Analysis of the Regional Integrated Multi-Hazard Early Warning

An intergovernmental and national organization named as The Regional Integrated Multi-Hazard Early Warning System for Africa and Asia (RIMES) has overseen and claimed by individual from states with the end goal of use and age for the early notice data. The RIMES has been advanced from the joined endeavors of Asia and Africa, after 2004 Indian Ocean Tsunami. RIMES have built up to create the early admonition data for ID of risks and are responsive with trans-limit dangers. On 30 th April 2009 RIMES has come to presence and 1 st July 2009 its gets enlisted with UN United Nation. In Thailand Pathumthani the Asian Institute of innovation, the RIMES exercises are worked as territorial early notice place (cautioning, 2011). To building limit and giving noteworthy data identified with winding down to cautioned, versatile and forearmed networks They are working with the idea of gives most extreme advantages at the base cost, RIMES attempts to address both low recurrence risks and high-sway like waves and high recurrence perils and low-sway like outrageous climate occasion . They are using their innovative offices in an ideal manner and giving the condition of individuals to help choice data at more extensive premise. The all the individuals from the states are desire to give lower cost to the foundation of the individual early admonition framework for low recurrence perils and high-sway (Warning, 2011). They are attempting to meet the data that is need by the various clients; they are incorporating hazard data at various time scale so that the differing user’s early data cautioning need meet. They are attempting to create the substantial advantages that will be exhibited by distinguishing new encouraging innovations and research items to do direct testing for ground-breaking tasks. The key administrations that have conveyed by RIMES are examined as follows: To the National Tsunami Warning Centers of States Members RIMES are conveying following administrations: To the National Hydrological Research and Development and Weather Climate RIMES are conveying following administrations: Restricted and redone age implies that the transient climate data and server climate produce for the emergency course of action and for calculated arrangement medium-term on development created and for long haul arranging andâ the board assets, occasional atmosphere viewpoint produced (Anny, 2016). The atmosphere fluctuation and change investigation of hazard could be produced by them and ID ofâ the board related hazard would be made for the adaption of different choices The choice help device would be created on convenient premise and advancement for the new hazard data item would be produced The Following administrations are given by the RIMES to the neighborhood and national level organization For giving the territorial advantages the perceptions are being kept up and built up and stations are being checked (Robin, 2016). They are giving legitimate preparing to researcher The device that they are utilized incorporates chance appraisal and understanding and interpretation of early notice. In dynamic procedure the use of hazard data being custom-made The early admonition framework is likewise done by RIMES on need premise The SWOT investigation of RIMES will be talked about under this heading so the hierarchical conduct structure could lead The quality of RIMES incorporates that it is a cooperative endeavors of Africa and Asia to produce early notice to spare from any kind of perils. The individuals from all the states are prepared to serve at any expense. The best researchers are working with in the premises of RIMES to convey their best administrations to create the notice that could be spare individuals from high and low effect of perils (Kurittal, 2000) The RIMES shortcomings are that the researchers are on some premise are not have the option to create the outcomes that are valuable in light of the fact that the arrangement of producing notice may be not rectified in spite of the fact that they are working with excellent specialists items (Pinder, 2013). The principle chances of RIMES are that they individuals from state from the countries are attempting to give more tech full assets and they are attempting to acquire headway the hazard appraisal items with the goal that the arrangement of conveying results will turned out to be progressively bona fide and important and are helpful for them to keep them spare from any kind of challenges (Kuyngus, 2000) As they are dealing with the worldwide scale they are confronting huge numbers of the dangers from their serious firms that they may take their innovations that will be greatest dangers to them as they are expecting to work to give best quality arrangement The capacity that is made to accomplish the hierarchical set objectives are made out of at least two than two individuals is characterized as the social framework that shapes an association. The association is where at least two people attempts to assemble for the achievement of authoritative set objectives. The manner by which an association organized and association assumes its central job for achievement and accomplishment of association and individual both. The assume a job that depends on the viability and effectiveness for association achievement and fulfillment that is proposed to both of an individual and association (Miner, 2015). The Concept of OB is created in to recognize the conduct of every single individual and how its influence the association and individual conduct. The authoritative conduct is idea that necessities to concentrate on all viewpoint to discover its effect on the presentation of workers and association. The idea of OB is created with reason to contemplate the human conduct that what fundamentally human brain apparent so as to comprehend that how viable his speculation for the association execution (Wagner, 2014). The hypotheses of hierarchical conduct attempt to explain on the particular conduct of individuals and to distinguish condition of association to discover the components that influences the individual execution, to recognize the degree of responsibility towards the accomplishment of objectives, to distinguish the impacts of administrative style and authority style for defining the general execution of association and in particular to recognize the communication among bosses and workers. Accordingly it has discovered that the effect of authoritative hypotheses discovered noteworthy to the exhibition of the association and these all elements are critical to consider for the presentation assessment of association. The associations are centering to utilize these speculations so that the profitable of the firm will increment in compelling and productive way (Durbin, 2013). In the chose association RIMES are looking fundamentally into the issues of having a decent association execution those outcomes in better profitability inside successful and proficient manner.â The two principle hypotheses that are utilized by RIMES so as to make their exhibition compelling and gainful and these two primary ideas are arranging and sorting out. The primary principle idea that is expected to center is arranging is an exceptionally significant advance association ought to have a very advance concern with respect to the arranging in light of the fact that a cautious arranging would lead it to its goal. This arranging gives a benchmark to accomplish the objective it is required to have a cautious making arrangements for each begin to move towards accomplishing the objectives. The objectives are being partitioned into various undertaking and each errand should be screen time to time and for this association should study and convey to one another for the better getting (Greenberg, 2013) It is imperative to screen each assignment with an open eye; chief and upperâ the board ought to need to screen each errand for preferred execution over it is essential to assess the outcomes and this outcome will assist an association with making choice where the need enhancements and for this they have to impart the outcome inside the associat ion. The associations execution not just relies upon efficiency, viability of market, productivity, and consumer loyalty yet additionally relies upon representative ethics so the performanceâ the board is vital advance in the association which is exceptionally persuasive for employee’s fulfillment then to the association execution consequently the RIMES are concentrating on the center of their heart to deliberately structure their arranging exercises so the expressed long haul objectives could be accomplished by defining present moment and midterm objectives. The arranging is the most significant factor to gaze upward on account of the base isn't right than the outcomes won't compelling (Bolnio, 2013). The subsequent point of view characterizes about the arranging the exercises in a most straightforward manner to achieve the objectives in increasingly compelling way. The sorting out undertaking as indicated by the set arrangement is crucial to acquire viable and productive outcome. Further the hierarchical structure is imperative to center. The plan structure ought to be impedance as in sorting out will be useful for the organizations (Wegite, 2013). The association structure of RIMES depends on the administration style plan. The association structure is planned in a manner to be advantageous for collaboration between various firms in nations and headquarters.â The best possible connected is required to keep up among nations and central station with the goal that the general destinations could be accomplished in viable and proficient way. RIMES are centering to keep up the organizing exercises progressively significant with the goal that the issue could be resolve and miscommunication hole could be limited. RIMES has confronted challenges while keep up the planning exercises between various nations and central command, they are creating systems on early premise to dispose of this miscommunication issue with the goal that the compelling outcome create which is the indication of proficient and powerful profitability (Papio, 2016). RIMES are working with full endeavors to organization

Quality Management for Organizational Excellence System

Question: Examine about the Quality Management for Organizational Excellence System. Answer: Presentation Partnerships convey different systems so as to expand their center abilities in the market(Watson 2008). Expansion of center competency gives enterprises upper hand that give them initiative position. While arrangement of a system is a fundamental part to the accomplishment of any organization it is likewise significant that essential benchmarks are set against them. Benchmarks permit intermittent audit against expected results with the end goal that objectives, targets and wanted destinations can without much of a stretch be met. The degree for the present report includes Ryde City Council and the different benchmarks it receives for itself and to gauge execution against contenders. The Council is made out of chose individuals for a four years all together that they can play out their duties(ryde.nsw Retrieved on nineteenth March 2017). It incorporates nearby legislative zone found Lower North Shore and Northern Suburbs of Sydney, in New South Wales in Australia. The present Mayor o f the City is Bill Pickering, he has been chosen from Liberal Party(Panagiotou 2007). The body is advancing at a fast rate and has found a way to develop. The beginning has been following natural guidelines for reusing and reusing of squanders. It is additionally taking activities to create current degrees of foundation in the locale. Research approach structures relevant viewpoint for creating of an audit for a study(Saunders 2007). In this investigation the researcher has embraced optional information with the end goal of information assortment and examination. So as to create benchmark association for Ryde City Council a few diaries, papers, web sources has been alluded to(Cadez 2007). For looking at the extensions and usefulness of Ryde City Council, Council for New South Wales has been alluded to. Same region has been chosen with the end goal of investigation and benchmarking of association as close by territories will for the most part contain comparative segment and geographic element that will prompt their comparable execution. With the end goal of examination Randwick City Council, Sutherland Shire Council, Penrith City Council, Bayside Council, Burwood Council, Cumberland Council, The Hills Shire Council, Inner West Council and North Sydney Council have been chosen. Every one of these gatherings have comparable enumeration, zone secured and creation just as employability(Huggins 2010). Ryde City Council situated in New South Wales has a chosen collection of individuals who have created and received differed sorts of vital activities. While the contenders are situated in a similar region, the bodys key objectives and activities are very extraordinary contrasted with the others(Thompson 2007). All technique of the body is grown to such an extent that it can develop as a best performing region in the locale and contend with different chambers. The essential nonexclusive procedure relevant and received by the body is savvy strategy(Liao 2010). Such financially savvy technique embraced by the body encourages it to gather burdens and contribute limit of the assets towards its key intentions and activities. The essential objective of the body is to lay solid framework and get most noteworthy conceivable improvement in the area. The body needs to draw in generous remote direct venture as Australian Government has took into account such speculations to take place(Calof 2008 ). The body is conveying most noteworthy potential principles in keeping up and preserving existing foundation that has just been created and d to manufacture new framework. Alongside infrastructural advancement the body is additionally trying and keeping up a solid and top notch life for the individuals dwelling in the area(Goetsch 2014). While the body has embraced and kept up different strides so as to develop as a main expert in the zone, it is attempted traditionalist examination of its different benchmarks by directing Strength, Weakness, Opportunity and Threat (SWOT) investigation to ad lib its exhibition. A SWOT investigation of the association with different associations in the comparable field mirrors that however it is taking different starts yet it is falling behind in specific angles which it needs to envelop for higher future development and achievement. The bodies against which its exhibition have been gotten and analyzed are furnished and a concise examination with them gives that the body needs to embrace more endeavors in different broadened fields as gave in the suggestions below(Anand 2008). Proposals Ryde City Council is an exceptionally evolved are that has acceptable segment viewpoints. While contrasting with other comparable boards in the are against key activities, objectives and targets it has been discovered that the chamber can embrace the accompanying approaches to ad lib itself. Protect rights and respect just as culture of Aboriginal and Islander individuals by applying fundamental laws in the territory. The Aboriginal and Islander Strait individuals are disappearing and are the most defenseless in the region. While they used to comprise a larger part of the populace now they have been decreased. Consequently the Council needs to embrace all their social rights and pride to keep movement from the zone. Make mindfulness programs among diggers and designers with respect to the social legacy of Aboriginal individuals. Frequently excavators and engineers don't incorporate moral practices into their ways prompting hurting certain legacy and stylish estimations of these individuals. Appropriate preparing and managing project will consider adjustment of procedures with the end goal that contentions in the district can be diminished. Increase profitability and yield with respect to financial improvement by setting up mining stations and industrial facilities. The areas business status has been unexpectedly influenced because of essence of practically zero chances. Drawing in an enormous number of excavators and engineers to investigate the zone can prompt colossal effect on monetary parts of the zone. Diminish joblessness rates in the zone to such an extent that improve advancement in the territory. Embrace essential natural standards to keep industrial facilities and excavators from getting away from them. the gathering needs to set up a checking and assessment framework that considers legitimate and opportune administration of ecological arrangements and administrative gauges. The Council needs to make an undertaking to create horticulture in the locale. Despite the fact that the district is bone-dry with little precipitation supportable norms and natural protection ideas can yield high an incentive to the region. In this way, Ryde City Council has embraced a serious system yet it needs to additionally ad lib to oblige the above standards for progress. In spite of the fact that there is a hole in the present levels and anticipated degrees of yield in the Council, it will develop upwards once the above suggestions are remembered for its systems. Fitting benchmarking with comparable association in the region has given the association a serious way and strategy to such an extent that it can turn into an innovator in the territory. Vital activities and targets gives available resources by which a step by step progress towards its objectives and goals. Thus, vital thought processes ought to be framed by thinking about benchmarking as an approach to stamp its encouraging. Associations Associations Ryde City Council Bayside Council Randwick City Council Burwood Council Sutherland Shire Council Cumberland Council Penrith City Council The Hills Shire Council North Sydney Council Internal West Council Table 1 : Benchmarking Organization Source : Author ORGANZIATION Benchmark Procedures Activities Objectives Targets Ryde City Council Financially savvy Advancement Infrastructure Become the best committee in the area Accomplish most significant levels in straightforwardness Randwick City Council Separation Income Generation Make unparalleled occupation prospects in mining Lessen joblessness to underneath 1% Sutherland Shire Council Specialty Strategy Ecological guideline application Ensure pride and culture of Aboriginal a d Indigenous Individuals Apply and execute laws and enactment to secure Aboriginal and Islander Strait individuals Penrith City Council Practical Consumer situated procedure Working of schools and laying of railroads tracks in the locale Interface all pieces of the suburb to ease interchanges Lay most extreme length of railroad tracks in the zone North Sydney Council Cost Competitive Strategy Gathering charges and extemporizing vocation of individuals Become the best territory to dwell in Building private homes with keen city and vitality sparing manageable ideas Bayside Council Specialty Strategy Creating mining industry Become a worldwide innovator in mining item send out Improvement of manageable mining forms Burwood Council Segment Segmentation Strategy Building streets and interstates over the zone Put greatest earnings in making social government assistance Assemble social homes for kid and mature age care Cumberland Council Cost Competitive Focus Water preservation and water system Build up a wide assortment of development crops Satisfy nearby needs of nourishment lack by ready to gracefully sufficient amounts The Hills Shire Council Purchaser Focus Take into account customers needs Take care of 99% customers Addition customer fulfillment Internal West Council Cost Competitiveness Construct production lines for private mark indigenous brands Give openings for work Decrease joblessness and aptitude hole via preparing Table 2 : Benchmark Comparison Source: Aut

Property In Dubai A Bubble That Burst - Free Essay Example

With this dissertation what I would like to achieve is the following: I will carry out extensive research on the economic theory behind booms and bursts. I will look at some of the booms and bursts throughout history. I will attempt to make my own economic model behind what caused a boom and its subsequent burst and see if this model can be applied to the economic situation of the property market in Dubai. If a number of variables existed that suggested a burst might be coming, why was nothing done to stop it? 1.2: A brief history of Dubai Thirty years ago almost all of modern Dubai was desert. In the mid 18th century a small nomadic group settled there and built a small town. This small townà ¯Ã‚ ¿Ã‚ ½s underlying asset being pearls. The pearl trade attracted people from all over the middle à ¯Ã‚ ¿Ã‚ ½ east, all with dreams of prosperity. The town was named à ¯Ã‚ ¿Ã‚ ½Dabaà ¯Ã‚ ¿Ã‚ ½ after a local locust that consumed everything it encountered. This rapidly gro wing town was soon acquired by the Gunships of the British army. Britain maintained control of the area until 1971(The Independent2009). In 1971 Dubai and five surrounding sheikhdoms (Abu Dhabi, Al Fujayrah, Ajman, Umm al Qaywayn and Sharjah) agreed on a federal constitution and became The United Arab Emirates or UAE. In February 1972 a seventh Sheikhdom, Ras al Khaymah joined the UAE. At this point Sheikh Zayid Ibn Sultan Al Nuhayyan of Abu Dhabi became the first president of the UAE. The ruler of Dubai, Sheikh Rashid ibn Said Al Maktum was named vice president, and his eldest son, Sheikh Maktum ibn Rashid Al Maktum, the prince of Dubai, became prime minister. In 1990 Sheikh Maktum succeeded his father as ruler of Dubai and as vice president and prime minister of the UAE (Library of Congress2007). It was around 1971, as the British were leaving that oil was first discovered. However to say that Dubai relied on oil for its growth would be wrong. Dubai had very little oil relative to its neighbouring emirate Abu Dhabi. So Sheikh Maktum had to diversify. He used oil revenues to create something he thought sustainable. à ¯Ã‚ ¿Ã‚ ½Israel used to boast it made the desert bloom; Sheikh Maktum resolved to make the desert boomà ¯Ã‚ ¿Ã‚ ½ (The Independent 2009). It became a hub for tourism and financial services, Attracting capital and expertise from all over the globe. He invited the world to come tax free, and people came in their millions. A city seemed to descend from the heavens in thirty years. Would it be sustainable? (Source : The Independent, The Dark side of Dubai, 7 April 2009) (Source: Country Profile : UAE. Library of Congress à ¯Ã‚ ¿Ã‚ ½ Federal Research division, July 2007) 1.3: From Boom to bust over night. I arrived in Dubai in 2007 at a point when it was said that a third of the worldà ¯Ã‚ ¿Ã‚ ½s construction equipment was in Dubai. It was the second fastest growing city in the world (second to Moscow) and appeared to be one big con struction site. Skyscrapers were appearing over night to cater for increases in demand in property. However, a large part of this demand for property was merely speculatory. Investments in property appeared to be highly attractive and beneficial, especially to foreign investors earning in non dollar currencies. I say this because the dirham is pegged to the dollar (3.75 dhms per US Dollar). It was around late 2007 early 2008 that the dollar reached its weakest point making property in Dubai cheaper to people earning pounds for example. People also assumed that the dollar would one day appreciate; therefore giving investors that extra incentive. Dubaià ¯Ã‚ ¿Ã‚ ½s popularity was rapidly increasing and it was booming in the true definition of the word. However in September of 2008 things changed. See the following line graph of average residential sales prices to appreciate the extent of the crash. Figure 1 Residential sale prices (AED/ft2) Source: Landmark Advisory Board 2010. As you can see in Q408 both the average price of apartments and villas plummet from a mutual peak of 1500 AED/ft2 to around 900 AED/ft2 from one month to the next. This is a massive average decrease of 40 percent. I will attempt to demonstrate why this rapid increase in residential prices occurred and its subsequent decline and decide whether the boom and bust can be considered a bubble bursting in its true economic definition. Literature Review à ¯Ã‚ ¿Ã‚ ½ The Economic Theory and History behind Bubbles 2.1 à ¯Ã‚ ¿Ã‚ ½ An introduction to bubbles Essentially an economic bubble is an increase in the price of an asset or stock above its fundamental value and its subsequent decrease in value and implosion on the bubble is referred to as a burst. When asset prices increase speculators are overwhelmed by a sense of euphoria, chasing short term capital gains. A phenomenon that former chairman of the federal reserve Alan Greenspan memorably called irrational exuberance (Nia l Ferguson, The Ascent of Money). Contrarily, when speculatorsà ¯Ã‚ ¿Ã‚ ½ primitive instincts turn from greed to fear, the bubble created by the initial irrational exuberance can burst with astonishing abruptness; almost overnight. Charles Kindleberger defined a bubble as à ¯Ã‚ ¿Ã‚ ½a sharp rise in price of an asset or a range of assets in a continuous process, with the initial rise generating expectations of further rises and attracting new buyers à ¯Ã‚ ¿Ã‚ ½ generally speculators interested in profits from trading in the asset rather than its use or earning capacity. The rise is usually followed by a reversal of expectations and a sharp decline in price often resulting in financial crisesà ¯Ã‚ ¿Ã‚ ½ (Bubble, Bubble, Whereà ¯Ã‚ ¿Ã‚ ½s the Housing Bubble?) The initial boost in augmentation of the economy acts as a catalyst for both lenders and investorà ¯Ã‚ ¿Ã‚ ½s optimism about the future and asset prices rise swiftly. Nial ferguson refers to investors as an electronic herd, à ¯Ã‚ ¿Ã‚ ½happily grazing on positive returns one moment, then stampeding for the farmyard gate the nextà ¯Ã‚ ¿Ã‚ ½ (Nial Ferguson, 2008, 2009). 2.2 à ¯Ã‚ ¿Ã‚ ½ Bubbles in History The big ten economic bubbles (Charles P Kindleberger, Robert Z Aliber 2005) 1. The Dutch Tulip Bulb Bubble 1636 2. The South Sea Bubble 1720 3. The Mississippi bubble 1720 4. The late 1920s US stock price Bubble 1927-29 5. The increase in bank loans to Mexico and other developing countries in the 1970s 6. The bubble in real estate and stocks in Finland, Norway and Sweden 7. The bubble in real estate and stocks in Thailand, Malaysia, Indonesia and several other Asian countries 1992-97 8. The bubble in real estate and stocks in Thailand, Malaysia, Indonesia and several other Asian countries 1992-97 9. The increase in foreign investment in Mexico 1990-93 10. The Bubble in over the counter stocks in the United States 1995-2000. Also known as the à ¯Ã‚ ¿Ã‚ ½.com bubbleà ¯Ã‚ ¿Ã‚ ½ Over and over again asset, security and stock prices have reached unsustainable highs and subsequently come crashing down. From boom to bust, this process is consistently associated with ruthless insiders exploiting asymmetries of information attempting to make a profit at the cost of first time investors. In Dubai, every three months or so à ¯Ã‚ ¿Ã‚ ½Emaarà ¯Ã‚ ¿Ã‚ ½ one of the big real estate developers (of which it is alleged that the absolute ruler of Dubai, Sheikh Mohammed has a thirty percent stake) released property for sale at increasing prices, almost instigating the bubble themselves very similar to what John Law (a convicted murderer and gambling addict) did with shares of the joint stock company named à ¯Ã‚ ¿Ã‚ ½Company of the Westà ¯Ã‚ ¿Ã‚ ½ (Compagnie dà ¯Ã‚ ¿Ã‚ ½Occident) which resulted in the Mississippi bubble of 1720(Nial Ferguson, 2008, 2009). All these bubbles in History have followed similar paths; Nial Ferguson believes it possible to dissect all bubbles into five stages. 2.3 Nial Fergusonà ¯Ã‚ ¿Ã‚ ½s Five Stage Model (Nial Ferguson, 2008, 2009) 1. Displacement: An incident or innovation in the economy that generates new and lucrative possibilities for investors/speculators. Kindleberger refers to this as the à ¯Ã‚ ¿Ã‚ ½expansion stageà ¯Ã‚ ¿Ã‚ ½ of the business cycle (Charles P Kindleberger, 2005). In the cases of the Dutch Tulip Bulb, The South Sea and Mississippi Bubbles this displacement was the creation of the Joint Stock Company. In the case of the US .com bubble the displacement or expansion was innovations in technology like the internet. In Dubai It could be argued that the displacement stage of the bubble was when developments were open for sale to foreign investors as opposed to previously when only locals could purchase land and property. This initial process causes a rise in spending which leads to inflated prices and increased consumption which combined translate to economic growth. 2. Euphoria/overtrading: Rising expected profits induce the appreciation in value of assets and shares. Investment soars because credit is in abundance. In Japan in the eighties Japanese investors had access to mountains of credit made available by naà ¯Ã‚ ¿Ã‚ ½ve bankers that didnà ¯Ã‚ ¿Ã‚ ½t even contemplate a crash and the Japanese went on an à ¯Ã‚ ¿Ã‚ ½investment spreeà ¯Ã‚ ¿Ã‚ ½. In the US in the 1990s, during the time preceding the crash à ¯Ã‚ ¿Ã‚ ½.domà ¯Ã‚ ¿Ã‚ ½ companies had access to almost infinite funds from venture capitalists with distorted perceptions of the future profitability of these firms (Charles P Kindleberger and Robert Z Alibir). Dubai was the same pre crash à ¯Ã‚ ¿Ã‚ ½ credit was very accessible; I will asses this further in my à ¯Ã‚ ¿Ã‚ ½analysisà ¯Ã‚ ¿Ã‚ ½ segment of the dissertation. 3. Mania/bubble: The anticipation of rapid, easy capital gains entices first time investors and unscrupulous, esoteric brokers cater for this demand, in a ruthles s attempt to sell assets and shares before a crash, which a seasoned broker is capable of predicting. 4. Distress: Insiders become aware that prices of assets and shares exceed their fundamental values and exploit the asymmetries of information by selling at profit. 5. Revulsion/discredit: prices begin to plummet and the à ¯Ã‚ ¿Ã‚ ½electronic herdà ¯Ã‚ ¿Ã‚ ½ stampedes to exit the market causing the bubble to implode. The value of commodities à ¯Ã‚ ¿Ã‚ ½ bonds, stocks, land, buildings and houses decline to levels that are 30 to 40 percent below peak prices (Charles p kindleberger and Robert Z . Aliber, 2008, 2009), this adheres perfectly to residential duelling prices in Dubai (refer to figure 1). (Nial Ferguson, 2008, 2009). The Fundamentals behind this model are asymmetric information, availability to rapid, relatively cheap credit and the capability of capital to flow freely over geographical borders. This five stage model is accurate but basic. I will now progress to more specific models in detail behind the creation and existence of economic bubbles. 2.4 The Hyman Minsky model of instability in the supply of credit. This model created by Hyman Minsky can be used to explain financial fragility in economies. Minsky focuses on changes in the availability of credit. During periods of growth the supply of credit increases and during economic slowdowns this supply decreases. In times of growth, usually following an economic displacement like mentioned in Nial Fergusonà ¯Ã‚ ¿Ã‚ ½s model, investors feel more confident about the profitability of a number of investments and seek to finance these investments with credit. In the meantime, lenders become more enthusiastic about providing credit, even for investments, that prior to the expansion, had appeared too risky à ¯Ã‚ ¿Ã‚ ½ they become far less risk averse, reducing minimum down payments, minimum margin requirements. For individual lenders the cost of borrowing has to remain competitive too to maintain market share. However, when the mood changes, the economy slows down and fear kicks in, investors act much more cautiously. Lenders react similarly and their risk averseness increases and they supply less credit. Minsky believed that these cyclical changes in the availability of credit are a major catalyst to financial instability and are a factor in causing bubbles (Charles p kindleberger and Robert Z . Aliber, 2008, 2009). I am certain that minskyà ¯Ã‚ ¿Ã‚ ½s model was apparent in Dubai and definitely a defining factor of the recent burst. I will go on to prove this in the critical analysis part of the dissertation. Minsky also mentions à ¯Ã‚ ¿Ã‚ ½an over-estimate of prospective returns, or excessive leverageà ¯Ã‚ ¿Ã‚ ½ (Charles p kindleberger and Robert Z . Aliber, 2008, 2009) during the à ¯Ã‚ ¿Ã‚ ½euphoricà ¯Ã‚ ¿Ã‚ ½ period. Speculation suggests the acquisition of assets for the capital gain from expected surges in their value as opposed to income generated by one of these assets or for their use. The income generated by an asset or the use of an asset is considered to be the fundamental value of an asset and in bubbles the prices of assets fluctuate far from their fundamental values. This point is made clearer in the next part of the literature review. Minsky also states that a sense of euphoria or depression in one country maybe contagious in another country. I believe that the recent housing bubble in the United States and its subsequent burst influenced the real estate bubble in Dubai and was a significant cause of the crash. 2.5 à ¯Ã‚ ¿Ã‚ ½ Fundamental Value Researchers seem to concentrate on one of the following elements when considering a bubble: rapid appreciation of assets, overly optimistic predictions of future prices, a discrepancy between price and fundamental value and obviously a vast depreciation of assets when the bubble pops (Margaret Hwang Smith and Gary Smith, 2006). Karl Case and Robert Shiller believe that à ¯Ã‚ ¿Ã‚ ½A tendency to view housing as an investment is a defining characteristic of a housing bubbleà ¯Ã‚ ¿Ã‚ ½ (Margaret Hwang Smith and Gary Smith, 2006). However, Margaret Hwang Smith and Gary Smith, in their 2006 journal titled à ¯Ã‚ ¿Ã‚ ½Housing, Housing, where is the housing bubble?à ¯Ã‚ ¿Ã‚ ½ disagree. They argue that housing can be considered a legitimate investment and that the best way to spot a bubble is to determine the discrepancy between the actual prices of houses and the fundamental value of these houses. Speculators in general do not make an attempt to calculate the underlying value of a house, they respond to expected capital gains. Margaret Hwang Smith and Gary Smith define a bubble as a scenario where the equilibrium price of an asset is higher than the present value of the à ¯Ã‚ ¿Ã‚ ½anticipated cash flow from the assetà ¯Ã‚ ¿Ã‚ ½ (Margaret Hwang Smith and Gary Smith, 2006). Nonetheless, fundamental values may rise rapidly (for example an increase in population and therefore an increase in the acquisitions of houses for their use as opposed to expected capital gains, or an increase in rent) may stimulate a legitimate increase in the prices of houses. Equilibrium house prices may also increase rapidly and not necessarily be considered a bubble if their actual price is lower than their underlying fundamental value. They state that the real defining characteristic of a bubble is when equilibrium market prices cannot be answered for by the assets anticipated cash flow. Case and Shiller refer to the real estate market as being populated à ¯Ã‚ ¿Ã‚ ½by amateurs making infrequent transactions on the basis of limited information and with little or no experience in gauging the fundamental value of the properties they are buying and sellingà ¯Ã‚ ¿Ã‚ ½(Margaret Hwang Smith and Gary Smith, 2006). If this is true and I believe it was, in Dubai, to a certain extent (through knowing investors on a personal level) how can one expect for fu ndamental values to equal market prices? Most agents within the real estate market i.e. brokers, buyers and sellers seem to use what is known as à ¯Ã‚ ¿Ã‚ ½compsà ¯Ã‚ ¿Ã‚ ½ when dealing within the real estate market. à ¯Ã‚ ¿Ã‚ ½Compsà ¯Ã‚ ¿Ã‚ ½ are the latest sale prices of homes with similar specifications within the same area. à ¯Ã‚ ¿Ã‚ ½Compsà ¯Ã‚ ¿Ã‚ ½ tell us how much other individuals are prepared to pay but not whether these prices are justified by the fundamental value (Margaret Hwang Smith and Gary Smith, 2006). Attempting to demonstrate whether market prices differ from fundamental prices isnà ¯Ã‚ ¿Ã‚ ½t easy. Figures for average real estate prices are infamously imperfect. This is mainly due to the fact that houses are not homogenous in their specifications and environments. However, the National City Corporation use a multiple regression which considers a ratio of house prices to household income in a given area to mortgage rates, population density, the rat io of household income in the given area to the national average and historical prices to determine how much actual prices deviate from their real values (Margaret Hwang Smith and Gary Smith, 2006). The reason a ratio of house price and household income is used is based on theory by Karl case and Shiller that argue that housing prices are a bubble waiting to pop if the average investor is à ¯Ã‚ ¿Ã‚ ½priced out of the marketà ¯Ã‚ ¿Ã‚ ½(Margaret Hwang Smith and Gary Smith, 2006). There are problems with this model e.g. the historic house prices may not be based on fundamental value. Some economists including Edward Leamer argue that if house prices have increased in a larger proportion than rents a bubble exists (Margaret Hwang Smith and Gary Smith, 2006). à ¯Ã‚ ¿Ã‚ ½ I will attempt to look at rents versus house prices in my critical analysis section of the dissertation to determine whether this was apparent in Dubai. I will also attempt to look at the population density because I believe that it is relevant to fundamental value because an increase in population causes an increase in the demand for residential properties that will be used as dwellings. Minsky stated that a fundamental value of an asset was to do with is use and the income (rent) generated from the asset. 2.6 à ¯Ã‚ ¿Ã‚ ½ A brief look at the recent financial crisis in the USA. Hyman minsky stated in his interpretation of a bubble that euphoria or depression in one country can be contagious and spill over into another. I believe that the bursting of the real estate bubble in the states and the subsequent lack of worldwide credit was highly influential in the bursting of Dubaià ¯Ã‚ ¿Ã‚ ½s housing bubble. As per usual the great real estate and leverage bubble in the US of 2007 was instigated by a pervasive macroeconomic displacement. Prior to the 2000à ¯Ã‚ ¿Ã‚ ½s banks would give loans to home owners and keep those loans as assets in their books (Burton G. Malkiel, 2010). However, p ost 2000 the entire banking system changed. Banks carried on issuing loans for mortgages but instead of holding them as assets on their books they would keep them for a short period of time and then sell them on to investment banks who would bundle different loans with different credit ratings into mortgage backed securities, also known as collateralized debt obligations (Burton G. Malkiel, 2010). Loans are split into different risk classes or tranches. So, low risk loans and high risk loans are bundled together and sold as one financial product which was deemed a good investment. This caused deterioration in lending standards (Burton G. Malkiel, 2010). Employees in charge of originating loans to clients were reckless when assessing the risk of the individualà ¯Ã‚ ¿Ã‚ ½s potential default especially when dealing with subprime mortgages because they knew that the bank was only going to hold these loans for a short period of time and then pass them on. Insurance companies were also i nsuring subprime loans with credit default swaps because they were too naà ¯Ã‚ ¿Ã‚ ½ve to foresee mass defaults. These innovations in the banking system made credit easily accessible to individuals who may have not been considered credit worthy before these changes (subprime). Many financial institutions held vast amounts of these new bundled securities based around mortgages and held less equity backed securities and increased their leverage ratios (Burton G. Malkiel, 2010) making them very vulnerable in the case of a crash. Highly accessible credit at attractive rates due to lowered lending standards led to a huge bubble in the prices of houses. The inflation adjusted price of a commonplace home was roughly identical in 1999 as it was in 1899; however, between 2000 and 2006 real home prices doubled (Burton G. Malkiel, 2010). This is portrayed in the following line graph based on data from the Case-Shiller home price index in the US. Figure 2 Case-Shiller Home price index, 1989 = 100. Source: (Burton G. Malkiel, 2010) As you can see from the graph there is a rapid ascent in prices from around 2000 followed by a quick fall in prices starting in 2007. Prices began to decline and euphoria turned to fear. Houses were worth less than the amount of money owed to the banks and individuals began to default in mass. With massive amounts of defaults occurring, the value of the bundled mortgage backed securities or collaterized debt obligations (cdos) decreased rapidly. Many highly leveraged financial institutions holding long term assets financed by the short term mortgage backed securities did not have sufficient liquidity to continue to function (Burton G. Malkiel, 2010). All credit markets were frozen, excluding the US Treasury securities markets and financial institutions did not have sufficient liquidity to cover their short term debts. In the case of a bank an example of a short term debt is a deposit and people began to fear for their deposits and runs on banks happened in the US and UK institutions with vast amount of money invested in the US housing market e.g. Northern Rock. The US government was forced to bail out a number of financial institutions to prevent a total financial collapse (Burton G. Malkiel, 2010). Banks all over the world became cautious about lending money. Amlak finance Dubai stopped lending money all together and I think this was significant in the bursting of the bubble; it ties in directly with Minskyà ¯Ã‚ ¿Ã‚ ½s model of cyclical changes in the supply of credit. Panic struck and a worldwide financial crisis ensued. 3 Critical Analysis In this section of my dissertation I will evaluate real life data and literature about the situation in Dubai. What caused the rapid increase in price in the housing market? and what caused the resultant rapid decline in prices. 3.1 à ¯Ã‚ ¿Ã‚ ½ Displacement. Economists appear to agree that every bubble starts with a displacement. A macroeconomic change, or innova tion, that induces pervasive adjustments in how agents within the economy behave and perceive the future. It can also be considered a paradigm shift. In the case of the à ¯Ã‚ ¿Ã‚ ½.comà ¯Ã‚ ¿Ã‚ ½ bubble the displacement was the availability of the interweb to mass users. In the case of the recent housing and leverage bubble of the US the displacement was innovations in the banking system and the creation of new bundled financial products and collaterized debt obligations. In Dubai I believe that there were three displacing factors: The first displacing factor occurred in May 2002. Dubai was never rich in oil like its neighbouring emirate Abu Dhabi so it focused on creating a hub for tourism and commerce. It also promoted the development of real estate. In 1997 publicly quoted Emaar Properties and Al Nakheel Properties were setup (https://realestate.theemiratesnetwork.com/articles/freehold_property.php). In 1998 emaar started developing the Dubai Marina and the Emirates Livin g Community; however, properties within these developments were released on leasehold contracts which mean that properties are leased out for ninety years as opposed to being owned freehold. These developments were not successful in the market. People were sceptical about the leasehold contracts. Things changed in May 2002 when the crown prince General Sheikh Mohammed bin Rashid Al Maktum implemented a new law, stating that ex pats were able to buy property in certain areas of Dubai. The following graph shows all transactions from 1994. The graph is based on data from REIDIN.com a company that provides data and information covering all deals and transactions in Dubai since 1973. The company is an exclusive partner of the Dubai Land Department à ¯Ã‚ ¿Ã‚ ½ the real estate registry for the emirate. (REIDIN, DUBAI FOCUS, 2010) Figure 3 Quantity of transactions in Dubai from 1994 (Reidin.com, DubaiFocus, 2010) The graph shows that as of the changes in law about the ownership of real estate from 2002 there is not a significant increase in the quantity of transactions. In fact, there is a decline in transactions until 2005 when quantity of transactions increase rapidly from there onwards. I would still, however, consider the innovations in the legislation behind the ownership of property a displacement because without the changes, ex pats would never have been able to own property on a freehold basis and the bubble would never have happened. I say this because the vast majority of investments into the property market have come from expatriate sources. See the following chart which depicts the value of transactions by nationality. Figure 4 Value (AED) of property transactions by nationality from 1973 (Reidin.com, DubaiFocus, 2010) As you can see from the chart foreign investment is very significant in value and this could never have happened if the changes in legislation had not been made. Also, cross border transactions are a key in the creation of a bubble and as you can see from figure 4 cross border transactions are huge. Another displacing factor was hype generated by the media about talks of a new GCC currency called the Khaleeji. Talks were being had about the possibility of the UAE, Saudi Arabia, Oman, Qatar, Kuwait and Bahrain creating a new currency for their states. These talks were being had around 2006/2007 and nothing was ever finalised but if it was to happen, especially at a point in time when the dollar was weak, this new currency would be valued higher than the specific currencies of the gulf states and investments in these countries would appear even more attractive to speculators as they would rise in value from the creation of a new currency. This ties in with the next displacing factor which is the weakness of the dollar due to financial fragility in the US. In the Spring of 2006 the dollar weakened dramatically due to financial instability in the US. Towards the end of 2006 it looked as if the exchang e rate was rising towards $2. In April 2007 the Dollar depreciated to over $2 and on the 27th of July 2007 it got to $2.06 the weakest it has been since 1981, it continued to fluctuate around $2 for the next five months and on the 9th of November 2007 it was $2.11. After this point, on average, the pound began to decline in value as the global recession hit the UK. The importance of this analysis about the dollar exchange rate is that it shows that from around 2006 until 2008 the dollar was relatively weak compared to the pound. Transactions for Real Estate were booming during this period as portrayed in figure 3 and a huge portion of these transactions were fuelled by investment from the United Kingdom as portrayed in figure 4. I therefore believe that the weak dollar was statistically significant in the increase of transactions from UK investors. The exchange rate of the Dollar versus the Indian Rupee shows a similar story. From around January 2007 the dollar declines in val ue against the rupee to a peak of around 39 rupee to the dollar. Compare this to a value of around 55 rupee in 2003. Again the weakness of the dollar compared to the Indian rupee can be argued to have catalysed vast investment from Indian investors from 2006 as the dollar was depreciating until late 2008 when the global crisis begun to have consequences on other nations e.g. India and the UK. I therefore consider this a displacement which lead to increases in transactions, increases in prices of property and overly optimistic expected prices. Refer to graphs of the dollar exchange rates versus the pound and rupee in the appendix section of the dissertation. 3.2 à ¯Ã‚ ¿Ã‚ ½ Euphoria/overtrading If you refer back to Nial Fergusonà ¯Ã‚ ¿Ã‚ ½s five stage bubble model you will see that after a pervasive macroeconomic displacement in the economy, if it is tending towards a bubble situation, an economy will experience euphoria, also referred to as overtrading. Rising expected profi ts induce the appreciation in value of assets and shares. Investment soars because credit is in abundance. If you refer back to figure 1 you will see that prices begin to rise steadily from 2005/2006. The number of transactions also increases rapidly from around the same period. Nial Ferguson also talks about the abundance of credit; this too ties in with minskys model of the pro cyclical supply of credit. It implies that many of these transactions were fuelled by credit or leveraged. Again this is similar to what was happening in the US before their crash. The following line graph shows the percentage of residential transactions fuelled by credit or leveraged. I have also included the percentage of residential transactions that are classed as à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½. I have put à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½ transaction types into the equation because a substantial amount of transactions are classed as à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½. à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½ refers to t ransactions that are none of the following transaction types: à ¯Ã‚ ¿Ã‚ ½saleà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½mortgageà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½leasingà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½valuationà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½grantà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½rentà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½compensationà ¯Ã‚ ¿Ã‚ ½ and à ¯Ã‚ ¿Ã‚ ½pre-registrationà ¯Ã‚ ¿Ã‚ ½. Ià ¯Ã‚ ¿Ã‚ ½m not entirely sure as to what types of transaction would be considered as à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½. This, I will consider a limitation in my data; however, this is data provided by a governmental entity and censorship is alive and well in Dubai. Figure 5 Percentage of residential transactions leveraged with credit. What figure 5 shows is a steady increase in the percentage of transactions fuelled by credit until 2006 when there is a vast decline in this percentage and a continuous decrease until 2009. I wonder if the global credit crunch caused by the US crash hit Dubai much earlier than people thought, however why did prices not stop falling until late 2008/2009?. There is a visible pattern here; as transactions leveraged by mortgages decreases, transactions classed by Dubai Land Department à ¯Ã‚ ¿Ã‚ ½ the real estate registry for the emirate as à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½ increase. This appears to be rather dubious in my opinion; maybe the global credit crunch hit Dubai but in an attempt to maintain high prices until ruthless inside investors with asymmetries of information could leave the market with huge profits the quantity of transactions was kept high by the government, who have invested interests. Emaar Properties and Al Nakheel Properties are publicly quoted companies but ownership is predominately by wealthy governmental authorities. We all know that OPEC controls the supply of oil to maintain high prices; maybe something similar happened with property in Dubai. Nial Ferguson does mention ruthless inside investors have played a significant role in past bubbles; I think this could be apparent here. (Nial Ferguson, 2008, 2009). The graph shows that vast amounts of credit were used to leverage investments until 2006 when the amount declines rapidly. Probably because banks were influenced by the credit crunch in the US and feared they may have inadequate liquidity. I will analyse the pro cyclical supply of credit in a later section of my dissertation. 3.3 à ¯Ã‚ ¿Ã‚ ½ Mania/Bubble and distress Nial Ferguson refers to the next the next stage as mania or bubble, where first time investors are enticed to the market and seasoned investors who can predict a crash scramble to sell their investments at a profit before the crash. If you refer back to figure 3 that shows the quantity of transactions I would say that the mania/bubble stage was occurring from 2007 to 2008 at when the quantity of transactions are skyrocketing. At this point too, prices are still very high (refer back to figure 1). The closer to late 2008 the sillier the investment, as bubble bursts in october 20 08. Therefore transactions around about this time have to be from first time investors who cannot see a crash. This is referred to by Nial ferguson as the distress period. 3.4 Revulsion/discredit Prices begin to plummet and the à ¯Ã‚ ¿Ã‚ ½herdà ¯Ã‚ ¿Ã‚ ½ stampedes to exit the market causing the bubble to implode. This is apparent in late 2008 and 2009. Transactions stay high (Figure 3) but prices are declining rapidly (40 percent on average). So, investors are struck by fear and rush to sell properties even if it is done at significant losses for fear or even harsher losses or a total collapse of the market. Nobody knew that Abu Dhabi would bail Dubai out.

Julius Caesar s Leadership Skills - 1893 Words

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Memory Keepers Daughter Literary Analysis Essay - 1375 Words

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Case Study of BR Richardson Company-Free-Samples for Students

Question: Analyse the Case Study Of B.R. Richardson Company. Answer: Introduction In the critical analysis of the B.R. Richardson Timber Products Corporation (BRRTPC) is about the changes of interventions the company has applied due to the decreased productivity and shortage of employees. This small lumber company situated in Papoose, Oregon was with low self-esteemed, morale, safety issues and an authoritative manager. The assignment talks about the case study in which, Lawler, a consultant along with his two students tries to gather information about the company. The diagnosis moves from analysis to management of programs (Ravanfar, 2015). Jack Lawler, the consultant used an operative strategy while signing the contract. Lawler set up few meetings with Bowman and Richardson to understand the kind of service they needed from him. Afterwards, he offered three variety of course of actions depending on which Bowman and Richardson could hire him. The company opted for option three; hence, the investigation was begun independently. Prime aim of the investigation was to find out the issues affecting the company economically and ethically. Two students of Lawler helped to analyze the perception of the issue from employees as well as employers point of view. Consultants point of view was also taken into consideration. These data or informations were used to develop this report. Therefore, in this report, in the light of this Cases study, the change process and management procedures are being used to analyze the business situation in BRRTPC. The McKinsey 7S model has been used to evaluate understand and diagnose the collected information of their work environment and employee behavior (Alshaher, 2013). Discussion Contract and Entering stage Entry of Consultant and part-time professor Jack Lawler occurred when the Relation Manager of the B.R. industry, Richard Bowman asked him to take a training session for the blue-collar employees of their lamination plant. Lawler asked for more information about the company from Bowman. Hence, Bowman agreed to meet Lawler personally along with the company president Richardson. However, after meeting Lawler decided to conduct an investigation personally to understand the required training topics. In the letter, Lawler has described the three alternatives for Bowman and Richardson. First alternative provided was to contact in their geographic area to motivate the employees. The second alternative was to let Lawler to be engaged in the investigation to identify the non-controlled issues and solutions to address those problems. The final and third option provided to Bowman and Richardson was to enable Lawler involve a team of two students to diagnose the lamination plant and to provide re commendation. These three course of action was with different pricing options. Additional price would have been charged depending on the course of action. The company board did not want to spend a lot of money for investigation purpose, however wanted the expertise advice of Lawler in the issue. Hence, Lawlers students were allowed to visit the plant and investigate about the problems it was facing. Analysis of the information gathered (problem identification) The informations gathered from the investigation can easily be categorized using the McKinsey 7S model. Two consultants of McKinsey, Robert Waterman and Tom peters developed this model in 1980s. This model consists of seven interdependent factors including soft and hard factors. Hard factors are strategy, structure and system of any organization. These factors are easily identifiable. Soft factors includes values, staff and style. These factors are less tangible and influenced by culture. In this critical analysis, this 7S model has been employed to interrogate the BRRTC. Seven factors of 7S model Structure: Structure of an organization is defined as a framework that clearly divides the work or task among employees, controls administrative machinery and integrates the whole organization in one thread (Scott, 2103). Structure of BRRTC consists of four companies; however, the case study focuses on the Papoose lamination company only. The hierarchy of personnel within the organization was managers, supervisors and after that staff lines. Juanita Yates was the secretary of Richardson, and she helped to manage all the companies together. The first problem identified in the B.R.Richardson was, the companies did not have any shared goal of vision to achieve. Creation of these companies happened with the mission to support each other, however lack of communication and shared values hampered their collaboration. For example, BRRTPC Lamination Company purchased only 30 percent of lumber from Richardson mill however; the complete lumber should be purchased from the Richardson mill. Applying this st rategy, the mill could have increase its productivity and the lamination plant could have reduced its cost to purchase raw material. Strategy and Technology: Strategy is defined as the action or steps taken by the organization to implement the proposed or anticipated changes in the external environment. These strategies are applied to achieve the advantage in the market (Peppard Ward, 2016). Strategy implemented by Richardson was primarily centered on the high production at the cost of long-term investments and cost-effective transactions. The main problem identified in the area of strategy was Richardsons attitude towards employees security and turnover rates. The company did not have any long-term plan to achieve success in the market. Authorities were only interested in achieving daily targets and deliverables rather than long-term plans for competitive advantage. This non-impressive strategy containing short-term goals hindered communication between companies and hence the production was hampered and the positive interventions were shut down. The lamination company was profitable and one of the busy companies of Richardson since its inception. However, Richardson seemed reluctant to upgrade the machinery or to implement any new technology in the production. Technologies to influence good health and safety standards were also ignored. System: In a healthy organization, system is defined as a purposeful and organized structure that contains interrelated and interdependent factors. System focuses on the factors that run the organization and controls or monitors the activities. The system of BRRTPC was not only consists of heavy machines and hardworking labours inter-related into a functional system, it was dangerous, antiquated and under functioning as well. According to the employee complaints, the quality of the equipment were dangerous and the manager was reluctant to address their problem (Scott Davis, 2015). Furthermore, few deaths and accidents inside the production made this point evident that the life of labours were at stake while working in the company. Supervisor at the lamination company mentioned the machinery as junkiest stuffs. Target of a successful company should be proper application of the log supply, more complete order fulfillment to achieve smooth production operations. However, the BRRTPC systems and processes to complete their daily target. These systems put an adverse effect on the employees motivation level and affected their safety. Moreover, it limits the ability of the company to produce more products while maintaining the quality. Staff: After reviewing the staff of BRRTPC, it is evident that huge amount of workers are blue-collars versus white collars. The educational qualification of the employees varied minutely and almost everyone has graduation degree. The staff positions available at the BRRTPC Lamination Company was supervisor, scheduler, administrative staff and quality control. a group of 15 skilled frontline labour was also there. However, there were vacancies in the company, which needed to be filled. The prime problem detected within the staff of the company is, they were not working as a team. This hindered the core values to be shared across the company. In spite of being several vacancies, there was a lack of estimated list of future employees. The human resource system was also very poor in the organization (Nielsen Randall, 2012). No specific performance measurement scale was present that ultimately resulted in rare appraisals and incentive benefits. Company hired employees in the posts that are not according to their education or experience level. Therefore, the able staff did not get the opportunity to be promoted to higher posts. The plant also lacked the training procedure, due to frequent reassignments. According to the investigation, the secretary, itself, needed to be trained in multi-tasking, general office skills and customer service, whereas the supervisor team needed training in management section (Nielsen Randall, 2012). The absence of a mission, vision and core values, which decides the future goals of corporate companies creates a situation of dissatisfaction. This dissatisfaction was due to lack of appraisals, frequent job changes, lack of training sessions, overtimes and short lunch breaks and many more (Mowday, Porter Steers, 2013). Skills In the BRRTPC organization, there were different skills present along with the skills gaps. there was an unacceptable safety issue and worker had to stake their lives while working in the organization. Few accidents and fatality cases strengthens the statement. According to one of the students, who investigated the organization, workers had to work without any safety glass, saw-bands and helmet. Communication was also compromised for the company and the communication skills needed to be improved (Charness, 2012). Style: Style is comprised of the leadership style, impact of that leadership and effectiveness of the leader of the company. The leadership is supposed to involve in the front line of workers to enhance the competitiveness and cooperation within the work force (Dickerson, 2012). At BRRTPC, the leadership and management was completely involved and commanding. The supervisors had to work instead of the workers, in the absence of frontline workers. However, tis involvement was negative as the leadership used to threaten the workers. Even after achieving the quotas, the leadership used to assign some of workers with unplanned and mandatory overtime duties. Expectations from the workers were high, accountability was low and the safety was at risk (Goetsch Davis, 2014). Shared values: The work culture of Richardson Company was negative. Most of the supervisors and senior management authorities forced frontline workers to do overtime and stretched the target . Therefore, dissatisfaction, frustration and anger was common among the workers. The workers were forced to perform their work by applying do or die situations for them, where die equals to be fired from the job (Michelini Fiorentino, 2012). The higher authorities ignored the workers with hernia, broken legs or fingers and back pains by saying that the company covers their medical problems that reflects the lack of a proper human resource department. Task structure was also not defines properly within the organization. Employees used to do their daily routine monotonously. The employees were forces to resume work even after witnessing a fatal accident. However, despite of these negative effects, employees used to pull each other to perform their daily work with efficiency (Pfitzer, Bockstette Stamp, 2013). Recommendation Few recommendations that can be used for the betterment of the company are as follows: The company needs a proper Human resource management team to address the problems and situations of the workers. There are instances of accidents and deaths inside the company premises that has affected the mentality of every worker. Therefore, to take care of their safety, their humanitarian rights and their employee rights a proper human resource department is needed. The rates will fall from 40 percent to 10 percent within 3 months. The employees need different trainings to understand their work role. Supervisor and managers needed training for management issues and frontline workers need training on working with the machines safely. They also needed training to enhance their communication skills. Hence, a training program should be arranged within the company premise to train every individual within 3 months. Feedback and appraisal are part of work environment, whereas the BRRTPC Company did not had any specific performance measurement or appraisal schemes to facilitate its workers. Hence, to improve the low-esteemed and morale of the workers, the company need to implement facilitation schemes. 360 degree feedback process should be implemented for 6 months trial and feedback should be collected from the workers. Conclusion Hence, it can be concluded that work of an organizational development worker is not simple, however being a third party the practitioner sees the company with different perspective. This perspective allows the person to access areas and opinions that the company leadership cannot access. In the case study provided, Jack Lawler diagnosed the company and his perspective was reflected through McKinsey 7S model that deals with staff, structure, skills, systems, style, shared value, strategy and technology. Close attention was provided to each of this framework and it helped the Richardson Company to align all the issues that were hindering the company to achieve success. Finally, few important recommendations were proposed to fasten the speed of betterment and improve the condition of the workers. References Alshaher, A. A. F. (2013). The McKinsey 7S model framework for e-learning system readiness assessment.International Journal of Advances in Engineering Technology,6(5), 1948. Charness, A. N. (2014). The Role of Practice and Coaching in Entrepreneurial Skill Domains: An International Comparison of LifeSpanChess Skill.The road to excellence: The acquisition of expert performance in the arts and sciences, sports, and games. Dickerson, D (2012). Learn the three keys to exceptional leadership. Retrieved from https://www.thedanielislandnews.com/artman2/publish/Business_65/Learn_the_Three_Keys_to_Exceptional_Leadership_printer.php Goetsch, D. L., Davis, S. B. (2014).Quality management for organizational excellence. Upper Saddle River, NJ: pearson. Michelini, L., Fiorentino, D. (2012). New business models for creating shared value.Social Responsibility Journal,8(4), 561-577. Mowday, R. T., Porter, L. W., Steers, R. M. (2013).Employeeorganization linkages: The psychology of commitment, absenteeism, and turnover. Academic press. Nielsen, K., Randall, R. (2012). The importance of employee participation and perceptions of changes in procedures in a teamworking intervention.Work Stress,26(2), 91-111. Peppard, J., Ward, J. (2016).The strategic management of information systems: Building a digital strategy. John Wiley Sons. Pfitzer, M., Bockstette, V., Stamp, M. (2013). Innovating for shared value.Harvard Business Review,91(9), 100-107. Ravanfar, M. M. (2015). Analyzing Organizational Structure based on 7s model of McKinsey.Global Journal of Management and Research: A Administration and Management,15(10), 6-12. Scott, W. R. (2013).Institutions and organizations: Ideas, interests, and identities. Sage Publications. Scott, W. R., Davis, G. F. (2015).Organizations and organizing: Rational, natural and open systems perspectives. Routledge.

The Climatic Condition of San Francisco and Key West

Climate refers to the weather condition of a certain given area over a long period of time, usually after a period of 30 years. The climatic conditions are arrived at as a result of several factors such as nearness to large water bodies, latitudinal factors, the altitude patterns, human activities, the relief, and distance from the equator, direction of wind and the flow of ocean currents to a given area. This paper explores the climatic condition of the city of san fransisco, CA and Key West, Florida.Advertising We will write a custom essay sample on The Climatic Condition of San Francisco and Key West specifically for you for only $16.05 $11/page Learn More San Francisco is a county in California State. It’s among the most populous regions in California with varied socio-cultural prospects and a robust economic platform. The city sits on the north of the peninsular where it borders Pacific Ocean and San Francisco bay to the west and northern end respectively. Francisco city is a renowned world’s tourist destined site, thanks to its exclusive prevailing weather patterns courtesy of the climatic condition. The climatic pattern is the Mediterranean climate; group Cs, which is a sub type of the temperate climate according to the koppen classification. Many factors contribute to the climatic condition. Due to proximity to sea, ocean currents flow to and fro thereby bringing about the cooling effect. It’s because of these cool currents that produce humid conditions of warmth and small variations of yearly temperatures. The city undergoes dry intervals between the May all the way to October then giving way to the start of the rains from November to the April. During the rainy period, rain falls slightly more than one week which makes about 5 percent of the annual total rainfall that occurs. The rain pattern is prompted by the air masses from the warm north-west front and the cold front from the Alaskan gulf. Thus, t he city endures a maximum average temperatures of 60Â º F and 70Â ºF and minimum of 50Â ºF and 55Â ºF during summer with cool sea breeze and foggy conditions .On the other hand, winter is characterized by much fog and even transport operations may be disrupted during such periods. The city also experiences the spring and fall seasons. At such times, the skies are usually clear during the shift from summer season to the more cold winter period defined by heavy rainy clouds. It is also during this period when dry offshore currents oust the sea currents from the pacific resulting in the alteration of temperature thereby making it the hottest period in San Francisco city. Due to latitudinal differences, the precipitation patterns of San Francisco vary from one area to the other. This is depicted by the relief of the area which anchors on the terrain, which is dotted with a number of hills. As a result, air from the pacific gets lifted upward over the high topographical features.Adve rtising Looking for essay on geography? Let's see if we can help you! Get your first paper with 15% OFF Learn More The outcome of such movement across the different contours between a maximum of 22Â ´ and 18Â ´ produces an effect of open variation in precipitation pattern. Precipitation patterns on an average yearly basis stands at about 500mm and certainly takes place from November through to April when rainfall is experienced and this is equivalent to 20 inches (Gabler 49). Vegetation refers to the plant concentration in an area. The topographic convention of San Francisco city is marked with several hills. The terrain and proximity to the sea front produce several features associated with a variety of native vegetation. These range from wild flowers to woodlands. Take for instance; areas close to the sea front is almost bare as it is mainly dotted by sand dunes. The numerous hilly areas typically are cooler thus the vegetation becomes denser .San Francisco is perc eived to be a major urban centre in California, unfortunately, the native vegetation is quietly and quickly giving way to the rapid urban expansion as a result of the human activities involved. San Francisco city’s climate can be described as, Csb according to the koppen climate classification system. Finally, Key West is a city in Monroe County; Florida. It covers Key West and stock isles. This city is also a major tourist destination due to its characteristics cruise ships. Its geographical map can be defined by 24Â º 33Â ´North and 81 Â º 03Â ´West with a maximum height above sea level standing at 6m or 18 feet. It’s also in this region that tropical cyclones are more prone because most of the topographical features sit at no more than 20 feet. This system affects wind movement and alters rainfall patterns which causes unpredictable warming of water surface thereby forcing moisture into the atmosphere through the immense energy produced hence causing tornadoes a nd even forest fires. The Florida Keys manifest to a process of glaciations hence sits on a coral base (Gabler 57). These phenomena point to the existence of limestone beds along the peninsula and the coral reef to the west that has since been covered with sand. According to koppen classification system, Key West city has a relatively mild nature, tropical climate. This is so because Key West lies close to the equator which is also a major factor that can determine the climate of an area as it receives more sunshine. This type of climate can be credited to several factors too. Take for example, the Gulf Stream and the Gulf of Mexico that borders the city to the north and to the west contributes to the average humid conditions linked to this region. Due to the closeness of this area to the sea, the currents bring about the cooling effect as they flow from the sea front onto the mainland.Advertising We will write a custom essay sample on The Climatic Condition of San Francisco an d Key West specifically for you for only $16.05 $11/page Learn More This attest to the fact that, cold currents meet with the warm fonts from the northern part during winter. Because of this situation, the temperatures in this region always maintain a figure not less than 10 Â ºC or 50 Â ºF.The month of July is usually accompanied by 26.4 Â ºC and 31.9Â ºC at an average of low and high temperatures in that order. Here, there are two major highlights of climate. The two climatic seasons run from June to October marked by hot and wet, plus humid conditions. The other season commence from the month of November to May. This period features both dry and cool weather circumstances that further explain the reason for the state of the summer conditions. As summer approaches, the heat is moderated with easterly winds and the current from the sea hence forming humid weather patterns (Gabler 54). The hot season between November and April experiences little rain wit h abundant sunshine, while the wet season of May and October receives slightly higher rainfall annually compared to the former with occasional thunderstorms due to the easterly winds. This regulates the precipitation patterns hence the outcome of this process produces low precipitation on average. Thus, making Key West as the city with the most pronounced dry conditions in the state of Florida. The vegetation of Key West is as varied as the topographical features are concerned. Generally, the environmental features resemble that of the Caribbean even though the Key West islands were formed as a result of sea animals and water plants. The vegetation landscape takes after natural habitats found in areas of high altitude mainly occasioned by upland forests such as maple, pine, oak and tropical species like mahogany and many others. The sea shore exhibit varied vegetation too, like coconut palm, hibiscus trees, and the bougainvillea and papaya species. Exotic species can also thrive her e because of the favorable climate that supports their growth. Consequently, the climate of Key West area is therefore Aw, according to koppen climate classification system. Works Cited Gabler, Robert. The Fundamentals of Physical Geography. California. Barnes Noble, 2008. Print. This essay on The Climatic Condition of San Francisco and Key West was written and submitted by user WildChild to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.