The Culture Of Creativity And Innovation Commerce Essay

The Culture Of Creativity And Innovation Commerce Essay Creativity and innovation are two inherent qualities human possess that may not be embedded in each and every individual. An organization acquires staff and individual with various different attributes. However, creativity, for one, may not be amongst their major attribute. I believe that it is not easy for an organization to create a culture of creativity and innovation in an organization due to the diversity among members and the organizational identity but it is not impossible either. Depending on the existing organization culture with an evolving organizational identity and using proper language and discursive elements to bring cultural incrementalism, a culture of creativity and innovation in an organization is achievable. A culture of creativity and innovation in an organization can be created by providing staff of the organization proper understanding of the goals and objective and creating an environment to try new ideas and the right to freedom and get support. I believe that simply implementing theories to an organization wont make it creative or innovative. In order to create a culture of creativity and innovation in an organization, the organization needs to understand the behaviour of the people and needs to be open to new ideas and the changes these ideas generate. In this essay, I have tried to focus on implementing culture of creativity into organizations whilst evaluating existing organizational structure and culture. All the theories discussed and argued will be based upon creativity for an organization. The Weberian Thought and Taylorism along with models of organizational structures have been analyzed to understand how people are provided with authority and how they behave in an organization. HAS and IS approach has been compared alongside Darwins Theory of Evolution to put light into the theory of creativity. In order to implement a new concept of creativity and bring change, Kanter, Stein Jicks Big 3 Model of Change and Lewins Model for organizational change has been compared and contrasted. Organizational Culture is an outcome of cultural processes at work in a particular setting and focuses on people and the shared meaning within them. An organization with a strong culture may find it difficult to adapt with changes. If they want to bring a culture of creativity then the organization may find it hard to cope with it. A strong culture will have people with commonalities and may lack diversity which is essential in generating new and different ideas. However, subcultures can exist in such organization with strong culture which may bring creativity as a result of diversity. Such divisions are responsible for giving a different option or a direction to the organization which can result to new frontiers. Diversity is an integral element of an organizations culture. A manager has to be aware of the differences that exist among various employees working in the organization. People in an organization do not always come from the same background. A manager needs to be aware of the differences between the employees in order to create a friendly working environment. Organization, today, has come a long way from the classical approach of Max Weber (Bureaucracy and rationality) and F.W. Taylor (Division of Labour and Scientific Management). Humans are appendage of industrial machines. Humans can be programmed to perform according to loads, pace and fatigue-Max Weber. In order to establish a creative culture, people need to be given freedom to think and work. Webers theory will bring restrictions on the way people think and work by comparing human with machines. Similarly, Taylors Scientific Mangement theory suggests that certain knowledge, belief needs to be predetermined to create a culture. However, creativity cant be moulded by certain rules and regulations. In such a case, the result would not be original and hence, not creative. Darwins Theory of Evolution states that culture is a process of cultivation, i.e., the improvement of human condition which helps create a creative culture as it focuses on betterment of the human condition. Similarly , HAS and IS Approach provides further light towards organizational culture. HAS approach states that culture is constructed by basic assumptions where as IS approach starts from a clean slate where culture is not defined which can help the creativity flourish as there are no boundaries that needs to be met by the people. In recent times, a symbolic-interpretative approach or a postmodern approach is more popular where people and their behaviour are given importance and actions carried out based on them. A symbolic-interpretative approach would create meaning by associating with human through shared values, traditions and customs whereas the Postmodern approach is where managers are artist in themselves who are open to new ideas and based upon these knowledge and understanding come up with a new perspective with reference to the past. The diagram below shows different elements which collectively form a culture. In order to create a creative and innovative culture in an organization, all the elements need to embrace creativity and work accordingly. Creativity injected in these elements will eventually exude the creative culture of the organization. An artifact who would like to be a symbol of the organisation Organizational structure shows the relationship between members within the organization and the distribution of responsibilities and ultimately power. An organizational structure doesnt necessarily influence the organizational culture. An organization may have a strong, bureaucratic culture or a creative culture regardless of the hierarchical structure. In large organization such as Apple, a creative culture exists despite a hierarchical organizational structure. However, creativity needs to fulfil the goals and objectives of the organization and proper communication is necessary between the staff and the managers. So, a flat organizational structure would help in better communication and instant reaction to any changes even if the organization has a Top-Down hierarchy. Organizational Control helps to create an order to the activities carried out in an organization but it can affect the creativity of an organization as the essence of creativity is freedom and we know that organizational control is quite the opposite. The level of control needs to be determined in such a way that it wont hamper the creativity of the staff. In order to create a creative environment, the control needs to be decentralized. Even though managers are in charge, the employees need to have space to come up with ideas without being controlled. Page 345, teamwork and a concern with employee creativity. Language in the form of narrative and storytelling is essential in shaping a culture of an organization. Narration is bringing experience or sequence of episodes coherently into language. From stories we derive meaning, knowledge and experience, and as a result, we are able to understand our own and others existence. Narration helps improve communication between the manager and the employee resulting to better productivity. It even helps to improve quality of management and leadership and understand the direction the organization wants to take in the future. Stories can help people understand and get new ideas which will create a creative and innovative environment. People can relate to characters of the narration and learn from the events. For eg, learning about how Steve Jobs, CEO of Apple Computers, works can inspire people to come up with new ideas and be more innovative. Organizational Change occurs when a new system is introduced and implemented. It is not easy to bring change to an organization. Changing any functioning of the organization will have to change the perception and attitude of the people as well. Such changes need to be handled delicately without upsetting any party. Cultural Change in organizations can be of three types: Apparent Change, Revolutionary Change and Cultural Change. Apparent Change adapts while preserving its identity whereas Revolutionary change is brought about by outsiders by destroying old ones and creating a completely new culture. However, if creative culture needs to be created, Cultural Incrementalism is a good choice. It incorporates the old culture from narratives along with new ideas to come up with a new culture. In our case, changing the way the people work by providing more freedom or brainstorming and discussion sessions incorporated in an existing culture results to cultural incrementalism and hence, a cre ative culture. There are various theories on how change can be managed. Lewins Model: Unfreezing, Change, Refreezing is one of the most popular theorys for managing change in an organization. However, we are focused on changing the culture into a creative culture. For this purpose, Big 3 Model of Change is appropriate rather than Lewins Model. Lewins Model is effective but it focuses more on the manufacturing and operational side of the organization and doesnt take into account the human perspective. It plans and directs change. However, creativity in an organization cant be planned or directed. Big 3 Model of Change focuses on change can be managed by responding, harnessing and provoking change. According to this model, there are three forces of change: Macroevolutionary (Environmental Level), Microevolutionary (Organisational Level) and Political (Individual Level). This model has been criticised to be too broad but due to its inclusion of behaviour of people at different level and responding acc ordingly, makes it a better option towards managing change than Lewins Model. While creating a creative and innovative culture, a manager should not stray away from the identity of the organization. A creative culture may not be suitable for all types of organization. The working environment needs to be understood before changing or creating a culture and the change needs to align with the identity of the organization. For eg, In a Cafe, creativity has very less to do. The employee has to perform task that is routine and there is no room for improvement in terms of creativity. The identity of the cafe is to provide good service to customers. Albert and Whetten beleive that organizational identity has central, distinctive and enduring features. However, Gioia, Schultz and Corley argue that the organizations identity is fluid and not stable. Balmer emphasises on using evolving rather than enduring because these school of thought believe that even the organizational identity doesnt always remain the same and keeps on evolving with time and environment. Culture an d Identity of an organization go hand in hand and Michael Wood has stated, Identity is not something genetic, safe and secure. It is shaped by history and culture: it is about group feeling; allegiance to the state, but in an open society that can be wide and inclusive. It is always in the making and never made. So, if the organization needs to create an innovative and creative culture, the identity can be moulded accordingly. Example: Creative Industry of Jewellery Design. I interviewed a friend, AKG, who assists her father in a family business in Kathmandu, Nepal. The organization is a family business which is basically a jewellery design outsourcing company for various jewellery shops in Kathmandu. The organization was started by her grandfather 34 years ago, to employ people with a passion for their art-jewel crafting while utilising their abilities to their benefits therefore benefitting the organisation. The people hired were people that were fired by her grandfathers friends because they didnt craft the jewellery according to the specified designs. This gave her grandfather the opportunity to bring the best out of his employees in terms of creativity who believed that happy people make better employees. The organization has AKGs father as in-charge and 14 artisans who were hired by her grandfather. These artisans are responsible for coming up with ideas or working on ideas provided to them by the clients. The designs or ideas from clients are translated to the artisans as some are stories and some are an old piece and brainstorming sessions are carried out to understand the story more deeply. Then this raw idea is given to all 14 artisans along with the old piece or the story. They translate it however they think is best. So, by the end of the time given, AKG and her father along with the 14 artisans come together, discuss and look through all the designs. Then, among the 16 people, voting is carried out and sometimes there is a clear winner. However, at times all the 14 translations are sent to the clients to pick the best which makes it much simpler and the winning craftsman receives 35% of the sales proceeds! All 14 artisans work in the workshops at their home. They work separately and each idea and design is unique. They joined this family business because they were able to express themselves and not work under any restrictions. Before, they had to design what was told by the client or the owner and their own idea would not be given value. But now, they can use their creativity and imagination and work on the designs providing a style of their own. However, despite giving these artisans freedom to come up with new ideas, the manager says it is important to keep sidelines. AKG says. When you have such a thing, you got to keep sidelines. They cant just go tinkering around with everything. We do encourage creativity but its got to be marketable and what we ask of them is to judge for themselves if they would be attracted by the design if they say it in a store. The above example is based on a family business which is different from regular corporations. This firm can be classified as a creative industry due to the nature of work. The organization has a flat structure with the manager looking after the 14 artisans and dealing with clients. Due to the group of artisans working for the company for more than 30 years, a culture has been set on how tasks are carried out. Artisans were hired due to their skills of creativity and with an agreement of freedom to go beyond boundaries and try out new things. Having said that, goals and objectives are predetermined and a basic criterion is set which will fulfil the basic demand of the client. Creativity is the organizational identity for this company and it is reflected in the organizational culture as well. The artisans are able to use their skills without compromising on their creativity. The opportunity to work at their own workshops gives them freedom. Hence, this is an organization based around c reativity of the skilful workers where they are given freedom to come up with new ideas that goes along the story provided by the clients. The added incentive makes the workplace more competitive which will motivate artisans to come up with their best work as per customers requirement. This organization depicts an existing creativity culture which was possible due to the identity that was set when the firm was established. The organizational culture of this firm can be seen as IS approach of the organizational culture as the culture was created and it centred on the creation of meaning. Here, the meaning was freedom to creativity for better satisfaction to the workers. This culture of creativity opposes the Classical approach and Webers Bureaucracy theories. Instead of specialising and setting formal rules and regulations, the artisans were given the freedom to work at their workshops and be creative. So, for a culture of creativity to exist, the organizational structure needs to be flexible and interactive and creativity needs to be an element of the organizational identity. The creative is the place where no one else has ever been. You have to leave the city of your comfort and go into the wilderness of your intuition. What youll discover will be wonderful. What youll discover is yourself.- Alan Alda.

Sense and Sensibility: A Novel of Moderation Essay -- Austen Sense Sen

  In her first published novel, Sense and Sensibility, Jane Austin brought to life the spirit of being young, in love and living in the eighteenth century. Her story revealed the heartaches and happiness shared by Elinor Dashwood, who represented sense and her sister Marianne, who stood for sensibility. Both sisters felt strongly for what they unknowingly stood for, but each needed to reach a middle ground to find true happiness. It was not until the end of the novel, through marriage, that Elinor and Marianne overcame their nature of having sense and sensibility. Although the title suggested a story of opposites, Sense and Sensibility was about moderation, and how it was applied to two individuals to create sincere joy. The Dashwood sisters were alike in many ways: they were both pretty, young and looking for a suitor. Their differences, however, far exceed their similarities. Marianne, the younger sister at seventeen, was described as "sensible and clever; but eager in every thing; her sorrows, her joys, could have no moderation. She was generous, amiable, interesting; she was everything but prudent" [sic] (p. 4). Elinor saw this with concern, for she "possessed a strength of understanding, and coolness of judgment, which qualified her, though only nineteen, to be the counsellor of her mother, and enabled her frequently to counteract, to the advantage of them all, that eagerness of mind in Mrs Dashwood which must generally have led to imprudence. She had an excellent heart; - her disposition was affectionate, and her feelings were strong; but she knew how to govern them" [sic] (p. 3). The sisters also had different ideas of what to look for in a husband. Elinor was never specific on what she looked for in a suitor; h... ...ndship, voluntarily to give her hand to another!" [sic] (p. 259). Marianne had overcome the passion she had possessed to find happiness, for she "found her own happiness . . . . [and] could never love by halves; and her whole heart became, in time, as much devoted to her husband, as it had once been to Willoughby" (p. 260). The novel Sense and Sensibility is a wonderful tale of two young sisters who were able to overcome their own personal trials to reach happiness. Elinor was able to show her passion for Edward, releasing a great burden of sadness off her shoulders, while Marianne overcame her passion of Willoughby to love another, her husband. Despite the suggestion of the title, the novel was focused on moderation, and the role it plays in creating happiness. Works Cited: Austen, Jane. Sense and Sensibility. New York: Barnes and Noble Inc., 1996.

Prenatal and Postpartum Scenario Essay

The following is a daily activity list for the 6 month developmental pregnancy timeline, this consist of three activities if done daily can have a positive effect on your pregnancy and your infant’s future development. What a baby looks like and how it acts, to an extent are determined by nature or heredity. But nurture or a child’s environment all play a role in whom they will become. There are many activities a pregnant mom can do to influence her baby’s environment in a positive manner. Daily exercise throughout the duration of a normal uncomplicated pregnancy can prepare your body for the physical demands of labor, and help to reduce infant stress levels during delivery. According to Strength and Conditioning Journal â€Å"exercising during pregnancy decreases blood pressure, improves self-esteem, and decreases muscle soreness.† â€Å"Research also shows positive fetal responses to daily exercise by improving the baby’s tolerance to stress before and during labor, babies also tend to be more alert and readily self quieted.† (Martens, 2006) A daily exercise goal of walking, swimming or yoga for 20-30 minutes should be set. Avoid secondhand smoke, â€Å"living in a smoky environment is tied to asthma and breathing problems.†(Simons, 2014) â€Å"There have also been recent studies linking smoking while pregnant to increase risk of SID.† (Simons, 2014) If  you smoke or live with someone who does smoke there are smoking cessation programs to help you quit. Depressive symptoms occur in approximately 20% of pregnant women. Maternal health is the key to developing infant’s health. Pregnant women who are depressed have poor sleep habits, decreased appetite these things could result in preterm-birth or low birth weight. â€Å"More than 13% of women take antidepressants during pregnancy, but by doing this it could have a lasting impact on the developing fetus including birth defects, behavioral problems, and autism.†(Tjoa, 2010) More and more physicians and pregnant moms are looking toward non-pharmaceutical ways to treat depression during pregnancy. If you have depression you may seek cognitive behavioral therapy to reduce your symptoms. Postpartum Woman MEMO To: Postpartum Woman From: Mindy Donaldson Date: April 17, 2015 Re: Daily Activity List The daily activities in this memo are meant to help prevent any adjustment difficulties during the postpartum period. As in pregnancy regular physical activity is important during the post partum period, this not only helps with endurance levels and prevention of chronic illness. Physical activity can help to ward off postpartum depression. â€Å"Starting a low impact exercise routine 3-4 days a week should help you to obtain pre-pregnancy weight goals.† (Borodulin, 2009) A healthy diet during the postpartum period is very important for all new mothers. â€Å"Caloric intake should not fall below 1800 calories a day.† (Boyd, 2013) Inadequate caloric intake may increase postpartum fatigue, and have a negative impact on mood. â€Å"Post pregnancy dieting may be accompanied by significant decrease in bone mineral density.† (Boyd, 2013) Postpartum depression affects many women and interrupts their daily  activities and relationships. â€Å"The symptoms of postpartum depression usually begin within one month after childbirth, most commonly feeling depressed or losing interest in daily activities.† (What Is Postpartum Depression, 2014) Postpartum depression is treated with psychotherapy or antidepressants. References Borodulin, E. H. (2009). Physical Activitiy Patterns During Pregnancy Through Postpartum. Womens Health , 32. Boyd, K. (2013). Diet, Nutrition, and Exercise. ARHP . Martens, D. H. (2006). Physiological changes and effects on the mother and fetus. Strength and Conditioning Journal , 78-82. Simons, E. T. (2014). Maternal second-hand smoke exposure in pregnancy is associated with childhood asthma development. Journal of Allergy and Clinical Immunology in Practice , 201-207. Tjoa, C. &. (2010). Unipolar depression during pregnancy: Nonpharmacologic treatment options. Women’s Health . What Is Postpartum Depression. (2014). Retrieved from Drugs.com.

Argumentative Essay on Gay Rights - 1726 Words

Lauren Corey 17 October 2013 English 101 Professor Tantalo Essay 3 Love Transcends Gender Most people believe that they deserve the rights that they are granted by the government. An upstanding citizen who pays their taxes, serves their community and abides by the law should be afforded the rights of an American. However, not all citizens are afforded equal rights. Gay and lesbians are consistently denied rights that are typically taken for granted by the average American. Specifically, gay and lesbian couples are denied the right to marry even if they are upstanding citizens and are held at an unfair disadvantage solely because of their sexual orientation. This discrimination must stop because gay and lesbian couples are†¦show more content†¦There are an enormous amount of children out there who got left behind by their parents and just need a loving family. Homosexuals can fulfill that need for these deprived children and have no other choice but to adopt because they cannot reproduce by themselves. Studies show that kids raised by homosexual parents are knowle dgeably the same, if not more advanced, than kids raised by heterosexual parents. Giving a child a home is the right thing to do if you’re gay or not, so being a gay parent should not be looked down upon. In addition to the last paragraph, the ones who suffer the greatest repercussions of such prejudices are the children of gay and lesbian couples. Non-biological children of gays and lesbians cannot receive survivor benefits if the deceased partner did not legally adopt them. But how is this related to whether or not homosexuals should be allowed to marry? Same-sex couples do have the privilege of adopting children to begin a family of their own. However, they are often rejected because of their unmarried status. Even if the government does not wish to provide some financial security for homosexual couples, it should not punish the children of such relationships. The government directly discriminates against the children of same-sex marriages by not allowing them the same rights as children who have heterosexual parents. The procreationShow MoreRelatedShould Gays Be Allowed to Marry1476 Words   |  6 PagesThe Prusuit of Happiness! Should gays be allowed to marry? Stacey Dockery PHI103: Informal Logic (GSJ1231E) Instructor Name: Daniel Beteta September 3, 2012 Argumentative Essay on Gay Marriage Marriage: a legally recognized relationship, established by civil or religious ceremony, between two people who intend to live together as sexual and domestic partners. Typically this is between a man and a woman, in love, as they come before their families, to pledge to spend the rest of their lives togetherRead MoreArgumentative Essay on Gay Marriage842 Words   |  3 Pages Wesley King Grammar and Composition lesson 75 Argumentative Essay on Gay Marriage Marriage is the ceremonial binding of two people, male and female, into one couple. Historically, marriage has been the institution when a man and a woman join together with the promise of love, devotion, to always stay together, to be there for each other, to take care of one another and to start a family together. Biblically, marriage has been all the aspects above, but including honoringRead MoreArgumentative Essay About Same Sex Marriage822 Words   |  4 PagesThis Argumentative essay will discuss about the argument of same sex marriage. The contents are: meaning, brief background and thesis statement for the Introduction; for the Body of the discussion is the counter argument; and for the conclusion part: the summary and the restatement of the thesis statement. Same Sex Marriage also known as  gay marriage  or  equal marriage it is marriage between two persons of the same  biological sex  or  gender identity. In the 20th and 21st centuries variousRead MoreThe Pros and Cons of Gay Marriage1370 Words   |  6 PagesThe Pros and Cons of Gay Marriage LP 3: Argumentative Essay Patty Waters NAU Composition II Sue Cochran, Instructor Sunday, March 24, 2013 Abstract This essay covers the pros and cons concerning gay marriage. You will discover some new laws and amendments that are about to happen in our country, and some things that people are against. There are many issues that will be covered from rights and benefits to getting married legally. You will read reports, stories and articles from lawyersRead MoreA Brief Note On Sociological Factors On Clients1666 Words   |  7 PagesCOMMUNITY WORK AND SERVICES ASSESSMENT A – ARGUMENTATIVE ESSAY ~ Australia’s social inclusion policy and its failure to support all minorities, specifically same-sex couples King (cited in Australian Marriage Equality, 2015) stated â€Å"When any society says that I cannot marry a certain person, that society has cut off a segment of my freedom†. This quote from Martin Luther King Jr is as applicable today to legalising same-sex marriage as it was to the civil rights movement and inter-racial marriage overRead MoreWhy Same Sex Marriage Should Be Legal Everywhere1415 Words   |  6 Pagesnot determine whom they can and cannot marry. The only difference between what we consider a ‘normal’ marriage and a gay marriage is simply by the genitalia that we have and the gender we identify as. We need to stop focusing on the gender of couples and start focusing on the love that they share. Same sex marriage should be legal everywhere because it is an issue of equal rights, it does not harm anyone and if love is legal, then so should same sex marriage. Imagine being unable to visit the loveRead MoreRhetorical Essay : Donald Trump V. S. Hilary Clinton1295 Words   |  6 PagesEvaluative Argumentative Essay Donald Trump V. S. Hilary Clinton In the history of The United States of America there have been 44 presidencies. The current election is showing many promising candidates and of them two have made a rather large name for themselves, Donald Trump for the Republican Party and Hilary Clinton for the Democratic Party. When discussing these candidates, although both have their respective positives and negatives, I believe Donald Trump to be the better candidate forRead MoreArgumentative Essay : First Amendment Junkie By Susan Jacoby1042 Words   |  5 PagesAmber Rogers Dr. Kim Loel Argumentative Analysis of the Essay â€Å"First Amendment Junkie† by Susan Jacoby What is a First Amendment Junkie? According to author Susan Jacoby, censorship of any form is wrong. From the beginning of Jacoby’s essay, â€Å"First Amendment Junkie,† it’s obvious where she stands on the topic. Jacoby states that the people who most support the censorship of pornography are women. These women are often self-proclaimed feminists who ironically support the First Amendment. WhileRead MoreThe Toulmin Model Of Argument 11533 Words   |  7 Pagesfor all ethnic groups. Warrant: Equality of access is a basic American value. Backing: Equality before the law is a fundamental right of all Americans. Rebuttal: Affirmative action policies do not result in reverse discrimination because they are only part of a process that attempts to ensure fairness in college admissions. Five Categories of Claims Argumentative essays are based on a claim, which almost always falls into one of the five following categories. 1. Claims of fact. Is it real? Is itRead MoreMental Illness Is A Social Problem Essay1864 Words   |  8 PagesThis essay will analyse the statement â€Å"Mental illness is a social problem†. This essay will discuss the sociological perspective of mental health within the chosen concept of gender. The main aim of this essay is to discuss and debate ‘for’ mental illness is a social problem within the different gender roles. Gender is not only male and female, it also includes lesbian, gay, bisexual, transgender and intersexual. In Australia there is a very large community of LGBTI. This concept will be analysed

Risks Profile And Hedging Example For Free - Free Essay Example

Sample details Pages: 5 Words: 1386 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Tags: Risk Essay Did you like this example? F J Benjamin Holdings Ltd listed on the Singapore Exchange on 14 November 1996, founded in 1959 headquarters in Singapore and it has offices in nine cities with more than 2000 employees. This Company is one of the leaders in building and management, and development system of retail and distribution networks for international luxury and lifestyle brands across Asia. The company participates in importing, exporting, licensing, distribution and retailing of consumer fashion wear and accessories household furnishing, timepieces, eyewear and multimedia storage product and operation of cafes and entertainment outlets. Don’t waste time! Our writers will create an original "Risks Profile And Hedging Example For Free" essay for you Create order Especially, FJ Benjamin has four main segments is Luxury and Lifestyle Fashion Retailing and Distribution such as: Banana Republic, Gap and Givenchy..Timepiece Distribution such as: Bell Ross, Chronotech and DeWitt. Creative and Design such as Raoul and Investing in Lifestyle Concepts. Companys information analysis 2.1 Scenario of FJ Benjamin In FJ Benjamin Holdings Ltds wants to growth its portfolio by expanding business on Europe and the United States. In first of 2013, the company has some investment project to opened store located in Malaysia with required amount of SGD$ 15 million initial capital. FJ Benjamin needs more capital to implement these projects by borrowing SGD$ 10 million from bank for long-term loan for 5 year. To running and remaining new store in Singapore, in first of February 2013 FJ Benjamin need to imports 10milion luxury fashion wear of Cà ©line brand from French with due date at first of March . When order is accepted the company submit Trust Receipt to bank as a short term loan. At the due date, Bank on behalf of FJ Benjamin payoff 10 million for exporter. 2.2 Financial information analysis About general financial situation of FJ Benjamin, based on annual reported for 2011/2012, FJ Benjamin Holdings Ltd. reached $ 393,237,000 turnover in 2012. In 2011, turnover increased 22 % to $353.9 million from $289.4 million. In 2012, companys operating profit was $ 22,046,000 and in 2011 reached $ 18,102,000 increase $3,944,000. Profit before tax was $19,670,000 compared to $17,042,000 a year ago. Net profit after tax rose 55% to $12.8 million from $8.3 million last year. Operating profit strengthened to $18.3 million from $5.1 million in FY 2010. Gross margins rose to 43 % from 41% in the previous financial year. Cost-to-revenue ratio improved to 39% from 42%. Based on all financial information mention above, it reflects that the quality of the business has improved and become more stable in 3 years ago. In Financial ratio analysis: Return On Equity (ROE) (%) of FJ Benjamin in 2012 was 10.13% increase 0.3% compared 2011 was 9.71%. The return on equity evaluated a FJ Benja mins profitability by showing how much profit it generates with the amount shareholders have invested. Debt Ratio of this company in last 3 year was approximately 80% in 2012, 72 % in 2011 and 2010. Debt ratio increase 8% from 2010 to 2012 mean that FJ Benjamin has very high debt ratio. Current Ratio is used to measure the ability to pay short-term debts of the FJ Benjamin. Generally acceptable current ratio is from 1 to 2. During last 3 year, FJ Benjamins current ratio was above 1.5. However, from 2010 to 2012 this ratio was decrease significantly. Net profit Ratio Companys Risks Profile and Hedging 3.1 Internal risk In fashion industry, business risk is a risk totally can occur with any group if they do not have a risk management strategy correctly. Business risk is a risk that FJ Benjamin might have to face. The FJ Benjamin is belonging to fashion industry. Therefore, Benjamins revenues are affected directly by consumer sentiment and purchasing power as well as changing on trend of fashion and lifestyle trends. Especially, competitors also is a risk might affect to Benjamin because a lot of new brands are opened and growth quickly today. In the other words, customer satisfaction is most importance to increase profit and ability to meet customers need is a first mission of this company to against with this risk as well as increasing competitor opportunities. 3.2 External risk The Company has to face with a lot of risks arising from its operations from that Fj Benjamin uses of financial instruments to against all these risk. The main External risks include credit risk, currency exchange risk, interest rate risk and liquidity risk. Credit Risk: Credit risk is the risk of loss that can occur on financial instruments should a partners default or non-performance on its obligations. Especially, The Companys credit risk arises directly from trade and other debtors. Based on annual report, the trade and other receivables of FJ Benjamin shows that all its not past due, unimpaired and creditworthy debtors with very well payment record. Generally, amount of cash and fixed deposits are put in banks and financial institutions with good credit rating. In addition, FJ Benjamin use the ways to manages its credit risk by application of credit approvals, credit limits and monitoring procedures. However high debt ratio is a disadvantage of FJ Benjamin, it reflects that this company has many debts and possible to non performance or default. Foreign Exchange risk: FJ Benjamin is an import and export company so that it has a lot of transactional using foreign currency .The company import, export between Asias countries, US and EU and most of the groups overseas purchases by in Swiss Franc, US Dollar and the Euro. Therefore, FJ Benjamin maybe face with foreign exchange risk when exchange rate movement. The FJ Benjamin always find out the ways to maintain a natural hedge by keeping the balance of liabilities against assets in the same currency or against the entitys functional currency. In order to reduce the companys exposure to foreign currency fluctuations, FJ Benjamin used foreign currency forward contracts based on purchase commitments for periods ranging from three to six months forward to minimize this risk. Liquidity Risk: Liquidity risk is the risk that the Company will not meet financial obligations at maturity date because of not enou gh of funds. Although in 3 years ago the company has enough current assets to meet the payment schedule of current liabilities with a margin of safety. However, current ratio in 2012 fall meaning is amount of liabilities increase more than 2 years ago and current assets decrease in 2012 lead to level of liquidity risk may be increase in the near future. But FJ Benjamin manages its liquidity risk by maintaining a healthy balance of cash and cash equivalents and an sufficient amount of committed credit facilities. Moreover, follow annual report of 2012, the Company assessed the level of risk with respects to refinancing its debt and concluded it to be low. Approaching to sources of funding is enough and available and debt maturing within 12 months can be rolled over with existing lenders. Interest Rate Risk Interest rate risk is the risk that the value of cash flows of the company in the future and all companys financial instruments will go up or go down without predictable beca use of changes in market interest rates. With the FJ Benjamin also may face with this risk and relates to amount of borrowing which is subject to floating interest rates and are re-priced at intervals of less than 1 year. Recommendation FJ Benjamins earnings remained resilient despite the European debt crisis; this company still is leader by strong brand portfolio and growing in the ASEAN economies. Looking at business result in last 3 year, almost signal are good. However, FJ Benjamins financial still exists some problems and risk can be occurring with this business. With high ROE indicates that all investment project of this company can recover capital and gain profit in the future With debt ratio too high that reflects that the company has much debt and bank borrowing than their equity. Bank has to consider very carefully before lending to this company and high interest rate to cover credit risk. Then company needs to provide more collateral and margin account to ensure that can pay off the loans. However,. Conclusion In sum up, FJ Benjamin is a good company in Fashion Industry in around the world. This Company is more and more developed with stable and solid business. Company is assessed that which will become a most successful and has new prospect in the future. Although, looking at business result in last 3 year, almost signal are good. Besides that, FJ Benjamin Appendix Current ratio: Current Assets /  Current Liabilities Year 2010 2011 2012 Current Assets 192,846 212,857 209,940 Current Liabilities 95,264 121,998 127,998 Current ratio 2.024332 1.744758 1.640182 Return on Equity (ROE ): (Net Income/Shareholders Equity) x 100 Year 2010 2011 2012 Net Income 8,260 12,770 13,541 Shareholders Equity 137,209 131,458 133,607 Return on Equity (ROE ) % 6.02% 9.71% 10.13% Debt Ratio: (Total Liabilities /  Shareholders Equity) x 100 Year 2010 2011 2012 Total Liabilities 76,385 80,752 85,907 Shareholders Equity 105,684 111,667 106,819 Debt Ratio (%) 80% 72.3 % 72.2% Net profit Ratio: (Net Profit / Net Sales  ) x 100 Year 2010 2011 2012 Net Profit 8,260 12,770 13,541 Net Sales 295,386 360,003 403,281 Net profit Margin 2.8 % 3.56% 3.36%

The Four Stages Of Policymaking Essay - 1720 Words

When it comes to policy making in the US, it can be very complex. The policy making involves numerous steps and its interaction of the various political institutions. When we talk about Policymaking, there’s a process and it has four stages. The four stages go as followed; Agenda Setting, Formulation, Implementation, and Evaluation. After I discuss these four stages, I will talk about the Political Institutions. They’re categorized as Congress, The President, The Bureaucracy, and The Courts. I will first be discussing the four stages of policymaking in which the first step is Agenda Setting. Agenda Setting is defined as a theory in mass-communication that states the media would have the ability to determine in which the issues are important to its public. It has the ability to influence the salience of topics on the public agenda. This theory was first introduced by Dr. Maxwell McCombs and Dr. Donald Shaw in the year 1972. With the agenda setting theory of Doctors McCombs and Shaw, it would state that the media would end up reflecting on the views of the current candidate during a campaign. The Agenda Setting would also shape and be determining the issues of its importance accordingly. With this being said, it would end up setting the agenda for a political campaign. When we look at the agenda setting, there are two major yet basic assumptions that have to be considered; first the media and its press filter and would shape reality rather than reflect it. What also has to beShow MoreRelatedU.s. Policy Making Process1339 Words   |  6 Pages one must, accordingly, unders tand the various stages as well as the institutions involved in the same. More particularly, there are four key institutions involved in the U.S.’ policy making process; each of which play a significant role in the various stages of the process. Specifically, the U.S. policymaking process is comprised of four stages, to wit: agenda setting, formulation, implementation, and evaluation. First, the agenda setting stage is concerned with the specific problems of the publicRead MoreChina Case Study1057 Words   |  5 Pages2005, China embarked on a healthcare reform effort to improve their healthcare system, and it was launched in 2009. (Shi, 2014) China, like the United States, strives to provide their citizens with quality and convenient healthcare, but health policymaking can also be vastly different between the two countries. China has been dedicated to making many improvements with their healthcare system, but the current state of healthcare reform in China still has a lo ng way to go, especially when it comesRead MoreArticle Review : Politics And The Policymaking Process778 Words   |  4 Pagesâ€Å"Politics and the Policymaking Process† is to examine and explain the phases of the policymaking process and identity the theoretical aspects associated with policymaking, as well as, acknowledge the lead contributors in decision making and funding public policies. The article deciphers the policymaking process while identifying the policy problems and the contributors that influence change in public policy. The scholars that contributed to the article, identified five steps in the policymaking process;Read MoreGlobal Perspective on Health Policy Essay1612 Words   |  7 Pagesand why their voices often become a driver for change in health policy. What is Chronic Disease? Non-communicable diseases (NCDs), also known as chronic diseases are not transferred from person to person. They are slowly progressed over time. The four main kinds of non-communicable diseases are cardiovascular diseases such as strokes or heart attacks, any type cancer, chronic respiratory diseases like chronic obstructed pulmonary disease and diabetes. Other Chronic Diseases that affect many AmericansRead MoreWhat Do Successful Policies Teach Us About Our Politics And Ourselves?1189 Words   |  5 PagesFor a policy to be on the agenda usually one or more of four particular items need to be in play. Crisis, interests group, realigning elections and policy entrepreneurs can help get the issue â€Å"out of the garbage can† as John Kingdon would say. Once this issue is in the public eye the â€Å"policy window† is now open. An example of a crisis would be the 2010 oil spill in the Gulf of Mexico which put an environmental problem on a worldwide stage. Today with the presence of social media policy windows areRead MoreHow Does Global Trade Make Us More Interdependent? Global1268 Words   |  6 Pagesmigration. Also, economic, social and environmental impacts. They affect the formulation and implementation of policies at the national, regional and global levels. Among significant impacts is the reduction in the degree of national autonomy in policymaking and the resulting need to better harmonize national policy formulation with international obligations, commitments and compulsions. The realization of the MDG, Millennium Development Goals, is dependent on the strengthening of the global partnershipRead MoreThe role of the Nurse Practitioner was the last of the advanced practice nursing role to appear in1400 Words   |  6 Pagesthere are four stages of growth that have to be accomplished. These stages are formatted with the Dreyfus Model of novice to expert by Patricia Benner in the 1984 research done that applies skill acquisition to clinical nursing. This will give an overview of the transition a nurse generalist goes through as he or she become an advanced practice nurse. This process starts once the nurse enter into practices as a nurse practitioner. The first stage is the novice seen as a beginner. At this stage the individualRead MoreThe United States And The Euro Area1410 Words   |  6 Pagesevolutionary steps. The European Council decided in June 1989 that the first stage of economic and monetary union should begin on 1 July 1990, when all restrictions on the movement of capital between Member States were abolished. The first stage also increased co-operation between central banks, encouraged free use of the ECU (European Currency Unit, forerunner of the â‚ ¬) and improved economic convergence. Then the second stage of EMU (starting 1 Jan 1994) established European Monetary Institute (EMI)Read MoreCharacteristics Of Chinese Culture1292 Words   |  6 PagesMandarin is considered as a common language. Mandarin is the official broadcasting language and also used in school for instructions. It is a dialect spoken by over 70% of the country and most commonly used in eastern and northern China. Mandarin uses four different tones to signify differences in meaning for words that share the same pronunciation. The use of these tones—rising, falling, falling-rising, and high are the fundamental aspect of the spoken form of the language. The social structure of modernRead MoreEssay on Free Trade Area of the Americas (FTAA)1587 Words   |  7 PagesWhat is the FTAA In 1994, the leaders of the thirty-four democratic countries of the Western Hemisphere launched the process of creating a Free Trade Area of the Americas (FTAA). The FTAA will be established by 2010 with the aim of gradually eradicating barriers to trade and investment in the region. The final characteristics of the FTAA will be determined through negotiations by government officials from the thirty-four participating countries. The trade issues that are presently under discussion

Queensland health payroll

Question: Discuss about the Queensland Health payroll. Answer: Introduction This assignment deals with the issues related to the Queensland health payroll project. This project was introduced in order to change the payroll system for the employees. It covers the different frameworks used for the project. The frameworks discussed are the COBIT and COSO frameworks. The implementation of these frameworks by different levels of employees is discussed. This project posed a huge amount of expenditure on the government of Queensland and still was a failure. The government spent about 200% extra in this project. The government banned any further evolvement of such projects in the nation. In late 2012, the government of Queensland set up a survey to find the reason behind the failure of the project and the commission found out that the failure of this project was the worst failure in public administration in Australian history. This assignment consists of the description of the Queensland Health payroll project. it also contains the background of the project and the frameworks which are responsible for the effective financial survey. The two initial phases of the work have also been discussed in the assignment to show the growth process of the project. Background of the project A payroll system was introduced in Queensland, which was supposed to be implemented in the year 2006, on the 80,000 employees of Queensland health (Eden and Sedera 2014). IBM Australia was chosen as the main contractor for this project and the results of all the system was based on the payroll system. The expected time for the completion of this project was six months and it was supposed that an approximate of HK$46.5 million would be spent for the completion of this project (Duffield and Whitty 2015). It was expected that the introduction of this new system would bring revolution in the payroll system of Queensland. Slowly, the government realized that nothing was straightforward in this project and this project did not go live till 2010. It was considered as worst project failure all over Australia. This systems entire cost was HK$192.5 million and with this heavy cost as well, the system did not go live. The administration of Queensland health had to hire more than 1000 employees to fix this problem and it resulted in expenditure of even more money to the administration. This project posed a huge amount of expenditure on the government of Queensland and still was a failure. The government spent about 200% extra in this project. The government banned any further evolvement of such projects in the nation. In late 2012, the government of Queensland set up a survey to find the reason behind the failure of the project and the commission found out that the failure of this project was the worst failure in public administration in Australian history (Thite and Sandhu 2014). Discussion of COBIT and COSO frameworks and controls in Queensland Health Payroll System Queensland payroll project was a huge project as it involved different levels of employees and it indulged the government of Queensland as well. With regard to COSO, internal control is a process, which is designed to assurance for effectiveness and efficiency in order to achieve the objectives of a company, to confirm the reliability of reporting of the companys financial reporting and inline relevance along with the laws and regulations (Tursunbayeva et al. 2016). According to the COSO framework, the control is defined as the proactive measure which is used by the management to achieve any objective. According to this framework, the control can take three forms, which are automated, partially automated and manual. A tool kit is comprised in the COBIT framework in order to compliance with other regulatory services and SOX. The elements of the toolkit are an executive summary, which gives an explanation of the founding principles of COBIT, the compliance framework which provides deta iled explanation for the high level IT projects, the objectives for control (Malkin and Pearson 2014). Both of these frameworks are important for effective evolvement of financial sector of any department. These frameworks must have been used in the payroll project at Queensland as both the COBIT and COSO are effective for the finding of reason for the financial terms in any organization. The guidelines required for assigning and passing audits, which include the explanation of step-by-step guides for each of the control objectives. The primers used for management and the reference materials, which indulge the IT control practice statement, which means the assessment of the risks, involved in the IT field and the ways of handling those risks. With regard to the payroll project, these frameworks would have been very effective for the proper survey of financial issues. The frameworks could help the managers for the proper and exact survey of the issue. The COBIT and COSO frameworks would have helped the government as well to keep account of the money spent on the project in various form s. In addition to these, the COBIT helps the IT industry to know the cores and requirements of the business (Wilkin et al. 2015). The failure of this project was a huge loss for the government of Queensland. Discussion of the frameworks and controls in relation to Queensland Health Payroll Project Health department of Queensland The health department of the state of Queensland did not use the frameworks for the financial survey of the case. If the organization would have used COBIT for various objectives the results found would have been of great help. First of all, COBIT enables the management to make a link to the requirements of the business, secondly, it helps the organization to organize various IT activities to generally accepted process models, it also enabled the organization to identify the main IT resources which are to leveraged (Brown 2014). It also enabled to define the control objectives of the management, which are to be considered. IBM IBM technology did not use the COBIT and COSO frameworks for the evaluation of Queensland Health Payroll failure. If the organization would have used COBIT and COSO to find the reason behind the failure of the Queensland payroll failure, it would hve been more effective. Both of these are very useful because of the implementation features provided by them. After the failure of Queensland project, IBM used both COBIT and COSO to find out the reason behind the failure of the project. use of such frameworks helped the organization ot find the faults in the project which lead to the failure of the project. The use of these helped the organization to organize various IT activities to generally accepted process models, it also enabled the organization to identify the main IT resources which are to leveraged. It also enabled to define the control objectives of the management, which are to be considered. Contractors or parties The other contractors did not use the frameworks for the survey. If they would have used the frameworks for the finding faults in the project it would have been easy and efficient. In COSO, internal control is a process, which is designed to assurance for effectiveness and efficiency in order to achieve the objectives of a company, to confirm the reliability of reporting of the companys financial reporting and inline relevance along with the laws and regulations. According to the COSO framework, the control is defined as the proactive measure, which is used by the management to achieve any objective. According to this framework, the control can take three forms, which are automated, partially automated and manual. A tool kit is comprised in the COBIT framework in order to compliance with other regulatory services and SOX. Discussion of 2-stages of SDLC in relation to Queensland Payroll Project Various plannings were done for the successful development and implementation of the project. Payroll is a complex situation and here in the Queensland payroll project, thousands of the employee and the government was involved. So, the complexity for this payroll system was huge. It needed lot of preparation and considerations before the initialization of the work. It is very essential that proper planning must be done for the implementation of the system. There were three areas which had to be focused for the proper working and preparation of this project. the first area which needs to be focused are processes (Jarman 2013). The key processes for payroll, which were important for the organization were evaluated. The process was complex as the system has to keep the different stages of the employee in mind such as the hourly employees, vacations an sick leave policy and commissionable sales (Hmelak 2014). The compensation schemes and bonuses given to the employees made the system eve n more complex and thus these things were kept in mind. The another process which was kept in mind was the termination process. Usually this process is ignored in usual organizations but here it was very important to keep these in mind as there are regulatory and security and risk implications can cost the organization much money and time if these are not handled properly (Schefe and Timbrell 2013). Almost every aspect of payroll project is effected by the termination of employees in the organization. In addition to these there were security concerns which had to be kept in mind for the successful implementation of the payroll system. The different systems, which would cost harm to the payroll systems in any case were considered. Different types of employees have different payroll services. The salaried employees in the organization might not have to enter the time of their entry in the organization but the hourly employees had to do so and thus these had to be kept in mind for the successful implementation of the project (Ainsworth 2013). The part time employees needed a different payroll method. Thus, different payroll methods had to be kept in mind for different level of employees. There were various things which were identified during this period such as the requirements, transactions, functions of the vendor system and the commercial softwares (Haes et al. 2013). Planning of the different levels of employees along with their payment systems were done. Analysis-the second phase There were different analyzing factors, which were important to be analyzed for the successful implementation of the project. For this payroll system, various things needed to be analyzed for the proper development of the system as it would great change in the payroll system at Queensland.. This payroll system was very huge and complex and thus it involved the analyzing of various things (Haes 2015). It was a computerized payroll so the thing that were analyzed are described in the context. The first thing, which was analyzed was the size of the business. The size of the business was analyzed and the complexity to which the payroll system was supposed to work was also analyzed by the team of the management which was responsible for the development of the system. An objective look was taken which means that the requirements were analyzed for the completion of the goals. The number and the type of the employees were analyzed for whom the system was supposed to be 1established (Degese e t al. 2015). The total cost, which would arise in the creation and implementation of the system, was analyzed. According to the cost, the need of the organization was analyzed. The total number of hourly, part-time and the salaried employees were calculated. The total amount of growth of the number of employees in the organization was also analyzed. The reports of new hiring rules and the regulations of the company regarding to payment was evaluated and the payroll was supposed to meet all the requirements of the company (Martin 2014). The countrys economy was also analyzed critically for the formation of the payroll system. The ups and downs of the economy was taken into account because the salary of the employee could vary accordingly. The terms and conditions for the employee bonus was also analyzed by the management team as it was a must factor in the payroll to be introduced. Thus, the first two stages were very critical for the development of the Queensland Health Payroll System, which was taken care by IBM. Conclusion From the above discussion, it can be concluded that, the failure of the payroll project was great failure for not only Queensland but also whole Australia as the countrys economy was hugely affected by it. The government spent about 200% extra in this project. The government banned any further evolvement of such projects in the nation. In late 2012, the government of Queensland set up a survey to find the reason behind the failure of the project and the commission found out that the failure of this project was the worst failure in public administration in Australian history. According to the COSO framework, the control is defined as the proactive measure, which is used by the management to achieve any objective. Both of these were used to analyze the project. Payroll is a complex situation and here thousands of the employee and the government was involved. So, the complexity for this payroll system was huge. It needed lot of preparation and considerations before the initialization of the work. Analysis was done very critically for the payroll system as it would affect the entire economy of the state. References Ainsworth, H., 2013. Improving project management of IT enabled projectslessons we can learn from. Brown, D.R.B., 2014.An exploration of the role of ethics in leadership decision-making in change initiatives in Queensland government owned corporations(Doctoral dissertation, University of Southern Queensland). De Haes, S., Van Grembergen, W. and Debreceny, R.S., 2013. COBIT 5 and enterprise governance of information technology: Building blocks and research opportunities.Journal of Information Systems,27(1), pp.307-324. Degese, M.S., Tanos, T., Naipauer, J., Gingerich, T., Chiappe, D., Echeverria, P., LaMarre, J., Gutkind, J.S. and Coso, O.A., 2015. An interplay between the p38 MAPK pathway and AUBPs regulates c-fos mRNA stability during mitogenic stimulation.Biochemical Journal,467(1), pp.77-90. Duffield, S. and Whitty, S.J., 2015. Developing a systemic lessons learned knowledge model for organisational learning through projects.International journal of project management,33(2), pp.311-324. Eden, R. and Sedera, D., 2014. The largest admitted IT project failure in the Southern Hemisphere: a teaching case. InProceedings of the 35th International Conference on Information Systems: Building a Better World Through Information Systems. AISeL. Glass, R.L., 2013. The Queensland Health Payroll Debacle.Information Systems Management,30(1), pp.89-90. Haes, S.D. and Grembergen, W.V., 2015. Enterprise Governance of Information Technology: Achieving Alignment and Value, Featuring COBIT 5. Hmelak, M., 2014. The IT Audit of the Republic of Slovenia's eHealth Project.International Journal of Government Auditing,41(3), p.12. Jarman, R., 2013. Psychopathy As A Phenomenon Of Interest In Information Systems Research. InECIS(p. 84). Malkin, B. and Pearson, M., 2014. The information technology industry needs to learn how to tackle complex projects from the building and construction industry (1054). InMastering Complex Projects Conference 2014(p. 87). Engineers Australia. Martin, K., Sanders, E. and Scalan, G., 2014. The potential impact of COSO internal control integrated framework revision on internal audit structured SOX work programs.Research in Accounting Regulation,26(1), pp.110-117. Schefe, N. and Timbrell, G., 2013. A conceptualization of complexity in IS-driven organizational transformations. Thite, M. and Sandhu, K., 2014. Where is My Pay? Critical Success Factors of a Payroll SystemA System Life Cycle Approach.Australasian Journal of Information Systems,18(2). Tursunbayeva, A., Bunduchi, R., Franco, M. and Pagliari, C., 2016. Human resource information systems in health care: a systematic evidence review.Journal of the American Medical Informatics Association, p.ocw141. Wilkin, C., Couchman, P., Sohal, A. and Zutshi, A., 2015. Exploring Differences between Large and Medium Organizations Corporate Governance of Information Technology.