The following is an analysis of the IKEA Essay Example for Free

The following is an analysis of the IKEA Essay The following is an analysis of the IKEA case study found in the Strategic Management Text book. This analyses the strategies used by IKEA to gain competitive advantage in markets outside its original area. The report begins by providing a background into IKEA. It studies International Business Level Strategy and the three international corporate level strategies. The case study goes into informing its target market and pricing strategy, which is already discussed. This case study further says how different people in different parts of the world thinks about IKEA, how elegant their designs are and how affordable for them to purchase IKEA products. Some of IKEA’s main markets are in three of the fastest growing markets such as Russia, US and China. IKEA store bring out products such as furniture to small product like a scented candle. IKEA has over 1300 suppliers in about 53 countries. They further have 12 full time in- house designers with 80 free lancers and other production workers to identify the correct raw materials and produce products ef? ciently and cost effectively. Primarily, IKEA produced standardized products however; this international strategy did not work for one of its vital markets that is, US. Therefore, they had to emphasize on taking corrective actions. The report also analyses the entry methods used by IKEA and its sustainability. IKEA was founded by Ingvar Kamprad a native of Sweden in 1943, when the founder, at the age of 17 was given money by his father in return for doing well in his studies. This money was used to start up his own company, IKEA, which stood for his intials and the ? rst letters of the farm and village in which he grew up. The company initially sold basic items such as pens, picture frames, table runners, wallets, jewellery, nylons stockings and watches, at a low price(History of ikea, 2010). Furniture was ? rst introduced into the IKEA range of products in 1948, and due to a positive response, the product line increased in size. Customers were allowed the ability of viewing and touching the furniture that was previously only viewable through catalogue. IKEA opened a showroom in Sweden to create a competitive advantage, due to a price war with their main competitor, so that customers could determine whether they were getting value for money. Finally IKEA made the decision to design its own furniture due to competitors trying to make suppliers boycott IKEA products. The â€Å"? at-packs and self assembly† concepts arose when an employee disassembled a table in order to prevent damage during transport (History of ikea, 2010). In 1963 the ? rst IKEA store outside of Sweden was established in Norway. From this point on, IKEA began to spread like a wild? re, ? rst to Denmark, then Switzerland, Germany, Australia, Canada, Austria and Netherlands. Many alliances were struck up with different suppliers in order to introduce new products, together with new concepts, which led to costeffectiveness. One example was an innovative, multifunctional seat/recliner, which was made by utilizing a denim, a raw material from another industry, which could be obtained at a low cost. In 1980, together with the new furniture concepts being born at certain intervals, IKEA was looking to expand to further markets, and did so through franchising. To ensure continuation and long term independence of IKEA, the founder created a new ownership structure and organisation. The major portion of IKEA was donated to a foundation, while the right to franchise the IKEA concept worldwide remained with the IKEA group of companies. In the 1990’s, the IKEA market expanded not only geographically, but in terms of target market. The company began to design furniture that catered expressly to children. A website was launched to cater to the many markets that were now open, and the children’s line was enhanced on consultation with experts on with experts to develop play areas, room settings, and baby areas within the stores themselves. Kitchen-ware and kitchen areas were another concept developed in this period. IKEA also began participating in a number of forestry projects to ensure sustainability, by taking responsibility for developing acceptable practices and policies in countries where IKEA works. IKEA Case Study 4 Company Outline IKEA is a world renowned furnishing company reputed for selling Scandinavian-style furniture and other home-based goods. The company has 230 stores, with operations carried out in over 42 countries with well over 70 000 employees. The stores themselves can host 410 million shoppers per year. It is a Swedish based company built on the idea of offering a wide range of well-designed, functional home furnishing products such low prices, that a majority of people will be able to afford them. The IKEA group is currently solely owned by the INGKA Foundation through a holding company, unlisted on any stock exchange. The vision at IKEA is to â€Å"create a better everyday life for the many people†(Ikea, 2011). The main business of IKEA supports this vision, by the manufacture and selling of a wide range of home furnishing products at an affordable price. Since the ethos of IKEA is to make good quality products at an affordable price, the company has succeeded in development of costeffective and innovative production methods. This has been the company’s focus since its inception, and the company has succeeded in doing so by making the maximum use out of raw materials, and adapting the products to meet people’s needs. 04-02-18 Currently, in addition to the historical additions to the IKEA range, customers can now shop online. Other innovations include 2 the boards with patterns created on them directly, called â€Å"print on board†, in addition to a concept known as â€Å"product !! Expert where returned products are repaired instead of equipment etc where possible. recovery concept†functions such as IT, food services, retailbeing thrown awayoperates under economies of scale and is supportive to the basic operations !! IKEA of Sweden AB is responsible for the range design, purchase from etc The majority of the operations occur within the retail business; while IKEA does developmentexternal suppliers, in addition !! Inter IKEA systems B. V (The Netherlands) owns the IKEA concept and trademark which the company produces its own products through their industrial group known as Swedwood. is bought by the retail operations but is also sold to outside operators on a franchising basis !! The furniture is purchased through purchasing operations (trading service offices) in 33 countries with 1800 suppliers in 55 countries. !! The distribution operations covers 25 regional distribution centres in 14 countries supplying goods to the stores !! The retail operations are geographically organised with a specific organisation for Retail Europe

Brand Loyalty Through Emotional Advertising Media Essay

Brand Loyalty Through Emotional Advertising Media Essay Many authors have discussed about what is emotional advertising and its importance over rational advertising but very little work has been done on building brand loyalty through emotional advertising. In this paper I will give a theoretical based view of how we can generate brand loyalty through emotional advertising. Plus what are the drivers of emotional appeal and how to achieve emotional satisfaction through advertising and its experience. Keywords: Emotional advertising, brand loyalty, drivers of emotional appeal, emotional satisfaction and experience Introduction McGuire (1969) argues that there is no difference between emotional appeals and rational appeals in terms of the effectiveness or emotional appeals are more effective. Holbrook and Hirschman (1982) suggested that emotional appeals come from the emotional, experiential side of consumption. Choi and Thorson (1983) found that emotional ads were better than rational ads by most recall measures. Emotional appeals make a brand liked or friendly (Batra and Ray 1985). Where, Kotler and Armstrong (1991, 426-427) define emotional appeal as an: attempt to stir up either negative or positive emotions that can motivate purchase. These include fear, guilt, surprise and shame appeals that get people to do things they should or stop doing things they shouldnt. Communicators also use positive emotional appeals such as love, humor, pride, hope and joy. An appeal, according to Manrai et al. (1992), is the basic idea behind an advertisement or the basic reason why an audience should act. Emotional appeals are often strategically employed to influence consumers indirectly and make the consumer feel good about the product (Calder and Gruder 1989) relying on feelings for effectiveness (Aaker et al 1992). When it comes to changing the message receivers beliefs about the advertised brand (Stafford 1993), Emotional appeal ads may have rational appeal components while rational appeal ads can have emotional appeal component respectively. Stafford (1993) suggests that both types of meanings occur in all ads and only case by case does the balance vary. However, Aaker, Stayman and Hagerty (1986) found a positive relationship between the level of warmth created by a commercial and the attitude toward the ad Page, Goldberg and Gorn (1987) also reported more positive reactions for emotional appeal advertisements than for informational appeal advertisements. Thorson and Heide (1990) also found that emotional advertisements may be more effective and memorable than rational advertisements. One of the most critical concerns advertisers express about television advertising is the potential decline of the persuasive impact on TV spots because of increasing clutters in the media environment. To make advertising appeals more distinctive and hence, perhaps more persuasive, advertisers frequently use dramatic emotional ads messages designed to shock the emotions and make the brain itch (Moore 1989) Such advertising executions often feature high impact, sensually evocative appeals that stimulate strong positive emotions (e.g., the Hallmark greeting card ads dramatizing precious moments and nostalgic memories in life). However, advertisers also employ graphic and sensational negative emotional advertising messages such as those used by insurance companies, healthcare institutions, drug and alcohol abuse clinics, food manufacturers exploiting consumers fears of cancer and cardiac diseases (Alsop 1988), and public service agencies making appeals to prevent child abuse or to promote the use of contraceptive devices (LaTour and Pitts 1989). I have gone through the definitions of emotional advertising from different authors given in different times. Their thoughts and findings are similar somewhat but also vary as the time changes, from these definitions we can get a clear view about emotional advertising and to some extend its importance. Emotional advertising leave a deeper effect and can persuade viewers immensely, but can emotional advertising also develop band loyalty? Very less work is being done from this perspective. I will talk about brand loyalty through emotional advertising and what are the drivers of emotional advertising. Emotional Advertising The human spirit is a rich reservoir of powerful emotions; Passion, ambition, vanity, love, desire, fear, hope and much, much more. Emotional advertising arouses these emotions to get our attention, to touch us more deeply and to persuade us more effectively. Emotional advertising discovers how a product truly fits into a persons life and how it satisfies an emotional need. When that truth is revealed and understood, it becomes possible to create a more honest, relevant and lasting relationship between the consumer and the product. Ideas and the executions that are conceived and created to awaken, stir and stimulate emotional responses produce advertising that is new, unexpected and audacious, advertising that is most persuasive and provides the greatest return on investment. Emotional Advertising drivers Emotions matter because if we do not have them, nothing else would matter (Elster 1999) To make an ad impactful one should be very careful while choosing the drivers because these drivers are the soul of the ad, only wisely chosen drivers can make an ad generate brand loyalty through its experience. In my opinion the basic drivers of emotional appeal are given as under: Figure shows Drivers of Emotional Appeal Brand Loyalty through Emotional Advertising Basic purpose of emotional advertising is to engage more and more viewers into the ad and ultimately influence them to buy the product. As we know that marketings basic function is to target the need of people while emotional appeal aim the hidden feelings behind that need, and then eventually through this we can create brand loyalty. Figure 2 shows brand loyalty through emotional advertising Emotional Satisfaction through Advertising and Experience Future belongs to emotional advertisement. Most of the advertisers try to find out those minor points which were never taken out before, they seek to create something new which is not new and they try to explore that side of emotions that have yet not being tested. The best strategy is to blend emotional appeal with rationale appeal, but in this more percentage is of emotional appeal and less is of rationale appeal. As we have discussed earlier that emotional appeal is to target the hidden emotion of the viewer and then relate it with the advertised product. Emotion is very important is advertising, here we take an example of Dove. When dove started is Campaign for Real Beauty theme is 2004. Prior to this time, the brand communicated largely rationale benefits, such as its moisturizing properties and mildness. It mainly used testimonial-style advertising, but, with little sense of uniqueness, vibrant or conceiving personality, its growth was limited. The Campaign Real Beauty aimed to build the brand at an emotional level by conveying a more self-governing, independent, natural and iconic vision of beauty. In doing so, Dove made women who were tired of trying to live up to the idealized and unachievable standards shown by other brands. Almost overnight, Dove changed from being dull and inactive into a highly distinctive and admired brand with a resulting huge uplift in sales across its entire range and finally it paid off in the shape of growth of its brand loyalty. Future Research

Repressed Memory Essay -- Psychology Essays Memory Neurology

Repressed Memory If someone asks me, "Where were you on September 11, 2001?" I would be able to give that person an accurate answer. It seems impossible to ever forget the events of that day. How could one forget such a traumatic day? It seems like life changing events would stay with a person forever. However, there are many victims of, let's say, child abuse that cannot remember the actual abuse. The memories of such horrors have been erased so there is no recollection of the events. Being a skeptic, I am not sure if I would be able to forget such horrific events. Repressed memories can also be recovered, through therapeutic treatment. It seems odd how people can forget certain traumas, but still able to remember others. How does memory actually work, and how can one selectively repress certain memories? Memory and the I-function seem to be closely related. Memory allows individuals to store and retrieve information gained from previous experience. It can then be used to predict human response to certain stimuli. Optic neurons often "make things up as it goes along". The I-function relies on memory in order to do this. Memory is used to perform tasks such as comprehension and production of language, reasoning, and recognition of declarative. Memory is also necessary for skill acquisition. Different models of memory have been proposed. One is that there is a limited capacity for the amount of information that can be stored. Memory can decay, and the longer a memory has been stored and not used, the less available it will be. As new information enters the memory, it may be harder to access other information and cognitive system seems to be less efficient (2). Memory consists of three basic functions: enco... ...althier than repressing them. I do not quite fully understand why the brain would repress memories in order to protect the person. The mind is a web of mysteries, and memory repression is just on thread of the web. References 1)Elizabeth Loftus, http://serendip.brynmawr.edu/bb/neuro/neuro02/web3/www.muskingum.edu/psychology/psyweb/history/loftus.htm 2)About Memory, http://serendip.brynmawr.edu/bb/neuro/neuro02/web3/www.acm.org/sigchi/chi96/proceedings/doctoral/Bryne/mbd_txt.htm 3)Mechanim of Memory http://www.wm.edu/psych/psy201efr/intro_72.htm 4)Encoding memory, http://serendip.brynmawr.edu/bb/neuro/neuro02/web3/www.brainchannel.com/Memory/encoding/encoding.html 5)Skeptic's Dictionary, http://skepdic.com/repressedmemory.html 6)Process Healing, http://serendip.brynmawr.edu/bb/neuro/neuro02/web3/www.process-healing.com/description.htm

Human Resource Is the Most Important Asset of an Organization

Nowadays many organizations like to emphasize on gaining a competitive advantage in the market. The advance equipments, new technology, good marketing strategic, excellent customer services and many other elements can be the factors to build up for the advantages. However, human resource is still the most important element to determining the success or failure of an organization. Without their support, the organization daily business function will not be done well and ready. Human resource is always related to one organization profitability and their ability cannot be replaced by machines. As is discussed by Hargreaves and Jarvis (1998: 3) The skills, knowledge and experience of each individual contribute to the growth of organizations, communities and nations. Such valuable human talent can be thought of in terms of human capital and is one of the primary requirements for national economic development. 138 Strategic human resource management is playing an important role as organization development in today’s competitive market. Organizations recognise the importance of focusing on the human factor to contribute ideas in order to improve the productivity. They design the recruiting plan to approach talent peoples, training and develop them in order to perform those competencies. The organization put in affords to meet the expectation of the employees so that create a workplace atmosphere among the employees (Upson, 2011). Ironically, while human resources are the most important asset in an organization, they are also the cost involved during the training activity. As is stated by Outlow (1998), the organization suffers the cost if they employed the wrong candidate for the job. Such costs can be calculated in direct and hidden cost. Direct cost can be considered as recruitment advertisement, conduct new training for new staffs, medical check up and so on. Also, the company will found the hidden cost in such that way of lower morale among old employees. Some of the organization will try to approach the peoples which are lack of working experience and not qualified enough as required for the job, here may cause some of the clients lost their loyalty towards the organization due to the poor customer services. Therefore, the organization must be smart to engage, select and retain the talented employees in order to maintain the organization productivity. 228 Human resource development programs always contribute a lot of benefits to the organization. George and Singh (2000 :14) defines The role of human resource development is provide the individual with the learning experience necessary to fill the gap in an employee’s knowledge and skill, to ensure his continued ability to perform efficiently and effectively in his job, and thereby contribute to the productivity of the organization. Since it has been note the major factor affecting the organization productivity is the human factor, many organizations willingness to invest human resources development program in the areas of communication skills, problem solving ability, leadership qualities, creativity and others related skills. Employees are able to obtained new skills and knowledge in the training programs in order to contribute to the organisational development such as productivity improvement, preparation for organization’s growth, developing the learning culture and so on. The effectiveness of the training programs can evaluate and monitor regularly in order to increase the employee performance and thereby increase the productivity. Therefore, trainer who has to decide how to choose and manage the trainees, assist them in learning new skills and also develop their personality by change the trainee’s behaviour. 160 Organizations always encounter many challenges to retain those valuable employees. They always spent plenty of times to deal with employees who have intention to leave their job position. In fact, management should find out the causes what makes the employees feel satisfied about their job. The result is not only reduces employee turnover, but also greater commitment to the organization and the job they are doing. Every employee have different goals and motivation for work, the organizations must understand what employees really needs and wants and implement the strategies in order to retain the resources. Sirota et al (2005) mentioned the employees have their basic human needs that management should work for it. Creating an environment in which all requires are met not only can satisfied the employees but also enthusiastic them. Also, creating a financial package with good remuneration can attracts and motivates the employees is essential for stable workforce. A happy and healthy workplace makes the employee satisfaction increased and come out the high productivity. Always keep them happy and engaging them, allow them growing in the organization. Another key point to retain the talents which is maintains the good relationship with employee by communication. This theory holds that always create an opportunity to open and begin the conversation with the employees. This will helps to promote the proactive solutions to the problems before it reach a critical level cause an employee to consider leaving Sirota et al (2005). From the proper conversation between management and the employees, the organization in-house policies and regulations can comprehensively understand by the employees to ensure their compliance. These practices benefit both the organization and also employees. Phoenix(2010) noted that organization enjoys best performances of their employees while the employees enjoy the great benefits received from the company. 240 Every business begins from sales to customer service, it is all depends on employees to functional. Marcus (2010) mentioned, employee empower the business to keep running as usual even though the management is away. The organization can become more productivity and effectiveness if the employees have been sufficiently motivated and well trained (Rouda and Jr, 1995). Human resources really give a great impact to the contribution of an organization performance. They are the one who make things happen, that is the reason stated that human resource is the most important assets in an organization as they are the competitive weapon for a growing business in current competitive market.

Bono

Lashawna Green 09/18/12 Essay #1 Paul David Hewson aka: â€Å"Bono Bono gives other activist and singers a run for their money. Being the lead singer of the pop rock sensation U2 comes with extraordinary responsibilities. I found the acts of Bono extremely generous because I think he is the best singer producing angelic and pure sounds, his willingness to give to others with his time and money, and his international notabilities as an iconic mogul. The music of Bono can stir a blackened heart with fear and hate and implant hope and forgiveness.To me U2 music could lead a worldwide peace seminar. The song â€Å"Beautiful Day†, has to be my favorite because it just puts a smile on my face. Music like this appeals to me a great deal. The smooth sweet melody that makes me feel as though I’m on a cloud of happiness makes this song standout. And some fans of U2 could agree that Bono’s voice blends well with the musical sounds of the band. And their style has spun out so many great artist and musician. Like the band Coldplay’s music has greatly been influenced by Bono’s band. Known for his contribution worldwide Bono is a mogul.There are few people in the music industry who have the presence of Bono. The Irish front man of U2 knows no limitations when it comes to fighting poverty and hunger, and is constantly in direct contact with world leaders and policy makers in his quest to make the world a better place. He raises money to donate to charities and he has held concerts to also raise money to give the proceeds to charities as well. Bono showed the world the pretty side to rock stardom. Not with all the beautiful ladies surrounding him or even a drunken night of trashing the occasional hotel.No he showed us an activist, someone trying to make a difference with his star power and commenting present. He is a powerful person media industry, because he tells other stars to help put and he gets his family involved. Celebrities and famou s musicians could say they’ve given a large sum of money to a charity. But how many of them can honestly say they physically get out there and help with the cause? I know at least one that could definitely say they’ve helped out in such a way. Yeah, you guessed it Oprah. Oh I mean Bono. And even his family helps as well.Like when he developed an education program with his wife, Ali, that used one-act plays and songs to spread information on health, hygiene, and other issues. Bono and his wife had to take time and careful planning to want to inform the natives in Africa of these hardships in their homeland. It shocks me how he is fine with the idea that he could get exposed to the same harmful diseases that the people in the villages have, but he wants to help those who aren’t exposed. This makes him a brave and courageous human being looking out for the well-being of others who aren’t as educated as he has been. â€Å"One love, one blood.One life, you go t to do what you should. One life, with each other. Sisters, brothers†- One by U2. These simple lyrics from their most critically acclaimed song that states where Bono’s inner most thought on how the world should be carried throughout everyday life. His message rings deep within me. We as a nation and as a world shouldn’t focus on our difference and help those in serious need. We are one! Bono shows us that there is still goodness and wholesome hearts in humanity. Helping with local charity organizations could be all that normal citizens can offer but that’s more than nothing right?

Strategic risks †thinking about them differently Essay

One of the most important aspects to put into consideration when taking up a project is project risk management. A project risk is an event / condition, which is uncertain that, upon it occurrence brings either a positive or a negative impact on the project. A positive manager should consider this as one of the ten knowledge areas where competence is highly regarded. Risk management is critical, especially to organizations working in multi-project environments and the maturity for risk is high (Loftus, 1999). A wide range of risks is apparent when working in projects involving construction among other engineering work. These risks are mostly attributed to government policy, diversity in stakeholders’ aspirations and the challenges of adding multiple projects. For a good risk management process, there must be a clear statement and understanding of roles and responsibilities, proper skills on technical analysis and the prevailing organizational factors should support the project . Project risk management involves identifying, assessing and prioritizing of risks: and thereafter putting resources to use in order to reduce, monitor and control those risks that could affect the project negatively and increase realizing of opportunities (Jaafari, 2001). This report seeks to outline the knowledge acquired on management of risk in projects among other basic knowledge gathered on management of projects. Discussion             All organizations exist for their own different purposes, and that of public engineering organizations in the construction business, the purpose is to deliver a service, which brings a beneficial result in the public/ stakeholders interest (Harrison, 2004). Decisions to pump resources into investments on capital infrastructure are prompted by needs that are meant to enhance the achievement of the major purpose. According to Flanagan and Norman (1993), the benefits of efficient risk management are evident especially in projects involving capital infrastructure because they are dynamic in nature and bring positive cost implications from the construction related decisions. Risk management should be taken as an intrinsic part of capital infrastructure investment decisions mainly because, as project, ventures get more elaborate, the role of risk management is exemplified (Kutsch & Hall, 2010). Regarding this realization, some countries have enacted government policies on constructors emphasizing on the need to incorporate risk management in capital infrastructure schemes (Uher & Loosemore, 2004). Risk is therefore, in many occasions, viewed as a condition or event whose occurrence will have adverse effects on the project and may hinder the attainment of set objectives. Hence, risk management relates decisions to such probable harmful effects (Chapman et al, 2012). This philosophical approach to risk management enables the process to be broken down into four fundamental sub-processes (Culp, 2001). These involve identification, analysis, response and monitoring. The former step of identification is the most critical step because it has the biggest effect on decisions emanating from the process of risk management. Reviewing risk management, in his article, Williams (1995), notes that there is little structured work in publication about typical risks. According to Chapman (1998), as much as risk identification is critical on the risk assessment and response phases, very little empirical evidence is available at this early phase. The heavier task in risk management remains in the analysis and response to the risk, yet the reasoning stands that unless the risks are identified, they cannot be analyzed and responded to. For most engineers, the need to have a set out program is critical for it provides an umbrella under which all current projects fall so that an outcome can be delivered massively in general, and greater than the total sum of all others. A program is usually temporary, and flexible; created to direct and oversee the implementation of a set of related projects and activities for the deliverance of beneficial outcomes that relate to the organization’s strategic objectives. Several projects are undertaken under this umbrella. This explicitly differentiates between program management outcomes and project management outputs. However, there is a link between projects and strategy through the program. Risk management is becoming an increasingly important process due to external pressures in existence. However, good risk management is seen as a critical attribute of organizational success in the field of engineering. The assumption that programs are merely extensions of projects should cease to exist because many will tend to reflect program risk management to project risk management (Allan, 2008). Program management is a broad extension of the varied, yet related, projects. On projects, it is important to define one or more objective functions like capital expenditure and completion time to represent it to measure the probability of achieving the set targets. Risk management then goes on to model the project’s objectives against the projects variables like costs and the quantity of inputs. These variables are usually uncertain as time goes on, hence the uncertainty of a hundred percent achievement of the objectives set. The most ideal situation would be identifying and characterizing the variables in advance providing that they will remain unchanged by time. This would make it easy to estimate the possible risks and the consequent variance of the project’s objective(s). However, not all project variables can be identified as new variables might surface as the project goes on while the probability of occurrence of the initial variables may vary (Kerzner & Saladis, 2009). The impacts of the initial variables, both positive and negative, may change too hence making risk management even more hard (Drummond, 1999). Certainty and uncertainty of realizing a project’s objectives are measurable, only ideally. The possibility of a project not breaking even could be considered as a representative of the whole project: and then used in turn to evaluate against the variable and try to reduce the risks involved. This becomes a basis for decision-making. Some projects may proceed normally in a stable environment, hence making the uncertainty high at the time it is conceptualized. Pro-active planning and making prudent decisions will see the uncertainty reduce (Royer, 2001). However, uncertainty in complex projects within a changing environment will not necessarily reduce/ diminish as time goes by Chapman (1998). It is necessary to keep on checking on the project’s variables and re-evaluating of the objective function’s status to facilitate adjustments in the project’s strategies. Uncertainty surrounds many parts of a project; hence early resolution of variables may not be poss ible always. Variables change over time leading to exposure to new threats and risks along the way. This fact should not be refuted and a lot of work is required in the planning evaluating phases, where most of the critical work is done. In spite of all the uncertainty and complexity surrounding risk management and project management, it is important to seek methods of improving the project’s base value (Drummond, 1999). Conceptualization, planning, and implementation of a project are complex process that requires management based on set strategic objectives, which vary from time to time. The objectives should be integrative and holistic in the sense that it caters for social, political, environmental, and community aspects (Sears et al, 2010). Traditionally, planning in project management should form the basis of planning, alongside other functions of project management including; human resource, time, scope, integration, quality and procurement. These should be the fundamental factors f consideration along each phase. A variety of guidebooks, protocols and codes of practice in the engineering field have been made available for use in risk management in project management. In the United Kingdom, the ‘Orange book’ is a framework that is set to offer guidance on basic risk management concepts and as a resource for developing risk management processes and implementing them I the public sec tor (Aritua et al 2011). It is also aimed at using a risk based decision-making on investment. There have been many more publications and publications aimed at dictating hoe risk management should look like. These guidelines have offered a basis upon which projects are appraised and their investment viability tested. This has enhanced the process and shifted its reception and perception from project risk management to a risk management strategic level (Melton, 2011). In engineering and construction professions, program management and project management came to existence due to the changing procurement environment (Cox et al 2006). In the United Kingdom, procurement of infrastructural assets was done in a sequential manner, which involved a clear differentiation in the project life cycle phases. Currently there are three major procurement systems. These systems are prime contracting, Design and Build procurement and Private Finance Initiative (Aritua et al 2011). These methods were because of the need to adopt integrative and collaborative project delivery methods. The procurement systems have features like framework agreements, the use of specifications that are output based, and more importantly, emphasis on the lifelong value of the structures (Shehu and Akintoye, 2009). The office of Government Commerce has facilitated the change in construction procurement in the public sector too. The agency’s main agenda is to ensure that policies ar e followed and enhancing promotion of the best performance practices. These systems ensure that the project undertaken is of high quality and regard set policies and guidelines. These sanctions in the public works and construction sector have acted as strategic risk management tools for they ensure quality assurance as well as proper quality management. Project management should incorporate the use of a strategy-based management approach. This will facilitate the integration of planning, risk management and decision-making hence ensuring real time real time realization of an optimum of the project’s strategic objective against its variables (Schmidt, 2009). The project’s promoters are not always the investors. Investors are not always actively involved in the management of the project, but invest resources into the project hoping to get dividends. The promoters’ objective, on the other hand, is to deliver a facility that will ensure a long term balanced and financially viable business entity. The project is therefore a compromise between the attainment of investors’ interests and that of the community (Pinto & Morris, 2010). Project development should be based on a set of strategic objectives, which stamp the project as a business and entwining project decisions to strategic business decisions (Wearne, 19 89). Amid all risks, the project should be planned proactively regarding its variables and with a focus on the life cycle objective functions (Westland, 2007). All life cycle functions should be observed. These are: financial functions, customer satisfaction, and policy observance/ adherence to statutory concerns. Statutory concerns could be like those regarding projects adjacent to ecological systems or highly populated areas (Jha, 2011). Proactive planning of the project ensures real time minimization of risk. Effective risk management ensures that there is typical conceptualization of projects and their subsequent implementation using strategic objectives. It also ensures any further variables are assessed and managed accordingly to optimize the project’s strategic outcome, that which of a business entity (Heagney, 2011). Since projects are subjected to changes in objectives and variables due to external factors, it is important to incorporate a continuous risk management process that involves continuous risk and uncertainty management process conducted in real time to bring value to the project manager. Strategies made from risk analysis are a basis upon which decision-making is based going forward. Objectives of the life cycle are the vessel for analysis. Ethical practices are important factors to put into consideration when taking up/ procuring a project (Ralf et al, 2014). There exists codes of conduct and these codes may vary depending on the government regulations from one country to another. These codes guide management of projects, operations and supervision of work, and the technical aspect of the project, which is building. Since the work done is of great importance, the designed code of conduct and ethical measures should be used as they set standards for the output as well as achieving business objectives with the community in regard (Haukur et al, 2011). Reflective assessment Group activities that included vast research and group projects were vital in broadening my understanding of the project management theory, which of great importance to establishing and undertaking successful projects. According to Turner (1993), scope management is what the project management theory regards. Scope management involves three fundamental issues; ensuring that an adequate amount of work has been done, avoiding doing any unnecessary work and ensuring that the work done fulfills the intended business purpose as stated. The recognition of the sequential state in which activities are undertaken helped us as a group in determining what had to be done at a particular time and by what particular persons as well as accounting for what had been spent on completed work in anticipation of costs that would be accrued in the next steps. I came to understand project management by likening it to production operations management. The crystallization of project management theory to oper ations management theories made it easy for us to recognize the resounding reliance on the transformational theory, which is production oriented. This is because project management involves injecting inputs on which transformational processes occur to bring the result, which is the output (Nell, 1998). Goals are set on the output, upon which a basis for control is placed: control systems are put in place to ensure activities align with achieving intended goals and putting improvement measures in place. This deep understanding of the theory has been enhanced mainly by the critical analysis and discourse that we have engaged ourselves with in the group to widen knowledge on the process. Relevant knowledge on management theories on planning, execution and control has expanded from these activities as well as project theories pertaining flow of production (which projects have been likened with) (Sulliman, 2014). These productions method include incorporating techniques such as lean prod uction and just in time (JIT) (Gilbereath, 1922). Ethical practices in governance for contemporary organizations are also a major factor for consideration (Ralf et al, 2014). Conclusively, exploration on the area of project management has instilled in me management skills, which are very critical in handling projects and managing every aspect in them including risk. References Allan, N., Davis, J., 2006. Strategic risks — thinking about them differently.Proceedings of ICE 159 Aritua B., Nigel J. Smith, Denis Bower (2011) International Journal of Project Management. United Kingdom: University of Leeds Chapman, C. B., Ward, S., & Chapman, C. B. (2012). How to manage project opportunity and risk: Why uncertainty management can be a much better approach than risk management : the updated and re-titled 3rd ed of Project risk management, processes, insights and technoiques. Chichester, West Sussex: Wiley. Cox, A., Ireland, P., & Townsend, M. (2006). Managing in construction supply chains and markets: Reactive and proactive options for improving performance and relationship management. London: Thomas Telford. Culp, C. L. (2001). The Risk Management Process: Business Strategy and Tactics. New York: John Wiley & Sons. Drummond H 1999. Are we any closer to the end Escalation and the case of Taurus? International Journal of Project Management Flanagan, R., & Norman, G. (1996). Risk management and construction. Oxford [u.a.], Blackwell Science.Gilbreath, R. D. (1992). Managing construction contracts: Operational controls for commercial risks. New York: Wiley. Harrison, F. L., & Lock, D. (2004). Advanced project management: A structured approach. Aldershot, England: Gower. Haukur, I. J., & Ingason, H. T. (2013). Project ethics. Farnham, Surrey: Gower. Heagney, J. (2011). Fundamentals of Project Management. New York: AMACOM. Jaafari A. (2001) International Journal of Project Management. Sydney: University of Sydney Jha, K. N. (2011). Construction project management: Theory and practice. New Delhi: Dorling Kindersley. Kerzner, H., & Saladis, F. P. (2009). Project management workbook and PMP/CAPM exam study guide. Hoboken, N.J: Wiley. Kutsh E. &Hall M. (2010) International Journal Paper of Project Management. United Kingdom Loftus, J. (1999). Project management of multiple projects and contracts. London: Thomas Telford. Means, J. A., & Adams, T. (2005). Facilitating the Project Lifecycle the Skills & Tools to Accelerate Progress for Project Managers, Facilitators, and Six Sigma Project Teams. Hoboken, John Wiley & Sons. http://www.123library.org/book_details/?id=9130. Melton, T. (2008). Real project planning developing a project delivery strategy. Amsterdam, Butterworth-Heinemann. Nell, E. J. (1998). The general theory of transformational growth: Keynes after Sraffa. New York: Cambridge University Press. Pinto, J. K., & Morris, P. (2013). The wiley guide to project, program, and portfolio management. Hoboken, N.J: Wiley. Ralf M., Rodney T., Erling S.A, Jingting S., Oyvind K. (2014). Ethics, Trust, and Governance in Contemporary Organizations. Norway: Project Management Institute Royer, P. S. (2001). Project risk management: A proactive approach. Vienna, Virg: Management Concepts. Schmidt, T. (2009). Strategic project management made simple: Practical tools for leaders and teams. Hoboken, N.J: John Wiley & Sons. Sears, S. K., Sears, G. A., & Clough, R. H. (2010). Construction Project Management: A Practical Guide to Field Construction Management. New York: John Wiley & Sons, Inc. Shehu, Z., Akintove, A., 2010. Major challenges to the successful implementationand practice of programme management in the constructionenvironment: a critical analysis. International Journal of Project Management Suliman Saleh Al Fredi (2014) International Journal of Science and Technology. Saudi Arabia: Al Qassim University Uher, T. E., & Loosemore, M. (2004). Essentials of construction project management. Sydney: UNSW Press. Westland, J. (2007). The project management life cycle: a complete step-by-step methodology for initiating, planning, executing & closing a project successfully. Williams, T., 1995. A classified bibliography of recent research relating to project risk management. European Journal of Operational Research Zhang Lianying et al (2012) Procedia Engineering. China: Tianjin University Source document

Poverty and social status Essay Example | Topics and Well Written Essays - 500 words

Poverty and social status - Essay Example Because of his overly suffered pains and no gains, he sometimes thinks about stealing from Mr. Ganesh Pai, the owner of the shop. The writer informs about Indian society and the lives of people who are totally different socially such as the politicians, rich children having ice-cream and poor carters laying in rain without any coverage and doing work more than their capacity. The treatment of rich people towards Chenayya and other people like him was very ill and odd. He was just treated as an animal that should perform his duties without troubling anyone else. Adiga reveals about the low status people of India in the character of Chenayya who compares himself with many animals in the story in order to reveal his position in his society. Firstly, he compared himself to a pig, then to an elephant and then to dogs. He had to continue his job of pulling carts in order to earn his livelihood. The greatest factor that is revealed through this story is that people do not even pay him according to his struggles. Chenayya is unable to earn good money, is disliked by people and even the prostitute is unable to give him any heed for which, he is very angry. He becomes very angry at times and wishes to hurt someone with his saw. He also abuses people while pulling cart and while moving in the traffic. His abusing and his anger are an outcome of his hardships. He has no place to live except the cart. He is unable to marry because of his inability to earn a livelihood that is enough for two. The writer of the short story sketches the life of a poor carter who thinks overly about his state of living and wishes to bring in some difference. However, the carter is unable to earn enough money even to fulfill his needs. The story reveals about poverty faced by the lower most class of Indian