Research Topics

Insights regarding the employees’ asset allocation strategy

Chapter 4 Research Findings and Analysis   This part of the dissertation will present and analyzed the gathered information from the employees and  employees. Herein, the result of the survey questionnaires and interview process given to the chosen respondents will be discussed.  To ensure ethical considerations, the purpose, the significance, as well as the objectives of this dissertation relayed to the participants prior to the distribution of the survey questionnaire and interview. In addition, the respondents were also assured that all the information that they had given are solely for the purpose of the study while their identities would remain confidential. All questions asked in the survey questionnaire pertain only to the respondents’ insights regarding the employees’ asset allocation strategy. For a comprehensible presentation, the findings from the survey are presented in graphs and tables. To provide an accurate flow of discussion, findings are also divided into sections. The first section will discuss the summary of the demographic profile of the respondents who participated in the study. The discussion of the perception of the employees () who took part in the study about their allocation strategy preferences will be discussed on the proceeding part of the research.  The next part will discuss the perception of the respondents regarding their choice of an investment allocation strategy. The third and last part will discuss the factors that influence the employees in choosing an investment allocations strategy and the analysis of the  to know whether there is a difference in the investment asset allocation approach of the employees.   Part 1: Demographic Profile             This part will discuss the demographic profile of 102 individuals who answered the survey questionnaire sent by the research. The description of the respondents includes their gender, age, educational background, occupation and monthly average income. Frequency Table 1       Figure 1               The figure above presents the distribution and frequency in terms of the age of the participants. Herein, it shows that 35 (33%) of the total respondents are 51 above and 24% belongs to 31-35 and 16 (16%) belongs to 46 to 50. this means that most of the employees are adults who are more experienced when it comes to knowing where to allocate their assets. Frequency Table 2         Figure 2     Figure 2 shows the distribution of the employees who participated in the study in terms of gender. Herein, it shows that 88(86%) were male and 14(14%) were female. This may indicate that males are more interested to participate in survey and researches than women. Frequency Table 3           Figure 3               The figure above displays the educational attainment of the respondents of this study. The data gathered revealed that 66 (64%) out of 102 respondents are graduate and 19 (19%) are post graduate. Only 17% of the respondents have not been able to finish their studies. This could indicate that the respondents chosen in this research have a good education which may help them understand more the issue and objective of the study.   Frequency Table 4           Figure 4                           The collated data from the 102 employees have revealed that 54 (52%) of them are working for above 15 years while 18 (18%) are working for 6.1 to 9 years. Some 10 (10%) of the total respondents are working for 3 years and below while other 10 (10%) are working for 9.1 to 12 years. This indicates that majority of the employees are working for a long time to presume that they have enough assets to allocate or used for investments.   Frequency table 5       Figure 5             The figure above presents the monthly income of the respondents, herein, it shows that 63 (61%) of the respondents are earning RSM 20000-Rs29999 and the 39% are earning more than that. This data could imply that most of the respondents have a high salary which made them have more assets to be allocated and invested.   Frequency Table 6     Figure 6             The figure above presents the types of employment/service where the participants belong. Herein, it shows that half of the respondents 52% are working at government agencies and department while the other 50% are working at  and private employment. Such result shows that each of the group has an equal representation for this study.     Part 2: Perception of the Respondents             This part of the paper will discuss and analyze the perception of 102 respondents who participated in this study. The discussion will focus on the asset allocation strategy used by the respondents and others factors.             A. Investment allocation used by the Respondents Frequency Table 7     Figure 7   The table and figure above presents the asset allocation strategy used by the respondents.  Analysis shows that 31% of the respondents are using fundamental or technical analysis and 26% preferred the strategic asset allocation approach. It is also revealed that 23% are using other asset allocation approach while some uses Tactical and core-satellite approach. Analysis also revealed that there are 6% of the total respondents who do not use any asset allocation approach. B. Reasons why the respondents such investment asset allocation strategy Frequency Table 8       Figure 8                   The table and figure above presents the answers of the respondents when it comes to the reasons that they consider on choosing the investment strategy. it shows that most of the respondents (28%) did not provide any answers on their reasons for choosing the strategy they use. Furthermore, it shows that some of the respondents are relying on the safety of the measurement and safety of the assets with the allocation strategy they used. The result indicates that most of the respondents choose asset allocation approach that will safeguard their assets and that they have better insights and understandings.             C. Factors Influencing the Respondents to Choose Investment Strategy Frequency Table 9   Figure 9                   The table and figure above presents the distribution of the respondents in terms of the factors that influence them to choose their investment strategy. Among the top three influential factors are monthly income (31%), their savings (25%) and age and monthly income (16%). This indicates that respondents choose their investment strategy based on how much they earn and how much their savings are. Other factors are their occupation. There are respondents that consider the combination of these factors as the aspects the influence them in choosing their investment strategy.                 D. main concern in having an investment asset allocation Table 10                   This dissertation also attempts to determine the main concern of the respondents in considering investment asset allocation. Based on the data collected, analysis shows that most of the respondents are uncertain on whether investment asset allocation enables them to plan for their future. They are also not certain on whether investment asset allocation helps them identify the risk and minimize it as soon as possible and they are also uncertain on whether in could be a key component in helping them achieves their financial goals and objectives. All in all, majority of the respondents are not certain on their main concern when choosing investment asset allocation.    E. How the respondents allocate their assets Table 11               The researcher also attempts to determine how the employees allocate their assets. Herein, the data analysis revealed that most of the respondents are not certain on whether they allocate their assets on Indian stocks and through cash and they disagree that they allocate their assets through bonds. This result indicates that most of the respondents do not really know where they allocate their assets.   Part 3 RISK ANALYZER               This part of the paper intended to know the tolerance of the clients when it comes to risks. The perception of the clients about different statements and issues will be highlighted in this part.   E. The number of years the respondents has until retirement   Table 12     Figure 10   The research also aims on identifying the number of years that the respondents have until retirement. Based on the analysis 35% of 102 participants revealed that they have still 15 years or more before they retire. On the other hand, 53% revealed that they still have 5 to 15 years before they retire and other 13% mentioned that they still have 3 years or less to 5 years before they retire. Since most of the respondents are still young adults, their age affects the result of this issue.   F. Present Job Business of the Respondents Table 13       Figure 11 The dissertation attempted to determine the present job business of the respondents. The researcher attempted to know the perception of the respondents about this to determine how secure and stable their present job is. Based on the analysis, the data revealed that 37% of the respondents believed that their present job is relatively secure. 34% of the respondents reveal that their present job is secure and 20% is not dependable. There are 2 respondents who mentioned that they already have enough wealth. The result indicates the majority of the respondents have a secure and stable job and some are ensure of having stable future.   G. Expectation on how the future earnings would be Table 14         Figure 12     The table and figure above shows the perception of the respondents on their expected future earnings. Herein, it shows that 56% out of 102 respondents that their expectation on their future earnings is it would keep pace with inflation. On the other hand, 24% have mentioned that it would somewhat ahead inflation and 11% have indicated their earnings would not be able to keep pace with inflation. Based on the result, this implies that most of the respondents are earning more and that they are expecting increase of earnings in the future.   H. Describe yourself as a risk-taker Table 15       Figure 13     The figure and table above presents the analysis of the data with regards to the perception of the respondents when describing themselves as a risk taker. In this analysis, it shows that 51% of the total respondents can take calculated risks while 26% of the respondents have a low risk taking capability. The distribution also shows that 15% of the respondents do not answer the queries and there are 5% who are extremely averse to risk while 4%admit that they are careless when it comes to risk taking. This indicates that majority of the respondents are risk takers and they are willing to take challenges.           I.  Knowledge on Finance Table 16         Figure 14     The researcher also intended to determine how good the knowledge of the respondents is when it comes to finance. Based on the gathered data, 58% admitted that they do not have enough knowledge about finance but they update themselves through media and news. 21% have mentioned that they have limited knowledge about stock market movement. The data also revealed that 9% of the respondents noted that they are proficient in financial and 4% mentioned that they are expert in the field of finance. In this study, 9% of the respondents revealed their ignorance when it comes to finance. This indicated that majority of the respondents are not knowledgeable enough to make decisions when it comes to financial matters.   J.  If you lose your job or stop working today, how long do you think your savings can support you? Table 17     Figure 15         Table 17 and Figure 15 presents the distribution of the respondents in terms of their perception with regards to the query on how long do they think that their savings can support them. Herein, it shows that 52% of the respondents believed that their savings can support them for 3 months to 6 months.  21% believed that they will be saved from a year to 3 years and 19% believed that their savings can only saved them for less than 3 months and only 1% believed that it can support him in more than 3 years. The result indicate that majority of the respondents can be considered to have inadequate savings that can support them if ever they will lose their job.         K.  If you had Rs.50, 000 to invest, which of the following choices would you makes? Table 18         Figure 16 The table and figure shown above presents the distribution of the respondents on their perception about their investment if they have Rs. 50,000. Herein, 32% out of 102 respondents have mentioned that they will put their money in the bank fixed deposits and bonds, mutual funds and shares. 20% said that they will put their money in the combination of mutual funds, shares and bank deposits and bonds, 18% want to invest in mutual funds and 16% of them wan to invest in shares. Some 12% want to put their money in the Bank fixed deposits and bonds. The result indicates that most of the respondents want to invest their money on banks, shares and mutual funds to protect their investment and to earn more from these investments.                                                    L.  You have a market tip on the price appreciation of certain scrip, you: Table 19       Figure 17   The table and figure above presents the distribution of the respondents regarding their perception in terms of the market tip on price appreciation and investments. Herein, it shows that 57% of the respondents would do some enquiry and analysis first before they would decide. 25% of the total respondents would invest if their source of the tip came from the experienced and expert, 10% of the respondents don’t rely on their decisions on tips and 5% would want to invest but don’t have firm decisions. The result indicates that most of the respondents would want to think firmly before they would decide on spending even if there is a market tip available for them. Analysis shows that respondents would want to ensure first on whom the tip came from.   M.  You are on a TV game show and you win Rs.10, 000. You have a choice to keep the money or risk it to win a higher amount, you: Table 20       Figure 18   Table 20 and Figure 18 present the percentage of the respondents in terms of their perception on game of chance and on whether they would risk their money to win more. The data revealed that half (50%) of the respondents would risk their Rs. 10,000 on a 50% chance of winning Rs30,000, 21% are happy with their earnings of Rs. 10,000. and the remaining 13% and 12% would want to risk their Rs10,000 on a 10% and 25% chance of winning Rs 100,000 and Rs75,000 respectively. This indicates that half of the respondents would want to take risks of 50% to win 30,000 and only few wanted to take risks on winning 100,000 and 75,000. This further implies that most of the respondents are not risk taker since 21% are happy with what they earned.   N.  Which one of the following best describes your feeling immediately after making an investment, you? Table 21     Figure 19 The table and figure above provides the perception of the respondents on their feeling after making investments. Herein, it shows that 65% of the total respondents are satisfied and content with their decision whenever they are making an investment. 21% are not bothered with their decision and 12% noted that they are not sure whether they made the right decision. This indicates the majority of the respondents know what they are doing and contented with their decision whenever they are investing.     O. the stock market has dropped 25% and a share that you own also dropped 25%, but the market expects the share to go up again. What would you do? Table 22       Figure 20             The table and figure shows the percentage of the respondents in their perceptions on decision making when the stocks dropped or decreased. Herein it shows that 48% of the respondents would keep their stocks because of their fear of booking loss, 20% would keep their stocks and expect that the price would reach the earlier level. 20% would think that they would be careless in decision making and 10% will buy more of the tasks. It shows that most of the participants are afraid of losing their investments.   P. You have a substantial sum of money spare for about 6 months after which you need this sum to repay a loan, this sum is currently not invested anywhere. You would: Table 23           Figure 21   The researcher attempts to determine the decision making approach of the respondents. The table and figure above presents the investment decision making process approach of the respondents. Herein, it shows that 34% of the respondents would keep their money in Bank fixed deposits or open ended mutual funds. 24% would invest their money in open ended equity oriented mutual fund and 19% would invest in the combination of all meaning they would invest in in Bank fixed deposits or open ended mutual funds and in open ended equity oriented mutual fund as well as shares. 16% would invest their money in equity shares. The data revealed that most of the respondents would want to invest the money.     Q. You are financially responsible for (exclude dependants who can be supported by your spouse’s income) Table 24         Figure 22   This research also attempts to determine the financial responsibility of the respondents. The table and figure above shows the financial responsibility of the responders. it shows that 35% of the respondents are financially responsible for 2 to 3 other persons, while 32% are supporting one person beside themselves. 21% noted that they are only responsible for themselves and 6% are financially responsible for more than 5 people. The result shows that most of the respondent only provides financial support for themselves up to 3 individuals which mean that in terms of financial responsibility, the respondents are more competent.   R. You’re Perception of Risk Tolerance Table 24           Figure 22                   The risk tolerance of the respondents were also analyzed and it revealed that 85% of the total respondents have medium risk tolerance and 14% have low risk tolerance. This indicates that majority of the respondents have the capacity to tolerate or manage risks.   Part 3. Statistical Analysis: Analysis of Variance                         To determine the differences between the employees in terms of their investment asset allocation approach, the researcher conducted in each variable (asset allocation strategy, reasons, factors and main concerns).  This part of the study discusses the variation of perception of respondents/employees regarding the aspects that affects their selection of investment allocation strategy, reasons, main concerns, their present job and the approach they used. Table 25     Table 25a       Discussion Here   Table 26         Table 26a       Discussion Here   Table 27             Table 27a               Discussion Here   Table 28           Table 28a         Discussion Here   Table 28b       Discussion Here Table 28c             Discussion Here Table 29               Table 29a         Discussion Here Credit:ivythesis.typepad.com

Insights regarding the employees’ asset allocation strategy

Chapter 4 Research Findings and Analysis This part of the dissertation will present and analyzed the gathered information from the em...

Reflections on Production Management

Production Management Objectives, Performance, Priorities, and Training and Development Plans   It is common knowledge that every one of the successful companies today sought and found a precise understanding of how it could create advantage in the operations system and delivery options of the business organization in order to address detailed customer specifications. Every business person is determined to know what kind of work they would and would not do for their customers and, in turn, they carefully learn how to fulfill the needs of each kind of customer in their target markets. In today’s fast and technological modern world, the challenge that the Information Man faces is time’s nature of putting things in order and in place in the best and most effective way. Life has changed since the invention of the computer which dictated man to deal with things in the most efficient way possible. In the world of big international business industries where transactions and other business operations are governed by law, cultural differences and mutual trust, efficiency counts largely as a common entrepreneurial aim.   Performance Goals Performance management is an important process for influencing both the extrinsic and intrinsic motivations of employees, that is, increasing employees’ perceptions and understanding of job tasks and subsequently their job satisfaction. For example, elements of performance management may provide the employee with a more accurate understanding of job tasks (task identity and task significance) through objective setting, leading to a clear sense of direction. Performance management also serves to focus employee efforts and attention on critical tasks through the use of performance feedback, which therefore assists employees in reducing job errors and minimizing the risks of learning through trial and error. In addition, where employees desire jobs that allow them to make good use of their skills and talents, performance management increases job task “fit” (skill variety) through the identification of training and development needs that are consistent with individual and organizational goals. This can be attributed to human resource specialists, academics, and consultants who proclaim that performance management is a critically needed tool for effective human resource management (1984). This, in turn, is based on the belief that an effectively designed, implemented, and administered performance management system can provide the organization, the manager, and the employee a myriad of benefits (1987). The literature on performance management generally suggests that the management process can increase employee motivation and productivity, provide a solid basis for wage and salary administration, facilitate discussions concerning employee growth and development, provide data for human resource decisions, and provide managers with a useful communication tool for employee goal setting and performance planning (1989). More often than not, leaders plunge into a long-term strategic planning process without first deliberating on certain fundamental questions related to beliefs and values.  These questions are often about the core ideology, values, purpose, envisioned future, vision statement and vivid description of what the business would look like.  Reaching a common understanding about the inherent beliefs in the organization provides a platform for further explorations on the norms of behavior that help define the organization’s culture.  This exploration can also help reveal the impact that the organization’s structure (system) has on behaviors.  By the nature of systems, structure involves how people make decisions—the operating values whereby people translate perceptions, goals rules and norms into actions.  People often focus only on their own decisions and ignore how their decisions affect others.  Frequently, when an organization is faced with moderate threat or opportunity, people began to replace old behavioral patterns with new ways of thinking and behaving. There are several enduring issues relative to performance management system implementation. They include the controversy over combining developmental and administrative purposes, the absence of rater training, the lack of organizational commitment and top-level support, ubiquitous rating errors, employee dissatisfaction with the amount of performance feedback received, and the absence of specific performance documentation, among others. Included are several emerging implementation issues related to the need for increasing the sources of performance information and problems raised by inadequate literacy levels. Along with the considerations discussed above, the following are the general process I normally utilize in the organization in order to establish my personal goals within a month. 1.                   Identification of monthly production target in terms of product volume, product testing, and product quality assurance, 2.                   Coordinating the volume of orders into the specified deadline of clients and customers, 3.                   Communicating product volume and specifics to the members of the production teams, 4.                   Assessment and evaluation of inherent and inevitable shortcomings in the production process (product, technology, and people), and 5.                   Stocking, warehousing, inventory and delivery options and other supply management considerations of finished goods Generally, these monthly goals and processes ensure that the organization, particularly the production arm of the company can readily attend to the commitments of the organization in order to maintain the satisfaction and loyalty of our customers. Moreover, these production goals and objectives serve as motivation to every individual staff and employee in the production department of the organization.   Work Plans Organizations are neither the rational, harmonious entities celebrated in managerial theory nor the arenas of apocalyptic class conflict projected by Marxists (1980).  (1996) believe that modern organizations passed by the guild structures and as organizations grew larger, skills become increasingly fragmented and specialized and positions become more functionally differentiated. Leavitt had defined three approaches to organization, which includes structure, technology and people (1964). New formal guidelines and procedures like organization chart, budgeting methods, rules and regulations can also be structural approaches on inducing change. On the other hand, rearrangements in work flow through new physical layouts, work methods, job descriptions and work standards can be done as technological approaches. Some organizations stress on people approaches which includes alterations in attitudes, motivation and behavioral skills. This can be done through new training programs, selection procedures, and performance appraisal schemes. Planning is commonly known as the process of formulating in advance as organized behaviour action. While it is true that people do not always plan their actions, it is inherent for any organizations to plan. However, whether dealing with the context by which planning is occurring, whether on the individual or organizational level, the process takes shape according to the prevailing attitudes, beliefs and goals involved. Planning also bears different meaning to different social groups. Any commercial, entrepreneurial, private as well as public organizations and institutions who has a financial arm to manage the funds of the group, is faced with the objective of maximizing the shareholder wealth and not the profit as was stated in the theory of financial management. The business, in order to effectively execute any business strategy or plan, should be able to determine first and identify the resources that are available in the company. Studying and examining the opportunities of the available resources will help in constructing a business plan which will be profitable. The characteristics of the business should be clearly laid out and the ideas that will be made available should be thoroughly researched. This will provide relevant information that the general management can utilize so as to be able to allocate the funds of the company in the most effective way. In an area of my work where the focus is of managing the integrity of the business, business control should be its very objective. Business control is crucial to maintaining business integrity especially when the business is developing and growing. Thus, its needs and demands equal efficiency and effectiveness on managing the business. In addition, to maintain business’ efficiency and effectiveness, it is important to develop and implement appropriate business controls through an assurance process based on a publish statement of compliance with relevant laws and business principles. Implementation of statement compliance will help to develop and manage key business risks. My duties under the control systems operation involves lowering the company’s stock level, minimizing purchase of goods from other agents, ensuring that the purchased products will be sold, making accurate forecasts of demands, and maximizing the profit of the company. These are made possible by categorizing the purchased products into three classifications: (a) regular forecast demands, (b) additional allocation or back to back order, and (c) orders to other agents or suppliers. All, these are executed while keeping in mind the available selling plans that were constructed and stock status of each item.   Management and sales reports are prepared daily, weekly, monthly, quarterly and annually in order to keep track on the flow of goods and services rendered by the company. Such reports are utilized to analyze and investigate on the demand of the products that should tally with the records provided by the other company departments so as to decide and make necessary actions on the needs and conditions of the business industry particularly the demands of the clients. These reports likewise present the performance of the people housed by the company. Adjustments of stocks are made using the computer system to coordinate the products available for resale and that of the forecasted volume of goods that needs to be ordered to supply the customers. Other responsibilities include updates of records, cancellation of P/O balance, evaluation of the distributors system, selling and purchasing deals with agents as well as cost adjustments.    For effective and efficient monitoring and control system of the business operations and transactions, sales exp report are provided regularly along with the staff’s discrepancy report and analysis which presents the difference between the forecast report and the actual record. This process enables the management to device plans of how to lower the stock level by selling the surplus in which the recommendations and suggestions from the Sales Administration Department. In line with this need, I prepare reports that will provide solutions on liquidating and managing the surplus available. The sales representatives are then required to act accordingly in order to clear the stock of surplus. In cases of negative profit, I am tasked to prepare reports that will explain and support the reasons that led to such incidents which are approved and signed by the General Manager.  The regular reports and sales analysis are constantly examined so as to adjust the business strategies for the succeeding business transactions. Along with the duties and responsibilities assigned to me, I have been able to put up with the expected performance of my position in the business organization. In line with these tasks, I was able to meet the performance standards set by the company through the following evidences: ü  I was able to design as well as modify the existing report format of our computer system which made it possible for us to utilize the functions more effectively and efficiently. ü  I have been able to rearrange some job specifications to adapt to the needs of the complicated business environment, evaluating the job of each employee and redesigning his or her responsibilities to fit the changes. ü  I have likewise contributed to the creation of new operations system as well as the improvements made on the rules that govern the system for more efficient work output. ü  I suggested ways which helped the company optimizer the function of the departments in order to minimize the cost and expenses of the operations.     Management of Competing Demands and Priorities An information system is indispensable in every organization as reflected in its role, purpose, and sources of information. Information system plays a crucial role and is a contributory factor in the success of an organization for the modification of present plans and strategies of an organization and the formulation of future goals, approaches, and steps the organization will undertake are based on the data obtained in the past and converted to information organized in the system. Furthermore, it could be noticed that in such modification and formulation, decision-making is essential. Hence, information system influences decisions thereby affecting the status of the organization at the present and in the future. With the ever-increasing demands by the clients and customers, raw materials suppliers, as well as the pressure from the upper management of the organization for increased efficiency and profit, collaborating and effective management of priorities in the production constantly pose challenges and beset the operations management of the company. As such, it is inevitable that the organization implement programs and production systems that will best suit the needs of the company and its clients. The discussion below presents the IT system and techniques used in the company along with the lean management initiative to add value to the production process and overall operations of the business organization. Generating manual and IT systems in the workplace provides a more advantage in terms of receiving, recording, processing, storing and transferring information. Manual system ü  With manual system of work, information processing is more meticulous and requires a lot of effort but produces good end results. Nowadays with the advent of information technology, using manual system perceive as slow as compare to IT systems. Here, record processing takes different stages before going to final stage. Although efficiency and effectiveness is proven and accuracy and validity is tested, using manual system generates limited information for processing. ü  Using manual system for storing relevant information is still considered as a safe procedure. Especially when the information requires confidentiality. Here, information and records are kept for future use. ü  With the use of manual system, transferring information and records requires more time. On the other hand, there are still activities in the workplace that practice manual system to secure information or confidentiality. IT system             Through the advent of information technology, business transactions are more on the advantage position. In just one click, information is sent through up to date and powerful technology. ü  With the use of Information technology, information processing improves with several benefits such as lower costs capital management, fastest time, reduces pressure and hassles in the workplace among others. As we all know, information processing is not an easy job because it entails processing of vast amount of information that is usually needed immediate attention. With the rise of globalization, businesses rely on information technology to get the work over and done. ü  It is not a problem in the workplace to store information using IT system. In just a click, information can be saved or retrieved. However, confidential information and records are not too safe using the IT system because somebody may access it. ü  Information Technology system benefited the transferring of information, no matter how far the business area or the country. In just a click, all the information can be viewed through computers. However, IT system has disadvantages also because information that will be transferred can be access by someone if it is not secure enough. The development of Lean Quality Management System is one of the quality management approaches that address the business setting at present. It was developed to (1) save thousands of dollars each year by avoiding the waste associated with a paper quality system, (2) harness the creativity of employees while maintaining control of their projects, (3) perform tasks that are clearly assigned, defined, communicated and focused, (4) spend less time managing the quality system and more time improving the value stream, (5) reduce training costs by integrating procedures with training, (6) provide a management system that provides the who, what and when, and (7) provide the metrics to drive your organization to ever-higher levels of performance and success which works just as well for small as large companies (Lean Software Quality Management). The Lean Value Chain of Production System Model below illustrates how companies at present gain competitive advantage by adding value to the overall operation of the organization through efficient production system (2006). Business firms that utilize the value chain management strategy also consider increasing the companies’ relationship with its shareholders by separating the business system into a series of value-generating activities, namely: (a) inbound logistics, (b) operations, (c) outbound logistics, (d) marketing and sales, and (e) customer service. In effect, from the receiving and warehousing of raw material from the suppliers, all through out the manufacturing and production process, as well as in the entire the distribution and sales of finished goods, the value-generating activities are supported by the infrastructure of the firm, its human resources management, and the technology it uses (2005) The lean machine is known in the ease of its use and installation as well as its cost effectiveness in dealing with wastes in most quality systems thereby saving time and money for the software. It can integrate information, reports, graphs, and other tools that work together to simplify and deliver information for improved business operations which minimize the time spent on other software programs (The Lean Machine).   Training and Development Plan Business organizations nowadays offer two-way learning experience within the company between the employers and the employees. Employers benefit largely from trainings that they offer to staff and members of the firm given that the expected knowledge and skills were learned through the organizations venture on their human resources. At the best possible results, the organization will gain competitive attitude in the business world by housing in competitive and qualified workers. Employees on the other hand, are given the opportunity to improve on their work capabilities as qualified and productive members of the modern and information age work force. Ensuring employee performance requires establishing a level of competence which the employee should be aware of as a target to be achieved. This is the measure to be used by managers in determining compliance with the standard and in identifying problems met by the employees in meeting the standard. In developing a training program to enhance the productivity of employees the manager will look at the competency problems of the employees and fashion the program to enable the employees to reach and even exceed the competency standard established for their work. This requires a great amount of perceptiveness on the part of the manager in determining what method of training will be most effective in improving employee competence. Some of the training includes computer software training, internet-based training and self teaching by encouraging innovativeness in the workplace (1998). Employers need to enroll their staff in annual or quarterly training courses to upgrade their skills and enrich their knowledge so as to foster individual and personal development and improvement. Possibilities of promotion through their acquired knowledge and improved skills as competitive employees should always be reminded to the staff as a form of motivation to encourage productive outputs. Incentives in the form of financial aids like bonuses and other material compensations as well as intrapersonal rewards such as positive critical feedbacks and recognition should be endorse by the company to boost confidence and motivate the employees. This in turn will also be profitable to the organization itself due to increased output of the work force. It is also apparent that equal relations between the employer and the employees should be practiced to encourage productivity in the business organization. Enhancing good working relations among all the employees and preserving a good working environment and atmosphere ideally, will provide harmonious relationship inside the business organization. Maintaining such condition within the office will elicit productivity from the employees as they enjoy their duties of accomplishing their tasks and will help in reducing stress and eventual burnout in the workplace. Encouragement of wider work responsibility of basic skills such as development and learning courses should be given to employees on specified times of the year. This will restore fresh knowledge to old employees. In the case of newly hired staff, more comprehensive and rigorous training exercises should be applied to better prepare them of the workloads they will be responsible of in the actual business transaction and work process. Promoting individual competence and competitiveness among the staff and other members of the organization will be of benefit to the company since this will uphold and advance the initiative work attitude. Team building exercises wherein work peers as well as the supervisors will be participating should be regularly held. Bonding activities like out of town trips can be psychologically helpful to all the employees that will elicit bond among the people inside the company as well as for the employers to know their work team.      Since workplace learning and training programs in business organizations is a common practice nowadays, more trust should be given to the work team of the company. Entertaining and respecting solicited opinions and ideas of ordinary employees will be of help in setting the corporate goals of the company since the staff is encouraged to think as owners of the business enterprise.   Credit:ivythesis.typepad.com

Reflections on Production Management

Production Management Objectives, Performance, Priorities, and Training and Development Plans It is common knowledge that every one of...

Developing Business Ideas Towards Emmigrant Population In Norway

DEVELOPING BUSINESS IDEAS TOWARDS IMMIGRANT POPULATION IN NORWAY        In Norway there are more or less 600,900 immigrants and 100,000 Norwegian half nationals with their parents coming from different countries around the world and mostly these immigrants may come from nearby countries including Poland, Germany, Sweden and Iraq, India etc. according to statistic last January of 2011. This record comprises approximately 12% percent of their population are immigrants that paved its way to many business establishment that caters to their local people and most especially to the immigrants. The enterprising people have taken their initiative to think of ways to build a business toward developing a market orientation to be able to attract these immigrants and to invest their money to start a business. In fact even the immigrants themselves can develop their own businesses as long as they follow the government rules and regulations and pay up all the taxes necessary in putting up such business.       The locals and the immigrants have an equal opportunity investment in developing a business; they can even seek advice to their local government or they can also seek online. Norway has a website that offers a list of companies, products and services, articles and references that they can use in order to establish a good business ideas this website is loaded with information that they can use, visit http://www.nortrade.com/ for more information. It is also good thing that 90% of most of their people according to survey believed that these immigrants should have equal rights to employment, education and business opportunities and most of the local Norwegian people are compassionate enough to these immigrants.  Just like in the Indian community in Oslo there are fast-food shops and restaurants for these immigrants and they somehow survive in the industry because they focus on Indian food that they like.       The first thing they need to consider is the location and the residence, the local Norwegian people may need to study their place if they are surrounded with immigrant people and what they intend to buy, how much they are willing to spend and what is the necessity in this area. All this ideas may need capital to build but they can start in modesty. The investors must also need to study more information from the immigrants in order to create the best products or services that they will sell. Their religion, food preferences, beliefs traditions and culture makes it viable contributing factors in establishing a business to create a market niche. Investors must also need to create a business that is not hard labor and may need to hire so many workers from the beginning since this kind of business is risky and expensive from the start in order to eliminate so much labor expenses from the beginning.       As much as possible they must deal diligently with the immigrant in whatever business transaction they will need to put up in order to establish a strong bond and customer satisfaction. Investors can greatly achieve a good business opportunity for local nationals and the immigrants if they understand that Norway is a country which exercises a free market with the help of government intervention. This is a great opportunity for everyone since the government and their people realized that history shows that most of these immigrants are the victims of war from their countries, they are refugees of time. Their people can make use of the abundant natural resources in order to establish a business opportunity; they are rich in petroleum, oil, gas, different chemicals and marine life that the immigrant may need.       The immigrant can also take advantage of their position to develop a business if they can import food, metals, textile, clothing, apparel, technology and machineries for vegetation and crops production since these are the needs of this country although they must also be aware that agricultural products and its subsidies can create a high tariff trading practices when it comes from other countries but it can be an opportunity to develop a good business for the locals and the immigrants. They must also consider that International Trade has become a major contributing force for economic development in Norway, both locals and immigrants can develop a viable trading practice and ideas in establishing their own business. The Department of trade and Industry in Oslo, Norway is open for business for locals and immigrants. To be able to make the business legal the investors and small business people may need to register their business with the help of Coordinated Register Notification which provide a control forms in most business types you can download this forms in this website; (http://www.brreg.no/english/registers/business/business.html). References: http://www.norway.no/oss/  http://www.state.gov/r/pa/ei/bgn/3421.htm                                                   http://www.cgdev.org/section/initiatives/_active/cdi/_country/norway            http://en.allexperts.com/q/Norway-151/2011/6/immigration.htm                        http://www.nortrade.com/  http://www.brreg.no/english/forms/    http://www.brreg.no/english/registers/business/business.html Credit:ivythesis.typepad.com

Developing Business Ideas Towards Emmigrant Population In Norway

DEVELOPING BUSINESS IDEAS TOWARDS IMMIGRANT POPULATION IN NORWAY In Norway there are more or less 600,900 immigrants and 100,000 ...

Sample Risk Management Business Proposal: Exploring the Strategic Implications of Rules and Regulations in Selected Indian Small Chemical Companies

Hi Natrajan,   “Good day. The information about the different rules and regulations should be researched by you since you are the one from India. I don’t know what you mean by fabricated, but you can also interview the companies if you want and then send us the data for analysis. About the introduction, I already revised the paper as you can see below. I emphasized that the rules and regulations we are talking about focus on their safety approach towards their employees and the community. About the SPSS, I also provided now a brief explanation in that section that it refers to Statistical Packages for the Social Sciences. It is a computer software for all types of statistical analyses. Sorry for the trouble. Keep in touch if you still have some questions.   Sincerely The Writer                                               HARISH NATRAJAN PROPOSAL: EXPLORING THE STRATEGIC IMPLICATIONS OF RULES AND REGULATIONS IN SELECTED INDIAN SMALL CHEMICAL COMPANIES     INTRODUCTION                 This paper proposes the study to investigate the strategic implications of rules and regulations within organizations. Specifically, it will be on the rules and regulations of chemical companies in safety and risk management. The specific focus will be on small chemical companies in India. Specifically, the study will include the following companies: Joshi Electricals and Transformers; Lihar Chemicals; Aarti Industry; and Agrawal Group. Those companies are still considered SME, but are already performing well and are seen as potential competitors in India’s chemical industry.   The research will be limited only to the output that the respondents from the selected companies will provide, as well as information from literatures that will be cited and reviewed. The reason why this study was chosen is because of the continuous rapid expansion of India’s chemical industry (Young, 2003). This is related with the concern of safety practices that should be reflected on the company’s rules and regulations on how they handle safety among employees and among the communities. The rapid expansion may mean the need to keep up the track on companies that follow and do not follow the rules and regulations for the chemical industry set up by India’s governing bodies. History has taught the country of the danger of not having an effective regulating policy for the chemical industry. One example is the gas leak at the Union Carbide plant in Bhopal, India in 1984 (Young, 1992). Approximately 3,800 people die in the wake of the incident and several thousand other individuals experience permanent and partial disabilities (Union Carbide Corporation, 2005). The tragedy led to increased regulation of the chemical industry and the adoption of the Responsible Care initiative (Young, 1992). Responsible Care is a voluntary initiative within the global chemical industry to promote the safe handling of India’s chemical products from inception in the research laboratory, through production, distribution, use and disposal (DOW Agro Sciences, 2005). This and other initiatives may have caused a burden or advantage on chemical companies in India depending of course on their view or how advantageous or important they see the regulation. Of course, companies also have their own policies on safety. Because of the many regulations to follow, SMEs may find it difficult to adjust because of their limited capacity. Through this study, it will be determined what strategic implications do several SME chemical companies India use in implementing different rules and regulations.               This study will be cross-sectional and will utilize both quantitative and qualitative research. The summary of the proposed methodology and other important points will be discussed further in the paper.   BACKGROUND     The Indian Chemical Industry     The chemical industry of India is experiencing a strong economic performance and growth recently. The Ministry of Chemicals and Fertilizers in New Delhi reported a few years ago that India’s Chemical industry output has been growing at double-digit rates in recent years, and has reached Rs1.3 trillion ( billion)/year (Young, 2003). This has been the result of India’s previous effort to strengthen its chemical industry in the late nineties basically through strategies such as corporate tax reductions designed to encourage business generally, cuts on import taxes and internal duties, and a halving of capital gains taxes applied to non-resident Indians (Robert, 1997). Now, the current overview of the industry is: it totals US Billion + US Billion Fertilisers; contributes to 13% of GDP; and is one of the fastest growing sectors of Indian economy (Indian Chemical Portal, 2005). Its distinguishing characteristics are its being fragmented and dispersed – multi product and multi faceted (Indian Chemical Portal, 2005).Chemicals sold directly to large customers and through distribution channels. Distribution channels mostly consist of stockists and dealers spread all over India addressing small segments and retail market (Indian Chemical Portal, 2005).             Despite the success and progress, India’s image as a large and successful chemical manufacturer and exporter is not all positive. As mentioned earlier, the gas leak at the Union Carbide plant in Bhopal, India in 1984 (Young, 1992) did not only shake India but the whole global community, resulting in the development of firmer and tighter rules and regulations for the chemical industry globally. Although Union Carbide is a foreign company, India was the place where the incident took place meaning the company was under the regulation of India during that time. Canadian chemical manufacturers drafted a detailed program, called “Responsible Care,” that involved codes of practice for transportation, distribution, manufacturing, research and development, and hazardous waste operations (Entine, 1996). One of the aims of Responsible Care is to participate with government and others in creating laws, regulations, and standards to safeguard the community, workplace, and environment (Entine, 1996). India is one of the countries that currently implements responsible care, adopting the policy in 1991 (Young, 1992). After that, many new regulations for the chemical industries were implemented such as the Prevention and Control of Air Pollution Act and the Environment Protection Act (1986), plus Rules on the Handling of Hazardous Chemicals (1989) (Young, 1992). With this many regulation, compliance with it proved difficult to enforce in an industry comprising mainly small, independent companies (Young, 1992). Basically, implementation was less than enthusiastic (Young, 1992).   Another issue that delivers a negative image to the bustling Indian chemical company is the issue of illegal chemicals exporting. According to Raj (1998); “India is among three remaining manufacturers of DDT (10,000 metric tonnes capacity) along with China and Mexico. Italy stopped manufacture of the widely banned persistent organic pollutant (POP) pesticide earlier this year”   Because of such problems, it is difficult for chemical companies, especially Small to Medium-sized Enterprises to implement all regulations at once. Companies now need to provide details about process safety, environmental impact, provision for pollution control, site justification, plus safety and health provisions for employees and precautionary measures for controlling emergencies both on-and off-site. This has caused delays and cost overruns (Young, 1992).   SMEs in India’s Chemical Industry                 Small to Medium-Sized Enterprises or SMEs play an important role in India’s economy. The SME sector accounts for 40 percent of the industrial production, 35 percent of the total export and provide about 80 percent of employment in the industrial sector in the country (Dangayach and Deshmukh, 2005). The chemical industry is also strengthened mostly by SMEs. Specifically, the Maharashtra state is home to many small chemical industries. It is one of the zones that the government allocated in the early 1990s where chemical industries could set and manufacture chemicals for sale. The zones are spread across the entire state of Maharashtra and the government laid down innumerable rules and regulations as part of the start up procedures. These included registering with the various departments like the explosives, electricity, water, labour, weights and measure, the customs department, the income tax registration etc. Also of the start up procedures for the firms also involve registering with the pollution control department as this has been deemed important by the government due to its entry into the WTO and also as part of its focus to attract FDI. The chemical firms also have to identify the construction and the various infrastructures needed e.g. the offices, laboratory, which has to be laid down in drawing and approved of by the inspector of factories. Aside from those, heavy paper work, long waits for file processing and permissions are also problems. These issues sometimes take the toll during start up by burdening the companies for the extra time in terms of finance. Also due to the erratic power supply in the state the companies during start up have also to identify the usage of generators as a substitute for the frequent power cuts. All these difficulties are in accordance with the regulations mentioned above.   STATEMENT OF THE PROBLEM                 The Indian Chemical Industry can now be considered well-regulated but the effects of such regulations are taking its toll on small companies. For small companies, implementation of such rules and regulations can be a daunting and expensive task because of their limited human and financial capabilities. Based on the study of Miller and McKinney (1995), even corporations are affected by the increase of local and international regulations in manufacturing. Miller and McKinney (1995) concluded: “Industries presently face a challenge to maintain competitiveness and productivity while creating a minimal environmental impact” (p.112). They further stated that: “The conventional concerns of product functionality, dependability, quality, and cost are further complicated by environmental regulatory compliance” (Miller and McKinney, 1995, p.12). However, such regulations are acceptable because today’s firms do not only have responsibility to their company but to the economy, ethics and legal aspect as well to the public at large (Lantos, 2001). Thus, strategies are needed in order to effectively mix the responsibilities of the firm. Through this study, we may explore the different strategies used by several small chemical companies in India, specifically: Lihar Chemicals; Aarti Industry; and Agrawal Group. These companies have to abide with the rules and regulations like all other companies. The way they handle the implementation of many regulations may reveal useful strategies that other companies might use. This will further help the growth of India’s chemical industry.   Aim and Objectives of the Study     The aim of the study is to identify the process and different difficulties of implementing rules and regulations experienced by Lihar Chemicals, Aarti Industry, and Agrawal Group, and to determine the strategies they use to implement those effectively, at least in their view.   The following are the objectives of the study: Ø      Survey and interview senior managers of Joshi Electricals and Transformers, Lihar Chemicals, Aarti Industry, and Agrawal Group. Ø      Conduct literature review. Ø      Analyze the results of the survey and interview. Ø      Develop a strategy framework for implementing rules and regulations.   RESEARCH QUESTIONS           Specifically, the study will concentrate on the different strategies or strategic implications used by small companies in India in implementing rules and regulations. The following research questions will be answered:   1.         What are the rules and regulations currently implemented by Joshi Electricals and Transformers, Lihar Chemicals, Aarti Industry, and Agrawal Group? 2.         What are the process and different difficulties they encounter in the implementation of those rules and regulations? 3.         What strategies do they use to implement the rules and regulations them effectively? 4.         What strategic implications would be effective for small chemical companies in India in implementing rules and regulations?             All the research questions will be approached through the utilization of surveys and interviews to the companies mentioned. The first question will be approached through a checklist survey that representatives of the company will be required to fill up. They will then be asked to identify the difficulties they experienced in each of those rules and regulations in terms of implementation by answering an open-ended question. The last two questions (3 and 4) will be approached through personal interviews with senior managers of the companies. Hopefully, their experiences will help provide insights to the study and help design a useful conclusion.   SIGNIFICANCE OF THE STUDY               As a director for 5 years in a chemical firm, the researcher sees that this study will benefit greatly the small chemical firms in India – especially those that are still in the process of start-up – mainly because it may reveal important strategic implications for implementing rules and regulations that they may try to use to their advantage. Not only will the study be able to identify the difficulties of implementing regulations, but it will also or may also develop a useful framework of handling rules and regulations implementation effectively.                         The study is also significant to the study of management because it may reveal new management techniques or develop new management frameworks for small companies.   The study is also significant for the researcher personally and for the whole SME chemical companies in India because studying the procedures for the various government bodies and also identifying them will help set up business successfully – identifying the procedures and knowing the different strategies that the selected companies use will give an advantage of being ready with the required paperwork to be submitted to the agencies.   METHODOLOGY                 As mentioned, quantitative and qualitative research method will be both used in the study. Quantitative method will be used to quantify the frequency and percentage of difficulties that will be identified. On the other hand, quantitative method will be useful in knowing deeply the strategies that the companies use.   Primary and Secondary Data                 Primary data will be the survey and interview results, while secondary data will be literature reviews. Literatures will provide as a guide when interpreting both qualitative and quantitative data. The focus of literature will be on the rules and regulations in the chemical industry, the capabilities of SMEs to abide to the regulations, and the strategies used in implementing regulations.   Sampling               All managers of the SMEs included in the study will be surveyed. Thus, the sample rate will be 100%. For this, convenience sampling will be used because the companies only have few managers. A semi-structured questionnaire will be sent to them. The questionnaires can be finished from 10 to 20 minutes but the respondents can take their time if they want.               Directors will be interviewed regarding the strategies they use in implementing the rules and regulations. Interviews will be recorded so that it can be tabulated later for better analysis.   Analysis               Quantitative data will be analyzed with the use of the latest SPSS software. The frequency and percentage of the items will be determined. On the other hand, interviews will be tabulated. Useful strategies will be considered based on their effectiveness.   Procedure               Literature review will be conducted to know and familiarize more about the topic. The semi-structured questionnaire will be constructed with the guide of the literatures that will be reviewed. The questionnaire will focus on asking respondents about the different rules and regulations they follow, the steps which they implement it, and the barriers and difficulties they experience throughout implementation. A letter of consent will be sent to the companies. Upon approval, the questionnaires will be sent to the companies through email. The questionnaires are expected to return after 1 week. The results will be analyzed using the latest SPSS. SPSS means Statistical Package for the Social Science, and is a “statistics computer software” used for computing statistical data easily.   The top 5 rules and regulations, and top 5 barriers will be the focus on the interview. Questions for the personal interviews will be formulated. The directors of the company will be personally asked about the strategies they have implemented or adopted along the way just to make sure that they implement the rules and regulations effectively. The interview sessions will be recorded and will be conducted through video conferencing. The conversations will be transcribed and important points will be written and included in the study.   A conclusion will be made based on the results of the interviews, surveys, and literature search as well. Hopefully, a useful framework will be developed. Credit:ivythesis.typepad.com

Sample Risk Management Business Proposal: Exploring the Strategic Implications of Rules and Regulations in Selected Indian Small Chemical Companies

Hi Natrajan, “Good day. The information about the different rules and regulations should be researched by you since you are the one f...