliance, HR communications and workforce planning and analysis. Our HR team is dedicated to the pursuit of excellence in every area of team member loyalty and support. Hilton follows different approaches to manage HR(Hilton webpage). Ethnocentric approach: In which central values and business practices of home country are prelevant. The criteria for valuation and control are ascertained centrally from the headquarters. Polycentric approach: In this, under the supervision of local managers, subsidiaries are developed in each every country which results in little communication between headquarters and subsidiary. Geocentric approach: it tries to involve more integration between centre and subsidiaries to ensure close co-operation between the different parts of the chain, and implement both universal and local standards for evaluation and control. (Johnson 2003). 4.3 Overview of Hilton HR practices Successful organizations keep people issues at the fore front of their thinking and at the core of their decision making and planning. At Hilton hotel they believe Only those who feel valued can truly add value. This is the ethos behind every decision they make. A highly successful organization is one that has a unique organizational culture. Hill Jones (2001) described organizational culture as the specific collection of values and norms that are shared by people and groups in an organization and that control the way they interact with each other and with stakeholders outside the organization. At Hilton, There is a culture of support and sense of belonging that all workers of the Hilton family of hotels are made to feel at the work place. On their careers at Hilton page, emphasis has been laid on the fact that, recruits will be part of a growing company and a special family that is dedicated to a positive, productive and diverse working environment. Management looks forward to the special skills that individuals will bring to the job and at the same time, they have made an assurance that they are committed to the success and growth of their workforce. This implies that, they have in place a very good employer employee relationship at a strategic and operational level which creates job satisfaction ( see appendix A).The word family has been used considerably in their site. And if you join us, what should you expect from Hilton Hotels? Yes, you should expect to work hard, but above all you should expect to be treated as an individual, be rewarded for good performance and giving the little extra touches to our customers those Hilton Moments and, of course, enjoy your time with the Hilton family. So whether you are a seasoned professional or just starting out in this very diverse industry we would be delighted to welcome you to our family. (Hilton Hotel website). It clearly employs that there is an atmosphere of collectiveness of the workforce and a feeling of belongingness which does not only benefit the workforce but the organisation as a whole and effect contribute to satisfactory productivity, motivation and morale. It is therefore not surprising that they have one of the most enviable records of consistent international growth. Their work force is also referred to as team members. Team consists of individuals with different skills, knowledge, ideas and capabilities drawn from different background to execute a particular task. (Stuster 1996). Hayes (2002) suggests that a team is unlikely to function well unless its members are able to communicate effectively with one another and unless it is able to get over the interpersonal problems and conflicts which arise between individuals. Referring to the workforce as team members implies there is effective communication, engagement and also the influence of one another among employees and management, which enhances their performance. Engagement can be seen as ultimately about performance, because harnessing the discretionary effort of people does improve performance. If individuals are performing at their top potential, then it makes sense that teams, divisions, departments and organizations will work more effectively. Customers will receive better service, efficiency will improve, waste will be reduced, and overall performance will be enhanced (LGA, 2009:1). Hiltons HR team is dedicated to the persuit of excellence in every area of team member loyalty and support. 4.4 Training and Development The continuous learning and development of individuals are of crucial and strategic importance to organisations and thereby also to the overall economy. Organisational approaches vary greatly, but organisations that demonstrate a high commitment to HRM policies include as part of this commitment extensive training learning and development enabling them to achieve superior performance through their people. (Beardwell 2007:263). Hilton relates the success of their business to the skills, energy, initiative and commitment of their employees and team members. There is constant review of benefits available to employees to make sure they are competitive and can attract and retain the best people. (CSR Report 2005). Esprit is a Human Resource Management Programme based on Hiltons brand service standards which are truly extraordinary, focuses on courtesy, communication and guest satisfaction. Esprit helps employees develop their skills through ongoing monthly reviews, evaluation, certificates, and rewards for improving their knowledge and skills. This leads to higher employee satisfaction, higher standards of guest service and higher revenue and profits. With such great employee satisfaction Hilton International is able to recruit and retain the best in the industry and maintain high standards of people management (David LeMan, Regional Director of Human Resources Arabian Peninsula).(Hilton annual report 2002). With this approach to human capital investment and development, Esprit sets Hilton apart. It is therefore not surprising they have the worlds best hotel brand. Esprit focuses on the four Hilton core values expressed in its training manual; Customer to know who our customers are and provide them with the product and service they want. Quality that the customer is provided with an exceptional product by exceptional staff in terms of service and flexibility. People to work together and enjoy being part of a team and pulling together to provide excellent service. Profit to ensure that sales are maximized in answering the customers needs and that costs are controlled without compromising quality. (Hilton webpage) Hilton has a history of promoting from within the company. They provide opportunities for personal and professional development. Hilton believes that with their mission of becoming the preeminent global hospitality company the first choice of guests, team members and owners alike, they can only achieve this by constantly developing their workforce so that they can keep in tune with trends and developments in the hospitality industry. Hilton University is a worldwide award winning online portal available for team members to learn, train and develop. With more than 700 courses to choose from, employees can discover the best way to welcome guests, manage their time or coach a team of co-workers. This is available in different languages and a wide range of subjects (700 courses) to offer learning opportunities for staff in order for them to develop their skills on the job. It ranges from management skills, personal development courses, learning a language or financial training covering a range of skills for the hotel industry, from operational and technical to finance and general management. (Treven 2001; Johnson, 2003; Data monitor 2004; Brochure) It is a great way for staff to learn because it has been designed to help individuals learn at their own pace. It can be accessed from the hotel or office and even away from work. There are also virtual classroom sessions where staff can learn alongside other team members. Over 10,000 Hilton employees around the world have completed more than 80,000 courses at Hilton University since its inception (CSR Report 2005). This is a clear indication that a large number of employees take active part in the development programmes (appendix B). People are the only source of differentiation and sustainable competitive advantage. Essential to that is learning. Hence the director general for the IDP claimed that staff management and development will become the primary weapon available to managers to generate success (Rena, 200) cited in (Beardwell 2007: 263). The continuous learning and development of individuals are, therefore, of crucial and strategic importance to organisations and thereby also to the overall economy. (Beardwell 2007:263). Hilton has recognised the fact that majority of its team members are not English speakers. In 2003, the company gave 200 people the opportunity to improve upon their English by assessing an on line programme called Global English. This has benefited those employees involved. Most of those who had the opportunity of taking part are form developing and under-developed countries that did not have access to formal education which is often taken for granted in the West. (Brochure; Article, 200 2; Cushing, 2004). Elevator and premier class are also forms of training and development programs at Hilton (Appendix C for requirements). The aim of elevator is to develop a group of talented, internationally mobile people and fast track them to General Management positions within 5-8 years of starting the Program. It entails an initial 18 month training that consists of two international nine month placement. It is a combination of operational, all-round experience working in the 4 main areas of hotel business operations namely Business, development, Human resources and finance. There is also off the job training and business driven projects to complete. During elevator, progress is constantly assessed to make individuals know how well they are developing. Participants take part in four residential courses during the period. They will also have access to Hilton University the online learning and development tool to make use of their online business library. The elevator programme helped Hilton win the Best Development Program for Young Employees award at the 2005 World wide Hospitality Awards. Premier class is a nine month management and development program for employees aspiring to be department heads within the business. It focuses on key management skills needed to drive personnel and business performance in their hotel. Topics covered in this program include managing people and improving quality. We live in a changing world, new ideas and approaches emerge every day. Problems arise that need new solutions. This means constantly learning to keep up with the rapid change in the business environment. Hiltons learning culture acts as a source of job motivation and job satisfaction for employees which in the long run benefits the organization. 4.5 Performance Management and Reward Systems An organisations reward strategy is perhaps the area which, for employees provides the biggest bridge between rhetoric and reality. It is not only an essential tool in terms of retention, motivation and recruitment, it is an opportunity to demonstrate the culture of the organisation in a way that has real impact on employees. (Briscoe 1995; DAnnunzio-Green, 1997). Hilton believes there is the need to recognize and reward deserving and outstanding employees for their hard work and success. Employee benefit package is made up of a wide variety of features depending on the division and grade of the employee. Equilibrium is a worldwide quality initiative developed by Hilton. The aim is to ensure that individual guest needs are met and because Service quality is central to this, Esprit has been developed to embrace the key principles of employee recognition, respect and reward. HILTON INTERNATIONAL ESPRIT CLUB Only those that feel value can truly add value (Hilton hotel website) Human beings are diverse and complex and have different needs at a particular time. Therefore what satisfy one person will differ from another and also how a person is motivated depends on the needs, motive or drive of the individual. (BuchananHuzynski, 2004). Esprit encompasses a series of competitive training and development initiatives and a rewards program that gives colleagues a choice of benefits. Employees automatically become members of the Esprit club after completion of the training program. Employees are encouraged to create Hilton moments. The reward for this is Star points, bonds or certificates the currency for Esprit. This can be earned through Hilton as rewards for achievement and great guest service. The star points can be redeemed through a range of benefits. Examples are discounted hotel accommodation and food and beverage, health club membership, special rates on flights and car rental and mobile phones. Other reward systems include the the bright idea award, employee of the year or month award. Employees can also be nominated to representatives of the Hilton exchange committee, a forum where team members share ideas with the management to improve the hotel. In addition to the basic pay and remuneration received by employees, additional features are made available such as corporate discounts on hospitality services and travel. 4.6 Recruitment and Selection According to Armstrong (2005) organizations require employees with the right skills to ensure and sustain competitive advantage. Hilton believes that although year after year independent research confirm that they are the worlds most powerful hotel brand operating over 2800 hotels worldwide in more than 80 countries, in order for them to remain number one, they need to attract and develop the right people to be regarded as an employer of choice. Hilton relies heavily on the internet to advertise for candidates. They use websites like CatererGlobal.com, Milkround.co.uk, jorapido.co.uk and their own corporate website careersathilton.com. Occasionally they advertise in their annual brochures. Beardwell (2007) described outsourcing as a distinct business function from inside the business to an external third party. He goes on to say that outsourcing has become more and more common. Hilton receives over 1 million resumes annually. The company was therefore faced with the challenge of streamlining the hiring process in order for them to effectively assess viable candidates from among hundreds of applicants for specific positions. There was also the issue of administration being burdened with huge paper applications. Hilton deployed Oracles PeopleSoft Enterprise Human Capital Management Suite as Hiltons HR system of record worldwide, improving productivity, efficiency, and flow of critical data. (Oracle web site). This move helped them manage over 1.5million resumes annually, reduced administrative cost and burden, and helped to eliminate the paper based recruiting process enabling candidates to apply online. One of the ways in which they achieve this is through their award winning fast track graduate development Elevator program. THE ELEVATOR SCHEME The elevator scheme comprises of four stages selection process Stage 1- Application form: an on-line application form will have to be filled at this stage. Information such as personal details, education and work experience will be required. Based on this form, you may be invited to progress to Stage 2 of the process. Stage 2 Analytical reasoning tests: The applicant will have to go through a number of tests to assess his or her verbal and numerical reasoning ability. Based on the results at this stage, the applicant will be invited to complete Stage 3. Stage 3 Psychometric tests: This stage entails a series of tests that measure the applicants values and preferences. Successful applicants will progress to the next stage. Stage 4 Assessment Centre: At this stage, successful applicants will be accessed as in depth on several competencies. Only those who qualify will be offered a place on the elevator program. (Hilton.co.uk 28/11/09). 4.7 Managing the Employment Relationship . Beardwell (2007) described the employment relationship as containing an economic component, the exchange of work for payment but also includes a sociological dimension centred by power and authority. Hilton Hotels have their own in house team of attorneys and paralegals that provide various forms of legal support to their hotel management teams. Management of Hilton Hotels believes it is their responsibility to provide their employees with training in employment law, antitrust, privacy and ethics. Legal support is also provided in areas such as hotel operations and resources which include online answers to frequently asked questions and periodic newsletters. A prewritten specialized form of agreement is made upon employment between employee and management .This is made up of pay, working hours, holidays, and notes on grievance and disciplinary procedures. Hilton has available a panel of qualified counsel that help manage both insured and uninsured litigation. They respond to government subpoenas like wage garnishments and other legal orders made by the government. Hilton has a principle of equal opportunities based on merit. No employee or job applicant should receive less favor on the grounds of sex, religion, age, nationality, race, disability, marital status, or disability. Hilton strives to meet high ethical standards. They abide by the provision of Universal Declaration of Human Rights. Being a global hospitality and leisure company means Hilton operates in different communities and employs people with different cultures thus the workforce will be diverse. Having an equal opportunity policy works to the advantage of Hilton. This will ensure fair treatment of employees and the avoidance of discrimination. Hilton operates a whistle blowing policy which allows employees to bring acts of discrimination to the attention of senior management. Health and safety throughout operations is practiced for the entire workforce. A culture of risk management to ensure accidents and incidents is kept as low as possible. 4.8 Employment Involvement Hilton stresses much on employee involvement at all levels of the organization. For example, during the graduate development schemes, participants are assessed based on real life situations. Hilton outsourced giving Susan H.Lickert Hospitality Consulting Group (SHL) the responsibility of handling the assessment centre aspect of the recruitment process. SHL designed the process to take the form of a real hotel day to day experience. Candidates are given roles like receiving guests, taking orders etc and are assessed on their performance. This offers a true picture of the high demands in the industry that the selected candidates will go through. This level of training candidates go through prepares them for any situation they are likely to encounter when they take up their roles in the company. It also helps managers to know whether they are progressing the right and the expected way. It is not surprising Hilton has committed and talented managers in their hotels worldwide. Hiltons goa ls and values are embraced from the very beginning by the trainees and this leads to them performing as a team rather than at the individual level. With the SPARK Management program, employees are assigned senior management mentors who support and encourage them to get involved with projects and activities in the company. Employees are also invited to create career development review of what they have learned and what they hope to achieve in terms of career development within their respective departments. 5.1 HORIZONTAL INTEGRATION Whichever major city one finds him or herself there is a big chance of coming across a Hilton Hotel. Hiltons rapid expansion globally, example in the UK was based on the acquisition of competitor hotel chains like Statis. One of their strategies is gaining 1000 more properties within the next 10 years. This is linked to their HR practices. Their international expansion included the purchase of Scandinavian hotel chain Scandic. The acquired hotels are carefully evaluated to see whether their property profiles fit with the property requirements of Hilton Bran. Those that do not meet the requirements are sold. They enjoy economies of scale that lead to increased profit margins because they have the ability to leverage higher brand awareness by owning more hotels and spending more on marketing communications. They also have the opportunity of expanding operations more efficiently and quickly by gaining access to capital markets. (Bowie 2004). 5.2 VERTICAL INTEGRATION To add value, HR needs to achieve vertical integration. Hiltons business strategy, organizational culture and values impact the vertical fit. Hilton has very clear and certain strategic goals and this helps them in achieving a better vertical fit. They are able to merge their Business strategy into designing of HR practices that are compatible with their strategy. Hilton continues to demonstrate that building a satisfied and valuable workforce is not a quick-fix procedure, but an integrated approach that permeates through every aspect of the organization. Hilton tries to recognize the importance of employ