For this essay (entry) it is required to maintain a weekly journal, documenting important aspects of leadership they encounter over the duration of the module. Entries into the journal may include examples of leadership personally witnessed or insights gained through readings or class discussions.
1)I want 2 entries each one is around 100 words, and each entry is in separate word document.
2)Entries should be placed in a journal.
3)Entries should be based on your learning experience after reading the attached files.
4)You are free to follow your own format as long as it is logically structured.
5)Note:To prepare for this essay please read the required articles that is attached.
SAMPLE ANSWER
Week 6 Journal Entry
Journal Entry 1:
Significance of ethics in leadership
An important aspect of leadership that I encountered is ethics in leadership or ethical leadership. I have learned that the principles for ethical leadership are vital to embrace as part of any perspective on leadership. The principles also offer proper guidance for ethical leadership in action. Ethical principles serve as benchmarks or standards against which people can assess their actions. Moreover, considerations of the principles of ethical leadership should take into account the question of monitoring as well as regulatory mechanisms. Nowadays, ethics is an imperative pillar of organizations. Through the learning experience, I have learned that ethics can contribute positively to an organization. The implication that comes with honesty in organization, for instance, is that good people will always be good hence they will tend to do good things to other people.
Journal Entry 2:
Implications of ethics in organizations
I have learned the implications that ethics has on organizations. Organizations have a key role of ensuring that ethical values and ethical codes are followed by all employees for an effective organizational performance. I have learned that the implications that ethics has on any organization could be seen from 2 dissimilar perspectives: the leadership ethics and the employee ethics. Employee ethics: in organizations in which staff members observe the codes of ethics, the staffs are driven to attaining the organization’s goals. Leadership ethics: I have learned that the ethics which a company’s leader chooses to administrate has an implication on the way staffs would carry out their duties within the organization. According to Matthew (2014, p. 102), this choice also affects the input of the staff members and the organization’s productivity.
An example of an organization in which ethics has had considerable implications is Etihad Airways. The success of this company is very much entrenched in its code of ethics. Etihad Airlines has a set code of ethics that specifies the standards that it targets as an organization. All workers at this airline comply with the Etihad’s code of ethics and this has ensured that Etihad Airline’s services are of international standards and enhance the company’s reputation.
For this essay (entry) it is required to maintain a weekly journal, documenting important aspects of leadership they encounter over the duration of the module. Entries into the journal may include examples of leadership personally witnessed or insights gained through readings or class discussions.
1)I want 2 entries each one is around 100 words, and each entry is in separate word document.
2)Entries should be placed in a journal.
3)Entries should be based on your learning experience after reading the attached files.
4)You are free to follow your own format as long as it is logically structured.
5)Note:To prepare for this essay please read the required articles that is attached.
SAMPLE ANSWER
Journal Entry
Journal Entry 1: Authentic Leadership
Authentic Leadership
A key aspect of leadership that I encountered over the duration of the module was authentic leadership. I learned what authentic leadership means and what it encompasses. Authentic leadership entails realizing that one’s followers have great potential and that by allowing them to exploit this potential, they can be more productive and self-independent (Mital & Dorfman 2012). Leaders who exemplify authentic leadership give emphasis to strong self-knowledge, high levels of integrity, as well as a profound understanding of mission or purpose. I also got to learn about some people in the aviation industry who exhibit or have exhibited authentic leadership. These are Sunil Joshua, the Commercial Training Manager at Etihad Airways who empowered his trainers to a level where they did not depend on him to run their daily routines, and Paul Asquith of British Airways who formulated a duty segregation approach aimed at encouraging participation of employees in decision making.
Journal Entry 2: Servant Leadership
Servant Leadership
I have also learned about what servant leadership is all about and what a person who demonstrates this leadership approach should exemplify. Servant leadership models, as Mittal and Dorfman (2012) pointed out, are anchored in the human drive of a person to bond with other people and contribute to the society’s betterment. Servant leadership accentuates service motivation as exhibited by empowering and developing individuals with humility and empathy, and this emphasis distinguishes this leadership framework from others (Mittal & Dorfman 2012). Servant leaders are also listening. I learned that the servant leadership framework can bring about significant benefits to the way the business is developed and operated and can positively affect the company’s bottom line. A leader who exemplifies servant leadership may actually privilege the relationship between the follower and the leader although this leadership framework focuses less on attaining wider change goals.
References
Mital, R., & Dorfman, PW 2012, Servant Leadership across Cultures. Journal of World Business, 47(4): 555–570.
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Describe bankruptcy and describe insolvency, including the roles of difference parties, the steps in the process, the sales and distribution of the assets, and any wrongdoings of the debtor.
SAMPLE ANSWER
Introduction
Bankruptcy refers to the legal status of an entity or a person who cannot repay all the debts owed to a creditor. Bankruptcy is mostly declared by the courts or initiated by the debtor himself. Insolvency mostly occurs in a situation where a company or an individual cannot honor his entire financial obligation mostly due to inadequate financial resources. In the financial world it relates to situation where all the company’s total liabilities have exceeded its total assets and the net worth of the business is negative.
The major goal of the bankruptcy laws as enacted the US congress was is to provide the debtors with a clean and fresh financial start from the burdensome debts as in the case of Local Loan Co. v Hunt, 292 U.S. 234, 244 (1934). There are six types bankruptcy in the US that are provided under the Bankruptcy code and which are named as per the chapter that describes their nature. These are chapter 7, 9, 11, 12, 13 among others. The different forms of bankruptcy, allows the debtors opportunities to arrange for different settlements including loans rescheduling, and asset financing.
The processes of bankruptcy are different depending on the two main types of bankruptcies. Where the bankruptcy has been instituted by the debtor by petitioning the courts, then the court will appoint a receiver manager to be in charge of the debtor’s estate and evaluate all the options available before deciding on the best settlement. However, if the creditors have petitioned the court to have the company or an individual declared bankrupt then the court will set a hearing date and all the parties in the bankruptcy case would be given equal opportunity to present their cases in court (Debt.org, n.d).
The parties to a bankruptcy case are mostly made up of the estate’s receiver manager, the debtor and the creditors. The major role of the receiver manager is to exploit all ways of reviving the company and pay off all the creditors or to dispose of the assets and pay the creditors in a predetermined way and as provided for under the bankruptcy act. The first to be paid off are the secured creditors, then the preferential stock holder and debenture holders the finally the ordinary stock holders. The role of the creditors is to agree on a suitable system that can resolve the bankruptcy situation amicably where all the parties have consented. The role of the debtor is to cooperate and provide all the details of the assets. In the event that the debtor is dishonest and tries to hide or exclude other assets from the receiver manager then the courts can impose heavy fines or impose an imprison term on the debtor.
Bankruptcy leads to the discharge of all debts owed but the bankruptcy remains in the debtor’s debtor’s credit report for almost ten years as in the case of chapter 7 while in chapter 13 is seven years. However, one is entitled to $16500 for equity payments one’s house and $2575 for the car as well as some job related tools and equipment. The debtor is also allowed some pension, social security, welfare, unemployment and other veteran benefits.
Differences of the PPSA and the Bank Act Order Instructions: discuss the differences and similarities of the ppsa and the bank act regarding secured transactions, including types of property, methods of securing the transaction, enforceability, and priority.
Differences of the PPSA and the Bank Act Sample Answer
Introduction
The Personal Property Securities Act was specifically designed to consolidate and enable efficient and widespread effective securitization of all personal assets. It allows most of the citizens to obtain finance using secured assets or personal property that they possess or own. The act achieves its effectiveness through the fundamental PPS regulation system that has perfected the adoption of the Perfection-by-registration requirements. The register provides a public online register to all interested parties that have security interests. The register maintains newly-created security interests in one single accessible location. The major aim of the PPSA act is to provide secured finance by accessing accurate information on potential debtors before any money can be advanced to potential customers (Ross and Gunning, 2012).
The banking act has three major goals 1) Protect all the bank’s depositors funds 2) Ensure the maintenance of adequate cash reserves and promote efficiency in financial systems. The banking act deals with the regulation of the financial system for example by requiring all the banks to report all the banking activities to the federal bank’s commercial banking division or to the inspector general of banks in commonwealth countries.
The major similarities between the two acts are that they both seek to control the money lent to the public and maintain ways of protecting the public and also the institutions. However, the major difference is that the PPS Act seeks to protect the institutions that lend money to habitual loan defaulters and who through a system of a centralized register would be weeded out of the system. The banking act through the requirement of cash ratios and reserves seeks to ensure that the depositors are protected from inefficient banks.
The two acts present a system of regulating the financial systems and secure the interests of both the public and the institutions.
Differences of the PPSA and the Bank Act References
Ross, R. and Gunning, K. (2012) Personal Property Securities Act 2009, retrieved on 24
The remedies available to buyer and the remedies available to the seller when there is a defaults in a contract to which the sale of goods acts applies.
Order Instructions:
discuss the remedies available to buyer and the remedies available to the seller when there is a defaults in a contract to which the sale of goods acts applies.
SAMPLE ANSWER
Sale of goods Acts
Introduction
The general principles of the law of contract that relates to remedies such as damages and restitution apply to the sales of goods act in an action either to the seller or the buyer.
The remedies available to the seller are;
1 Action for price
Under the contract of sale, and where the property in the goods or items sold has already passed to the buyer and the buyer willfully refuses to honor his part of agreement by either not paying the price agreed or defaults on a major condition of the contract, the seller may maintain institute an action to recover the price of goods from the buyer (Hare, 2003).
2 Action for damages for non-acceptance of goods
Where the buyer unlawfully or wrongfully refuses or neglects to accept goods delivered to him after a lawful agreement, the seller may maintain an action for damages against the buyer for non acceptance.
Specific performance
In an action instituted for breach of a contract, the court may compel the defaulting party to perform his part of the contract without the option of retaining the goods or payment of damages.
Buyer
Damages for non-delivery
Where the seller unlawfully or wrongfully refuses or neglects to deliver the goods after a lawful agreement, then the buyer may maintain an action for damages against the seller for non delivery (Hare, 2003).
Specific performance
In an action instituted for breach of a contract, the court may compel the defaulting party to perform his part of the contract without the option of retaining the goods or payment of damages.
In our day-to-day interactions and activities, we encounter various issues that affect the way we live and execute our duties. Behaviours of workers follow different systems already established. Theories as well enhance our understanding of these behaviors. Many researchers have applied different theories to guide their research and make sense of their various findings. Therefore, understanding various concepts of theories, ways of contributing to theory, types of theories among many others is important in understanding the way people work and even the way culture affects people behaviors at their work place. This dissertation therefore, deliberates on the different concepts and understanding of theories. The first part of the paper discusses scholarly views on nature and types of theories by comparing and contrasting views that constitutes of a theory incorporating Gelso (2006), Wacker (1998) and Harlow (2009) and other peer reviewed articles. The second incorporate Ellis & Levy (2008), and Harlow (2009) to establish how both qualitative and quantitative research contributes to theory. Ways that research contributes to theory is also deliberated. The last section deliberates on cultural competency theory in a work place, how it contributes to our understanding of the field and deliberates on two areas of controversy that relate to the theory.
Literature review
Part 1
For many years, different scholars have elicited mixed views of what constitutes a theory (Wacker, 1998; Gelso, 2006., &Harlow 2009). This discussion, has contributed to the development of huge chunks of information and ideas on the same. For that reason, a number of researcher use classification systems and typologies to describe different types of theories in the context of their functions, purpose goals and boundaries. Despite the fact that these controversies exist, comparing and contrasting their views enlarges our understanding of the theories. Gelso (2006), Wacker (1998) and Harlow (2009) capture the three major views that constitute a theory. Wacker (1998) argues that operationalization of the definition of a theory should be tied to the appropriate components of a theory, “Operationalization of the definition of theory should directly be tied to the necessary components of theory” (Wacker, 1998, p. 363). Wacker argues that a theory is composed of four major components. One of the components is definitions, second is domain of applicability, third is a set of relationships of variables and lastly specific predictions or factual claims. A theory need defining to understand what it s meaning. It should be able to provide assistance or be applied in a given field. A theory should as well be able to create a relationship between various variables and should be able to provide predictions specifically relevant to a certain situation. The views held by Gelso (2006) are developed from those of Ryschlak (1968) who claimed that any good theory require to be explicitly stated with the intention of formulating a logical consistent and mutual interdependent body of knowledge. He further stated that a theory serves a number of functions. These functions include delimiting, descriptive, generative and integrative. Gelso (2006) develops this thought and argues that any theory is expected to have a scientific value and should be broad hence, go beyond simple propositional level. Theories therefore need not to describe and explain phenomena effectively only but should have or place a limit on what is examined and as well should be generative to stimulate in-depth or further investigation. Gelso (2006) therefore has developed eight constructs that guides his definition of theory. The construct that make up a theory include the following; explanatory power, descriptive ability, testability, heuristic value, parsimony, integration, comprehensiveness, clarity and delimitation. The construct are based on the assertion that any theory has the capability to generate research and the research generated can refine the theory. A theory even though need to have integrative function to accommodate various contradictory propositions, it must as well exhibit characteristics of parsimony meaning that it should have ideas and constructs that can aid in explanation of the phenomenon under investigation. Harlow (2009) on the other hand holds the view that a theory need not to have a universal or fixed meaning but need to consider the competing research paradigms. Therefore, this implies that a theory has the capability to suggest a determining law, laws or systems in natural sciences or can elicit constructs set that aid in understanding phenomenon.
Despite these views from these three scholars, many more researchers have developed their own ideas and constructs of what they do understand about theories in relation to the competing world paradigms (Gay & Weaver, 2011). Different taxonomies exist in relation to theory due to various approaches to theory, conflicting assumptions, competing conceptions and intellectual curiosity based on their individual worldviews. According to Gay and Weaver (2011), the approach to theory that researchers decide to apply depends on the research goals and assumptions. This means that researchers will utilize certain theories and ignore others based on the goals they want to attain and the individual assumptions about the importance of the goal to the current situation faced. Conceptual development of a theory is an informed concept framework that researcher can employ to have an initial understanding and explanation of the nature dynamics concerning an issue, phenomena, problem, that the theory focuses on. DiMaggio (1995) provides three views of what he perceives a theory needs to be. One is that a theory should cover laws, theory is enlightenment and it is a narrative. This means that a theory is abiding and provides a sense of direction or knowledge and is written in a narrative way to enhance understanding of what it means.
Even though there are many competing views, examining the relationships between theory and related paradigms, concepts, hypothesis, models is important to gain an explicit view on the types and nature of theory. Kerlinger (1986) states that a theory consists of two or more constructs, concepts, abstracts, definition, propositions hypothesized with review of phenomenon to predict and explain the phenomena. Theories therefore have theoretical propositions and hypothesis that come from these propositions. According to Sutton and Stow (1995), hypotheses are important bridges between theory and data. Propositions on the other hand are statements used to express the relationship of two or more concepts. Concepts on the other hand according to Bachman and Schutt (2007) means ‘mental image that summarize a set of similar observations’ (p. 72). Models even though are employed by researchers to demonstrate or indicate connectedness of variables within a theory they are not part of the theory. Paradigms on the other hand are general ways of how researchers view the phenomenal world while on other hand, theories are defined as systematic sets of interrelated constructs and statements used in explanation of some aspects that relates to social life (Gray & Weaver, 2011, p, 26).
Part 2
Theory plays a central role in research and there exists a relationship between theory and research. Even though, in most instances, theory guides research, they are interrelated and dependent on each other when it comes to making sense of a phenomenon. Similarly, research may contribute to some significant levels to explanatory power of a theory, when it comes to increasing or building knowledge effectively, research process is developed using a theoretical framework. Therefore, having research knowledge helps in theory contribution more incrementally as it adds more lexicon of facts on the already body of knowledge.
The core definition of research is that it helps to collect and analyze new data or information hence helping to enhance the body of knowledge (Ellis & Levy, 2008). Therefore, theory is applicable in the normal living situation as it gives meaning to various stakeholders. According to Harlow (2009), to develop a theory, it is expected that the researcher develop a test hence an indication of their inter-linkage. Therefore, the relationship of a theory and research is based on the fact that the two require building and testing. Another connection between a theory and research starts with problem definition and the generation of research idea. Research projects starts by reviewing literature appropriate allowing the researcher to engage the same using existing theoretical explanations of the topic in that question (Harlow, 2009). The construct or theory requiring testing informs the kind of cases that will be studied, data to be gathered, methods of data collection and the ways of analysis in the data. For instance, in inductive research strategy, the researcher develops a theory from the existing data and this can be a good starting point in the case where there is limited theoretical knowledge pertaining to a specific phenomena. Inductive strategy therefore allows researcher to build their own cases to come up with a new theory from the already existing data while deductive researcher theory testing finishes the cycle as researcher use research data/information in testing of the theory.
There are various ways research contributes to theory. Ellis and Levy (2008) have taken an interesting in this area and have deliberated on seven ways where original research contributions can be incorporate or transformed into body of knowledge. The contribution are summarized using various constructs; examination of elements, establishment of casual relationship, ways of product creation through developmental study, predictive model development, constructs development, efficacy evaluation and examination of impact of time on the nature of the problem already documented in the study. Sometimes researcher is expected to reframe and test ideas to ensure that conclusions reached are trustworthy and reliable. Building any theory require rich empirical research data hence such theories produced are guaranteed to be interesting, accurate and testable in any research environment. Ellis & Levy (2008) argues that in order for anything or endeavor to be categorized or considered as research it needs to demonstrate the potential of developing new ;knowledge that is identifiable (p. 23). Therefore, research helps researchers understand a phenomenon. It is through inquiry of a given aspect that allows a researcher to discover new knowledge and information that provides deeper understanding.
Discussion
Part 3
Even though, different researchers have come up with different views concerning a theory, for the sake of this discussion, Wacker (1998) theory fits the topic of the dissertation. Wacker (1998) states that a theory is able to provide framework to analysis, facilitate development of academic field, hence require application in real life to solve problems. A number of articles published in the previous five years help to create the applicability of theories relating to cross cultural aspects in the work place in US.
Cultural competency theory is one of the theories that provide deeper insights on the workplaces in US. US has people from various cultural backgrounds hence the workplace enhances diversity. Cultural competency theory is derived from a constructionist view. The theory therefore refers to the ability of people from different cultures and eve socio-economic backgrounds to interact effectively at their workplaces it advocates for integration and working together of people from different ethnic and cultural backgrounds. Cultural competences have various components; one is being aware of one’s cultural worldview, second is the attitude towards cultural differences, knowledge of different worldviews and cultural practices and cross-cultural skills. Therefore, understanding cultural competencies allows people to understand each other, communicate and as well interact with the other people.
This theory by the fact that it is derived from the constructionist view, it implies that people generate knowledge and meaning through the ideas and experiences they have had. Understanding the cultures and the operations of an organization, it requires workers to have a positive mental orientation about other people. Workers as well embrace one another easily if they know and understand their culture and other people cultural backgrounds. Therefore, this constructionist view is the foundation of cultural competency theory which aides in the achievement of the cultural competent.
This theory relates to various views and nature of theory discussed in the literature review. The constructs developed by Gelso (2006) provides a guide when it comes to defining this theory. The constructs that make up cultural competence theory include explanatory power, descriptive ability, testability, parsimony, heuristic value, integration, comprehensiveness, clarity and delimitation. These constructs asserts that any theory has the capability to generate research and the research generated transformed into a theory. The theory has explanatory power as it provides an insight about the theory. It is also descriptive because it provides a clear description of cultural competence. It can be tested to ascertain whether it is true through research.
It also exhibits attributes of parsimony as it has constructs and ideas that aid in explanation of the phenomenon. It has integrative function because it accommodates contradictory. The theory is compressive as it captures various aspects that pertain to culture. It is also clear and his enhances its understanding. People can easily understand the theory meaning and implications. It has as well heuristic value implying that is can be adopted through speculative formulation to guide in the investigation and in solution of problems. Organizations can adopt this theory to gain a deeper understanding of the cultural environment of an entity.
The theory has been adopted in various researches by researchers hence, a clear indication of its significance in enhancing understanding of cultural dynamics in the workplace. . Various peer reviewed journals help to develop propositions and constructs that help them to generate knowledge pertaining to cultural competence theory. In the study, Chrobot-Mason (2012), ethnic and racial identify theory is adopted to provide insight on the topic of study (p. 201). The theory argue that people progress through a number of stages as they develop attitudes and beliefs towards their racial group and other groups they belong to. Therefore, such a theory provides a foundation for the researcher to understand indeed, the way ethnic group of an individual helps them identify themselves and cope with others. Furthermore, this theory helps the researcher to have an in depth understanding of the topic. The theory as well provide a framework to analysis the issues of cross culture and facilitates development of academic information that others can use in their own life. Organizations can be able to use this information to ensure that they make some improvements to promote diversity at the workplace.
Controversies as well exist on how the theory has been used in research. The area of controversy that relates to the theory is the aspect of explanation and predicating as the purpose of research. The four components that make up this theory is definitions, an aspect of how it can be used /applied, sets of relationships with the variables and lastly to have specific prediction or claims that are factual. Therefore, the theory has some issues or questioned that are not well answered. One of the question concerns the central points that makes up a theory. The theory is expected to generate idea, it should also be in a position to generate hypothesis and provide an interpretation of the study findings. The concept of heuristic value helps to explain contradictory preposition through formulation of speculations on how the theory can help to solve a problem in the organization is misinterpreted. This may contribute to false assumptions and results.
Recommendation
It is indeed evident that the relationship between theory and practice is important as they both direct each other. There are still some controversies, issues and assumptions on how a theory can be transplanted into practice. It is therefore important that theories are well formulated to provide solutions in real life. This will help to manage knowledge transfer problem. Dialogue and information sharing among scholars and even practitioners is essential in addressing the misassumptions that may be there between theory and research and practice. Researchers as well need to understand that theories and research have relationship and they help to create understanding and knowledge on different aspects or phenomena. Theories require frequent updates and it is therefore, recommended that researcher keep in touch on the development of theories. As new one are developed some of the previous ones become obsolete. Old theories can be retested to be in a position to build new and updated ones.
Conclusion
Theoretical concepts are many as researchers continue to conduct research-using theories. Therefore, understanding theories and their constructs, paradigms among others is important for any researcher. There exist interlinkage between theory and research. These interrelations are essential in helping enhance understanding of various aspects and concepts or phenomenon. Theories provide explanatory advantage on various problems, present innovative features and provide predictive utility. Various researchers have as well provided different approaches and understanding of theory. These comparisons and contrasts have helped to increase understanding of theories in research work. Some of the theories have some bridges or gaps that are filed by other researchers or theorists. Various peer-reviewed journals have deliberate in-depth on the issues of cross-cultural competencies in work place in US. Most of them have employed different theories to enhance understanding of their topics.
References
Bachman, R., &Schutt, R. (2007).The practice of research in criminology and criminal justice (3rd ed.). Thousand Oaks, CA: Sage.
Chrobot-Mason, D. (2012). Developing multicultural competence to improve cross-race work relationships. The Psychologist-Manager Journal, 15(4), 199-218. Doi:10.1080/10887156.2012.730440
DiMaggio, P. (1995). Comments on what theory is not‘. Administrative Science Quarterly, 40, 391-397.doi: 10.1177/0092070306291975
Ellis, T. J., & Levy, Y. (2008). Framework of problem-based research: A guide for novice researchers on the development of a research-worthy problem. Information Science: the International Journal of an EmergingTrans-discipline, 11, 18-33.
Gay, B., & Weaver, S. (2011). Theory building and paradigms: A primer on the nuances of theory construction. American International Journal of Contemporary Research, 1(2), 24-32. doi: 10.1111/j.1469 -5812.2007.00349.x
Gelso, C. J. (2006). Applying theories to research: The interplay of theory and research in science.In Leong, F.T., &Austin J. T. (Eds.).The Psychology research handbook. Thousand Oaks, CA: Sage.
Harlow, E. (2009). “Contribution, theoretical.”Encyclopedia of Case Study Research. Retrieved from
Kerlinger, R. (1986). Foundations of behavioral research. New York, NY: Holt, Rinehart, & Winston.
Rychlak, J. F. (1968). A philosophy of science for personality theory.Boston, MA: Houghton Mifflin
Sutton, R., &Staw, B. (1995). What theory is not.Administrative Science Quarterly, 40, 371-384. doi: 10.1234/12345678
Wacker, J. (1998). A definition of theory: Research guidelines for different theory-building research methods in operations management. Journal of Operations Management, 16 (4), 361–385.doi:10.1016/S0272-6963(98)00019-9
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As the search for rare resources becomes increasingly risky and expensive oil and gas firms have to use different strategies to maintain their place in a competitive sector. “2013 saw a continuation of the growing joint venture trend between NOCs and IOCs for international exploration” (Global Oil and Gas Transactions Review 2013, EY Review, 2013)
You have been tasked with evaluating a joint venture in the energy sector. In this concisely written report you are required to provide specific information and analysis about the chosen joint venture.
SAMPLE ANSWER
Introduction
As the global market in the oil and gas sector continue to be highly dynamic and competitive, most of the companies operating in the sector have been engaged in plans to devise appropriate measures or interventions to make sure that they cushion themselves from the threats posed by the unpredictable conditions in which they operate (Forsyth, 2011). According to Louis (2007), it has become greatly essential for most of the companies operating with the gas and oil sector in order to make sure that they strategically position themselves in the international markets, and one of the main strategy that many oil and gas companies have been adopted include entering into joint ventures or through mergers and acquisitions. However, this research report will only focus on a particular joint venture in the oil and gas sector, in particular between British Petroleum (BP) from United Kingdom and Reliance Industries from India, and specifically belonging to India Gas Solutions.
Therefore, in the case study joint venture betweenBritish Petroleum (BP) from United Kingdom and Reliance Industries from India, and specifically belonging to India Gas Solutions was aimed at exploiting or leveraging on the strengths of each other in order to make sure that they both continued to expand their market share across the global market. This decision was mainly informed by the fact that both companies were in possession of different strengths, which if effectively exploited could have result to enormous market competitiveness and advantage. For instance, the joint venture between Reliance Industries (a subgroup of India Gas Solutions) to continue sourcing for natural gas across the globe and eventually market it in India, it definitely required to make sure that it developed a significant infrastructure, which would have enable the company to make sure that it effectively source for natural gas across the globe prior to transporting and marketing it in India (Business Line, 2011). However, due to financial constraints the company had no other option rather than seeking for another company which had the capability to allow it achieve its intended goals and objectives, in particular those concerned with the level of transportation and marketing of natural gas sourced globally utilising the infrastructure of the company it would enter into a joint venture with (Business Line, 2011).
Reasons for choosing the joint venture between BP and Reliance Industries Ltd.
There were various reasons why the joint venture between BP and Reliance Industries Limited was chosen for analysis:
The joint venture was a unique one from the fact that, the considered BP is a giant company with enormous infrastructure; whereas the considered Reliance Industries Limited is a small company with interest in natural gas sourcing and marketing but unable to establish its own infrastructure due to financial constraints.
The joint venture involved two companies which are from two markets that are very different socially, economically and culturally. BP is from UK (Europe) while Reliance Industries Limited is from India (Asia).
Each of the considered companies managed to leverage on the strengths and opportunities of the other company to improve its performance. For example, BP managed to acquire significant gas and oil reserves from Reliance; whereas Reliance managed to utilise BP’s infrastructure to improve it natural gas sourcing, transportation and marketing.
Background of the joint venture between BP and Reliance Industries
BP Plc (IW1000/4) and Reliance Industry Ltd (IW1000/83)
In 2011, BP company which sough to gain from increased access to new resources and market of hydrocarbons, entered into an agreement of purchasing 30 per cent stake of Reliance company’s stake in its existing 23 gas and oil blocks, for $7.2 billion including its most crucial block i.e. KG-D6 (Business Line, 2011). This resulted to a merger between BP and Reliance whereby BP had high hopes of embarking on utilising its expertise in drilling within deep waters aimed at raising its output especially from KG-D6 that had significantly slumped as a result of geological complexities leaving Indian dependent on importation of LPG. Business Line (2014) states that implementation of this merger plan entailed a total investment of $5 billion for a duration of three to five years which would currently be valued at slightly above $50 billion importation of natural gas to India meaning that the natural gas resulting from this joint would definitely make India independent of natural gas importation according to the concerned minister Moily. Since the signing of the agreement, BP and Reliance have formed a 50:50 joint venture aimed at sourcing and marketing natural gas in India referred to as the India Gas Solution Ltd. which intends to fully utilise BP’s deep water drilling expertise in India (British Petroleum, 2015). However, the challenge of slow process of approval by the government is aimed to be fast-tracked in order to ensure that Reliance and BP begin to step up the development so that more natural gas is found and geology complexities along the Indian coast are addressed for the purpose of fulfilling the natural gas deficit in India (Business Line, 2014).
For example, across the world when companies such as BP/Reliance, Exxon/Mobil, BP/Amoco/Arco, and Chevron/Texaco enter into joint ventures, the key factor that was driving the decision was their interest in making sure that they gained scale in order to make sure that they achieved significant reductions in operational costs while at the same time remaining highly or considerable profitable. Therefore, since scale as well as cost efficiencies remain highly relevant in the international markets which are highly dynamic where most oil and gas companies operate, many focuses on accessing as well as the management of fiscal take by the national governments from the nations where those countries originate (Meyer & Brysac, 2008; Safina, 2011; Kirkland, 2014). However, considering that governments are involved, the issues involving these joint ventures have continued to become increasingly complex, and necessitate the adoption of models that are highly sustainable and which are in the interest of the manages of both the new forms of partnership (that is, joint ventures).
Mergers and partnerships may seek on linking with either one or possibly more than one through provision of necessary expertise and funding in their attempts towards expanding their operations, subsequently leading to gaining access to reserves of substantial amounts (Meyer &Brysac, 2008; Kirkland, 2014). This implies for most entering into joint ventures ought to devise appropriate models as well as high caliber people, in a group that would make sure that international expansion is exponential continued (Louis, 2007; Meyer &Brysac, 2008; Safina, 2011; Kirkland, 2014).
For either to be successful or a failure prior to entering into the joint venture, something which would be of significant essence in order to make that these joint ventures are undoubtedly successful. Thus, potential merger matrix which could be adopted in order to ensure that the joint ventures entered achieves their anticipated goals and objectives, in terms of profitability, cost reduction as well as improved effectiveness (Meyer &Brysac, 2008; Vassiliou, 2009; Kirkland, 2014). Hence, the merger matrix shown in the figure below clearly illustrates how these partnerships can be done even though it slightly involves others other than the joint ventures while evaluating the viability of each of the possible partnership.
Source: Boscheck (2008)
BP and Reliance Organisation Structure
The board for this joint venture comprises of six members drawn from both companies i.e. BP and Reliance. For example, they are: Kris Sliger (Chairman) from BP and Bibhas Ganguly (vice chairman) from Reliance. The executive team of the board comprises of Hiten Mehta (chief executive officer), from BP; Suresh Manglani (chief financial officer) from Reliance; Amit Mehta (chief operations officer) from Reliance; as well as Brian Dodson (chief commercial officer), from BP. According to British Petroleum (2015), the regional president stated that the vision for the joint venture between BP and Reliance is to ensure that the growing demand for natural gas in India is met by making sure that there are assured natural gas supplies from the BP-Reliance partnership. As a result, the joint venture began its operations with only 30 employees in addition to the utilisation of the expertise of BP and RIL in deep water natural gas drilling both in India and internationally. Therefore, the joint venture will result to an assumption of the administration of the prevailing natural gas contracts to customers of KGD6, LNG import included (Business Line, 2014, British Petroleum, 2015).
The challenges of the merger between BP and Reliance
Despite the fact that operational joint ventures in the oil and gas sector are quite common, the merger between BP and Reliance in the recent years can be sited to be one of the highly effective in joint collaborations. However, there are various challenges that faced the operations of the joint venture between BP and Reliance including cultural and political differences between the two countries (Louis, 2007; Meyer &Brysac, 2008; Safina, 2011; Kirkland, 2014). For example, there might be very significant differences between how joint venture are run. For example, India’s bureaucracy is undoubtedly exquisitely sluggish and slow-moving, as anti-corruption and weak political leadership drives snarl up in the process of making decisions in New Delhi leasing to declination in the production. According to Kirkland (2014) BP insists that its envisaged rate of declination to be currently 31 down from slightly above 60 in the year 2010. The main challenges are discussed below in no particular order:
National breadwinner. In most countries national governments are highly dependent their source of revenue in terms of taxes, royalties, as well as profit sharing. However, in some countries where personal and corporate taxes range from low to minimal, the potential of providing approximately 90% of total revenues of the state. Therefore, the significance of these revenues may result to a conflict between the national governments and the anticipated joint venture (Meyer &Brysac, 2008; Safina, 2011; Kirkland, 2014).
Benevolent employer. In a considerable number of partnership, companies may decide to maintain lean operations in order to ensure that the processes are streamlined and headcount is reduced, both of which are not priorities which would definitely result to a conflict between the interests the two (Louis, 2007; Meyer &Brysac, 2008; Safina, 2011; Kirkland, 2014).
Trustee for future generations. BP and RIL partnership are not just business, but they are also held responsible to oversee what may be considered as the only viable natural resource for the nation as well as a source of national pride. This means that at all time there must be constant weighing the development of these national resources against the custodians’ need (Meyer &Brysac, 2008; Kirkland, 2014).
Cultural difference: Based on Hofstede’s cultural dimensions, the employees of both companies especially those who were repatriated to work in other countries involved in the joint since UK and India are significantly different culturally (Louis, 2007). Thus, any UK employees repatriated to India or any Indian employees repatriated to UK will definitely need adjust to the culturally changes in order to work better and co-exist well with their colleagues and neighbors. Therefore, both companies will be required to adopt Hofstede’s cultural model in order to make sure that any differences in culture are amicably addressed which involve slight restructuring of the organizational structure (Louis, 2007).
Key market
As highlighted earlier, the joint venture between BP and Reliance Industries Limited was solely driven by the benefits each would acquire upon completion of the joint venture. For instance, BP considered, India a very highly attractive market from natural gas. In particular, BP company has outlined in its Energy Outlook 2030 that, Indian energy consumption has experience an exponential growth particularly by 190 per cent over the last two and a half decades and this growth is envisaged to continue by 115 per cent within the next twenty years (which means that the growth will be occurring at an annual rate of over four per cent). Furthermore, the other reason why BP was also highly interested in the joint venture is attributable to the fact that from now and onwards up to 2030, natural will definitely be the fastest growing source of energy due to it exponentially increasing demand. On the other hand, Reliance Industries Limited saw this as an opportunity to utilise BP’s transportation infrastructure in order to source for natural gas across the globe as well as transport and market it back in India, particularly getting the highest amounts of natural gas from BP (Business Line, 2011). In this kind of a situation each of the two companies are expected to benefit.
Key aspects and significant statistics of the joint venture between BP and Reliance Industries Limited (a Subgroup of Indian Gas Solutions)
The joint venture between British Petroleum (BP) and Reliance Industries Ltd (RIL) was significantly informed or motivated by the increasing global demand for liquefied natural gas (LPG) across the world. In the joint venture signing and statement, BP was to get 30 per cent stake in the twenty three blocks of oil and gas of Reliance Industries Limited including the KG-D6 oil fields (British Petroleum, 2015). The value of the total deal was approximated to be about 9 billion dollars, and the entire 23 oil and gas fields were expected to cover about 270,000 square kilometres. Hence the deal was envisaged to be highly significant since it is expected to have positive to both companies that entered into the joint such as the BP and Reliance Industries Limited (Business Line, 2011). As a result of this joint venture both companies experienced significant growth in revenues, profitability and market share subsequently resulting to improvements in effectiveness and market competitiveness (British Petroleum, 2015).
Recommendations
The recommendations for the firms involved in this joint venture in a descending order are as follows:
The two firms should ensure that an upper limit of the joint venture agreement is set to avoid discomfort from either side. This is because Reliance is exchanging its gas and oil blocks in India which may be considered a strategic natural resource with BP’s infrastructure which is constructed through public funding. This may cause dissenting voices from either side if one side feel that the other side is benefiting more.
The two firms should avoid merging any of their operational activities to avoid conflict of interest. This is because BP is a public firm and may prioritise the interest of UK’s citizens at the expense of profits, while Reliance Industries Limited is a private company which may prioritise profits at the expense of citizens.
The reason for this ranking is that, natural resources as well as publicly funded infrastructures are considered highly significant because they are often sabotage targets by enemies. This made the first recommendation rank number 1 compared to the interests of citizens and profits which are of less national importance compared to natural resources and publicly funded infrastructures.
Conclusion
In conclusion, it is undoubtedly evident that through joint ventures companies operating in oil and gas sector can achieve significant benefits in terms of operational cost reduction, market expansion, as well as increased profitability and improved effectiveness. This is attributable to the fact that, each of the companies entering into a joint venture utilises all possible avenues to leverage on the strengths as well as opportunities inherent in each of these strengths and opportunities with an objective of making sure significant benefits accrue from such engagements. For instance, it has been observed that through this report the case study joint venture discussed between BP and Reliance Industries Limited has shown that, each of the two companies leveraged on what it was lacking, but present in the other company in order to make sure that each of the two companies eventually achieves the anticipated results. In particular, BP leveraged on the ability to expand its market share by making sure it sell more natural gas; whereas Reliance Industries Limited leveraged on the transportation infrastructure of BP in order to source for natural gas across the globe and transport and market it in India. This means that a joint venture between the two companies resulted to a win-win situation whereby both benefits from the strengths and opportunities inherent in the other partners within a joint venture by leveraging on the positive aspects integral in each of the company.
Business Line, (2011), Reliance Industries, BP ink gas joint venture.Retrieved from: http://www.thehindubusinessline.com/companies/reliance-industries-bp-ink-gas-joint-venture/article2639452.ece [Accessed on 1st March 2015].
Federal and Provincial Consumers Protection Order Instructions:describe in details and naming the statutes, the methods outlined in federal and provincial consumers protection statues to controls businesses with a tendency to abusive practices. discuss the effectiveness of these tactics
Federal and Provincial Consumers Protection Sample Answer
Introduction
Unfair or Deceptive Practices or Acts are covered under Section 5 of the US Federal Trade Commission Act popularly known as the FTC Act (15 USC 45) that prohibits unfair or deceptive acts or/and practices that affect commerce. FTC places prohibition to all persons who are engaged in commerce or any form of business including banks. Section 8 of the US Federal Deposit Insurance Act, FTC Board has the authority or power to take necessary or appropriate action in the event of perpetration of unfair or deceptive acts or any illegal practices have been discovered.
The legal standards that apply to unfairness and deception are all independent and are not related to each other, depending on the circumstances and facts of each case, an act may be unfair or deceptive or both. The following are some of Unfair Acts or Practices;
Depending on each case an act or practice is lawfully unfair when it,
a) It causes or it’s likely to cause or injure substantially the consumers.
b) For reasons beyond the scope of the consumers, the harm cannot be reasonably avoided.
c) Its not outweighed by any countervailing benefits to the consumers or business rivals.
An act is deceptive when there is a representation, omission, conduct or practice that misleads or its most likely to mislead consumers. The misleading representation, practice or omission is material.
The FTC has been instrumental in taming banks, insurance companies and other companies that have been profiting unfairly from their customers. On 20th February, 2015, FTC played a crucial role in charging the owners of the Wristband Mosquito Repellent for deceptive business practices while it also refunded checks worth $464,000 to consumers who had lost money buying defective calorie blocking diet pills that had been marketed for fat burning. (FTC, 2015)
To conclude, FTC has achieved a lot of successes in controlling unfair trade practices in the USA and also punishing the offenders besides refunding any funds that may have been recovered back to the rightful owners.
Federal and Provincial Consumers Protection References
Federal Trade Commission (2015) Protecting American Consumers, Free Credit Report, Retrieved on 23 February 2015 from www.ftc.gov
the sale of goods act imposes terms relating to goods matching samples or descriptions and meeting standards of fitness quality,and title. explain the nature of these implied terms and their effects on the parties. determines which are conditions and which are warranties and explain the effects of this distinction.explain the effects of exemption clauses in the purchases agreement which states “that there are no implied terms, and that the only terms are those contained in the agreement.
SAMPLE ANSWER
Any business entity selling goods to clients is required to consent to certain implied responsibilities, as described by the contract. The consumer’s legal rights require that the product being sold has not only a satisfactory description but one that is valuable to the consumer. As such, contract agreement where consumers are disallowed to compensation following mislabeled or defective products are seen to be unfair under the guidelines. Moreover, the usage of such disclaimers is likely to mislead consumers with regards to their statutory rights. Diverse descriptions can have the impact of disregarding liability for unacceptable goods. For instance, the customer has the legal footing to seek redress in the event of defective goods especially if the defect stems from misinformation of labels (Carter, 2013). The Sale of Goods Act also gives the statutory mandate to the consumer to inspect the goods and reject them on grounds of faultiness. Appending a signature on the delivery of goods is not reason enough to warrant a success completion of the business deal, instead goods should be tried out to ascertain the veracity of its authenticity. However, a legally binding contract on both parties requires full compensation in the event that one party fails to live up to the expectations of the contract. Statutes that restrict liability are subject to the same criticism as those that omit it. Thus far, compensation would be awarded in the event of a loss or damage of sorts that involved parties might have anticipated for that matter. Nonetheless, the supplier has a legal standing to fight it off lawfully. Such a gesture cannot be seen to be unfair under the law (Carter, 2013).
References
Carter, J.W (2013). ‘Party Autonomy and Statutory Regulation: Sale of Goods’. Journal of Contract Law 2013
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Please see attached an exercise based on an actual situation in Hungary.
How you would handle the situation ?
SAMPLE ANSWER
Cross-cultural Conflict Case Study
One of the cross cultural issue that has resulted in conflict between Mr. Hovarth and Kovacs is communication. Communication has been unveiled as the endeavour behind the conception of an image of an establishment and the arise conflict can be learned from the way others reflect into various media (Walters, 1994). Granting to the case study the conflict between the two would have occurred as a result of vague language that Mr. Kovacs used in an American slang against Horvath. The retaliation of Mr. Horvath in response to Kovacs vague slag continued to sustain the existing dispute between them. The other cultural issue is being egocentric. They conceive of themselves and generalize others as inferior. This is seen as both retaliates of each others background.
In order to solve the situation there is a need of an intermediary who will have to mediate the resolution process. By adopting and learning a conflict resolution principles, a mediator will greatly enhance the two conflicting parties for a better understanding and communication process (Walters, 1994). It is typical that the two will argue a great deal since they pretends to be superior to each other. Thus, they should be mindful of cultural beliefs, values and views. Both the two parties must be neutral and ready to reconcile and also change their egocentric beliefs on each others background.
If I’m the one to mediate this dispute, I will guarantee there is peace and completely solve the difference. I will guide them through the conflict resolution process. They will have to apologize to each other for the weird responses they have used. Admitting a mistake done is one part of solving a dispute (Bijaoui, Sultan & Shlomo, 2011). Conflicts create a barrier to good communication, hence communicators must learn to forecast on circumstances that will exacerbate conflict and to build up an effective communication program (Bijaoui, Sultan & Shlomo, 2011
References
Bijaoui, I., Sultan, S. & Shlomo, Y.T. 2011, “The progressive model, an economic reconciliation process for regions in conflict”, Cross Cultural Management, vol. 18, no. 3, pp. 293-312.
Walters, J. 1994, “Communication: Antidote to conflict”, Communication World, vol. 11, no. 9, pp. 35.
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