Corporate Governance in Family Businesses in Serbia Essay Example

Corporate Governance in Family Businesses in Serbia Essay CORPORATE GOVERNANCE IN FAMILY BUSINESSES IN SERBIA PhD Katarina Djulic, Faculty of Economics, Finance and Administration, [emailprotected] edu. rs MSc Tanja Kuzman, Faculty of Economics, Finance and Administration PhD Katarina Djulic is Assistant Professor at FEFA on subjects of Corporate Finance and Corporate Governance. She also works as Senior Consultant in KPMG Serbia. She worked as an Associate Operations Officer at the International Finance Corporation, World Bank Group, on the Corporate Governance Program. She holds a Bachelor of Law from the University of Belgrade, a Master of Law (LL. M. ) from Northwestern University, a Master in Public Policy from Harvard University JFK School of Government, and a PhD degree from the University of Belgrade Faculty of Economics. Prior to joining IFC, Ms Djulic worked as a legal adviser to firms in Belgrade and New York and afterwards at the Ministry of Finance, first as an adviser to the Minister and then as an Assistant Minister in charge of the Financial System Division. She also worked for European Bank for Reconstruction and Development in London in Office of General Council. PhD Djulic was a member of Board of Directors in DDOR, Novi Sad, a member of Supervisory Board in Jubanka, Beograd and Chairwoman of Supervisory Board in Central Securities Depositary and Clearing House, Republic of Serbia. MSc Tanja Kuzman is Teaching Assistant at Faculty of Economics, Finance and Administration. She teaches Corporate Governance and Corporate Finance. She is also Advisor for Corporate Governance and Corporate Finance in Chamber of Commerce and Industry of Serbia, Executive Director of the Institute at Faculty of Economics, Finance and Administration and a Member of the Board of Directors of Alumni FEFA. We will write a custom essay sample on Corporate Governance in Family Businesses in Serbia specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Corporate Governance in Family Businesses in Serbia specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Corporate Governance in Family Businesses in Serbia specifically for you FOR ONLY $16.38 $13.9/page Hire Writer She holds University of Sheffield Masters Degree with Distinction in Banking and Finance, where she was proclaimed as one of the best students, and a BA from the Faculty of Economics, Finance and Administration. She was awarded with two HEAD’s list certificates for outstanding academic achievement of the University of Sheffield and in February 2011 she started her PhD studies in Finance. From September 2009 to December 2011 she worked as Coordinator of the National Competitiveness Council of the Republic of Serbia and Junior Advisor for Economy and Finance in the Office of the Deputy Prime Minister for European Integration. In July 2011 she has spent a month working for European Commission, Directorate General for Economic and Financial Affairs in Brussels, on the issues related to the financial stability and financial institutions of the European Union. She has finished training on European Negotiations organized by Centre des etudes europeennes de l’ENA from Strasbourg. Abstract Family businesses constitute the world’s oldest and most dominant form of business organizations. In many countries, including Serbia, family businesses play the key role in the economy growth and workforce employment. Yet many of them fail to be sustainable in the long-term often due to some specific governance challenges (family business succession, professionalization of the management etc. ). In Serbia, it has recently been recognized that family businesses need more institutional support in the area of corporate governance. The corporate governance scorecard (questionnaire on key aspects of corporate governance) for family businesses in Serbia was developed as part of cooperation between the Chamber of Commerce and Industry and the IFC. This paper presents the results of the scorecard used in assessing corporate governance in seven family businesses in Serbia. Analyses of the results represent a unique case study that provides an overview of the quality of corporate governance in family-owned companies in Serbia. It shows that the state of corporate governance in family businesses on the Serbian market has a lot of distance to go to reach best practice. All companies recognize the fundamental importance of family governance to their business. However, they lack knowledge and guidance on how to systematically deal with governance challenges. Key words: family businesses, corporate governance, scorecard, board of directors, transparency, controlling environment. Paper classification: Case study. INTRODUCTION Family businesses are one of the oldest and most common forms of business organizations, drivers of economic growth and economic development, representing a large percentage of the total number of companies in the world. Family businesses in most countries in the world account for over 70% of the total number of businesses and have very significant impact on economic growth and employment. For example, in the U. S. family businesses create 59% of new jobs, while their share in the GNP is 50%, and they represent nearly 90% of all businesses (Kuratko and Hodgetts, 2004). Family businesses in Spain and Latin America produce, respectively, 75% and 60% of the GDP (Network for Family Enterprise, 2008). Poutziouris (2000) also notes that in addition to economic growth and employment, family businesses build entrepreneurial spirit and enable knowledge transfer between generations as well as development of a sense of loyalty, long-term commitment and corporate independence. Therefore it is considered that the creation, growth and sustainability of family businesses is crucial for the development of national economy. According to data of the KPMG Canadian Centre for family business in next 20 years 15 trillion dollars of wealth in the world will be transferred from one generation to another. The same source also points out that 70% of family businesses do not survive the transition to the second generation, 90% do not survive the transition to the third generation, and 95% of family businesses do not plan succession. Other sources confirm these findings indicating that only 5-15% of the family businesses continue to exist in the third generation of the successors of the founder (Davis and Harveston, 1998; Neubauer and Lank, 1998; Poutziouris, 2000, Ibrahim and Dumas, 2001; Grassi and Giarmarco, 2012 ). The reasons for the unsustainability of family businesses are sometimes exactly the same as the reasons for all other businesses. Management processes, informality and lack of discipline are the most common weaknesses of family businesses (IFC, 2008). In the process of managing the family usiness, unlike other businesses, feelings and family problems can be involved complicating in that way the management process. On the other hand, the lack of procedures and informality in the conduct of business, can lead to inefficiencies and conflicts, while lack of planning in terms of succession, property management and absence of policies for the employment of family members leads in most cases to the failur e of the family business. All the above mentioned reasons for the failures of family businesses stem from various weaknesses in Corporate Governance (hereinafter: CG) practices employed in family businesses. Therefore, several researchers have investigated the relationship between the level of CG and family businesses as to determine whether these two variables are positively or negatively correlated. In their study Cheung et al (2010) have found that quality of CG appears very significant for family businesses. They have shown that good CG practices in family businesses are linked to higher stock returns and lower unsystematic risks (Cheung et al, 2010). Results of their study for family businesses are consistent with findings of Renders et al (2010) who found a positive correlation between CG practices and company performance. Furthermore, Renders et al (2010) have proven that higher CG ratings lead towards improved operating performance and higher market values of companies. These positive effects of CG ratings on market values of companies have also been recorded in emerging and transition countries (Gary and Gonzales, 2008; Khanchel El Mehdi, 2007; Black et al, 2006; Durnev and Kim, 2005; Black, 2001). Notwithstanding, Cheung et al (2010) and Geksen and Oktem (2009) find that family businesses have poor CG practices. Cheung et al (2010) explain that family businesses, which in most cases have concentrated ownership structure, are associated with low level of CG. Furthermore, their finding indicates a concerning fact that family businesses improve their CG practices slower than their peers (Cheung et al, 2010). Geksen and Oktem (2009) also find that practices which prevail in family businesses strongly contradict the recommendations of the CG codes of best practices. When it comes to Serbia the picture is more or less the same as in all developing countries. We have large number of family businesses which went from being an entrepreneurial project to holding structures, now with several hundreds of employees. Family businesses in Serbia perceive CG as something abstract, fleeting, something that is hard to define and measure, and hence there is the conviction that CG does not bring concrete, tangible and quick benefits. Better business results which follow concerted CG efforts are nearly never exclusively linked to improved CG mechanisms as from stances of family businesses in Serbia. At best, they are ready to admit that CG can contribute to moderately improved business results. Despite this perception, the goal of the authors was to investigate the level of CG in family businesses in Serbia in order to be able to recognize the main weakness/problems and provide recommendations which could solve them. This paper presents the findings of analysis of CG practice in 8 Serbian family businesses that responded to the invitation for assessing CG practice using the scorecard methodology. The scorecard was developed by the Chamber of Commerce and Industry of Serbia (CCIS) as part of the Program for Improving CG, with the support of the IFC and with participation of one of the co-authors of this paper. The scorecard consists of questions that are systematically organized into CG areas that reflect the basic principles of good corporate governance. Based on the scorecard the CG rating in Serbia can be created and even though it is quite hard to produce a quantitative evaluation of CG the scorecard can still be a valid indicator of good or bad CG practices. The paper is divided in three additional sections. The introduction is followed by a presentation of the methodology used in assessing corporate governance practice. In second part, results of the assessment of CG in family businesses in Serbia are presented. In conclusion, closing considerations followed by recommendations for further CG improvements in family businesses in Serbia are noted. METHODOLOGY The CG scorecard for family businesses in Serbia, developed as part of cooperation between the Chamber of Commerce and Industry of Serbia and IFC, is a questionnaire whose questions are systematically presented under headings that reflect the basic principles of good CG. Responses to questions generate a score that is expressed as a percentage and indicates what percentage of best practice was applied by a given family business in a particular CG area. The main goal of the scorecard approach is to enable companies to easily assess their own CG practices, to allow investors to determine their preference regarding the level of CG which companies need to have in order to be considered as possible investment and to enable comparison across countries and industries (Bassen, 2004; Strenger, 2004). The scorecard is divided into the following five areas of corporate governance: 1) commitment to good CG practices; 2) board of directors; 3) supervision, control and independent audit operations; 4) transparency and disclosure; 5) owners; Each of these areas has a relative importance expressed in percentages in relation to the total of 100%. In view of the fact that each area is significant in its own way and has a different contribution to governance, their relative importance differs accordingly. A relatively greater weight is carried by two areas for which experience shows that they represent vital points of good CG in a company –company commitment to CG principles and supervision, control and independent audit operations. As a result these two areas are weighted with 25%, board of directors and owners are weighted with 20%, while transparency and disclosure is weighted with 10% in the final score. In each of the specified areas there is up to eight questions that reflect recommended practice for realizing principles to which a particular area is dedicated. Answers to those questions are graded with marks from 1 to 10, where each mark is related to certain percentage of the mark for that specific area. A total result of around 50% means that a company has implemented CG practices as required by relevant legislation. In order to achieve a score of over 50%, a company needs to go beyond the requirements of statutory regulations. Finally, a particular quality of the scorecard is that it takes account not just of the overall score, but also of the scores of individual CG areas, which gives a test company a clear indication of the areas in which its CG practices lag behind the company average. The CCIS and the IFC, with participation of both authors in the process, have conducted an assessment of CG practices in 8 family businesses in Serbia. Family businesses were guaranteed confidentiality in respect of scoring and results, with a view to ensuring objectivity and realistic assessment of current status. ASSESSMENT RESULTS Commitment to good CG practices As first area in the scorecard it consists of questions which provide a general sense of the level of CG practices employed by the family business. The scorecard for this area seek to establish: (i) the existence of a CG code (whether developed in-house or whether an existing code has been adopted), (ii) to what extent the company’s internal corporate documents reflect the CG principles, (iii) whether implementation of CG principles is discussed in company (if yes, how often and on which level), and (iv) do principles of CG and corporate social responsibility take into account the interests of various stakeholders, thus preventing conflicts. The figure below summarizes the scores of family businesses for this area (companies are designated by letters to ensure confidentiality of results). [pic] Chart 1: Commitment to good CG practices. CG Codes are not present in six out of eight family businesses, implying that those companies have not developed their own codes and have not adopted the existing codes of CCIS or Belgrade Stock Exchange. Despite that fact, owners and higher management have shown a great level of consciousness regarding the importance of CG and further improvements they need to make in CG area. When it comes to conversations about CG and succession process in most cases owners and family members talk about those issues from time to time and except family members involved in family business management others lack the interest or they are rather passive in the whole process. Internal documents exist in all companies but they usually satisfy the minimum requirements prescribed by law and do not encompass the CG best practices and principles. Most of internal acts exist formally due to legal requirement but they are not implemented in conduct of family business. Furthermore, owners and higher management have clear strategy for future development of family business, but that strategy in not formalized in the form of document. Due to that fact family members adhere to goals mentioned and set through formal or informal conversations between family members and higher management. Although poorly implemented in practice, family businesses show a clear vision of how their business should be organized and in which direction should be developed. All family businesses recognize the importance of corporate social responsibility. Therefore they pay more attention to local communities in which they undertake their operations but their corporate social responsibility in most cases boils down just to the philanthropic activities. In conclusion we can state that in family businesses in Serbia there is the absence of CG codes, that business strategies are not formalized in the form of documents, that internal documents fulfill legally determined norms but do not encompass the CG best practices and principles, that owners and higher management attach a high level of importance to CG and that family businesses in Serbia undertake large number of philanthropic activities. Board of directors In assessing the functioning of the board of directors questions in this section try to give a snapshot of practices regarding the management of family businesses and the role of the owner in them. In this CG area family businesses are asked whether there is a clear demarcation between operational and strategic/supervisory level in the company, is there a ormal board of directors or some other body which is responsible for the formulation of the strategy and supervision of the management, if there is a board of directors is there an internal act on the functioning of the board which defines needed competencies of the members of the board of directors and their responsibilities, is the function of the general manager and president of the board of directors clearly separated, how compensation of the members of the board is determined, is there a process of evaluation of effectiveness and quality of the work carried out by the board, whether the board establishes comm ittees which could contribute to the quality of their work, is there the annual plan of board of directors meetings and whether members of the board of directors get the materials for the meeting in advance. [pic] Chart 2: Board of directors. In all of the tested companies there is the absence of Board of directors. Members of the families often have management functions and are directly involved in the operational management of the business. On the other hand, they are usually the ones determining the strategic path of future development of the family business implying in that way that there is no clear distinction between operational and strategic/supervisory level. In most cases owners convenes meetings when he assesses the need for doing so and only in two family businesses there is clear and established dynamics of these meetings. Only in one of the tested companies owner of the family business is not as the same time a director and there is no overlapping of responsibilities and in just two companies owner sees themselves as president of the board of directors in future. Three of the tested companies have family meetings during which they discuss performance of the family business, family issues which can influence the business and its future development. When it comes to the professional management, in only two of the companies tested, managing of the company is undertaken by family members and externally hired professionals which proves the low level of consciousness and the need for professionalization of the management. In most of the family businesses there is no established and formalized reward system. Absence of reward system is also a potential problem, because it reduces the possibility of objective and adequately rewarding or punishing of employees. The commonly established practice in tested companies shows that owners usually determine the rewards, its level and they make assessment of the effectiveness of the management. Even though the test has shown that owners of family businesses have aversion for professionalization of the management they feel reluctant in hiring external experts and consultants from time to time. Based on the results of the scorecard we can conclude that in family businesses there is no formally established board of directors and that there is no clear distinction between operational and strategic/supervisory roles. Supervision, control and independent audit operations In this area the questions concern internal controls, internal audit function, external audit and reporting mechanisms in the company. Seeking to determine whether the company has any kind of internal supervision system in place, the scorecard focuses on functions rather than on formal bodies. It tries to gauge comprehensiveness, sophistication and effectiveness of the existing system. The area has a 25% weight in the final grade. Two groups of questions focus on the system of internal controls Has the company formalized its procedures? If yes, who is in charge of development of such a system? Have the owners formally discussed risks and have they analyzed the existing procedures and the company’s modus operandi in light of the identified risks? How does the company ensure that it is compliant with relevant laws and regulations? The next two groups of questions relate to the internal audit function Does it exist in any form? Is it formalized? What kind of resources does it have at its disposal? Is it independent from the management? The third group of questions relates to the external audit and tries to capture the company’s experience with external auditors in the ast couple of years Does the company have an external auditor? Who is the external auditor of the company? Has the external auditor ever issued a qualified opinion? The last question relates to the supervisory level of the company ( the board if it exists or the owner(s)) and seeks to define to what extent and in which way the management communicates with the company’s supervisory bodies. [pic] Graph 3: Supervision, control and independent audit operations. In the tested companies, internal controls are either altogether absent or they have been introduced in response to customers’ or regulatory demands without any prior analysis of internal risks in the company. The tested companies that operate in regulated industries (food production, medical supplies, transportation) and that are export-oriented received relatively higher scores since there is a large number of international industrial standards in these industries/markets that allow companies to adopt these standards routinely rather than to develop independently in-house internal control systems. Although these standards represent a type of internal control system, an internal control system should not be reduced to their implementation. In order for an internal control system to fulfill its purpose, it must be implemented in an adequate control environment and be based on a company-specific and comprehensive risk analysis and assessment. None of the tested companies has any form of internal audit function and the entire supervision is performed by the owner personally and, sometimes, the employed members of the family. This monitoring style lacks a structured approach and a supporting system. Supervision is performed either continuously, which is extremely cumbersome keeping in mind operational responsibilities of the owner, or on an ad hoc basis. Often, the owner does not have sufficient technical knowledge to supervise all the business processes in the company and as a consequence he focuses on the business areas where he feels comfortable resulting in considerable supervisory â€Å"blind spots†. Supervision further suffers as the business expands since at certain point in time, the owner’s physical capacity becomes limitation for an effective supervision. Finally, since the owner often operationally anages the company, he effectively supervises himself which is far from good practice. The external audit function seems to be understood inadequately. The companies still perceive external audit primarily as an expense so the function is introduced only if it is legally required. It of ten happens that the owner does not have any direct communication with the external auditor. The contact person for the external auditor is, in the majority of cases, the head of accounting (whose work is verified by the auditor). Where the function exists, the auditors, as a rule, are small, local businesses that issue unqualified opinions. Their mandates are automatically extended for the period of 3 – 4 years. Transparency and disclosure Although a great majority of family businesses in Serbia are small and medium non–listed companies, some of them are rather big and require a solid organizational structure, some have extensive international business operations, and others seek significant external funding (from banks primarily but also from individual investors and private equity funds). Due to these considerations, the scorecard has a part that relates to transparency and disclosure. However, since the scorecard primarily focuses on non-listed companies, this CG area has relatively smaller significance and it contributes only 10% to the final grade. In this domain the scorecard seeks to determine whether the company has a reporting policy (formalized or not), whether it uses its website for publishing relevant information and, finally, whether all relevant information is also released in English (which allows a company to reach a far broader investor and/or client base). After this, the scorecard focuses on specific types of information which practice indicates to be of greatest interest to stakeholders. Thus it seeks to determine whether the company releases in timely manner: (i) its financial statements, (ii) its management report, (iii) materially significant information, (iv) biographical information of all members of management i. e. family members that are involved in business, and (v) related party transactions. [pic] Graph 4: Transparency and disclosure. The poor results presented in chart 4 are not surprising since, as already mentioned, the tested companies are mostly small and medium family businesses. In addition, there are no legal requirements for non-listed businesses regarding transparent business operations. Thus, the research confirms once again the assumption that companies in Serbia, as a rule, tend to fulfill only the legally prescribed minimum. Some companies have decently informative websites but they contain only marketing information relevant for customers. The companies that export have also websites in foreign languages. No single company in the tested group has a structured approach to information disclosure. Some of the tested companies do have monthly or quarterly bulletins that are distributed to their customers. Financial statements, as a rule, are not public and if some financial information is available on the company website, it is out of date. Only one company in the tested sample regularly prepares an annual report because it participates in international tenders and this exercise helps it present its business efficiently to a more sophisticated business community. A majority of the interviewed owners stated that they would like to keep their business within the family and that they did not plan an IPO. Finally, most of the tested businesses engage in related party transactions but, as expected, these transactions are not regulated neither are they transparent. The research indicates that Serbian companies are still not adequately motivated to publish information and still continue to misunderstand the importance of transparency in business. Owners The last CG area of the scorecard deals with owners. This part of the scorecard focuses on key issues of family governance and has a 20% weight in the final grade. The scorecard tries to determine if there is any formal document which spells out family business guiding principles such as â€Å"family protocol†, â€Å"family business rules† etc. Formally establishing these rules could result in the most important piece of work achieved by the family business in managing its family component and the process of succession. The econd group of questions tries to determine quality, effectiveness and timing of communication between family members that are actively involved in the business ant those members that pursue other interests and thus are not familiar with the day-to-day state of t he family business. The purpose of this communication is to provide a forum that allows all the family to learn more about the family business and to provide them with an opportunity to express their views on family issues that impact the business as well as business issues that impact the family. The third group of questions enquires about the family grooming plan. The grooming plan outlines the most important business skills required by successors to effectively manage the family business at the transition date. The scorecard tries to determine how the family prepares the next generation for management succession and if it has a formalized grooming plan. The fourth group of questions asks if the family has developed an employment policy for family members. It’s understandable that the senior generation would like to have all their children involved in the family business. However, allowing children a safe employment haven just because they have no better alternative, can cause major problems. Thus, having criteria that outline what is required and expected from the family members who wish to be employed in the family business is crucial. The fifth and sixth groups of questions try to determine if the family members have any formal form of communication which would allow them to manage the key family component separately from managing business operations. The purpose of this forum is to lay out agreed ground rules and objectives for the firm and to discuss major issues (like succession) while minimizing the threat that conflicts in the family could jeopardize the business. [pic] Graph 5: Owners. The tested companies scored the highest in this CG area. The primary reason for such a good result is great commitment of the first generation to prepare the second generation for the future transition. Although only one of the interviewed owners is familiar with basic CG mechanisms that family businesses have at disposal for managing ownership and management succession, all of them expressed great readiness to learn and to apply these mechanisms in their businesses. In fact, all the interviewed owners have been trying to find ways to manage these challenges and all of them expressed a great concern regarding succession process in their businesses. Now, there might be some research bias since the tested businesses volunteered to engage in the CG testing and all were attending a workshop on CG organized by CCIS. It is probably true that a random sample would yield lower scores in this CG area as it would in Commitment to good CG practices. Still, we believe that a succession threat is looming over the first generation of Serbian entrepreneurs and that all of them are experiencing problems due to a lack of the entrepreneurial tradition in Serbia and a lack of CG knowledge. None of the businesses had any form of family protocol neither did they have any formal for gathering family members involved in business to discuss family issues that affec

Capital City of Tenochtitlan

Capital City of Tenochtitlan Tenochtitln, located in the heart of what is now Mexico City, was the largest city and capital of the Aztec Empire. Today, Mexico City is still one of the largest cities in the world, despite its unusual setting. It sits on a swampy island in the middle of Lake Texcoco in the Basin of Mexico, a strange place for any  capital, ancient or modern.  Mexico City is ringed by volcanic mountains, including the still-active volcano Popocatà ©petl, and prone to earthquakes, severe flooding, and some of the worst smog on the planet. The story of how the Aztecs selected the location of their capital in such a miserable place is one part legend and another part history.   Although the conquistador Hernn Cortà ©s did his best to dismantle the city, three 16th century maps of Tenochtitlan survive showing us what the city was like. The earliest map is the Nuremberg or Cortes map of 1524, drawn for the conquistador Cortà ©s, possibly by a local resident. The Uppsala Map was drawn about 1550 by an indigenous person or persons; and the Maguey Plan was made about 1558, although scholars are divided about whether the city depicted is Tenochtitlan or another Aztec city. The Uppsala Map is signed by cosmographer Alonso de Santa Cruz [~1500-1567] who presented the map (with the city spelled as Tenuxititan) to his employer, the Spanish Emperor Carlos V, but scholars do not believe he made the map himself, and it may have been by his students at the Colegio de Santa Cruz at Tenochtitlans sister city Tlatelolco. Legends and Omens Tenochtitln was the home of the immigrant Mexica, which is just one of the names for the Aztec people who founded the city in AD 1325. According to legend, the Mexica were one of seven Chichimeca tribes who came to Tenochtitlan from their fabled city of origin, Aztlan (Place of the Herons). They came because of an omen: the Chichimec god Huitzilopochtli, who took the form of an eagle, was seen perched on a cactus eating a snake. The leaders of the Mexica interpreted this as a sign to move their population to an unpleasant, miry, buggy, island in the middle of a lake; and eventually their military prowess and political abilities turned that island into the central agency for conquest, the Mexica snake swallowing most of Mesoamerica. Aztec Culture and Conquest Tenochtitlan of the 14th and 15th centuries A.D. was excellently suited as a place for the Aztec culture to begin the  conquest of Mesoamerica. Even then, the basin of Mexico was densely occupied, and the island city afforded the Mexica a commanding lead over trade in the basin. In addition, they engaged in a series of alliances both with and against their neighbors; the most successful was the Triple Alliance, who as the Aztec Empire overran major portions of what are now the states of Oaxaca, Morelos, Veracruz, and Puebla. By the time of the Spanish conquest in 1519, Tenochtitln contained around 200,000 people and covered an area of twelve square kilometers (five square miles). The city was crisscrossed by canals, and the edges of the island city were covered with chinampas, floating gardens that enabled local production of food. A huge marketplace served nearly 60,000 people daily, and in the Sacred Precinct of the city were palaces and temples the like of which Hernn Cortà ©s had never seen. Cortà ©s was awed, but it didnt stop him from destroying almost all of the citys buildings during his conquest. A Lavish City Several letters from Cortà ©s to his king Charles V described the city as an island city in the center of a lake. Tenochtitlan was laid out in concentric circles, with a central plaza serving as the ritual precinct and the heart of the Aztec empire. The buildings and pavements of the city all barely rose above the level of the lakes and were grouped into clusters by canals and connected by bridges. A densely forested area- the precursor to Chapultepec park- was an important feature of the island, as was water control. Seventeen major floods have struck the city since 1519, one lasting an astounding five years. During Aztec times, a series of aqueducts led from the surrounding lakes into the city, and numerous  causeways connected Tenochtitlan to the other important city-states in the basin. Motecuhzoma II (also known as  Montezuma) was the final ruler at Tenochtitlan, and his lavish main courtyard covered an area measuring 200x200 meters (about 650x650 feet). The palace included a suite of rooms and an open courtyard; around the main palace complex could be found armories and sweat baths, kitchens, guest rooms, music rooms, horticultural gardens, and game preserves. The remnants of some of these are found in Chapultepec Park in Mexico City, although most of the buildings are from later times. Remnants of the Aztec Culture Tenochtitlan fell to Cortes, but only after the bitter and bloody siege of 1520, when the Mexica killed hundreds of conquistadors. Only parts of Tenochtitlan are extant in the city of Mexico; you can get into the ruins of the Templo Mayor, excavated beginning in the 1970s by Matos Moctezuma; and there are ample artifacts at the National Museum of Anthropology (INAH). But if you look hard enough, many other visible aspects of the old Aztec capital are still in place. Street names and place names echo the ancient Nahua city. The Plaza del Volador, for example, was an important location for the Aztec ceremony of the new fire. After 1519, it was transformed first into a place for the Actos de Fe of the Inquisition, then into an arena for bull-fighting, then a market, and finally into the current site of the Supreme Court. Sources Aà ±Ãƒ ³n V. 2012. â€Å"En el lugar de las tunas empedernidas†: Tenochtitlan en las crà ³nicas mestizas. Anales de Literatura Hispanoamericana 41:81-97.Berdan FF. 2014. Aztec Archaeology and Ethnohistory. New York: Cambridge University Press.Hill Boone E. 2011. This new world now revealed: Hernn Cortà ©s and the presentation of Mexico to Europe. Word Image 27(1):31-46.Là ³pez JF. 2013. The hydrographic city: Mapping Mexico Citys urban form in relation to its aquatic condition, 1521-1700. Cambridge: Massachusetts Institute of Technology.Mundy BE. 2014. Place-Names in Mexico-Tenochtitlan. Ethnohistory 61(2):329-355.Pennock CD. 2011. ‘A Remarkably Patterned Life’: Domestic and Public in the Aztec Household City. Gender History 23(3):528-546.Terraciano K. 2010. Three Texts in One: Book XII of the Florentine Codex. Ethnohistory 57(1):51-72.

Racial Profiling Essay Example | Topics and Well Written Essays - 3000 words

Racial Profiling - Essay Example Arguing that racial profiling does exist within Canadian law enforcement and that colorblind justice in this country is an idea which is not yet been attained, the following will address the racial profiling issue in holistic perspective. This research paper will begin with an introduction to racial profiling, both in Canada and throughout the world and will discuss what has been done to address this issue from a social policy perspective. While both descriptive and prescriptive, a significant portion of this research paper will explain what should be done in order to address this problem within Canadian law enforcement. Accordingly, this research paper will advocate a public policy which will address issues of criminal justice and social inequality with the aim of tackling racial profiling in this country. As with United States, racial profiling is an important issue which has garnered much media attention but which remains problematic for visible minorities as well as for the polic e services in this country. The following now turns to introduction to racial profiling. According to the United Nations Commissioner for Human Rights, racial profiling is defined as â€Å"as "the practice of police and other law enforcement officers relying, to any degree, on race, colour, descent or national or ethnic origin as the basis for subjecting persons to investigatory activities or for determining whether an individual is engaged in criminal activity" (United Nations Commission for Human Rights, 2009). Although many would like to think that racial profiling is a thing of the past, the issue of racial profiling by police services was brought to the fore of international media attention with the arrest of African-American Harvard professor Henry Louis Gates Junior. His arrest was quite controversial and was predicated on the fact that Prof. Henry

Research W. Edwards Deming's 14 points and identify at least one of Essay

Research W. Edwards Deming's 14 points and identify at least one of those 14 points which resonates with you personally - Essay Example His efforts caught the attention of the Japanese emperor, who gave him an award for his role in the country’s industrialization (Anderson, 12). Upon returning in United States of America, Deming wrote a book by the title Out of a crisis. This book was published in 1982, and it outlines 14 points which if used in the United States manufacturing sector, then there will be an industrial boom in the country. The 14 points advocated by Deming may seem to be a bunch of radical ideas; however, to effectively understand these ideas, it is important to understand Deming’s explanations of the concept of variance. According to Deming, variation was the problem that presented a great threat to the manufacturing industry of United States of America. Deming reasoned that if there was a variation in prices, times of delivery, work ethics, then companies were wasting their resources (By, 23). On this basis, Deming identified 14 points of management that people and companies ought to fo llow. These points are (Deming, 7); 1. Creating a purpose of constancy in order to improve the operations of the business organization. It is therefore important to replace the short term objectives of an organization, with long term goals. 2. Adoption of the management’s new policy. ... 4. The industry should identify a single supplier for one product. This is because many suppliers’ will always produce different quality of products, and this leads to a variation of the product under consideration, and this results to a variation of the products supplied. 5. There must always be a need of improvement, and this is in regard to reducing variation. 6. On job training is a necessity if the organization wants to achieve efficiency in its work force. Inadequate training will make people inefficient, leading to an increase in variation of the products produced. 7. Deming advocates for institutional leadership. In his opinion, there is a difference between leadership and supervision. He denotes that supervision involves setting up of targets, and it is quota based. 8. The eighth principles that Deming develops, relates to fear. Deming denotes that developing business policies out of fear is counter-productive. As such, managers ought to drive out fear for them to ach ieve success in their endeavors. Fear also prevents workers from effectively serving the interests of the organization. 9. The ninth principle is in regard to breaking down the barriers that exist between the various departments of an organization. Under this principle, the idea of the internal customer emerges. This idea denotes that the various departments within an organization serve each other. They do not serve the management. This is a very central idea in TQM. 10. Deming also proposes the concept of eliminating slogans within an organization. Under this idea, the mistakes that people make, does not arise because of their faults, but because of the various processes within the organization that they are working for. On this basis therefore, it is not wise to harass

Organizational Behavior Terminology and Concepts Essay - 1

Organizational Behavior Terminology and Concepts - Essay Example Training programs and friendly atmosphere help employees to work tat heir full potential and deliver quality service. On the other hand, employees influence morale and climate within organization brining unique values and traditions, knowledge and skills. Organizational culture means unique beliefs, values and traditions accepted and followed by a particular organization. Martin (2002) singles out several characteristics of the organizational culture: "(1) integration; (2) differentiation, (3) fragmentation" (p. 45). Organizational culture helps to account for variations among organizations and managers both nationally and internationally. It helps to explain why different groups and people perceive things in their own way and perform things differently from other groups. The concept of culture views organizations as mini societies with distinctive characteristics of their own (Robbins, 2002). In my organization, positive culture helps employees to reduce complexity and uncertainly. It provides a consistency in outlook and values, and makes possible the processes of decision making, co-ordination and control. Organizational culture is important because it develops over time and in response to environmental factors. In many cases, friendly relations and positive atmosphere in the workplace help to increase productivity and commitment of employees. Diversity In organizations, all employees come from different cultural and social environment; they have different social statuses and class location, different religious beliefs and belong to different cultures. Differences are bound to exist, due simply to the physical characteristics of the employees, such as sex, nation race. Diversity means "differences' between employees based on age, sex, professional background, social class, religion, traditions, nationality, race, etc. There are always certain groups in any society that are discriminated against unfavorably due to the prejudices and preconceptions of the people with whom they have to deal (Robbins, 2002). Geographical and age differences are the main diversity factors in my organization. Age is one of the main factors which have a profound impact on individual behavior. During life time, employees' attitudes to work will change and the traditional demarcation lines between young and aged employees become evident. Geographical differences can be explained as a result of different social cultures and background typical for rural and urban dwellers. Some rural areas are disconnected from the world culture which resulted in limited information available for rural employees. These differences influence personal relations employees and their attitude towards organization. It is important, therefore, to understand the role of diversity action and the pervasive influences which it exercises over the behavior of people. Communication Communication is one of the most dominant activities occurring in any work setting. Top executives, and those aspiring to become top executives, provide an equally important barometer of the need for better organizational communication. Researchers state that: "how an

In Good Company Analysis

In Good Company Analysis AOTEAROA TERTIARY INSTITUTE NZIM DIPLOMA IN MANAGAMENT LEVEL 5 LEADERSHIP 630 ASSESSED TUTORIAL : FILM STUDY IN GOOD COMPANY Identify two leaders in the movie? Dan Foreman and Carter Duryea Dan Foreman a) Leadership Style Dan Foreman had charismatic leadership style. According to (Daft, 2008) charismatic leaders are those who have the ability to encourage and motivate other people to do more than there would normally do. Person with charismatic leadership styles has a great concern in scanning and reading their surrounding and are able to pick up the mood and concern of individual and big audience. According to the movie The Good Company Dan took the responsibility to inform the workers when there were fired from their job because he was really concerned about their feeling and he knew he would be able to comfort them since he was the old staff and the staff was hired by him. He also had responsibility towards his family. b) Effectiveness of a leader Dan was considered as a effective leader. He was loyal to his employee and motivate them. Workers respected and trusts him he was outspoken person and stand for his employees. He had a great responsibility towards his family. He love his wife and children lot. He was so effective as a father when he saw Alex and Carter working together at his birthday party he was really concerned about that but didnt say anything. Instead he follow Carter next day to see where he goes and then he saw Carter and Alex having coffee together he got really angry that he punched Carter. He was really concerned about his daughter since she was still in college. c) Type of Power Dan held referent power which comes from leaders personality characteristics and where people respect and admire his ability. Carter who was the new boss for the company respected him lot he also had charisma power which mean it have positive influence on workers. Also has ability to create the chance for interpersonal pressure. d) How the power was used Dan used his power in a good way since he was very effective and when he speaks people would listen to him. People respect him due to his power and leadership style. He tries hard to save his job and company. Also he used his power in good way towards his family. Carter Duryea a) Leadership Style Carter Duryea had transactional leadership style. According to (Daft, 2008) transactional leadership is a exchange process between leaders and followers. Followers needs and desires are recognise and then clarifies is made on how to satisfy it. According to the movie Carter was appointed as the head of marketing for the Sports America magazine so that he can increase the sales for his company. Transactional leader are also considered as task oriented. He didnt have much experience as the head position since he was still young and was in the stage of learning. b) Effectiveness of a Leader Carter was not effective leader since he didnt have experience in the work which he was located since he had experience in his field of work also he was outspoken and was very convincing. He was also facing lot of personal problem since he was so focussed in his professional life and as not able to give time to his wife. He just had a divorce after 7 moth of married. c) Type of Power Carter held legitimate power which means it is a authority that is granted from a well known position in the company. In the movie Carter had a position in the company he was the head of marketing. He held this power because he was very good in decision making, active, intelligent in his work and convinces people. d) How he used his power Carter also used his power in good and effective way. He power was used to motive people and identify common goal of the company. He also misuse his power to cost cut the expense for the company. He started firing the staff. Carter discuss this with Dan and he was really upset and that you cant fire then because those staff are from my time I have hire them. Dan also mention that Iam paid more wages why not fire me instead. And Carter used his power in good way saying that I can fire you but think about responsibility you have. 2) Situation from movie identified that illustrates analysis for each leader. Leadership theories referred to support discussions above. Situation that was chosen from the movie for both leaders were when Dan asked question to Teddy K when he was talking about put one section about computers in sports magazine suddenly Dan interpreted and asked Teddy K what he is trying to say which shows how effective he was while asking question and shows that he was listening to it. Leadership theories that Dan held was influence theories which refers to leadership influence based not on position or formal authority but on the qualities and charismatic personality of the leader( Daft, 2008). Dan didnt held any formal position in the company but people respect him due to his qualities. Another situation was when Carter was discussing about sacking some workers from sales department. As he was a transactional leader he had to follow his companies rules and procedures. He had behaviour theories refers to what a leader actually do on the job and which relates to the content of managerial activities role and responsibilities. Since he was a head of department he had responsibility towards his job. Dan tried to save his old workers and suggested to Carter that his salary is more than workers why not sack him instead of others. But Carter cant do much he had to listen to his boss and follow his orders. 3) Type of organisation, level of seniority and its effects on leaders behaviour? The movie Good Company is about a sports America magazine which is owned by Globecom, it is recognize as a national sports magazine where Dan had worked for 20 years as head of advertising sales department. But due to some problem company is bought by multimedia company and Carter is assign as a new boss. He had one of the most senior position in the company responsible for companies sales and managing staff. Also had power to rewards and punish anyone in the company. In the movie both the leaders are struggling to maintain their position and to get along with each other. Carter is half the age of Dan and he is still young learning the work. He thinks that he could to better for the work therefore he chose to replace Dan who is 51 years old and is a executive in his company. He feels uncomfortable to work with Carter. Carter had highest level of seniority based due to his position in the company and becomes the boss of Dan and all workers has to his instructions and listen to his ord ers (Uk essay,2014). This was due to legitimate power which Carter held. Dan didnt have any legitimate authority after the company was taken over he just had a position on wingman in the company but still he had respect from his colleagues. He was given this position since he had lots of experience in his work. 4) Leadership theories referred to support discussions above. Leadership theory that was illustrate to large extend in this movie was contingency theory. The idea behind this theories is that leaders can analyse their situation and tailor their behaviour to improve leadership effectiveness (Daft, 2008). Leader effectiveness in group is depend on two factors is change in situation and relation motivation or leader task. Leader who have high marks on scale are those people oriented than those who get less mark on scale is task oriented. According to the movie Dan had high mark in least preferred co workers because he was concern about his employees. Even he was ready to leave his job to save his co workers job. Carter had less mark on scale since he was only concern about his task. He hold a position in the company therefore he had to follows orders given by his boss and also be on management side. He doesnt think about workers and fired some employees from the company. 5) Individual culture and its effect. Culture played a very important role in Dan and Carter life. Dan is 51 year old with a very lovely family. He was happily married with two daughters he believed in honesty trustworthiness, charisma, reliability and has respect for everyone. Whereas Carter is 26 year old man newly married and is dumped by his wife just in 7 months of relationship as he had a promotion. Later he is having affair with Dans daughter. He had authority to reward and punish anyone in the company. He is always on management side and workers according to company policies and procedures. This happens in really life in many companies the management level workers are always on company side. Both leaders way of thinking was different Dan was more thinking about building and maintaining relationship. He had a good relationship with his co workers despite some workers been fired from work their still came to attend his birthday party. Dan also had better relationship with his daughter when he saw pregnancy kit in t he dustbin he was so worried and thought that it is Alex. He goes and talk with Alex and tell her that if you have any problem always come and discuss with me. Whereas Carter way of thinking was a corporate world he was thinking about bottom dollar. He didnt think about his personal life he just work hard to get promotion but as soon as he get this his wife leaves him. At the work he was just sacking the staff to reduce the cost and make profit. He was so money minded. 6) Other leadership concepts and ideologies that was identify in the movie ? i) Other leadership concepts and ideologies that was identify in the movie were building and maintaining relationship both personal and professional. Dan was able to balance his relationship both personal and professional he takes out time for his wife and kids often go out and play tennis. Dan keeps his professional life at work and does not discuss anything at home during family time. Whereas Carter was not able to keep his personal and professional life balance. Due to his professional he was not able to give time to his wife which lead to separation after 7 month of relationship. ii) Responsibility was the other concepts Dan had a great responsibility towards his family. He was the only breadwinner in the family he had to look after his wife, two teenage daughter who were in college. His older daughter Alex moved out to live on her own and Dan had to take second mortgage to meet all his expenses. On top of his wife was pregnant with their third child. He also had responsibility towards his work he tried hard to save his job and magazine towards the end of the movie he goes out and do door to door sale. Dan was so concerned towards his daughter when he saw Alex and Carter together he was so angry that he punched Carter he was so protective. iii) Set Example is the other leadership concept that was identified in the movie. Dan set good example to Carter. In the end when Carter was out of job Dan offered him a position in the company. Carter was happy and he said that I will be grateful to get the job and since I have learn so many things from you but he was not sure what he want to do. Dan set good example to Carter in regards to professional life. iv) Respectful is other concept that was identified in the movie. Dan had worked for 20 years in the company and he had lot of respect from all his co workers. Dan had demotion from his position and Carter become the new boss but still all the workers listen to Dan. He was a senior staff and Carter also respected him and was eager to learn more from him. Carter also respected Dans family when the first time he went to visited them he said this the type of family and home Iam looking for. Also other concept can be believing in what you are doing Dan had believe that he can save his job and magazine. He goes out with Carter for door to door sale to save the magazine since he was give 24 hours time. He believe that he can do it and he was able to do it. From this concept we come to know that if you believe in something and works towards it you will be successful in your life. References Daft R L Pirola-Merlo (2008). The leadership experience: Asia Pacific edition 1. Melbourne: Cengage Learning. UK essay (2014) The Whale Rider Movie Theology Religion Essay http://www.ukessays.com/essays/theology/the-whale-rider-movie-theology-religion-essay.php UK Essay (2014) The Lord of The Ring Theology Religion Essay http://www.ukessays.com/essays/theology/lord-of-the-rings-theology-religion-essay.php

Education In Turkey :: essays research papers fc

EDUCATION IN TURKEY   Ã‚  Ã‚  Ã‚  Ã‚  Education is the act or process of providing knowledge skills or competence by a formal course of instruction or training. Through out history societies have sought to educate their people to produce goods and services, to respond effectively and creatively to their world, and to satisfy their curiosity and aesthetic impulses. To achieve reliable knowledge and to think systematically. Over the course of human history education has appeared in many forms, both formalised and informal. Major thinkers have always recognised the educational value of intellectual exploration and of concrete experimentation. Most societies have attempted to standardise the behaviour of their members. These societies have apprenticeship systems by which the young have learned to imitate the beliefs and behaviours of a given group. Teachers have worked within schools of thought cults, monasteries and other types of organisations to shape desired convictions, knowledge and behaviour. Such philosophical and religious leaders as the Budha, Confucius, Pythagoras, Jesus, Moses, Muhammad and Karl Marx instructed their disciplines through informal education. Turkish State and Turkish Society give great importance to the education since the Turkish Republic was established in 1923. The fall of Ottoman Empire at the end of the first world war and the foundation of the republic after the successful conclusion of the war of independence are two important factors which have made the existence of the new Turkish Society possible. The great desire of this society which is adopted in the social and economic fields to the general life conditions of western civilisations is to work for the benefit of mankind while enjoying all the privileges of civilised life within the family of Nations. In order to reach this goal, it has above all been necessary to establish an educational system in all its stages in such a way as to diffuse its light to all classes of the population.   Ã‚  Ã‚  Ã‚  Ã‚  Bases of the Turkish Education leans to the last years of the Ottoman Empire. The road towards modern education was charted by Selim III and Mahmud II and was followed with accelerated speed by their successors. In the 1876 constitution, educational reforms had been mentioned for the first time ‘For education continued to be regarded as the necessary foundation for the reorganization of the empire and the creation of a cadre of new leaders to maintain it’ As one contemproary writer put it ‘The solution of the ‘sick man’ was not through extemination but through education’. Education In Turkey :: essays research papers fc EDUCATION IN TURKEY   Ã‚  Ã‚  Ã‚  Ã‚  Education is the act or process of providing knowledge skills or competence by a formal course of instruction or training. Through out history societies have sought to educate their people to produce goods and services, to respond effectively and creatively to their world, and to satisfy their curiosity and aesthetic impulses. To achieve reliable knowledge and to think systematically. Over the course of human history education has appeared in many forms, both formalised and informal. Major thinkers have always recognised the educational value of intellectual exploration and of concrete experimentation. Most societies have attempted to standardise the behaviour of their members. These societies have apprenticeship systems by which the young have learned to imitate the beliefs and behaviours of a given group. Teachers have worked within schools of thought cults, monasteries and other types of organisations to shape desired convictions, knowledge and behaviour. Such philosophical and religious leaders as the Budha, Confucius, Pythagoras, Jesus, Moses, Muhammad and Karl Marx instructed their disciplines through informal education. Turkish State and Turkish Society give great importance to the education since the Turkish Republic was established in 1923. The fall of Ottoman Empire at the end of the first world war and the foundation of the republic after the successful conclusion of the war of independence are two important factors which have made the existence of the new Turkish Society possible. The great desire of this society which is adopted in the social and economic fields to the general life conditions of western civilisations is to work for the benefit of mankind while enjoying all the privileges of civilised life within the family of Nations. In order to reach this goal, it has above all been necessary to establish an educational system in all its stages in such a way as to diffuse its light to all classes of the population.   Ã‚  Ã‚  Ã‚  Ã‚  Bases of the Turkish Education leans to the last years of the Ottoman Empire. The road towards modern education was charted by Selim III and Mahmud II and was followed with accelerated speed by their successors. In the 1876 constitution, educational reforms had been mentioned for the first time ‘For education continued to be regarded as the necessary foundation for the reorganization of the empire and the creation of a cadre of new leaders to maintain it’ As one contemproary writer put it ‘The solution of the ‘sick man’ was not through extemination but through education’.

Risk Factors of Energy Industry

RISK FACTORS ASSOCIATED 1) Existing electric utility industry regulations, and changes to regulations, may present technical, regulatory and economic barriers to the purchase and use of solar energy systems that may significantly reduce demand for your solar energy systems. 2) The expiration, elimination or reduction of these rebates, credits and incentives would adversely impact your business. ) If the Internal Revenue Service or the Treasury Department makes additional determinations that the fair market value of your solar energy systems is materially low your than what you have claimed, you may have to pay significant amounts to your investment funds or to your fund investors and such determinations could have a material adverse effect on your business, financial condition and prospects. 4) Your ability to provide solar energy systems to customers on an economically viable basis depends on your ability to finance these systems with fund investors who require particular tax and ot her benefits. ) You need to enter into additional substantial financing arrangements to facilitate your customers’ access to your solar energy systems, and if this financing is not available to you on acceptable terms, if and when needed, your ability to continue to grow your business would be materially adversely impacted. 6) A material drop in the retail price of utility-generated electricity or electricity from other sources would harm your business, financial condition and results of operations. 7) A material drop in the retail price of utility-generated electricity would particularly adversely impact your ability to attract commercial customers. ) Rising interest rates could adversely impact your business. 9) You must have guaranteed a minimum return to be received by an investor in certain of your investment funds and could be adversely affected if you are required to make any payments under those guarantees. 10) In your lease pass-through investment funds, there is a o ne-time reset of the lease payments, and you may be obligated, in connection with the resetting of the lease payments at true up, to refund lease prepayments or to contribute additional assets to the extent the system sizes, costs, and timing are not consistent with the initial lease payment model. 1) You are not currently regulated as a utility under applicable law, but you may be subject to regulation as a utility in the future. 12) A failure to hire and retain a sufficient number of employees in key functions would constrain your growth and your ability to timely complete your customers’ projects. 13) It is difficult to evaluate your business and prospects due to your limited operating history. 14) If you incur losses then it will be difficult for you to achieve or sustain profitability in the future. 5) You face competition from both traditional energy companies and renewable energy companies. 16) If you fail to remediate deficiencies in your control environment or are un able to implement and maintain effective internal control over financial reporting in the future, the accuracy and timeliness of your financial reporting may be adversely affected. 17) Projects for your significant commercial or government customers involve concentrated project risks that may cause significant changes in your financial results. 8) You depend on a limited number of suppliers of solar panels and other system components to adequately meet anticipated demand for your solar energy systems. Any shortage, delay or component price change from these suppliers could result in sales and installation delays, cancellations and loss of market share. 19) Your business benefits from the declining cost of solar panels, and your financial results would be harmed if this trend reversed or did not continue. 0) You act as the licensed general contractor for your customers and are subject to risks associated with construction, cost overruns, delays, regulatory compliance and other contin gencies, any of which could have a material adverse effect on your business and results of operations. 21) Compliance with occupational safety and health requirements and best practices can be costly, and noncompliance with such requirements may result in potentially significant monetary penalties, operational delays and adverse publicity. 2) Problems with product quality or performance may cause you to incur warranty expenses and performance guarantee expenses, may lower the residual value of your solar energy systems and may damage your market reputation and cause your financial results to decline. 23) Product liability claims against you could result in adverse publicity and potentially significant monetary damages. 24) Damage to your brand and reputation would harm your business and results of operations. 25) If you fail to manage your recent and future growth effectively, you may be unable to execute your business plan, aintain high levels of customer service or adequately addr ess competitive challenges. 26) You may not be successful in leveraging your customer base to grow your business through sales of other energy products and services. 27) Your growth depends in part on the success of your strategic relationships with third parties. 28) The loss of one or more members of your senior management or key employees may adversely affect your ability to implement your strategy. 29) Your business may be harmed if you fail to properly protect your intellectual property. 0) The production and installation of solar energy systems depends heavily on suitable meteorological conditions. If meteorological conditions are unexpectedly unfavorable, the electricity production from your solar energy systems may be substantially below your expectations and your ability to timely deploy new systems may be adversely impacted. 31) You typically bear the risk of loss and the cost of maintenance and repair on solar systems that are owned or leased by your fund investors. 2) An y unauthorized disclosure or theft of personal information you gather, store and use could harm your reputation and subject you to claims or litigation. 33) In the long term if you intend to expand your international activities, which will subject you to a number of risks. Your long-term strategic plans include international expansion, and you intend to sell your solar energy products and services in international markets. Risks inherent to international operations include the following: | ? | Â  | inability to work successfully with third parties with local expertise to co-develop international projects; | ? | Â  | multiple, conflicting and changing laws and regulations, including export and import restrictions, tax laws and regulations, environmental regulations, labor laws and other government requirements, approvals, permits and licenses; | | ? | Â  | changes in general economic and political conditions in the countries where you operate, including changes in government ince ntives relating to power generation and solar electricity; | | ? | Â  | political and economic instability, including wars, acts of terrorism, political unrest, boycotts, curtailments of trade and other business restrictions; | ? | Â  | difficulties and costs in recruiting and retaining individuals skilled in international business operations; | | ? | Â  | international business practices that may conflict with Indian customs or legal requirements; | | ? | Â  | financial risks, such as longer sales and payment cycles and greater difficulty collecting accounts receivable; | | ? | Â  | fluctuations in currency exchange rates relative to the Indian Rupee; and | | ? | Â  | inability to obtain, maintain or enforce intellectual property rights, including inability to apply for or register material trademarks in foreign countries. |

Persuasive Speech on Distractive Behavior Essays

Persuasive Speech on Distractive Behavior Essays Persuasive Speech on Distractive Behavior Essay Persuasive Speech on Distractive Behavior Essay Essay Topic: Persuasive Title: Distractive Behavior Specific Purpose: To persuade the audience that distractive behavior while driving a car, which would include eating and taking on a cell phone, is dangerous and we need to learn to stop these activities. I. Introduction A. Attention-Getter: Automobiles have become the backbone of America, using them daily to transport us to and from point A to point B efficiently. B. Establishment of Ethos: I am certain that all of us have driven a car and on more than a few times while driving, you’ve eaten food, talked on cell phones and participated in what I call â€Å"Distractive Behavior. C. Preview of Main Points: My purpose is to show the dangers of participating in â€Å"Distractive Behaviors,† by giving examples and statistics and to hopefully get fellow drivers to reduce or cease these actions that put others in harms way. II. Need A. In today’s modern world, our lives are on a constant move and we have begun to use this time to do basic human needs such as applying makeup, eating and communicating. (Mcleod, Annette) 1. More than 20% of all automobile crashes are caused by driver distraction. Mcleod, Annette) 2. Cell phones are not all to blame. B. The need for change, when it comes to Distractive Behavior is non- Deniable, as it will only get worst as technology progresses. (Mcleod, Annette) III. Satisfaction A. While there are no clear-cut ways to rid the road of these dangerous behaviors, there are methods to deterring someone from participating in them. 1. In Columbus, GA, the local army base (Fort Benning) has banned the use of mobile phones while driving on post. 2. Stiff fines and penalty points towards the driver’s license would also be an incentive to hang up and drive. (Webster, Ben) B. Although it is impossible to completely kill some of these habits, like applying makeup and eating because it would be up to the driver to make the safer choice. IV. Visualization A. Try to visualize a road that is safer due to the fact that drivers are completely aware of surrounding and focusing all their attention the road before them. B. Some towns and states are putting in effect laws, which restrict/ ban cell phones while driving. It would be a dream to see these same laws spread across the country. V. Action A. We have all seen the accidents while driving down a road, but do you ever wonder how and why it happened. You can make a difference! 1. Hang up that cell phone. 2. Drive safer; eat your lunch at the house or in the office, not while driving to and from. B. If the people are not willing to hang up that call or put down that McDonald’s hamburger, laws could be put into effect, which would protect the driver and those around them. . Fines that gradually increase with each incidence can be put into effect. 2. Points on your driver’s license if the driver has broken the laws too many times would be another incentive. Mcleod, Annette. â€Å"Driven to Distraction. † 5 Aug 2007. 4 Nov. 2008 lexisnexis. com/ Webster, Ben. â€Å"Hands-free mobiles â€Å"just as dangerous† LexisNexis. 5 Apr. 2007. 4 Nov. 2008 lexisnexis. com/

Role Models vs Heroes essays

Role Models vs Heroes essays In the essay Larger Than Life, one of Jenny Lyn Baders arguments is that we should stick to role models instead of heros. (728). Role models may live next door, while a hero might be a courageous head of state, a saint, a leader of armies, a role model might be someone who put in a tree-day presidential bid, your local minister, your boss. (Bader, 728). I agree with this argument that Jenny Lyn Bader makes. I know what it means to be a role model to someone. For example, I was a mentor last semester at Bear River School. I was suppose to provide a personal window for the students on a possible future. My ethical, and professional behavior all were suppose to leave a strong impression on students, as well as my attitude toward my work. I was to communicate my feelings about what I was doing. Share my frustrations as well as my nthusiasm. When something were to excite me, I would tell my students about it. And at the end before I was to leave I was suppose to communicate to them the importance of role modeling and my hope was that the students will someday be role models themselves. Role models are every where. Role models can be a persons parents, friends, relatives and teachers. We need role models. Kids need to know the importance of what one person can do to make a difference. Just teaching them about another life that made a difference is just basically teaching them that ones kids themselves can make a difference. That's incredibly important. A role model can motivate a person into accomplishing a certain task. Without role models I believe no one would be inspired to do anything. And the greatest ones are a persons parents. Thats from whom a person starts learning the basic steps of life. Unlike heros, role models can be reached. A person can confide anything in a role model. Role models are the nearest to a person. A person can go to them whenever they wis...

Dynamic and control subjest Assignment Example | Topics and Well Written Essays - 2500 words

Dynamic and control subjest - Assignment Example 'Controller' controls the system behaviour by providing the necessary excitation. 'Setpoint' is the desired result. 'Output' is the actual result. PID controller may be written in the equation form as: = + + (1) In this equation, all the symbols have the meanings explained earlier. Coming to the explanation in common words, with reference to Figure 1, we want the output Y of a process to be equal to or as close to the setpoint R as possible. Since the real systems are not ideal systems, usually some kind of control system is required to achieve this objective. In a PID controller, the output Y is compared with the setpoint R, the error e is calculated to be equal to R minus Y. Then the controller (a PID controller in this case) calculates u(t) from equation (1). This u(t) is an excitation signal to be passed to the 'process', with the objective of driving the 'output' Y as close to the 'setpoint' R as possible. For example, let us assume that we are required to control the temperatur e of the water coming out from a tap. Let us assume that we want the temperature of the water to be around 50 degree centigrade always. But let us assume that water is supplied to this tap by two separate water feeds. Let us assume that one of the water feed is always at around 30?C (cold water feed). Also, let us assume that the other water feed is always at around 70?C (hot water feed). We can see that to get the water from the tap at 50?C, we need to mix around 50% water from the hot water feed with the remaining 50% water from the cold water feed. This can be achieved by making the valve corresponding to the hot water feed 50% open (i.e., 50% closed) and at the same time, making the valve corresponding to the cold water feed 50% open (i.e., 50% closed). But, in a real system like this, one comes across several uncertainties like the temperature losses during the flow in the pipes due to radiation etc., which cannot be determined for certain since in this case, the radiation depe nds on the atmospheric temperature (or room temperature) also. Hence, when the valve corresponding to the hot water feed is 50% open and at the same time when the valve corresponding to the cold water feed is 50% open, the temperature of the water coming out from the tap may not be exactly equal to 50%. Let us assume that this temperature is 45?C. Now, in this problem, the setpoint R is 50?C while the output Y is 45?C. Now, according to Figure 1, R-Y= 5 ?C is calculated. This is the error e which is an input to the controller. Then the controller calculates 'u(t)' from Equation (1), this u(t) is in fact a signal which controls the valves. In this case, u(t) would instruct the valve corresponding to the hot water feed to open more than 50% (exact percentage would be known from u(t)). Opening the valve corresponding to the hot water feed x% would automatically mean opening the valve corresponding to the cold water feed (100-x)%. This ensures that the flow from the hot water feed is mo re than the flow from the cold water feed, which in turn forces the temperature of the water coming from the tap to go to 50?C. This way, the controller strives to make the temperature of the water coming out from the tap to be 50?C, and for a proper selection of the values for Kp, Ki and Kd, the controller usually performs its task satisfactorily. If the temperature of the tap water goes to 55?C for example, the error would

Technology and the Teacher PowerPoint Presentation

Technology and the Teacher - PowerPoint Presentation Example With every new advancement in technological tools they tend to become even more interactive and attractive for their users. These tools are immensely effective in the classroom. It is expected that each of the tools would enhance the delivery of lecture on the instructor’s side and would enable ease of understanding on the side of the student. Acting as a helping hand for the teacher, these tools aide in delivering the concept with the help of embedded techniques within them that may practically be impossible for the teacher to deliver personally or merely with the use of hand. The speed and flexibility associated with computers enables the representation and comprehension of concepts via digital imaging. The student dragging and clicking the mouse and the digital response that the learning software generates invokes the understanding and responses of the students themselves. The ability to zoom in on images, rotation of figures and embedding of animated characteristic features like avatars etcetera enable imagination of the students to extend way beyond the written text and conventional methods of teaching. The ability of digital tools to scale real world objects into many forms is one of their major advantages. The manner in which digital classroom tools encompass a variety of information within themselves that practically has limitless boundaries enables the transmission of a large variety of information in much less time duration. The plan to manage technology tools like Prezi in the classroom is to use it in combination with the verbal lectures that are directly transmitted to the students. Prezi is designed to be a cloud based software application that enables the creation of presentations on a virtual canvas. As an example a lesson plan about teaching the concept behind â€Å"The Water Cycle† is attached at the following