Review the criteria in your text for determining an implied contract (pages 630–631). Choose three of the criteria and identify a specific case or example that would prove to be contractually binding. In Chapter 18, you read about implied contracts. For this assignment, write a 1–2 page paper that describes the concept of implied contracts. Identify a specific case or example that would prove to be contractually binding and provide your rationale regarding why this is the case. Cite and reference information from your sources according to APA guidelines.
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SAMPLE ANSWER
An implied contract is a legally enforceable agreement that is not in writing. It is created on the basis of the conduct, behavior and assumed relationship of the parties involved. A contract is usually implied when a party accepts benefits in kind from another party because of particular circumstances and the benefit cannot be considered to be a gift. It is therefore the legal obligation of the individual who is receiving the benefit to give a fair value to the benefit that is received (Smitley, 2011).
Criteria for determining an implied contract
There exist various criteria that are used in the legal enforcement of implied contracts. These criteria include basic circumstances such as their being a specific promise that was made in between the parties. The promise also needs to have been given by someone with sufficient authority to enforce and offer that promise. The employer’s behavior and conduct at the time of giving the promise needs to be consistent with policies, industry practices and must be consistent with the promises (Smitley, 2011).
Case study
Mr. Baker had been employed by the common wealth bank for a period of 27 years with his last position at the bank being the senior position of Executive Manager in the Bank’s corporate banking section. A restructuring of the bank unfortunately made his position redundant and even without notice he was given a letter asking him to vacate his desk on the same day. However, because he was a model employee at the bank and had served for several years, the bank made it clear to Mr. Baker that it had preferred to redeploy him to another alternative role of the bank and was even nominated a career support manager and documents to inform him about the new banks redeployment services. He was also directed to hand over his company mobile phone and access to his company email was terminated.
The bank true to its word conducted the redeployment policy but the career support manager who was designated to Mr. Baker was unaware that Mr. Baker could not access the banks communication systems therefore resulting in his fate of not being aware of the activities and the bank was unable to contact him for an extended period of time. The bank therefore failed to adhere to the procedures within the Redeployment Policy. Mr. Baker sued the bank for damages for breach of contract.
Rationale as to why the promise was legally binding
The terms of the mutual contract implied that the mutual trust and confidence that was bestowed between the parties involved did not merely apply to the point of employee dismissal. Therefore, since Mr. Baker was not made redundant, the implied term did not interfere with the right of the bank to provide notice. To apply the term mutual contract to the manner of dismissal was therefore unnecessary and inconsistent with acts of law that deal with unfair dismissal. Therefore, in light of this case study, the breach of the implied agreement occurred independently and before the eventual termination of employment. Therefore, the court ordered that compensation be paid and damages be awarded to Mr. Baker on the basis of an employee’s loss for a chance in redeployment that resulted into the breach
NB: Many students who have worked hard are disappointed with their results. In many cases the cause of poor marks for hard working students can be traced back to poor essay and examination technique. When answering an essay or examination question, make sure that every line addresses the question asked and make sure that you show that you ANSWER the question set by the examiner. Writing off-topic is always a bad mistake!
SAMPLE ANSWER
Employee safety
Introduction
Every employee has the right to safety. This must be ensured by employers so that employees do not suffer stress and illness as a result of working at a specific establishment. In recent times, there have been many court suits related to psychiatric illness. However, it has been and it is still difficult to embrace the whole idea of people suffering psychological torture. There is difficulty as well on how to address the notion of psychiatric illness and how this could be tackled with to avoid floodgates in court suits on the subject (Prosser & Keeton 2004). Some say that people owe those around them a duty of care. The truth of this statement is yet to be established as there should be factors to be considered before holding someone liable in breach of the duty of care. Imposing a duty of care on people unknown to each other would sound unfair and misinformed. The foregoing thus calls for a criticism of the concept of psychiatric illness and liability whatsoever that arises there-from.
Sources of Law
The term sources of law relates to where the rules originate from. What dictates what the law should be may also be a source of law. The law my come from the Constitution. In many countries, the constitution is considered the mother of all the laws of the respective land. Other laws borrow from the main body of law-the constitution (Chemerinsky 2011). If there is any conflict between the Constitution and any other law then the Constitution will and has always taken precedence.
Common law is also another source of laws. Common law is the laws that were developed through the observation of the customs of the English people and developed through judicial decisions. In most cases where there is no law providing for any remedy, then the common law would be looked upon for a solution.
Legislation is another source of law. These are laws made by Parliament- the legislative arm of a democratic state. Legislations have to pass through set procedures and would in most cases become law upon being assented to by the authorized person, the head of state in most cases. Apart from the Constitution and legislation we have case law as a source of law. Case law is the law developed by courts when interpreting the statutes passed by Parliament. Case law may at times be referred to as judge-made law.
Tort Law and Negligence
The law of torts covers the relationship between persons (Ratanlal and Dhirajlal 2013). It is the law that seeks to give remedy for wrongs committed by persons against their neighbors or anyone defined by the law. Through the law of torts the aggrieved parties can get damages for injury suffered as a result of the tortuous acts of those they interact with on daily basis. Tort law also covers contractual relationship between parties (Abraham 2012). Through it, parties to a contract can enforce their civil rights and those accused of violating the civil laws would be liable for either damages or any other remedy provided by the Courts of Law (Franklin & Cardi 2008).
Negligence on the other side is the failure to act in a way that any reasonable person would have acted if faced by the same circumstances (Blyth vs. Birmingham Waterworks 1856). Negligence mostly arises out of failure to act as required. For instance, a driver is supposed drive carefully knowing that he might cause injuries to others if he drove recklessly. Liability in negligence arises if the driver does not take reasonable measures to ensure he drives safely. Also related to this is the test for reasonableness (Bolitho vs. City & Hackney Health Authority 1997).
In employment relations, there has to be a contract for employment between the alleged employer and employee. Through the offer and acceptance of the rights and duties arising from employment, a contractual relationship arises and binds the parties to that contract (Diamond & Levine 2013). One of the duties owed to each other is the duty of care. The employer owes the employee a duty of care, to protect the employee by making the working environment conducive for the work required. Similarly, the employee owes the employer the duty to perform every part of the job carefully and as highlighted in the contract of employment.
Duty of care
Duty of care may be defined as taking responsibility for those around you in a situation where those people rely on you. In determining if there is a duty of care owed some factors must be considered. There has to be a relationship between the plaintiff and the defendant (Ranchhodas & Keshavlal 2003). Some sought of proximity would be vital if established before deciding where liability arises. Relying or depending on someone for some shielding would be important in establishing a duty of care. In the same direction, it would be necessary to establish if the duty of care is in fact owed (Hodgson & Lewthwaite., 2012). It is after this that the element of breaching such a duty of care owed to another that some liability may be imposed.
Liability Of Employers For Psychiatric Illness Of Employees.
Issues concerning post traumatic stress can be traced to 1897 (Wilkinson vs. Downton) Employers are in most cases profits-oriented. All they seem to care about is the huge profits their companies should make. They therefore care less about the welfare of the employees and subject employees to pressure to be productive despite most instances of poor working conditions. This causes the workforce to be exposed to potentially bad risks of physical health and mental torture. In view of the foregoing, there has to be a regulatory framework to provide for psychiatry related illness experienced by employees most specifically as a consequence of working under stressful environments (Vincent 2009, p 45).
Failure in adhering to the duty of care was much covered in the death of a man in Northumberland. The man’s employers had ignored the safety requirements set by the law. Managers must not be so relaxed when the safety of employees is the subject. Installation of basic safety measures should be a priority to any employer. (Murphy & Cooper 2000) The families of such employees who die while at work due to poor working environment are left with no option but to sue for the negligence. In-spite of suing, it is evident that no monetary compensation can equilibrate the life lost. For lawyers who argued for the availability of negligent infliction of stress they could not make it as they were told to leave lawmaking to legislature (Piresferreira v. Ayotte).
Lives lost or psychological trauma as a result of employment has to be incorporated to cater for the mental health of the employees. Employees should be compensated heavily. We should see all workers that suffer psychological stress as a result of poor working conditions get compensated as was the case in the law enforcement officers in Hillsborough (Diamond & Levine 2013).
A shift from the unfair compensation for injuries sustained at work only should be embraced. Bodily injuries are not independent from the overall functioning of the body system and should not be the only basis for compensation (Edwards, Edwards & Wells 2011). Breaking ones arm does not only render the injured disabled but it also affects injured persons mentally as they would have to find a way to start living without an arm. This tortures a person mentally and has to be considered when awarding damages (The American Law Institute 2013).
Conclusion
In conclusion, the rules and laws protecting the employees from work related injuries should shift from the old rules that only covered employees against physical bodily injuries to provide for psychiatric illness suffered as a result of poor working conditions. There has to be stricter rules and penalties for employers who violate safety policies required by the law as relaxing on this matter would mean continued neglect of employees’ rights.
References
Chemerinsky, E (2011), Constitutional Law: Principles and Policies. 4th Edition
Ranchhodas, R & Keshavlal, D (2003), English And Indian Law of Torts. Cornell University Library.
Vincent, A (2009), Death in the Work Place; Management Services.
Murphy, L R & Cooper, C L (2000), Health and Productive Work: An International Perspective. London. Taylor & Francis.
Blyth vs. Birmingham Waterworks (1856). Exchequer.
Bolitho v City & Hackney Health Authority [1997]. HL.
Hodgson, J. & Lewthwaite, J (2012), Tort Law. Oxford University Press.
You have been asked to prepare a report. In doing so you should address the following aspects:
1. Outline firm-level (micro) and country-level (macro) factors contributing to the development of INGLOT’s competitive advantages and discuss their sustainability.
2. Develop INGLOT’s strategic plan for the next five years with a concrete outline of recommended geographical expansion, business model evolution and product diversification.
Do not exceed 3000 words; scripts that are excessively long (i.e. exceeding the limit by more than 10%) will not be read beyond the point of the word limit. The word limit applies to the main report only, and excludes exhibits. There is no minimum word limit.
Note carefully that this is not a project, but a case analysis, and as such the case contains all the information available to answer the issues at stake. You should NOT study sources for recent information on the company such as its Report and Accounts or its website, its competitors or its industry. You may however consult academic books or papers on general approaches to treating aspects of analysis that you consider important. Please note carefully that if you copy text from such sources you must correctly reference the source, and clearly identify copied text by means of italics or inverted commas.
Please note the following general points on case analysis:
– As noted above, the principle of a case is that it contains all the information available to answer the issues at stake.
– It is traditional to open a paper with a quick summary of past events described in the case and to outline the current situation. Then you state the issues facing the company or the managers, as appropriate. Usually these issues are explicit in the case; if not, you have to identify them.
– Most business decisions must be based on both qualitative and quantitative considerations. Most case analyses require both (but there are exceptions, e.g. in finance or in organizational behaviour). You must dig into the data, not merely quote them from the case. Be critical. Push the numbers around. If there are insufficient data, make an intelligent and justified estimate.
– Remember, all the time you are focusing on the issues you have already announced at the beginning of the discussion or text. In that way, you can reach your recommendations and leave the reader satisfied that you have built your argument and justified your conclusions.
DO NOT PLAGIARISE – DO NOT USE EXTERNAL SOURCES
The overall structure should encompass:
1. Cover Page (1 page)
2 Table of Contents/List of Exhibits (1 page)
3. Executive Summary (1 page)
4. Main Report (respecting the above word limit)
5. Exhibits (if any)
6. References/Bibliography
The bibliography is an important element, and all references should relate specifically to points in the text, and be identified as such, and not simply “general” sources. Referencing should use the Harvard system.
Submissions are in WORD ONLY (.doc or .docx). Submit only one file and include any Excel analysis as images, not embedded files.
SAMPLE ANSWER
Table of contents
Executive summary………………………………………………………………………………3
Introduction …………………………………………………………………………………….4
Background of the company…………………………………………………………………….4
INGLOT Cosmetics Company located in Poland is one example of a company that started small and expanded. The company, which deals in cosmetics, has managed to grow and expand in various countries by investing back of its profits. The company has managed to maintain its markets niche in various countries and regions. The company micro-environment factors such as customers, competitors, distributors, media, suppliers and general public have played as key role in its expansion strategy The company values and embraces its customers. It designs and manufactures products that comply with the needs of the customers. This has played a key role in its success and its expansion to many countries
The company as well has gained a competitive advantage though its franchise strategy in reaching many customers spread across the county of its operations. The company takes time to analyze and research markets before making decision to invest in such markets. Macro environment factors have as well impacted on the company competitive advantage. Some of these macro environment factors include political factors, economic, social cultural competitive and technology. The company has enjoyed political stability in the countries it operates. This has influenced its business investments. It also complies with the legal aspects such as tax remittance and registration requirements.
The company as well has a strategic plan of five years whereby it aspires to expand its business to 110 countries. This strategy will enable the business to have a bigger market share. Through benchmarking, the company will be able to compete and with overtake its competitors. Product diversification as well opens an opportunity for the company to expand.
Introduction
Every company either locally or internationally endeavors to achieve its set objectives. Achieving objectives requires adoption of different strategies that can enable the company to gain competitive edge and take over bigger market share to accrue huge profits. Various factors and strategies come into play that contributes to business success. This report focuses of INGLOT cosmetic company. The report addresses the firms’ micro and macro factors that have contributed to its development of competitive advantage. It also covers on the sustainability of these factors. A strategic plan for the next five years with an outline of recommended geographical expansion, product diversification and business model are addressed.
Background of the company
The company founded 30 years ago in Przemysi town, as cosmetic firm has become one of the leading firms in colour cosmetics. It began its international expansion in 2006 and currently it operates franchises in more than 70 countries across the six continents (Marketline Plus, 2014). The company has about 500 boutiques stores retail locations and stands across the globe. The company has more than 1500 colors with 450 varieties to improve lips, 300 to portray ones face and 600 to enhance customers face and up to 400 shades of nail polishes (Marketline Plus, 2014). The company is performing well in the market due to its various strategies that it has implemented in its operations.
Firm-level (micro factors)
INGLOT is affected by micro-environment factor that have contributed to its competitive advantage. Micro-environment factors are immediate are operations that affect the company decision making freedom and performance. Some of these factors that are relevant to INGLOT cosmetics include, customers, competitors, distribution channel, general public and the suppliers, media and employees.
One of the major factors that have contributed to the company’s competitive advantage is customers. Customers are the major focus of the company successes (Klovienė 2012). Customers have contributed to greater height in the achievement of the company through their loyalty and support. The company has invested in their customers by providing products and services that meet the needs of the customers. The company identified the demand of the women products and this made them to take advantaged and to provide the same hence, achieving high profits. The fact that the company has invested a lot in improving its products has contributed to increased and widening customer base which is evidenced with its expansion initiatives (Marketline Plus, 2014).. The company has invested in innovation which has kept it ahead of its competitors in the market. For instance, the company manufactures revolutionary O2M Breathable Nail Enamel that used water and oxygen vapor permeability that is fashionable, good looking and healthier. This nail enamel has attracted many customers that have contributed to increased number of customers that are using the company products (Marketline Plus, 2014).
Competitors are other important micro-environment factors that have affected INGLOT cosmetic. Competitors compete for the same market share because they have similar or substitutes products. To overcome competitions, companies adapt to different strategies such as focus cost or differentiating strategies. Cost strategies allow a company to reduce the costs of its products or services to win over the competitors. Focus strategy, a company focus on a specific target market while differentiation strategy, a company provides quality products that meets the needs of the customers in the market. Such customers are not sensitive to the price of the products (Marketline Plus, 2014). Like many other industries, INGLOT has a number of competitors such as Halal cosmetics that are growing faster. INGLOT cosmetics has managed to attain its competitive advantage in the market because of its low cost strategy. The company offers its prices at low prices below the competitors. The prices offered provide mark up for the company because of the low production costs. The company has as well innovative and quality products that attract more customers to purchase the products.
Distribution channel is another micro-environment factor that has affected the company competitive advantage (Markman & Waldron 2014). The company has adopted franchise as its distribution strategy that has seen it expand and reach in many areas. This strategy has enabled the company to have a larger market share that has enabled it to remain competitive. The fact that the company products are easily accessible to its customers in various locations makes it accrue higher revenue through this wider market. The company has achieved this stride which has enabled it to provide stiff competition to other companies that have not been able to expand in their distribution networks (Marketline Plus, 2014). The company has well invested in its employees which have contributed to its competitive advantage. The company appreciates the contribution of employees. This has contributed to the success of the company. Employees receive training to help add value to the company
Suppliers as well contribute to the competitive advantage of the company. The company has established positive relationships with its suppliers and this has enabled the company to have smooth flow of materials that has enabled continuous production of these products. The media has as well contributed to greater magnitude to competitive advantage of the company. Media through its advertisement has enabled the company to improve its images and as well showcase its products. The market of the company has increased tremendously over the years through media advertising and marketing. (Marketline Plus, 2014). Media plays a key role as one of the channels for reaching and informing customers on the various products and services. The company has utilized the media platform making it more visible and famous compared to its competitors something that has elevated it and widened its market share. Public is yet another micro factor that has actually contributed to the success of the company. The members of the public have supported the company and portrayed it positively making it attains a positive image. These factors are sustainable as well have helped the company to sustain itself.
Country level (Macro factors)
Macro environmental factors are external factors that affect the operations of the business and may as well have impact on its competitive advantage. Any company that operates in a country across the borders on internationally level must ensure that they factor in these macro factors to be able to attain a competitive edge. INGLOT cosmetic is one of the companies affected with these micro-environment factors. These factors as well have a number of effects on its competitive advantages. Some of the micro-environment factors that affect the company include political-legal factors, economic factors, social cultural factors, competitive environment and technological factors.
Competitive environment affects the competitive advantage of the company (Toole & Lutz 2005). These factors include availability of competitive products, companies that compete for similar consumers, substitute products among many others. INGLOT cosmetics is operating in a competitive environment with other similar companies that have already established their market niche in various locations. These companies have as well substitute products that they sell to the consumers which reduces the number of consumers that purchase INGLOT cosmetic products. INGLOT is not a monopoly and that is the reason why it has adopted cost strategies to woo many customers and compete in the market both locally and internationally. To develop a competitive strategy, the company undertakes research of the markets to identify their suitability. The company as well through market research identifies current and potential competitors, which enables it to adopt to appropriate marketing strategies. The facts that the company anticipates competitive actions has as well enabled it to vigilant and to promote innovations by coming up with new products that makes it to compete favorably.
Political- legal environment as well affects the operations and competitive advantage of INGLOT cosmetics company (Markman & Waldron 2014). Business operates in an environment that has laws and regulations that they need to comply. Businesses are as well expected to interpret these laws and ensure that they adhere to them as they as well protect the rights of the consumers. Any company is expected to register and to have a certificate of operation both locally and internationally. The company is as well expected to remit its tax returns and adhere to any other laws relating to labor laws and environmental laws among many others. INGLOT cosmetics operate in different countries that have different political and legal environments. The company, nevertheless, has satisfied all these laws and legislations pertaining to particular nations they operate in. Furthermore, the political stability of a country affects the profitability of the business. So far, INGLOT cosmetics has been able to extend its products in countries that experiences political stability. This has made the company to have conducive environment of investment something that has contributed a lot to its increased level of investment (Marketline Plus, 2014).
Various institutions ensure that the company operates well and does not deviate from the activities or business initiatives they are registered to operate. These bodies includes the government which provides licenses and ensure compliance with the law and issues to do with tax remittance and labor laws. Others include consumer safety that ensures that the products meet the recommended standards for consumers. Products should not cause harm to the consumers. Other bodies include, environmental protection agency that concerns with issues of environment, health and safety and consumers interest groups among many others. These bodies work independently to ensure that the company operates within the set thresholds.
Economic environment as well affects the competitive advantage of the INGLOT cosmetic company. Economic factors influence the buying behaviors of the consumers. Their buying power and strategies is dependent on the economic situation of the country. Different countries experience different economic growth trends as some experience growth while others experience slow growth. Such dynamics affects the operations and profitability of the country. The stages of business cycle in these countries vary from one country to another and as well affect their business performances. Inflation rates in the country as well have negative impacts on the company products. During inflation, the company experiences decline in its profitability. Deflation as well has impacts on the performance of the business the level of unemployment as well affects the capability of the consumers to purchase these products. (Marketline Plus, 2014). High level of employment means that consumers have higher level of incomes and can be able to access these products. This therefore impacts positively on the company level of profitability. and vice versa. The resources available in the company as well affect the performance of the INGLOT cosmetics company. Currency fluctuations and exchange rates in these countries vary as well have impacts on the company profitability. Some of the currencies depreciate and this affects the profitability of the company as they incur some losses.
Technological factors as well affect the operations of the company as well as its competitive advantage. INGLOT cosmetics has adopted technology by adopting to e-shop . This has enabled the company to be creative and innovative reaching many of its customers in various places. The company has therefore adopted technology to sell its products as well as to market its products to customers in various locations through technology hence being able to achieve a competitive edge (Marketline Plus, 2014). Technology as well has improved the services and products as this has led to effectiveness and efficiency in the production process. Compliance has as well improved with technology making the company to operate smoothly.
Socio-cultural factors as well affect the competitive advantage of the company. The company understands the dynamics of operating in the various regions and therefore, they ensure that they adopt to suitable strategies that the particular customers in a certain region or country want. This is achieved through modification of their products as well as strategies. For instance, in their advertisements, the company uses languages that customers in the targets markets understand. This ensures that their communication reaches the intended audiences. The company as wells keeps into consideration the customers, and manners, material culture, social institutions, religions among many others in their promotional strategies to win over their customers. these factors are sustains the company and have enabled it reach this far.
INGLOT strategic plan for the next five years
In the next five years, the company wants to achieve set objectives. To achieve these objectives it must have a strategic plan that acts as a framework. The plan provides the target sales outcomes and the strategies the company wants to adopt to achieve the same.
One of the strategies is to establish positive relationship with the stakeholders including suppliers, government and retail outlets to compete favorably. another strategy is to expand to other 40 countries by the year 2019 this expansion strategy will see the company cover a wider market share. The company will also use internet and media to advertise the products to consumers. The company believes that information is paramount in ensuring that people makes purchasing decision (Marketline Plus, 2014). The company as well aims to reduce the cost of productions by recycling its raw materials. This will enable the company to accrue high profits through its low cost strategies. Furthermore, the company will use celebrities in its promotions to gain a huge market. This will help the company to reach many customers. The fact that the company is a cosmetic company makes it easier and viable to use celebrities to reach many people.
Recommended geographical expansion
In the company expansions strategy, it must factor into consideration various factors such as the culture, of the markets, the number of competitors in the market, the size of the market, the cost of distribution, the political environment among many others. These factors are critical because they will determine the competitive advantage of the company in the region. The company intends to expand to more than 110 countries across the globe to make the total number of countries that it operates to be 110. The countries cut across the six contents more so in the Africa, Middle East and the South American continents. These markets have not been explored and therefore, the company stands a chance to accrue huge profits from its operations in the region.
Business model evolution
The business model to be adopted is benchmarking whereby products and process are going to be measured against those of other organizations. INGLOT will therefore be able to gain insights on its performance through this comparison. It will gain information on its internal and external performance of its products in line with those of their companies. INGLOT will have an opportunity to search for the best practices that will enable it to record superior performance levels (Denrell 2005). The company will achieve a strategic advantage, as it will focus on its critical capabilities to develop a strategic advantage. Though benchmarking the company will as well increase its learning rate hence facilitating its experience sharing (Jack 2004).
Product diversification
The company will also adopt a strategy of product diversification to ensure that it achieves a competitive edge. The company even though has various products; it will still improve in its innovations to ensure that it remains competitive. The customers will have numerous options to choose form the company products.
Conclusion
INGLOT cosmetics is one of the companies that has managed to attain a competitive advantage through its strategies that it has adopted. The company managed to grow and expand to various countries. Various micro and macro factors affect the company competitive advantage. The company still has to adopt other strategies such as product diversification to expand to other regions to maximize its profits. The future of the company looks bright
Reference list
Denrell, J 2005, ‘Selection Bias and the Perils of Benchmarking’, Harvard Business Review, pp. 114-119.
For This paper they are three main questions to respond to, and its is critical that the writer detail explain why responding to the questions. The pliagiarism report should be almost zero. And APA 6th Edition must be used throughout the entire paper.
Market Efficiency Theory
After reviewing your resources below , consider the following. The theory of market efficiency is based on the premise that a market is considered efficient when stock prices are an actual reflection of information known about a company. U.S. markets are generally viewed as semi-strong form market efficient.
• What would happen if U.S. markets became less efficient?
• What might lead to markets becoming less efficient?
• How do markets in other countries compare to the U.S. in terms of efficiency?
Resources
• Article
• Markowitz, H. (2005). Market efficiency: A theoretical distinction and so what? Financial Analysts Journal, 61(5), 17–30. Retrieved from Business Source Premier database.
In this in-depth analysis of the capital asset pricing model (CAPM), the author concludes that despite some faulty assumptions, it still should be used; but only with a clear understanding of its limitations and a knowledge of other more realistic constraints that could be used.
• Bernardo, A., Chowdhry, B., & Goyal, A. (2007). Growth options, beta, and the cost of capital. Financial Management (Blackwell Publishing Limited), 36(2), 5–17. Retrieved from Business Source Premier database.
The authors in this article argue that further breaking down the beta into aggregate parts has important implications for determining the cost of capital.
• Cooper, I., & Nyborg, K. (2008). Tax-adjusted discount rates with investor taxes and risky debt. Financial Management (Blackwell Publishing Limited), 37(2), 365–379. Retrieved from Business Source Premier database.
In response to a new interest in tax savings from debt, the authors developed a formula to determine the tax-adjusted discount rate.
• Haug, M., & Hirschey, M. (2006). The January effect. Financial Analysts Journal, 62(5), 78–88. Retrieved from Business Source Premier database.
The fact that an unusually high rate of return on small-capitalization stocks is consistently observed each January is discussed in this article along with the author’s explanation of the occurrence.
• Anderson, J., & Smith, G. (2006). A great company can be a great investment. Financial Analysts Journal, 62(4), 86–93. Retrieved from Business Source Premier database.
In this research, the authors tested the value of a portfolio that only included stocks from companies selected as “most admired” by Fortune magazine and they found that the stocks substantially outperformed the market.
• Statman, M., Fisher, K., & Anginer, D. (2008). Affect in a behavioral asset-pricing model. Financial Analysts Journal, 64(2), 20–29. Retrieved from Business Source Premier database.
In an attempt to understand investor behavior, the authors developed a behavioral asset-pricing model to determine the effect that the level of admiration of a company had on investment decisions regardless of actual returns.
Readings
Course Text
•Corporate Finance
?Chapter 13, “Risk, Cost of Capital, and Valuation”
This chapter extends the basic model of the cost of capital to include the costs, risks, and budgeting associated with both equity and debt capital. There is also a discussion on the determination of beta in real-world companies.
?Chapter 14, “Efficient Capital Markets and Behavioral Challenges”
This chapter describes the value associated with certain corporate financial decisions and how the different market efficiencies play a role in the decision-making process.
SAMPLE ANSWER
When the money is put in the market, the aim is to generate more profits in return for the capital invested (Markowitz, 2005). In addition to making profitable returns, the investors in the market also try to outshine other markets. If the US markets became less efficiency there would then be fewer returns on average and very high volatility when it comes to the countries investors. The liquidity would not be able to impend the market approach and this would end up changing efficiency in terms of production of goods and services (Bernardo et al, 2007). On the other side, if US market became less efficient, then there would be no accurate information on market issues and there benefit in the market would be very low. When the market is not efficient, the market would become very unpredictable for investment and this is likely to affect the rate of investment. In return, this will affect the market prices, which in turn affect the rate of investment (Cooper & Nyborg, 2008). Inefficiency in the US market would likely lead to the market failure, which would negatively affect the allocation of goods and services. When the market fails, there will be under provision of goods and services due to lack of public goods and the abuse of monopoly power by few business leaders.
The United States market is likely to become inefficient due to lack of public goods, which would affect the cost of production of goods and services (Haug& Hirschey, 2008). When these goods are under produced, the affect the forces of demand and supply that in turn results into market inefficiency. The United States market is also likely to become inefficient due to environmental concerns since the success of the market depends on the sustainable development. Since merit goods holds an important part in the United States economy, underproduction of the merit goods is likely to result into negative externalities that would affect the quality of education, healthcare, and other important segments of the economy (Statman et al, 2008). Similarly, overproduction of demerits goods is also likely to result in market inefficiency. Some of the demerit goods that can negatively affect the United States market are the overproduction of goods such as alcohol, cigarettes, and prostitution. Market inefficiency in the United States can also result from the abuse of monopoly power by big corporations as they can easily manipulate output in their greed to realize huge profits from their customers (Anderson & Smith, 2006). Moreover, the United States market inefficiency can also result from negative and positive externalities that arise from the spillover effects that are related to the production and consumption of the goods and services in the market.
When compared with other markets around the globe, the American market seems more efficient that most developed markets. There is a big difference between the average wealth growth in the American markets compared to other developed market such as China, Germany, and Britain. The United States market contains a list of most admired companies such as Apple, Microsoft, Wal-Mart, among others that enjoys the benefits of their market efficiency. In this regard, most of these American companies outperform the S&P 500, regardless of the day the stocks are being purchased (Cooper & Nyborg, 2008). Therefore, this is a clear indication of the market efficiency that focuses on the intangibles that don’t show up in the company’s balance sheet.
References
Anderson, J., & Smith, G. (2006). A great company can be a great investment. Financial Analysts Journal, 62(4), 86–93.
Bernardo, A., Chowdhry, B., & Goyal, A. (2007). Growth options, beta, and the cost of capital. Financial Management (Blackwell Publishing Limited), 36 (2), 5–17.
Cooper, I., & Nyborg, K. (2008). Tax-adjusted discount rates with investor taxes and risky debt. Financial Management (Blackwell Publishing Limited), 37(2), 365–379.
Haug, M., & Hirschey, M. (2006). The January effect. Financial Analysts Journal, 62(5), 78–88.
Markowitz, H. (2005). Market efficiency: A theoretical distinction and so what? Financial Analysts Journal, 61(5), 17–30.
Research at least one current article from a popular magazine that offers an article on the best places to work. Use the Internet or the library. Choose a company whose best practices or best policies you want to research. One place to consider in your search is the Great Place to Work Institute Web site, where you can search new ideas and find links to best workplace awards.
•Best Employers
Create a summary of the company you researched in this unit’s studies and include some of the best practices or policies that you believe are the reasons the employer made this list. Address the impact you think these practices and policies may have in helping the employer avoid employment-related legal issues.
SAMPLE ANSWER
Best Employers
Google is a global company which develops technology including social media apps, smart contact lenses, smart phones, and we browsers to help keep people connected. The company has been ranked 4th in the Great Workplaces in Technology 2014 and 5th in the Great Workplaces for Millennials 2014 (Great Places to Work Website).
The great performance of Google is greatly influenced by the manner in which the company treats its employees. The company provides relevant training, fair promotions and personally challenging work to its employees. There is respect and cooperation between the management and the employees so that managers trust employees to carry out a lot responsibility without being micromanaged. The company also focuses on creating a great working atmosphere so that employees find their workplace to be fun and cooperative. There is also time allocated for fun and celebrations and caring and support. Google encourages workplace diversity and it provides equal opportunities for minorities and non-minorities. It also promotes women participation in leadership.
Google compensates the employees fairly, provides special and unique benefits, enhances their work-life balance and shows genuine appreciation for their hard work. The company has put in place compensation programs, perks to make life easier and work-life balance programs such as health insurance covers and onsite health benefits. Google instills pride in its employees. Many employees enjoy their work and they feel proud of their accomplishments, community impact and the company’s reputation in the world. The company also has great managers who act with integrity and care, are competent in their positions and give proper directions and vision for the organization.
In conclusion, Google’s best employment practices and policies benefit the company by motivating employees to give their best. Accordingly, the company’s policies and practices are in line with the legal requirements such as equality at the workplace, rewards, and corporate responsibility.
Research
Conduct research using a trusted internet resource, or a business magazine or journal to find an article on the topic of a company experiencing legal issues related to workplace discrimination, unfair labor practices, or unethical behavior. This source should also describe the organization’s approach in managing and recovering from the charges brought against them.
•Recovery Strategies
In this unit’s studies, you conducted research on a company experiencing employment-related legal issues. In this discussion, summarize the content of the article you chose and give your opinion regarding whether you feel the company’s approach to managing and recovering from this issue was effective. Be sure to provide a rationale to support your point of view.
Note: A recent company (2013 – 2014)
Key words: Topic on a company experiencing legal issues related to workplace discrimination, unfair labor practices, or unethical behavior. This source should also describe the organization’s approach.
Key words: Summarize the content of the article you chose and give your opinion regarding whether you feel the company’s approach to managing and recovering from this issue was effective. Be sure to provide a rationale to support your point of view.
SAMPLE ANSWER
Walmart Recovery strategies
Wal-Mart, one of the world’s largest companies, has been facing gender discrimination suits for quite a long time. Wal-Mart’s original pregnancy policy provided that pregnant women would only qualify to change their work environment as long as the change did have a negative impact on the business, which would include creation of a job, light duty or temporary alternative duty or reassignment (DePillis, 2014).
In January 2013, a certain group made complaints to Wal-Mart claiming that the policy was in violation of the Americans with Disabilities Act and the 1978 Pregnancy Discrimination Act. The group proposed that Wal-Mart should allow women pregnant women to do easier jobs instead of taking early lives of absence. Wal-Mart responded that its policy is perfectly legal and that it was not going to change it.
Soon after Wal-Mart’s response, a group of women complained to the Equal Employment Opportunity Commission on behalf of Wal-Mart’s pregnant employee whose supervisor refused to relieve her of the burden of climbing ladders with heavy boxes despite having brought a medical note explaining that such work was harmful. A month after the complaint, two company shareholders who also work at Wal-Mart proposed to the Securities and Exchange Commission for the policy to be changed.
In March 2014, Wal-Mart issued a new policy providing that women may be eligible for reasonable accommodation in circumstances where temporary disability caused by pregnancy makes them to require assistance to make an apply for a new job or to carry out essential functions of a job. This theoretically implies that pregnant employees are more likely to be assigned less physically demanding jobs if they experience difficulty carrying out their duties. If the policy is properly implemented, it will help Wal-Mart come good on the manner in which it treats women, and thus achieve a reputation for equal treatment of employees.
Paper 3: A Philosophy of Sport
Philosophy 3313: Sports Ethics and the Philosophy of Sport
Please write an academic paper in response to one of the following prompts, or on a topic of your own choosing (which
you have discussed with me in advance):
1. Explain the relationship between rules and winning in sport, according to Connor. What does Connor’s
philosophy of sport have to say about cheating?
2. Explain the relationship between continuity and discontinuity in sport, according to Connor. What does
Connor’s philosophy of sport have to say about movement?
3. Connor notes early in the book that “disabled sports are the only kind there are” (p. 18). What does he
mean? And how is this idea related to Connor’s understanding of the role equipment plays in sport?
Be sure to address yourself not only to answering the question, but also to providing your reader with an account of why
you believe your answer to be correct. What are your reasons for understanding A Philosophy of Sport in the way you do?
In order to justify the claims in your paper to your reader, you must offer substantiation for your claims with quotations from the text. Quotations are absolutely required; papers that do not use direct quotations from Connor’s A Philosophy of Sport to support the claims they make will receive a failing grade.
Please do not consult any sources or resources other than Connor’s A Philosophy of Sport. Papers that cite from other sources will not be acceptable; papers that rely significantly on other sources without citation will be considered plagiarism. Any paper that quotes from a source other than the texts assigned for class, or which can be shown to be reliant upon a source other than those texts, will receive a failing grade and its author will be subject to the appropriate
disciplinary procedures, detailed in the Academic Honesty Policy (available online, or in Student
Handbook). Please note: “a source other than those texts” includes anything not written by Connor in any copy, edition, or translation of his writings, such as editor’s and translator’s introductions, forewords, afterwords, epilogues, and notes.
The paper should be 5-to-6 pages long, typed and double-spaced. Use an 11- or 12-point font with reasonable margins.
Citations should be in either the MLA or Chicago Manual of Style formats (information on both of which is available on information for both texts in either a “works cited” (MLA) or bibliographical footnotes (Chicago). Quotations should be set off from the rest of the paper (typically by quotation marks), and you must cite the page numbers in the relevant text where the quoted passage appears.
SAMPLE ANSWER
A Philosophy of Sport
Question 1
The philosophy of sports is a field that is based on three key issues. To begin with, most philosophers focusing on various team games aim at presenting a detailed description of sports with reference to the main rules and principle. This aids in the demarcation of such activities from related social engagements. Moreover, some theorists consider sports as a self-directed ethical universe that is parallel to the broader moral space. However, this space has noteworthy concerns on integrity. Another key issue included in the fundamental philosophy of sports entails the artistic aspect of sports. This includes the integrated apparel. However, in A Philosophy of Sports, Stephen Connor avoids these philosophies by arguing that such discussions present sports symbolically. In order to substantiate this argument, he asserts that such philosophers use certain principles outside the sporting context to evaluate values and proceedings governing various sporting activities. by presenting his ideologies through a unique experience within the sporting context, Connor effectively evaluates such relevant categories as time and space from a perspective of the participants and observers. The concepts integrated in Connor’s A Philosophy of Sports is the basis of this discussion (Connor 213). By highlighting the embedded relationship between rules and winning in sports, this paper will present Connor’s arguments regarding cheating in an athletic arena. Subsequently, it will be easy to understand the principles associated with moral objections in various scenarios within a sporting arena. This is mainly because of the weightiness of winning in any game.
Based on Connor’s philosophy, the key function of rules is to establish sporting events by presenting the relevant goals, acceptable acts, and methods of winning. For this reason, the principles and rules defining various sports are ruthless as compared to the regulatory laws. This is mainly because a participant who disrespects the stipulated rules and principles of a particular game suffers the anguish of self-contradiction. Among these rules that cause substantial agony is the unstipulated principle that requires all participants to attempt to win. Theoretically, the rules governing any sporting activity provide an effective approach of converting the actions of an event into quantifiable and objective activities (Connor 218). This brings in a fresh perspective regarding the eventualities of sports. Sport-related restrictions naturally contribute to probability evaluations, statistical analysis, and gambling.
Furthermore, based on the principles and arguments presented by Connor in A Philosophy of Sports, winning revolves around the broad subject of competition. Connor indicates that one of the key paradoxes embedded in this subject matter with reference to the contemporary perspective of sports entails the argument that participants of various sporting activities ought to show the weightiness of the expected outcome (Connor 204). Despite its decisive nature, the weighty nature of winning is not manifested brutally in the contemporary sport setting. Nonetheless, Connor indicates the existence of rough treatment in modern sporting activities. This enhances the relationship between competition and violence in different contemporary games. Moreover, as part of his speculations regarding the outlook of various sports, this philosopher highlights the possibility of a gradual suppression of competitions governed by certain strict rules and principles. This is bound to result in certain encounters that promote “the nonhuman world of things and forces” as observed in extreme sports (Connor 210).
Similarly, by highlighting the existing relationship between rules and winning in sporting activities, the philosopher in question indicates that the principles governing such actions have changed significantly over the years. Despite the unstipulated rule of using all acceptable means to win, the contemporary sporting arena does not exhibit intense competition. However, participants have a way of manipulating the existing principles in order to acquire desirable outcomes within the legal framework (Connor 189). This is an indication of the transformations that have occurred in the sorting arena in the recent past with respect to the rules governing such activities.
In addition to the stipulated relationship between rules and winning in sports, Connor presents a detailed discussion regarding the violation of basic ethical principles with reference to the adherence of the set rules. In such scenarios, the moral values and principles play a crucial role in identifying the acceptable practices. This is mainly because sports and other related social engagements are an integral part of our daily lives. In line with our social norms and beliefs, there are certain situations where disregarding the stipulated rules is allowed. For instance, in football, committing a professional foul is often morally acceptable. In addition, after a competitive basketball game, the participants deliberately commit professional fouls as both parties evaluate the penalties of such an offense against the price of permitting their opponents to win (Connor 213). The principles and rules of such a game specify penalties and breaches, with the penalties being worth the risk in certain scenarios. Similarly, in soccer, a punishment based on the referee’s judgment may be harsher if the foul is deliberate as compared to an accidental foul. However, if the participant’s act is not hazardous, there are certain occasions when breaking the set rules are ethical. This is in line with the participants’ duty of considering the benefits of their team and supporters.
Based on Connor’s philosophical perspective, breaking the set rules often attracts moral criticism during two key occasions. This includes situations where there is a possibility of the participants and supporters being harmed or occasions indicating the intent to deceive. The initial situation often occurs in key physical sports with the latter scenario being observable in all gaming activities through cheating. Sometimes, cheating does not involve the aspect of lying. For instance, it is possible for card players to cheat by sharing certain crucial information with other participants. Moreover, athletes often take drugs aimed at enhancing their performance (Connor 202). Such sports persons may lie when challenges, an aspect that may be considered as an aggravation of the offense. Nonetheless, based on Connor’s argument, there exists a significant moral objection to such an act and the embedded lie. This philosopher argues that the actual moral concern occurs when the cheating participants sabotage the game by failing to take the sporting activity seriously. Connor indicates that when Lance Armstrong used performance-enhancing medications prior to a cycling event, the key moral issue was the fact that the contest lost its purpose as opposed to the disobedience of the rules regarding taking such drugs and lying about the act. The main purpose of a typical game is to identify the best competitors. Cheating is the key aspect that makes it difficult to attain this objective. Connor substantiates this argument by asserting, “…not an offence in the game but an ontological affront to it” (Connor 178). This assertion indicates that cheating triggers major moral concerns whose justification depends on the outcome of the sporting activity and the resultant benefits on the participants and supporters. This explains why team members evaluate the consequences of disregarding certain rules against the possibility of winning in such a contest.
In conclusion, Connor’s arguments in A Philosophy of Sports regarding the existing relationship between rules and winning are useful on highlighting the ethical aspects in sports. To begin with, stipulated rules in the sporting arena are useful in defining the objectives of a game and quantifying the embedded activities. Furthermore, based on the key ideology of competition, there are numerous tactics that team members often use with the key intent of enhancing their advantage over their opponents. In most cases, this forms the basis for cheating. In such sporting activities, cheating does not always involve lying. The deliberate disobedience of the stipulated rules is often because the participants intend to suppress the opportunities of their opponents to win the contest. This is because the needs and desires of one’s team and supporter may surpass the severity of the penalties associated with such unacceptable acts (Connor 195). In line with Connor’s argument regarding such scenarios, the moral objection of such unacceptable acts and the involved lies depends majorly on the consequences of one’s actions in relation to the team’s possibility of winning. While the stipulated rules in sports aim at defining the objectives and suitable winning methods, there are certain elements of cheating that are morally acceptable owing to the weightiness of winning. This substantiates the existing relationship between rules and winning in different games.
What is the effect of adding carbon monoxide to the following equilibrium system, COCl2 CO + Cl2? .
The equilibrium will shift to the left
Which of the following correctly describes an acid?
An acid is a proton donor.
Chemical kinetics is the study of
Reaction rates
What is the conjugate acid of HCO3—?
H2CO3
The following solutions (A through D) have the given pKa values. Which is the weakest acid of the group?
pKa = 11.5
6.Which of the following is a solution of a STRONG acid?
0.10 M HCl
A text book is 9.00 inches wide and 12.0 inches tall. Calculate the area (width multiplied by height) in square centimeters that the textbook covers when it is closed.
697 cm2
The rate of a reaction is 15.0M/min at room temperature. If the reaction is conducted in a warmer environment, what is likely to happen to the reaction rate?
There is not enough information given to answer the question.
Covalent bonds are formed when
atoms share electrons
The pKa of acetic acid is 4.75. If acetic acid is found in a solution with a pH of 3.0, which of the following is true?
Acetic acid exists predominately in the deprotonated form. C.
The reaction CH4 + 2O2 CO2+ 2H2O is exothermic. Which of the following will drive the reaction to the left?
An increase in temperature
If the pH of a solution is 4.0, which of the following is correct?
The concentration of [H+] is larger than the concentration of [OH–]
Following the naming rules covered in lecture, what is the name of K3PO4?
Potassium phosphate
One of the ways catalysts increase reaction rates is by
Providing a surface for the reaction to occur.
Which of the following correctly describes ammonia?.
Ammonia is a weak, organic acid
Which of the following pH values is for the most acidic solution?
pH = 0
Which of the following has the substances arranged from lowest boiling point to highest?
C2H6, C4H10, H2O, NaCl
In an energy diagram for an exothermic reaction, which of the following is true?
The energy of the reactants is lower than the energy of the products.
What is the coefficient for NO after you balance the following equation: ___ NO + ___ Cl2 ➔ ___ NCl3 + ___ O2
2
What is the conjugate base of HSO4—?
SO42
In the following reaction, how many grams of N2H4 had to react if 23.2 g water are formed? N2H4 + 3 O2 + ➔ 2 NO2 + 2 H2O
20.6 g N2H4
Which of the following is FALSE with respect to dynamic equilibrium?
The phrase can be applied to both physical and chemical conditions of a system
When 4.0 g of NaOH is dissolved in 50.0 mL of aqueous solution the molarity of the solution is:
2.0 M
Which of the following is a strong base?.
NaOH
What will occur if S is added to the following reaction after equilibrium has been reached? SO2 ➔ S + O2 A.
It its important that the writer respond to the questions appropriately and use APA 6th edition throughout the entire paper. APA is critical and the writer must be a master in APA to complete this paper. The are two questions and calculations are required so the writer must perfume all the calculations as required. The writer must also proofread the entire paper before sending over
• Mini-Case Study: A Job at East Coast Yachts
This case study, found on page 332 of your course text, presents the scenario of you beginning a new job and being asked to determine how you want to structure your portfolio for your 401(k). After reading the case study:
• Briefly answer the first two questions at the end ( 3 or 4 sentences each).
• Include all calculations with your response.
SAMPLE ANSWER
Introduction
Investment and planning for investment is a very important since it determines the quality of future life. There are several investment options and vehicles that a person can choose from while planning his retirement and to live a comfortable life in future. All these investment options vary in terms of price, risks, and management among other factors (Bailey & Lopez-de-Prado, 2013)
Question one
The advantages of mutual funds offer compared to the company stock include the advanced portfolio management, whereby, one is supposed to pay the fee as part of the expense ratio (Bruce, 2003). This type of fee that is paid is used to hire a professional portfolio manager who is known to buy and sell stocks and bonds with the aim of helping the management invest portfolio. Mutual funds also help in the dividend reinvestment since the dividends can be used in the purchase of additional shares in a mutual fund and help in the growth of the investment. Wilmott (2007) argues that, mutual funds help in the reduction of risks which may be incurred in the company’s stock whereby, this is well achieved through the use of diversification. Mutual funds also help in making the price fair and convenient to all hence, making it common and easy to purchase as part of the company’s stock.
Investment in 401 (k) enables the investor to have more options with regard to his investments coupled with risk free CDs. In addition, it enables the investor to have more equity and bond exposures that yields good returns in the long-term. Since 401(k) is restricted to mutual funds only, it cannot buy specific stocks or ETFs. Therefore, the investor has to buy a bond fund that attracts good returns on investment.
The mutual fund also has lower cost in that the investor only incurs the transactions costs while buying the stocks (Ross., Westerfield., & Jaffe, 2013). Investment I mutual funds also has less trading restrictions, and this makes the investor to enjoy the benefits that come with market transactions. Therefore, the investor has the chance of trading as much as they wish to provide the cash balance and still experience the option of rebalancing his trade. Unlike the company stock, mutual funds experience less tax headaches since the investor only needs to reconcile the trade transactions just once in a year.
Question 2
In order to get statistical tabulations on my investment, I’m required to calculate the 5% of my contribution which is the $3,000
5% of $3,000 = $150
The EAR that I will be able to earn from the match will be $150 therefore, I will be able to conclude that the returns are very encouraging and have no worry with my investment. Therefore, the investor has the option of dividend reinvestment since the dividends can be used in the purchase of additional shares in a mutual fund and help in the growth of the investment
Conclusion
Investment is a very important component while planning for the future stability in life as it determines the amount of riches an individual accumulates. An investor needs to choose an investment option that does not only provides profits, but provide better than average returns compared to its peer group over a three, five, and ten year period. In addition, the investor also needs to choose the option that provides low price with an expense ratio that is least among the available options. After all these factors have been considered, the fund should have a reasonable and sound management, such that the manager should have a positive track record of managing such funds to guarantee their success.
References
Bailey, D. &Lopez-de-Prado, M. (2013): “The Strategy Approval Decision: A Sharpe Ratio Indifference Curve approach”, Algorithmic Finance 2 (1): 99-109
Bruce J. F. (2003). Investment Performance Measurement. New York: Wiley
Ross, S. R., Westerfield, R. W., & Jaffe, J. (2013). Corporate finance (10th ed.). NY:McGraw-Hill.
Wilmott, P. (2007). PaulWilmott introduces Quantitative Finance (Second Ed.). Wiley
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Project Risk and Quality Management Strategy, Managing Rick and Quality in the face of change.
Review the St. Dismas Assisted Living Facility Casa study on pages 111 and 112 of the Mental text.
Develop a risk strategy for your project. In addition to listing your, describe your process for identifying, analyzing, and managing your risks. Than prepare a quality management strategy. Your project risk management strategy must be at least one page, double spaced and include:
A brief statement on how you plan to manage quality for your project,
A brief statement on how you plan to manage project change,
A brief description of at least two tools and /or techniques you plan to use to manage quality and why you chose those tools.
Reference: A Guide to project management body of knowledge (PMBOK GUIDE) 4th edition.
APA Styles.
SAMPLE ANSWER
Project Risk and Quality Management Strategy
Projects are vulnerable to certain risks and therefore it become important to ensure that an appropriate strategy is in place to mitigate such risks to ensure that the project comes to its completion within the expected period and meets the objectives set. The author develops a risk strategy for St. Dismas Assisted Living Facility Casa study. The author as well describes the process of identifying, analyzing and managing the risks, and provides a quality Management strategy
St. Dismas Assisted Living Facility Casa study is experiencing a slowly decline of patient admission. This problem puts at risk the capability of the organization to accrue profits. The solution is to expand the facility by including an assisted living facility to ensure delivery of cost effective inpatient care. To ensure that this project is success, it is vital to carry out a risk assessment. The strategies adapted should ensure that the project risks are mitigated.
Risk management is a systematic process where manager identify, analyze and respond to project risks. This process includes maximization of the probability and consequences of positive events and at the same time minimizes any probability of negative or adverse events or consequences. In this project, the risk strategy that will ensure that problem is mitigated will entail the following:
The first thing is to come up with a good plan on overcoming the risks in undertaking the project. In this planning, it will require various inputs such as reviewing the project charter, organization risk management policies (Thamhain, 2013). Roles, responsibilities, and authority for decision-making are going to be defined to ensure that every party understands their roles (Project Management Institute, 2000). It is also important to come up with a template from the organization risk management plan, identify any stakeholders’ risks tolerance and work breakdown structures. At this stage, it will require a meeting to be held to come up with a risk management plan. People that will be in attendant will include, project team, leaders, project manager and any person in the entity with the responsibility to manage the risk planning and execution activities and the stakeholders (Project Management Institute, 2000). Furthermore, at the planning stage, issues pertaining to budgets estimates, time frames and tracking are highlighted and discussed to ensure that once the proves commences it can move son smoothly.
After risk management planning, the second step required is risk identification. This will allow me to determine the specific risks likely to affect the project. The risks will be identified and its characteristics documented. To identify risk, it requires the person in charge to be aware of the mission, scope and objectives of the owners and stakeholders as well as of the project. It is also important to review the output of other processes to identify any risks across the entire project (Liu, Zou & Gong, 2013). Therefore, this will require review of some of the documents such as product description resource planning, WBS, schedules and costs estimates among many others. Categories of risks that are likely to be identified include, technological based risks, project management risks such as poor time and resources allocation and inequality of project plan. Other categories are organizational risks and external risks such as labor issues, legal or regulatory environment issues among many others. Review of historical information such as project files and published information will also help to understand the project and identify any risk that the project may be facing.
Various techniques can be used to gather information about the project including, brainstorming, using Delphi technique, use of SWOT analysis and through interviews.
What follows is the analysis of the project risk. One of the ways to analyze these risks is to carry out a qualitative risks analysis to assess the likelihood and impact of identified risk. Risks are prioritized in accordance to their potentials effects on the objectives of the project (Project Management Institute, 2000). It as well helps to understand importance of addressing specific risks and guides in risk responses. In analysis of these risks, the criteria used is the risk probability and impact in qualitative terms such as high, moderates and low or very low. In case the probability of risks occurring is high, then this provides a warning that triggers adherence to an alternative strategy to mitigate the same. Another way to analyze the risk is quantitative risk analysis that aims to analyze the risks numerically to find out probability of each risk and its consequences occurring on the project objectives (Benţa, Podean & Mircean, 2011). This analysis helps to determine or enhances achievement of a specific project objective. Identification and measurement of risks is done in relation to the relative contribution they have on the project risk.
The next step is risk response planning whereby options are developed to help determine actions that enhance opportunities and reduce threats to the project objectives or aims (Project Management Institute, 2000). This process includes identification as well as assignment of responsibilities to parties or individuals, to take charge of particular agreed risk responses. This process is very critical as it ensures that identifies risks are well addressed. If this process is effective, the chances of decreasing these risks for the projects are high and vice versa. The process should consider the severity of the risk, the time required costs to meet the challenge, be realistic within the context of the project and the parties involved.
Risk management is very important in project risk management strategy. This includes monitoring and control of the risk the project faces. This process keeps track of the identified risks, monitors schedule risks and as well helps in identification of new risks (Project Management Institute, 2000). It as well ensures execution of risk plans and evaluation of effectiveness of these plans to reduce the risk inherent. The project managers will be able to implement a contingency plan to mitigate these risks to allow successful project implementation. Risk monitoring and control is therefore a continuous process from the start to the end of the project. These risks continue to change as projects proceeds while anticipated risk may as well disappear. Through risk monitoring and control, information is provided that allow making of effective decisions before the risk happens. During this process, it is important to ensure free flow of communication (Didraga, Bibu & Brandas, 2012). All stakeholders should assess the risks periodically and assess their magnitude as they come up with amicable decisions or solution to mitigate the risks. Monitoring and control serves many purpose. It ensures that risks responses follows planned plans in implementation, ensure validity of project assumptions, ensure that proper policies and procedures are followed and ensure that appropriate strategy is adhered to implement mitigation plan to counter the risks among many others.
Project quality management
Project quality management is a vital process and entails all processes that aims at ensuring that project satisfies the needs for what it was undertaken. This process entails all activities of the management function that helps in determining the quality policy, responsibilities, objectives that are implemented through quality planning, assurance and control, and improvement within quality system (Project Management Institute, 2000).
In implementing this project, quality management is important and it will involve three major phases. These will include quality planning, quality assurance and quality control. In quality planning, quality standards relevant to the project are going to be identified and a process determined on satisfying them. Quality assurance will entail evaluation of the overall project performance on regular basis to ensure that it satisfies them and meets relevant quality standard set. Quality control entails project monitoring to find out if it indeed compile with the appropriate quality standards as well identifies amicable ways to eliminate cause of unexpected performance. Therefore, this project will be managed by ensuring that it is reviewed on daily basis to comply with the expected threshold. Any deviations will be taken into consideration and corrected to ensure that the expected level of quality is upheld.
Management of project change is also important to ensure that the project succeeds. In this case, project change will be managed through scrutiny of the project to determine any changes. Information on changes will be accessed through interviews, brainstorming and sharing with the project managers and the stakeholders. Communication is also very critical to ensure that in case of changes, they are communicated to the relevant stakeholders to enhance decision-making and to ensure the project moves on smoothly.
Various tools are used in management of quality. In this case, the two tools to use will include, benchmarking and benefits /cost analysis. Benching is appropriate because it provide a standard to measure performance of the project by comparing actual project practices with other projects to provide an overview on the areas requiring improvement. Benefit/cost analysis is selected because it ensures that appropriate strategies are adopted to increase productivity at reduced costs and to increase stakeholder satisfaction. It as well provides an assessment of benefits and cost of project hence appropriate in enhancing decision making.
References
Benţa, D., Podean, I., & Mircean, C. (2011). On Best Practices for Risk Management in Complex Projects. Informatica Economica, 15(2): 142-152.
