Operations Management in Daimond Manufacturing Essay

Definition Operation Management is the activity of managing the resources which produce and deliver goods and services (Slack et al, 2010). These activities commences from the very initial production stage of information gathering right up to the final stage of consumer consumption of the product. Every organization does operation management even if they do not notice it. All organizations produce goods and/or services and to create goods and/or services, the organization must perform a number of operations which must be effectively and efficiently managed. 1. 2 Role of Operations Management Operations Management is of prime importance in all sectors, cells, functions, units and groups within the organization. An organization is a system and according to the business dictionary, (http://www. businessdictionary. com/definition/system. html) a system is ‘An organized, purposeful structure that consists of interrelated and interdependent elements (components, entities, factors, members, parts etc. ). These elements continually influence one another (directly or indirectly) to maintain their activity and the existence of the system, in order to achieve the goal of the system’. Read more: http://www. usinessdictionary. com/definition/system. html#ixzz2QSyXAP1f . All employees are part of this system and have a common interest in making the consumer to receive goods and/or services in the best way possible. So I will say every manager in every part of the organization is to some extent an operational manager. According to James (2011), the role of operations manag ement is to manage the transformation of an organization’s inputs into finished goods and services using processes. Processes are actually present in all areas of the organization from Human Resource to Finance to Marketing to Procurement etc. 1. The ‘Input – Transformation – Output’ process Resources can either be transforming resources or transformed resources. After the transformation process is complete, transforming resources give rise to transformed resources. According to James (2011), there are 2 main types of transforming resources: * Facility which comprises of land, building, plant and equipment. * Staff which comprises of everyone involved in the operation process. There are 3 main types of transformed resources: * Material. Transformation can be physical (manufacturing), by location (transportation), by storage (warehousing), or by ownership (retail). Information. Transformation can be by property (accountant’s information), by p ossession (market research), by storage (libraries) or by location (telecommunication). * Customer. Transformation can either be physical (plastic surgery), by storage (hotel accommodation), by location (airline transport), by physiological state (hospital), or by psychological state (entertainment). Input Output Input that will be transformed * Material * Information * Customer Input that will transform * People * Facility * Goods * Services Transformation Input Output Input that will be transformed * Material * Information * Customer Input that will transform * People * Facility * Goods * Services Transformation Figure 1: The ‘Input-Transformation-Output’ process 2 Operations Strategy 2. 1 Definition Strategy is defined by Johnson et al, (2008) as ‘the direction and scope of an organization over the long term: ideally, which matches its resources to its changing environment and in particular its markets, customers or clients so as to meet stakeholder expectations. ’ 3. 2 Levels of Strategy Strategy can be viewed from 3 levels which are: The Corporate level: This level looks at the long term position of the company. It answers questions like ‘where will the organization be in 10 years? Or are we going to launch a new product in a new market? ’ The Business level: This level looks at the market and is concerned with the goods and services which the organization has to offer. It answers questions like ‘how do we compete? ’ The Functional level: This level deals with the functional aspect of the organization like finance, marketing, human resource etc. It answers questions like ‘how do we manage our financial resources’. . 3 Operations Strategy Operations strategy is the total pattern of decisions which shape the long-term capabilities of any operation and their contribution to overall strategy, through the reconciliation of market requirements with operations resources (Slack and Lewis, 2011). A 5 step structure has been designed by Hill (2005) so as to design and understand a goo d operation strategy. The steps are as follows: 1. Define Corporate Objectives Here, long term objectives are set-up so as to give the company balance and a good direction. At this stage, Sparkle does environmental scanning and the company also looks at its core competences, core processes and its global objectives. Performance Indicators (KPIs) are also established here so as monitor the accomplishment of these objectives. Top management uses a number of models which includes PESTEL, SWOT and Porter’s 5 forces. See appendix A. 2. Set Marketing Strategies Here Sparkle identifies the market it wants to compete in and then it looks on how to compete in these markets. Ansoff’s matrix is used. | New Product| Existing Product| NewMarket| Diversification| Market Development| Existing Market| Product Development| Market Penetration/ Market Growth| Figure 5: Ansoff Matrix. Source: Kaplan Financial Ltd, 2008. Sparkle uses the market penetration/market growth pathway for now. With time, they will start manufacturing out of the UK thus implementing the market development strategy. It is yet not known if they are thinking of one day starting up the production of a new product. 3. How do we gain competitive advantage? At this stage of Hill’s structure, the organization is to find ways to make its product win other products in the market. For this to happen, the organization must have a base to make its competition and this base is usually one or more of the following performance objectives: speed, quality, cost, dependability and flexibility. See chapter 3. Sparkle uses the above performance objectives to gain competitive advantage but it must be noted that, competitive advantage must: * Be real * Add value (to the consumer) and * Be difficult to imitate. 4. Choose a delivery system Here, the organization has to choose an appropriate delivery system so as to meet up with speed and maybe dependability. In Sparkle, most orders are icked up by the customer but if not, Sparkle uses their vans which have a high level of security for close distances or they post the jewelry for faraway distances. 5. Choose your Infrastructure The company at this phase has to choose all necessary infrastructures that it has to obtain so as to gain an edge over its competitors in the market. Different organizations in different industries wi ll need different types of infrastructures. But in the diamond manufacture industry, the infrastructures are almost the same and can hardly give competitive advantage. 3 Performance Objectives In the present congested and very competitive business environment, companies must do something extra so as to stand out of the crowd. For them to do this, they must react to what customers value and these fall into the following category. They are called performance objectives. 1. Cost 2. Quality 3. Dependability 4. Reliability 5. Speed Sparkle is aware of the tight competition in the diamond market and it takes its performance objectives very seriously so as to gain competitive advantage. Before achieving the above performance objectives, they must achieve the 4 Cs (see appendix B). * Cost. The principle of cost is doing things cheaply. Sparkle changes its processes, its materials and its suppliers every now and then so as to operate on a lower cost scale. They buy rough diamonds directly from the companies who buy them from the mine and sometimes the make orders directly from the mine so as to reduce cost because the more intermediaries there are, the higher the final price. They sometimes buy more rough diamonds than what the actually need so as to gain discount for bulk buying. They automate most of their processes to reduce the number of hours worked by human beings thus reducing total wages. Quality. This involves producing durable high standard error-free goods that consumers perceived to the good. In the fashion business, quality is king because consumers are becoming more conscious of what they wear. One can say that everything in the diamond industry is of good quality so in this kind of high standard industry, quality is not the issue but superb quality. Spark le buys the best of the rough stones which are hand-picked one after the other so that their final product will be of the best quality and they will have very little waste during production. * Dependability. This is doing everything on time so as to keep commitments and promises made to customers. Sparkle has a track record and reputation of never keeping its customers waiting. Customers’ diamonds are always fully processed before the pick-up date. Customers love coming to this organization because they know they can rely on them when it comes to delivery. There was a scandal in March 2008 in Real Diamonds where a couple arrange for their wedding rings costing thousands of pounds to be manufactured but the company was unable to meet up with the due date so the couple had to use different rings for the wedding. Flexibility. This is being able to change what you produce or how you produce it. Sparkle is very flexible in regards to their products because they produce apparently anything requested by the customer. We pride ourselves on being different, you won’t find our jewelry just anywhere, we appreciate that you want something special to you (Source: sparlediamonds. com/abo ut). They manufacture dressing rings, marriage rings, engagement rings, necklaces, earrings, bracelets, bangles and designers jewelry out of diamond. Over the years, they have come up with different diamond designs thought by others as impossible and have now gained a name as being the company that uses diamond to manufacture anything and everything. On the other hand, their production process is flexible too but not very flexible. They change little bits of their production process all the time to cut down cost and to increase the quality of the diamonds but this change is never a big change (process improvement). Figure 5: Different items made out of diamond. Source: * Speed. This can be described as how responsive an organization is to the customers’ demands and complain. It is a measure of the time between a customer’s order or complain to the time when that customer’s order or complain is sorted out fully. Sparkle is very fast in dealing with complains. Any customer who comes to the company with a complaint is not allowed to leave when the matter concerned has not been resolved. Complains made online take a maximum of 2 working days to be dealt with and those by post takes a little more time. Figure 5: Different colors of diamond. Source: 4 Product Design . 1 Definition Product/service design is the process of defining the specification of products and/or services in order for them to fulfill a specific market need (Slack et al, 2009). According to Russell and Taylor (2009), new product designs can provide a competitive edge by bringing new ideas to the market quickly, doing a better job of satisfying customers’ needs, or be ing easier to manufacture, use and repair. Product design is of great importance in any organization because consumers are becoming more and more conscious of the products they consume and their contents. Almost everybody in the organization is involved in product design because bringing in a new product design is not just about the market requirement but it is also about anticipating future demand and this needs imagination and creativity. In coming out with a good product design, market requirements, technical issues, cost, quality, investment information and the target market must be considered and dealt with appropriately. Diamond design ‘step by step’ Various steps are followed when coming out with a good diamond design. 1. Generating Ideas Ideas to bring up a new diamond designs can come from anywhere and comes from everywhere. Some organizations look only within the organization and come up with a diamond design but this approach is very dangerous because it can easily back fire leading to a poor design. Ideas in Sparkle usually come from: * The customers who will use the product. Most at times, the customer comes to the organization with a design in mind. The design team in the organization then sits with the customer and adds ideas to perfect the customer’s request. * The employees who serve the customers. These groups of persons know exactly what customers wants because they are the people who take customers specifications, demands and complaints. They play an important role in the creation of a new design. * Competitors and any new technology. Sparkle sometimes looks at the designs of its competitors like Avi Paz and tries to modify it so as to create something better than theirs. * Research and Development (R&D) Department. One of their major roles in the organization is to look for new possible designs which will entice customers. It is at this stage that the diamond color, size, weight, cut grade, clarity grade, carat weight, laser inscription and shape is decided. Figure 4: Computer simulated diamond designing in progress. Source: www. sparklediamonds. com 2. Product Screening According to Slack et al (2009), not all concepts and ideas generated will be capable of being developed into products and/or services. Each idea generated is taken and examined to see whether or not they are acceptable, feasible and vulnerable. Fig 5 illustrates. Figure 5| Some typical evaluation questions for marketing, operations and finance. | Evaluation Criteria| Marketing| Operations| Finance| Feasibility| Is the market likely to be big enough? | Do we have capabilities to produce it? Do we have access to sufficient finance to develop and launch it? | Acceptability| How much market share could it gain? | How much will we have to reorganize our activities to produce it? | How much financial return will there be on our investment? | Vulnerability| What is the risk of it failing in the market place? | What is the risk of us being able to produce it acceptable? | How much money could we lose if things do not go as planned? | Fi g 5: Slack et al (2009) Some typical evaluation questions for marketing, operations and finance [e-book] p. 89 3. Preliminary Design At this stage, the design is reviewed by the cutters and polishers to see if the can really produce the diamond and any unnecessary complexity in the diamond’s design is eliminated because such complexities can build cost. For example; there are some unnecessary and unnoticed cuts in a diamond’s design but these cuts could split the whole diamond if not done carefully. Because customers will not even notice the additional cuts and even if they do, they will not be willing to pay an addition for it so the cuts are eliminated. Figure 4: Different diamond designs (drawing). Source: Figure 4: Different diamond designs. Source: 4. Final Design After all the above has been done, a prototype is then created out of glass and tested to see if it meets market requirements, technical requirements and the financial limit. Tangible prototypes are created and virtual (computer simulations) model too to properly assess the diamond before production goes any further. Sometimes, customers are called in to see the prototype and give their feedback from which some adjustments may be made on the product’s design. An after acceptance, diamond cutting commences. Figure 5: Prototype diamond made out of fine glass. Source: 5 Process Design 5. 1 Definition Process design is Sequence of interdependent and linked procedures which, at every stage, consume one or more resources (employee time, energy, machines, money) to convert inputs (data, material, parts, etc. ) into outputs. These outputs then serve as inputs for the next stage until a known goal or end result is reached (www. businessdictionary. com). Read more: http://www. businessdictionary. com/definition/process. tml#ixzz2QTQAtoBi When deciding a product design, it is advisable to simultaneously come up with a matching process design. This will entail the flow of the process and Barnes (2008) said that the design of processes is different in all organizations and these designs will be based on the volume and variety of the demand for the product in the market. He further categorized the processes under project, jobbing, batch, line and conti nuous. Types of Processes There are different production processes namely project, jobbing, batch, line and continuous. See Appendix C. Sparkle is in a business of very expensive products which are very small in size so they do jobbing. Customers usually give orders which are produced by the company (make to order). They usually hold little or no fully-processed inventory. The Production Process Diamond ore is sorted by density using X-rays. Before that technology became available, grease belts were used to separate diamonds from the rest of the ore, due to the diamonds’ greater tendency than other minerals to stick to grease. Rough diamonds are then set to be cut as gemstones in the cutting laboratory. A diamond has different cuts and different professional specialize on different cuts. This is the most daunting task of diamond production because a bad cut will cost the company a fortune. Figure 5: Diamond plan before cutting. Source Cutting produces the facets associated with a diamond. The angles of the facets maximize light, giving the diamond its greatest possible luster (dispersion of white light). The cutting process can take as much as 50% of a rough diamond’s weight. Figure 5: Illustration of diamond facets. Source: A number of factors come into play when deciding how a diamond should be cut. X-rays are employed to analyze the stone’s crystallographic structure, its hardness and ability to cleave. The diamond’s flaws are considered, and the cutter decides which to remove and which can remain. Either a hammer or a diamond saw can be used to split the diamond – the hammer is quicker, but the saw is surer. Figure 5: Diamond cutting. Source: A number of institutes in the diamond industry offer courses for diamond cutters, but the bulk and most crucial part of the training for this delicate trade take place during the cutter’s apprenticeship. A diamond may get its final cut from many skilled hands: the diamond marker or designer; the diamond sawyer; the diamond cutter or brute; the cross-worker; and the brillianteer. After the initial cutting, diamonds undergo the polishing stages, usually performed by a technician as the process is a standard one. Polished diamonds are reexamined for flaws, which can be addressed through enhancement techniques or disguised when set in jewelry. Figure 5: Diamond Polishing. Source: Finally, the polished diamonds are sold to individuals, retailers, wholesalers and jewelry shops. Figure 5: Diamond quality check. Source 6 Planning, Control ;amp; Innovation In any good type of project or manufacture to be successful, it must be planned at the very beginning and at the end, it has to be controlled to make sure that the planned processes and cost is not very different from the actual. Businesses must also continuously innovate so as to move line to line with the changing tastes of consumers and to beat numerous designs from competitors. 6. 1 Planning Eur says this about planning â€Å"It lists the phases and encapsulates all the main parameters, standards and requirements of the project in terms of time, cost and quality/performance by setting out the ‘Why’, ‘What’, ‘When’, ‘Who’, ‘Where’, and ‘How’, of the project. † Planning therefore looks at the entire process, product and project but in an imaginary form which has not yet happened but it is wished that it should happen that way. 6. 1. 1 Advantages of Planning 1. It gives direction of what has to be done and how it has to be done. 2. It assigns responsibilities on every person thus answering â€Å"Who does what? 3. A good plan will see problems a project, product or process will encounter before the problem strikes. 4. A plan helps us to manage cost, quality and design side by side with the profit we will want to make on the product. 5. Plans are used to assess how well a product, process, p roject or person has done. 6. 1. 2 Disadvantages of Planning 1. It is usually made up by top management and given to the employees down the management ladder who just follow it. 2. Plans are usually followed to the latter. Even when some changes have to done, it is not because a plan is being followed. 3. Plans are usually just estimates and it has no use in turbulent economic environments as the plan and the actual are usually very different. 6. 2 Control Control involves measuring the actual results against the plan and then taking action to adjust actual performance so that it moves in line with the plan. So in other words, control is only possible when we have a plan. Control has a feedback phase and this involves adjusting the actual to move in line with the plan or reporting differences between actual and budget so that there may be no such discrepancies in the future. 6. 3 Innovation Innovation is defined by the oxford dictionary as â€Å"changing something established by introducing new methods, ideas or products. † Just like there is no control where there is no plan, there is no innovation where there is no control. They all rely on one another. After control has been done, feedback is sent back and improvement or innovation is made. But in the complex business environment operating now, innovation just not just come from within the company but from outside the company like from competitors and especially from the consumers due to the rapid change in customers taste, design and fashion. In the diamond manufacture industry, there are many different innovative ways manufacturing diamonds and Sparkle has had the following innovations: 1. The Supercut design Sparkle has introduced the innovative supercut design into the industry: a patented ideal emerald cut, with more than twice the facets of a traditional Emerald – providing unparalleled brilliance and fire. The culmination of three years of research, the supercut gives extraordinary brilliance and reflection and this innovation gives Sparkle competitive advantage in terms of having good designs with extraordinary glittering. 2. Precision cutting Since 2010, Sparkle has brought in a technology of cutting the diamonds using computer software and this cut is so exact that less than 0. 000002% waste is created from diamond cutting. Waste use to be about 0. 5% during diamond cutting and this innovation has caused drastic cost saving making Sparkle to be more competitive in terms of cost. 3. Sparkle offers a wide range of jewelry manufacturing processes, including design, modeling, prototyping, grooving, setting, finishing and meticulous quality control; all featuring our own fine diamonds, and designed for clients’ to sell under their private labels. . 4 The ‘Planning – Control – Innovation’ Cycle. From the above notes, it can be seen that planning, control and innovation work together. Sparkle’s cycle looks like this. Plan Procurement of unrefined stones. Process the stones into fine diamond. Sell and make a reasonable gain. Actual Procurement of unrefined stones. Process the stones into fine diamond. Sell and make a reasonable gain. Control Looks at the difference between what was planned and what actually happened. External Information Customer specific design New tastes and fashion Design from competitors Market Research (R&D) Feedback and Innovation Plan Procurement of unrefined stones. Process the stones into fine diamond. Sell and make a reasonable gain. Actual Procurement of unrefined stones. Process the stones into fine diamond. Sell and make a reasonable gain. Control Looks at the difference between what was planned and what actually happened. External Information Customer specific design New tastes and fashion Design from competitors Market Research (R&D) Feedback and Innovation Figure 7. The ‘planning-control-innovation’ cycle. 6. Changes happening in the diamond industry. * Researchers are on the verge of bringing in new materials which reflect light better than diamond and these materials are stronger and more durable than diamond. But, they will be far cheaper than diamonds and this is going to be a big problem to diamond manufacturers as the demand for diamond will surely drop. An example is synthetic stones. * In response to growing concern over illic it trade in conflict or â€Å"blood† diamonds, the United Nations General Assembly established the Kimberley Process Certification Scheme in 2003. This scheme is going to make sure of the source of every single diamond so as to ensure that they are from a genuine source. This happening will increase the price of diamond because more than 55% of diamonds are from Africa and the mines there are operated by very cheap labor and sometimes by slaves, women and children. The UN will come in and stop this practice thus increasing the cost of labor, working conditions and ultimately the price for diamonds. 7 Quality Management Quality is one of the performance objectives and it is taken very seriously by all organizations because if achieved, may give them competitive advantage. Some organizations rely on quality more than others and the fashion and health industry takes quality as primary considering the fact that people want to look good and in good health. Quality is a matter of perception so what can be called quality for A might not necessarily be called quality for B. According to Garvin (1984), the attributes in quality for a product are: * Performance * Features * Reliability * Conformance * Durability * Serviceability * Aesthetics * Other perceptions Parasuraman et al. (1985), on the other hand listed 5 attributes in defining what is quality of a service? nd they are: * Reliability – Are we always going to get on time delivery? * Responsiveness – Are the always going to respond quickly to our demands and complaints? * Assurance – Are we assured of their competence? * Empathy – Does the organization feel and understand customers’ needs and concerns? * Tangibles – Is the physical surrounding conducive? 7. 1 Qu ality in the Organization But in relation to Sparkle, the best definition of quality is that as per Slack et al. (2009) â€Å"quality is consistent conformance to customers’ expectation† and I will say and even surpassing those expectations. Sparkle uses total quality management as their quality management technique. They look for means and ways to maintain and continuously improve quality at each stage of the production process. All employees meet once a month to discuss on how to improve the organization’s present performance. Books by Deming, Crosby, Juran, Hill and other total quality management gurus are in the company’s library and research department for employees to read and be motivated to contribute into the organization’s performance. All employees are made to know that quality and customer’s requirements being met comes before any other thing. The organization has a suggestion box where employees can write any inspiring idea that comes in mind and this box is emptied every day and read by the research staff and it is summarized and sent to the manager examine. 7. 2 The Cost of Quality Quality has a cost which is like a double-edged sword meaning that good quality will have a cost and bad quality will also have a cost. 7. 2. 1 The Cost of Good Quality This is also known as the cost of quality assurance. Sparkle has a lot of this cost because they are continuously always trying to get better in quality all over the organization so as to better serve customers’ needs. The cost of quality assurance is further divided into prevention cost and appraisal cost. * Prevention cost is the cost of trying to make everything right on first attempt and some of this cost are: * Sparkle does not give a command for precious stones and wait for the stones to come. They go to the supplier’s premises and pick the stones one after the other and not in groups to ensure the best stones are taken. The supplier charges more for this. * The cost of designing the jewelry in a computer automated system and running several checks with other very expensive bespoke software before the design is confirmed. Sparkle trains its employees every 6 months and buys books to update them on new technologies and to keep their skills up and awake. * All employees are taught a wide variety of skills so that if a certain employee is not available to do a specific thing, there will always be another to do it. * Appraisal cost is concerned with controlling quality and this is achieved by testing the process before the product is manufactured and testing the product before it gets to the customer. Some of these costs are: * The cost incurred in testing all equipment, machines and ensuring staffs are fit and able before any diamond is processed. The cost of checking the diamond after manufacture by employees and with the use of a computer aided personalized software which is very expensive to make sure that the diamonds are flawless. * The time spent in testing the diamonds ensuring the pass all the set of test before and after manufacture. 7. 2. 2 The Cost of Bad Quality All organizations including Sparkle wants to evade this cost because it is very dangerous and it can even bring down the entire organization in a blink of an eye. The cost of bad quality is divied into internal failure cost and external failure cost. Internal failure cost is cost incurred before the product reaches the customer. Some of this cost are: * The cost of scrap. Diamonds are very expens ive so any little scrap of badly shaped diamond is worth a whole lot. So Sparkle makes sure the best quality diamond is procured and diamond cutting should be not less than perfect. * The cost of reshaping ill-shaped diamonds and gluing broken once. * The resources lost in repairing diamonds. Labor, machine time, and electricity are used which should have if the diamonds were made right the first time. External failure cost arises after the product has been received by the customer and some of this cost include: * The cost listening to customer complaints and responding to them. * The cost of replacing a defective diamond which a customer has rejected. This can cause the organization a fortune. * The customer might have to take the company to court and the organization will pay a huge sum if the lost the lawsuit. Some compensation may run to millions of pounds and could bring the organization to its end. * One of the most dangerous costs is that which we don’t see. An example is the lost sale and contribution. When a customer is dissatisfied, he will most at times not want to come back and he will discourage a potential customer who will discourage another customer to come to us. Saying all this, quality should be treated like an egg in the midst of rocks. 8 Supply Chain Management 8. 1 Definition Supply Chain is the management of the interconnection of organizations that relate to each other through upstream and downstream linkages between the processes that produce value to the ultimate consumer in the form of products and services (Slack et al. 2010). A supply chain is a holistic network starting from the sourcing of material, through its transportation to the organization’s premises, to manufacturing, to storage and warehousing and finally to consumers. So it is a whole system and it works as one therefore is one part of the chain is broken, the whole system will fall apart and consumers’ will not be satisfied. 8. 2 Sparkleâ⠂¬â„¢s Supple Chain Stage 1 Sparkle’s supply chain starts from the diamond mines in Africa which produce more than 50% of total diamonds to mines in India, Russia, Canada and Australia. The mines usually dug very deep but the deepest diamond mine runs for about 160km passing through sand, rocks, and gravel to be blasted drilled, crushed and processed. It should be noted that only 20% of diamonds from mines can be polised and used for jewelry; the rest is used for industrial use. The stones picked here are very rough still with no beauty (see figure 10). Stage 2 Companies and independent buyers go to these mines and buy the rough stones from the mine owners and take them to their premises for processing. These stones are then processed to make them a little bit more presentable so that diamond manufacturers can then buy them and further process them into diamonds. Diamonds at this stage looks like that in figure 11. Figure 8: Trapping stones to look for diamonds in an African mine. Source: Figure 9: A typical unprocessed diamond. Source: Figure 10: Unprocessed diamonds directly from the mine. Source Figure 11: Diamonds which have been slightly processed. Source: Stage 3 Sparkle buys the diamonds in fig. 11 and examines them with the use of a computer aided personalized software. After a series of checks, rejected diamonds will be sent back to the suppliers and the good ones will be cut into different shapes so as to give the greatest value. After cutting, the diamond goes through computer aided software to confirm its perfection and after this, it is polished and cleaned. Sparkle will also buy what the diamonds are going to be fitted on because people will scarcely buy a chunk of diamond. Diamonds are usually fitted on rings, pens, earrings, belts and many more (see figure 14). These things are usually bought from top manufacturers with good design and quality and they are usually very expensive. Figure12: Diamond cutting in Sparkle. Source: Figure 13: Diamond polishing in Sparkle Source: Stage 4 After polishing and the diamond have an unblemished shine, shape and color, it is then taken by the customers. Some of the customers ordered just a few and sometimes even just one special diamond while other big customers like jewelry shops order bigger quantities at ones. It is either Sparkle delivers the diamond to the place agreed by the customer or the customer comes to the organization’s site on an agreed date and after a phone call to pick up the diamond. The supply chain ends after the diamond has reached the customer. Figure 14: Finished diamond ready for the customer. Source: Figure 15: Diamonds bought by jewelry shops. Source: The Mine The Cutting Company Polishing Customers Jewelry Shops Manufacturing The Mine The Cutting Company Polishing Customers Jewelry Shops Manufacturing The supply chain of Sparkle is a good and effective. Its success can sometimes be attributed to the information technology they use. They use the Enterprise Resource Planning (ERP) system which brings in data from all sources and this is used to know when suppliers have diamonds and the variouse categories, to know when jewelry shops are running short of iamonds, and many more (all discussed in chapter 9). Figure 16: Sparkle’s Supply Chain 9 Information Systems As seen in chapter 1, â€Å"Operation Management is the activity of managing the resources which produce and deliver goods and services† (Slack et al, 2010). For these activities to be properly managed, it needs the help of automated process and compu ter aided techniques. Information systems are found throughout an organization and if used well reduce costs and can be a source of gaining competitive advantage. 9. 1 Computer Aided Techniques Sparkle uses information systems in many ways in its business. Listed below are some specialized computer aided programs used. 1. They use Computer Aided Process Planning (CAPP) which gives an optimum layout of the cutting steps and their sequence (this is different for different diamonds). There are many diamond cutting machines and they all have different cutting styles and they are operated by specialist in the different cutting sectors. So the CAPP examines a diamond and gives different possible steps on which machine to use first and which not to use so as to minimize waste and give the diamond the best possible cuts so as reflect light in an optimal way. 2. They use Computer Aided Designs (CAD) to design the shape of diamonds on a computer and finished diamonds can actually be seen even before processing starts. If an error is made in the design, it can be corrected but this could have been impossible without CAD. 3. The also use Computer Aided Engineering (CAE) which takes the drawings and designs from the CAD and test them for perfection. Different test are administered and the flawlessness of a diamond can be confirmed even before manufacture. 4. Automated Material Handling (AMH) system is also used. Diamonds are very expensive and so care must be taken at each step. The AMH system improves efficiency in diamond movement, storage and retrieval. 5. The Laser Security System (LSS) is used where diamonds are kept be it rough stones, semi-processed diamonds and fully processed diamonds. Invisible laser rays crisscross the diamonds and it needs a password to be deactivated. Only top managers have the password and the password of each of them is different making it easy to know who accessed the diamond safe. If someone tries to pass through the laser rays, it can kill or paralyze them and the security alarm is automatically triggered and an automated call goes to the nearest police station. . Security Camera Systems (SCS) make use of Closed-Circuit Television (CCTV) at all times to monitor the whole building especially where inventory is held. 7. The Inventory Control System (ICS) gives detail information about each diamond rough, semi-processed or fully processed held in inventory at any point in time. Management must no go into the safe to see what t hey have in stock because the ICS does it all. This system is also used online to make customers see the diamonds, its specification and all other relevant information. Figure 16: The CAD system used to design a blue diamond. Source: Figure 17: The virtual version of the diamond in fig 16. Source: 9. 2 Pros and Cons of Information Technology (IT) IT is a very necessary tool in any organization be it a big or a small one. IT has advantages and disadvantages. They are listed in Appendix D including ‘Why IT cannot replace Human Beings’. 9. 3 Information Systems ‘Information system can be defined as a set of interrelated components that collect, process, store and distribute information to support decision making and control in an organization’ (Laundon & Laundon, 2006). Most organizations use some form of computer-based technology to accumulate, organize and distribute information’ (Ted, 2011) and Sparkle is not an exception. They use a set of interrelated information systems. 9. 3. 1 Transaction Processing System (TPS) This system is used to account for day by day transactions of Sparkle. It records all sales, purchases, expenses, income, tax, bills paid, equipment bough t and all other transactions performed by organization. This system is also used to account for employee’s attendance, absences, pay, overtime, bonuses, remuneration, and all other things concerning the employees. . 3. 2 Supply Chain System (SCS) This system deals with customers and suppliers. It monitors the stock in the jewelry shops so as to know when to give the shops an offer. It monitors the stocks which are demanded more and those demanded less so as to know when to produce. It tracks frequent and valuable customers and grades them into groups so as know how to give discounts. This system also monitors the stock in the cutting companies. It looks at the new stocks and compares price side by side quality so as to know which supplier to order rough diamonds from. 9. 3. 3 Knowledge Management System (KMS) In Sparkle, all manufacturing processes are recorded and stored in the KMS. Any ideas gotten either by inspiration, customer’s requirement, employees’ suggestions or business intelligence are stored in the KMS for future use. Sparkle is said to be very innovative and has this edge over its rivals because of its mastery of the KMS. When a new employees is recruited, he has 2 weeks probation where he is taught how to operate in the organization and how processes function. Before the implementation and use of the KMS, probation was 3 months so this system has greatly reduces learning time. 9. 3. Management Information System (MIS) This system takes all the information from the above systems and summarizes them into financial statements and reports. It is used by management to make decisions on how to run and control the business. 9. 3. 5 Decision Support System (DSS) This system looks like an advance of the MIS. It takes data from all sources (internal and external) and su mmarizes them for top management to make decisions on the long term plans of the organization. Information from this system appears as statements, reports, charts, graphs, ratios, statistics and trend analysis. . 3. 6 Enterprise Resource Planning (ERP) This can be called the overall system. It takes information from all sources of the organization and brings them together in one large database. From there, required information is taken out and implemented or used to make decisions in Sparkle. It should be noted that all other systems deposit their information in ERP. Figure 18: Example of ERP. Source: LSBF MBA Intake 14, SOM Lecture 3, Session 9, Slide 34. 9. 6 Intranet and Extranet Sparkle uses intranets to deal with its employees and management. Staffs all have a particular passcode which the use and your code depends on your position within the company. Some passcodes can access some areas which other codes can’t. They also use extranets to communicate and share information with customers, suppliers, some competitors and the government. This system is more secured and less vulnerable to attacks as compared to the internet. 10 Job Design It is said that the blood stream of any organization is money and I will say the skeleton holding an organization and making it stand up straight is its workforce. An organization manages resources so as to be able to deliver acceptable goods and services to its customers and one of these resources is its workforce. An organization’s workforce is its most valuable and the most complicated of all its resources because unlike other resources, humans have a mind of their own. To be able to deal with human beings, you must know what they like and this is different for different people but these needs though different are similar. In providing this, it motivates the employees and when motivated, they produce better output eventually yielding higher profits, quality and flexibility. 0. 1 Motivation Motivation is the urge to take action to achieve something or to avoid something (BPP, 2010). Motivation can either be intrinsic (wanting to satisfy an internal urge like being happy to be able to help others) or extrinsic (reliant on tangible rewards like money, fame and power). Continues in Appendix E. 10. 2 Empowerment This is the act of delegati ng work to employees making them feel more superior because of the added responsibility and new accountability. This is good motivation for many employees. ‘Job design is about how people carry out their tasks within a process. It defines the way they go about their working lives. It positions the expectations of what is required of them, and it influences their perceptions of how they contribute to the organization. It also defines their activities in relation to their work colleagues and it channels the flows of communication between different parts of the operation. But, of most importance, it helps to develop the culture of the organization – its shared values, beliefs and assumptions’ (Slack, 2009). In designing any job, the following have to be put into consideration. * Safety. Jobs should be design in a way that it will bring no harm to the employee be it physical, psychological, mental or emotional harm. Workers in the mines especially those in Africa are exposed to a lot of risk and still earn less than the minimum wage. The mine owners wanting to make more profits cut down on cost by reducing expenditure on employees’ safety. The employees of Sparkle all have safety equipment like hats and new ideas are being implemented to make the process safer. The organization has also fully insured its entire staff. * Legal and Ethical Issues. Jobs should be design in such a manner that those doing the job will not go against the law or their code of ethics. * Own time. Job design should create time for the employees to catch up on something other than work. For example visiting new places, being with their families or performing other social activities. Employees working in the mines have little of this, but Sparkle’s employees all have right to a paid holiday and taking permission to be out of work if the need arises. * Employee’s Ability. An employee’s ability to do the job or a range of task should be considered before designing the job. For example; only heavy built men carry cargo from the trucks into the warehouse because of their physical ability to carry heavy weight unlike their colleagues. * Wage and Benefits: In designing any job, the wage and benefits to be paid for the job should be considered if not the employee can be over-paid or under-paid for the job. 10. 3 Division of Labor Unlike traditional production approaches that stipulated that one person should know everything in the company so that he can serve any function, Henry Ford came in with the idea that one man should only know one thing and should be an expert in that thing. He suggested that with specializing in a particular function, the whole organization will be specialized and will give the best quality goods and services. So jobs should be broken down into smaller portions and given to different individuals who will specialize and bring forth quality cost-effective products. 10. 3. 1 Advantages of Division of Labor (Slack, 2009) * It is easier to learn. Short and simple tasks are easier to learn compared with long and complex tasks. This will be very advantageous when training new recruits because training will take a shorter time and it will be better mastered. Automating. Short and simple task are easily automated as compared to long and complex task. * Time. More time is spent on one long task compare to time if that task was broken down. This extra time is as a result of picking different tools up and putting them down, looking for equipment, thinking of what to do next etc. 10. 3. 2 Disadvantages of Division of Labor (Slack, 2009) * Monotony. The same small task will be repeated every hour, week, month and year. This will make the job boring and less fulfilling thus resulting to absenteeism, staff turnover and errors. Over-reliance. If one employee is absent, no other will be able to perform his duty and this may bring the whole production process to a halt. * No flexibility. Employees let to do one particular thing over the years turn to lose the skill of being able to learn another thing. So if the production process was to change, many employees will not be able to cope with learning how to perform a new task. * Physical Injury. The repetitive use of one part of your body let’s say arm or wrist will in the long run cause pain to that part. This is known as Repetitive Strain Injury (RSI). Sparkle teaches their employees a wide range of task during their probation but the employees are assigned to do just one thing when they fully start work. Teaching them a wide range of task is to expose them to the processes of the whole organization so that they can contribute ideas in the development of a department or process which does not involve them. Another reason for giving employees holistic training is to make an employee being able to do an absent employee’s work. This tactic was also implemented because the organization did not want an employee to feel indispensable. 0. 4 Job Design Approaches In coming out with a good job designing, the following approaches should be implemented:- 1. Job Simplification: The organization tries to the range of task and their complexities. Polishing diamond use to be a very complex task at Sparkle but with the introduction of DiamondShines TM a specialized software where diamond polishing is programmed with exact details. 2. Job Ro tation: This is periodically interchanging employees performing different task to do the task of the other. Sparkle does a lot of job rotation and this makes the employees’ job more exciting. Job rotation is successful in this organization because they train their employees to perform a number of task but if division of labor was strictly implemented, this approach could have been impossible because employee A will not have a clue of employees B’s task. 3. Job Enlargement: This involves integrating same level tasks to the ones already performed by the employees to make the job more exciting. This is not practiced in Sparkle. 4. Job Enrichment: This involves integrating different level tasks to the ones performed by the employees. The new tasks are usually higher level tasks giving employees more responsibility and decision making power. Sparkle once a week picks an employee randomly and gives him the power of a supervisory manager so as to see the changes and innovations he is going to bring to the organization. Sparkle also makes employees work in small teams and the organization creates a competitive strain amongst the teams. The competition amongst the teams brings a lot of hard work, efficiency and effectiveness.

Warren Buffet and the Company

Relation between   Selected from Financial ReviewWarren Buffet, CEO of Berkshire Hathaway, is one of the most successful investors and business executives of all time. He has invested in many industries which can be seen in the following figure:Figure 1: Warren Buffett's Portfolio (Source: gurufocus, 2018)From the above graph, we can see that the sectors that Warren Buffet has invested are quite similar to the sectors that we have selected. Buffet has invested most (i.e. 42.6%) on the financial services. Likewise, we have also selected one of the companies from the financial sector i.e. National Australian Bank. In terms of their value of ordinary shares using PE ratio valuation model, we have ranked National Australian Bank on the third position as per our desirability to invest. Similarly, in the above table, we can see that Buffett has invested 23.4 % of their investment in consumer defensive product. Likewise, among ten, two of the companies that we have selected are also from consumer defensive sector i.e. Woolworths and Coca Cola. Like everyone, we very well know that Coca Cola is the favorite stock of Buffett. Frankel (2017) also indicated that the company of Buffett i.e. Berkshire Hathaway owns US 16.7 billion dollar worth of share of Coca Cola, making this company the third largest stock investment of Buffett. In the above figure, we can also see that Buffett has invested 4.3% on the energy sector. We have also selected three companies from the energy sector and ranked the AGL Energy on the top list of our desirability to invest as this company has got the highest value of ordinary share from PE ratio valuation Model. Since real estates and EFT, options, preferred are the least invested company as per the Warren Buffett's portfolio, it seems we are quite similar in that field, as we also have not chosen any companies from those sectors. 5. Comparison between Warren Buffet's Approach and Share Valuation Techniques used in the ReportWarren Buffet uses various approaches to estimate the value of shares, such as, earning yield, historical earning growth and sustainable growth. Buffett uses earning yield approach as it represents the rate of return which can be used to compare with other investment more quickly. Buffet normally compares the earning yield of a company with long term government bond yield and selects the one which earning yield is near to the government bond yield. In terms of historical earning approach, Buffett project the annual compound rate of return on the basis of historical earnings per share increased. The next approach of Buffett is based on the sustainable growth rate model where he utilizes the average rate of return on equity and average retention ratio so as to calculate the sustainable growth rate (Bajkowsi, n.d.).Sustainable growth model approach of Warren Buffett is similar to one of the share valuation techniques used in week 6- Chapter 10 i.e. P/E ratio valuation model. It is because, according to Bajkowsi, the sustainable growth rate is utilize to estimate the book value per share in year ten and earnings per share can be measured in year 10 by multiplying the average return on equity with the projected book value per share. Then, estimate earning per share is multiplied with average P/E ratio to get the future price. Therefore, we prefer to use the P/E ratio valuation model because it is also one of the approaches used by the best investor of the world, Warren Buffet. 6. RecommendationIn terms of company, it is very wise to invest in AGL Energy Company as this company has the highest value of ordinary shares from P/E ratio valuation model compare to others. In terms of approaches and techniques regarding share valuation, it is wise to go for PE ratio valuation model. When making the investment decision, it is very useful to follow the techniques and approaches used by the best investor of the world, Warren Buffett, as his experience, techniques and approaches can be very well utilized to select the best investments.7. ConclusionTherefore, in terms of investments, we have come to conclusion that we will be investing in AGL Energy Company as it has the highest value of ordinary share from PE ratio valuation model which is also highly utilized by Warren Buffet in terms of his share valuation. Warren Buffet is one of the best valued investor of the world, thus, it is very wise to follow the approach and techniques used by the Warren Buffet. Warren Buffett has invested most on the financial and Consumer defensive sector, thus, apart from AGL Energy, the companies that have occupied the second and third position in terms of our desirability to invest are Woolworths and National Australia Bank. Though there are various share valuation approached used by Warren Buffet and mentioned in our week 6-chapter 10, we prefer to use PE ratio valuation model as this approaches also helps to compare the prices of the firms in the same area of economy (Kennon, 2018).

Forms of Media Table Essay

There are many kinds of media available for use in a presentation. However, each type of media has benefits and drawbacks. After reviewing this week’s reading, complete the table related to various forms of media used in public speaking. Form Benefits Drawbacks Objects Using objects can show off great techniques and examples of what you’re talking about. They can also be used to have live demonstrations for your topic It can be distracting if it is too large and unable to show off successfully to the audience. Models Can be used to demonstrate things to the audience without the presenter the speaker being distracted trying to do it themselves. Models can be distracting especially if they are not familiar with what they are supposed to be doing. Photographs They can help provide an exact depiction They can be harder to enlarge Drawings You can highlight exact areas and add labels to the drawing to point out specific parts and their names They can have inaccuracies depending on the skill level of the drawer. Graphs Great for showing large amounts of statistical data Can be confusing if the wrong type of graph is used for a specific amount of data Charts Used to show the relation of percentages and proportions Charts can get easily confusing for audiences if they are not large enough or they are too busy Transparencies These can be lit up and brought up on the screen to use as references for a speech presentation They are old school. It requires the correct equipment and can be hard to read at times if there isn’t room to make larger and legible. Videos These are useful whenever it will show a better example than other forms of multimedia to present the point to the listeners When they are unclear, hard to see, or hard to understand it will work against your presentation and can muddy water Multimedia presentations They work great to hold the attention of the listeners as long as it is well mended and unified It can be especially distracting if your media is all over the place and confuses the audience during the presentation Speakers Can be a great visual aid for actions and movements It can be distracting Others It can be useful to use other sources besides electronic ones. Such as marker boards, flip charts, and printed photographs or handouts. This will draw your audience’s attention by attracting different senses. This is a drawback if your presentation is too busy and has too many things going on. Ensure the presentation mends well and remove anything that sticks out and does not fit well with the rest of the material.

Strategy Essay Example | Topics and Well Written Essays - 500 words - 6

Strategy - Essay Example Waterstones’ current market position faces huge challenges from various external and internal elements. Indeed, the way it responds to the adverse market conditions becomes the key enabling factor of the firm to gain competitive advantage. The recent changes in trading environment with increasing popularity of e-commerce and online shopping, Waterstones needs to evolve and compete on new dimensions. Advent of computers and internet has considerably widened the area of business. While it has provided the firms with huge opportunities worldwide, the new cyber platform has also made it hugely competitive. The companies must evolve and develop strategic initiatives to compete on unique capabilities that meet the challenges of time. Waterstones has already introduced online shopping and provide online customers with huge choice of books. At the same time, its various outlets across the globe have facilitating environment that encourages reading. Porter (1996) believes that leadership initiatives are major facilitators that help sustain a firm’s success through hard times. Through strong leadership, Waterstones was quick to embrace technology and make its online presence. The technology has helped it to expand its customer base across wider geographical areas and at the same time, facilitated easier access to books to its customers. Strategic action plans need to be dynamic to encompass micro and macro environment changes to maintain competitive advantage (Montgomery, 2008). They not only encourage speed and flexibility but also ensure that customers’ requirements are met timely and efficiently through evolving process of developing effective linkages. Indeed, on an average, Waterstones bookshops keeps a minimum of 30,000 individual books and help the customer to get his/her preferred product through online search and ensure availability of the same within defined time limit. This is key element of the firm’s value proposition that has enabled it to

My Style Shoe Store Essay Example | Topics and Well Written Essays - 1500 words

My Style Shoe Store - Essay Example Starting off the store would just be a one brand store because of high customization that is available for the customers there hardly is a need to develop alternative shoe brands, this is so because different brands are made to cater to different segments of society and people but when people can choose the material, design and design that the shoe would consist of there hardly exists a need for having multiple brands of the shoe. In addition to this just having one brand while starting off would make it easier for the store to publicize its uniqueness and would make it easier in terms of costs and marketing activities plus it would be easier for the brand to cut through the clutter of different brands by different companies and hence it would prove very beneficial for the store in the early stages of its development in the market on the whole. In today’s environment it is very important for any upcoming business idea to be unique so that it is able to differentiate itself from the existing brands in the market just not for the sake of differentiation but also because there are market leaders that would not want the market to be penetrated by new comers and hence uniqueness is the answer to the stifling competition that every company faces in this modern day era. What better way would there be to cut through this clutter than the use of technology and at that state of the art technology to cut through the competition and hence the idea of a store where customers are given the maximum customization opportunity- your shoe, you design it! This is the basic theme of the endeavor that we have in mind. The finances for this store have been made through individual contributions made by the partners as well as funding through bank loans because the technology that had to be used in the store had to be specially developed an d hence was costly but this kind of technology has been patented

September 11, 2001 and the Global War on Terror Essay - 1

September 11, 2001 and the Global War on Terror - Essay Example Further, the fruits of war are important for the businesses which profit from it at the cost of human lives which are wasted because of it. The evidence for this comes in the shape of reports, the government’s official statements and the historical record of the time which shows that Americans had been given a different story from what the ground realities actually were. It certainly makes a person wonder that even though the government tells us that we are winning the war on terror and that everything is fine with the world today, it may not be so in reality. What we know to be true may not necessarily be the facts of the matter and we could still be led astray by what the government and the media would have us believe. For example, even from the historical data that we have, we have always been told that America stands for democracy and that it stands for the freedom of all people. However, when it comes to imperialism and global domination through the use of military power, the sheer number of American army bases around the world paints a completely different picture. America does not appear to express the sam e ideals in deed which it supports in the shape of words. In conclusion, it becomes easy to say that the American government may not be working towards the interest of the American people but in fact could be working towards maintaining the interest of the American corporations which support the government. Further, political objectives and political motivations seem to be far more important for the people who rule our country rather than any ideological belief for supporting democracy and upholding what is right. However, this may not necessarily be a bad thing since the government and their actions from the past have only shown us that they are pragmatic enough to realize that words which sound nice are only good for speeches. Actions which are geared towards securing

'Prior to 1850, inter-ethnic relations among Asian populations were Essay

'Prior to 1850, inter-ethnic relations among Asian populations were marked by cultural stereotypes and occasional hostility, b - Essay Example Firstly, one can consider the roles that economics and business played in the context of colonialism. At the root of this, there existed the profound desire to profit and benefit from the riches that could be extracted from around the globe. Within such an understanding, one can see that colonialism was fundamentally a means by which the colonial powers sought to better themselves, the nation, and their respect and prestige. One might argue that racism is therefore not the motive by which colonialism was able to spread its influence. However, must consider the fact of what specific mindset stimulated colonialism in the first place. Ultimately, there was the idea that other non—white populations were of little to no value and therefore could be exploited without any moral dilemmas. Thus, slavery, genocide, rape, and the deprivation of wealth and culture could be precipitated by the colonial power with little concern regarding how the actions might affect the indigenous populati ons. In such a way, the understanding that colonialism was ultimately and primarily an economic system that shows aspects of racism, begins to unravel (Chambers). Due to the fact that such a system cannot and would not have existed had there not been a profound level of racial superiority in the first place, it is the understanding of this author that the economic explanation and definition of colonialism is ultimately only part of the explanation. Secondly, for those that might be tempted to view Hirschman’s argument that colonialism was solely defined by race, it can and should be considered that the racial understanding, with regards to how Europeans integrated with the subjugated populations, differed widely based upon who the colonial ruler was and what geographic/ethnic communities they might be integrating with at the given time. Although it may be convenient to assume that colonial rule was undifferentiated, racist, xenophobic, and uniform throughout the entire world, the fact of the matter is that there was a varying degree of severity, cruelty, and respect- or disrespect, existed depending on the context. For instance, when one compares the means by which the British colonial powers integrated with and dealt with their Indian colonies, this cannot be compared with the way that they dealt with some of their African holdings. The same can of course be said with regards to the means by which the British managed and integrated with their Caribbean holdings as well as their Asian and Southeast Asian holdings. Within these areas, it was common for the British to enslave and impress the natives and various levels of servitude, such actions were not necessarily common within other colonial holdings. Evidence of this is of course seen across the board with relation to how the British interacted with every single one of their colonial possessions within Asia. Whereas colonial treatment was nominally better in sectors of mainland China and certain parts of India, the enslavement and use of the population as coolies in the majority of Asian colonies was uniform and a pervasive tactic of British and other European powers colonial method of operation (Bradley, 2004). Evidence of this can of course be seen with relation to

Assignment Example | Topics and Well Written Essays - 2250 words

Assignment Example The santa factor may bind to its specific receptor in the cytosol or on the nuclear membrane. This causes the formation of a receptor-ligand complex that then acts as an effector molecule on the DNA (transcription factor or co-factor). This is basically transcription regulation. Several pathways can be implicated. They include; acting as specificity factors, repressors, activators or enhancers. Taking that the santa-receptor complex acts as a repressor for gene transcription; this complex may bind to the operator portion of the DNA and prevent the DNA polymerase from transcribing a specific gene, or genes. In the given case, the gene coding for FuIL protein will not be transcribed. The result is that no mRNA is formed, and subsequently no synthesis of the protein. Alternatively, it may act as a post translational modifier. Here, it will modify the folding structure of the FuIL protein, and subsequently lead to the ‘exposure’ of the degron on the protein for action by ubi quitin conjugating enzymes E1, E2 and E3. Combinations of different ubiquitin-conjugating enzymes and other factors constitute other pathways of the ubiquitin system, each of which conjugates a specific subset of proteins. There is some evidence that certain sequence elements and structural motifs of target proteins are degradation signals which mark them for ubiquitination by a particular model of the ubiquitin system and for eventual degradation. When looking at the santa factor as a direct promoter of protein degradation, it may diffuse into the cell and bind to the FuIL protein (like an enzyme-substrate complex) causing a conformational change in its structure that exposes the normally hidden degron. As a ligand, it may also bind to a receptor that catalyzes the phosphorylation forming a phosphodegron which is specific to certain multiunit ubiquitin ligases. An example would be a serpentine receptor. The serpentine receptors are coupled to a plasma membrane phospholipase C that cleaves PIP2 to diacylglycerol and IP3. By opening calcium channels in the endoplasmic reticulum, IP3 raises cytosolic calcium. Diacylglycerol and calcium act to activate protein kinase C, which phosphorylates and changes the conformation of the protein. This may be exposure of the degron. This then leads to facilitated function of ubiquitin and proteasome complexes that target and destroy specific proteins. Polyubiquitin tagging of proteins (ubiquitin attachment site in proteins is commonly a lysine side chain) by specific enzymes (E1,2 and 3) provides the major source of selectivity in the process of degradation, whereas the 26S proteasome complex performs the protein unfolding necessary for cleavage of the ubiquitin tagged proteins. This also provides an avenue for selectivity for the FuIL, as the E3 may bind to the santa, become allosterically modified and thus become specific to the FuIL. Such a mechanism is evident where the growth-regulating plant indole auxin binds to a spec ific E3 ligase, and forms part of a protein-binding interface that allows high-affinity interaction with specific protein substrates. (Sharon M) ii) Santa Response Element. The santa response element acts as a secure site for binding of RNA polymerase and the required transcription factors such as the SREB. It thus acts as an operator for the operon in question. The SREB molecule requires transport into the nucleus so as to exert

Internet Law Essay Example | Topics and Well Written Essays - 3750 words

Internet Law - Essay Example Before embarking upon the topic under study, it would be advisable to precisely define intellectual property. The term intellectual property simply refers to the assets that are the outcome of the intellect or ideas of an individual or a group of individuals, which solely belongs to the author or the individual on the one hand, and the organisation to whom its rights have been sold or delegated by the individual creating the intellectual property, and these types of intellectual property can either be tangible or intangible. The term Intellectual Property (IP) reflects the idea that its subject matter is the product of the mind or the intellect.'These could be in the form of Patents; Trademarks; Geographical Indications; Industrial Designs; Layout-Designs (Topographies) of Integrated Circuits; Plant Variety Protection and Copyright.'1 Intellectual property act 1994 has determined two major types of intellectual property, which include i) Copyright and ii) Industrial property. Copyright consists of sections of art and literature including prose work, poems, lyrics, drama, novel, narrative, thesis, presentation, articles, essays, broachers, film, paintings, sculptures, drawings, photographs, musical tones and songs, printing material, publications, architectural and audio-visual works. Rafique defines copyright in these words: "Copyright is given to the first producer of a book irrespective of the fact whether that book is wise or foolish, accurate or inaccurate, or of literary merits or no merit whatever". 2 Modern technology has given a go to the introduction and implementation of new laws in order to settle the problems and issues appeared on the basis of information technology. The use or misuse of such property without the prior permission of the creator of the intellectual property is strictly prohibited under the intellectual property act. Intellectual Property Act aims to protect the rights of the owners and creators of the property and assets. The World intellectual Property Organization defines intellectual property in these words: "Intellectual property refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce." 3 Almost all the organisations whether large of small, national or multinational, and industrial or artistic develop logos, draw designs and introduce some specific names that serve as the identity mark of the company. Intellectual property is the identity mark of an individual, a company, an organisation or an industry, over which the creator contains complete and unconditional rights. The same is applied in respect of domain names and other rights created in the aftermath of technological advancements and hi-tech revolution. The statute of law provides protection to such property in favour of the originator, and claim over this type of property without referencing to the devisor is against the statute of law and liable to be punishment. Copyright Act, Trademark Ordinance and Patents Ordinance provide protection to

Pricing of derivatives on mean-reverting assets. Are stock prices and Essay

Pricing of derivatives on mean-reverting assets. Are stock prices and returns are mean reverting or not - Essay Example 15 3.6 Data Analysis Methods †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 16 3.7 Summary †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 16 CHAPTER 4 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦. 17 FIGURES †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 4.1 Definition of mean reversion stock prices †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦.. 17 4.2 Permanent and transitory price com ponents †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 4.3 Properties of multi-period returns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦... 18 4.4 One-period returns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....†¦..†¦. 19 4.5 Multi-period returns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20 4.6 Higher-order AR model †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.... 22 4.7 The relation between mean reversion and covariance stationary †¦...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 23 CHAPTER 5 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 25 5. Mean reversion and mean-variance efficient portfolios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 25 5.1 Outline †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 25 5.1.1 Expected returns and volatilities of stocks and bonds †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 25 5.1.2 Correlation between stock and bond returns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 26 5.1.3 Risk-free yield curve †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 26 5.1.4 Variance ratio of permanent and transitory returns †¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦.. 26 5.2 The role of the variance ratio... Although the mean-reverting price process defined later by Equations (1), (2), and (3) may seem restrictive, they are more general than is apparent at first sight. This generality explains the model’s suitability as a tool for describing the mean reverting behavior of stock prices. To allow the price process to be consistent with the efficient market hypothesis, the random walk should lie nested in the specification for the stock price (Frankel, 1995, 140). This explains why the permanent price component in the first equation lies chosen to be a random walk. The price process in Equation (1) follows a random walk for à ¸= one, but deviates from the efficient market hypothesis for zero A seemingly more general specification defines zt with regard to the first equation as a covariance-stationary, mean-reverting process with mean 0.But every covariance stationary series can stand written as a moving average (MA) process of infinite order. If the MA process is invertible, it can be written as an AR process of infinite order, which brings us one-step closer to our AR (1) process. The only restrictive aspect of the first-order AR process is its order. We may therefore want to consider a generalization of the previously considered mean reverting price process by relaxing the assumption of a first order AR process for the transitory price component. Instead of an AR (1) process we could assume an AR (p) process as approximation of an AR process of infinite order, for any p= one, 2†¦ (Bekaert, 1999, 65).

Culture Paper 2 Essay Example | Topics and Well Written Essays - 1000 words

Culture Paper 2 - Essay Example It is important to study the culture to evaluate different believes and relates them to the human service field. Cultural components are essential as they define the manner in which people interracial. Interaction is encouraged but some limits are placed to allow certain members of a given community to act in accordance to cultural expectations. The rituals and beliefs within a given community are essential as they bring synergy while at the same time act as means of identify. Defining the cultural spaces could be done in an effort to evaluate a given setup and apply models that would be acceptable in the community. The cultural misunderstanding is major undoing in the field of human service. Understanding the immediate environment is essential as it allows proper planning and application of certain models. The essay will concentrate on cultural practices and beliefs among the Mapuche‎ in Chile. The aim would be to discuss the cultural components in relation to the Human service. The moral and ethical components are derived from culture. Beliefs and practices are aimed at ensuring the ex ternal and internal environments coexist. The Mapuche‎ culture bases on moral and ethical components. The unifying component in this culture is their preservative nature. The cultures are taught throughout the generation. According to Ladio and Lozada (2006), the father in this culture is tasked with ensuring his family is united and that core values are protected. According to the author, the family is made up of the father and other members of the extended family. The females within this culture are placed lower within the ranks (Ladio & Lozada, 2006). The female gender is less involved in matters decision making. The power of the male gender is visible in meetings and other gatherings. During family disputes, the males are actively involved in resolving conflicts. The elders conduct the mediation processes in the Mapuche‎ Culture. The male dominated

My Chosen Ethical Framework Essay Example for Free

My Chosen Ethical Framework Essay In the field of Human Services a worker is faced with ethical dilemmas on a everyday basis. In some cases,a client may want to make choices that may not be in their best interest. As Harry and Mahoney (1999) stated the paramount goal of human service workers is to enable people to live more satisfying,more autonomous,and more productive lives, through utilizing societys knowledge,resources,and technological innovations. However, this is not always an easy task. The NOHS preamble states â€Å"Characterized particularly by an appreciation of human beings in all of their diversity, human services offers assistance to its clients within the context of their community and environment. Human service professionals and educators uphold the integrity and ethics of the profession, partake in constructive criticism of the profession, promote client and community well-being, and enhance their own professional growth. (Ethical standards for, 1996) However, as we look closely at this preamble we can see that it may cause its own ethical dilemmas especially in the field of addiction. What choices does a addictive professional make when the community and environment that the client lives in is filled with drugs,violence, and crime. It is not unlikely, for an addict to seek help,having no support because family has lost all trust, being poor, vulnerable,and depressed. They may not see anyway out of an abusive relationship and may have even contemplated suicide. They may be a single parent or both partners are using with the child in the home. It is in these circumstances that they do not have the self determination to make the right decisions. While the client has the right to self determination, the counselor has a decision to make like suggesting hospitalization or if there is children living in the situation contacting D. S. S, which violates the clients confidentiality. According to W. D. Ross we are faced with conflicting Prima Facie duties, because of the harm one is doing to themselves or others, we now have a legal duty to report it and violate our clients confidentiality, privacy and intervene for their own safety or the child’s. Therefore Locus-Aggregative Utilitarianism theory,under Teleology could be the only solution for me, because I agree with the philosophy of â€Å"maximizing the greater good amongst greater amount of people†. By using this ethical framework I have now protected the client or the child by removing them from a harmful situation, protected myself and I have protected my agency from legalities. In fact, it is this theory in which I try to live by in my everyday life. I have been married for over 16 years and have 3 children. I always teach my children that their actions they take affects not only them but the community as well. The community may be in the house or in society. To always look for the greater good in everything they do. I have been known to take people into my home because it benefited them. Of course, things didnt always work out right but it still didnt stop me from doing the greater good,So I am definitely, Locus-Aggregative in which maximize the greater good amongst greater amount of people and I dont see me changing these values as I enter into the field of addiction. I would also state that I would follow by Act Utilitarianism because I believe it is important to violate my clients confidentiality in order to protect them,their child, the agency, and myself. While I may lose their trust, if they receive the help they need then then I have done the greater good. Therefore, the preamble to follow the teleology would be as follows â€Å" Human Services is to provide the most good with the least harm to the client and all those who have been affected by their disease, offer assistance to its clients within the context of their community and environment (NOSH) when there is the least harm† â€Å"Addiction professionals,licensed/certified treatment providers,recognize that the ability to do well is based on an underlying concern for the well-being of others. This concern emerges from recognition that we are all stakeholders in each others lives the well-being of each is intimately bound to the well-being of all; when the happiness of some is purchased by the unhappiness of others, the stage is set for the misery of all. Addiction professionals must act in such a way that they would have no embarrassment if their behavior became a matter of public knowledge and would have no difficulty defending their actions before any competent authority.

Analysing The Virtue Of Patience Philosophy Essay

Analysing The Virtue Of Patience Philosophy Essay In today s fast paced world, where things happen with click of a button, we are growing inpatient. Gone are the days when people were patient enough to wait for days for the computer to produce the results, today we expect things to happen at speed of thought. We want success, money, happiness instantly without waiting, but alas! Ask any successful person and you will know the virtue of patience. Ancient wisdom like Bhagwat Gita has recognized importance of patience through quotes like Little by little, through patience and repeated effort, the mind will become stilled in the Self. If we examine our self as a part of nature we will realize that even nature creates change very slowly and is extremely patient. Ralph Waldo Emerson perhaps said it best in one simple line:Adopt the pace of nature, her secret is patience and that patience can improve life and bring it closer to perfection if you understand nature and work with it patiently. Nature exhibits patience in various forms. For example: considering the growth of seeds into trees- when we plant a seed and water it, it slowly turns into a flower and then into a fruit. The seed had to be planted, watered, and then be given time to grow into what it is meant to be. Without prior efforts and in absence of planting or watering or the nurturing the seed would not have sprung above the surface. It could not develop into its current form without all that patience, time and efforts. In order to be able to achieve success or any goals we set we have to practice patience. Patience is different from waiting. instead we have to do the work first, lay the foundation, plant the seed, make sure the soil is right prepare get ready and then wait for all the elements to come into place before making the right decision that will drive us to greater success. Conceptual Framework Definition: word web defines patience as Good-natured tolerance of delay or incompetence . Other sources like Webster define patience as patience is the state of endurance under difficult circumstances. It is also used to refer to the character trait of being steadfast. From the above definitions we can deduce that patience is a state of persevering in case things take time or get delayed without negatively reacting or becoming sad or feeling provocated, or exhibiting patience when faced with difficulties which take a long time. Scope: This study focuses on importance of patience on individual and group behavior and performance. Importance of patience will be studied in two dimensions, first is the patience of waiting for a certain time period to end. This is perhaps what we normally mean when we use the term patience. Second, it is keeping one s mind free of distractions. It is perhaps only important when one is trying using one s mind on an important task that does not compel one s emotions. Methodology: Individuals will be interviewed independently to access the implication of the patience in day to day life and performance professional life. Implications of patience on group performance would be projected based on the study and observations in general. Five people will be separately interviewed with diverse profiles across age and profession. They include 3 students, one housewife and a bank officer. The reason for choosing people with different profile is to find out whether patience is a quality consistent across profession or does it vary across gender or work environment. Review of Literature: Patience: A Little Book of Inner Strength (Eknath Easwaran): the excerpts of the book giving its epitome are now quoted below- Patience is the ornament of the brave, Easwaran s wise grandmother used to say. In relationships, patience is the mark of love. An experienced spiritual teacher who combines humor with practicality, Easwaran gives powerful insights and sometimes surprising advice for developing patience at home and at work. Stories offer quiet interludes throughout this little book. Anecdotes about animals, sports stars, and happy family outings make these short, varied readings as entertaining as they are instructive. Gentle reminiscences of India, tales from Easwaran s Hindu heritage, and inspiration from Gandhi and the world s saints lift our spirits and give us courage. Just keep trying, Easwaran says, and you ll find there s no end to your patience no end to the wisdom, love, and compassion in your heart. Economist Magazine http://www.economist.com/science/displaystory.cfm?story_id=9898270: This article elaborates- Studies conducted to correlate subtle human traits such as patience and fairness with that to closest evolutionary relatives of human, apes such as chimpanzee. The article mentions that the essence of patience is the ability to delay the gratification of an appetite in favor of a greater ultimate reward. Past tests of the degree to which animals other than people can delay their gratification have focused on birds and monkeys. Both groups can delay gratification if a bigger reward is on offer, but only for a few seconds. Human, All Too Human: in this paper, philosopher Friedrich Nietzsche argued that -Being able to wait is so hard that the greatest poets did not disdain to make the inability to wait the theme of their poetry. He notes that Passion will not wait, and gives the example of cases of duels, in which the advising friends have to determine whether the parties involved might be able to wait a while longer. If they cannot, then a duel is reasonable [because]to wait would be to continue suffering the horrible torture of offended honor. Patience and Religion: Source: Wikipedia.org: Patience is one of most important virtue as recognized by most of the important religions. o Judaism: Patience and fortitude are prominent themes in Judaism. The Talmud extols patience as an important personal trait. o Christianity: In the Christian religion, patience is considered as a very valuable virtue that it propagates people to imbibe. Increasing patience is viewed as the work of the Holy Ghost in the Christianity. This holy God who has accepted the gift of salvation. Patience is also regarded as one of the seven virtues in Christianity which are- -alongside chastity, -temperance, -charity, -diligence, -kindness, and -humility o Islam: Patience in Islam is one of the best and most valuable virtues of life. Through patience, a Muslim believes that an individual can grow closer to Allah and thus attain true peace. o Eastern Religion: In Buddhism, patience (Skt.: kshanti; Pali: khanti) is one of the perfections that a bodhisattva trains in and practices to realize perfect enlightenment also known as Bodhi. Patience is also praised in Hinduism, particularly in the Bhagavad Gita. In both Hinduism and Buddhism there is a particular emphasis on meditation which leads to patience, and an effective and well-organized thought. Healing Anger: The Power of Patience from a Buddhist Perspective: This book is written by Dalai Lama. In this book he has attempted to address the issue of anger. He argues that the issue of anger can be remedied through patience. He has suggested some meditation practices even for novice people. The book seems to be hard to follow if one is not much familiar with Buddhist scripture. Empirical Study and Generalization: Data Collection method employed: Interview. To study the implication of patience on individuals, I carried interview of individuals with different social and professional background. The interview consisted set of 10 questions and the answers were first recorded and then analysed to take cues and then finding the similarities and dissimilarities across the answers of the interviewees. The 10 questions used for this study are given below- Q1. Do you get fidgety if things that you want do not happen or take a lot of time to happen? Q2. Why do you behave the way you do? Q3. Are you patient in every situation alike or does your behavior depends on some factors? Q4. Do you think being patient helps? Q5. Whenever you are patient is it because you feel it will help make things right i.e. had you known that situation is surely going to worsen and you can t help in a situation will you still try to be patient? Q6. Did you develop patience over the course of your life because of certain incidents/ experiences or have you always been patient Q7. How do you react if someone is being impatient or restless in front of you? Q8. What is your impact on others when they behave impatiently, do you find success in convincing them about not being impatient? Q9. Do you take any efforts to be more patient (like meditating, yoga etc?) Q10. When are you normally more impatient? When anticipating good things or when you feel bad things may happen Findings of study and Generalization Interviewee A: This person appears to be impatient; she understands the importance of patience and is ready to help others if they are impatient. She lacks the motivation to be patient but would like to earn techniques like yoga to get self control. She would need to learn meditation, self motivation to act patient in good and bad situation. Interviewee B: This person appears more patient than the others. He has developed his patience over the course of life. He is firm believer in god and has learned to accept which are beyond control. He values personal relationships over materialism and hence whatever impatience he experiences is only confined to personal matters which are close to his heart. Interviewee C: She practices yoga to gain self control. She has developed patience after shouldering the responsibility of younger siblings. She appears to accept good thing and do not show over enthusiasm. She needs to learn to help other impatient people. She knows her level of patience and has clear goals and targets. Interviewee D: She being housewife has more care about family. She has accepted her role as homemaker and believes in letting others take the decision; this acceptance has made her more patient in non family matters. Interviewee E: She gets impatient if her activities make trouble to others. She has followed mentor approach for encouragement. She shows acceptance for the things beyond control and tries to be aloof from them. Generalizations- Above analysis shows that people show various degree of patience. Their profession, experience, age and family has considerable impact on how they learn to accept the thing and get along with the problems. There is awareness about the techniques to develop patience in all the age groups but people normally don t follow them as they don t get time or are unable to manage their time for it. Personal problems have more impact on the level of patience and this trait appears to be common among respondents. Similarly Bad incidents have more impact on patience than good .Mostly there is a willingness to help others in case of trouble. I also deduced that normally patience is a trait that can be acquired and developed over the course of time. People find motivation to become patience on seeing the negative repercussions of being impatient that they experienced in their past or saw people experience in their past. They also find motivation by looking at the positive effects that patience as a virtue brings along. It was also seen that patient people are better at convincing others or making them feel calmer as compared to impatient people. Lastly a surprising finding was that people normally behave patiently because they feel it will help them achieve their immediate goals and not because it is a part of their intricate nature. i.e the desire to be patient is more driven by its perceived benefits than by the fact that it is a established virtue. Implication of Group Work: Patience is one of the one of the most important virtue to possess. Patience can have positive impact on individual and hence group performance. Being haste to get results hampers the ability of an individual to consider all the possible option for solution of a problem. It often leads to suboptimum choice and hence failure. Being patient does not means more time, but it s an emotional state wherein individual is not concerned about the quick output at cost of quality or effectiveness. Patience is the ability to perceive hard enough till desired output is obtained. All the major scientific breakthroughs had lot of hard work and patience behind it. Patience plays major role in negotiations, which demands a win-win situation for the negotiating parties. Individuals need to develop patience by assessing their current level of patience. One needs to set the goals and work hard enough to achieve them. Impatient people are often o Dissatisfied o Withdraw prematurely in jobs, relationships etc o Feel overwhelmed by the goals and lose motivation When one grows patient stress is reduced and one enjoys the process of accomplishments without getting overwhelmed by the time. It makes individual to relax and develop healthy lifestyle and achieve effectively. Individuals when work in group, the leader need to be patient and motivate the others to be patient in achieving group objectives. Impatient leader cause hasty actions by group which often is destructive and may cause delay or disorientation from group objectives. Patience is thus one of the most valuable qualities to possess for betterment of an individual and society. Contribution to OB Patience leads to a stable mind which is better at concentrating, and hence indirectly patience is related to a positive work performance. Its impact on job performance and hence satisfaction makes it a very important topic of study from the point of view of organizational behaviour. From this study, I have established that even impatient people perceive the value of being patient and that patience can be inculcated by various means like meditating, practicing yoga or by following positive reinforcement for people who are already patient. This study is a contribution to OB as it forms a base which can be further built upon by conducting further research on effectiveness of the techniques to establish patience and how to maximize the gains or benefits that one derives out of being patient in a organization. Conclusion: Time is subjective. When one is one is enjoying the time flies. In suffering time seems forever and leads to impatience and grief. Patience makes one to learn acceptance and overcome the grief. Being patient can have positive results in ones professional, personal and spiritual life. Patience can be learnt through religious techniques such as meditation. Patience is in nature, look around in nature and observe how life takes form. And hence why should we be unnatural by following impatience when we can instead be patient and experience all the benefits associated with it.