Performance Management Essay Example | Topics and Well Written Essays - 750 words - 1

Performance Management - Essay Example Purposes of Performance Management in Relation to Business Objectives The first purpose of performance management as documented by Armstrong (215) would be concerned with performance improvement aimed at achieving individual, team and organizational effectiveness. This indicates the need for organizations to get the right things executed successfully. Its second purpose is in developing employees. Effective continuous development processes enhance the capabilities of individuals and teams so as to enhance organizational core competencies. Communication and involvement encompass the last purpose of performance management which aims at encouraging dialogues between the managers and their respective teams so as to define expectations and share organizational mission, values and objectives. Components of Performance Management Processes Performance management describes a process where understanding on the targets and the achievements would be shared. The process involves planning where job accountabilities together with performance measures would be established. It involves the understanding of behaviors and creation of development plans. Secondly, the coaching component of this process involves discussion based on the on-going feedback and an individual’s talents. The last component, review, encompasses formal review of behaviors, job accountabilities, overall rating and development plans. ... Relationship between Motivation and Performance Management While most organizations have average workers, competitive organizations motivate their average workers. While intrinsic motivation would cause one to be driven by the satisfactory feelings associated with executing a task well, extrinsic motivation emanates from the desire to achieve specific outcomes. Generally, motivation would take place if people expect that an action would lead to attainment of a particular goal. Considering Vroom’s expectancy theory of motivation, valence, instrumentality and expectancy comprise the three motivational forces. While valence describes the attractiveness of the outcome, instrumentality refers to the extent to which improved performance would result into the desired outcomes and expectancy refers to the perception of the extent to which increased effort would cause increased job performance. Motivation would result when there is a perceived relationship between performance and outco me, and that outcome serves as a means to satisfy needs (Shields, 33). Secondly, the equity theory of motivation observes the tendency in people of making social comparisons with regard to their earnings (Shields, 34). An employee would compare his or her input at work against the outcome with consideration of his or her counterparts. The employee would then seek to correct any perceived inequality. Other than income:outcome ratio, the employee could also consider effort:reward and contribution:reward ratios. Therefore, organizations need to carry out research to appropriately match performance management activities with motivators. Purposes of Reward in Performance Management Process

Formal Report-Analyzing two possible career choices Assignment

Formal Report-Analyzing two possible career choices - Assignment Example The choices that are being considered are that of a career as a Sales Manager or as a Marketing Manager. These two positions will be evaluated on the basis of the salary, number of hours worked, the benefits that go with the job and the long term prospects for the job. Career Alert conducted extensive research on the job opportunities open for a Sales Manager and a Marketing Manager through the website Glassdoor.com, the ExecutivesOnTheWeb.com and Careerbuilder.com. Information regarding the current salary ranges of both the Sales and Marketing Managers were based on these sites. Interviews were conducted among current Sales and Marketing Managers to get insights on their careers. Career Alert believes in the importance of making the right decision in choosing a career. We are aware that a career choice is dependent on several factors such as the salary and the future prospects for the job. Your concern is our concern too. We measure our success by the success of our clients. We are dedicated to helping you decide what the best career path is for you, a Sales Manager or a Marketing Manager. Glassdoor. (2012, March 27). Sales and marketing manager salaries. Retrieved April 9, 2012, from glassdoor.com Web site:

Managing Financial Principles and Techniques Coursework

Managing Financial Principles and Techniques - Coursework Example Management of the institution is also recommended to reduce the amount of cash and cash equivalent assets outstanding to avoid investing in projects with negative net present value, and avoid pushing management into empire building. In all, Autonomy Plc has a good performance in its liquidity, profitability, efficiency and Long term financial stability as on average it out performed the industry performance. These interpret a favourable signal to the company horizontal trend. To suppliers, the quick payment system operated by the company is unique to the industry as such; suppliers should strife at strengthening their relationship. For applicants, the company is a going concern; applicant should not hesitate to seek a career with the company Globalisation, the new information technology, and deregulation of financial markets have eased the provision and search of finance. Millions of shares are traded every day on the world's stock markets. (Penman, 2003). Investors who trade on these stocks are often forced to ask themselves whether they are buying or selling at the right price. (Artril & Elliot , 2003). Artrill & Elliot (2003) argue that, they often attempt to provide answers to these questions by turning to various media including internet chat rooms, printed press, "talking heads" on television and financial networks, who often voice opinions on what they feel the stock prices should be. In addition, investors consult investment analysts who provide an almost endless stream of information and recommendations to sort out. There are often claims that some shares are undervalued and vice versa. (Penman, 2003). This information at times becomes confusing leaving the investor with no clear indication of what the true prices of stocks should be. (Penman, 2003). In the prevailing circumstances, Brealey & Myers (2005) state that the investor is forced to make the investment decision following his/her instinct or based on the information provided by the market. (Penman, 2003). Investors who make the decision based on instinct are referred to as intuitive investors while those who make investment decisions based on capital market efficiency are referred to as passive investors. (Penman, 2003). Passive investors carry out their investment decisions based on the assumption that the market price is a fair price for the risk taken, that is, that market forces have driven the price to the appropriate point. (Brealey & Myers 2005). These investment mechanisms appear to be very simple, as they do not require much effort. (Penman, 2003: pp 3). However, Berlin & Lexa (2003) caution that, both investors run risks that are even more than the risks of the firms they are investing in since they can either pay too much or sell for less and as a result suffer a decrease in returns on their investments. (Penman, 2003). Penman (2003) argument was supported by Brealey and Myers (2005) when they stated that, the intuitive investor has the problem of the intuitive bridge builder: "one may be pleased

Carriage of Goods by Sea Essay Example | Topics and Well Written Essays - 1000 words

Carriage of Goods by Sea - Essay Example The general principle regarding the application of the Hague Rules is that they apply by their own force (ex proprio rigore) to contract of carriage covered by a bill of lading or any similar document of title. Art. 2 and the definition of â€Å"contract of carriage† art. 1 (b) makes this clear.1 .Art.2 – Subject to the provisions of Article 6, under every contract of carriage of goods by sea the carrier, in relation to the loading, handling, stowage, carriage, custody, care and discharge of such goods, shall be subject to the responsibilities and liabilities, and entitled to the rights and immunities hereafter set forth†2 â€Å"Article 1 (b) – ‘Contract of Carriage’ applies only to contracts of carriage covered by a bill of lading or a similar document of title, in so far as the document relates to the carriage of goods by sea, including any bill of lading or a similar document as aforesaid issued under or pursuant to a charterparty from the moment at which such bill of lading or similar document of title regulates the relations between a carrier and a holder of the same.3 O chartered his ship to T, who in turn sub-chartered it on a voyage charter to Charlie for the carriage of a consignment of bananas from Jamaica to London. The voyage charter contained inter alia, a clause incorporating the Hague/Visby Rules. The voyage charter also contained a clause stating that the carrier should not deviate under any circumstances whatsoever except to save life.

Food and Celebrations Essay Example | Topics and Well Written Essays - 1500 words

Food and Celebrations - Essay Example The festivals and food of China displays the large variety of ethnic groups which reside in the country (Chinese Festival Food Recipes for New Year, 2013). The likings and menu of the people of North China will be different from those living in South China. However, the New Year is a special event on which all the family gets together to celebrate the event and to bring good luck. Chinese New Year is an important event in the Chinese history. Chinese people believe that the old year takes with it all the dark things and the New Year brings all the good. Therefore every hour of the New Year is important. People do not sleep over the New Year’s Eve. They try to decorate their houses, make their own personal preparations and prepare special meals. Even the last few years of the old year are given utmost importance. According to Robinson (2012, pp. 23) Chinese people do not work on the New Year’s day as it will bring them hard luck and will make them work throughout the year. Food preparations are given utmost importance on New Year. The ingredients of the food should be fresh and in abundance. Some dishes have to be prepared in the last hours of the old year. The Nian Goa cake prepared on the Chinese New Year should be higher as its height is associated with the amount of benefits of the coming year (Robinson, 2012, pp. 23). Artistic expression is clearly seen in the Chinese dishes. They do not pay attention to the taste alone but also to the cutlery used for dishing out. A lot of variety can be found in Chinese cuisine. They have the ability to cook anything to the best of flavours. Symbolism in Chinese cuisine is an important factor as is symbolism in other parts of life of the Chinese people. each month of the Chinese New Year is named after animals. It characterizes the personality of the people born in those months. Robinson (2012, pp. 25) states that the kitchen god is said to be

How do the differences between profit and non-profit organisations Essay

How do the differences between profit and non-profit organisations affect the way in which they should employ budgetary controls - Essay Example Budgetary controls involve regulating the operations of an organization by establishing targets and standards with regard to expenditure and income. This regulation is done to ensure performance of a business institution. It incorporates various methods of applying financial values to financial forecasts in the management of a business organization. These values are usually compared to actual estimates. Irrespective of whether business is profit or non-profit oriented, having budgetary control is essential since it makes sure that the organization realizes success. However, non- profit organizations usually use budgetary control methods that are different from those used by profit oriented business establishments (Kaplan, 2001). Budgetary control methods used by business establishments usually involve management accounting (Lanskroner, 2002). Management accounting refers to the process whereby the management of a business establishment uses accounting information that is provided to them in order to make decisions concerning the future of the company. For companies whose main intention is to realize profits, the accounting information is fundamentally future oriented and not past oriented. The information is also model based and not case based. The information is also intended for managers and not the company’s stakeholders. This type of accounting is done on request by managers, and it is usually treated with a lot of confidentiality. In profitable organizations, the objectives of budgetary control are: 1) to ensure that an organization studies themselves are carefully applied in all of its aspects; 2) to ensure that the whole management system comes together and formulates how the business organization should be run in order for the company to realize maximum profits; 3) to promote planning in order for everyone in the establishment to have a sense of direction; 4) to ensure that a business establishment’s policies are clearly defined and that t heir main aim is to realize profits; 5) to maximize the effect on how both capital and staff are employed; 6) to reveal areas in the company that can be improved in order for the company to realize maximum profits; 7) to facilitate the comparison of the business establishment with external environments with the view of increasing its revenue; 8) to coordinate and direct activities in the business to ensure that they lead to achievement of the company’s goal which is maximum profits; 9) finally, allowing and supporting the control function of management by analyzing actual results with the expected results (Jiambalvo, 2009). This information about the performance of their staff is provided to the managers. Managerial accounting is basically designed for companies whose main aim is profit maximization. However, the use of some managerial accounting concepts is beneficial to non-profit business organizations because by adopting such techniques managers of non-profit organization s are able to set benchmarks or measurements that are appropriate for controlling, planning, and decision making. There are various techniques used when it comes to managerial accounting in a non-profit business establishment. One technique used is where the cost of raw material, labour and total overheads will determine the health of the business e

Netflix Essay Example | Topics and Well Written Essays - 250 words - 1

Netflix - Essay Example Many consumers’ purchase behavior takes the form of a flag that follows whatever pattern and direction of a gust of the blowing wind. As search, there are very many cultural factors that influence a consumer’s decision to buy or not buy a Netflix subscription. There are very many subcultures such as religion, ethnicity, and race that inform most of consumer behavior and choice. The subcultures, therefore, have a bearing on the kind of entertainment that such groups will embrace since there are those that may not condone explicit sexual scenes, and there are those that may not have any issue depending on their value systems. Social class is another cultural factor that influences a consumers’ willingness to pay for a Netflix subscription. Members of the middle class watch a lot more TV than members of the other classes hence they are more likely to but the subscription due to the considerable time they spend in front of their TV screens. The inner tension that the consumer feels is called cognitive dissonance (Lamb, Hair and McDaniel 97) that arises from the post-purchase psychological confusion. Cognitive dissonance is a post-purchase behavior that many consumers experience when they feel that they either made a wrong choice or the dealer gave them a raw deal. In this case, the consumer’s post-purchase behavior resonates with the definition of cognitive dissonance since she finds that she does not have an interest in the programs that Netflix offers in their subscription service.