Risk Management Task 1a - 4779 Words

JIT Task 1 Risk Management Risk Management From the last decade risk management is the most researched and exciting area in the financial industry as it elaborates how to minimize and avert the hazard of risk from the portfolios of different assets and from the operations of financial institutions. Regulators and depositors mainly emphasize the risk management and according to them risk management is an essential ingredient to enhance the value of shareholders and increase their level of confidence. Risk management is the assessment of risks to mitigate, monitor and control the probability or impact on uncertain events. Risk management methods vary from industry to industry for instance it cannot be same for project management,†¦show more content†¦Companies and governments operating in the complex economic environment of the 21st century must contend with a broad range of risks. Some do so in an adhoc or reactive fashion, responding to risks as they appear, whilst others are proactive, planning in advance the risks that they wish to assume and how they can best manage them. Since it has become clear over the past few years that risk can be financially damaging when neglected, anecdotal and empirical evidence suggests that institutions increasingly opt for formalized processes to manage uncertainties that can lead to losses. Risk can be classified in a number of ways and though we do not intend to present a detailed taxonomy of risk, a brief overview is useful in order to frame my discussion. To begin, risk can be divided broadly into financial risk and operating risk. Financial risk is the risk of loss arising from the movement of a market or performance of a counterparty and can be segregated into market risk (the risk of loss due to move ment in market references, such as interest rates, stock prices or currency rates), liquidity risk (the risk of loss due to an inability to obtain unsecured funding or sell assets in order to make payments) and credit risk (the risk of loss due to non-performance by a counterparty on its contractual obligations). A rise in funding costs, an inability to sell financial assets at carrying value or the default by a counterparty on a loan are examples ofShow MoreRelatedFactors That Affect The Company Financial Condition Of The Coca Cola Company863 Words   |  4 Pagesdecision of how to management the company. Other cases, the company can be exposed to potential fraud and this issue has to be considered in the audit plan. Risk Factors Companies are subject to risks and uncertainties and The Coca Cola Company is not exempt of this. There are many factors that can affect the company financial condition. I’m including and analyzing some factors that can be useful for the judgment of others. According to The Coca Cola 10-K, these are the fallowing risks that the companyRead MoreINDIVIDUAL RIGHTS TO SERVICE USERS Essay971 Words   |  4 Pagesupholding service users’ rights in health and social care Scenario You are about to go on work experience at a training centre for young adults with learning disabilities. Some of the young adults also have mental ill health and require medication. Task 1 We all have rights As part of your preparation for work experience, you have decided to produce an information pack on the rights of the young adults who attend the centre. Your information pack should contain: a summary of the rights of theRead MoreMcitp Chapter 2683 Words   |  3 Pagesadministering all aspects of a particular server. When a Windows Server 2008 server boots for the first time, you will see the Initial Configuration Tasks window that allows you to perform initial configuration tasks, such as setting the computer name and configuring the Windows Firewall. You can add roles to a 2008 server from the Initial Configuration Tasks (ICT) interface or from the Server Manager console in the Administrative Tools folder. From here, you can add and remove different server rolesRead MorePmbok Integration and Scope Management1044 Words   |  5 PagesMaster of Project Management Cover Sheet for Assignments Name: Srinivasan Ranganathan | Student ID No: 1601708 | Course Name: Applied Project Management 1 | | Assignment number: 1a | | Due Date: 14th March 2011 | | KEEP A COPY Please be sure to make a copy of your work before you submit it. On rare occasions an assignment gets lost in the system. In such a case you must be able to provide another copy. PLAGIARISM Plagiarism is the presentation by a student of an assignmentRead MoreEssay on Ford Hybrid775 Words   |  4 Pages Abstract Which stages of the project life cycle are evident in the case study? Did Martens select the right two project managers in Patil and Wright? What are toughest challenges faced by the project manger’ during a high visability and high risk project? Would you like to have been involved with the Ford Escape Hybrid project? Paper # 2: Ford Hybrid The Ford Escape Hybrid program was the midterm step of the company’s steps of sustainability. The program was included in the company’sRead MoreDescription Of A Safe Job Procedure Essay1390 Words   |  6 Pagesfor critical tasks. SCOPE At Alpine Construction we will be diligent to integrate our safety program into every aspect of our business. One way in which this will be done is through the SJP process. This SJP provides practical guidance on how to meet the requirements under Section 2(1a) of the Alberta OHS Act in relation to the health and safety of workers and Part 9 of the Alberta OHS Code (fall protection). ALBERTA OCCUPATIONAL HEALTH AND SAFETY CODE In accordance with Section 2(1a) of the AlbertaRead MoreInformation Technology, Competitiveness And Coordination Effect The Agribusiness Sector1302 Words   |  6 PagesInformation Systems exactly is? †¢ What Agri-Business sector is all about? †¢ What is Competitiveness? According to Davis and Olson, an Information System is an integrated, user-machine system for providing information to support operations, management, analysis and decision making functions in an organization. This paper focuses on technologies that might improve the transfer or information between two sectors. Usually, Agribusiness sector is viewed as a sector that deals with activities thatRead MoreWater Is The Most Valued And Vulnerable Natural Resource That No Living Organism Can Survive Without It948 Words   |  4 Pagesit. Maintaining the water’s quality is a very important task where all individuals involved must perform with at the highest standard of honesty, integrity, and responsibility. This is because of the fact that they have a direct impact to the society’s health. Usually, chlorination, adding doses of chlorine, is a common disinfection practice to kill any harmful microorganism in the water. However, with wrong calculations or improper managements in terms of using chlorination method can result in someRead MoreRisk Management Module Of The Msc Project Management Course At University Of Aberdeen2065 Words   |  9 Pagesassignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdee n. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below. Question 1a Explain the difference between qualitative and quantitative risk management and how each method can be used to manageRead MoreW1a Introduction1481 Words   |  6 PagesWhat is purchasing? MS6323 Strategic Sourcing and Procurement KK Lam Week 1a Summer 2015 2 What is purchasing? Or Part of Supply Chain (Manufacturing) Perspectives on purchasing 1 As a function – To perform specialised tasks 2 As a process – To achieve an output 3 As a link in the supply chain 4 As a relationship 5 As a discipline – Knowledge based 6 As a profession – Demonstrable skills and knowledge – With production and warehousing – Internal and external focus 3 SCM activities

John Stuart Mill And Immanuel Kant - 1786 Words

John Stuart Mill and Immanuel Kant. They both had very different views when it came to the ethics of philosophy. They also though had some of the same views as each other. Both were concerned with the moral qualities of actions and choices of a person, but neither of them was much interested in about what makes a good person. They also different views and some of the same views when it came to lying. One thought it should never be done. The other thought it should be used as a last resort. First, we will talk about Immanuel Kant. Kant s theory was a deontological one. This meant that he believed that the moral worth of an action in the action itself rather than in the consequences of the action. Kant believed that the good action is one in accordance with our duty. Mill, on the other hand, was more of a utilitarian. He was a consequentialist, believing that the goodness of an action is measured by what its outcomes are. He locates the goodness in the amount of happiness it gives rise to and takes issue with Kant over what could be described as his empty formalism. In this paper, we will be exploring both theories, but we will be favoring Kant’s theory. We will be applying both the theories to a case. The case being you lost your Philosophy textbook and then borrowed your friend’s Philosophy textbook to study for an upcoming test, which you also unfortunately lost. This morning your friend, asked for his book back so he can study for the same test. You looked intoShow MoreRelatedImmanuel Kant And John Stuart Mill1261 Words   |  6 Pagesintentions/character that inspire the action, or the consequences that result from the action?† Second, the philosophers I am going to discuss throughout this paper are Immanuel Kant and John Stuart Mill. Now before I tell you my answer to this question I am going to explain these who these two philosophers are and what their viewpoints on ethics are. Immanuel Kant was born in what is now Germany in 1724 and died in 1804 and was the type of philosopher to act out of duty. He believes that actions should be performedRead MoreImmanuel Kant And John Stuart Mill Essay2002 Words   |  9 Pagesmost widely known ethical philosophers are Immanuel Kant and John Stuart Mill. While they may have philosophized around the same time period, the philosophers have very different ideas about ethics and happiness. Immanuel Kant, author of Duty and Reason, believed in the morality of the good will and duty. He espoused that happiness is an irrelevancy insofar as fulfilling duty is the most important aspect of leading a moral life. Conversely, John Stuart Mill, who wrote, The Greatest Happiness PrincipleRead MoreJohn Stuart Mill And Immanuel Kant1387 Words   |  6 Pagesdifferent philosophers. Two of these philosophers are John Stuart Mill and Immanuel Kant. Mill, in Utilitarianism defines happiness as pleasure without pain. He builds upon this idea of happiness when establishing his moral philosophy, stating that the action that would bring about the maximum amount of happiness is the most moral action. On the other hand, Kant establishes happiness as well-being and a satisfaction with one’s condition. Kant, however, argues that happiness is too fully based uponRead MoreImmanuel Kant And John Stuart Mill1206 Words   |  5 Pagesof morality, there is no right answer to dilemmas only different opinions. Immanuel Kant and John Stuart Mill are philosophers with two different views on a person’s moral conscious. Kant believes morality is a duty that people should hold above their own happiness. On the other hand, Mill believes happiness is the goal of morality and the more happiness is acquired at the end is the most moral. According to Immanuel Kant, morality is a duty people must hold above their own happiness. For somethingRead MoreImmanuel Kant And John Stuart Mill948 Words   |  4 Pagesyou do it? Immanuel Kant and John Stuart Mill would give you strongly contrasting opinions. A person should not kill another to benefit five others. It would be a wrong thing to do, but Mill would disagree. Kant believed that good intentions count and that the morality of an action is determined by the intentions behind it rather than its consequences. Kant says that the consequences are irrelevant to assessments of moral worth, which contrasts sharply with Mill’s utilitarianism. Kant believed thatRead MoreJohn Stuart Mill And Immanuel Kant Essay1805 Words   |  8 Pagesphilosophers, Kant and Mill, to determine whether or not torture is ever ethical. John Stuart Mill and Immanuel Kant, both proposed different philosophies, using deontological and teleological theories in ethics. John Stuart Mill used a teleological theory, which prioritized the end result of an action, based off the moral nature of the action itself, compared to the deontological theory proposed by Kant, which presented actions as obligations of an individual, leading them to act in a certain way. Mill usedRead MoreImmanuel Kant And John Stuart Mill998 Words   |  4 PagesTwo knowledgeable men, one says go right, the other, left. Who is right? Immanuel Kant and John Stuart Mill were both noted philosophers with opposing theories on what is moral. Each uphold different ways of observing what is right. The theory of utilitarianism held by Mill and universalism held by Kant has similarit ies and differences. Who stands correct, and who is mistaken? Utilitarianism is the belief that decisions should be made based on how much pleasure they bring (MacKinnon and FialaRead MoreImmanuel Kant And John Stuart Mill2050 Words   |  9 Pagesstraight forward as proposed by Immanuel Kant and John Stuart Mill in The Groundswork and Utilitarianism respectively. Kant, in The Groundswork, and Mill, in Utilitarianism, come to different conclusions about what is intrinsically good, yet neither of them come to a valid explanation for the following reasons; Kant produces a narrow view focused entirely on having a good will, acting only based off of duties, and ignoring the outcomes of your actions, while Mill calculates intrinsic value basedRead MoreJohn Stuart Mill vs. Immanuel Kant2163 Words   |  9 PagesJohn Stuart Mill vs. Immanuel Kant The aim of this paper is to clearly depict how John Stuart Mill’s belief to do good for all is more appropriate for our society than Immanuel Kant’s principle that it is better to do whats morally just. I will explain why Mill’s theory served as a better guide to moral behavior and differentiate between the rights and responsibilities of human beings to themselves and society. Immanuel Kant and John Stuart Mill are philosophers who addressed the issues of moralityRead MoreA Study Of Ethics By Immanuel Kant And John Stuart Mill992 Words   |  4 Pagesaround ethics. The court released Lavallee as innocent on the basis that she is medically ill with Battered Woman Syndrome (BWS). The two most renowned ethicists, Immanuel Kant and John Stuart Mill would view this case differently. Kantianism is associated solely with Immanuel Kant. In comparison, John Stuart Mill, an opponent of Immanuel Kant’s ideas, uses a utilitarian approach. This essay will briefly give an overview of the case and the BWS. Then, it will show how both theories view the case.

Communication Challenges in Global Virtual Teams free essay sample

Communication Challenges in Building Successful Global Virtual Teams Due to Diversity and Cultural Differences Abstract This paper introduces an approach to effectively communicate within a global virtual team by discussing the challenges faced by them, understanding cultural differences in communicating, diversity within a team, building trust in virtual communication, and communicating across different regions and time zones. This approach appears in many discussions surrounding the difficulties managers and team members have in communicating effectively in global virtual teams.Specifically, this paper evaluates how the diversity of a global virtual team makes it challenging to communicate when members are not present face to face and adhering to the different regions and time zones these members are located. It will also examine the challenges in understanding the different cultures amongst a team and how to effectively build trust by researching, acknowledging, and understanding these cultural differences and communicating them to the team in a virtual environment. Communicating Challenges in Building Successful Global Virtual Teams Due to Diversity and Cultural Differences In today’s economy, many organizations must expand their operations globally in order to remain competitive and to stay afloat. With this business model companies have to develop teams across all functions of the organization and in all regions of the globe in which the company operates. For these companies, many have set up global virtual teams to manage processes and implement any projects or company initiatives with other employees of the organization.However with these teams come many obstacles and challenges definitely in communicating across cultural differences, understanding the diversity of the team and communication management within the different regions and time zones. Various authors (Danielle, 2006; Kayworth, 2000; Lee-Kelley, 2008 to name a few) have noted that these groups consisting of dispersed members across the globe and accumulated from various cultural backgrounds have an impact on how effective global virtual teams can be.Kayworth determines that there are four main challenges that global virtual teams face; which are communication, culture, technology, and project management. This pap er observes the difficulties that virtual teams face within their communication efforts, analyzing the diversity of team members and the obstacles of communicating across different regions and times zones.As well as it takes an extensive look at the cultural differences that consists of these virtual teams and the challenge of building trust amongst a dispersed group. And in order for a global virtual team to operate effectively, managers and the members must research the different cultural backgrounds of its members, understand the communication challenges they face, and utilize them accordingly in order to build trust amongst the team to fulfill their goals that they place ahead of them. Defining Global Virtual TeamsThere are many authors that have provided definitions of global virtual teams, Lee-Kelley (2008) mentions that Towsend along with Lipnack and Stamps define a virtual team as a group that is geographically dispersed and utilize telecommunication and information technology as forms to communicate and perform. Lee-Kelley also refers to Alge, Balosky, Christensen, and Davis’ definition that virtual teams are typically a group that are dispersed who use various sources of information technology to communicate.In the case of these definitions, there is a lack of emphasis on the concept of team, but further definitions tie in this c oncept and place more value on the aspect of team. Cascio’s and Shurygailo’s mentioning of multiple-relationships in global virtual teams, by referring to the number of manager’s involved, number of team members, and number of locations. Many researchers in this field do not reference a specified distance in which team members must be apart to classify as virtual team, but as Lee-Kelley stated it is a psychological reality versus sociological that team members conceptually define themselves in a virtual team.In sum, there are many definitions that agree on the structure, form and characteristics of a virtual team and the members it consist of, but there is a lack of consensus amongst them. This lack of consensus on the definition of a global virtual team has also brought up the discussions of the challenges in communication that these virtual teams face, thus prompting this research. Time Zones and Work Schedules One of the initial challenges of global virtual teams is the complicated work schedules of its team members in their respective regions.Settle-Murphy (2006) notes when working in a synchronous mode (Instant Message, telephone, video conference), some remote team members are forced to work at awkward times. This alone is one the most consistent challenges that managers and teams have to overcome. When is the optimal time for virtual teams that span across various time zones to meet? A manager and its team have to take in consideration the different work weeks as well as the time difference.Consistently in many western civilizations, the standard work week is predominately Monday through Friday, utilizing Saturday and Sunday as business days off in order to ten d to personal matters and observance of the religious day that is most affluent in that region and culture. Where in many eastern civilizations the work week is Sunday through Thursday, and they utilize Friday and Saturday as their days off. This difference is not only restricted to western/eastern civilization, but ultimately applies to the different cultures that make up the team, the different religions, and time of year.Being cognitive of this challenge and addressing it in an applicable manner is crucial to the effectiveness of a global virtual team. It is an evident obstacle in scheduling team meetings via information technology applications (i. e. teleconferencing, video-conferencing, etc). This is one challenge that can easily be addressed by the manager’s and team’s awareness of these work week schedule differences along with the cultural and religious difference of its team members. Another issue that global virtual teams encounter is conducting meetings across the various time zones of its members. There is no exact corporate standard or guidelines on how and when meetings should be conducted in order to accommodate all members of the virtual team. Settle-Murphy states that in order to reduce this challenge as an obstacle to building trust and team success, a team should agree when same time meetings are necessary, and consider rotating the times to share the burden of working during normal sleep time. The managers and team members should also consider which work can be done asynchronously (e. g. via email or a shared workplace) to allow all team members to work at the most convenient times.This approach can be highly effective because it is apparent that the manager and other team members have taken into consideration each other’s differences of location, culture, and business practices, and simultaneously addressing the challenge of building trust. By researching, understanding, and being respectful of the team members and their time, the cohesiveness of the group is e stablished quickly and strengthened, which is also a challenge to overcome in global virtual teams. Communication and Behavioral DifferencesIn the article â€Å"Working Together Apart,† Zakaria, Almelinckx, and Wilemon (2004) state that, â€Å"managers have often under-valued the profound influence of culture on knowledge conceptualization and transfer. Suggesting that knowledge sharing is often facilitated by communication that involves the exchange of meaning and that the process of communicating is dynamic, multifaceted and complex† (p. 17). Zakaria et al. , also suggest that cultural conditioning has a major affect on the evaluation of experience as well as how information and knowledge in global virtual teams is conveyed and learned.In short, cultural influences play a major role in communication and behavioral differences. This concept is another major challenge that global virtual teams face when striving to reach their end goal. Conveying a clear message is only one challenge, the difficult part is conveying that message so that it reaches each individual affectively according to their unique cultural and behavioral background and how to convey organizational messages across global virtual teams has consensually been done through technology.Global virtual teams that use information and communication technologies and exclude social or physical presence and rely on depersonalized forms of communications between its team members (Zakaria et al. ,2007). One can argue that this hinders the creation of a knowledge-sharing culture, yet over time, the exclusion of social and physical presence can possibly strengthen working relationships that normally would not form in a more traditional work setting. Utilizing technology as the form of communication takes out a lot of subtle communication aspects that are experienced when working within a team in a more traditional framework.An example of this is the use of non-ve rbal communication or cues. The absence of non-verbal communication may cause difficulties for those global virtual team members’ cultures that rely on body language, gestures and facial expressions for vital communication. For example, in high-context cultures, people value these subtle and indirect communications. Visual communication like a nod, smile, posture, voice and eye contact provide important indications and meanings to establish understanding of what is trying to be communicated. The usage of verbal and non-verbal communication is important when working together in a team.Global virtual teams usually lack the ability to rely on these communication manners because of their reliability on technology in order to communicate and therefore it is difficult to build cohesiveness and trust within the team. Zakaria et al. , states that: â€Å"Technology is simply a tool that needs human operations, no matter how sophisticated the technology can be, the implementation of technology has the potential to fail if insufficient considerations are given from the user perspectives† (p. 19). This brings up the topic of what is appropriate and what is not when communicating to and within global virtual teams.In the majority of information and communicated technology-mediated environments where team members are dispersed geographically and are culturally diverse, the usual form of communication is electronically, and the preferred language of use is English. Studies have shown that native and non-native English speakers exhibit culture-based differences in meanings of terminology, structure and format. A key example of this is the usage of terms and slang. When members use terms and slang words, the intended meaning can be obscured due to cultural differences and can hinder knowledge management and effectiveness.Another area for potential conflict in information communication is the actual language itself. For those teams that use English, individuals need to be aware of the English language variation in intra-team electronic communication. This particularly pertains to the tone, style, formality, salutations and closings and that they need to be aware that there are substantial sociolinguistic and grammatical variations within the global English-speaking community and will have a significant impact on intra-team communications.In order to successfully facilitate the cross-cultural collaboration and communication, the team members must be aware of these subtle differences and acknowledge them when relaying organizational messages. Since the use of electronic communication technology has the capacity to reduce or overcome certain cultural challenges within a global virtual team, these forms of technologies can facilitate intra-team interaction. It also introduces a shared-framework, a virtual work setting that can build intra-team respect, trust, reciprocity and positive individual and group relationships.Therefore, understanding the communication and behavioral differences when communicating electronically to the team members can put the team in the position to work through the challenges that lie within a global virtual team. The Importance of Developing Trust For global virtual teams, building trust is one of the essential factors in developing a successful team. Since global virtual teams consist of many cultures that make up the entity as well as a geographically dispersed entity, there is a high risk of potential misunderstandings and mistrust. So the question that many virtual teams face is how to develop trust. Many researchers contend that in order to develop trust, a group must facilitate face to face interactions in order to build trust. These face to face interactions allow people to relate to each other or â€Å"click† as many of the new generation say. However, this may not have enough grounds to develop strong trust within a team if the members do not understand each other and/or the nature of the team itself.As Roberts observed, â€Å"the development of trust, whether on a local or international basis, requires more than face to face contact or its technological and spatially indifferent substitute video-conferencing ellipses, trust depends on the sharing of a set of socially embedded values, cultural institutions and expectations† (Roberts, 2000, p. 6). In order for global virtual teams to be effective, there must be intra-group trust as well as trust between management and team members and vice ver sa. Jarvenpaa, S. L. , and Leidner, D. E. 1999) infer that virtual teams have no time to gradually develop trust and therefore require a high degree of â€Å"swift trust† to be demonstrated by enthusiastic and proactive team members’ behaviors. So how do cross-cultural members form swift trust? Jarvenpaa and Leidner suggest that the virtual team members would import the expectations of trust from other settings that they are familiar with. It is also important to note that if an individual team member’s cultural stereotypes are flawed, biased or incomplete, this technique may be problematic. Once communication is developed between members, trust could be maintained by actions that are highly dynamic, proactive and enthusiastic. Such active communication must be premised on accurate cultural knowledge to be effective. Therefore swift trust is made possible because when cross-cultural teams work in a virtual environment, they bring their knowledge, competence and expertise not only to meet the goals that are set but also about the other team members’ and their cultures in order to ensure the success of the team.Not only is this necessary for the members of the team but it also necessary for the leaders of the team to establish this swift trust. As noted from Zakaria and Leidner, there are two behavioral categories that form cross-cultural trust. First, credibility where one individual believes that the other individual has the capabilities, competence, expertise and resources to make a successful exchange that meets expectations. Note that when working in cross-cult ural teams, the work expectation of a person in culture A is different from the expectations of a person in culture B. This can be challenging in implementing swift trust in global virtual teams, but it can be overcome if the expectations are set by the managers or leaders and are clearly communicated to all team members. The second factor that Zakaria and Leidner discuss is benevolence, the beliefs about the emotional aspects of the referent’s behavior like positive intention to exchange. These beliefs include a referent’s good will so that they would participate in the better good of the team rather than jeopardize the exchange outcome. This may result in some challenges to the team because swift trust does not focus a lot on interpersonal relationships.Rather it places more emphasis on the initial broad social structures. Therefore in order for swift trust to be implemented successfully, team members must maintain a high level of actions, regardless of their cultural preferences and differences. But team members should also appreciate, understand and respect the cultural differences that make up the team in order to truly succeed in a global virtual team. Conclusion Through research of many articles and publishing’s regarding the topic of communication in global virtual, building trust has been the one subject that has been consistently addressed. Mockaitis, A. I. , Rose, E. L. nd Zetting, P. (2009) suggest that the development of trust in the context of multicultural global virtual teams is related to aspects of culture, conflict, task interdependence and communication. A team whose members are more collective in nature rather than distant tend to report more positive results of developing trust within the group, this implies that culture matters. It is important for all team members to understand and respect the cultures of the other individuals. Although team members’ personal cultural values have consistent predictive power it is suggested that it displays very little value in developing trust within the group.Initially since communication amongst the team is done virtually and not face to face, it is important to establish trust among the group. But as the team develops the factors for cultural differences and diversity tend to become less important to the success of the group. The findings of Mockaitis et al. , show that cultural diversity does not appear to serve as a barrier to trust, even as differences become apparent through communication, but it can play a crucial role in developing that trust. Therefore along with cultural differences, communication is extremely important for the development of trust within a global virtual team.