Personal Finance Concepts Essay Example | Topics and Well Written Essays - 750 words

Personal Finance Concepts - Essay Example The most important asset classes are stocks, bonds, and cash. Because these investments perform differently depending on economic conditions, a good balance can keep a portfolio strong in a wide range of economic situations. In this sense, asset allocation may be the most important form of diversification. As my goal is to accumulate funds for retirement, growth of investments is of high importance and the time horizon is long, I may take on more risk by investing more in stocks with potential for higher returns. NBC Capital Corp. is a holding company for subsidiaries providing a range of financial services, including banking, trust services, mortgage services, insurance and investment products in east Mississippi and Tuscaloosa, AL. As of Mar. 31, 2004, total assets were $1.1 billion, total deposits were $832 million and stockholders' equity was $114 million. There are three basic types of bond funds: treasury bond funds, municipal bond funds, and corporate bond funds. The returns of these bond funds differ according to the amount of risk inherent in each fund. Treasury Bonds - have a maturity exceeding 10 years and the Treasury issued them in denominations ranging from $1,000 to $1 million. The U.S. Treasury no longer issues Treasury Bonds, however you can still buy them on the secondary market. Many corporations issue (or float) bonds to borrow money for operations. Bonds are typically issued at $1,000 par. Par is another word for "face amount." Long-term bonds have maturities of 10 to 40 years. They generally pay interest semi-annually. Many bonds may be recalled prior to maturity by the issuer. Municipal bonds (nicknamed munis) are bonds issued by

Managing Conflict & the Negotiation Process Essay

Managing Conflict & the Negotiation Process - Essay Example In managing conflict, it is important to determine who are involved, what they think, andthe context or the environment of the conflict. One would best map out the conflict to determine its scope and all basic information so that one can match an effective response to it. Part of this is determining the options available and the costs and benefits accruing from them. Often, a great deal can be learned from similar experiences of the past which can also yield ideas about what things are likely to happen. Efforts must be made to look into who would be affected by the conflict especially those that are silent and have not yet become vocal. Disputes often times have histories which may explain the feelings of others on the issue. When people speak, they may be able to give hints on how the current situation can be resolved. At times, disputes may be related to others disputes and this deserves some attention as they may affect the outcome of the earlier conflict. As supposed survivors, we were faced with a common enemy [the possibility of not being able to survive] and so we were one. What each one of us were, was quickly forgotten as we had to be united to get us out of the problem. We had to work as a team and explore an uncharted territory. As time went on, thoughts were turned to our individual selves as dwindling supplies and security from the unknown stared us in the face. We had to think of strategies, yet have our personal needs met. In trying to communicate with each other, there was the trend wherein some members preferred to direct communication first to one's buddy in the group, then eventually to the emergent leader. In the process, the quiet one seemed not to be included with the team. Communication was bridged only with the emergent leader shifting back and forth between the non-talking parties. I can see that one needs to be alert, to be on top of their game, and agile enough to respond quickly and effectively to changes. Exercises like this can be very helpful for the mind. Where before, I had only myself to dictate how I moved, here, I was forced to act from a perspective wider and bigger than myself. It seemed that I had taken on a personality bigger than that of my old self. (2) Describe how the events that happened relate to our studies. I am amazed to see that the mix of different personalities and levels are counted critical to the success of the activity. First, we do not have the same experiences and the same capacity for understanding concepts involved in the exercise. Second, we didn't know each other that close until after the exercises. Third, we were forced to think quickly. A common problem bound us all: the need to survive. The mind maps had encouraged equal participation from each one of us. The game actually begins when we, as strangers, are left in a rough terrain. There is no opportunity for planning before the game begins. We scramble to gather whatever supplies we can grab. We trek across rugged terrain in search of a campsite. Exhausted, hungry and in the middle of no where, we work

Advanced Microeconomics Essay Example for Free

Advanced Microeconomics Essay Question 1: Consumer Theory 1.1: In both the Marshallian and Hicksian consumer optimisation problems, it is assumed that consumers are supposed to be rational. The main focus of these problems are cost minimisation and utility maximisation, which play a huge part in consumer demand, but in real life, these are not the only problems that are considered. Also, it is assumed that every consumer’s indifference curve for two goods would be the same – they are very generalised models, and do not take into account other factors. For example, not many consumers would spend their entire budget on said goods – one thing to consider would be a consumer’s marginal propensity to consume and save. Though both of the problems provide a framework and model of consumer decisions, they are not plausible when applying them to real-life terms, because we have imperfect knowledge. 1.2: The expression given in the question, is the rearranged derivative of the Hicksian demand being equal to the Marshallian demand, when income from the budget constraint is equal to minimised expenditure, whereby m=ep, ÃŽ ¼. This is given by: dDdp= dHdp- dDdm . dedp using m = e. Shephard’s Lemma provides us an alternative way of deriving Hicksian demand functions, using e. It is given by: dedp= x* It is important to note that e is strictly increasing in p, due to Shephard’s Lemma, and x* 0,by assumption. Substituting this into the above expression gives: dDdp= dHdp- dDdm x*  This expression now represents a complete law of demand, as it has combined both Marshallian and Hicksian demand, whereby income from the budget constraint of Marshallian demand, is equal to minimised expenditure of Hicksian demand. Therefore, it has maximised utility and minimised cost simultaneously, to create an optimal quantity of demand in x*. The first term, dDdp, means that Marshallian demand (maximising utility) increases, relative to the price of the good. dHdp represents the Hicksian part of the expression, whereby expenditure is minimised, relative to the price of the good. Question 3: Adverse Selection, Moral Hazard and Insurance 3.1: Insurance markets are needed when risk is present. Risk occurs when there is uncertainty about the state of the world. For example, car drivers do not know if they will crash their car in future, and suffer a loss of wealth – so they would purchase insurance to eliminate this risk of loss, and protect them if they were to ever crash their car. Agents (buyers of insurance) will use insurance markets to transfer their income between different states of the world. This allows insurance markets to trade risk between high-risk and low-risk agents/states. These can be described as Pareto movements. A Pareto improvement is the allocation, or reallocation of resources to make one individual better off, without making another individual worse off. Another term for this is multi-criteria optimisation, where variables and parameters are manipulated to result in an optimal situation, where no further improvements can be made. When the situation occurs that no more improvements can be made , it is Pareto efficient. A condition for efficiency is the least risk-averse agent bears all the risk in an insurance market. If a risk-averse agent bears risk, they would be willing to pay to remove it. A risk-averse agent has a diminishing marginal utility of income; whereby his marginal utility is different across states, if his income is different across states. The agent would give up income in high-income states, in which his marginal utility is low, to have more income in low-income states (e.g. bad state of the world causing a loss of wealth), where his marginal utility would be high. If the insurance market is risk neutral, they will sell insurance to the customer, as long as the payment received is higher than the expected value of pay-outs that the insurer is contracted to give to the customer in different states of the world. Whenever the agent bears some risk, unexploited gains from trade exist. Absence of unexploited gains from trade is a requirement in an efficient insurance market, therefore the situation must arise, whereby the agent’s income is equalised across the states of the world. A risk neutral insurance company can charge a premium to equalise the agent’s income across states of the world, in the best interests of the risk-averse agent. Also, for an insurance market to be  efficient, a tangency condition is implied. The tangency of the indifference curves of a risk-averse agent, and a risk-neutral agent, is where efficiency occurs. At this point, one cannot be made better off, without the other being made worse off (Pareto efficiency). However, an insurance company will never be completely efficient in real life, as information asymmetry exists. The first type of information asymmetry to arise in an insurance market is moral hazard, whereby the actions that an agent may take after signing the contract cannot be observed. This gives the company a trade-off decision between giving full insurance or offering incentives for the agent. Full insurance is first-best in the absence of asymmetric information, when the insurance company is risk-neutral and the agent is risk-averse. However, if the agent is fully insured by the company, they have no reason to prevent a bad state of the world from happening. To solve this problem, the insurance company will not offer full insurance, in order to provide the agent with an incentive to avoid losses. The second type of information asymmetry to occur in an insurance market, is adverse selection. This is when the agent has private information about his risk type and characteristics, and agents in the market are heterogenous. As the insurer doesn’t know which agents are high-risk or low risk, the company will not offer different types of full insurance to match risk-types, as high-risk agents will prefer contracts that are designed for low-risk agents. To solve this, the insurer will offer low-risk agents less insurance – this ensures that high-risk types do not have the incentive to choose a contract for low-risk customers, as they will want more insurance, because they know they will need to claim more. This ensures that the insurance company maintains non-negative profit, as high-risk individuals cost more to insure. However, these solutions carry agency costs, because the result is less efficient than if symmetric information was present. I believe that risk neutrality of an insurance company is a sufficient condition for insurance to take place. Insurance companies are risk-neutral to maximise expected profits, therefore as the principal, will design contracts to achieve this, as well as making certain that the agent picks the desired effort (i.e to prevent a bad state of the world) for that contract, and to make sure that the agent even picks the  contract in the first place. Making sure incentives are compatible, and ensuring participation by the correct risk types, are constraints on maximising expected profits. If an insurance company was risk-averse, without the availability of symmetric information, they cannot differentiate between different risk-types, and therefore would not want to take on the risk of possible high-risk agents buying low-risk contracts. They would charge a higher premium to offset this, which would discourage low-risk customers to sign a contract with the company, as it would not be maximising their own utility. This would lead to a missing market, where trade would be prevented, because other risk-neutral companies would offer better contracts, and they would be able to steal all the low-risk customers. The magnitude of this would depend on the number of low- and high-risk people in the population. This leads me to believe that risk neutrality is also a necessary condition for insurance to take place. 3.2: An insurance company will sell a policy, c, r, if it makes non-negative profits, then:  Ã¢â€ â€™ r-pic ≠¥0,  where c = payout, pi = probability of the loss state, r = premium. Competition in the market drives profit down to zero, therefore r-pic = 0 in equilibrium. For the contract to be at equilibrium, it must satisfy two conditions: the break-even condition, whereby no contract makes negative profits; and absence of unexploited opportunities for profit, because if there was a contract outside of the offered set, with non-negative profit, would mean the offered set is not in equilibrium. If all agents are homogenous, if all agents face the same probability of loss, pi=p, insurance companies would know each buyer’s pi. The firm must maximise each agent’s utility subject to the firm breaking even. This would be at the point of tangency of the agent’s indifference curve and zero-profit constraint. This would be in equilibrium as another profit-making polic y could not be offered. Therefore, as they can observe agent’s risk types, they can offer different policies, to different types: ÃŽ ¸i= ri, ci. It follows that each is offered full and fair insurance. In real life, heterogeneity is usually the case. This is when pi varies with all individuals. Assuming that there are two types: high-risk types, H, and low-risk types, L, where the probability  of loss for H is higher than for L. Individuals know their own probability of loss i=H, L, but insurance companies are unable to observe this. In this case, there are two different kinds of equilibria that insurance companies could opt with: the candidate pooling equilibrium and the candidate separating equilibrium. The pooling equilibrium is where all risk types buy the same policy. In contrary, the separating equilibrium is based on each risk type buying a different policy. In the pooling equilibrium, if both H and L risk-types choose the same policy, the probability of loss is p and the probability of no l oss is 1- p. Therefore, the slope of the ‘aggregate fair-odds line is -1-pp. The pooling contract must lie on this line to be in equilibrium, to ensure the firm breaks even exactly. The contract must also ensure both types want to buy it – it must take both L and H to higher indifference curve than the indifference curve they would be on if they stayed uninsured. Agent L ends up below his fair odds line, and H above his, which means L pays more than expected costs, and H pays less – both pay the fair pooled premium, but H claims on the policy more. So if L prefers to buy the contract, so will H. This leads me to believe both L and H will be able to get full insurance, though it’s not completely fair, as the firm does not need H to choose a different policy to remain breaking even. However, this brings to mind the notion that if full insurance is offered, the agent will not have the incentive to prevent a loss state. Therefore, less insurance will probably be offered, and as both risk types are paying the same premium of the same policy, neither will receive full insurance, as it impossible to differentiate between the two – they will both choose the same policy offered. In the separating equilibrium, one contract would be offered to L, and another to H. Each risk type must prefer the contract designed for that type (i.e. the incentives must be compatible). The contracts offered should give each type the highest possible utility, subject to the firm breaking even. If full insurance contracts were offered to both L and H, where their respective indifference curves are tangent with their respective zero-profit constraints/fair-odds lines, low risk customers would prefer the policy designed for them, but high-risk customers would also prefer the same policy, not the policy designed for them. So they would not both be offered full insurance, as this gives rise to the problem of preventing H from imitating L – low-risk agents are cheaper to insure for the firm (claim less  often) so they get a better rate. Therefore, instead of offering L full insurance, they are offered C, which is still on their fair odds line, but on a lower indifference curve, still ensuring the zero-profit constraint. Now, if the high-risk agents were to choose between the policy designed for them, and C, they will choose the policy designed for them, because they prefer to have more insurance for less money. So, in conclusion, in the separating equilibrium, high-risk (H) customers receive full insurance, and low-risk (L) customers only receive partial insurance – they pay the price to prevent H from imitating them. L is worse off than if there was symmetric information in the market, but no difference to H.

Basic Techniques of Managing Deviance :: essays research papers

There are 5 basic techniques of managing deviance. There is secrecy, manipulating the physical setting, rationalizations, change to non-d`eviance, and joining deviant subcultures. The act of secrecy is easily defined as the word itself. The deviant keeps secrets from those around them. The thought behind it being that if nobody ever knows about their deviant behavior there is no one who can place negative sanctions upon the deviant. Next, manipulating the physical setting, the deviant chooses to avoid negative sanctions by appearing to be legitimate in their reasons for taking part in the act or situation. For example a prostitute may work under the guise of being an escort or masseuse. Another technique of managing deviance is rationalizations. An example of a rationalization would be a shoplifter who justifies their actions by saying that the store has insurance and can afford to suffer the loss. A fourth technique of managing deviance would be to make a change to non-deviance. Fo r example, criminals will refer to the technique as â€Å"going straight.† The fifth and final technique of managing deviance is to join a deviant subculture. Joining the subculture makes the deviant feel like they are less deviant because they are surrounded by their deviance. Using the example of a married man who cross-dresses at the bars after he gets off work, there are several techniques that he might employ to manage his deviance. One technique that he might use would be secrecy; he would attempt to keep his â€Å"normal† life and his â€Å"cross-dressing† life separate. His wife may not even know about his alter-ego of sorts. Another technique he might employ would be joining a deviant subculture. By assimilating with fellow cross-dressers at a bar he may feel that the act is less deviant, or even â€Å"normal.† The third technique I would imagine the man would use would be manipulating the physical setting. By only cross-dressing when he is at the bar, away from his co-workers and family he aids in the secrecy of his deviance. He may say that the cross-dressing is just a gimmick or comical act and not admit to doing it for his pleasure.

Analysis of Kraft Foods

[pic] Kraft Food Analysis of Kraft Food Kraft Foods is an American food and beverage multinational company. It produces and markets many brands to more than 170 countries, and 12 of its brands earn more than $1 billion worldwide annually (â€Å"Kraft Foods†, 2011). Most of the food products which we consume everyday belongs to this company. For instance, some of well-known brands are Jacobs and Maxwell, Milka and Toblerone, Tang and Cipso. It is the successful and popular leading food companies of the world. So, Kraft Foods will be reviewed in terms of values and promises that it communicates with consumers and employees, communication and job satisfaction respectively. Values of the company are shared among its employees. First value of the company is its employees. The company highlights the importance of its employees and their contribution to the company. It emphasized that hardworking and passionate workers, who constantly seeks ways to make content consumers by finding innovation, make the company what it was. After it, Focus, Passion, Speed, Teamwork and Trust are listed as the most important values of company. Those five values describe fundamental structure of organizational process. Firstly, focus on what is needed to improve the business and focus on what is important to make customers happy is like starting point of the process. Generating innovation according to needs is second value of the company. After focus and innovation, Passion which is motive of making better outcome in each work, the next value in order to reach the most desired outcome. You can manage focus, innovation and passion, but you also have a speed as a fourth value of company in order to compete with other food companies. As it is known in the beginning of the paragraph, employees are the key agents who make the name of brand. So, it is normal that fifth value is the teamwork. The final value of it is trust which is the fundamental block of teamwork and organizational communication. Firstly, the company promises to be open and inclusive, because it sees this value as a critical value to create a high-performing organizational culture. Being open to different perspectives make innovation easy and better. It claims that openness and inclusiveness to diversity are so embedded into their way of doing business and into every department of it. They constitute its blocks of organizational culture. Taking into account every possible different perspectives and evaluate them is one of promises which the company gives to its employees. Also, it guarantees that discrimination or harassment based on age, race, disability, national origin, religion, sex, sexual orientation or any other legally protected status are not allowed. If the company is able to approach diversity in a positive manner, this gives workers feeling of recognition and makes them more motivated. When we want to give concrete example, 43% of their mployees are women and 35% of management team is constituted by females. It shows us that there is no gender discrimination on hiring and it opens up to gender diversity. Secondly, it promises employees that they will be work in an international environment. For instance, they can be participated into European/International projects. Other than it, they can join into short-term overseas assignments, and then join into l onger-term assignments when they develop in their career path. Moreover, the company assures training and development programs for employees in order to reach their best level of expertise. These programs are like job training, cross functional projects and corporate training programs. It also promises giving feedback about how employees’ outcome contributes to the business in general. It is obvious that the promises of the company are motivating factor for employees. When we take into account both values and promises of the company, we can conclude that we are open to all ideas, we can discuss about them in a participative context, we can decide collectively and finally we deliver what we decided to others in order to make them be aware of what is going on the company. Their motto is â€Å"We discuss. We decide. We deliver. † The company uses variety of internal communication channels. Social and sports activities are among the practices which HR department prefer to use as internal communication channels. Employees can join sports teams and organized social events including a winter ski day, summer golfing day and a winter family fun day during the holidays. Those enjoyable events are organized by the company-subsidized social committee. They make work atmosphere better and improve communication among workers. It also creates a sense of equity, because every employee has equal access to them. In addition to this, employees can have a chance of socializing and increasing interaction with their co-workers by providing richly physical workplace which contains the fitness facility with free membership, employee lounge with foosball and television, quiet room for meditation and reflection, and a nap room for employees who need a quick break during the day, cafeteria with healthy menus and subsidized meals. While those places offer many opportunities for employees, they can facilitate the internal communication at the same time. The company thinks that every people has different ways of absorbing news and information, every people can use different channels, therefore the company must use very different channels to communicate with its employees. The Kraft Foods is relatively very successful in this issue. It uses face-to-face communication activities such as town hall meetings and lunch-and-learn sessions. Moreover, it has its corporate intranet and internal blog sites. Newsletters, news magazines and e-business updates are also available for employees. The company is also in Facebook. It shares company news. Their community involvement projects and sustainability efforts are announced here. The most important application of it is that some of the Kraft Foods team join to talk about their own areas of expertise to enable information sharing and facilitates internal communication. One of internal communication channel of the company which is very popular is iPhone. Kraft employees use their iPhones for sending email, organizing calendar, and saving contacts. Kraft employees can listen to audio messages, dubbed â€Å"Kraft Casts,† from the CEO and other executives on their iPhones. They are so useful to stay up-to-date on the latest corporate strategies and branding initiatives. It can be also very effective to improve [pic][pic][pic] downward communication. It makes easy information flow from top people in the company like CEOs to all employees. Learning company future strategies or plans by reading from a bulletin is less visual and live compared to by listening and watching from iPhone. There have been many community involvement projects within organization. Employees organized national and international charitable organizations with the support of company. For instance, in my view, the welfare activities serve two functions for the company. Firstly, they can make employees from all levels of organization together. They are one of social events and internal communication channels. They can work for an interdependent goal cooperatively during these charities. Employees from different departments can have a contact with each other and can improve their social relationships with co-workers. In this way, internal communication among employees can be facilitating thanks to them. [pic][pic][pic] Secondly, they can also become an external communication channel for the company. We can encounter much news in the social media when the company performs a charitable activity or subscribes to a relief fund. The company can communicate its brand externally thanks to this news. They can make contribution to the respectability, reliability of company, and at the same increases brand awareness at the same time. In sum, we can consider charitable organizations as both internal and external communications channels. Employer brand of the company is one of external communication channels of it. It can communicate itself through its brand name. While it creates its brand with what it did in the market, the brand creates the company at the same time. There is a reciprocal relationship between two. It can tell the reputation and image of the company in the market via its brand. At the same time, this external communication channels can be a motivating factor for the employees and for the upcoming new employees. The more famous and prestigious brand is, the more people want to work in this company. Its reputation in the market will attract the new employees. Upward communication is less applied in organizations than downward communication. Although there is an open and inclusive workplace for generating diverse ideas, we can not know whether this freedom is also seen in performance evaluation of managers by subordinates. There is not available information about whether subordinate appraisals of managers are applied or are not. Appraisals of supervisors which are done by the subordinates can give feedback about the performance of supervisors. If they take into account these feedbacks, they can be more effective in their working process and managing process. As employees start to recognize that heir feedback is taken into account, upward communication can be also provided. On the other hand, the company has spread all around the world. For instance, one manager who is from Europe can supervise the employees who are from very different and far away country. Thanks to the ways the Internet enables communications like teleconference, a manager can work for a far away office of the company (Waltner, 2010). Although it has so me advantages like company can choose best manager by basing on performance, not basing on location, it can be a barrier to upward communication. While networks for teleconference are available more easily when there is a meeting between senior managers from different departments, it can accessed more difficulty when more subordinate employee need it to communicate with managers. Moreover, the other factor is cultural differences. How much employees want to share their ideas about managers can be change according to culture. For instance, in more collectivistic culture, people can think that making criticism about a person can be perceived as offense by him. So, they don’t want to share its views about him in order to conform existing situation. They can fear of being evaluated negatively by their managers if they give negative feedback about their managers. So, suggestion or complaint boxes can be a good solution for those employees. Attitude surveys are one possible ways of improving upward communication. However, if the results of those surveys about the performance and effectiveness of manager are not taken into account by managers, they have no value (Aamodt, 2010). So, managers also organize a time for discussing the feedback with employees face to face. Although Kraft Foods has those kinds of surveys like many international companies, in my view, it can not effectively discuss its result with subordinates. Because, some employees have still reported some upward communication problem in a website that employees can report reviews about their company anonymously. One of employees says that there is low level of employee participation in decision making. Also, he suggested that the company should take into account the employee surveys (Kraft Foods Employee Review, 2011). Along with that comment, Kraft should initiate more democratic and participative style of management. It can improve upward communication if employees are able to generate ideas or share their concerns about process by including in the decision-making process. The company has all of the channels of communication which are essential in downward communication like bulletin boards, annual reports, newsletters, annual fact sheets or intranets. Although much of communication in organization is downward when compared with upward and although most of channels are available, still downward communication can not reach perfect level. For instance, although the company has a policy manuals or annual reports, they can not function properly, because they have a very technical language. Employees have to read themselves. Interactive meetings to discuss about current company news can be more effective than only transmitting corporate news and facts through written material. For instance, although Kraft Foods Senior Financial Analyst says that the company has many benefits, he suggests that it should improve communication and especially downward communication from middle management (Kraft Food Employee Review, 2011). Although the company has many channels, still some managers don’t really share essential things with employees. Some of them don’t set a proper guideline for what employee will do to achieve its goals. They don’t healthy share about what, when and how employees will do a task. They think that employees have already known those things, because they are their work. They have a problem in taking employees’ perspectives. So, people managerial positions can be received training programmes to improve their communication skill with their subordinates and make them aware of needs and strivings of their subordinates. Do employees really satisfied with their jobs? For instance, Dieter Follens who is the manager of Product Costing Coffee in Kraft Foods Europe said about the company is that it did not provide only a job for him, but it also provides a career in Finance for him. He had worked as an assistant with internal controls, a financial analyst, a cost controller, finance manager in our European Union (EU) Office after Belgium, and product cost manager respectively. This shows us that Kraft Foods provides employees job rotation. It is one of motivating factors of the company. They can satisfy the needs of growth and challenge. Employees feel less boredom and feel more motivated to their jobs. Also, they can understand better how they contribute to the development of the company (Robbins & Judge, 2011). Understanding the effectiveness of individual outcome and the significance of task which are among five core dimensions of Job Characteristic Model explains the satisfying effects of job rotation. Also, Mr. Follens indicated that awareness of contributing to the the growth f company make him satisfied and engaged with job, an even he added that when contribution took place in different ways, then satisfaction turns into real pleasure for him. His comments obviously showed us that job rotation and changes in the job characteristics make workers satisfied. This is the example of satisfied employee. It is impossible to expect that all employees feel and think same things about the company and their position. Also , Dieter works in organizational part of the company. We can analyze Kraft Food Company as focusing separately on white collar workers and blue collar workers. It is a big multinational manufacturing company in the field of food and beverage, so most of its employees are blue collars, in other words, they are hourly workers. While flexile work options were useful for professional employees, they are not good for manufacturing ones. Therefore, employee dissatisfaction was observed among hourly workers in 2001 and 2002 surveys. Fast Adapts Program was prepared in order to decrease the dissatisfaction. It provided workers shift-swapping, single-day vacations and job sharing. Changes in work options make increase in the level of satisfaction one year later (Executive Office of the President Council of Economic Advisers, 2010). The underlying factor that made this improvement was the autonomy, because it offered plant managers the autonomy in deciding the best suitable flexible work options for their own plant and implementing them. One empirical study showed that when the perceptions of nurses about opportunity of structural empowerment changed, changes in psychological empowerment and so in job satisfaction were observed. It means that employees feel more motivated to work and satisfied with their job when they can make work related decisions that will affect themselves (Laschinger, Finegan, Shamian, & Wilk, 2004). We can also form a relationship between this employee empowerment strategy and the Job Characteristic Model. It proposes that any job has five basic dimensions: Skill variety, task identity, task significance, autonomy, feedback. The most relevant dimension to the empowerment programs in Kraft Foods is the autonomy. It can be defined as the degree of freedom which job offer employees about scheduling the work and deciding procedures to implement it. This freedom makes employees more satisfied and intrinsically motivated to job over time by providing to them experienced responsibility and recognition (Robbins & Judge, 2011). We can observe the same pattern in workers of Kraft foods. There are basic key motivators for employees. As in the most companies, compensation and benefits are among key motivator factors of Kraft Foods. For instance, Canada Kraft offers great financial benefits like bonuses for some employees (depending on the position), new employee referral bonuses (up to $1,000 for some positions), and year-end bonuses (to $100,000). Also, it provides health benefits plan including fertility drug treatments. In addition to this, it offers an employee store with discounted food products, dinner catering services (called the â€Å"Kraft Kafe 5 O'Clock Solutions† to take home meals). Also, it provides maternity leave with 100% of salary for 17 weeks. Performance management is one of motivator factors of Kraft Foods. For instance, employees receive individual performance reviews every 6 months in Kraft Canada (Yerema & Leung, 2011). In order to evaluate employees better, managers enroll training programs how to make effective performance reviews. Also, performance evaluation is not only based on one manager’s views, but also it is based on co-workers and other managers who know the employee. In addition to this, it takes a consultant service to make employee satisfaction and engagement surveys better and professionally. In relation to performance management, the most important motivating factor of the company is the training and skills development opportunities for employees. Two motivators are very much related to each other. As the company makes proper performance management, it can organize better training programs according to developmental needs of employees. For instance, Kraft Canada offers tuition subsidies for courses that are related to employees’ position for the development of them. Moreover, it provides professional accreditations; in-house training programs; online training programs; new employee orientation program. In addition to this, the company offers skills development outside the position of employees in Kraft test kitchens like food tastings, cooking classes and culinary presentations. Also, Kraft Foods North America (KFNA) promotes intranet provides professional development resources for its employees including access to training and mentoring. Values and ethics are among key motivator factors of the company. There is an available 15 pages document of Codes of conduct and Kraft Foods Rules of Behavior in the website of the company. It is also translated so many other languages in order to communicate its compliance and values correctly and efficiently with employees from different nations. It states 10 rules which all employees have to be obeyed. For instance, one of the most important rules of it is behaving people fairly. There are some missing motivating factors for employees in the company like clear career path. For instance, Cristina Monterrey who is Human Capital Senior Manager at PricewaterhouseCoopers emphasized that Pwc provide a clear career path to employees. Each employee knows what will be his position in five years. Thanks to this knowledge about their future work life, employees feel more secure and certainty. In this way, employees feel more committed to their work and companies. Other than themselves, an agent helps them organizing their future. Worries about future which can cause stress destroyed in this way and employees work passionately. But, in the case of Kraft Foods, although it provides feedback about performance and training programs according to these feedbacks, there is no available information about a structured career program for employees. In order to make employees more motivated, career plans can be provided for them. Kraft Foods Category Planner in Glenview said that Kraft Foods is a lucrative place to work, but the employees earn every cent they make due to extremely long work hours (Kraft Food employee review, n. d. ). Although he reported that there were lots of opportunities, he paid attention to work load especially for employees with a family. Long work hours can create stress problems, because employees can not balance their work and family life properly. Long hours can be a fundamental dissatisfying factor and it can harm performance along with effect of stress. In my view, there can be some modifications in work schedule. For instance, they can provide alternative or flexible work schedules. Employees start to feel more control over their work by deciding their own working hours. This autonomy and positive effect of change on family life can make employees more motivated to their jobs. References Aamodt, M. G. (2010). Industrial/Organizational Psychology. USA: Wadsworth Cengage learning. Executive Office of the President Council of Economic Advisers. (2010). Work-life Balance and the Economics of the Workplace Flexibility. Kraft Foods. (2011). In Wikipedia. Retrieved November 19, 2011, from http://en. wikipedia. org/wiki/Kraft_Foods. Kraft Foods Employee Review (2011). Retrieved from http://www. glassdoor. com/Reviews/Kraft- Foods-Reviews-E13294. htm. Laschinger,H. K. S. , Finegan, J. E. , Shamian, J. , & Wilk, P. (2004). A longitudinal Analysis of the Impact of Workplace Empowerment on Work Satisfaction. Journal of Organizational Behavior, 25, 527–545. Robbins, S. P. , & Judge, T. A. (2011). Organizational Behavior. New jersey: Pearson. Yerema, R. and Leung, K. (2011). Chosen as one of Canada's Top 100 Employers and Greater Toronto's Top Employers for 2012. Retrieved from http://www. eluta. ca/top-employer-kraft-canada. Waltner, C. (2010). Networking Communications for the Global Corporation: An Interview with Kraft Foods CIO, Mark Dajani. Retrieved from http://newsroom. cisco. com/feature-content? type=webcontent&articleId=5305212. [pic][pic][pic][pic][pic][pic][pic][pic][pic][pic][pic][pic]

Average GRE Scores for Top Public Universities

Many graduate schools have taken the average GRE scores for incoming graduate students off of their websites. Theyre not publishing the rankings in many cases. However, some graduate schools are willing to post average ranges  of scores for incoming grad students, although most of those scores are arranged by intended major rather than by the schools statistics. If youre interested in seeing the most up-to-date GRE scores by intended major, then take a peek at the link provided. Otherwise, read on for the average GRE scores as listed for top public universities for a select few of their majors - Engineering and Education - as published in US News and World Report.   GRE Scores Information If you are confused perusing these scores because you expected to see numbers in the 700s, then Im betting youre probably still thinking about the old GRE score system which ended in 2011. Currently, average GRE scores can run anywhere between 130 - 170 in 1-point increments. The old system assessed students with a scale from 200 - 800 in 10-point increments. If you took the GRE using the old system and want to see what your approximate GRE score would be on the new scale, then check out these two concordance tables. Please note, however, that GRE scores are only valid for five years, so July 2016 was the last time students with GRE scores in the prior format were able to use them.   GRE Verbal Concordance TableGRE Quantitative Concordance Table University of California -  Berkeley: Engineering:   Quantitative: 165 Education Verbal: 149Quantitative: 155 University of California - LA: Engineering:   Quantitative: 162 Education Verbal: 155Quantitative: 146 University of Virginia: Engineering:   Quantitative: 160 Education Verbal: 160Quantitative: 164 University of Michigan – Ann Arbor: Engineering:   Quantitative:  161 Education Verbal: NAQuantitative: NA   University of North Carolina – Chapel Hill: Engineering:   Quantitative: 160 Education Verbal: 158Quantitative: 148 College of William and Mary: Education Verbal: 156Quantitative: 149 University of California – San Diego: Engineering:   Quantitative: NA Education Verbal: NAQuantitative: NA   University of Illinois – Urbana/Champaign: Engineering:   Quantitative: 170 Education Verbal: 156Quantitative: 160 University of Wisconsin – Madison: Engineering:   Quantitative: 168 Education Verbal: 158Quantitative: 149 University of Washington: Engineering:   Quantitative: 170 Education Verbal: 156Quantitative: 147 Pennsylvania State: Engineering:   Quantitative: 170 Education Verbal: 154Quantitative: 145 University of Florida: Engineering:   Quantitative: 169 Education Verbal: 155Quantitative: 155 University of Texas – Austin: Engineering:   Quantitative: 170 Education Verbal: 158Quantitative: 152 Georgia Institute of Technology: Engineering:   Quantitative: 164 Ohio State University: Engineering:   Quantitative: 169 Education Verbal: 156Quantitative: 151 Texas AM: Engineering:   Quantitative: 163 Education Verbal: NAQuantitative: NA So Are My Scores Going to Get Me In? There are a number of factors that go into your admittance into one of these top public universities. And although your GRE scores  are  important, they are not the only things considered by admissions counselors, as I am sure you already know. Make sure your application essay is top-notch and that you have secured stellar recommendations from those professors who know you best in undergrad. And if you havent worked on that GPA already, then now is the time to ensure youre getting the best grades you possibly can in case your GRE score isnt exactly what you wanted it to be.

Subway International And The Global Fast Food Industry

Subway International and the Global Fast Food Industry Murad H. Yousef BU 502 - Applied Business Research and Communication Skills Southern State University August 21, 2015 Abstract This case study determines the critical success factors used by Subway Restaurants Corporation to expand nationally, which the corporation wants to use also to expand internationally. In addition, this paper describes the competition and the prospect success in Asia-Pacific and Latin America. In general, the fast food industry is discovered with respect to the history and future plans of fast food chain Subway international for expanding and accretion in Asia-Pacific and Latin America, containing the four factors that Subway should use to compete and success in those markets. Each proposed country market has unique cultural and religious requirements should be realized by Subway, as well as the consumption patterns, market trends, and the franchise values which determine from the local traditional fast food compared to the viewpoint of Subway’s healthy alternatives and low expansion costs. Keywords: Subway, factor, competition, expansion. Executive Summary Introduction The success of Subway started in 1965, when Fred Deluca took an advice from family friend Peter Buck, to open a sandwich shop to earn more money and to pay for his education. The first Subway branch opened in Bridgeport, Connecticut. 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