Strategic Management and Leadership Skills

Strategic Management and Leadership Skills Introduction This report presents the relationship between strategic management and leadership skills. The report shows strategic management and leadership skills of Robert Eckert, the CEO of Mattel. Eckert demonstrated effective strategic management strategies and leadership skills when Mattel was a troubled company that had lost its focus. This was also the period of the biggest recall of toys in the history of the company.Advertising We will write a custom report sample on Strategic Management and Leadership Skills specifically for you for only $16.05 $11/page Learn More Understand the relationship between strategic management and leadership In order to comprehend the link between strategic management and strategic leadership, one must appreciate that these two concepts are requisite for the success of an organisation. Strategic management entails evaluation of the current external situations of the sector in which an entity operates and the firms itself. Analysis of the organisation is an internal process, but both internal and external analyses should provide the foundation for keeping the most favourable management practices (Kakabadse, Jackson and Fandale, 2002). In this case, strategic management aims to achieve the best positioning of organisational policies and strategic objectives. Strategic management aims to assert organisational objectives, develop policies and plans for realising these objectives. This process requires adequate allocation of resources in order to realise the desired goals. As the case of Mattel shows, strategic management is the highest level of managerial role. In this case, the CEO (Robert Eckert) and other senior executives took control of the situation. Strategic management and leadership of the CEO provided the overall direction for Mattel. Strategic management involves aligning organisational situation or strategic advantages with the business objectives and the prevailing operational conditions. T he fundamental aim of organisational strategy is to put an organisation in a situation that can allow it to execute its mission well and effectively. An effective organisational strategy should account for a firm’s policies, mission, vision, objectives, and the overall tactics for realising core values of a firm. Chaffee identified key elements that he concluded were fundamental for the concept of strategic management (Chaffee, 1985). First, executives must adapt an entity to the prevailing condition in the industry. Second, strategic management requires change and restructuring. This is a complex process, which must eliminate unstructured functions in the organisation. Third, strategic management influences the whole organisation by providing a new sense of direction.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This is imperative when an entity has lost its focus. Fou rth, the process of strategic management also involves formulation and implementation of new strategic directions for an organisation. Fifth, strategic management involves analysis and restructuring of both corporate and specific business strategies. These are analytical and conceptual processes, which require adequate understanding by the top executives of an organisation. On the other hand, strategic leadership is a carefully orchestrated use of favourable tactics to communicate corporate goals of a firm to employees. Hence, strategic leadership must manage, motivate, and influence employees to focus on organisational vision. In this case, the whole team becomes an imperative tool for implementing the required changes in order to achieve the new strategic aims. Strategic leadership should respond to challenges that an organisation faces by providing a vision and strategic direction for recovery, growth, and success. Clearly, this is what Robert Eckert did as a new CEO of Mattel. C hanges at Mattel required leadership skills and necessary resources for formulation and execution. Managing changes in troubled organisations need strategic leadership, which can provide a sense of â€Å"direction, create ownership, and motivate employees to support the necessary strategic changes† (Chaffee, 1985). Strategic leadership requires effective strategies when handling employees. Usually, most leaders use the strategy of motivating workers in order to raise their morale. This would allow employees to take the initiative of improving the current condition of an organisation. Strategic management must encourage employees to perform best for the future success of an organisation. Just like Robert Eckert, strategic leaders have visions for the future by focusing and understanding current situations of their organisations. This allows such leaders to prepare for both current and future challenges they may face. Understanding the current situations and creating awareness for the future is a critical part of strategic leadership. These strategies require well-formulated action plans. Strategic leaders always show the ability to adapt and initiate growth strategies for an organisation. They facilitate communications and take initiatives and responsibilities to ensure that the organisation achieves the best performance possible. Strategic leadership focuses on productivity of an organisation with the aim of encouraging quality and amount of work from employees. Strategic leaders focus on the best interest of their organisations rather than their interests. They also recognise contributions from other employees.Advertising We will write a custom report sample on Strategic Management and Leadership Skills specifically for you for only $16.05 $11/page Learn More Such leaders motivate employees to perform best in order to realise organisational goals (Pedler, Burgoyne and Boydell, 2004). In this sense, employees can anticipate and understand their overall contributions to strategic objectives of the company. At the same time, strategic leaders motivate employees through incentives and promotions to allow them to perform well for the sake of the organisation. Strategic leaders review their situations before undertaking any critical decisions in the organisation. This shows that careful planning before initiating any changes in the organisation are fundamental components of strategic leadership. Strategic leadership requires that leaders use effective strategies in any critical decision-making processes. This ensures strategic management practices, which result in success of an organisation. Strategic leaders must work in unique situations, which require management of performance in order to improve the situation of their organisations. One can easily notice the effectiveness of strategic leadership in situations, which are volatile, uncertain, complex, and ambiguous. Overall, strategic management focuses on p romoting organisational strategic objectives, formulating, implementing policies, and allocating resources to realise these objectives. In this regard, strategic leadership plays a strategic role of motivating, managing, and encouraging employees to facilitate the realisation of organisational strategic objectives. The Mattel case study: the link between strategic management and leadership Leadership provides a link between strategic management and the realisation of strategic objectives of an organisation. Organisations can only realise their strategic objectives through effective leadership. On the other hand, strategic management must make use of the available resources in order to achieve desired goals. In this regard, leadership must provide direction for the organisation. The case of Mattel under Robert Eckert demonstrates how effective leadership and strategic management can transform an organisation successfully. Robert Eckert shows that strategic management and effective le adership are fundamental concepts, which work together for transformational purposes. Leadership must establish â€Å"strategic goals and the vision of an organisation and provide a future direction for growth† (Kouzes and Posner, 2008).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More For instance, Eckert was able to improve Mattel’s turnaround. The CEO strategic decisions resulted in selling of the Learning Company. Eckert managed to reduce costs and improve revenues. He managed to improve Mattel’s market share in the US and overseas. As a result, investors, the board, customers, and other stockholders were happy with the company’s progress. In addition, the Wall Street also took note of the company. Eckert noted that all 30,000 employees of Mattel had an improved sense of dedication to the company’s mission. Overall, strategic management at Mattel involved identification of the company’s objectives, formulating policies, action plans, allocating resources, and executing these plans in order to realise the company’s strategic objectives. Strategic leadership normally manages, motivates, and encourages employees to spearhead the company’s mission in order to realise the desired changes. Strategic leadership brings about changes in an organisation. The turnaround of Mattel: the impact of management and leadership styles on strategic decisions Robert Eckert was able to transform the fortune of Mattel from a company that had lost its focus to a successful one because of effective leadership styles and strategic management approaches. Decisions, which Eckert made to transform the company, were unique and aimed at improving employees’ morale and productivity. These decisions had fundamental impacts in the entire organisation because of effective communications with all employees. The CEO had to make strategic decisions by reviewing the current situation internal, external environments, and employees’ morale. When the leadership of an organisation fails to initiate strategic plans and execute them, then the organisation will fail to realise its strategic objectives. This suggests that leadership is a critical aspect in formulating strategies and action plans for changes in an organisa tion. Eckert was able to make strategic management decisions that affected the whole organisation. As a result, there was almost no resistance, and employees were able to improve on morale and productivity. How Robert Eckert’s leadership style had to be adapted between his original re-structure of Mattel and the 2007 Product recall scandal The concept of strategic management and leadership relies on some theoretical approaches for credibility. For instance, leaders normally base their decisions on resource-based views in which they strive to utilise resources and capabilities available within the company to create competitive advantage. There is also a stakeholder approach when executives relate with their organisations. Robert Eckert declared that he did not put his interest first, but that of Mattel. Restructuring requires leaders to make strategic decisions by establishing priorities on what an organisation should achieve in the future (Adair, 2009a). The leadership must f ormulate these strategies and implement them. Strategic management involves creating priorities for the organisation. Eckert had to focus on what Mattel had to do in order to turnaround itself. Effective leadership is important in making such decisions. Leadership has to unite the organisation in order to realise organisational goals. Eckert was able to handle the recall scandal of 2007 effectively because of his leadership abilities. The CEO managed to communicate effectively with all stakeholders across the global. The process of recall communication was transparent. The CEO and other executives held regular meetings in order to communicate and coordinate the recall strategy. Hence, every senior executive knew about the unfolding scenario at the company about the recall. Executives also held employees’ meetings for updates. Employees at Mattel observed that the recall was successful, and the company was able to recover quickly because the CEO was a part of the process. In o ther words, changes started from the top, which allowed other employees to embrace them. This ensured that the company managed change processes effectively. Robert Eckert displays some leadership styles in the case of Mattel’s product recall. First, the CEO uses a visionary leadership style. Eckert used this strategy because he knew that the company needed a new direction because of poor performance and product recall. As a result, the CEO focused on employees so that he could motivate them to focus on the new set of objectives for the company. According to Daniel Goleman and his colleagues, â€Å"Visionary leaders articulate where a group is going, but not how it will get there – setting people free to innovate, experiment, and take calculated risks† (Goleman, Boyatzis McKee, 2004). Mattel CEO also displayed affiliative leadership style. This type of leaderhsip style emphasises the importance of â€Å"teamwork and it creates harmony in a group by connecting p eople to each other† (Goleman, Boyatzis McKee, 2004). These authors argue that affiliative leadership style is critical â€Å"when trying to heighten team harmony, increase morale, improve communication or repair broken trust in an organisation† (Goleman, Boyatzis McKee, 2004). However, the CEO was careful not to rely on this strategy alone because it could make poor performance within the organisation to go unnoticed. Finally, Eckert also used democratic leadership style. He relied on knowledge and skills of his employees in order to develop a group commitment and improve morale in order to focus on a new direction. The method was appropriate for the company because employees did not know the next course of action after poor performances and product recall. Hence, the CEO relied on the collective wisdom of Mattel employees by consulting widely. Leadership experts warn that democratic leadership may not be appropriate during a crisis, particularly when a management te am needs to make urgent and quick decisions (Goleman, Boyatzis McKee, 2004). Nevertheless, Eckert used it successfully during the product recall. Application of management and leadership theory to support organisational direction Leadership theories and strategic management concepts have enabled CEOs and other senior executives to facilitate change and improve organisational processes. As a result, managers have learned to lead and make strategic decisions by following established standards based on theoretical concepts of organisational behaviours (Mullins, 2010). Such senior executives renew the ownership of the company’s mission, set strategic management objectives, and motivate their employees to work for the future of the organisation. Usually, successful managers know how to plan and review organisational change processes carefully. Unplanned changes disrupt operational processes of an organisation. This can lead to resistance from employees (Kouzes and Posner, 2008). Effective change management requires leadership and constant communication. For instance, Eckert had to adopt a radical transformational approach in order to save the company from the recall scandal, motivate employees, improve revenue growth, and restore stakeholders’ confidence in the company. Effective leaders rely on different leadership strategies in order to achieve the desired change in an organisation. In the case of Mattel, one can observe different leadership strategies that Eckert used. These included transformational, learning, and rational approaches. A review of the impact of the selected theories of management and leadership on Mattel’s organisational strategy Robert Eckert recognised the situation of Mattel by conducting thorough studies and analyses. Hence, Eckert knew that he had to transform the company. This led to the application of transformational leadership strategy. The transformational leadership strategy requires leaders to create and inspire organisational vision and develop a clear set of objectives for the organisation, which create importance to employees within the entire organisation. Chaffee noted that most efforts of transformational leaders concentrate on transcending self-interests among employees in order to change their morale and pursue the realisation of organisational objectives (Chaffee, 1985). Scholars note that the role of management in the transformational process is to â€Å"motivate and inspire organisational members toward organisational goal attainment† (Barbuto, Jr, 2002). The transformational leadership style focuses on bringing employees together in order to achieve a common goal, develop, and maintain strategies for implementing the shared values and organisational vision. The transformational leadership style works because the strategy making process includes self-devotion of the leader, who encourages employees to adopt common organisational values and work toward common goals. Eckert was able to transform Mattel by adopting the transformational leadership style. As a result, the company started to generate revenues, staff morale increased, stakeholders renewed their commitment and confidence in the company, and decrease costs. Eckert also relied on a learning approach as a leadership strategy to manage Mattel during its troubled periods. Barbuto noted that the learning approach to strategy making involves â€Å"continual learning and with heavy reliance on flexibility and adaptation rather than on a predetermined and specifically outlined plan of action† (Barbuto Jr, 2002). Decision-making processes and strategy implementation rely on rationality and uncertainties that exist now. Formulation of organisational strategies needs constant dialogue and communication within the entire organisation. This process must also include other external stakeholders like customers, regulators, analysts, and investors. In this process, the CEO and other senior executives must engage in on-going communication as they strive to comprehend and improve the needs of the organisation and stakeholders. The learning strategy in decision-making was evident when Robert Eckert joined Mattel. Eckert recognised that he had no background in the toy industry because he was just a ‘food guy’. As a result, Eckert embarked on constant learning. He identified three areas that need immediate attention, which included building brands, cutting costs, and developing people. Generally, Eckert found it necessary to focus on employees first by relying on emotional intelligence strategies to boost employees’ morale. The new CEO also built a relationship based on trust. He started by ‘setting the table’ i.e., developing an atmosphere of honesty by engaging in healthy dialogues and constant consultations with others in order to establish common goals for the company. Senior executives must recognise that the learning approach in making strategi c management decisions targets employees’ commitment, focuses on customers, company processes, and constant learning and improvement within the organisation. The learning approach in strategic management focuses on improving strategies in order to achieve the desired changes in an organisation. Eckert dedicated great energy to learn the company’s processes and drive the organisational strategic goals. On-going communication with all stakeholders has been effective in facilitating learning within firms. Eckert was able to learn and discover new strategies for Mattel while on the job. There is also the rational model of strategic management, which concentrates on a systematic analysis and evaluation of all potential strategies that an organisation can pursue in order to improve its processes. The rational approach in strategic management and leadership focuses on evaluation of factors outside the firm, a company’s portfolio, and circumstances within the industry. These analyses help senior executives to understand and define strategies for future development (Barbuto, Jr, 2002). This strategy results in a detailed action plan, several alternatives, and a plan for effective use of available resources. The rational approach works in a similar manner like a resource-based approach that is critical for creating competitive advantage in an organisation. Eckert assessed Mattel’s situation and the industry environment. As a CEO, Eckert had the chief role of understanding Mattel through rational strategies by including employees’ inputs in the process of changing the company. A leadership strategy that supports Mattel’s organisational direction An appropriate leadership strategy for Mattel must recognise its vision of Creating the Future of Play and reinforce the four values of Mattel. In addition, it must complement recognised efforts of Alan Kaye in reducing risks, eliminating challenges from silos, fiefdoms, enhancing coordin ation of policies, communication, and aligning organisational policies and practices with the strategic goals of the CEO. This would result in increased employee engagement, loyalty, and productivity. The overall outcome for the company would be productivity. Still, the future leadership strategy must focus on the company’s global issues, develop, and implement an action plan for improvement. The future leadership strategy for the company must emphasise the role of the management in making strategic management decisions and providing effective leadership, emphasising the company’s mission, and the new direction. Mattel’s new leadership strategies will emphasise the following key drivers of leadership strategies (Pasmore, 2013). Leadership for global growth The future leadership will recognise cultural sensitivity, particularly when dealing with any challenges with the Chinese suppliers. This applies to its global clients too. The strategy will enhance increase d representations of different leadership skills from diverse geographies and build strong cross-cultural relationships. The CEO noted that leaders in other parts of the globe cooperated during the recall scandal. He should strengthen foreign assignments with the Chinese manufacturers and formulate effective strategies in their business arrangements. Leadership for innovation Innovation should drive future leadership strategies of Mattel. The company requires improved interdependence among its executives in order to develop effective collaboration so that it can introduce new, safe toys to the market. At the same time, the company requires increased leadership involvement in various operations and market activities. Mattel must also focus on developing new products and talent implications in order to cater for its growing product portfolio. The company must focus on risk aversion and communication strategies among its senior executives. Leadership focused on customers Mattelâ₠¬â„¢s customers are children across the globe. The company must develop and enact new strategies for understanding children’s experiences with their toys and translate such experiences into best business practices. The company leadership should focus on enhancing positive customer experiences. There is also a need for the company to understand various views from diverse customer bases. The company must emphasise the importance of customer primacy and care globally. Focus on high growth opportunities Mattel will continue to grow. Therefore, the company should focus on talent development in order to avoid potential leadership strains in the future. It is necessary for leadership strategies to focus on leadership growth at various departments of the company. Leadership for enhancing operating efficiency The company leadership should focus on â€Å"lean manufacturing, use Six-Sigma and other methods to bring costs down in to remain profitable and efficient† (Pasmore, 2 013). Senior executives must lead such efforts and allow managers to support such strategies at all levels of the business. This should be a continuous process by all leaders. Assessment of leadership requirements in Mattel Assessment of leadership requirements is a process that can assist Mattel to identify and illustrate employees’ unique characteristics when placed in a given leadership position. Employees have different characteristics and abilities in various roles. The process must account for the candidates’ characteristics with reference to a certain management position now or in the future (Adair, 2009b). It would help the company in making effective selection and placement of employees at the right leadership positions. The aim of leadership assessment is to ensure that Mattel’s employees utilise their potential effectively and improve effectiveness of the company in strategic management and decision-making abilities. In addition, the assessment shall provide a way of measuring several leadership competencies within the company. Mattel could adopt a hybrid system that would provide relative ease and flexibility in order to meet its specific leadership requirements. Use appropriate methods to review current leadership requirements of Mattel The strategic analysis approach will assess strategic thinking abilities of potential leaders (Grint, 2004). They must demonstrate vision and other supporting competencies. In this assessment, the company would ensure that its future leaders evaluate and analyse the presented data and develop the best course of action in order to tackle strategic planning challenges that would affect the company. Another assessment method would be management problems. In this approach, the assessment must evaluate rapid response abilities and high visibility required in a modern organisation. The process must account for decisiveness, flexibility, analytical skills, and other related skills of potential leaders when facing management crisis. Individual exercise method shall evaluate problem-solving techniques of employees. The process must also identify interpersonal skills, flexibility, decision-making abilities, effectiveness in communications, and other competencies that a person should display while in a leadership position. The candidate should display analytical abilities, review materials, and decided on the best course of action for a given situation. Finally, the group exercise method will evaluate interpersonal skills, team building abilities, conflict management, and communication abilities. Employees can work as a team when solving a problem within a specified period (Charan, Drotter and Noel, 2001). A Plan for the development of future situations requiring leadership In the future, the company would likely to become more customer focused than today. Mattel would need leadership skills that can allow it to focus on developing and implementing new strategies for comprehending c ustomer experiences and transforming them into enhanced business strategies and practices. The company will need to establish effective and solid relations within all areas of customer touch points with the aim of creating seamless experiences for customers. Mattel will establish the need to understand specific needs of various customers. Thus, it must move beyond a general solution for all customers. The company must facilitate a culture of customer care and customer primacy. Mattel will expand to other markets globally. This would demand for a greater cultural awareness and sensitivity among its leaders (Kristensen, 2001). At the same time, the company will need to improve on representation of diverse cultures and geographies at the management levels. Managers will also require different skills in languages and communication abilities. These leadership skills would facilitate the development of cross-cultural relations. At the same time, there would be increased international acti vities for senior executives. Mattel senior leaders would require practical knowledge in different local laws and business practices in different countries across the world (Guthridge and Komm, 2008; Lipman-Blumen, 2000). The company will also require leadership skills to facilitate innovation. Leaders shall need a great interdependence to enhance functional collaboration and teamwork with the aim of creating new products for the market. This would require increased leadership participation in different roles such as collecting user insights and applying them in developing new products for profitability. Future leaders will have to anticipate talent, capital, and innovative requirements for the fast growing consumer markets. In addition, leaders will have to overcome cultural barriers and embrace changes to enhance innovation (Sinclair, 2004). Mattel shall also enhance operational efficiency in the future. The company must adopt cost reduction strategies, lean manufacturing approach es, and Six Sigma for control critical aspects of production. Leaders must support these initiatives and lead by performance. Moreover, they must establish a culture of continued improvement, which senior executives must spearhead in all departments (Senge, 1990). Ability to plan the development of leadership skills The most important aspect of being able to plan strategies for developing new leadership skills for the future involves reviewing and understanding organisational business objectives. People who undertake this process must have deep knowledge about the organisation. In addition, there should be experts in leadership who understand processes of acquisition, development, and retention of leadership talents. It is critical to identify factors that drive business strategies. This would help leaders in understanding SWOT of the company and position it appropriately among competitors. These factors can allow leaders to create unique positions within the market, but leaders mus t understand essential elements of business drivers. The plan for the development of the main leadership skills identified as lacking within the Mattel structure Mattel will require constant assessments of individual employees and the organisation itself. Employees can create self-awareness and provide data for identification of management talent. Organisational assessment can reveal the performance of current leadership and changes required for business improvement. Mattel will rely on work assessment in order to understand how leaders can develop certain skills required for the task. Work assessment should have certain goals for evaluation purposes. This enhances feedback on skills attained by trainees and mentors with reference to specific business strategies required (Fowler and Gorman, 2005). Feedback from mentoring and coaching processes is an effective means of assessing and developing an appropriate leadership plan for the future. However, in most cases, people involved in c oaching and mentoring may fail assessment on feedback for potential leadership abilities. However, it is important to understand challenges that relate to coaching and mentoring because these concepts of leadership develop can also destroy potential individuals (Lambert, 2004). It is important for senior executives to participate in talent management within the organisation (Gold, Thorpe and Mumford, 2010). Mattel will not realise advantages from senior executives’ involvement in the leadership development plan, unless such leaders support, adopt, and evaluate the desired skills for future leaders for the company. Executives must demonstrate personal support and engagement for the processes of changes within the organisation (Drath, 2004). Another plan is to provide leadership seminars, events, and meetings. These provide opportunities for employees to interact, learn, and get information on the required leadership skills for the future. However, organisations must understand costs that result for such events. Thus, it is necessary to leverage such events. Evaluate and report on the usefulness of methods used to plan the development of leadership skills Leadership development strategies applied in this process are effective because they identify and specify specific actions that Mattel must undertake in order to develop, retain, or source employees with leadership abilities that it may require in order to meet business objectives. This suggests that the company’s leadership strategy plans relies on organisational strategic objectives and quantifiable business results. These approaches also recognise practical aspects inherent in developing effective leadership skills. Evaluating the best leadership style for Mattel According to situational leadership theory, the best leadership for an organisation depends on â€Å"situational variables because no single leadership style fits all workplace environments† (Oracle, 2012). Mattel should use à ¢â‚¬Å"the type of work, the complexity of its projects, and qualifications of employees in order to develop future leadership plans† (Oracle, 2012). Evaluating current and potential leaders The company focuses on expected leadership skills and competencies when evaluating current and future leaders. It must also evaluate internal politics and structures when developing future leadership skills. Identify leadership gaps The leadership plan accounts for leadership gaps in the company. The company assesses all employees on their readiness to lead others by evaluating current and future leadership requirements. Succession plan for organisational critical roles Mattel did not have the CEO for many months. Moreover, many employees in critical leadership positions resigned. Hence, an effective leadership plan accounts for succession and avoidance of disruption when key leaders leave the company. A succession plan should be a part of Mattel’s company policies. A successio n plan should account for all critical departments of the company. Career plans for potential leaders The plan accounts for responsibilities, which an employee can handle comfortably. Career planning aids â€Å"in retention, engagement, and protection of the leadership pipeline of a company† (Oracle, 2012). Career advancement programmes are effective ways of retaining potential leaders in a company. In fact, most employees leave their jobs due to lack career planning in an organisation. Required skills for future leaders It is important for a career plan to recognise changes that take place in the workplace environment. Thus, an organisation should identify potential leaders and develop a skills roadmap for the future (Oracle, 2012). Such leader plans should account for both formal and informal learning in the organisation. The plan should focus on â€Å"coaching, rotational assignments, job shadowing, mentor relationships, and project leadership† (Oracle, 2012). T his should account for technologies and include elements of social networking. Retention approaches for current and potential future leaders A leadership development plan must have retention strategies. Organisations have used both monetary and non-monetary reward approaches in order to retain their employees. A good approach should link such strategies with performance and motivate employees to stay focused on realising organisational goals. Reference List Adair, J 2009a, Effective Leadership: How to be a Successful Leader, Pan, London. Adair, J 2009b, How to Grow Leaders: The Seven Key Principles of Effective Leadership Development, Kogan Page, London. Barbuto, Jr, J. 2002, ‘How is Strategy Formed in Organizations? A Multi-Disciplinary Taxonomy of Strategy-Making Approaches’, Ó the Journal of Behavioral and Applied Management, vol. 3, no.1, p. 64. Chaffee, E 1985, ‘Three models of strategy’, Academy of Management Review, vol. 10, no. 1. Charan, R, D rotter, S, and Noel, J 2001, The Leadership Pipeline, Jossey-Bass, San Francisco, CA. Drath, W 2004, The Deep Blue Sea: Rethinking the Source of Leadership, Jossey-Bass, San Francisco, CA. Fowler, J and Gorman, J 2005, ‘Mentoring Functions: A Contemporary View of the Perceptions of Mentees and Mentors’, British Journal of Management, vol. 16, pp. 51-57. Gold J, Thorpe R and Mumford A 2010, Leadership and Management Development, CIPD, New York. Goleman, D, Boyatzis, R McKee, A 2004, Primal Leadership: Learning to Lead with Emotional Intelligence, Harvard Business Review Press, Cambridge. Grint, K 2004, What is Leadership? From Hydra to Hybrid, Working Paper, Oxford University, Oxford. Guthridge, M and Komm, A 2008, ‘Why multinationals struggle to manage talent’, The McKinsey Quarterly. Kakabadse, A, Jackson, S and Fandale, E 2002, Meeting the Development Needs of Top Teams and Boards, CRF, London. Kouzes, M and Posner, B 2008, The Leadership Challenge, 4th edn, Jossey-Bass, San Francisco, CA. Kristensen, J 2001, Post-Modern Approaches to Cross Boundary Interventions in Understanding Collaboration,University of the West of England Press, Bristol. Lambert, A 2004, Obtaining Value from Executive Coaching and Mentoring, CRF, London. Lipman-Blumen, J 2000, Connective Leadership: Managing in a Changing World, Oxford University Press, New York, NY. Mullins, L 2010, Management and Organisational Behaviour, 9th edn, Prentice Hall, New York. Oracle 2012, Seven Steps for Effective Leadership Development, An Oracle White Paper, Oracle Corporation, Redwood Shores, CA. Pasmore, W 2013, Developing a Leadership Strategy, A White Paper, The Center for Creative Leadership, Greensboro, NC. Pedler, M, Burgoyne, J and Boydell, T 2004, A Managers Guide to Leadership, McGraw-Hill, Maidenhead. Senge, P 1990, ‘The Leaders New Work: Building Learning Organizations’, Sloan Management Review, vol. 32, no.1. Sinclair, A 2004, ‘Journey Around Le adership’, Discourse: Studies in the Cultural Politics of Education, vol. 25, no. 1, pp. 7-19.

Acceptance Or Rejection Of The Null Hypothesis Economics Essay

Acceptance Or Rejection Of The Null Hypothesis Economics Essay The appropriate value of t is 2.100. Since we are concerned whether b (the slope of original regression line) is significantly different fro B (the hypothesized slope of population regression), this is a two tailed test, and the critical values are  ±2.100. The standardized regression coefficient is 0.063, which is inside the acceptance region for our hypothesis test. Therefore, we accept null hypothesis that B is equal to 0.01. Step 6: Interpretation of the Result There is not enough difference between b and 0.01 for us to conclude that that B has changed from its historical value. Because of this, we feel that a one hundred percent increase in inflation would increase the poverty headcount by around 0.01%, as it has in the past. 2. Inflation and Ginni Coefficient The slope for the regression line that shows a relationship between inflation and gini coefficient is 0.5956. This means that a 100% increase in inflation would result in 0.5956% increase in gini coefficient. Now we wou ld perform the same hypothesis testing procedure to determine the authenticity of slope and whether the slope justifies the relationship between inflation and gini coefficient. Step 1: State the Null and the Alternative Hypothesis Let B denotes the hypothesized slope of actual regression line, the value of the actual slope of regression line is b = 0.5956. The first step is to find some value for B to compare with b= 0.5956. Suppose that over an extended past period of time, the slope of the relationship between inflation and gini coefficient was 0.5. To test whether this is still the case, we could define the hypothesis as: H0: B= 0.50 (Null hypothesis) H1: B à ¢Ã¢â‚¬ °Ã‚   0.50 (Alternative hypothesis) Step 2: Decide on Significance Level and Degree of Freedom Significance level ÃŽÂ ± = 0.05 and Degree of freedom (df) = n-2 = 19 – 2 = 17 Step 3: Find out Standard Error of b Where Sb = standard error of the regression coefficient Se = standard error of estimate Xi = valu es of the independent variable X-Bar = mean of the values of the independent variable n = number of the data points Year X Y X – X-Bar (X-X-Bar)2 Y2 XY 1963-64 4.19 38.6 -2.607368 6.79837008 1489.96 161.734 1966-67 8.58 35.5 1.7826316 3.17777535 1260.25 304.59 1968-69 1.58 33.6 -5.217368 27.2209332 1128.96 53.088 1969-70 4.12 33.6 -2.677368 7.16830166 1128.96 138.432 1970-71 5.71 33 -1.087368 1.18237008 1089 188.43 1971-72 4.69 34.5 -2.107368 4.44100166 1190.25 161.805 1979-80 8.33 37.3 1.5326316 2.34895956 1391.29 310.709 1984-85 5.67 36.9 -1.127368 1.27095956 1361.61 209.223 1985-86 4.35 35.5 -2.447368 5.98961219 1260.25 154.425 1986-87 3.6 34.6 -3.197368 10.2231648 1197.16 124.56 1987-88 6.29 34.8 -0.507368 0.25742271 1211.04 218.892 1990-91 12.66 40.7 5.8626316 34.370449 1656.49 515.262 1992-93 9.83 41 3.0326316 9.19685429 1681 403.03 1993-94 11.27 40 4.4726316 20.0044332 1600 450.8 1996-97 11.8 40 5.0026316 25.0263227 1600 472 1998-99 5.74 41 -1.057368 1.11802798 1681 23 5.34 2001-02 3.54 27.52 -3.257368 10.610449 757.3504 97.4208 2004-05 9.28 29.76 2.4826316 6.16345956 885.6576 276.1728 2005-06 7.92 30.18 1.1226316 1.26030166 910.8324 239.0256 Summation 129.15 678.06 0 177.829168 24481.06 4714.9392 X-Bar = 6.79 Y-Bar = 35.68 Se = 3.59 By putting Se and Summation (X-X-Bar) 2 in Sb, we have Sb = 0.269 Step 4: Find the Standardized Value of b t = b – BH0/Sb Where b = slope of fitted regression BH0 = actual hypothesized slope Sb = standard error of the regression coefficient By putting the values of the above in t, we have t = 0.355 Step 5: Conclusion on Acceptance or Rejection of the Null Hypothesis The appropriate value of t is 2.10. Since we are concerned whether b (the slope of original regression line) is significantly different from B (the hypothesized slope of population regression), this is a two tailed test, and the critical values are  ±2.10. The standardized regression coefficient is 0.355, which is inside the acceptance region for our hypothesis test. Therefore, we accept null hypothesis that B is equal to 0.5 Step 6: Interpretation of the Result There is not enough difference between b and 0.50 for us to conclude that that B has changed from its historical value. Because of this, we feel that a one hundred percent increase in inflation would result in an increase of 0.50% in gini coefficient, as it has in the past.

Trends in Terrorism Essay Example | Topics and Well Written Essays - 750 words

Trends in Terrorism - Essay Example Tsunamis, hurricanes, and typhoons are just a few natural disasters that mankind faces from time to time (Kapur & Smith, 2010). It is up to different individuals to set the stage for some of them to be tackled. This paper will examine one such disaster, and some of the communication problems agencies might have faced when it came down to handling the situation. Hurricane Katrina, to some, may have been the worst hurricane to ever hit the Atlantic. It is estimated to have killed over 1, 800 people, and the damage assessed to over 80 billion U.S dollars. Communication failure might have worked to increase the damage in terms of lives lost and the property destroyed. The Federal Emergency Management Agency (FEMA) director at the time was forced to resign because of the actions or lack of actions, to warn of the failure of the levee system to drain the flood water. The New Orleans Police Department also had to let go of the Superintendent after investigations were conducted into the fail ure of the levee system in the area (Milakovich & Gordon, 2011). Accurate weather tracking were provided by the U.S Coast Guard and the National Hurricane Center. However, none of these agencies were provided with sufficient knowledge about the levee system in the areas affected, and there was no way the citizens in the area could have automatically known of their fate. During the impact of Katrina, a lot of areas needed health information. Unfortunately, as the devastation of the hurricane continued, it was crucial for the agencies present to change their strategies to those of drown prevention and protection against electrical threats (Izard & Perkins, 2011). The fire departments in some of the states affected were destroyed completely, making the rescue efforts harder for the local agencies and some of the personnel to reach the affected areas. Communication became a problem due to the loss of information centers in these regions. There were reports of department personnel from s ome of the agencies abandoning their posts during the storm. There would have been no definite channel of communication between the different departments and agencies that were present during the evacuation and rescue operations. The destroyed communication infrastructure disabled rescue attempts as there could no longer be any coordination of response teams. There could be no access to the police and fire dispatch centers present in the affected areas, and no public safety radio system was able to operate adequately. In one incident, a senior state official was reported as saying there was no channel of communication and people were writing messages on paper, putting them in bottles, and throwing them in the water for people on the ground (Milakovich & Gordon, 2011). The inadequacy and inefficiency of response teams had consequences on the lives and property of the individuals in the affected areas. The economic, social, and even political scene was changing as people were quick to point fingers in every direction. In terms of repairs for some of the damages, the administration at the time sought for over $100 billion to start some of the repairs. Land was destroyed in the aftermath of Katrina, for example in Mississippi; acres of forest land were destroyed. The redistribution of people changed the social scene drastically

Abacus Business Solution Case Study Example | Topics and Well Written Essays - 1750 words

Abacus Business Solution - Case Study Example Industry Definition Point of Sale is the checkout place where a transaction is completed. In other words, it is the point where customers make payments for the goods or services they have purchased. POS systems are usually used by retail industry and restaurant industry. However, in this context, the study will focus only on the restaurant industry. According to David Gilbert, COO of the National Restaurant Association, POS systems are one of the most essential tools for a restaurant as it helps to make their business operation secure, fast and reliable. POS systems are simply the synthesis of hardware and software and business model of the companies belonging to POS industry is also simple. In general, the supply chain model of the POS industry includes POS manufacturers and developers, POS distributors, POS VARs and business owners. Figure 1 –POS Supply Chain Model Some of the major players of POS industry are Micros Systems, Inc., Restaurant Data Concepts and NCR among others. The industry is characterised by variety in product features, services and prices. According to the reports published by IBIS World, the industry reached a value of $1.2 billion in the year 2012. The industry growth rate is 1.8 % annually, but it is expected that, the growth rate will be 2% for the next five years. The major customers of this industry include hospitality sector, retail sectors, and foodservices sector. The share of revenues of POS industry is presented below. Figure 2 – Share of Revenue in POS Industry

Longitude Essay -- essays research papers

Longitude: The True Story of a Lone Genius Who Solved the Greatest Scientific Problem of His Time is written by Dava Sobel. The book is called Longitude because it is about a clock maker who was able to determine longitude. Determining longitude was the superlative scientific question in the eighteenth century that Galileo and Newton were not able to resolve.   Ã‚  Ã‚  Ã‚  Ã‚  The principal inspiration behind the invention completed in this book is that many sailors were lost at seas as a result of their ignorance regarding longitude. So, without the competence to determine longitude, many innocent lives were disintegrated at seas.   Ã‚  Ã‚  Ã‚  Ã‚  England’s Parliament was desperate for an answer to this problem. So, in 1714 England’s Parliament offered 20,000 pounds to anyone who invented a method or a device for measuring longitude and then proved successful.   Ã‚  Ã‚  Ã‚  Ã‚  As a result, a Frenchman, sieur de St. Pierre, frowned on the moons of Jupiter as means of determining longitude. He theorized that longitude could be found by the position of the moon and select stars. At the time, Dr. Edmond Halley proved this theory wrong. After many observations, Halley concluded that the moon’s rate of revolution around the earth was accelerating overtime.   Ã‚  Ã‚  Ã‚  Ã‚  John Harrison was a simple clockmaker and a self-educated person who was accredited for finding longitude by means of a timeke...

History inquiry

The impact of World War 1 on the farming industry was the unreason for its downfall in the 1920. † During World War 1 farming was booming. The farm prices were giant at a staggering 9. 7 US billion dollars and blueness for farmers were great. The reason for this was that the foreign market (mainly Europe) was demanding allot from America due to the fact that many foreign countries had little harvest due to the war. America was mostly isolated and not involved in the war so farming was not effected by the war in America. This meet that the other countries involved in the war had to rely onAmerica's produce, meaning America's farms were selling allot more produce. Therefore they were gaining allot of money and they were living in very good conditions. Farmers in America at this time Oust before the 1 ass's) decided that to keep up with the demand of harvest they would get loans to allow them to get the latest technology to grow and harvest more produce, more quickly. They believe d that this would make them more money in the long run and therefore they were quick to do it. However, things began to go spiraling down for farmers when the war ended.In the beginning of the sass's foreign countries began to recover and thus the American farmers lost their foreleg market. Farm price dropped to a low 4. 1 US billion dollars. Losing their foreign market meet that they were left with their big loans and were stuck with their newly bought technology making way too much produce. The mass amounts of produce they made didn't have enough people buying it and so it went to waste. Leaving farmers with very little income, meaning they had no money to pay off these loans with. This caused the farmers to quickly fall into dept.The dept meant farmers had to continue to produce the same amount of mass produce to pay off their dept. Thus they were stuck in a loop that was pulling them deeper and deeper into dept. During this time the living conditions for farming families were ho rrendous. 6 million farming families had to live on an average of a mere $200 annul. Around 25 million farmers on small farms had to move to work on a commercially big farm. And they farmed on these farms so much they exhausted the land. These figures and facts show Just how bad the social and economic conditions came for farmers.Besides from farmers, African Americans and Immigrants were also finding this decade to be quite hurdling. Racism and racial segregation could be seen everywhere and black Americans had very difficult times, especially because of growing black hate groups such as the ASK. Immigrants and black Americans had allot of trouble in finding good work in American. Immigrants often had a giant language barrier and allot of the time, both immigrants and African-Americans were very uneducated. These were very big social problems of the 1 ass's. This source was made primarily by Fitzpatrick, Daniel Robert (1891-1969).It shows the hardship of farmers In the 1 ass's. As the picture depicts; Farmers are broke and money Lies else where In Industries and such. It successfully shows how bad farmers of this time have It. The republic policy of having a laissez fairer has been said to have a part In causing the down fall of farming. This Is because these polices refused the government from interfering in the farms and no aid or support could would be more realistic to say that this infant didn't cause anything but instead ended the problem from being solved or made better.The technological advance of the sass's could be described as a cause for the farming crash. Many newly invented machines were put into action to increase the speed and amount of produce being made. The machines meant more produce and the produce couldn't be sold because of the lack of market. Loans were made to get aloud of these machines and these loans couldn't be paid back, leaving many farmers in debt. However these loans were only made because of the conditions set in place by the effects of WWW. The arbitration was also apart of the cause of the down fall of farming in America in the sass's.The prohibition banned all alcoholic drinks in America, therefore stopping the production of all alcohol including spirits. This meant that all the wheat and barley used to make these drinks were no longer bought leaving the farmers with even less produce being sold. The amount of wheat being bought dropped by 25% and the amount of barley being bought dropped by 90%. This may be a cause for the farmer's downfall but it had no where near the effect that the impact of WWW had on farmers. It was a lesser cause and held far little importance than the impact of WWW.

Analysis Of The Book The Richest Man On Babylon By...

Morals and principles in business is what has kept the world going for centuries and what continues to fuel progress today. These ethics have not changed much since the book, â€Å"The Richest Man in Babylon,† was written by George S. Clason originally in 1926. In this book, Clason discusses a unique set of financial strategies and standards, such as the â€Å"The Seven Cures,† that relate with the class, Agricultural Financial Management, and life in general. With this book being written in the 1920s, it was a great time for the people living during that era, until 1924 when agriculture started witnessing the factors of the Great Depression. Although the book is set in Babylonian time, Clason created the parables in a storytelling format that makes†¦show more content†¦Although a budget is one part of this process, we must learn to save money first. Specifically, in this book it says to set aside one-tenth of what we earn and save it (ch.5). Setting aside one- tenth of what we earn allows us to make more suitable decisions on what we do with the other nine-tenths to live our daily lives. After a certain point, the one-tenth that we save every time we earn grows more and more to be able to buy the things we want or even really need. Saving a tenth of what is earned and budgeting the rest is only two of the seven cures that Arkad relays to the group of students. For the tenth that is saved, his third cure is to simply invest it. Compound interest is wonderful when it comes to saving money versus when borrowing money because both the principal and interest accumulated earn interest. By investing the saved money, it then becomes much larger and even greater income (ch.8). Although this may sound great, the fourth cure tells us that we must learn to secure small amounts before investing in substantial amounts. In class, we have learned that where there is risk, there is gain or loss. Whether we decide to loan the money or finance it, we must a ssure that we are loaning it to a reputable source or understand the dangers that lie in investing it (ch.8). Taking on another perspective, the fifth cure is to, â€Å"Own thy own home.† Mortgages were set so that