Ethics and Professional Responsibilities Essay Example | Topics and Well Written Essays - 250 words

Ethics and Professional Responsibilities - Essay Example This is because they may result in to severe consequences if not well checked. Therefore the moral obligation to consider the consequences of their actions or decisions lies with the engineers themselves. Whenever a safety problem occurs or during a disaster recovery, any concern noted by engineers should get reported to the relevant authority to enable investigation and subsequent response to the problem. This has often been a challenge especially when one feels they may be blacklisted or fired. However, it is ethical and moral standards that an individual engineer has that will bring a difference when such situations arise (Jr, Pritchard, Rabins, James, & Englehardt, 2013). When an issue of concern is not reported due to fear of having one’s job in the line, the consequences that may arise could be very dire not only to those in the surrounding but also to the engineers who engage in the given activity. Therefore, it is important for engineering students to have ethics as a part of the curriculum so that they are prepared to make decisive decisions in their professional careers. This will enable presentation of code of ethics to the profession of engineers saving the world from the unforeseen misfortunes that may result from unethical practices in this profession ( Jr, Pritchard, Rabins, James, & Englehardt,

Final paper Essay Example | Topics and Well Written Essays - 1000 words - 12

Final paper - Essay Example PRview strategies include: PR View Company has to establish a strong network of Chinese in Los Angeles and Beijing. The company must look into ways of improving their services to its customers so that they end up feeling served and satisfied. When customers are contented with the services, they are offered they will consequently generate word of mouth recommendation to other people, and this will help the company make more clients. PRview has been able to attract more customers in both los Angeles and Beijing since it was founded. Therefore, the company must retain its hub in both Los Angeles and Beijing. The two cities serves a vast population of people when the company establishes its roots in these two cities then it will be of constant clients. The company has to split its operations between the two offices in Los Angeles and Beijing to maintain its presence and draw even more customers. PRview is a website company that tries to reach out to customers who have PR cases to be solved. Since the company is first accessed and can be researched online, therefore, the website acts as the main tool of marketing PRview. Therefore, the company must constantly put itself in the pace to win more customers through sight and information put in the website to attract more customers. The company must use it as a tool for business advertisement (Cooperrider & Sekerka, 2006). PRview website and blog must be under constant maintenance to push the companies brand to the limit. Since the company reaches most of its customers through the website, PRview has to make use of the only tool it has to convince its clients hence, rebranding of the website will keep the company at a competitive edge in the market and attract clients. Another strategy that can be used by PRview is the use of cost-effective alternatives. The company must transform itself into an agency that can accommodate the customers

The Small Business Structure Planning and Funding Essay Example for Free

The Small Business Structure Planning and Funding Essay Week 1 Individual Assignment: Strategic Management Process Paper Write a 700- to 1,050-word paper explaining steps of the strategic management process as it applies to your business or one you would like to start. Discussion Questions 1 and 2 Week 2, Learning Team Assignment: Business Model Comparison Identify an industry with which you are familiar, then choose two businesses in that industry. Identify the business model and forms of ownership for each business, then complete the Comparison of Businesses Matrix. Write a 700- to 1050-word paper in which the team evaluates and compares different components of each business’s model after completing each matrix. Describe benefits associated with each business by evaluating how they built a sustainable competitive advantage. Explain advantages and disadvantages of each business’s ownership Discussion Questions 1 and 2 Week 3, Individual Assignment: Business Plan Evaluation (Use the Business Pro Plan Module) Evaluate the business plan submitted by an entrepreneur for investment and decide if you will invest in the business. Write a 700- to 1,050-word paper in which you include the following: Evaluate the plan’s overall writing. Conduct a feasibility analysis of the idea presented in the plan. Identify competencies the entrepreneur must have to be successful in building the business. Make a recommendation if you plan to invest in the business. Week 4, Learning Team Assignment; Strategic Marketing Plan (Use Business Plan Pro Module) Discuss some ideas for a hypothetical e-commerce business. Each team  member must suggest at least two different ideas. Decide on one member’s idea. Write a 1,050- to 1,400-word paper in which you explain the process your team may use to build a strategic marketing plan for the business. Describe various pricing strategies appropriate for your business. Assess pros and cons of each strategy. Select one pricing strategy for your business. Reference the Intelichild.com business plan for an example. Format your paper according to APA standards. Submit your Strategic Marketing Plan to the facilitator. Week 5, Individual Assignment: Future Growth Paper Prepare a 700- to 1,050-word paper in which you use the business from your Strategic Marketing Plan. Assess optional strategies you may use when the business goes global. Describe strategies you would use to build a management team to ensure the business’s growth. Identify possible challenges you would face when managing a growing business and possible strategies to overcome the challenges Learning Team Assignment: Financial Plan Discuss some possible ideas for a service business. Each team member must suggest at least two different ideas. Decide on one member’s idea.   Prepare a 1,050- to 1,400-word paper in which you describe the process your team could use to prepare a basic financial plan for the business. Identify cash flow management strategies that may be used in your business. Explain why these strategies are best. Evaluate different sources of funding for your business and select one. Discuss why this source is most feasible. Refer to the Adorable Pet Photo business plan for an example. Submit your Financial Plan to the facilitator.

RISK AND UNCERTAINTY FOR A FIRM ENTERING A FOREIGN MARKET. EXECUTIV

RISK AND UNCERTAINTY FOR A FIRM ENTERING A FOREIGN MARKET. EXECUTIV This report looks at Risk and Uncertainty as variables affecting a firm(s) in or entering foreign markets. From the onset it sets out to give an overview of the topic through a summary of risk that comes with the quest for expansion and further highlighting the motives for expansion which could be Market-lead, Capability-lead or Economics-lead. Risk refers to the likelihood and consequences of an undesirable occurrence(s). Uncertainty refers to doubt or indecision, and is inherent in company strategy as the future is never certain. Uncertainty Avoidance refers to the extent to which people can tolerate risk and uncertainty in their lives. This report then goes on to tackle the different Topic-related subjects as outlined by the contents page. It is my sincere hope that as you study this report it will prove to be a comprehensive framework for the subject matter at hand, of Risk and Uncertainty in relation to entering foreign markets. It also draws a distinction between the two variables that should be notable by the end of your study of this report. Yours Sincerely Jotham Mwale BA (HONS), BS STUDENT. METHODOLOGY The information used to compile this report is research-based and derived from a combination of learned knowledge, references from various updated management texts and windows internet explorer. INTRODUCTION Companies, in this day and Age, are on a quest to expand market share and profitability to achieve and maintain a position of competitive advantage. Globalization, as such, has been a strategy that many companies have adopted towards this end. Globalization refers to the linkages between markets that exist across national borders. This implies that what happens in one country has an impact on occurrences in other countries (Henry, p.260). However, the concepts of risk and uncertainty cannot be ignored even as we refer to globalization and companies urge to venture into it. There are many unknowns in the world of business, more so for international business. Organizations in international business or those seeking to venture into such or any other business are prone to face risk and uncertainty. Thus when a firm is entering a foreign market or internationally expanding for the first time there are many potential risks. This report tackles the question of the unknowns that firms are faced with when entering foreign markets, distinguishing between the concepts of risk and uncertainty. MOTIVES FOR EXPANSION INTO FOREIGN MARKETS A firm has various motives for expansion into foreign markets that would make it prone to risk. These motives may be Market-lead, Capability-lead or Economics-lead; Some Market-Lead motives are as follows; Globalization of markets and competition- this exerts pressure on the firm to adopt internationalizing strategies, and not just larger businesses. Internationalization of the Value Network. Exploiting differences between countries. Some Capability-Lead motives are as follows; Leveraging Capabilities- by doing this across its businesses in a number of countries, the firm is able to achieve competitive advantage. Enhancing Capabilities- through international acquisitions and strategic alliances the firm may acquire new capabilities. Enhancing Learning- entry into some markets, foreign inclusive, may enhance organizational learning. Some Economics-Lead motives (reducing costs) are as follows; Economies of Scale- the firm can derive economies by increasing the scale of its operations. Economies of Scope- by spreading costs over a larger output per unit costs may be reduced. RISK Assuming a firm is trying to enter the American market for the first time, it is bound to face a lot of challenges and risk, especially since it is one of the worlds biggest and active markets. Risk refers to the likelihood and consequences of an undesirable occurrence(s). A firm entering a foreign market like the American market for the first time will face risk. There are many potential risks that are posed on a firm on the verge/with the motive of venturing into a foreign market for the first time. Types of Risk POLITICAL RISK- there is potential threat to a companys operations in America due to the ineffectiveness and inefficiencies of the different political systems. For example, a change in governments from the republicans to the democrats would lead to a significant change in policies. Other laws and regulations that can affect a business in a foreign market are as follows; Revenue and tax laws as concerns remissions and what percentage of revenue is required to be ploughed back into the local economy of the foreign state. Laws on pollution limits. Tariffs, trade embargos and sanctions will also affect whether a business operate in a foreign market or not. Labor laws as concerns wages and pension. Health and safety laws. Laws as regards use of local material in production ECONOMIC RISK This is the potential threat to the firms operations in a country due to the economic policies and conditions in that country. In America, for example, interest rates may prove to be too high for a business that is coming from sub-Saharan Africa. Government economic policies such as; Monetary and Fiscal Policies will affect a business and can either be beneficial or a threat to them. CURRENCY RISK This is the potential threat to a firms operations in a country due to fluctuations in the local currencys exchange rates. The United States dollar is a strong currency and fluctuations in it have, and may prove either disastrous or beneficial to businesses the world over. MANAGEMENT RISK This is the potential threat to a companys operations in a country due to the problems that managers have making decisions in the context of foreign markets. Different countries have different cultures. Hosted identified four national cultures that would have an impact on management styles in different countries; Power distance- defining the extent to which a culture accepts different distribution of power within society. For cultures/nations with high power distance like France, Spain and Brazil; management style is autocratic with a lot of centralization, close supervision and top-down command chains. This must to be taken into account as venturing into such cultures without such knowledge would indeed prove risky or hazardous. Cultures like that of the United States and United Kingdom have less power distance and as such employees are more involved. Uncertainty avoidance- referring to the extent to which order, security and control are preferred to ambiguity, uncertainty and change. For nations with a high uncertainty avoidance culture, employees value task culture, written rules and regulations, and standardization. Deviance and/or ignorance of these values pose a threat to a firm wanting to operate in that nation. On the other hand, nations with a low uncertainty avoidance culture like the United States, the United Kingdom and Australia, value flexibility and creativity and greater variability. Deviance and/or ignorance of these values would place a firm operating within such a nation at a risky position. Individualism/Collectivism- referring to the preference to hire and work in an individualistic way (focusing on the I identity as opposed to the We identity) as is the case in the United States and the United Kingdom. Collectivism refers to countries that value organizational family, corporate social responsibility (CSR) and relationship over task; Japan. Deviance and/or ignorance of such values poses risk for a firm operating in such a nation. Masculinity/Femininity- Masculinity refers to the extent to which a society values attributes such as; Assertiveness Status Personal achievement These are masculine traits prominent in countries like the United Kingdom, the United States and Australia. Feminine traits are those that emphasize on sympathy and service quality of life as is the case in Scandinavia and the Netherlands. Such values and traits need to be considered when venturing into a foreign market to avoid putting a firm at unnecessary risk. MARKET RISK- potential threat that a company faces by it being a part of a certain market. This risk can further be divided into; Industry risk Positioning risk Misys risk description according to their Annual Report on principal risks and uncertainties (2010) under the heading Business environment and market risks is as follows; As an international company, we operate across the globe and difficult or unexpected economic conditions in the markets we serve may affect the financial position of our customers and their willingness to commit expenditure. Other developments in the markets we serve may also impact the Group. The financial services sector is currently subject to regulatory review which could increase taxes on, or curtail certain of the activities of our customers leading them to reduce expenditure. Our Healthcare business is benefiting from the Healthcare Stimulus program in the United States, however, we must ensure that we comply with the requirements for meaningful use as defined by the United States Department of Health and Human Services across our healthcare product portfolio. In addition, we operate in highly competitive markets that are characterized by changing technology, industry standards and customer needs and by commercial pressures from customers. Four further classifications of risk as classified by Misy in their Annual Report (2010) are: Strategic Risk- which further embodies; Business environment and market risks Business strategy risks Operational Risk- which further embodies; People risks Product development risks Contract implementation and service level risks Business continuity risks IT risks Intellectual property risks Financial Risk- which embodies; Foreign exchange and interest rate risks Compliance Risk- which embodies; Legal and regulatory risks Strategy and Risk There are a number of strategies that can be employed in relation to risk, that is, the various types of risks. In response to positional risk this report considers the following strategies; The Strategy Clock The Strategy Clock (et al, p. 225) is a vital tool in determining the positioning of a firm. A firm entering a foreign market for the first time can assess which of the eight strategies/positions on the strategy clock to pursue, with full understanding of the risk that the various positions pose. Generic Strategy Needs/Risks No Frills Likely to be segment specific. Low Price Risk of price war low margins; need to be cost leader. Hybrid Low cost base reinvestment in low price differentiation. a) Differentiation; without price premium Perceived added value by user, yielding market share benefits. b) Differentiation; with price premium Perceived added value sufficient to bear price premium. Focused Differentiation Perceived added value to a particular segment, warranting price premium Increased price/standard value Higher margins if competitors do not follow; risk of losing market share. Increased price/low value Only feasible in monopoly situation. Low value/standard price Loss of market share. Porters Competitive Forces Porters 5 forces (1980) is another tool for positioning in relation to risk. The ideal situation (especially for a firm entering a foreign market for the first time) is one of low risk where; Bargaining power of buyers is low Bargaining power of suppliers is low Threat from potential entrants is low Threat from substitutes is low Competitive rivalry is low Why Companies Expand/Venture into Foreign Markets To spread business risk across a wider market base. It will not depend entirely depend on operations in domestic markets. To achieve/maintain core competences. To lower costs and enhance firms competitiveness. To gain access to new customers- expanding into foreign markets offers potential for increased revenue, profit and long-term relationships and growth, and becomes an especially attractive option when a companys home market is mature RISK MANAGEMENT It is important that risk is identified in advance, recorded and managed. A firm entering the United States market for the first time can do this using one of the following four strategies; Avoidance- where the factors that give rise to the risk are removed or the profit is undertaken. Reduction/Mitigation- these measures tend to reduce the likelihood and the consequence of the risk/risky event. Transference- where the risk is passed on to or stored in another party. Absorption- where potential risk is accepted in the hope that the consequences can be coped with if necessary. UNCERTAINTY Uncertainty refers to indecision or doubt over options. Uncertainty is inherent in a companys strategy, because nobody can be sure about the future or the stability of an economy. There is therefore even more uncertainty for firms in international business or those planning to enter foreign markets. Uncertainty Avoidance refers to the extent to which people can tolerate risk and uncertainty in their lives. People in societies with high uncertainty avoidance create institutions that minimize risk and ensure financial security. Companies emphasize stable careers and produce many rules to regulate actions and minimize ambiguity. Uncertainty Avoidance determines whether or not risk will be an issue for a company. Higher profits do come with greater risks and vice versa. Therefore for a firm entering the United States market for the first time will have to undertake risk management in order to identify risks and gauge whether or not they are able to tolerate whatever risks are discovered. FOREIGN DIRECT INVESTMENT (FDI) Another option that companies wanting to enter a foreign market like that of the United States can consider is FDI. FDI is an internalization strategy in which the firm establishes a physical presence abroad by acquiring productive assets such as capital, technology, labor, plant and equipment. FDI is the most advanced expensive, complex and riskiest entry strategy that a firm could use. It is undertaken by and targeted at firms from both advanced economies and emerging markets. Some considerations relevant to choice of foreign market entry strategy are; Degree of control that the firm wants to maintain over decisions, operations, and strategic assets involved in a venture; Degree of risk that the firm is willing to tolerate, and the timeframe in which it expects returns; Organizational and financial resources (for example, capital, managers, technology) that the firm will commit to the venture; Availability and capabilities of partners in the market; Value-adding activities that the firm wants to perform itself in the market, and what activities it will leave to partners; Long-term strategic importance of the market CONCLUSION AND RECOMMENDATION From the above analogy it can be derived that the question at hand has been adequately addressed. This report has affirmed that a firm will face unknowns in the world of business, more so in foreign/international markets. This report has also affirmed that risk is indeed a factor of concern for firms seeking to venture into such markets. It has significantly defined risk and highlighted a considerable range of types of risk. This report went further in even suggesting risk-related strategies and outlining the risk management framework. Uncertainty has also been addressed. It has also addressed the issue of FDI, its associated risks and how it is an option for venturing into foreign markets. The concept of uncertainty does not seem to hold as much water as that of risk. It would seem uncertainty is a by-product of risk as doubt or indecision over a promising/profitable venture would be sparked by the risk that comes with it. In conclusion, Risk cannot be avoided in business whether it is local or international. Risk is always present and can either be high, medium or low, but never absent. What differs is how tolerable different firms are to risk and how they individually manage their risk. I would recommend that firms engage in wide-scope risk management as even the smallest of risks can prove to be huge blows to competitive advantage. The business environment is turbulent, more so now than in the past years. It would be unwise to invest in business and not be able to make any profit whatsoever due to falling prey to unforeseen risks and subsequent consequences.

Characteristics Of Globalisation Economics Essay

Characteristics Of Globalisation Economics Essay Since the early 1960s a large number of theories on foreign direct investment(FDI) have emerged. This proliferation was to a large extent, due to Hymer (1976),and the subsequent recognition that FDI is a manifestation of market imperfection and firm specific advantages. This is the implicit and explicit assumption in most modern theories. The multiplicity of factors involved in production,combined with barriers to the free movement of goods and services, together with the differences in production environment, are all reasons for also been an increasing number of studies regarding other modes of foreign investment. These new forms of FI activities such as join venture , licensing, franchising, etc seem to have taken on an increasingly important role in recent years everywhere, including developing countries (Oman,1984). Foreign direct investment (FDI ) is the vehicle by which firms achieve their strategic objectives. Accompany must posses some asset such as product and process technology or management and marketing skills that can be used beneficially in the foreign affiliate in order to invest in production in foreign markets. According to Kindleberger(1969) , For direct investment to thrive there must be some imperfection in markets for goods or factors, including among the latter technology. Or some interference in competition by government or by firms, which separates markets. The industrialized nations have remained the major contributor as well as the major recipient of FDI though FDI flows to the developing world have more than doubled between 1990 and 1999 . According to Chakrabarti (2002) in 1999 , nearly 58percent of 30 global FDI flows went to the industrial countries ,37 per cent to developing countries , and just 5 per cent to the transition economies of eastern Europe. FDI embodies two typical assets : first ,capital and second ,technology or a number of intangible advantages. So, FDI is more likely to be important in industries with significant firm-specific ,intangible ,knowledge-based assets. Foreign direct investment contributes most to the development process whn affiliate is wholly owned and fully integrated into the global operations of the parent company. Once the parent investors commit themselves to incorporate the output from host country into a larger strategy to meet global or regional competition-there is evidence of a dynamic integration effect, which provides newer technology , more rapid technological upgrading ,and closer positioning along the frontier of best management practises and highest industry standards , than any other methods for the host economy to acquire such benefits. There is evidence of more intensive coaching for supplier in quality control, managerial efficiency , and marketing than any other means for firms in the local econom y to gain these skills (Nunuez,1990). FDI will improve competitiveness and, thus, create employment and increase the welfare of the host nation (Dunning, 1994). This is a result of inward investment increasing the number of entrants in the indigenous industry which forces all competitor firms in the industry to become more competitive by reducing costs and improving efficiency and quality. Much FDI activity is achieved by way of a joint venture between a foreign company and an indigenous company and this may bring advantages such as risk diversification, capital requirement reductions and lower start-up costs (Perlmutter and Heenan, 1986). Indirect impact will manifest itself in the creation of spillovers and linkages typically in suppliers and customers whereas the dynamic impact will affect the competitive environment. Inward investment is likely to stimulate the production of global competitors in the recipient country (UN,1995). Market size and growth, barriers to trade, wages, production, transportation and other costs, political stability, psychic distance and host governments trade and taxation regulations, performance requirements, cultural distance, GDP per capita and infrastructure are factors affecting FDI location (Dunning, 1993). While economic growth, and technology transfer to the host country are important consequences of FDI, development of technological infrastructure and human capital are critical prerequisites, and so antecedents for FDI (Noorbakhsh and Paloni, 2001). Moreover, while psychic distance has been pertinent so far in FDI decisions (UNCTAD, 1997; UN, 1998), its importance might gradually reduce with increasing globalization and development of new/digital economy. According to Sethi et al. (2002 p. 701), institutional and strategic factors into theory . . . need to be considered in tandem to explain the change in trend of FDI flows. The inflow of FDI includes a raise in the production base, the introduction of new skills and technologies and the creation of employment. Foreign investors increase productivity in host countries and FDI is often a catalyst for domestic investment and technological progress. Increased competition associated with the entry of an MNE upgrades the competence and product quality in national companies, and opens up possibilities for export (Ahn and Hemmings, 2000).

Death Penalty Survey Essay -- Survey Death Penalty Essays

Death Penalty Survey It's my belief that people often lack enough information to have an informed opinion, but go ahead and give their opinions anyway. Given the time, money and desire to complete this survey again I'd change my approach. I'd attempt to educate them more on the subject by providing them some detailed information such as factual statistics on both the pros and cons of the death penalty. Thus providing them with a broader background relating to the subject. I feel that by providing factual statistics and historical data that it would greatly add to the validity of the survey. Of the many questions available to base my survey on, I chose "Are you in favor of the death penalty?". With this question I interviewed twenty-four people. I had to get their name, age, race, sex, marital status, birthplace, religion, and of course the answer to the question. Then with the results of the survey I wrote this composition. Two weeks ago my neighbor received an unfortunate phone call that his sister had been killed in a car crash. While traveling at a high rate of speed, three underage boys had broad-sided her as they proceeded through a red traffic light at eighty-five mile per hour. The boys had previously stolen the car and were being chased by the police. Besides my neighbor's sister, the front passenger in the stolen car was also killed. The driver and another passenger were only slightly injured. Initially my neighbor's father was not going to take any legal action against the boys or their families. That was until he found out there was both alcohol and a high-powered rifle in their vehicle. The driver of the car now faces two counts of murder as well as the death penalty. This event forced me to reflec... ...led I'd have to say "yes", but if it were someone else's "no"." Also two people surveyed were my neighbor and his wife. The neighbor whose sister was killed in the previously mentioned car crash. Without hesitation, they both responded with immediate "yes" answers. My immediate thoughts on their response was I wonder what their answer would have been prior to the accident. These two examples both support the fact that emotions really may play a part in our decision making process. In conclusion of this survey, I was not surprised at all by the outcome because I knew that it was going to come out this way. Doing this survey was a fun and interesting experience. It gave me an opportunity to speak with some people I haven't spoken to in a long time. It also provided me the opportunity to reflect on my decision on the question, "Am I in favor of the death penalty?"

Discuss The Importance Of Depreciation. :: essays research papers fc

Title: Discuss the importance of depreciation expenses. Depreciation as a concept and in practice plays a very important role in a company’s cash flow hence in funding. The reason’s are basically two, firstly because depreciation is a way of self finance for an organization and secondly because is a way of decreasing taxes that the government claims as the company doesn’t have to pay taxes on depreciation which consequently enlarges the cash flow of the company. As a term depreciation in accounting is the process of allocating the cost of a capital asset over the period of its useful life. Depreciation takes into account the decrease in the service potential of capital assets invested in a business venture, resulting from such causes as physical wear and tear in ordinary use, deterioration by natural elements or obsolescence caused by technological changes. Basically depreciation is a loss in value or a diminishment in market price of a good always taking the time factor into account. Depreciation is a rate of change in value in an asset fixed or current compared to the present value of that asset. For example if a company purchases machinery for the production of a certain product the management must take under consideration the equipment’s life cycle, meaning that this machinery has a certain period of time in which it can contribute to the production before it becomes useless. Useless in a sense of a newer machine will be invented in some years which will be probably faster or more capable to produce better quality. The time factor of course always varies depending on the asset. For example the usefulness of a computer may be three years before it needs replacing, as for a building may be fifty years. A Mercedes van for instance in year 2000 could be purchased at the value of 13 million drachmas and its productive life span before it needs to be replaced will probably be 8 years. After the 8 years the van purchased would cease from being of any productive use to the company and if it needs to be resoled its market value would have depreciated drastically due to the time fade from the initial purchase. Its devaluation is its year zero value less an annual percentage of the devaluation process updated annually. But depreciation doesn’t apply only to current assets but also is applicable to fixed assets as well.